Federal Reserve Bulletin, 1967-09
FEDERAL RESERVE B U LLET1N SEPTEMBER 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
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NUMBER 9 VOLUME 53 SEPTEMBER 1967 1471 Housing and Residential Mortgage Markets in 1967 1486 Staff Economic Studies: Summary 1488 Changes in Time and Savings Deposits, April-July 1967 1511 Revision of Bank Credit Series 1518 Treasury and Federal Reserve Foreign Exchange Operations 1531 Statements to Congress 1546 Record of Policy Actions of the Federal Open Market Committee 1555 Law Department 1579 Announcements 1580 National Summary of Business Conditions 1582 Guide to Tabular Presentation 1583 Financial and Business Statistics, U.S. 1649 International Financial Statistics 1671 Board of Governors and Staff 1672 Open Market Committee and Staff; Federal Advisory Council 1673 Federal Reserve Banks and Branches 1674 Federal Reserve Board Publications 1677 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
Housing and Residential Mortgage Markets in 1967 HOUSING STARTS have shown a substantial recovery this year. The resulting expansion of spending for new residential struc tures, which is still continuing, has provided an important stimu lus to general economic activity. It has also helped to offset the sharp readjustment in business inventory accumulation and the moderate slackening in spending for private nonresidential con struction, both of which were tending to restrain growth in the economy as a whole during the first half of the year. The financial groundwork for the recovery in housing was laid in late 1966, when credit markets eased generally and the avail ability of residential mortgage funds began to improve. Net in flows of savings to the types of lenders traditionally most active in the residential mortgage market began to expand appreciably at that time. This marked a reversal of the drastic shrinkage in such flows that had occurred earlier in 1966. By early spring of 1967 inflows to these lenders had reached a record rate, and they rose further through August. Residential mortgage lending and housing starts did not recover so promptly as did the funds available to mortgage-lending institu tions, or in proportion to their record amount. But a lag of one or more quarters is to be expected between a substantial easing in underlying credit conditions and a marked improvement in the actual rate of housing starts. The lag reflects the time required by lenders, builders, and buyers to begin to readjust plans in line with 1471 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1472 FEDERAL RESERVE BULLETIN ■ SEPTEMBER 1967 a shift in financial resources. Even under ordinary circumstances it takes time to negotiate new loan commitments and to reassemble the physical factors of production. In 1967 the usual lag of hous ing starts behind increased credit flows was intensified somewhat by dislocations growing out of the large cutback in the flow of housing credit and building activity that had occurred in 1966. . Upturn in HOUSING STARTS lags SAVINGS FLOWS 1 to thrift institutions Flow of funds data for S & L’s and mutual savings banks com bined are quarterly averages. Private housing starts, including farm, are Census Bureau monthly data. Latest figures for in flows, second quarter; for starts, July (August, 1.38). Season ally adjusted annual rates. As a result, although the seasonally adjusted rate of net expan sion in residential mortgage debt increased sharply during the first half of 1967, it was still below the high of the fourth quarter of 1965. Housing starts, including farm starts, showed much the same pattern. By August they had risen to a seasonally adjusted annual rate of 1.38 million units—three-fifths above the morethan-20-year low to which they had fallen last October—but they were still appreciably below the level from which the 1966 decline had begun. Because completions of new dwellings based on earlier starts have remained unusually low in 1967, growth in households has been accommodated to a greater extent than in other recent years through net absorption of older vacant dwellings. With consumer incomes rising further, basic demands for existing houses have continued to expand and pressures on the inventory of housing have increased. As a result vacancy rates have dropped to the lowest levels in quite a few years, and housing prices and rents have risen further. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
HOUSING AND RESIDENTIAL MORTGAGE MARKETS 1473 Reflecting the tendency for housing starts to lag changes in credit conditions, it was not until May 1967 that the housing recovery process generated sufficient momentum to reach a seasonally adjust ed annual rate of starts in excess of 1.2 million units. But by that time—even though monetary policy remained easy—continued heavy borrowing by businesses and State and local governments and the prospect of an unprecedented near-term volume of Fed eral deficit financing were also leading to a sharp general upturn in yields on long-term bonds. While these higher rates soon began to be reflected in higher costs of mortgage funds and greater selectivity by lenders, net savings flows to mortgage lenders remained in near-record volume through August, and mortgage loan commitments continued to rise. Given the lag between changes in underlying financial con ditions and changes in housing starts, it appears likely that the backlog of mortgage loan commitments, the improved level of building permits, and other factors will maintain housing starts at an active pace over the rest of 1967. MORTGAGE MARKETS Because of the inherent sensitivity of housing activity to changes in general credit conditions, it was logical to expect a substantial decline in residential activity over the course of 1966, when na tional resources were under very strong demand pressures and credit for a time therefore became increasingly stringent. Likewise, when demand pressures lessened in late 1966 and credit conditions eased, a revival in housing activity became likely. Housing market activity is especially sensitive to credit changes because it involves a long-lived, high-cost good that is produced in limited annual volume in relation to the existing stock and is typi cally financed almost entirely on long-term credit. When competi tion for available credit becomes heavy and pressures on over-all resources are great, effective demands for both new and used dwell ings tend to slow down much faster than those for most other types of consumer and producer durable goods. But when such pressures recede, accumulated backlogs of housing demands can be financed more readily; this is true not only for new construction but also for transfers of existing homes, on which the sales of many new houses depend. Savings flows. Easing of pressures on mortgage lenders in late 1966 occurred at different times and in different degrees for dif ferent types of institutions. Net inflows of savings to the thrift institutions, which in many recent years have supplied two-thirds Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1474 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 or more of all net nonfarm residential mortgage credit, improved first. At mutual savings banks, some improvement occurred as early as the third quarter of 1966, following a general increase in rates on savings bank deposits to 5 per cent from the range of 4^ to 4% per cent that had prevailed earlier. Net inflows to savings and loan associations—the dominant housing lender—showed initial improvement in the final quarter of 1966. By then interest rates on competitive market securities had begun to recede from their highs of August-September 1966, and steps had been taken to curb interest-rate rivalry among depositary-type lenders through implementation of the interest-rate-ceiling legislation enacted in September 1966. Sharp further improvement of net savings flows to thrift institu tions, plus some apparent improvement in reflows from existing loans and investments, continued through August 1967. Gross in flows of savings to such lenders expanded to new highs as consumer income and savings increased further and as returns offered to savers continued sufficiently high to remain attractive, despite an upturn after late spring in competitive yields on market instru ments. As a result, net savings inflows soared to a record rate by the first quarter of 1967 for mutual savings banks and by the second quarter for savings and loan associations. Altogether, the combined net inflow of savings in the second quarter of this year to the two types of thrift institutions was more than five times the drastically reduced total in the same period a year earlier. For commercial banks—a mortgage lender with more diversi fied investment alternatives—expansion in the types of savings funds that these institutions are most likely to invest in residen tial mortgages began to be evident near the end of 1966. At that time acquisitions of consumer-type time deposits—on which the maximum interest rate that banks could pay was rolled back dur ing the fall of 1966—resumed their growth as money market yields declined abruptly. And after the turn of the year growth of pass book savings accounts also picked up. In the first quarter of 1967, the two types of deposits taken together more than doubled the rate of increase recorded in the final quarter of 1966. They main tained an advanced pace during the second quarter and into the third, even though short-term market rates of interest reversed direction and rose after midyear. At life insurance companies, cash flows available for invest ment recovered more slowly than those for other major types of private mortgage lenders. The reason was that loan repayments Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
HOUSING AND RESIDENTIAL MORTGAGE MARKETS 1475 and demands for policy loans did not respond to the ease in general credit conditions so fast as savings flows. Although premium re ceipts and investment income received by these companies con tinued to grow during the first half of 1967, investment funds from other sources ran below year-earlier levels. Initial lags. It took some months for the increase in flows of loan able funds to thrift institutions during late 1966 to be translated into a firm upturn in outstanding commitments on residential and nonresidential mortgages. For lenders reporting commitment data, takedowns of old mortgage commitments continued through December to exceed the rate at which new commitments were being made. One reason for the delayed upturn in mortgage commitments CHANGES AT SAVINGS BANKS stemmed from needs by institutions to rebuild depleted liquidity BILLIONS OF positions. Through most of 1966, liquidity had been drawn down sharply by a drastic decline in the growth of lender funds available to meet an unusually large volume of outstanding loan commit ments assumed under easier market conditions. This fact, plus initial uncertainties near the year-end on the business and credit outlook, led many lenders to place greater emphasis on repaying '■so' 1 ‘ lies ’ 1 ij indebtedness and limiting new longer-term lending commitments, Flow of funds data. Corporate bonds include non-Government-insured cap including those for mortgages. ital market instruments. Partly in response to these factors, mutual savings banks as early as the third quarter of 1966 began to place a larger than usual share of their net assets in securities of corporations and in other non-Government-insured capital market instruments. Their invest ments in these short- and long-term securities, which are more readily marketable than mortgages, picked up further in the fourth quarter of last year, as the chart shows. For savings and loan associations, which have more limited in vestment alternatives, considerations of liquidity and relative costs CHANGES AT S & L’s led to a rapid reduction in debt owed to the Federal Home Loan TCiwrjriJBtBiK Bank System. The volume of such indebtedness, after expanding sharply during 1966 to meet withdrawals of shares and the initial heavy volume of mortgage commitments carried over from 1965, was at a record high in late 1966. Its cost was near record levels both absolutely and in relation to the return available from new mortgage loans and the cost of additional share capital. Savings and loan associations during the fourth quarter of 1966 accordingly reduced FHLB indebtedness at an annual rate of about $2 billion. After December 1966, uncertainty about the future lessened, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1476 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 and inflows of funds improved further as aggressive easing in credit MORTGAGE COMMITMENTS conditions was accompanied by a sharp decline in interest rates on market securities. Lenders then began to enter into new mort gage commitments at a faster rate than old commitments were being taken down. Outstanding mortgage commitments according ly picked up in January, for the first time in 8 months, to herald a recovery in mortgage lending. They continued to rise with little interruption through July, the latest month for which data are Commitments outstanding at report available. By that time, outstanding commitments for future mort ing financial institutions (excl. com mercial banks) for mortgages on all gage lending reached a rate that was three-tenths above the Decem properties. Seasonally adjusted an nual rates. Latest data, July. ber low but was still under the peak attained in early 1966. Mortgage debt. Lender acquisitions of new mortgage loans always lag behind loan commitments. But for a number of reasons, the volume of mortgages acquired by lenders in the early months of 1967 remained unusually low relative to the expanding flows of funds available to them. Even under normal conditions, there is a seasonal lull in real estate activity during the winter for builders of new dwellings and buyers of new and existing homes. This past winter’s lull was greater than usual owing to the already sharply reduced pace of housing market activity that stemmed from the curtailment of mortgage commitments earlier in 1966. As a result, even though there was a more than seasonal rise during the first quarter of 1967 as a whole, generation of new mortgage loans was severely limited late last year and early this year. Hesitancy on the part of would-be borrowers to apply for new mortgage commitments—at a time when further easing in prevail ing terms seemed in prospect and seasonal demands tend to be especially low—also contributed to the lagged growth of mortgage lending and housing activity early in 1967. This occurred especial ly in the single-family home market where demands for new homes had not been very strong, even during the unusually easy market conditions that had prevailed through the first half of the 196O’s. It was some time before home buyers became aware of the fact that mortgage funds had become more available and that terms were more favorable. Other borrowers deferred action while mort gage interest rates were still declining, apparently with the hope that rates would decline further. Some potential home sellers, including builders, also appeared to be waiting for further declines in transaction costs arising from the discounts required by lenders to compensate for fixed interest rates on Government-underwritten mortgages, since liberal loans of this Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
HOUSING AND RESIDENTIAL MORTGAGE MARKETS 1477 type are often essential to consummate sales. Between November 1966 and April 1967 the average discount on 6 per cent FHAinsured new-home loans traded in the secondary market declined from a high of 6.8 to 2.5 points, and discounts on existing-home loans decreased by about the same amount. Inasmuch as home sellers by regulation must initially absorb all but 1.0 point of the discount involved in the use of such mortgages, they had some financial incentive to wait as long as possible before offering their dwellings on the market in a period when discounts were falling so rapidly. Because creation of mortgage debt was thus limited in the early months of 1967, total asset growth accounted for by nonfarm residential mortgages in the portfolios of most types of lenders fell behind the still relatively large amount in the comparable period a year earlier as the table shows. Moreover, while the rate at which residential mortgage debt increased was about one-seventh larger than in the abnormally low fourth quarter of 1966, some of this increase continued to reflect a smaller than usual volume of loan prepayments rather than new debt creation. NET LENDING ON RESIDENTIAL MORTGAGES (In billions of dollars) 1966 1967 Type of lender Q I QU Q I QU Savings and loan associations........... 1.6 1.6 .5 2.0 Mutual savings banks. ....................... .6 4 .7 .7 Commercial banks............................. .4 I 0 .9 Life insurance companies................... .7 .5 .5 .2 All other.................................................. .6 .8 .6 .5 (FNMA)...................................... (.8) (.5) (.4) (.1) Total........................................ 3.9 4.3 2.3 4.3 Note.—Figures, largely preliminary estimates, are not seasonally adjusted. Since funds flowing to the thrift institutions that dominate lend ing in the housing market were so much larger early in 1967 than the supply of immediately available mortgage loans, savings and loan associations continued to repay large amounts of the record volume of high-cost funds> borrowed from the Federal Home Loan Bank System over the preceding 2 years. Similarly, mutual savings banks continued to channel an unusually large share of their funds into markets for corporate and other types of securities. Even so, demands by thrift institutions and other lenders ex- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1478 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 cecded the limited volume of available mortgages, and this exerted sharp downward pressures on mortgage rates. As a result, yields required by lenders both on conventional home mortgages made in the primary market and on Government-underwritten loans traded in the secondary market dropped more abruptly between November 1966 and April 1967 than in any similar 5-month period following earlier postwar interest rate peaks. With yields on new issues of high-grade corporate bonds dropping even faster during January and February than yields on mortgages, the aver age yield differential between FHA-insured home loans and new corporate bonds rose to the widest margin in 4 years. NCJV-HOME MORTGAGES Peak yields, and declines from turning points Peak rate or yield Decline in first 5 months (per cent) after peak (basis points) Date of peak Conventional FHA Conventional FHA loans loans loans loans November 1966 6.70 6.81 30 52 January 1960 6.30 6.25 5 6 October 1957 6.00 5.63 25 12 September 1953 n.a. 4.86 n.a. 17 n.a. Not available. Note.—FHA series for: (1) Interest rates on conventional first mortgages in primary market (excluding additional fees and charges, and rounded to nearest 5 basis points); data prior to 1961 include both new- and existing-home mortgages. And (2) yields on pHA-insured Sec. 203 loans traded in secondary market. But in April bond yields began to rise quite sharply, as the pros pect of large Federal deficit financing later in the year was added to the already heavy volume of corporate and State and local govern ment borrowing. By May this interest-rate advance was also being reflected in the residential mortgage market, although to a more limited degree. With mortgage rates moving up more slowly than bond yields, the spread of yields on FHA-insured loans over bond yields narrowed by August to only 71 basis points—one of the smallest margins on record. To some extent this further narrowing of spreads reflected the fact that savings flows to savings and loan associations—which have few investment options other than mortgages—continued to grow and reached a new record in the spring. While loans made by savings and loan associations also began to rise substantially, it was not until early summer that takedowns from loan commit- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
HOUSING AND RESIDENTIAL MORTGAGE MARKETS 1479 ~ Yields on HOME MORTGAGES vary less than on CORPORATE BONDS... gross YIELD SPREAD narrows sharply PER CENT PER ANNUM Mortgage data based on FHA field office opinions for market areas of insuring office cities. For conventional, average interest rates for first mortgages on new and existing homes through March 1960 and on new houses thereafter. For FHA-insured, weighted averages for private secondary market prices of certain new-house mortgages converted to annual yield (thin line is period of adjustment to changes in contractual interest rate). For corporate bonds, weighted averages of new publicly offered bonds (Moody’s Aaa and Aa and A adjusted to Aaa—thin fine is period of no representative issues). Latest data, August. ments that had accumulated earlier began to come into close bal ance with net inflows of savings to these associations. At mutual savings banks, where, as already noted, savings in flows were also in record volume in the second quarter, the share of funds allocated to corporate and other securities increased still further. In part this reflected the continuing relative dearth of immediately available mortgages. But in addition, regulatory limi tations on the share of Ioans that can be legally invested outside of local markets, in combination with limitations imposed by 6 per cent usury ceilings on home mortgage rates in some of these areas and a return to large discounts on Government-underwritten mortgages, encouraged savings banks to give more than usual emphasis to investments in new corporate bonds at the 6 per cent and higher yields that were then becoming generally available. By August the further general rise in long-term rates had carried yields on FHA-insured home loans traded in the secondary market to an estimated average of 6.60 per cent. At that level the series Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1480 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 was 31 basis points above the low in April, 115 basis points above the yield plateau that had prevailed from the spring of 1963 through the summer of 1965, and about 21 basis points below last November’s peak. Between April and August several developments were continu ing to limit housing market activity and the generation of new mortgages. With the drop in mortgage prices, average discounts on FHA-insured new-home loans rose to 5.2 points in August—up 2.7 points from April—and discounts on existing-home loans rose by about the same extent. Faced with the need to absorb nearly all of the larger discounts on dwellings sold with Government-under written financing, some potential sellers became less willing to place their homes on the market. As borrowing costs rose on conventional mortgages too, some would-be buyers found that even greater financial resources were required to purchase and carry homes bought under this method of financing. Loan-to-value ratios and prices of houses financed with conventional first mortgages have increased further this year, with prices rising even more than loan amounts. Thus there has been an increase in both the average size of loan to be repaid and the average amount of cash or its equivalent to be paid down. For 3 Mortgage OFFERINGS to FNMA trend higher since spring, with PURCHASES lagging Eic«ttMsaMM9K0tcmMnmwu8aMawnmMnaMaMKMaRafflMNaMnaawama>iiiKMwmeM**Munni3tt>^BaMaiwa«aaMMaMwa«BaBtiMMeMraM>>a*BMaMMNMMMiMM*MMMBMrtNMwai RATIO SCALE. MILLIONS OF DOLLARS SECONDARY MARKET OPERATIONS gages offered to FNMA for purchase, and total unpaid balances indicates a change in FNMA’s purchasing price or other of mortgages bought by FNMA, excluding premiums, dis- terms. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
HOUSING AND RESIDENTIAL MORTGAGE MARKETS 1481 example, the volume of conventional first-mortgage credit used in purchasing an existing single-family home in July 1967 was 10 per cent larger than a year earlier. And the implied downpayment —averaging $6,200 this July on a $22,600 house—was 7 per cent larger. Government mortgage activity. With the general easing of mort gage markets in late 1966, net mortgage purchases by the Federal National Mortgage Association declined further. Through April 1967, as prices paid by private mortgage lenders increased rapidly, offerings of Government-underwritten loans to FNMA for pur chase under its secondary market operations continued to decline, even though FNMA raised its own purchase prices in February and March in an effort to stimulate housing activity further. As Chart 3 shows, this marked drop-off in FNMA activity contrasted sharply with the continued high level of mortgage offerings to FNMA when mortgage credit was tight in 1966. Heavy offerings had per sisted in that earlier period, even though FNMA had lowered its prices and tightened other purchasing requirements several times in an effort to discourage offerings and husband its available resources in line with its purchasing authority, which was expanded considerably further by the Congress before the end of the year. After early May 1967, when mortgage prices in the private mar ket began to decline in response to the trend already under way in other sectors of the capital market, offerings to FNMA again pick ed up quite sharply. They continued at an advanced level through late August, when FNMA reduced its purchase prices in order to bring them closer in line with prices being paid in the private market. HOUSING MARKETS Because of the dearth of new mortgage commitments late last year and early this year, private housing starts responded with some lag to the improvement in mortgage credit conditions in late 1966. Time was needed to reappraise the changing credit situation and to reassemble construction resources that had been diverted elsewhere during the summer and autumn of 1966. Nevertheless, builders, buyers, renters, and investors began to show some renew ed interest in the housing market during the winter, and the actual volume of new starts declined less than normally. As a result, the seasonally adjusted annual rate for starts advanced irregularly from the unusual low reached in October. During the first quarter of 1967 the rate of starts showed a further pick-up. But a clearer indication of major recovery occur red in the second quarter when the starts volume rose much more Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1482 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 than seasonally in a period when a large upturn is normally to be expected with the arrival of the spring. By July the rate of starts had advanced still further to a seasonally adjusted annual rate of 1.36 million units, and it edged higher in August. The turnaround in housing starts this year has been broadly based. Starts of dwellings in multifamily structures—which showed a larger percentage decline last year than single-family starts— reversed direction in the same month of 1966 that single-family starts did. Since then they have climbed relatively more. By July they had moved close to their 1965 rate, as Chart 4 shows, and in August they improved further. Ever since 1959 the more dynamic multifamily component—which can be extremely volatile, because of the random number of units involved in any given structure— has tended to dominate fluctuations in the level of total starts. This 4 {Housing starts: MULTIFAMILY up relatively more than 1-family and RATIO SCALE. THOUSANDS OF UNITS Illi ~ 2000 TOTAL - 1600 Private housing starts, including farm, are Census Bureau data at seasonally adjusted annual rates. Data by type of structure not available before August 1963. Latest data, July. reflects the fact that in recent years a larger share of net family formation has been in age groups oriented to rental housing. In creases in land prices, building costs, and home prices have also tended to favor multifamily projects. Recovery in housing starts has also been widespread regionally. During the first quarter of 1967, starts rose in all four major geo graphic regions. Improvement continued during the second quar ter in all regions except the Northeast; in that region activity showed a spurt in July, then receded in August. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
HOUSING AND RESIDENTIAL MORTGAGE MARKETS 1483 The sharpest upturn in the first half of 1967 came in the North Central States. There starts by July had returned fairly close to the levels of 1965. But the most marked improvement during the sec ond quarter was registered in the West. For several years prior to 1966 housing starts in the West had trended downward, reflecting to a considerable extent a slower growth in the rate of in-migration of population than had been anticipated. In July and August, how ever, starts in the West increased appreciably further. Vacancies. Because the number of newly completed dwellings has been limited this year, net new households have turned to vacant existing dwellings to a larger degree than usual. Also use of mobile homes—for which factory shipments in 1966 again exceeded 200,000 units—has remained relatively high. This con trasts with earlier years of the 1960’s when some areas showed sub stantial overbuilding and when production of mobile homes was lower. Despite the reduced volume of new housing since early 1966, general housing shortages of the type that prevailed in the 1940’s and through the early 1950’s have not reappeared. More rapid ex pansion in demands for both new and existing houses relative to the increase in supply has, nevertheless, reduced vacancy rates in hous ing intended for owner occupancy to one of the lowest levels in c HOUSING STARTS improve in all regions, as VACANCY RATES i generally decline further Census Bureau data. Private housing starts, including farm, at seasonally adjusted annual rates. Vacancy rates, not seasonally adjusted, relate to vacant, not dilapidated dwellings avail able for rent. Latest data, second quarter. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1484 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 recent years. In rental housing vacancy rates in the second quarter of 1967 were the lowest since early 1959. A marked reduction in vacancies occurred in the West as Chart 5 shows. In the North Cen tral States where a decline had been under way for a number of years, as it has in the South, the vacancy rate fell to the lowest level since 1957. In view of the still relatively limited current supply of completed new housing and the further increases in basic demand, pres sures for new construction and structural conversion have continued to strengthen. These pressures have been reflected by some acceler ation in rent increases and by further advances of prices paid in most transactions for both new and existing homes. Moreover, the cost of construction by the second quarter of 1967 showed one of the sharpest year-over-year rises in more than a decade. Such cost in creases have further limited the ability of the industry to provide a variety of products within an attractive range of prices and rents. Future demand. Expected increases in the adult population will inevitably add to pressures for future new construction and struc tural conversion. Indeed, demographic projections point to a larger growth in the adult population during the 4-year period from mid-1966 to mid-1970 than in the preceding 6 years, largely because of the high birth rate immediately after World War II. As in other recent years, a predominant share of the anticipated INCREASES IN expansion in the adult population through mid-1970 will continue POPULATION (Millions of persons, aged 20 to occur in the young and old age groups, as the table shows. Little years and over) net change is expected in the age categories between 30 and Age (years) ’60-’66 ’66-’70 49 years, where the incidence of home purchase tends to be high. 20-24 2.9 3.2 These demographic projections suggest that construction of multi 25-29 .7 2.3 30-39 — 1.8 -.2 family properties may well maintain—and may actually increase 40-49 1.5 .1 50-59 1.9 1.1 —its recently reasserted share of the market. A high or rising share 60 and over 2.6 1.6 Total 7.8 8. 1 of multifamily starts, in turn, would help to restrain future demands for capital to develop and finance aggregate housing requirements. Census Bureau figures; 1966-70 are projections. One reason is that individual units in multifamily structures are generally smaller in size and less expensive to build than single family homes. But most important—considering the pressure on prices of land—is that they require less land per unit. Better use of land and the provision of more amenities for rental units, as well as the possibility of equity ownership of apartments in lieu of ren tal, can also work in this direction. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
HOUSING AND RESIDENTIAL MORTGAGE MARKETS 1485 OUTLOOK FOR While the factors underlying long-run demand for housing appear REST OF 1967 to be quite strong, some uncertainties have recently developed about the prospects for mortgage credit availability and hence about the strength of effective demand for housing after 1967. Based on data available through the summer, net savings inflow —particularly for savings and loan associations as well as other depositary-type lenders—have remained strong. On balance, too, reported backlogs of outstanding mortgage commitments con tinued to expand through July, and building permits were sus tained at or above earlier improved rates through August. Given the tendency for housing starts to lag behind changes in credit con ditions, these developments suggest that housing starts, despite pos sibly volatile month-to-month fluctuations, are likely to continue their general upward momentum through the rest of the year. Be yond that, the extent of further recovery will, of course, continue to depend on the impact of interim changes in national economic policies and changes in the degree of pressure of aggregate private and Government demands on available resources in the economy as a whole. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Staff Economic Studies The research staffs of the Board of Gover set forth are those of the authors and do not nors of the Federal Reserve System and of necessarily indicate concurrence by the the Federal Reserve Banks undertake studies Board of Governors, by the Federal Reserve that cover a wide range of economic and Banks, or by the members of their staffs. financial subjects, and other staff members Single copies of the full text of each of prepare papers related to such subjects. the studies or papers that are summarized From time to time the results of studies that below are available in mimeographed form. are of general interest to the economics pro The list of publications at the back of each fession and to others are summarized—or Federal Reserve Bulletin includes a sepa in some instances printed in full—in this rate section enumerating the studies for section of the Bulletin. which copies are currently available in that In all cases the analyses and conclusions form. Study Summary A TEST OF THE DEPOSIT RELATIONSHIP HYPOTHESIS Neil B. Murphy, formerly of the Staff of the Federal Reserve Bank of Boston Prepared as a staff paper in March 1967 under the auspices of the Federal Reserve Bank of Boston Since commercial banks are an important would be as follows: (1) the credit quality link in the relationship between monetary of the notes of the borrowers should be policy actions and the real sectors of the homogeneous, (2) the non-price terms of the economy, it is important to understand the loan would have to be standardized, and (3) determinants of their lending behavior. Re no explicit credit guarantees (lines of credit) cent studies have emphasized the importance could be in effect. A cross section of Massa of long-term relationships between banks chusetts municipalities that borrowed in an and their customers in determining the avail ticipation of tax revenue meets these criteria ability and terms of credit accommodation. and were surveyed to obtain the informa However, because of the lack of necessary tion necessary to test the deposit relationship data, it has been difficult to test these hy hypothesis. A model was constructed which potheses concerning lending behavior. explains the borrowing rate as a function of The purpose of this paper is to subject an open market rate of interest, the closeness these hypotheses to empirical testing. The of the deposit relationship, the size of the criteria for a test of the deposit relationship note, and the term to maturity of the note. 1486 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
STAFF ECONOMIC STUDIES 1487 Multiple regression analysis was employed to behavior posited in the model, more work in test the model. this area is needed to improve our knowl It was found that the sign and order of edge of bank lending behavior. Specifically, magnitude of the regression coefficients were the unexplained variance in the dependent consistent with the relationships hypothe variable is quite large, and the single period sized in the model. The variable used to cross section nature of the analysis precludes measure the effect of deposit relationships any statement concerning the relative impor was statistically significant at the 5 per cent level. However, the results indicate that, tance of deposit relationships over the busi although the data are consistent with the ness cycle. ERRATUM In the mimeographed copy of the paper to Table HI on page 14 of the Study.) “The Impact of Monetary Variables: A Copies of Table HI are available upon re Selected Survey of the Recent Empirical quest to: Publications Services, Division of Literature” (No. 34 in the Staff Economic Administrative Services, Board of Governors Studies series) by Michael J. Hamburger, of the Federal Reserve System, Washington, D.C. 20551. " Table HI was omitted. (Reference was made Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Changes in Time and Savings Deposits, April-July 1967 In the 3 months ending July 31, 1967, mem result of these recent rate increases, in a ber banks made further adjustments in the period when market rates also rose, the pro maximum rates of interest they would pay portion of all time deposits held by banks on various categories of time and savings de paying the ceiling rate on major categories posits. These changes were accompanied by of these deposits was greater in July than some shifts in deposit flows and in amounts in April. of deposits outstanding. To keep abreast of Total time and savings deposits held by these developments the Board of Governors individuals, partnerships, and corporations conducted another survey 1 as of July 31, in member banks amounted to $126.2 bil 1967, of time and savings deposits held by lion on July 31, 1967; this represented an individuals, partnerships, and corporations increase of 4 per cent in the 3 months ending (IPC) at member banks, including rates of July 31—somewhat more than that in the interest paid and other terms offered on these previous 3 months. The faster growth re deposits. Reports were received from 6,074 flected mainly an accelerated inflow of busi banks, or nearly all banks that are members ness-type time deposits—on which the larg of the Federal Reserve System. est proportion of banks raised their rate— While most member banks left unchanged and of passbook savings, the combined their highest offering rate on major cate growth in which was offset in part by less gories of time and savings deposits between rapid growth in consumer-type time deposits. April 28 and July 31 (referred to here as (Business-type time deposits are those issued the April-July period) the number of banks in denominations of $100,000 and over, and that increased the highest rate offered on consumer-type time deposits are those in de time deposits was nearly twice the number nominations of less than $100,000.) that reduced it. This is in contrast with devel opments in the preceding 3 months and GROWTH OF DEPOSITS, BY TYPE reported in the April 28 survey. As of that Business-type time deposits rose by nearly date more banks reported rate reductions on 7 per cent to $18.9 billion in the latest 3time deposits than increases—reflecting a month period, whereas they had shown little continuation of the downward trend in mar net change in the previous survey. (See ket rates that began in the fall of 1966. As a Table 1.) Passbook savings increased by 2.1 per cent to $73.1 billion, compared with a Note.—Caroline H. Cagle of the Board’s Division growth of 1.3 per cent in the 3 months end of Research and Statistics prepared this article. 1 This is one of a series of surveys of time and ing in April. By contrast, consumer-type savings deposits to be conducted by the Board of Gov time deposits, which had expanded by 11 per ernors in 1967. Previous surveys were made in late 1965, early 1966, and early 1967. The results of the cent in the earlier quarter, rose by less than surveys appeared in the Bulletins for April 1966, p. 8 per cent from April through July to a total 466; August 1966, p. 1102; April 1967, p. 517; and July 1967, p. 1099. of $29.9 billion on July 31. The increase in 1488 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 1489 TABLE 1 TYPES OF TIME AND SAVINGS DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS (IPC) HELD BY MEMBER BANKS ON JANUARY 31, APRIL 28, AND JULY 31, 1967 Amount Number of issuing banks Millions of dollars Increase or decrease (—) Type of deposit Jan. 31-Apr. 28 Apr. 28-July 31 Jan.3i, Apr. 28, July 31, Jan. 31, Apr. 28, July 31, 1967 1967 1967 1967 1967 1967 Millions Per Millions Per of dollars cent of dollars cent Total time and savings........................... 6,034 6,034 6,003 116,890 120,824 126,160 3,934 3.4 5,336 4.4 Savings................................................ 5,850 5,835 5,827 70,701 71,600 73,119 899 1.3 1,519 2.1 Consumer-type time deposits—less than $100,000: Total............................................ 5,726 5,744 5,727 25,081 27,749 29,949 2,668 10.6 2,200 7.9 Savings bonds............................. 174 179 175 1,409 1,643 1,788 234 16.6 145 8.8 Savings certificates..................... 1,583 1,558 1 ,514 8,033 8,647 9,367 614 7.6 720 8.3 Other nonnegotiable CD’s......... 2,932 2,986 3,035 9,402 10,434 11,220 1 ,032 H.0 786 7.5 Negotiable CD’s.................... 1,885 1,923 I ,907 4,381 4,561 4,704 180 4.1 143 3.1 Time deposits, open account.... 977 1,008 1 ,016 1,856 2,465 2,871 609 32.8 406 16.5 Business-type time deposits—$100,000 or more: Total............................................ 1,602 1 ,786 1 ,820 17,658 17,646 18,850 -12 -0.1 1,204 6.8 Negotiable CD’s......................... 828 907 923 13,018 12,786 13,887 -232 -1.8 1,101 8.6 Nonnegotiable CD’s................... 882 993 1,000 2,814 3,188 3,360 374 13.3 172 5.4 Time deposits, open account.... 284 322 335 1,826 1,671 1,603 -155 -8.5 -68 -4.1 Christmas savings and other special accounts...................................... 4,084 4,201 4,174 3,450 3,828 4,243 378 11.0 415 10.8 Note:'—-Includes a small amount of deposits outstanding in a rel not included in the number of issuing banks. Dollar amounts may not atively few banks that no longer issue these types of deposits and are add to totals because of rounding. total consumer-type time and savings de passbook savings and the reduction in in posits from January 31 through July 31 was flows of consumer-type time deposits. unusually large—$7.3 billion—reflecting The most rapid increase in any of the not only the high over-all personal savings forms of time and savings deposits in the rate that prevailed over the first half of the most recent 3-month period was in smalleryear but also some reflows of funds from denomination open-account deposits (main market securities into bank deposits. ly the new 90-day-notice passbook deposits), The change in growth patterns of savings which increased by nearly 17 per cent. These and consumer-type time deposits over this deposits are still relatively small—about 6-month period was probably in part a re $2.9 billion—but they have grown about 50 sponse to changes in relative attractiveness per cent since the end of January. This rate of various types of deposits as well as of growth no doubt reflects the aggressive changes brought about by the downward promotion of these deposits, particularly at movements in market rates of interest. In big banks, as well as the attractive rates addition, it is possible that the rate reduc paid and the greater convenience of a pass tions on consumer-type time deposits in the book type of deposit as compared with cer period January 31-April 28 (referred to tificates of deposit. as January-April period) may have had some carry-over effects in the April-July GROWTH BY BANK SIZE AND LOCATION period and that these effects contributed Rates of growth in total time and savings both to the recent increase in net inflows of deposits in the 3 months ending in July were Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1490 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 TABLE 2 CHANGE IN TIME AND SAVINGS DEPOSITS, IPC, AT MEMBER BANKS FROM APRIL 28 TO JULY 31, 1967, BY TYPE OF DEPOSIT AND BY SIZE OF BANK AND FEDERAL RESERVE DISTRICT Group t d s im e T a p v o e i o t n a s a g i n l t s d s B t d y u e p p s e i o n t s e im i s t s s e To C ta o l nsum S e a r v -t i y n p g e s de C p ty o o p s n e i s t u s ti m m e e r t d i s m e a T p v e o o i n t a s a g i n l t s d s B t d y u e p s p e i o n t s i e m i s t s s e To C ta o l nsum S e a r v -t i y n p g e s de C p ty o o p s n e i s t u s ti m m e e r Amount (in millions of dollars) In per cent All banks..................................... 4,990 I ,209 3,781 1,565 2,216 4.3 6.9 3.8 2.2 8.0 Size of bank (total deposits, in millions of dollars): Less than 10......................... 298 -II 309 112 197 4.0 -12.1 4.1 2.6 6.2 10-50.................................... 777 42 735 281 454 3.9 8.5 3.8 2.2 6.9 50-100.................................. 359 45 314 108 206 4.3 9.7 4.0 1.9 9.0 100-500................................ 828 139 689 342 347 3.5 6.2 3.2 2.1 6.8 500 and over........................ 2,727 993 1 ,734 722 1 ,012 4.8 6.9 4.0 2.2 9.6 F.R, district: Boston.................................. 300 126 174 94 80 7.5 16.0 5.4 3.6 13.3 New York............................ 1 ,088 521 567 334 233 4.6 7.5 3.4 2.4 7.5 Philadelphia......................... 193 -9 202 83 119 3.1 -1.7 3.5 2. 1 6.7 Cleveland............................. 311 67 244 135 109 3.0 7.2 2.6 1.8 5.7 Richmond............................ 210 6 204 113 91 3.7 1.3 3.9 2.8 7.1 Atlanta................................. 314 44 270 113 157 4.8 7.9 4.6 2.8 8.1 Chicago............................... 915 128 787 162 625 4.3 6.1 4.2 1.2 10.5 St. Louis.............................. 170 -7 177 45 132 4.6 -2.2 5.3 2.6 8.2 Minneapolis......................... 161 1 1 150 13 137 4.5 3.8 4.5 1.2 6.3 Kansas City......................... 166 59 107 32 75 3.6 13.7 2.6 1.4 4. 1 Dallas................................... 235 68 167 36 131 4.7 5.5 4.4 1.5 9.0 San Francisco...................... 924 192 732 405 327 4., 6.2 3.8 2.6 8. 1 Note.—-This table was compiled by comparing individual bank fig in denominations of less than $100,000: savings certificates, savings ures as reported on April 28 and on July 31, 1967, for all member bonds, other nonnegotiable and negotiable CD's and time deposits, banks for which comparable information was available. The amounts open account. Business-type time deposits include the following instru shown here differ from Table 1 because data for all member banks ments issued in denominations of $100,000 and over: negotiable and were not available, and because Christmas savings and other special nonnegotiable CD’s and time deposits, open account. funds are excluded. Minus sign indicates a decrease. Dollar amounts may not add to Consumer-type time deposits are the following instruments issued totals because of rounding. fairly uniform among all bank-size groups, gains in business-type deposits were un as shown in Table 2. This is in contrast to usually large, and the smallest increase, 3.0 earlier surveys when such deposits at banks per cent, was in the Cleveland District, in the largest size group (total deposits of which had smaller increases in savings and $500 million and over) rose much less than consumer-type time deposits than most other those of smaller banks. The main factors ac Federal Reserve districts. counting for the change were the resumption in growth of business-type time deposits, RATE CHANGES which are held mainly by big banks, and a More member banks raised rates in the much greater acceleration in growth at large April-July period than lowered them on banks of total consumer-type deposits— both business and consumer-type time de passbook and consumer-type time combined. posits. This is in contrast to the previous 3 Growth rates in total time and savings months when rate reductions had exceeded deposits were also fairly uniform among rate increases. The shift undoubtedly reflects Federal Reserve districts over the April- in part a reversal of the downward trend in July period. Banks in 9 of the 12 districts money market rates of interest that occurred had increases close to the national average toward the middle of 1967 and possibly the of 4 per cent. The most rapid increase was expectations of stronger loan demand in the 7.5 per cent in the Boston District, where months ahead. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 1491 On business-type time deposits, which are est rate on consumer-type time deposits in closely competitive with other money mar the most recent quarter was about half as ket instruments, rate increases were more large as the number that raised it. Most of frequent than on consumer-type time de these changes—both increases and de posits. (See Table 3). One-seventh of the creases—were 14 of a percentage point. In banks that issue these instruments raised addition, 53 small banks that had not pre their maximum offering rate—for the most viously offered these deposits began to issue part by 14 or 14 of a percentage point. them, and they generally paid a rate no higher than 414 per cent. The net effect of Two-fifths of the increases were at banks these changes was to increase slightly the that raised their maximum rate to a level proportion of all banks with total deposits between 4% and 5 per cent. Most of the of less than $100 million paying the ceiling remainder were divided about equally be tween those paying between 5 and 514 per rate. On passbook savings there was little cent and those paying up to 514 per cent. change in rates in the recent period. Less Ten per cent of the issuing banks reduced their highest rate. These were mainly small than 2 per cent of the banks made any banks that had been paying a maximum change in the offering rate, and about half of rate near the ceiling and lowered it by those that did change moved the rate to 4 14 or 14 of a percentage point. per cent. The number of banks changing rates on consumer-type time deposits in the April- CURRENT RATE STRUCTURE July period was relatively small—about 8 per A detailed picture of the current structure cent of all member banks—or roughly the of highest offering rates on various types of same number as in the previous 3 months. instruments as of the last two survey dates In this group, 5 per cent of the banks raised —July 31 and April 28—is shown in Table the highest rate offered, and less than 3 per 4. About half of all member banks were cent lowered it. Of the banks that raised paying the 5 per cent ceiling on at least one the rate, increases were three times as fre of the consumer-type time deposits on both quent among large banks (deposits of $100 survey dates. This figure rose by only two million and over) as among smaller banks, percentage points between the two survey and the increases at big banks were offset dates. Nevertheless, the proportion of banks by relatively few rate reductions. Moreover, paying the ceiling varied significantly by nearly all of the big banks that increased size of bank—from nearly four-fifths for their highest offering rate in the most recent banks with total deposits of $100 million quarter—generally by 14 or 14 of a percent and over to just under half for smaller banks. age point—moved the rate back to the 5 Banks paying 5 per cent held nearly fourper cent ceiling, after having lowered it by fifths of all consumer-type deposits on July the same amount in the January-April pe 31—-an increase of 8 percentage points since riod. This quick turnaround of rates may April 28. Among large banks—those with reflect in part adjustments in response to the total deposits of $100 million and over— greater interest rate sensitivity of depositors banks offering the ceiling rate accounted for at big banks. nine-tenths of these deposits on July 31; at Among smaller banks, on the other hand, smaller banks they accounted for about the number of banks that reduced their high three-fifths of the total. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1492 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 On business-type time deposits, about 16 banks with total deposits of $100 million per cent of the issuing banks were offering and over, nearly two-fifths were about the 5/2 per cent ceiling rate on one or more equally divided between those paying be instruments at the end of July, with most tween 514 and 514 per cent and those of the remaining banks about equally divided paying between 5 and 514 per cent; an between those having a maximum rate of other two-fifths were paying between 4% either 5 or 4^ per cent or less. Since large and 5 per cent; and most of the remainder, banks hold nearly all of these deposits, their 414 per cent or less. More than one-third of rates are of greatest significance. Among these big banks raised the maximum rate on TABLE 3 MEMBER BANKS CHANGING THE MAXIMUM RATE PAID OR INTRODUCING NEW TIME AND SAVINGS DEPOSIT INSTRUMENTS BETWEEN APRIL 28 AND JULY 31, 1967 Consumer-type time Business-type time Savings deposits Size of bank, (total Size of bank, (total Size of bank, (total Group deposits in millions deposits m millions deposits in millions All of dollars) ah of dollars) A11 of dollars) sizes sizes sizes Less than 100 and Less than 100 and Less than 100 and 100 over 100 over 100 over Number of issuing banks, July 31, 1967...... 5,709 5,324 385 1,813 1,442 371 5,809 5,421 388 Percentage distribution of number of banks in group 100.0 100.0 100.0 100.0 100 0 100 0 100 0 100 0 100 0 91.2 91.9 82.3 63,6 66.5 52.3 98.3 98.2 100.0 5.4 4.6 15.1 14.1 8.9 34.5 0.8 0.8 New maximum rate1 (per cent): 3.50 or less............................................. 0.2 0.2 3.51-4.00.................................................... (3) (3) 0.2 0.1 0 3 0.6 0.6 4.61-4.25................................................... 0. 1 0.1 0 1 0.3 4.26-4,50.................................................... 0.7 0.7 0.5 6.9 1 .0 0.5 4.51-4.75.................................................... 0.5 0.5 0,8 0.7 0.6 1.3 4.76-5.00.................................................... 4.0 3.3 13 8 5.7 4.0 12.1 5.01-5.25................................................... 3.3 0.8 13.2 5.26-5.50.................................................... 3.3 2.4 6.7 2.5 2.5 2.6 9 8 9.1 12.4 0.5 0.5 New maximum rate1 (per cent): 3.50 or less................................... 0.1 0.1 0.4 0 5 0.3 0.5 0.5 3.51-4 00.................................................... 0.4 0.4 6. 3 0.6 0.5 0.8 4.61-4.25.................................................... 0.2 0.2 0.3 0.2 0.3 4.26-4.50.................................................... 1.4 1.4 1.3 2.0 2.0 1.9 4.51-4.75.................................................... 0.4 0.3 0.8 1.2 1.2 1.3 4,76-5.00.................................................... 4.5 4.3 5.4 5.01-5.25.................................................... 0. 8 0.3 2.7 0.9 1 0 12.5 15.5 0,8 0.4 0.5 Maximum rate1 (per cent): 0.1 0.1 0.6 0.8 0.1 0. 1 3.51-4.00.................................................... 0.3 0.3 2.8 3.5 0.4 0.4 4.01-4,25.. ................................................. 0. 1 0.1 0.4 0.5 4.26-4’50.................................................... 0.2 0.3 3.0 3.8 4.51-4.75......................................................... (3) (3) 0.7 0.7 0.5 4.76-5.00.................................................... 0.2 0,2 4.0 5.0 0.3 5.01-5.25.................................................... 0.2 0.3 5.26-5.50.................................................... 0.8 1.0 1 While rate ranges of % of a percentage point are shown in this 3 Less than 0.05 per cent. and other tables, the maximum rate reported by nearly all banks was Note.—Excludes banks for which comparable data were not avail the top rate in the range; for example, 4.00, 4.25, etc. On business able on April 28 and July 31, 1967. Consumer-type time deposits in type time deposits, however, some large banks had rates at intervals cludes the following instruments issued in denominations of less than of Vs of a percentage point such as 5.125 and 5.375 per cent. $100,000: savings certificates, savings bonds, other nonnegotiable and 2 Between April 28 and July 31, 25 banks discontinued issuance of negotiable CD’s and time deposits, open account. Business-type time consumer-type time deposits and 190 banks discontinued issuance of deposits includes the following instruments issued in denominations business-type time deposits. Since these banks had no offering rate on of $100,000 or more: negotiable and nonnegotiableCD’s and time de these instruments as of July 31, 1967, they were excluded from this posits, open account. table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 1493 these deposits in the 3 months ending July proportions were about the same as on April 31—mainly by 14 or Vi of a percentage 28 of this year. point. These changes increased sharply the proportions of banks of this size paying a MINIMUM BALANCE AND SHORTEST maximum rate of 5!4 and 5 per cent. Re MATURITY REQUIREMENTS flecting the relatively higher rates paid by As in the previous survey, there was little the largest banks, more than one-fourth of change from April 28 to July 31 in the all business-type time deposits on July 31 minimum denomination or the shortest were in banks paying a rate at or close to maturity on which member banks would pay the 5*6 per cent ceiling, and more than one- their highest rate. Again, about half of the half were in banks paying between 5 and banks reported that they were willing to pay 5 *4 per cent. their maximum rate on consumer-type time On passbook savings nearly two-thirds of deposits in denominations of $500 or less, all member banks—holding nine-tenths of and about the same proportion reported they all passbook deposits—were paying the 4 were willing to pay the maximum rate on per cent ceiling at the end of July. These maturities of 6 months or less. TABLE 4 TIME AND SAVINGS DEPOSITS, IPC, HELD BY MEMBER BANKS ON APRIL 28 AND JULY 31. 1967. BY TYPE OF DEPOSIT, BY MAXIMUM RATE PAID ON ANY INSTRUMENT IN EACH CATEGORY, AND BY SIZE OF BANK Size of bank (total deposits Size of bank (total deposits in millions of dollars) in millions of dollars) All banks All banks Group Less than 100 100 and over Less than 100 100 and over Apr, 28 July 31 Apr. 28 July 31 Apr. 28 July 31 Apr. 28 July 31 Apr. 28 July 31 Apr. 28 July 31 Amount of deposits (in millions of dollars), or Number of banks, or percentage distribution percentage distribution Consumer-type time deposits: Issuing banks........................ 5,744 5,727 5,371 5,342 373 385 27,733 29,945 12,168 12,912 15,565 17,033 Percentagedistribution by max imum rate paid: Total..................................... 100.0 100.0 100.0 100,0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 4.50 or less............................. 47.7 45.9 49.4 48.0 22.5 17.7 23.1 18.7 39.4 36.5 10,3 5.2 4.51-4.75................................ 2.7 2.6 2.4 2.5 8.1 4.1 5.9 2.1 2.2 2.4 8.9 1.9 4.76-5.00............................. 49.6 51.5 48.2 49.5 69.4 78.2 71.0 79.2 58.4 61.1 80.8 92.9 Business-type time deposits: Issuing banks......................... 1 ,786 1,820 1,422 1,449 364 371 17,636 18,848 1 ,084 1,126 16,552 17,720 Percen tagedistribution by max imum rate paid: Total..................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 4.50 or less............................. 35.4 32.5 36. 1 36.2 32.7 18.1 31.8 2.9 23.6 22.3 32.3 1.7 4.51-4.75................................ 5.3 4.8 4.4 4.6 9.1 5.4 16.5 0.8 4.9 3.8 17.2 0.6 4.76-5.00................................ 37.1 40. 1 38.4 40.6 32.4 38.0 28.9 17.6 34.3 38.9 28.6 16.2 5.01-5.25................................ 3.7 6.5 3.2 3.4 5.5 18.6 1.8 50.7 4.2 5.0 1.7 53,7 5,26-5.50................................ 18.4 16.1 17.9 15,2 20.3 19.9 21.0 28.0 33.0 30.0 20.2 27.8 Savings deposits: Issuing banks......................... 5,835 5,827 5,458 5,439 377 388 71 ,595 73,118 23,154 23,088 48,441 50,031 Percentagedistribution by max imum rate paid: Total...................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 3.50 or less............................. 34.4 34.1 36.1 35.8 9.8 10.6 10.4 10.2 24.2 24.0 3.7 3.9 3.51-4.00................................ 65.6 65.9 63.9 64.2 90.2 89.4 89.6 89.8 75.8 76.0 96.3 96.1 Note.—See Note to Table 3 for description of consumer-type time deposits and business-type time deposits. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1494 FEDERAL RESERVE BULLETIN ■ SEPTEMBER 1967 AVERAGES OF OFFERING RATES posits of $500 million and over) was about Averages of the highest and of the most 30 basis points. For business-type deposits common rates of interest offered by mem the spread was about 40 points. ber banks on major categories of time and Most banks have no rate differentials on savings deposits on July 31, April 28, and passbook savings, and they offer only one January 31, 1967, are shown in Table 5 consumer-type time instrument. On these for all member banks, and in Appendix categories of deposits there was little differ Tables 12, 13, and 14 for member banks ence between the averages of the highest grouped by size of total deposits and by rate and the most common rate. For busi Federal Reserve district. The averages were ness-type deposits, however, where rate dif ferentials associated with maturity and other calculated by weighting the highest and factors are more prevalent, the highest rate the most common rates reported on each averaged about 14 of a percentage point type of deposit at each bank by the amount above the most common rate on July 31, of that type of deposit outstanding. but somewhat less than that on earlier survey TABLE 5 dates. AVERAGE OFFERING RATES AT MEMBER BANKS Over the period between the January 31 ON TIME AND SAVINGS DEPOSITS, IPC, JULY 31, APRIL 28, AND JANUARY 31, 1967 and July 31 surveys, average rates on pass (Per cent per annum) book savings showed little change. Reflecting mainly the rate reductions at large banks on Highest rate Most common rate consumer-type time deposits in the January- Type of deposit July Apr. Jan. July Apr. Jan, 31 28 31 31 28 31 April period and the reversal of those re ductions in the April-July period, average Total time and savings deposits............... 4,34 4.23 4.33 4.29 4.19 4,31 rates for these deposits declined 5 basis Savings deposits........... 3.92 3.91 3.91 3.91 3.91 3.91 points from January to April and then rose Consumer-type time deposits—less than again by that amount between April and SI 00,000............... 4.87 4.82 4.87 4.83 4.77 4.83 Business-type time deposits-—$ 100,000 July. Rates on business-type deposits showed and over.............. 5.14 4.61 5.24 4.89 4.45 5.19 similar movements, although the increase from April to July was somewhat less than On July 31 the highest rate paid at all the earlier decline. member banks on passbook savings aver Among Federal Reserve districts, the aged 3.92 per cent and on consumer-type highest average rates offered on both pass time deposits, 4.87 per cent; both were book savings and consumer-type time de within about 14 of a percentage point of posits were in the San Francisco District, their respective ceilings. The average for where prevailing interest rates tend to be business-type time deposits—-5.14 per cent somewhat higher than in most other sections —was somewhat higher, but there was a of the country. Rate differences by size of wider margin between it and the prevailing bank were almost nonexistent in that Dis 514 per cent ceiling on such deposits. Small banks had lower rates than large trict because most banks—regardless of ones. For passbook savings and consumer size—had maximum rates close to the ceil type time deposits the differential between ing. The highest offering rates on business the smallest banks (total deposits of less type deposits were in the Dallas and Minne than $10 million) and the largest (total de apolis Districts. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 1495 APPENDIX TABLE 1—SAVINGS DEPOSITS Maximum Interest Rates Paid by Member Banks on July 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 MILLIONS OF DOLLARS All banks.............................................................. 5,827 1,301 686 3,840 73,118 3,930 3,531 65,657 Size of bank (total deposits in millions of dollars): Less than 10...................................................... 3,137 881 395 1,861 4,382 874 551 2,957 10-50................................................................. 2,027 375 245 1,407 12,972 1 ,780 1,474 9,718 50-100............................................................... 275 22 28 225 5,733 320 532 4,880 100-500............................................................. 294 20 15 259 16,852 768 663 15,421 500 and over..................................................... 94 3 3 88 33,179 187 310 32,681 Federal Reserve district: Boston............................................................... 224 20 5 199 2,720 65 65 2,589 New York......................................................... 381 16 17 348 13,991 536 181 13,274 Philadelphia...................................................... 378 144 112 122 4,085 691 928 2,466 Cleveland.......................................................... 487 144 47 296 7,516 360 290 6,866 Richmond......................................................... 391 49 31 311 4,122 142 104 3,876 Atlanta.............................................................. 525 41 52 432 4,103 66 283 3,755 Chicago............................................................. 959 320 181 458 13,144 1,081 1 ,273 10,790 St. Louis............................................................ 437 172 72 193 1 ,788 480 149 1,159 Minneapolis..................................................... 488 248 96 144 1,138 398 195 545 Kansas City...................................................... 788 128 69 591 2,348 96 56 2,196 Dallas................................................................ 563 19 3 541 2,388 16 2 2,370 San Francisco................................................... 206 .................. 1 205 15,777 (2) 15,773 APPENDIX TABLE 2—SAVINGS BONDS, IPC Maximum Interest Rates Paid by Member Banks on July 31, 1967 Maximum rate paid (per cent) Maximum rate paid (per cent) Group Total Total 4.00 4.00 or less 4.50 5.00 or less 4.50 5.00 NUMBER OF BANKS MILLIONS OF DOLLARS All banks............................................................ 175 19 77 79 1,679 6 134 1,539 Size of bank (total deposits in millions of dollars): Less than 10...................................................... 40 I 18 21 25 (‘) 6 20 10-50................................................................. 81 12 38 31 73 2 30 40 50—100............................................................... 11 1 7 3 77 (i) 22 55 100-500............................................................. 25 3 10 12 184 2 33 148 500 and over.................................................... 18 2 4 12 1,320 (2) 42 1,276 Federal Reserve district: Boston, ..................................... .............. .. 3 3 53 53 New York........................................................ 16 4 3 9 571 I 1 570 Philadelphia................................................. 10 4 6 330 35 295 Cleveland.......................................................... 13 1 7 5 92 (0 10 82 Richmond........................................................ 10 1 5 4 9 G) 7 2 Atlanta.............................................................. 41 2 19 20 274 (2) 18 254 Chicago............................................................. 20 2 16 2 55 (2) 47 (2) St. Louis........................................................... 16 7 8 1 11 2 8 G) 3 2 1 7 (2) (2) Kansas City..................................................... 24 2 7 15 45 (*) 1 44 Dallas....................................................... 7 5 2 1 O) (2) San Frandsen................................................... 12 I 11 229 G) 229 For notes to Appendix Tables 1-9 see p. 1499. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1496 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 APPENDIX TABLE 3—SAVINGS CERTIFICATES, IPC Maximum Interest Rates Paid by Member Banks on July 31, 1967 Maximum rate paid (per cent) Maximum rate paid (per cent) Total Total Group 3.50 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 MILLIONS OF DOLLARS AH banks, 1,514 22 219 15 452 43 763 9,334 9 215 32 1,262 295 7,521 Size of bank (total deposits in millions of dollars): Less than 10................. 770 11 148 9 273 21 308 860 92 10 344 20 392 10-50............................... 491 4 50 2 140 11 284 1,833 0) 65 (2) 518 40 1,207 50-100............................. 69 2 6 1 12 1 47 549 (2) 6 (0 118 (2) 416 100-500.......................... 120 5 10 3 17 6 79 2,013 29 19 198 85 1,676 500 and over................ 64 5 10 4 45 4,079 23 84 143 3,829 F.R district: Boston........ 25 2 4 3 16 55 (0 53 New York., 87 7 5 8 3 64 1,217 8 8 3 1,197 Philadelphia. 81 1 16 2 37 5 20 547 (0 14 (2) 104 63 364 Cleveland.., 211 2 63 3 61 12 70 962 (0 55 6 159 186 556 Richmond.. 90 3 20 1 15 1 50 509 (1) 13 (2) 23 (2) 470 Atlanta.... 150 31 2 33 3 81 523 43 (2) 77 10 386 Chicago......... 238 3 24 3 104 3 101 2,022 (0 24 12 438 8 1,539 St. Louis........ 93 4 14 1 49 1 24 524 0) 39 (2) 108 (0 375 Minneapolis.. 212 8 2 75 3 124 1,189 14 (2) 277 4 890 Kansas City.. 144 1 17 37 2 87 346 O) 7 28 (2\ 306 Dallas............ 120 1 15 1 25 4 74 219 (9 2 O) 32 180 San Francisco 63 ............4 ............ 4 3 52 1,223 7 10 1,205 APPENDIX TABLE 4—OTHER NONNEGOTIABLE CD’S IN DENOMINATIONS OF LESS THAN $100,000, IPC Maximum Interest Rates Paid by Member Banks on July 31, 1967 Maximum rate paid (per cent) Maximum rate paid (per cent) Total Total Group 3.50 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 MILLIONS OF DOLLARS All banks.. .............................. 3,035 42 373 38 998 90 1,494 11,209 5 273 42 2,827 388 7,673 Size of bank (total deposits in millions of dollars): Less than 10.......... 1,535 28 234 20 557 33 663 1,632 1 111 15 67.9 21 804 10-50............................... 1,116 9 114 11 363 40 579 3,524 2 123 8 1,292 104 1,996 50-100............................. 170 2 6 3 51 5 103 1,311 2 17 466 15 810 100-500........................... 162 2 16 4 23 8 109 1,721 (>) 35 2 277 77 1,331 500 and over. ................ 52 1 3 4 4 40 3,022 (l) 3 114 173 2,733 F.R. district: Boston..................... 79 1 14 2 17 8 37 49 (‘) 3 (9 8 2 37 New York............. 191 4 35 6 25 8 113 513 (') 5 3 19 19 466 Philadelphia................... 227 4 28 5 122 8 60 762 (*) 37 6 377 25 317 Cleveland........................ 199 2 53 3 54 9 78 675 (*) 36 1 143 142 354 Richmond...................... 196 7 39 9 33 5 103 559 1 28 4 41 6 478 Atlanta............................ 272 2 33 58 12 167 949 1 32 170 32 714 Chicago........................... 600 7 67 9 284 17 216 2,396 2 59 26 1,040 82 1,188 St. Louis......................... 246 2 36 1 137 6 64 906 (') 48 (2) 425 20 412 Minneapolis.................... 240 3 9 122 5 101 887 (■) 11 445 13 417 Kansas City.................... 404 4 33 2 104 4 257 923 (>) 11 (') 118 4 789 S D a a n l l F as ra .. n ... c . i .. s . c .. o ... . . . .. . .. . .. . .. . .. . .. . .. . 2 1 7 0 4 7 5 1 2 4 2 i 41 1 2 6 2 9 0 8 0 2,0 5 7 2 1 1 ( ( 0 ‘) 4 1 (*) (2 4 ) 1 39 4 2,0 4 3 71 0 For notes to Appendix Tables 1-9 see p. 1499. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 1497 APPENDIX TABLE 5—NEGOTIABLE CD’S IN DENOMINATIONS OF LESS THAN $100,000, IPC Maximum Interest Rates Paid by Member Banks on July 31, 1967 Maximum rate paid (per cent) Maximum rate paid (per cent) Total Total Group 3.50 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 MILLIONS OF DOLLARS All banks................................ 1,907 25 279 24 434 65 1,080 4,692 252 3,551 Size of bank (total deposits in millions of dollars): Less than 10................... 895 17 166 10 252 15 791 438 10-50.............................. 640 2 87 7 134 17 1,378 979 50-100............................ 116 1 11 1 19 8 394 287 100-500.......................... 177 I 12 4 24 1.9 1,118 924 500 and over.......... 79 4 3 2 5 6 1,011 923 F.R. district: Boston............................ 93 12 1 15 8 57 13 27 112 New York...................... 152 7 20 3 21 7 94 304 16 7 270 Philadelphia................... 71 7 8 3 35 3 15 176 95 25 50 Cleveland....................... 85 2 33 3 24 3 20 233 42 23 157 Richmond...................... 115 2 29 3 15 4 62 177 17 4 128 Atlanta......................... 173 55 20 9 89 22 26 Chicago.......................... 224 26 4 75 9 109 789 163 29 567 St. Louis........................ 129 31 3 57 2 35 295 102 (2) 142 Minneapolis......... 9 1 60 4 57 223 87 31 97 Kansas City................... 334 39 2 70 4 218 573 73 6 478 Dallas............................. 294 14 36 7 233 784 54 40 687 San Francisco................ 106 3 1 6 5 91 681 4 28 649 APPENDIX TABLE 6—TIME DEPOSITS, OPEN ACCOUNT, IN DENOMINATIONS OF LESS THAN $100,000, IPC Maximum Interest Rates Paid by Member Banks on July 31, 1967 Maximum rate paid (per cent) Maximum rate paid (per cent) Total Total Group 3.50 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 MILLIONS OF DOLLARS AU banks 1,016 159 336 17 157 27 320 2,864 15 63 9 209 60 2,509 Size of bank (total deposits in millions of dollars): Less than 10................. 339 79 129 2 54 6 69 80 4 (1) 21 (9 44 10-50............................ 384 59 133 7 63 10 112 198 5 22 46 9 114 50-100.......................... 87 8 28 2 17 1 31 157 18 5 47 4 82 100-500......................... 134 10 39 4 17 5 59 367 2 10 84 7 263 500 and over................ 72 3 7 2 6 5 49 2,063 3 39 2,005 F.R. district: Boston........ 68 15 1 6 3 43 369 (9 12 3 352 New York.. 189 19 69 8 26 4 63 739 7 2 50 3 674 Philadelphia. 177 66 59 2 28 6 16 60 5 7 6 30 Cleveland. . 108 24 55 12 1 16 55 18 16 (9 19 Richmond.. 106 19 45 15 1 26 90 4 6 4 76 Atlanta.... 53 2 21 1 11 ...........1.8 16 (9 3 9 Chicago......... 100 15 21 3 29 6 26 I ,336 9 5 106 1,205 St. Louis... .. 36 8 16 8 4 22 (9 7 8 Minneapolis. . 5 1 1 3 10 (9 (9 9 Kansas City.. 22 3 5 3 11 10 (9 8 Dallas............ 89 23 12 3 49 66 (9 3 2 60 San Francisco 63 ............7 2 6 3 45 92 (9 (9 13 77 For notes to Appendix Tables 1-9 see p. 1499. 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 ip oo Maximum Interest Rates Paid by Member Banks on July 31, 1967 Maximum rate paid (per cent) Maximum rate paid (per cent) Group Total Total 3.50 4.00 4.25 4.50 4.75 5.00 5.25 5.50 3.50 4.00 4.25 4.50 4.75 5.00 5.25 5.50 or less or less NUMBER OF BANKS MILLIONS OF DOLLARS All banks............................................. 923 6 66 11 142 53 379 81 185 13,884 3 103 14 185 185 2,403 8,832 2,159 Size of bank (total deposits in millions of dollars): Less than 10................................ 169 4 20 3 30 8 67 7 30 36 1 3 1 5 2 17 1 7 10-50.......................................... 374 1 27 4 69 18 174 9 72 244 C1) 10 3 32 12 98 8 80 50-100.......................................... 103 4 16 4 47 6 26 239 ............ 2 19 12 109 9 89 100-500........................................ 189 1 13 3 24 21 65 25 37 1,665 (2) 41 5 55 76 581 458 447 500 and over.............................. 88 ....... 2 1 3 2 26 34 20 11,701 ............(2) (2) 74 (2) 1,598 8,356 1,536 F.R. district: Boston.......................................... 54 2 1 8 6 20 8 9 734 ............ G) (2) 64 78 92 479 18 New York........................... 114 1 5 1 18 6 41 21 21 5,664 G) 2 (2) 11 8 88 5,252 297 Philadelphia................................. 24 10 2 8 3 1 305 3 (2) 155 127 (2) Cleveland.................................... 44 6 12 1 15 5 5 857 ............ 1 4 (2) 109 333 410 Richmond.................................... 59 1 10 2 10 4 23 1 8 218 (2) 9 (2) 7 13 54 G) 133 Atlanta................................ 78 ............ 17 ....... 8 4 32 4 13 356 ........3..0.. .........1.2.. 24 67 54 169 Chicago........................................ 109 ............ 5 3 21 8 47 13 12 1,725 ............ 3 3 24 15 179 1,471 31 St. Louis...................................... 43 1 8 ............ 15 2 12 3 2 198 (') 49 9 (2) 8 124 (2) Minneapolis................................. 48 1 1 15 4 14 2 11 234 (>) (0 7 6 41 (2) 171 Kansas City................................. 101 1 4 2 6 4 49 7 28 386 (■) 7 G) 6 4 164 66 139 Dallas........................................... 171 1 8 16 9 75 5 57 1,139 (1) 1 23 25 435 21 634 San Francisco............................. 78 ............ 1 1 3 3 43 9 18 2,067 ........G...). (0 16 3 1,011 898 138 APPENDIX TABLE 8—NONNEGOTIABLE CD’S IN DENOMINATIONS OF $100,000 OR MORE, IPC Maximum Interest Rates Paid by Member Banks on July 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 s s 4.00 4.25 4.50 4.75 5.00 5.25 5.50 NUMBER OF BANKS MILLIONS OF DOLLARS All banks............................................. 1,000 15 64 8 250 52 446 62 103 3,355 10 32 3 277 74 2,054 653 253 Size of bank (total deposits in mil lions of dollars): Less than 10................................ 163 6 17 1 47 6 64 6 16 37 1 3 I1) 11 1 14 2 4 10-50............................................ 467 5 33 7 135 25 194 16 52 252 2 11 2 68 12 101 11 46 50-100.......................................... 150 2 3 41 6 70 11 17 241 G) 2 59 5 92 25 57 100-500........................................ 157 2 9 23 12 80 16 15 610 (2) 13 77 41 254 115 104 500 and over............................... 63 2 4 3 38 13 3 2,214 (2) 63 15 1,593 500 42 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
F.R. district: Boston.......................................... 32 1 6 2 12 3 7 80 (0 (0 25 (2) 12 28 9 New York.................................... 88 8 7 5 35 16 11 749 7 2 (2) 3 2 224 458 53 Philadelphia................................. 65 5 30 8 17 ’ 2 2 91 G) 2 16 5 63 (2) (2) Cleveland..................................... 79 10 21 10 31 6 1 126 11 9 18 56 25 (2) Richmond.................................... 72 2 5 13 2 37 5 7 206 G) 1 (0 13 2 Ill 53 27 Atlanta......................................... 105 11 19 6 42 11 15 224 4 39 31 99 28 21 Chicago......................................... 194 70 9 82 8 11 449 (0 4 119 7 236 52 29 St. Louis....................................... 72 37 1 18 2 4 91 2 2 27 (2) 51 (2) 6 Minneapolis.......................... 63 23 2 35 1 69 (2) 9 <9 57 (2) Kansas City........................ 82 10 4 50 3 14 95 4 3 65 20 Dallas........................................... 101 13 1 55 3 22 126 (0 ' *2 9 G) 75 2 39 San Francisco.............................. 47 1 9 32 3 8 1,050 (9 (2) (2) 1.005 39 APPENDIX TABLE 9—TIME DEPOSITS, OPEN ACCOUNT, IN DENOMINATIONS OF $100,000 OR MORE, IPC Maximum Interest Rates Paid by Member Banks on July 31, 1967 Maximum rate paid (per cent) Maximum rate paid (per cent) Group Total Total o 3 r . l 5 e 0 s s 4.00 4.25 4.50 4.75 5.00 5.25 5.50 o 3 r .5 le 0 s s 4.00 4.25 4.50 4.75 5.00 5.25 5.50 NUMBER OF BANKS MILLIONS OF DOLLARS All banks......................... 335 23 82 7 43 17 108 19 36 1,587 6 32 12 50 10 560 495 424 Size of bank (total deposits in mil lions of dollars): Less than 10............................... 45 8 20 1 9 1 6 7 2 3 (2) 1 (9 1 10-50............................................ 95 8 31 1 11 8 24 1 II 44 1 12 O) 5 5 17 (2) 4 50-100.......................................... 46 3 11 1 5 13 1 10 25 2 5 (9 2 G) 9 (2) 6 100-500........................................ 87 4 17 1 14 6 31 7 7 110 1 8 G) 14 5 41 29 12 500 and over. .............................. 62 3 3 4 34 10 8 1,402 4 10 29 493 464 402 F.R. district: Boston........................................ 14 1 2 1 2 7 1 99 (1’ G) (2) (2) 74 (2) New York.................................... 69 3 9 3 10 2 22 11 9 1,010 3 6 10 (2) 137 464 388 Philadelphia............................... 40 8 11 1 3 3 12 2 122 1 3 G) 4 1 88 (2) Cleveland..................................... 22 2 10 3 6 1 20 (2) 6 3 5 (2) Richmond...................... 28 9 4 1 12 2 34 4 1 G) 17 G) Atlanta........................................ 24 4 6 1 2 2 4 5 16 1 2 (2) G) (2) 6 ..........6.. Chicago........................................ 42 3 10 1 9 2 13 1 3 42 1 4 G) 2 (2) 30 G) I St. Louis.................................. 20 15 3 1 1 15 7 1 (2) (2) Minneapolis............................. 3 1 1 1 1 G) (>) G) Kansas City......... . 12 2 2 2 2 4 8 (>) (2) (2) G) 1 Dallas........................................... 37 6 5 2 13 1 10 32 1 3 G) 11 (2) 16 San Francisco.............................. 24 1 1 3 16 2 1 189 G) G) 1 184 (2) (2) Notes to Appendix Tables I~9: ing on July 31,1967. Time deposits, open account, exclude Christmas savings and other special i Less than 5500,000. fund accounts. Dollar amounts may not add to totals because of rounding. 2 Omitted to avoid individual bank disclosure. In the headings of these tables under “Maximum rate paid (per cent)” the rates shown are Note.'—Excludes banks that reported no interest rate paid on the survey date. Also excludes those being paid by nearly all reporting banks. However, for the relatively few banks that re a few banks that had discontinued issuing these instruments but still had some deposits outstand ported a rate in between those shown, the bank was included in the next higher rate. TIME AND SAVINGS DEPOSITS 1499 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 JULY 31, 1967 (Number of banks) Minimum denomination (in dollars) Shortest maturity (in months) AU de AU . 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............................................................ 175 116 16 31 10 2 175 81 14 25 4 51 Maximum rate: 4 O . v 5 e 0 r % 4 . o 5 r 0 % le . s . s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 9 9 6 4 7 3 3 1 6 0 1 1 9 2 9 1 2 ................ 9 7 6 9 4 41 0 1 4 0 1 1 3 2 2 2 3 19 2 ................ Under 10............................................................ 40 23 5 7 3 2 40 12 6 7 1 14 Maximum rate: 4.50% or less..................... 19 11 4 3 1 19 3 5 4 7 Over 4.50%......................... 21 12 1 4 2 2 ................ 21 9 1 3 1 7 10-50.................................................................. 81 55 8 15 3 81 39 6 9 1 26 ................ Maximum rate: 4.50% or less..................... 50 40 3 7 ................ 50 21 4 6 1 18 Over 4.50%........................ 31 15 5 8 3 31 18 2 3 8 50-100................................................................ 11 8 1 1 I ................ 11 8 ................ 1 2 ................ Maximum rate: 4.50% or less..................... 8 7 1 8 6 ................ 2 Over 4.50%......................... 3 1 1 1 3 2 1 100-500............................................................. 25 18 1 6 ................ 25 13 1 6 1 4 ................ Maximum rate: 4.50% or less..................... 13 10 1 2 13 7 1 2 1 2 Over 4.50%......................... 12 8 4 12 6 4 2 500 and over..................................................... 18 12 1 3 18 9 1 3 ..............5.. ................ Maximum rate: 4.50% or less.................... 6 5 1 6 3 3 Over 4.50%................ 12 7 2 3 12 6 1 3 2 SAVINGS CERTIFICATES Size of bank (total deposits, mil. $) 1,514 515 379 408 170 38 4 1,514 510 431 512 22 39 Maximum rate: 4.50% or less..................... 708 286 237 138 39 8 708 180 215 280 13 20 Over 4.50%......................... 806 229 142 270 131 30 4 806 330 216 232 9 19 ................ Under 10............................................................ 770 288 222 180 56 24 ................ 770 201 236 316 8 9 Maximum rate: 4.50% or less..................... 441 175 157 81 22 6 441 89 142 199 6 5 Over 4.50%......................... 329 113 65 99 34 18 ..........3..2..9.. 112 94 117 2 4 ................ 10-50.................................................................. 491 156 113 148 60 12 2 491 191 121 153 11 15 Maximum rate: 4.50% or less..................... 196 72 66 42 14 2 196 55 61 70 5 5 ................ Over 4.50%......................... 295 84 47 106 46 10 2 295 136 60 83 6 10 ................ 50-100................................................................ 69 22 16 16 14 1 ................ 69 34 20 12 3 ................ Maximum rate: 4.50% or less..................... 21 12 6 2 1 21 12 4 3 2 Over 4.50%................... 48 10 10 14 13 1 ............4..8.. 22 16 9 ................ 1 100-500.............................................................. 120 29 22 42 26 1 120 56 35 22 2 5 Maximum rate: 4.50 or less......................... 35 17 8 8 2 35 18 7 7 1 2 Over 4.50%........................ 85 12 14 34 24 ..............1.. 85 38 28 15 1 3 ................ 500 and over.................................................... 64 20 6 22 14 1 1 64 28 19 9 1 7 ................ Maximum rate: 4.50% or less..................... 15 10 5 15 6 1 1 1 6 ................ Over 4.50%..................... 49 10 6 17 14 1 1 49 22 18 8 ..............1.. ................ OTHER NONNEGOTIABLE CD’S—LESS THAN $100,000 Size of bank (total deposits, mil. $) AU banks............................................................ 13,034 831 632 979 382 177 33 3,035 941 980 1,061 34 19 Maximum rate: 4.50% or less..................... 1.450 572 396 343 85 46 8 1,451 342 490 603 11 5 Over 4.50%......................... 1,584 259 236 636 297 1-31 25 1,584 599 490 458 23 14 ................ Under 10............................................................ 1,535 496 365 482 119 67 6 1,535 365 499 641 16 14 Maximum rate: 4.50% or less..................... 839 355 239 186 36 20 3 839 152 287 387 8 5 Over 4.50%......................... 696 141 126 296 83 47 3 696 213 212 254 8 9 ................ 1500 FEDERAL RESERVE BULLETIN • SEPTEMBER ID 01 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
10-50.................................................................. H.115 274 217 374 176 63 11 1.116 405 353 338 16 4 Maximum rate: 4.50% or less..................... 496 180 136 122 39 16 3 497 148 164 182 3 Over 4.50%......................... 619 94 81 252 137 47 8 619 257 189 156 13 4 ................ 50-100................................................................ 170 24 24 59 39 19 5 170 72 60 37 1 Maximum rate: 4.50% or less..................... 62 19 12 21 4 5 1 62 21 24 17 Over 4.50%................. 108 5 12 38 35 14 4 108 51 36 20 1 ............... 100-500............................................................... 162 27 22 50 39 17 7 162 72 52 37 1 Maximum rate 4.50% ................................... 45 14 8 13 5 4 1 45 16 14 15 Over 4.50%........................ 117 13 14 37 34 13 6 117 56 38 22 1 500 and over.................................................. 52 10 4 14 9 11 4 52 27 16 8 1 Maximum rate: 4.50% or less..................... 8 4 1 1 1 I 8 5 1 2 Over 4.50%......................... 44 6 3 13 8 10 4 44 22 15 6 1 NEGOTIABLE CD’S—LESS THAN $100,000 Size of bank (total deposits, mil. S) Allbanks............................................................. 1.907 522 327 618 234 158 48 1.907 764 564 562 8 9 Maximum rate: 4.50% or less..................... 762 328 152 193 53 31 5 762 241 215 299 3 4 Over 4.50%......................... 1,145 194 175 425 181 127 43 1,145 523 349 263 5 5 ................ Under 10............................................................ 895 313 181 296 69 33 3 895 249 296 339 4 7 Maximum rate: 4.50% or less..................... 445 214 100 96 24 10 1 445 92 145 202 2 4 Over 4.50%................ 450 99 81 200 45 23 2 450 157 151 137 2 3 ................ 10-50.................................................................. 640 151 107 227 89 50 16 640 292 178 167 2 1 Maximum rate: 4.50% or less..................... 230 88 37 75 17 11 2 230 90 57 83 Over 4.50%.................... 410 63 70 152 72 39 14 410 202 121 84 2 1 ................ 50-100................................................................ 116 23 13 33 29 12 6 116 72 27 16 1 ................ Maximum rate: 4.50% or less..................... 32 11 7 9 3 2 32 21 6 5 Over 4.50%........ 84 12 6 24 26 10 6 84 51 21 11 1 ................ 100-500.............................................................. 177 25 23 50 34 32 13 177 108 39 28 2 Maximum rate: 4.50% or less..................... 41 9 7 12 8 4 1 41 25 6 9 1 Over 4.50%......................... 136 16 16 38 26 28 12 136 83 33 19 1 500 and over...................................................... 79 10 3 12 13 31 10 79 43 24 12 Maximum rate: 4.50% or less..................... 14 6 I 1 1 4 1 14 13 1 Over 4.50%......................... 65 4 2 11 12 27 9 65 30 23 12 ................ TIME DEPOSITS, OPEN ACCOUNT—LESS THAN $100,000 Size of bank (total deposits, mil. 5) All banks............................................................ 1.016 423 102 272 105 93 21 ’1.015 622 250 138 3 ........... .. Maximum rate: 4.50% or less..................... 669 374 46 137 50 53 9 668 399 183 85 1 ............... Over 4.50%......................... 347 49 56 135 55 40 12 347 223 67 53 2 2 ............... Under 10............................................................ 339 171 37 86 26 16 3 339 187 92 57 J 2 Maximum rate: 4.50% or less..................... 264 157 22 59 12 12 2 264 144 81 38 1 Over 4.50%......................... 75 14 15 27 14 4 1 75 43 11 19 1 1 ............... 10-50.................................................................. 384 163 40 101 38 37 5 384 243 89 51 1 Maximum rate: 4.50% or less..................... 262 149 17 52 19 22 3 262 159 69 34 Over 4.50%....................... 122 14 23 49 19 15 2 122 84 20 17 1 ............... 50-100................................................................ 87 31 8 24 12 11 1 87 56 16 14 ................ 1 Maximum rate: 4.50% or less..................... 55 27 4 9 7 7 1 55 35 10 10 Over 4.50%......................... 32 4 4 15 5 4 ................ 32 21 6 4 ...............1. ................ 100-500.............................................................. 134 44 12 40 15 15 8 ’133 92 33 8 Maximum rate: 4.50% or less..................... 70 34 2 16 8 7 3 69 50 17 Over 4.50%........................ 64 10 10 24 7 8 5 64 42 16 6 ................ 500 and over...................................................... 72 14 5 21 14 14 4 72 44 20 8 Maximum rate: 4.50% or less...................... 18 7 1 1 4 5 18 11 6 1 Over 4.50%........................ 54 7 4 20 10 9 4 54 33 14 7 ................ 1 Excludes one bank for which no information was available. 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, APRIL 28, 1967, TO JULY 31, 1967 (Number of banks) Raised rate Raised rate Raised rate Banks No Banks No Banks No with change Maximum rate on July 31 Re with change Maximum rate on. July 31 Re with change Maximum rate on July 31 Re Group de in (per cent) duced de in (per cent) duced de in (per cent) duced posits rate rate posits rate rate posits rate rate 3.00 3.01 3.51 4.00 4.01 4.51 Over 4.00 4.01 4.51 Over Total or less 3.50 4.00 Total or less 4.50 5.00 5.00 Total or less 4.50 5.00 5.00 SAVINGS DEPOSITS SAVINGS CERTIFICATES NONNEGOTIABLE CD’S--LESS THAN $100,300 All banks............................. 5,809 5,711 70 1 14 55 28 1,511 1,216 263 40 69 154 .......... 32 3,024 2,466 482 56 136 290 76 Size of bank (total deposits, mil. $): Under 10.......................... 3,126 3,056 54 1 12 41 16 768 602 151 28 54 69 15 1.529 1.250 245 37 82 126 34 10-50................................ 2.020 1,995 16 2 14 9 490 401 78 6 15 57 .......... 11 1,111 918 161 16 46 99 32 50-100.............................. 275 272 3 69 59 9 3 6 1 170 145 20 4 16 5 100-500............................ 294 294 120 104 12 3 9 4 162 127 30 1 2 27 5 500 and over.................... 94 94 64 50 13 13 1 52 26 26 7 2 22 F. R. district: Boston.......................... 224 221 3 3 25 23 2 7 79 52 17 3 14 10 New York........................ 381 378 2 2 1 87 69 14 5 1 8 .......... 4 191 147 37 5 4 28 7 Philadelphia..................... 377 369 6 2 4 2 81 63 14 1 5 8 4 227 182 39 3 20 16 6 Cleveland......................... 483 482 1 211 185 23 5 5 13 3 196 155 34 J 8 23 7 Richmond........................ 390 384 6 1 5 90 64 26 9 5 12 195 139 54 15 14 25 7 Atlanta............................. 525 522 3 150 133 14 3 3 8 3 272 235 30 2 4 24 7 Chicago............................ 955 933 12 6 6 10 237 178 54 6 25 23 5 598 500 84 10 33 41 14 St. Louis.......................... 434 426 6 6 2 93 75 16 2 10 4 2 244 211 29 9 11 9 4 Minneapolis..................... 487 475 8 3 5 4 211 168 42 1 9 32 1 239 188 49 18 29 7 Kansas City.................... 786 777 5 2 3 4 143 118 20 4 3 13 5 403 333 61 5 15 41 9 Dallas............................... 561 539 21 1 20 1 120 86 29 3 3 23 5 273 234 31 2 6 23 8 San Francisco.................. 206 205 1 1 63 54 9 1 8 107 90 17 17 Raised rate Raised rate Raised rate Banks No Banks No Banks No with change Maximum rate on July 31 Re with change Maximum rate on July 31 Reduced with change Maximum rate on July 31 Re Group de in (per cent) duced de in (per cent) rate de in (per cent) duced posits rate rate posits rate posits rate rate 4.00 4.01 4.51 4.00 4.01 4.51 4.00 4.01 4.51 Over Total or less 4.50 5.00 Total or less 4.50 5.00 Total or less 4.50 5.00 5.00 SAVINGS BONDS NEGOTIABLE CD’S—LESS THAN $100,000 NEGOTIABLE CD’S—$100,000 OR MORE All banks............................. 175 150 22 3 5 14 3 1,900 1,488 361 40 78 243 51 921 491 333 26 55 149 103 97 Size of bank (total deposits, mil. S): Under 10......................... 40 31 9 3 6 891 738 137 29 49 59 16 168 93 60 9 16 21 14 15 10-50................................ 81 69 10 3 2 5 2 637 525 96 6 21 69 16 373 217 li4 14 30 52 18 42 50-100............................... 11 10 1 116 89 21 1 1 19 6 103 67 27 2 3 15 7 9 100-500............................. 25 25 177 109 57 1 3 53 11 189 93 7a 1 5 37 27 26 500 and over.................... 18 15 3 .......... 3 .......... 79 27 50 3 4 43 2 88 21 62 1 24 37 5 1502 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
F. R. district: Boston.......................... 3 3 93 62 24 1 4 19 7 54 22 22 1 14 5 10 New York.................... 16 15 152 100 41 6 2 33 11 114 43 58 4 7 21 26 13 Philadelphia................. 10 9 70 53 15 7 5 8 2 24 11 13 ..........4 6 3 .......... Cleveland...................... 13 9 4 3 84 59 20 3 7 10 5 44 24 16 5 6 5 4 Richmond.................... 10 9 115 88 25 6 4 15 2 59 32 22 3 8 9 2 5 Atlanta............................. 41 36 4 2 2 173 146 23 6 1 16 4 78 47 21 6 1 5 9 10 Chicago............................ 20 14 5 2 223 173 47 1 12 34 3 109 52 48 2 10 24 12 9 St. Louis........................... 16 16 127 106 21 5 12 4 41 31 10 2 3 3 Minneapolis..................... 3 2 131 106 23 1 12 10 2 48 27 14 ..........7 7 Kansas City..................... 24 21 3 2 334 278 52 6 10 36 4 101 62 26 2_____2 13 9 13 Dallas............................... 7 5 2 2 292 238 44 3 9 32 10 171 104 52 5 6 22 19 15 San Francisco.................. 12 106 79 26 26 1 78 36 31 1 1 19 10 1’ Raised rate Raised rate Raised rate Banks No Banks No Banks No with change Maximum rate on July 31 Re with change Maximum rate on July 31 Re with change Maximum rate on July 31 Re Group po d s e i ts ra in te (per cent) d r u a c t e e d po d s e i ts ra in te (per cent) d r u a c t e e d po d s e i ts । ra iinnte |I (per cent) du ra c t e e d 4.00 4.01 4.51 4.00 4.01- 4.51 Over 4.00 4.01 4.51- | Over Total or less 4.50 5.00 Total or less 4.50 5.00 5.00 ■ ! Total or less 4.50 5.00 I 5.00 TIME DEPOSITS, OPEN ACCOUNT TIME DEPOSITS, OPEN ACCOUNT— NONNEGOTIABLE CD’S—$100,000 OR MORE LESS THAN $100,0001 $100,000 OR MORE All banks 1,015 758 223 93 34 96 34 333 172 127 37 14 46 30 34 997 643 291 29 49 147 66i 63 Size of bank (total deposits, mil. $): Under 10......................... 339 256 74 43 14 17 9 44 18 19 9 6 4 7 162 99 57 10 26 8 6 10-50................................ 383 298 72 33 12 27 13 94 46 36 17 4 10 12 465 322 118 14 31 53 20 25 50-100.............................. 87 67 16 8 4 4 4 46 30 12 3 6 4 150 106 33 2 18 10 100-500............................ 134 97 31 8 3 20 6 87 53 28 8 4 7 9 6 157 92 49 30 15 16 500 and over................... 72 40 30 28 2 62 25 32 19 13 5 63 24 34 20 13 5 F. R. district: Boston........ 68 57 8 6 3 14 7 5 1 4 2 32 16 11 2 4 5 5 New York. . 189 135 42 19 6 17 12 69 26 34 6 5 8 15 9 88 41 36 5 2 14 15 Philadelphia, 177 146 29 19 10 2 40 24 12 4 6 4 65 50 12 2 7 3 Cleveland... 108 92 16 10 5 21 13 8 4 3 78 52 20 7 10 6 Richmond. . 105 76 23 12 4 7 6 28 20 4 2 1 1 4 72 50 22 3 4 10 5 Atlanta........ 53 39 14 8 6 24 11 12 5 1 4 2 105 65 32 5 15 8 Chicago........ 100 72 28 9 10 9 42 22 17 5 4 6 3 194 129 53 5 10 31 7 12 St. Louis........ 36 20 15 9 5 19 9 8 6 1 1 2 72 52 18 7 4 5 2 2 Minneapolis.. 5 3 2 3 1 1 63 40 20 2 6 3 Kansas City.. 22 16 5 5 12 6 6 1 3 81 56 20 10 7i 5 Dallas........... 89 59 21 5 5 9 37 23 7 2 1 1 3 7 100 64 32 3 5 17! 4 San Francisco 63 43 20 2 17 24 10 13 12 47 28 15 121 4 1 Excludes banks issuing only Christmas savings and other special accounts. for April 28, 1967, and July 31, 1967, for all member banks for which comparable information was available. Banks raising rates include banks that had no rate on April 28, 1967, but began to pay in Note.—This table was compiled by comparing individual bank figures as reported on the Surveys terest by July 31, 1967. TIME AND SAVINGS DEPOSITS 1503 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APPENDIX TABLE 12—AVERAGE INTEREST RATES PAID ON VARIOUS CATEGORIES OF TIME AND SAVINGS DEPOSITS, IPC, AT MEMBER BANKS ON JANUARY 31, 1967 > V 72 7 P 2 Consumer-type time deposits Busin d e e s p s- o ty si p ts e time > 72 P 75 Consumer-type time deposits Busin d e e s p s- o ty si p t e s time Fe ( d to e t r a a l l d R e e p s o e s rv it e s , d i i n s t m ric il t l i a o n n d s s o iz f e d o ol f l a b r a s n ) k OP 5 = C p s S c c o O a o o ’ ’ k " £ o “ . 0 2 o c g C c o t - 0 5 c S O 5 » 0 a 2 ’ ' . 0 c 5 o c o t c ’ P 7 C o 0 A 5 5 ' U wF S 5 o 0 2 n 6 o ’ 0 p c O Z c o 0 0 t F ‘ " o c □ 1 1 C » o C 3 f 0 3 3 A t T h H 0 K p c n z 5 0 F ’ □ sc z 0 0 < n t F S o O " □ - 3 1 C C S o C C o 5 S 3 A T A L 5 o p C s C V o A A . ' ' ■ o O C 5 ” o T 2 s . 2 2 o g i C 0 T - ' 1 5 < 0 5 c 3 2 a 2 . 2 a 5 ? C 7 CTA 5 ’ P 3 ( 7 O 7 2 5 8 CA 1 5 o C O 6 T * C o Z 0 8 T ’ p = ~ S - 1 o S r C 0C C o □ O 3 A T n i ' 2 E 0 z o O E o O ^ C 0 A ’ z o □ o 6 8 z" □ “ o 2 C - 1 « c f □ C o a t A u WEIGHTED AVERAGE OF HIGHEST RATES PAID (per cent) WEIGHTED AVERAGE OF MOST COMMON RATE PAID (per cent) All size groups............................................ 4.33 4.16 3.91 4.87 4.88 4.94 4.83 4.88 4.90 5.24 5.24 5.25 5.19 4.31 4.15 3.91 4.83 4.85 4.93 4.79 4.84 4.87 5.19 5.21 5.17 5.12 Less than 10............................................ 4.10 4.09 3.68 4.69 4.65 4.79 4.69 4.72 4.54 4.82 4.91 4.80 4.26 4.07 4.06 3.68 4.61 4.57 4.77 4.62 4.66 4.48 4.75 4.87 4.70 4.21 10-50 4.12 4.10 3.79 4.77 4.77 4.78 4.76 4.83 4.60 5.03 5.10 4.98 4.85 4.09 4.08 3.78 4.70 4.71 4.75 4.69 4.75 4.54 4.90 5.00 4.83 4.67 50-100..................................................... 4.19 4.13 3.88 4.83 4.84 4.83 4.82 4.91 4.63 5.23 5.35 5.08 5.02 4.17 4.12 3.88 4.79 4.82 4.83 4.77 4.83 4.60 5.09 5.20 4.95 4.93 100-500................................................... 4.27 4.16 3.95 4.92 4.93 4.85 4.90 4.95 4.80 5.33 5.37 5.19 5.23 4.24 4.13 3.92 4.89 4.91 4.84 4.87 4.94 4.68 5.23 5.29 5.05 5.05 500 and over........................................... 4.48 4.21 3.99 4.97 4.97 4.98 4.97 4.99 4.98 5.23 5.22 5.31 5.20 4.47 4.21 3.99 4.97 4.96 4.98 4.95 4.98 4.98 5.20 5.20 5.26 5.14 Boston: Total........................................................ 4.35 4.12 3.97 4.97 4.97 4.99 4.92 4.95 4.98 5.23 5.22 5.20 5.46 4.33 4.11 3.95 4.95 4.93 4.99 4.87 4.91 4.98 5.18 5.16 5.15 5.44 Less than 10........................................ 4.06 4.05 3.93 4.87 4.88 4.81 4.83 4.93 5.18 5.25 4.80 5.25 4.03 4.01 3.90 4.81 4.72 4.72 4.77 4.91 5.16 5.24 4.80 5.25 10-50.................................................... 4.13 4.08 3.93 4.93 4.96 4.61 4.95 4.90 4.94 5.25 5.27 5.24 5.08 4.12 4.08 3.93 4.87 4.88 4.61 4.91 4.76 4.93 5.12 5.12 5.12 5.08 50-100................................................. 4.05 3.94 3.87 4.88 4.00 4.57 4.90 4.96 5.28 5.34 5.11 5.17 4.02 3.94 3.87 4.82 4.00 ....4.....44 4.83 4.93 4.96 5.02 4.89 4.00 100-500.................;............................ 4.20 4.10 4.00 4.98 5.00 5.00 4.99 4.12 5.42 5.41 5.50 4.19 4.16 4.06 3.95 4.97 5.00 4.97 4.97 4.11 5.29 5.27 5.47 4.19 500 and over...................................... 4.60 4.23 4.00 4.99 5.00 5.66 5.00 4.97 5.00 5.21 5.20 5.13 5.50 4.58 4.23 4.00 4.99 5.00 5.6b 5.00 4.97 5.00 5.17 5.16 5.13 5.50 New York: Total........................................................ 4.46 4.13 3.96 4.98 5.00 5.00 4.97 4.98 4.91 5.18 5.18 5.16 5.16 4.44 4.10 3.94 4.96 5.00 4.99 4.94 4.93 4.90 5.15 5.17 5.09 5.11 Less than 10........................................ 4.03 4.01 3.94 4.72 4.76 4.84 4.88 4.35 5.12 5.37 5.10 4.36 4.01 4.00 3.94 4.62 4.75 4.70 4.77 4.31 4.98 5.37 4.85 4.36 10 50................................................... 4.05 4,03 3.93 4.90 4.86 4.99 4.92 4.96 4.53 5.15 5.21 5.07 5.05 4.02 4.01 3.92 4.83 4.85 4.99 4.89 4.71 4.45 5.04 5.14 4.86 5.05 50-100................................................. 4.05 4.01 3.90 4.93 5.00 4.40 4.99 4.89 4.47 5.19 5.12 5.32 5.08 4.04 4.00 3.90 4.86 5.00 4.40 4.79 4.89 4.31 5.16 5.12 5.29 5.01 100-500................................................ 4.16 4.06 3.92 4.98 5.00 4.96 4.95 5.00 4.95 5.34 5.39 5.25 5.30 4.08 3.98 3.83 4.95 5.00 4.92 4.86 4.98 4.93 5.26 5.32 5.18 5.15 500 and over....................................... 4.64 4.20 4.00 5.00 5.00 5.00 5.00 5.00 4.98 5.17 5.17 5.15 5. 15 4.63 4.20 4.00 5.00 5.00 5.00 5.00 4.99 4.98 5.14 5.16 5.08 5.11 Philadelphia: Total........................................................ 4.10 3.98 3.70 4.72 4.74 4.87 4.69 4.67 4.66 5.24 5.31 4.98 5.20 4.08 3.96 3.69 4.68 4.72 4.86 4.64 4.64 4.60 5.19 5.30 4.84 5.09 Less than 10........................................ 3.72 3.72 3.47 4.49 4.50 4.50 4.52 4.45 3.88 3.94 4.33 4.74 3.29 3.70 3.70 3.46 4.45 4.44 4.50 4.50 4.32 3.83 3.94 4.33 4.74 3.29 10-50................................................... 3.83 3.82 3.52 4.60 4.59 4.99 4.60 4.65 4.16 4.76 4.50 4.88 4.36 3.80 3.79 3.50 4.53 4.54 4.80 4.53 4.63 4.02 4.66 4.50 4.75 4.35 50-100.................................................. 3.95 3.94 3.77 4.66 4.76 4.45 4.69 4.50 4.37 4.92 4.76 5.07 3.92 3.92 3.92 3.75 4.61 4.76 4.45 4.61 4.50 3.99 4.54 4.76 4.64 3.76 100-500................................................ 4.04 3.98 3.76 4.75 4.69 4.62 4.81 4.71 4.57 5.16 5.27 5.00 4.98 4.02 3.96 3.75 4.70 4.62 4.62 4.75 4.69 4.36 5.01 5.19 4.71 4.75 500 and over. ..................................... 4.58 4.34 4.00 4.91 4.84 5.00 5.00 4.90 4.99 5.28 5.32 5.00 5.25 4.57 4.34 4.00 4.91 4.84 5.00 5.00 4.90 4.99 5.25 5.32 5.00 5.14 Cleveland: Total........................................................ 4.21 4.10 3.93 4.83 4.84 4.92 4.79 4.91 4.30 5.19 5.22 5.00 4.74 4.19 4.08 3.93 4.73 4.75 4.91 4.65 4.90 4.24 5.15 5.21 4.86 4.27 Less than 10........................................ 3.89 3.89 3.64 4.52 4.47 4.82 4.63 4.36 4.24 4.60 5.02 4.59 4.03 3.86 3.85 3.63 4.41 4.40 4.67 4.47 4.33 4.07 4.56 4.85 4.59 4.03 10-50................................................... 4.02 4.01 3.78 4.69 4.72 4.49 4.73 4.55 4.27 4.81 4.72 4.87 4.24 3.98 3.97 3.78 4.55 4.57 4.48 4.55 4.55 4.25 4.68 4.70 4.69 4.24 50-100.................................................. 4.13 4.10 3.98 4.74 4.65 4.78 4.93 4.13 5.03 5.40 5.05 4.22 4.13 4.10 3.98 4.73 4.65 4.78 4.86 4.13 4.89 5.40 4.89 4.22 100-500................................................ 4.18 4.12 3.99 4.96 4.98 4.36 4.92 5.00 4.00 5.27 5.44 4.91 4.00 4.16 4.11 3.99 4.84 4.77 4.36 4.87 4.98 4.00 5.14 5.34 4.73 3.75 500 and over.............................. 4.36 4.18 4.00 4.96 5.00 5.00 4.88 5.00 4.58 5.19 5.20 5.11 4.89 4.35 4.17 4.00 4.90 4.97 5.00 4.70 5.00 4.43 5.18 5.20 5.04 4.33 1504 FEDERAL RESERVE BULLETIN • SEPTEMBER IO OI Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Richmond: 4.24 4.15 3.94 4.89 4.93 4.64 4.90 4.83 4 79 5 27 5 40 5.16 5 01 4 21 4 J 4 3 94 4 83 4 92 4 63 4 83 4 75 4 54 5 07 5 19 4 97 4 70 Less than 10........................................ 4.01 4.01 3.80 4.70 4.70 4.63 4.66 4.79 4.28 4; 74 4.69 4.81 4.49 3’99 3.98 3'79 4.63 4.64 4.63 4^58 4.70 4'20 4*67 4.53 4’77 4.49 10-50................................................ 4.09 4.07 3.88 4.77 4.72 4.74 4.86 4.69 4.36 4.94 4.93 4.96 4.84 4.08 4.06 3.87 4.72 4.68 4.59 4.82 4.62 4.27 4.89 4.90 4.89 4.83 50-100.................................................. 4.20 4.18 4.00 4.95 4.98 4.00 4.97 4.90 4.18 4.83 4.82 4.88 4.70 4.14 4.12 3.97 4.80 4.98 4.00 4.65 4.80 4.17 4.71 4.82 4.55 4.70 100-500................................................ 4,29 4.17 3.98 4.98 4.99 4.96 4.98 4.89 5.37 5.41 5.27 4.77 4.25 4.15 3.98 4.86 4.99 4.83 4.85 4.03 5.24 5.32 4.97 4.32 500 and over.............................. 4.38 4.24 4.00 4.97 4.98 4.64 5.00 5.00 4.88 5.30 5.48 5.19 5.12 4.35 4.24 4.00 4.96 4.98 4.64 4.99 4.93 4.84 5.05 5. J5 5.00 4.74 Atlanta: Total........................................................ 4.32 4.24 3.95 4.86 4.83 4.96 4.87 4.82 4.53 5.26 5.28 5.22 4.94 4.30 4.23 3.94 4.83 4.81 4.95 4.82 4.80 4.46 5.11 5.19 4.94 4.76 Less than 10........................................ 4.24 4.23 3.86 4.79 4.84 4.92 4.78 4.75 3.76 4.67 4.76 4.84 3.92 4.20 4.20 3.85 4.72 4.78 4.92 4.69 4.69 3.76 4.61 4.76 4.72 3.92 10-50................................................... 4.27 4.25 3.94 4.87 4.83 4.79 4.91 4.85 4.07 5.01 5.00 4.96 5.18 4.24 4.23 3.94 4.82 4.77 4.71 4.84 4.84 4.04 4.78 4.90 4.66 4.79 50-100.................................................. 4.38 4.32 3.92 4.93 4.91 5.00 4.94 4.97 4.70 5.32 5.36 5.25 4.50 4.37 4.32 3.92 4.93 4.91 5.00 4.92 4.96 4.47 5.21 5.23 5.21 4.50 100-500................................................ 4.31 4.19 3.99 4.80 4.83 4.88 4.80 4.66 4.78 5.21 5.2i 5.24 4.97 4.28 4.18 3.99 4.78 4.83 4.88 4.74 4.66 4.70 5.06 5.12 4.95 4.97 500 and over....................................... 4.48 4.29 3.90 4.97 4.50 4.99 5.00 5.00 4.47 5.44 5.44 5.50 4.50 4.46 4.29 3.90 4.97 4.50 4.99 5.00 5.00 4.47 5.32 5.36 5.00 4.50 Chicago: Total....................................................... 4.23 4.14 3.86 4.82 4.84 4.50 4.73 4.85 4.93 5.16 5.16 5.11 5.36 4.21 4.12 3.85 4.77 4.80 4.50 4.66 4.78 4.92 5.13 5. 14 5.02 5.25 Less than 10........................................ 4.01 4.01 3.46 4.60 4.56 4.50 4.62 4.62 4.44 4.49 4.66 4.38 4.26 3.96 3.96 3.45 4.50 4.43 4.50 4.53 4.53 4.40 4.39 4.65 4.21 4.26 10-50................................................ 4.02 4.00 3.68 4.71 4.69 4.50 4.70 4.77 4.48 4.90 4.93 4.91 4.42 3.97 3.96 3.66 4.59 4.59 4.50 4.58 4.64 4.33 4.77 4.78 4.80 4.20 50-100............................................. 4.09 4.07 3.83 4.76 4.81 4.50 4.72 4.95 4.46 5.08 5.30 4.86 5.06 4.07 4.04 3.82 4.69 4.74 4.50 4.67 4.83 4.46 5.00 5.24 4.77 4.89 100-500............................................... 4.23 4.17 3.93 4.88 4.87 4.50 4.89 4.95 4.73 5.29 5.36 5.09 5.40 4.21 4.16 3.92 4.87 4.87 4.50 4.88 4.95 4.67 5. 19 5.31 4.96 5.05 500 and over....................................... 4.41 4.24 3.98 4.95 4.97 4.50 4.81 4.99 5.00 5.16 5.14 5.25 5.42 4.41 4.24 3.98 4.95 4.97 4.50 4.81 4.99 5.00 5.15 5.13 5.19 5.42 St. Louis: Total........................................................ 4.21 4.15 3.64 4.71 4.79 4.19 4.69 4.63 4.58 5.01 5.03 4.97 4.88 4. 19 4.13 3.64 4.69 4.77 4.19 4.68 4.58 4.41 4.87 4.86 4.88 4.88 Less than 10........................................ 4.14 4.14 3.46 4.57 4.54 4.50 4.60 4.52 4.57 4.64 4.88 4.47 4.11 4.11 3.45 4.53 4.48 4.50 4.58 4.48 4.37 4.57 4.88 4.36 10-50.................................................... 4.14 4.13 3.61 4.67 4.79 4.07 4.60 4.74 4.61 4.84 4.57 4.88 4.87 4. 13 4.11 3.60 4.65 4.78 4.07 4.60 4.65 4.49 4.82 4.57 4.86 4.87 50-100................................................. 4.22 4.19 3.71 4.79 4.79 4.82 4.50 4.70 4.50 4.71 ........ 4.20 4.17 3.71 4.74 4.79 ........ 4.71 4.50 4.70 4.50 4.71 100-500................................................ 4.28 4.22 3.82 4.86 4.98 4.11 4.80 4.61 4.15 4.96 4. 89 5.09 5.00 4.27 4.22 3.82 4.86 4.98 4.11 4.80 4.61 4. 15 4.92 4.89 4.99 5.00 500 and over....................................... 4.33 4.11 3.65 4.86 4.82 4.00 4.99 4.58 5.07 5.06 5.14 ........ 4.28 4.11 3.65 4.86 4.82 4.00 4.99 4.58 ........ 4.88 4.87 4.96 Minneapolis: Total..............-........................................ 4.36 4.28 3.43 4.74 4.80 4.50 4.67 4.69 4.62 5.38 5.43 5.06 4.00 4.34 4.26 3.43 4.71 4.78 4.50 4.64 4.65 4.62 5.36 5.41 5.02 4.00 Less than 10........................................ 4.16 4.15 2.98 4.68 4.68 4.69 4.67 4.73 4.68 4.59 4.87 4.12 4.11 2.97 4.63 4.63 ........ 4.65 4.61 4.73 4.68 4.59 4.87 10-50.................................................... 4.29 4.28 3.53 4.71 4.79 4.50 4.65 4.64 4.51 4.84 4.95 4.71 4.00 4.27 4.26 3.53 4.69 4.76 4.50 4.62 4.62 4.51 4.78 4.90 4.64 4.00 50-100................................................. 4.39 4.31 3.62 4.67 4.74 4.58 4.64 5.39 5.46 4.91 ........ 4.39 4.31 3.62 4.67 4.74 4.58 4.64 5.39 5.46 4.91 100-500................................................ 4.42 4.29 3.34 5.00 5.00 5.00 5.00 5.50 5.50 4.38 4.29 3.34 5.00 5.00 ........ 5.00 5.00 5.10 5.10 • - • • - 500 and over....................................... 4.81 4.49 3.70 5.00 5.00 5.00 ........ 5.50 5.50 5.50 ........ 4.81 4.49 3.70 5.00 5.00 5.00 ........ 5.50 5.50 5.50 Kansas City: Total...........................................-........... 4.44 4.35i_3.94 4.92 4.92 4.98 4.92 4.90 4.73 5.34 5.37 5.21 5.01 4.41 4.33 3.94 4.87 4.88 4.98 4.88 4.85 4.48 5.25 5.27 5.15 5.01 Less than 10........................................ 4.32 4.32 3.84 4.79 4.79 4.40 4.82 4.76 4.56 4.95 4.95 5.01 3.50 4.28 4.28 3.84 4.71 4.69 4.30 4.74 4.70 4.45 4.91 4.90 4.96 3.50 10-50.................................................... 4.39 4.37 3.95 4.96 4.96 4.94 4.96 4,95 4.90 5.27 5.32 5.16 5.00 4.36 4.34 3.94 4.90 4.93 4.94 4.90 4.88 4.90 5.19 5.24 5.05 5.00 50-100................................................. 4.50 4.42 4.00 5.00 5.00 5.00 5.00 5.00 4.32 5.41 5.46 5.03 5.44 4.49 4.42 4.00 5.00 5.00 5.00 5.00 5.00 4.32 5.25 5.28 5.03 5.44 100-500................................................ 4.54 4.35 3.98 4.98 4.98 5.00 4.97 5.00 4.76 5.35 5.37 5.25 4.68 4.52 4.34 3.98 4.96 4.98 5.00 4.97 4.98 4.47 5.27 5.28 5.20 4.68 Dallas: Total....................................................... 4.59 4.34 3.99 4.96 4.94 4.93 4.94 4.97 4.87 5.38 5.41 5.21 5.13 4.57 4.32 3.99 4.91 4.92 4.91 4.88 4.93 4.85 5.32 5.36 5.04 5.00 Less than 10........................................ 4.39 4.37 3.97 4.87 4.76 5.00 4.85 4.91 4.82 4.87 4.80 4.89 5.25 4.34 4.33 3.97 4.77 4.68 5.00 4.72 4.83 4.81 4.77 4.72 4.79 5.00 10-50................................................... 4.42 4.36 3.98 4.98 5.00 4.90 4.97 4.99 4.81 5.13 5. 17 5.14 4.88 4.39 4.34 3.98 4.92 4.97 4.89 4.89 4.95 4.79 4.94 5.03 4.91 4.54 50-100.................................................. 4.59 4.42 4.00 4.98 4.99 4.50 5.00 4.93 4.99 5.34 5.38 5.28 5.14 4.53 4.39 4.00 4.92 4.99 3.50 5.00 4.74 4.95 5.13 5.17 5.05 5.14 100-500................................................ 4.56 4.27 4.00 4.97 4.96 4.50 4.95 4.98 4.76 5.41 5.44 5.26 5.19 4.54 4.27 4.00 4.96 4.96 4.50 4.95 4.97 4.70 5.32 5.35 5.16 5.11 500 and over....................................... 4.92 4.31 4.00 4.99 4.96 ........5.00 5.00 5.00 5.43 5.43 5.50 5.33 4.92 4.31 4.00 4.99 4.96 ........ 5.00 5.00 5.00 5.43 5.43 5.50 5.33 San Francisco: Total........................................................ 4.36 4.19 4.00 4.99 4.99 5.00 4.99 4.99 4.89 5.37 5.33 5.47 5.32 4.35 4.19 4.00 4.98 4.98 5.00 4.99 4.98 4.86 5.33 5.27 5.46 5.27 Less than 10........................................ 4.31 4.29 3.99 4.99 4.98 5.00 4.99 4.98 4.72 5.26 5.26 5.25 4.30 4.29 3.99 4.97 4.98 5.00 4.98 4.96 4.72 5.22 5.21 5.25 10-50.................................................... 4.30 4.27 3.98 4.99 4.99 4.98 4.99 5.00 4.99 5.27 5.29 5.28 5.00 4.29 4.27 3.98 4.96 4.99 4.98 4.99 4.94 4.75 5. 17 5.17 5.21 5.00 50-100................................................. 4.37 4.28 4.00 5.00 5.00 5.00 5.00 5.00 4.99 5.38 5.42 5.40 5.12 4.35 4.27 4.00 4.98 5.00 5.00 5.00 4.93 4.99 5.15 5.15 5.17 5.12 100-500................................................ 4.36 4.24 4.00 4.99 5.00 5.00 4.96 4.98 5.42 5.45 5.27 5.34 4.36 4.24 4.00 4.99 5.00 5.00 4.96 4.86 5.38 5.41 5.27 5.24 500 and over....................................... 4.36 4.18 4.00 4.99 4.99 5.00 4.99 5.00 4.85 5.37 5.31 5.48 5.32 4.35 4.18 4.00 4.98 4.98 5.00 4.99 5.00 4.86 5.33 5.26 5.47 5.28 TIME AND SAVINGS DEPOSITS 1505 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APPENDIX TABLE 13—AVERAGE INTEREST RATES PAID ON VARIOUS CATEGORIES OF TIME ANO SAVINGS DEPOSITS, IPC, AT MEMBER BANKS ON APRIL 29, 1967 > co B Consumer-type time deposits Busin d e e s p s- o ty si p ts e time > so if3 Consumer-type time deposits Busin d e e ss p - o ty si p ts e time Fe ( d to e t r a a l l d R e e p s o e s rv it e s , d i i n s t m ric il t l i a o n n d s s o iz f e d o ol f l a b r a s n ) k c i 5 C» O t A ' T a § C r o S e L i g 5 2 C o / 1 9 • p - / ^ 5 t - ’ i » 5 0v C A A s ’ o H 6 t B n q O CA s O y □ 0 3 o 6 ( z r E 0 o O O C R e A ' s S 3 2C f ’ o - H 5 &r C o O O e A ' r S Z 6 O e ' 3 Z 0 C O £ C n T T B 3 — ” S C 0 0 C T A ' o' " C 3 C « 0 3 T T 0 S s 2 4 — C * 3 5 , T 1 * ' S 2 ’ 0 y < 0 « i 3 c C 5 o A o ' 5 2 r i Z C 5 C O « q T T r * B n ~ 0 3 « 0C 0 C A A B 2 C z ? O 0 a T T .' z 5 0 a o O ' 00 — 2» 0 CT SA ■ C a T 2 o’ « 3 q z 2 CA ■ C a T 7 2 q C □ T WEIGHTED AVERAGE OF HIGHEST RATES PAID (per cent) WEIGHTED AVERAGE OF MOST COMMON RATE PAID (per cent) All size groups.......................................... 4.23 4 17 3.91 4.82 4 85 4.89 4.80 4 74 4 87 4 61 4 58 4 AR 4 68 4 19 4.15 3 91 4 77 4 83 4 88 a 75 4 66 4 83 4 45 4 42 4 55 4 48 Less than io............................................ 4.13 4.12 3.70 4.70 4.66 4.76 4.71 4 72 4.54 4 75 4 84 4 75 425 4 10 4.09 3.69 4.64 4.60 4.75 4 AS 4 67 4 47 4 60 4 66 4 64 4 13 1050.................................................... 4.14 4 12 3.79 4 77 4 78 4 80 4.75 4 87 4.60 4 94 5 04 4 89 4 68 4 11 4.10 3 78 4 72 4 74 4 77 4 70 4 76 4 56 4 87 4 90 4'78 4 51 50-100.................................................. 4.20 4 15 3 89 4 81 4 84 4 87 4.78 4 RA 4.73 5 04 5 16 4 97 4 60 4 17 4.13 3 88 4 77 4.83 4 87 4 7S 4 76 4 70 4 83 4 92 4 78 4 44 100—500.................................................... 4.22 4 15 3 93 4.84 4.87 4.90 4 84 4.76 4.81 4 89 4 91 4 RS 4 78 4 18 4.12 3 92 4 78 4 85 4 84 4 7A 4 69 4 79 4 69 4 69 4 70 4*60 500 and over................. ... 4.29 4.21 3.99 4.88 4.91 4.89 4.89 4 SR 4.93 4 53 4^50 4 58 4'.68 4.25 4.20 3 99 4 85 4.91 4'89 4 RA 4 44 <90 4* 38 4 36 4*46 4*48 Boston: Total........................................................ 4 18 4 13 3 96 4 85 4 94 5 00 4.78 4 52 4 99 4 43 4 36 <1 61 4 R4 4 16 4.12 3 96 4 81 4 88 5 00 4 A7 4 41 4 99 4 32- 4 26 4 43 4 84 Less than 10...................................... 4.06 4.05 3 94 4.85 4.81 4.74 4.83 4.92 4.87 497 4.73 4.94 4 03 4.01 3 91 4 78 4.61 4 69 4 76 4 89 4 81 4 97 4*59 4*94 10-50.................................................... 4.12 4 08 3.93 4.88 4 87 5.00 4.83 4.80 4.97 5.05 4 98 5.18 4 88 4 io 4.06 3 93 4.79 4.71 4 66 4'75 4 65 4 97 4 89 4 79 5 01 4 88 50-100.............................................. 4 08 4 04 3 93 4 87 4 00 4.50 4 70 4 98 4 89 5 02 4 75 4 00 4 06 4 03 3 93 4 76 4 00 4 71 4 39 4 98 4*71 4 88 4 50 4 00 100-500............................................ 4.11 4.04 3.96 4.66 5 00 4 89 4.55 4.88 4 77 4 76 4 83 497 4 07 4.03 3 96 4 59 5 00 4 A7 4 4R 4 RS 4 46 4 4S 4 50 497 500 and over................................ 4.28 4.25 4.00 4.88 5 00 5.00 4.25 4 5.00 4.34 4’28 4 27 4.'84 4 25 4.25 4.00 4.87 5 00 5.00 4*71 4 15 5 00 4*27 4 21 4*14 4 84 New York: 4.22 4 12 3 95 4 88 4.96 4.87 4.81 4 80 4.87 4 47 4 38 4 72 4 72 4 16 4.10 3.94 4.81 4.96 4.87 4 65 4 54 4 77 4 33 4 29 4 42 4 48 Less than 10....................................... 4.03 4.02 3.95 4.71 4.84 4.50 4.64 4.84 4.66 4.70 4 87 4 7S 3.90 4 01 4.00 3.94 4.62 4.84 4 50 4 50 4 79 4 61 4 49 4 AS 4 50 3 90 10-50........................................ 4.06 4 04 3 95 4 87 4 90 4.98 4 89 4.82 4.64 4 99 4 99 4 98 5 04 4 03 4.02 3 93 4 82 4 89 4 98 4 86 4 68 4 59 4 82 4 85 4 71 4 95 50-100................................................. 4.05 4 03 3 92 4.92 5.00 4.50 4.96 4 74 4.86 4 63 4'86 4 91 4 12 4 04 4.02 3 92 4 89 5 00 4.50 4 92 4 72 4 66 4 49 4 81 4 RR 3'77 100-500................................................ 4.10 4 04 3 88 4.92 5.00 4.97 4.89 4.75 4.91 4 82 4' 77 4 90 4 80 4.04 3.99 3 82 4 87 5 00 4.97 4'71 4'67 4 90 4 67 4 62 4 74 4 74 500 and over...................................... 4.30 4 20 4.00 4,87 4.94 4.85 4.74 4 RS 4.88 4 44 4^35 4 AR 4 73 4.23 4.18 4.00 4.79 4.94 4 85 4 55 4 30 4'74 4’31 4' 7-7 4.35 4.48 Philadelphia: Total........................................................ 4 04 4.00 3.70 4.71 4.76 4.85 4.68 4 52 4.30 4.44 4.35 4.85 4.42 4.01 3.98 3.69 4.66 4.74 4.84 4 At 4 49 4 13 4 36 4 31 4.72 4 29 Less than 10...................................... 3.74 3.74 3.49 4.51 4.45 4.25 4.57 4 54 3.83 4.42 4 00 4 S9 4.30 3 71 3.71 3.47 4 45 4.42 4.25 4 si 4 45 3 75 4 42 4 00 4 59 4 30 10-50.................................................. 3.85 3 84 3.51 4.64 4.61 4.99 4.65 4.64 4.34 4.66 464 4 72 4 53 3.82 3.81 3.50 4 58 4.54 4.63 4 60 4 64 4 09 4 61 4 64 4 68 4 43 50-100.......................................... 3 97 3.96 3 77 4.66 4.88 4.50 4 66 4 50 4 03 4 90 4 50 5 02 3 75 3 94 3.93 3.75 4 61 4.88 4.50 4 SR 4 50 3 89 4 69 4 SO 477 3 75 100-500....................... . 4.05 4 01 3 75 4,75 4.67 4.81 4.84 4.47 4.56 4.84 4'78 s 4 58 4 01 3 98 3 74 4.66 4.64 4.81 4 'AS 4 36 4 39 4 56 4 50 4 83 4 33 500 and over....................................... 4.34 4.34 4 00 4.80 4.90 4.87 4.72 4.22 4.35 4 35 4^29 4'71 4.40 4.33 4.33 4.00 4.79 4.90 4.87 4 70 4^21 4 21 4.31 4.28 4^67 4*28 Cleveland: Total........................................................ 4 12 4 09 3 93 4.69 4.71 4 90 4.69 4 54 4.37 4.50 4.48 4 63 4.35 4.10 4.07 3.93 4.62 4.90 4.61 4 46 4.20 4.37 4.36 4.48 4 09 Less than 10................. .................... 3.92 3.92 3.65 4.57 4.54 4 39 4.66 4.45 4.45 4.18 4 82 4 25 3.57 3 89 3 89 3.65 4.47 4 44 4.39 4 SR 4 37 4 07 4 13 4 62 4.25 3 57 10-50.................................................... 4 03 4.02 3 78 4.70 4.71 4.50 4.74 4 58 4.42 4 77 4' 78 4 4 62 4.01 4.00 3.78 4 61 4 60 4.49 4 AA 4 58 4 39 4 73 4 76 4.71 4 62 50-100.................................................. 4.13 4.09 3 92 4.71 4.83 4.68 4R4 4 04 5 17 5 30 5 18 4.25 4.12 4.09 3.92 4 70 4.83 4.'65 4 63 4 03 4 96 4*99 4.98 4.25 100-500................................................ 4.14 4.11 4 00 4.71 4.74 4.35 4.79 4 57 4.00 4.68 4 74 4 60 4 00 4 12 4.10 4.00 4.67 4.72 4.35 4 7S 4 49 3.92 4 44 4 57 4.23 3.21 500 and over...................................... 4.19 4.14 4.00 4.70 4.74 5.00 4.61 4.49 4.57 4.44 4.44 4.40 4.45 4.16 4.12 4.00 4.63 4.72 5.00 4.46 4.38 4.12 4.33 4.33 4.38 4.26 1506 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Richmond: 4.21 4.15 3 94 4.79 4.82 4.78 4.82 4.67 4 80 4.97 5.17 4.76 4.83 4.18 4.13 3.93 4.76 4.82 4.77 4.76 4.62 4.76 4.78 5.01 4.55 4.59 Less than 10........................................ 4.03 4.02 3.80 4.69 4.71 4.88 4.70 4.69 4.21 4.85 4.82 5.10 4.40 4.02 4.01 3.80 4.65 4.68 4.88 4.66 4.67 4.17 4.59 4.45 5.10 4.30 10-50.................................................... 4.11 4.08 3.87 4.77 4.85 4.87 4.81 4.66 4.39 4.90 5.09 4.81 4.71 4.09 4.07 3.87 4.72 4.85 4.68 4.76 4.59 4.34 4.77 4.90 4.72 4.58 50-100.................................................. 4.24 4.21 4.00 4.92 4.82 5.00 4.98 4.91 4.84 4.88 4.84 4.92 4.91 4.19 4.17 3.97 4.85 4.82 5.00 4.87 4.85 4.83 4.66 4.60 4.60 4.91 100-500................................................ 4.26 4.16 3.98 4.88 4.99 4.78 4.58 4.82 5.24 5.33 5.05 4.70 4.23 4.14 3.96 4.83 4.99 4.64 4.48 4.76 5.16 5.30 4.91 4.03 500 and over....................................... 4.29 4.21 4.00 4.77 4.72 4.77 4.82 4.60 4.95 4.87 5.11 4.67 4.87 4.26 4.20 4.00 4.76 4.72 4.77 4.80 4.60 4.92 4.62 4.86 4.44 4.64 Atlanta: Total........................................................ 4.29 4.24 3.95 4.84 4.82 4.96 4.85 4.78 4.63 4.88 4.95 4.79 4.56 4.27 4.23 3.94 4.82 4.80 4.96 4.82 4.73 4.52 4.71 4.72 4.71 4.37 Less than 10.................................... 4.25 4.25 3.87 4.80 4.81 4.96 4.81 4.77 4.81 4.67 4.69 4.87 4.15 4.23 4.23 3.86 4.77 4.76 4.96 4.75 4.76 4.80 4.51 4.69 4.57 4.15 10-50.................................................... 4.27 4.25 3.94 4.85 4.88 4.77 4.85 4.86 4.51 4.87 4.85 4.88 4.92 4.25 4.24 3.93 4.82 4.86 4.77 4.81 4.85 4.32 4.79 4.77 4.82 4,53 50-100................................................ 4.37 4.31 3.90 4.92 4.91 4.92 4.97 4.78 5.13 5.28 5.00 4.58 4.34 4.31 3.90 4.92 4.91 4.92 4.95 4.72 4.83 4.89 4.79 4.51 100-500................................................ 4.24 4.17 3.99 4.75 4.75 4.89 4.80 4.53 4.64 4.75 4.80 4.69 4.58 4.22 4.16 3.99 4.72 4.73 4.89 4.76 4.44 4.56 4.59 4.57 4.64 4.37 500 and over....................................... 4.52 4.38 3.86 4.98 4.50 4.99 5.00 4.95 4.47 5.16 5.20 5.00 4.50 4.47 4.36 3.86 4.95 4.50 4.99 4.97 4.48 4.47 4.99 4.98 5.00 4.50 Chicago: Total........................................................ 4.22 4.16 3.86 4.80 4.84 4.50 4.72 4.78 4.93 4.78 4.75 4.85 4.97 4.17 4.14 3.85 4.76 4.82 4.50 4.65 4.70 4.93 4.48 4.40 4.74 4.76 Less than 10........................................ 4.05 4.05 3.47 4.62 4.61 4.50 4.64 4.58 4.57 4.56 4.57 4.64 4.00 4.00 4.00 3.47 4.53 4.53 4.50 4,54 4.51 4.49 4.39 4.51 4.40 4.00 10-50.................................................... 4.05 4.04 3.68 4.71 4.73 4.53 4.70 4.77 4.14 4.78 4.85 4.81 4.13 4.01 4.00 3.66 4.63 4.67 4.53 4.62 4.67 4.10 4.63 4.64 4.70 3.82 50-100.................................................. 4.11 4.08 3.85 4.73 4.76 4.50 4.71 4.90 4.50 4.80 4.86 4.77 4.88 4.08 4.06 3.84 4.68 4.71 4.50 4.66 4.80 4.48 4.69 4.68 4.69 4.74 100-500................................................ 4.21 4.17 3.92 4.83 4.83 4.50 4.84 4.88 4.73 4.88 4.84 4.93 4.80 4.19 4.16 3.92 4.80 4.83 4.50 4.79 4.82 4.72 4.71 4.71 4.72 4.60 500 and over....................................... 4.36 4.27 3.98 4.93 4.94 4.50 4.77 4.52 5.00 4.76 4.74 4.84 5.09 4.30 4.27 3.98 4.92 4.93 4.50 4.77 4.40 5.00 4.43 4.36 4.78 4.87 St. Louis: Total........................................................ 4.21 4.18 3.67 4.73 4.81 4.33 4.71 4.65 4.69 4.52 4.45 4.66 4.76 4.19 4.16 3.65 4.71 4.80 4.33 4.70 4.60 4.57 4.45 4.41 4.52 4.59 Less than 10........................................ 4.17 4.17 3.49 4.59 4.52 4.50 4.62 4.58 4.49 4.26 4.45 4.20 4. 16 4.15 4.15 3.48 4.56 4.49 4.50 4.60 4.54 4.28 4.22 4.39 4.16 4.16 10-50.................................................... 4.16 4.15 3.61 4.68 4.76 4.30 4.62 4.77 4.97 4.78 4.77 4.80 4.67 4.14 4.13 3.60 4.65 4.75 4.30 4.60 4.69 4.97 4.71 4.77 4.70 4.67 50-100.................................................. 4.29 4.27 3.83 4.79 4.79 4.80 4.66 4.52 4.67 4.54 4.00 4.19 4.20 3.71 4.79 4.79 4.80 4.66 4.01 4.65 3.87 4.00 1005-00................................................ 4.36 4.30 3.84 4.90 4.97 4.39 4.84 4.57 4.99 4.99 4.99 4.95 5.50 4.34 4.29 3.84 4.89 4.97 4.39 4.84 4.49 4.99 4.83 4.73 4.92 5.00 500 and over....................................... 4.16 4.11 3.66 4.86 4.85 4.00 4.99 4.32 1 .00 4.35 4.33 4.43 ........ 4.16 4.11 3.66 4.86 4.85 4.00 4.99 4.32 1.00 4.35 4.33 4.43 .... Minneapolis .* Total........................................................ 4.38 4.30 3.45 4.74 4.81 4.50 4.67 4.68 4.62 5.22 5.25 5.08 4.37 4.33 4.28 3.44 4.72 4.79 4.50 4.65 4.60 4.62 4.86 4.83 5.05 4.37 Less than 10........................................ 4.18 4.17 2.99 4.67 4.67 4.50 4.69 4.69 4.10 4.56 4.56 4.58 4.15 4.15 2.99 4.64 4.63 4.50 4.65 4.65 4.10 4.37 4.23 4.58 10-50.................................................... 4.32 4.30 3.54 4.73 4.79 4.50 4.66 4.69 4.82 4.90 5.06 4.79 4.36 4.29 4.28 3.53 4.70 4.76 4.50 4.65 4.58 4.82 4.78 4.87 4.72 4.36 50-100.................................................. 4.39 4.33 3.63 4.67 4.79 4.56 4.62 5.25 5.35 4.87 4.38 4.33 3.63 4.67 4.79 4.56 4.62 5.13 5.22 4.80 100-500................................................ 4.49 4.32 3.35 5.00 5.00 5.00 5.47 5.50 5.00 4.44 4.32 3.35 5.00 5.00 5.00 ....5.....10 5.10 5.00 ..... 500 and over....................................... 4.77 4.52 3.71 4.98 5.00 4.71 5.00 5.28 5.26 5.50 4.37 4.62 4.50 3.71 4.96 5.00 4.30 5.00 4.85 4.78 5.50 4.37 Kansas City: Total........................................................ 4.40 4.35 3.94 4.86 4.89 4.99 4.85 4.83 4.70 4.89 4.89 4.91 4.69 4.37 4.33 3.94 4.81 4.85 4.80 4.81 4.79 4.69 4.75 4.73 4.81 4.69 Less than 10........................................ 4.35 4.34 3.84 4.80 4.80 4.95 4.82 4.77 4.43 4.98 4.98 5.02 3.50 4.32 4.32 3.84 4.75 4.73 4.94 4.77 4.73 4.43 4.91 4.90 4.97 3.50 10-50.................................................... 4.39 4.37 3.95 4.94 4.98 4.67 4.92 4.94 4.95 5.17 5.25 5.07 4.15 4.37 4.35 3.95 4.89 4.93 4.56 4.89 4.88 4.95 5.04 5.09 4.99 4.15 50-100.................................................. 4.47 4.41 4.00 4.92 5.00 5.00 4.90 4.88 4.87 5.08 5.11 4.91 5.22 4.46 4.41 4.00 4.92 5.00 5.00 4.90 4.88 4.87 4.99 5.00 4.91 5.22 100-500............................................... 4.41 4.31 3.98 4.82 4.88 5.00 4.78 4.77 4.25 4.83 4.83 4.87 4.73 4.37 4.29 3.98 4.76 4.88 4.60 4.73 4.73 4.05 4.68 4.67 4.75 4.73 500 and over....................................... Dallas: Total.................................................... 4.54 4.34 3.99 4.90 4.92 4.82 4.94 4.88 4.79 5.14 5.15 5.08 5.14 4.47 4.31 3.99 4.83 4.90 4.77 4.86 4.79 4.77 4.95 4.95 4.94 4.85 Less than 10........................................ 4.43 4.41 3.97 4.87 4.79 4.99 4.89 4.92 4.65 4.94 4.99 4.86 5.06 4.38 4.37 3.97 4.79 4.74 4.99 4.77 4.86 4.64 4.77 4.79 4.82 4.30 10-50.................................................... 4.46 4.40 3.99 4.95 4.90 4.43 4.97 4.96 4.63 5.13 5.14 5.15 4.90 4.43 4.38 3.98 4.91 4.87 4.43 4.93 4.92 4.61 4.98 5.02 4.98 4.51 50-100.................................................. 4.58 4.40 4.00 4.95 4.98 4.00 4.96 4.91 5.00 5.29 5.27 5.34 5.17 4.51 4.36 4.00 4.87 4.97 4.00 4.96 4.70 5.00 5.05 4.99 5.20 5.05 100-500................................................ 4.42 4.25 4.00 4.84 4.98 4.50 4.91 4.80 4.86 4.98 5.00 4.80 4.95 4.32 4.21 4.00 4.71 4.97 4.00 4.70 4.67 4.60 4.66 4.66 4,63 4.84 500 and over....................................... 4.74 4.26 4.00 4.84 4.96 ........ 5.00 4.76 4.96 5.19 5.19 4.99 5.44 4.67 4.25 4.00 4.80 4.96 ..... 5.00 4.70 4.51 5.05 5.05 4,99 5.04 San Francisco: Total........................................................ 4.23 4.19 4.00 4.91 4.95 5.00 4.98 4.67 4.56 4.51 4.54 4.46 4.43 4.21 4.1814.00 4.89 4.92 5.00 4.97 4.61 4.53 4.40 4.37 4.45 4.37 Less than 10........................................ 4.28 4.27 3.99 4.96 4.98 5.00 4.97 4.92 4.65 5.01 4.93 5.12 4.58 4.28 4.27 3.99 4.94 4.97 5.00 4.96 4.89 4.65 5.00 4.93 5.10 4.58 10-50.................................................... 4.32 4.29 4.00 4.96 4.95 4.98 4.97 4.95 5.00 5.00 5.20 4.62 5.00 4.30 4.28 3.98 4.95 4.95 4.98 4.96 4.93 4.99 4.83 5.02 4.45 5.00 50-100.................................................. 4.33 4.25 4.00 4.94 4.82 5.00 5.00 4.90 5.00 5.30 5.30 5.40 5.18 4.29 4.23 4.00 4.90 4.82 5.00 5.00 4.71 5.00 4.92 4.81 5.15 5.18 100-500................................................ 4.34 4.25 4.00 4.91 4.91 5.00 4.95 4.87 4.83 5.09 5.15 4.83 4.89 4.29 4.23 4.00 4.83 4.83 5.00 4.88 4.79 4.52 4.81 4.82 4.83 4.65 500 and over....................................... 4.21 4.17 4.00 4.90 4.96 5.00 4.98 4.53 4.40 4.44 4.45 4.44 4.37 4.20 4.17 4.00 4.89 4.96 5.00 4.98 4.47 4.36 4.35 4.31 4.43 4.32 TIME AND SAVINGS DEPOSITS Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APPENDIX TABLE 14—AVERAGE INTEREST RATES PAID ON VARIOUS CATEGORIES OF TIME AND SAVINGS DEPOSITS, IPC, AT MEMBER BANKS ON JULY 31, 1967 > ft 5 7 < 0 2 75 Consumer-type time deposits Busin d e e s p s- o ty si p ts e time ft<W 72 » 72 Consumer-type time deposits Busin d e e s p s- o ty si p ts e time 2 3 f f t t K s 5/1 ' O 5 C S A ’ 3' 2 ft 0 5 9 ‘ u> Fe ( d to e t r a a l l d R e e p s o e s rv it e s , d i i n s t m ric il t l i a o n n d s s o iz f e d o ol f l a b r a s n ) k T P 5 i f f < 0 c ( A 5 f a t t t ' o 2 □ .0 £ 3 C o C c a A L ■ 9 2 C 0 9 A . f 7 S o S na 2 t s A 2 i P s 7 C □ C o A A 2 ' d CA* 0 * o S 0 f o a = 3 t * 0o 5 o n Z o s C 3 A ’ ! ' H c 2 ■ H a S o 2 o 3 o - . o 0 f S o a z 2 2 0 : t * ' ' z 3 a 3 f O o a q to t ’ ' 3 " o o H 2 o 3 0 2 0 3 o . s A 3 2 ^ 5 ' ^ a 5 o 2 . " 2 C 2P 3 f n f A t t - 9 o OSB ’ H o P S 8 B 7 C q C A 2 A ' p s 7 0 ef 5 * t ' " O q ca* < f 3 ” 3 f o O S O o 1 t 9 t ' ' 0 o S O C Z O o q 9 A * ’ 3 8 0 c " 5 1 T H f 0 0 3 0 J t H 0 0 0 S C Z □ O 9 T i 3 3 f Z 0 2 C t A * 9 1 □ ~ 9 " 0 OC 3 ( O f ! A 3 A t WEIGHTED AVERAGE OF HIGHEST RATES PAID (per cent) WEIGHTED AVERAGE OF MOST COMMON RATE PAID (per cent) All size groups........................................... 4.34 4. 19 3.92 4.87 4.90 4.95 4.84 4.86 4.92 5.14 5.18 5.01 5.11 4.29 4.18 3.91 4.83 4.87 4.95 4.79 4.77 4.87 4.89 4.90 4.85 4.80 Less than 10............................................ 4.14 4.13 3.69 4.71 4.68 4.88 4.71 4.73 4.64 4.76 4.90 4.77 4.05 4.11 4.11 3.68 4.66 4.62 4.84 4.66 4.68 4.53 4.68 4.81 4.69 3.94 10-50....................................................... 4.16 4.14 3.79 4.79 4.82 4.74 4.77 4.84 4.71 4.93 5.04 4.88 4.64 4.14 4.12 3.78 4.74 4.76 4.74 4.72 4.79 4,67 4.80 4.89 4.76 4.57 50-100...................................................... 4.23 4.18 3.89 4.82 4.87 4.85 4.81 4.87 4.68 5.04 5.13 5.00 4.56 4.21 4.17 3.89 4.80 4.87 4.85 4.77 4.80 4.67 4.88 4.94 4.85 4.51 100-500.................................................... 4.25 4.17 3.93 4.90 4.90 4.89 4.89 4.93 4.80 5.08 5.13 4.98 4.93 4.21 4.14 3.92 4.84 4.89 4.87 4.81 4.81 4.71 4.83 4.86 4.76 4.70 500 and over........................................... 4.48 4.24 3.99 4.97 4.98 4.98 4.97 4.93 4.99 5.16 5.19 5.03 5.16 4.40 4.23 3.99 4.94 4.97 4.98 4.95 4.76 4.94 4.90 4.91 4.89 4.82 Boston: Total........................................................ 4.35 4.16 3.96 4.95 4.98 5.00 4.86 4.89 4.98 5.07 5.10 4.96 4.88 4.27 4.14 3.95 4.86 4.94 5.00 4.72 4.70 4.91 4.78 4.77 4.75 4.87 Less than 10........................................ 4.06 4.05 3.93 4.81 4.76 4.74 4.71 4.91 4.93 4.98 4.90 4.03 4.02 3.90 4.77 4.71 4.66 4.65 4.91 4.74 4.89 4.67 10-50.................................................... 4.14 4.10 3.94 4,94 4.98 5.00 4.90 4.91 4.96 5.05 4.90 5.26 4.90 4.11 4.08 3.94 4.83 4.81 5.00 4.79 4.71 4.95 4.71 4.59 4.84 4.70 50-100.................................................. 4.14 4.10 4.00 4.81 4.53 4.85 4.80 4.91 4.98 4.76 4.11 4.08 4.00 4.67 4.27 4.35 4.80 4.64 4.63 4.68 100-500................................................ 4.15 4.05 3.93 4.93 5.00 4.92 4.91 4.97 5.09 5.13 4.92 4.88 4.05 3.99 3.91 4.62 5.00 4.75 4.80 3.74 4.56 4.53 4.67 4.88 500 and over. ................................... 4.58 4.30 4.00 4.98 5.00 5.00 4.83 4.86 5.00 5.07 5.11 4.90 4.88 4.49 4.29 4.00 4.96 5.00 5.66 4.54 4.67 5.00 4.82 4.81 4.76 4.88 New York: Total...................................................... 4.46 4.15 3.95 4.96 4.97 5.00 4.96 4.87 4.94 5.19 5.20 5.10 5.22 4.35 4.12 3.94 4.90 4.97 5.00 4.84 4.72 4.82 4.89 4.91 4.83 4.82 Less than 10........................................ 4.02 4.02 3.95 4.80 4.90 4.50 4.85 4.82 4.65 4.54 4.74 4.41 4.20 4.02 4.01 3.95 4.74 4.90 4.00 4.77 4.76 4.58 4.38 4.56 4.36 3.93 10-50.................................................... 4.06 4.04 3.95 4.88 4.90 4.95 4.90 4.89 4.76 4.97 5.02 4.97 4.83 4.03 4.01 3.92 4.83 4.85 4.95 4.85 4.83 4.68 4.85 4.95 4.73 4.73 50-100.................................................. 4.07 4.05 3.92 4.90 4.90 4.98 4.97 4.83 4.60 4.80 5.04 4.93 4.01 4.06 4.04 3.92 4.84 4.88 4.98 4.86 4.74 4.50 4.73 4.99 4.84 4.00 100-500................................................ 4.13 4.05 3.88 4.90 4.90 4.97 4.92 4.95 4.83 5.10 5.18 4.97 5.08 4.06 4.00 3.83 4.85 4.90 4.97 4.78 4.79 4.81 4.78 4.80 4.75 4.83 500 and over................... 4.64 4.23 4.00 4.99 5.00 5.00 4.99 4.82 4.99 5.20 5.20 5.14 5.24 4.51 4.22 4.00 4.93 5.00 5.00 4.87 4.63 4.84 4.90 4.91 4.85 4.82 Philadelphia: Total........................................................ 4.12 4.04 3.71 4.77 4.85 4.95 4.69 4.66 4.53 5.02 5.09 4.90 4.91 4.08 4.02 3.70 4.73 4.83 4.95 4.63 4.59 4.42 4.78 4.82 4.78 4.67 Less than 10........................................ 3.75 3.74 3.48 4.49 4.46 4.25 4.53 4.50 3.85 4.25 4.50 4.51 3.81 3.72 3.72 3.46 4.43 4.44 4.25 4.47 4.40 3.70 4.24 4.50 4.49 3.81 10-50.................................................... 3.88 3.87 3.53 4.64 4.67 4.98 4.65 4.60 4.38 4.66 4.76 4.72 4.49 3.85 3.84 3.52 4.59 4.64 4.98 4.58 4.59 4.28 4.50 4.76 4-48 4.38 50-100.................................................. 3.97 3.95 3.66 4.69 4.96 4.50 4.68 4.50 4.31 4.93 4.50 5.01 4.00 3.96 3.94 3.66 4.65 4.96 4.50 4.62 4.50 4.31 4.60 4.50 4.63 4.00 100-500................................................ 4.05 4.00 3.78 4.72 4.76 4.83 4.65 4.72 4.59 5.04 5.18 4.83 4.87 4.02 3.98 3.77 4.67 4.70 4.83 4.60 4.66 4.44 4.81 4.87 4.77 4.65 500 and over..................................... 4.55 4.43 4.00 4.99 5.00 5.00 5.00 4.97 4.74 5.04 5.08 5.00 4.96 4.50 4.42 4.00 4.97 5.00 5.00 4.99 4.67 4.63 4.80 4.82 4-93 4.70 Cleveland: Total........................................................ 4.22 4.11 3.93 4.80 4.81 4.94 4.79 4.82 4.48 5.20 5.26 4.91 4.64 4.17 4.10 3.93 4.72 4.76 4.93 4.69 4.63 4.32 4.93 4.96 4.79 4.43 Less than 10........................................ 3.92 3.92 3.65 4.56 4.53 4.55 4.69 4.38 4.45 4.30 4.82 4.34 3.71 3.89 3.89 3.65 4.47 4.44 4.09 4.59 4.31 4.05 4.28 4.76 4.34 3.71 10-50.................................................... 4.04 4.03 3.77 4.70 4.72 4.70 4.73 4.57 4.46 4.68 4.83 4.61 4.34 4.02 4.01 3.77 4.62 4.60 4.70 4.66 4.57 4.43 4.65 4.83 4.58 4.34 50-100.................................................. 4.15 4.12 3.94 4.73 4.80 4.50 4.77 4.52 4.04 5.05 4.69 5.11 4,26 4.14 4.12 3.94 4.72 4.80 4.50 4.75 4.50 4.03 4.91 4.49 4.97 4.26 100-500................................................ 4.18 4.13 3.99 4.91 4.86 4.34 4.95 4.98 4.71 5.07 5.19 4.85 4.12 4.14 4.11 3.99 4.78 4.84 4.34 4.78 4.70 4.69 4.75 4.84 4.67 3.48 500 and over.................................... 4.36 4.18 4.00 4.89 4.92 5.00 4.82 4.85 4.72 5.24 5.27 4.96 4.90 4.30 4.16 4.00 4.82 4.90 5.00 4.70 4.64 4.27 4.97 4.98 4-86 4.78 1508 FEDERAL RESERVE BULLETIN • SEPTEMBER 1 cn Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Richmond: Total........................................................ 4.25 4.18 3.95 4.90 4.95 4.59 4.90 4.79 4.83 5.12 5.20 5.05 5.01 4.23 4.16 3.94 4.86 4.92 4.56 4.86 4.72 4.79 4.99 5.04 4.97 4.80 Less than 10........................................ 4.03 4.02 3.80 4.72 4.75 4.80 4.71 4.74 4.27 4.71 4.75 4.80 4.25 4,01 4.01 3.79 4.67 4.73 4.80 4.64 4.73 4.24 4.62 4.51 4.79 4.19 10-50.................................................... 4.12 4.10 3.88 4.78 4.82 4.92 4.81 4.68 4.67 4.71 4.57 4.81 4,73 4.10 4.08 3.87 4.74 4.78 4.77 4.78 4.61 4.66 4.62 4.39 4.78 4.73 50-100.................................................. 4.29 4.24 4.00 4.97 4.99 4.44 4.98 4.92 4.91 5.22 5.26 5.24 4.63 4.27 4.22 4.00 4.91 4.99 4.44 4.88 4.92 4.91 5.05 4.89 5.21 4.63 100-500................................................ 4.24 4.21 3.98 4.97 4.99 4.95 4.93 4.86 4.91 4.30 5.15 4.73 4.20 4.18 3.95 4.92 4.99 4.80 4.86 4.67 4.68 4.14 4.91 4.46 500 and over....................................... 4.38 4.25 4.00 4.97 4.98 4.50 5.00 4.90 4.89 5.20 5.33 5.04 5.12 4.35 4.24 4.00 4.94 4.94 4.50 5,00 4.72 4.86 5.09 5.20 4.99 4.89 Atlanta: Total........................................................ 4.32 4.25 3.95 4.86 4.83 4.96 4.87 4.81 4.64 5.07 5.15 4.93 4.93 4.30 4.24 3.95 4.84 4.82 4.96 4.84 4.78 4.48 4.86 4.91 4.82 4.46 Less than 10........................................ 4.24 4.24 3.87 4.78 4.77 4.97 4.81 4.71 4.55 4.80 4.66 5.06 4.06 4,22 4.22 3.87 4.74 4.71 4.97 4.75 4.69 4.55 4.63 4.56 4.94 3.64 10-50.................................................... 4.28 4.27 3.94 4.86 4.89 4.76 4.85 4.87 4.40 4.87 4.84 4.92 4.67 4.26 4.25 3.93 4.82 4.86 4.76 4.81 4.85 4.25 4.77 4.70 4.86 4.52 50-100.................................................. 4.39 4.34 3.90 4.94 4.89 4.96 4.98 4.92 5.14 5.08 5.18 4.91 4.37 4.33 3.90 4.93 4.89 4.95 4.98 4.83 4.88 4.88 4.91 4.36 100-500................................................ 4.29 4.18 3.99 4.77 4.78 4.74 4.80 4.66 4.70 5.03 5.12 4.82 5.11 4.25 4.18 3.99 4.76 4.78 4.74 4.80 4.59 4.47 4.78 4.83 4.69 4.55 500 and over...................................... 4.53 4.38 3.89 4.98 4.50 5.00 5.00 5.00 4.46 5.21 5.33 5.00 4.50 4.50 4.37 3.89 4.98 4.50 5.00 4.98 4.94 4.46 5.09 5.15 5.00 4.50 Chicago: Total........................................................ 4.28 4.18 3.86 4.83 4.87 4.56 4.74 4.85 4.94 5.12 5.19 4.90 4.79 4.24 4.17 3.85 4.80 4.85 4.56 4.69 4.76 4.93 4.85 4.87 4.80 4.75 Less than 10........................................ 4.06 4.06 3.46 4.61 4.58 4.50 4.63 4.60 4.65 4.55 4.85 4.40 4.32 4.03 4.02 3.46 4.55 4.52 4.50 4.56 4.57 4.48 4.39 4.80 4.15 4.27 10-50........-.......................................... 4.06 4.05 3.67 4.73 4.74 4.46 4.71 4.81 4.58 4.69 4.83 4.67 4.11 4.02 4.01 3.65 4.65 4.67 4.46 4.63 4.70 4.54 4.61 4.68 4.62 4.11 50-100.................................................. 4.15 4.12 3.85 4.77 4.87 4.50 4.76 4.86 4.48 4.92 5.09 4.85 4.60 4.13 4.11 3.85 4.75 4.87 4.50 4.73 4.81 4.48 4.83 4.90 4.82 4.59 100-500................................................ 4.23 4.19 3.92 4.86 4.86 4.50 4.86 4.93 4.74 5.03 5.08 4.98 4.75 4.21 4.18 3.92 4.84 4.86 4.50 4.84 4.88 4.71 4.73 4.73 4.72 4.75 500 and over....................................... 4.47 4.31 3.98 4.96 4.97 4.58 4.78 4.99 5.00 5.17 5.21 4.94 4.98 4.41 4.30 3.98 4.95 4.97 4.58 4.78 4.76 5.00 4.88 4.88 4.90 4.92 St. Louis: Total........................................................ 4.25 4.20 3.67 4.73 4.82 4.32 4.70 4.67 4.51 4.84 4.87 4.82 4.53 4.23 4.19 3.67 4.72 4.81 4.32 4.70 4.64 4.42 4.75 4.81 4.65 4.52 Less than 10........................................ 4.16 4.16 3.49 4.56 4.50 4.52 4.59 4.53 4.62 4.30 4.49 4.20 4.00 4.15 4.14 3.48 4.54 4.47 4.52 4.57 4.51 4.43 4.20 4.38 4.08 4.00 10-50.................................................... 4.19 4.17 3.62 4.69 4.75 4.30 4.64 4.78 4.39 4.71 4.73 4.69 4.71 4.17 4.16 3.60 4.67 4.73 4.30 4.64 4.73 4.39 4.68 4.73 4.65 4.70 50-100.................................................. 4.23 4.19 3.75 4.73 4.86 4.70 4.69 4.50 4.61 4.83 4.63 4.02 4.19 4.19 3.75 4.73 4.86 4.70 4.69 4.50 4. 15 4.82 3.93 4.02 100-500................................................ 4.39 4.33 3.84 4.90 4.97 4.34 4.85 4.64 4.00 5.03 5.10 4.96 4.00 4.37 4.33 3.84 4.90 4.97 4.34 4.85 4.64 4.00 4.88 4.88 4.90 4.00 500 and over....................................... 4.28 4.15 3.68 4.88 4.85 4.00 5.00 4.59 2.91 4.85 4.83 4.94 ........ 4.28 4.15 3.68 4.88 4.85 4.00 5.00 4.59 4.00 4.83 4.80 4.94 ........ Minneapolis: Total.................................................... 4.43 4.36 3.46 4.80 4.87 4.71 4.73 4.72 5.00 5.24 5.35 4.90 4.27 4.37 4.33 3.45 4.76 4.83 4.71 4.70 4.62 5.00 4.85 4.84 4.87 4.27 Less than 10........................................ 4.23 4.22 2.97 4.73 4.75 5.00 4.72 4.70 3.00 4.63 4.25 4.77 4.19 4.19 2.96 4.69 4.70 5.00 4.70 4.63 3.00 4.63 4.25 4.77 10-50.................................................... 4.39 4.38 3.56 4.81 4.87 4.50 4.76 4.70 5.00 4.85 4.89 4.83 4.28 4.35 4.34 3.55 4.77 4.82 4.50 4.72 4.64 5.00 4.72 4.75 4.72 4.28 50-100.................................................. 4.38 4.34 3.62 4.67 4.79 ..... 4.56 4.69 5.04 5.22 4.68 4.36 4.33 3.62 4.66 4.79 4.56 4.57 4.78 4.83 4.68 100-500................................................ 4.50 4.36 3.37 5.00 5.00 5.00 5.30 5.35 5.00 4.47 4.36 3.37 5.00 5.00 5.00 5.08 5.10 5.00 500 and over....................................... 4.81 4.56 3.71 5.00 5.00 ........ 5.00 5.00 5.34 5.41 5.00 4.25 4.65 4.54 3.71 4.98 5.00 ....4....5.7 5.00 4.86 4.84 5.00 4.25 Kansas City: Total.................................................... 4.46 4.38 3.94 4.92 4.94 4.98 4.92 4.90 4.89 5.13 5.16 5.08 4.55 4.42 4.36 3.94 4.87 4.92 4.88 4.86 4.85 4.87 4.96 5.00 4.83 4.55 Less than 10........................................ 4.36 4.35 3.84 4.80 4.80 4.67 4.81 4.79 4.66 4.92 4.95 4.92 3.76 4.34 4.33 3.84 4.76 4.78 4.59 4.77 4.74 4.58 4.85 4.85 4.92 3.76 10-50.................................................... 4.42 4.39 3.95 4.95, 5.00 4.71 4.95 4.94 4.81 5.18 5.24 5.11 4.42 4.40 4.38 3.95 4.93 4.96 4.71 4.93 4.92 4.81 5.07 5.10 5.06 4.42 50-100.................................................. 4.47 4.40 4.00 4.97 5.00 5.00 4.97 4.97 4.98 5.13 5.21 4.85 5.50 4.44 4.39 4.00 4.95 5.00 5.00 4.97 4.90 4.98 4.94 4.99 4.77 5.50 100-500................................................ 4.55 4.38 3.98 4.99 4.98 5.00 5.00 4.97 4.18 5.14 5.15 5.11 4.43 4.48 4.34 3.98 4.89 4.98 4.86 4.85 4.88 4.18 4.95 4.99 4.79 4.43 Dallas: Total........................................................ 4.59 4.37 3.99 4.94 4.91 4.87 4.95 4.95 4.92 5.25 5.27 5.10 5.15 4.52 4.34 3.99 4.87 4.88 4.70 4.88 4.86 4.91 5.05 5.06 5.02 4.93 Less than 10........................................ 4.44 4.43 3.97 4.89 4.84 4.99 4.89 4.93 4.78 4.89 5.00 4.84 4.13 4.41 4.39 3.97 4.83 4.77 4.83 4.81 4.88 4.76 4.85 4.94 4.82 4.13 10-50.................................................... 4.48 4.40 3.99 4.94 4.92 4.45 4.96 4.94 4.90 5.24 5.28 5.20 4.82 4.45 4.39 3.98 4.91 4.88 4.45 4.94 4.90 4.90 5.08 5.13 4.99 4.76 50-100.................................................. 4.56 4.40 4.00 4.95 4.98 4.95 4.92 4.99 5.16 5.16 5.16 5.17 4.51 4.37 4.00 4.87 4.97 4.84 4.83 4.99 5.06 5.01 5.16 5.09 100-500................................................ 4.46 4.28 4.00 4.94 4.80 4.50 5.00 4.95 4.79 5.03 5.04 4.98 4.94 4.40 4.24 4.00 4.79 4.79 4.00 4.82 4.79 4.61 4.92 4.93 4.92 4.80 500 and over....................................... 4.88 4.37 4.00 4.99 4.98 ........ 5.00 5.00 5.00 5.37 5.37 5.00 5.40 4.74 4.34 4.00 4.93 4.98 ........ 5.00 4.87 4.95 5.11 5.11 5.00 5.05 San Francisco: Total........................................................ 4.33 4.21 4.00 4.99 4.99 5.00 4.99 4.98 4.94 5.07 5.10 5.02 5.00 4.30 4.21 4.00 4.96 4.99 5.00 4.99 4.85 4.86 4.87 4.86 4.89 4.84 Less than 10........................................ 4.29 4.28 3.99 4.97 4.97 5.00 4.98 4.97 4.44 5.10 5.06 5.15 4.29 4.27 3.99 4.96 4.97 5.00 4.97 4.95 4.44 5.02 4.96 5.13 ........ 10-50................................................... 4.34 4.31 4.00 4.99 4.99 4.98 4.98 5.00 4.99 5.09 5.12 4.99 4.89 4.31 4.29 3.98 4.97 4.99 4.98 4.97 4.97 4.98 4.91 4.91 4.92 4.89 50-100.................................................. 4.32 4.25 4.00 5.00 5.00 5.00 5.00 4.98 5.00 5.27 5.18 5.41 5.50 4.30 4.24 4.00 4.97 5.00 5.00 5.00 4.88 4.97 5.12 5.16 5.00 5.50 100-500................................................ 4.38 4.28 4.00 5.00 5.00 5.00 5.00 4.99 4.97 5.20 5.20 5.25 4.99 4.33 4.27 4.00 4.94 4.97 5.00 4.92 4.88 4.91 4.89 4.91 4.79 4.82 500 and over...................................... 4.33 4.20 4.00 4.99 4.99 5.00 4.99 4.98 4.93 5.05 5.08 5.00 5.00 4.29 4.19 4.00 4.97 4.99 5.00 4.99 4.81 4.83 4.86 4.85 4.89 4.84 TIME AND SAVINGS DEPOSITS 1509 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1510 FEDERAL RESERVE BULLETIN ■ SEPTEMBER 1967 APPENDIX TABLE 15—CONSUMER-TYPE TIME DEPOSITS, IPC, HELD BY MEMBER BANKS ON JULY 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 Total 4.00 or 4.01 4.26 4.51 4.76 4.00 or 4.01 4.26 4.51 - 4.76 less 4.25 4.50 4.75 5.00 less 4.25 4.50 4.75 5.00 NUMBER OF BANKS MILLIONS OF DOLLARS* AH banks.......................... 5,727 880 64 1,686 149 2,948 29,945 641 91 4,867 635 23,711 Size of bank (total de posits, in millions of dol lars): Less than 10., .......... 3,080 601 39 1,027 63 1,350 3,391 280 30 1,298 57 1,726 10-50.......................... 1 '991 236 19 557 61 1'118 7,021 238 30 2,118 196 4,439 50-100........................ 271 17 2 64 9 ' 179 2,500 11 (2) 687 57 1,730 100-500...................... 291 23 4 35 14 215 5,430 79 16 551 233 4,552 500 and over.............. 94 3 3 86 11,603 34 212 (2) 11,264 F.R. district: Boston................ 188 32 3 31 h5 107 681 5 (2) 14 28 635 New York.................. 345 73 7 44 8 213 3,344 1 1 2 61 10 3,260 Philadelphia......... 352 70 8 170 15 89 1,906 53 8 581 124 1,141 Cleveland.................... 454 145 6 129 15 159 2,019 104 8 317 131 1,460 Richmond.... 355 100 12 57 9 177 1 .379 69 5 97 11 1,197 Atlanta....................... 522 105 85 22 310 2,091 109 265 79 1,638 Chicago............ 961 102 13 437 21 388 6,605 96 40 1,774 118 4,577 St. Louis.................... 440 78 6 228 9 119 1,757 122 21 637 27 950 Minneapolis............... 492 23 3 223 11 232 2,317 28 5 783 54 1 ,447 Kansas City............... 804 90 4 197 7 506 1,902 33 1 222 10 1,636 Dallas.......................... 614 55 80 14 465 1,591 1 ( 115 43 1,423 San Francisco............ 200 7 2 5 3 183 4,351 2 (2) 1 2 4; 346 _ 1 Includes a small amount of deposits outstanding on July 31, 1967, Note.—Consumer-type time deposits includes the following instru in banks that no longer issue certain consumer-type instruments and ments issued in denominations of less than $100,000: savings certifi are not included in the number of issuing banks, cates, savings bonds, other negotiable and nonnegotiable CD's, and 2 Omitted to avoid individual bank disclosure. time deposits, open account. Dollar amounts may not add to totals because of rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Revision of Bank Credit Series The seasonally adjusted series for bank In the second half of 1966 the rate of credit and its major components have been credit expansion was reduced substantially, revised to reflect changes in seasonal factors as monetary policy exerted restraint on the and adjustments to benchmarks for Decem banking system, although the rate of ex ber 1966. In addition, special adjustments pansion is slightly greater for this period have been made for the period 1959 to on the revised basis. Since 1966 bank credit date to take account of fluctuations asso expansion has accelerated to a relatively ciated with variations in calendar dates of rapid rate, reflecting the shift to an ex the last Wednesday of each month. Until pansionary monetary policy. However, the now the latter type of adjustment had been revision reduced the annual rate of expan made only in figures for U.S. Government sion in the first half of 1967 by about one securities and for total loans and invest percentage point—from 10.6 to 9.5 per ments and only for the month of March. Sea cent. sonally adjusted data incorporating these re visions, as well as unadjusted data, are INCREASES IN COMMERCIAL BANK LOANS AND INVESTMENTS shown for the period 1948 to date on pages (Seasonally adjusted annual rate of change, in per cent) 1514 to 1517, and a table showing estimated seasonal factors for 1967 is published on Period Former series Revised series page 1517. 1965.................................... 10.2 10.2 1st half........................... 10.9 10.4 2nd half..................... 9.0 9.5 EFFECTS OF REVISIONS 1966............................... 5.7 5.7 The largest revisions in the seasonally ad 1st half...................... 9.8 9.2 2nd half...................... 1.6 2.2 justed series were concentrated in data for the latest 3 years, but the over-all pattern 1967 1st half........................ 10.6 9.5 of expansion was altered only slightly. Ac January-August......... 13.2 13.0 cording to the revised series, bank credit continues to show relatively rapid growth This smoothing of the pattern of credit during 1965 and the first half of 1966 al expansion reflects mainly adjustments for though both series reflect a slowing in the increases in the volume of seasonal demands rate of growth. In the revised series, how for credit that have developed in the Aprilever, the slowing is more consistent after July period in connection with changing the first half of 1965 than it was in the un schedules of business tax payments to the revised series. U.S. Treasury. Such increases in bank financing for tax payments are particularly Note.—The revised series were prepared by Edward R. Fry and Mary F. Weaver of the Banking Section evident in April and June, months in of the Board’s Division of Research and Statistics. which the changing pattern of corporate in For a description of the sources of the basic data and of the adjustment procedures, see notes on p. 1513. come tax payments has increased total credit 1511 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1512 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 demands of businesses substantially. Accel decline the nearer to April 1 the Wednes eration of remittances of employee tax with day reporting date falls.1 This decline in holdings, which is changing the pattern of bank holdings of Government securities at these payments throughout the year, also has the end of March, which reflects sales to increased business needs for credit in April bank depositors seeking to avoid certain and July. local taxes, is the largest source of credit These seasonal bulges in bank financing fluctuation associated with calendar varia for tax payments are reflected both directly tion, and adjustments were made in the in loans to businesses and indirectly through July 1966 revision only for this one month. loans to nonbank financial institutions and In the current revision this type of adjust securities dealers, as well as in bank acquisi ment has been introduced for all other tions of U.S. Government securities. The months except June and December, for net result of these changes in tax payments which data are always for the last day of has been to shift the seasonal distribution of the month. The effects on the various credit bank lending and investing activities over the components of variations in last-Wednesday year. Seasonal factors for the 5 months April dates for these additional months are more through August are now generally higher difficult to measure than those for March, than before and those for most other months because they are mixed with substantial are generally lower. changes in seasonal patterns over the years These changes in seasonal patterns are and with the effects of large Treasury cash most evident in loans and in investments in financings in some cases. U.S. Government securities, but some However, the estimated effects of lastchanges occurred also in factors for invest Wednesday variation have been separated ments in other securities, mainly State and from these other influences through analysis local government securities. Changes in of daily changes in deposits of all member these factors follow a pattern similar to those banks around the end of the month and of for loans and investments in U.S. Govern weekly changes in various categories of ment securities, but the changes are much earning assets reported each Wednesday by less pronounced—reflecting the consider large commercial banks. Adjustments de ably smaller role of such investments as rived from these data have been incorpo sources of financial liquidity. rated in the seasonal factors for total loans and investments, loans adjusted, and other securities. Adjustments for last-Wednesday NEW ADJUSTMENTS FOR CALENDAR VARIATION variations in holdings of U.S. Government securities are included in the seasonal factors Special adjustments for the effects of calen for total bank credit, since the seasonally ad dar variation in the date on which the last justed data for such holdings are derived by Wednesday of the month fell were intro subtracting loans and other investments duced in the July 1966 revision of the bank from total bank credit, as in the past. credit series. At that time adjustments were In general, the pattern of adjustments for provided in the seasonal factors for March to take account of the tendency of bank 1 See “Revisions of Bank Credit Series” in the holdings of U.S. Government securities to Bulletin for July 1966, pp. 951-55. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
REVISION OF BANK CREDIT SERIES 1513 last-Wednesday variations reflects a tend this year, an early Wednesday date—such as ency for bank credit to rise at the end of occurred in February—results in downward the month. Thus, when Wednesday falls on adjustment of the seasonal factor for some the last day of the month, bank credit tends months. to be noticeably higher than when the Adjustments for last-Wednesday variation Wednesday falls a few days earlier. For ex differ by month and by component of bank ample, in May 1967, which ended on a credit. Month-end movements in bank credit Wednesday, the seasonal factor for total are most noticeable in loans to nonbank bank credit is 2 percentage points, or $600 financial institutions, loans to securities million, higher than it would have been if the dealers, and holdings of U.S. Government last Wednesday had fallen earlier. This end- securities. Business loans and holdings of of-May expansion is attributed in part to in other securities contribute to the month-end creases in bank holdings of U.S. Government variation in some months, although move securities and in loans to securities dealers ments in the various component series are associated with the regular month-end Treas partially offsetting in some cases. Most of ury bill auction. In addition, loans to non the adjustments for variations in Wednesday bank financial institutions normally increase dates have smoothed monthly fluctuations in at the end of each month. In contrast to the the seasonally adjusted series to a significant upward adjustment that occurred in May degree. NOTES The basic seasonal factors have been modified fur 1. The basic data for the bank credit series are the ther to take account of fluctuations in bank credit that end-of-month estimates of major balance sheet items arise because the last-Wednesday reporting date for a for all commercial banks, which are published regu given month varies from year to year. Effects of this larly in the Bulletin and in the Board’s J.4 release, calendar variation have been estimated by analysis “Assets and Liabilities of All Banks in the United of deviations from average movements of deposits States.” However, loans to other commercial banks are excluded from total loans and from total loans and bank credit components in relation to the date and investments. Estimates are for the last Wednesday on which the last Wednesday falls. Adjustments for of each month except for June and December, when these effects have been expressed in percentage terms condition report data are available for all banks as and are combined with the basic seasonal factors. The of the last day of the month. resulting factors, which adjust both for average sea 2. First approximations of the monthly seasonal fac sonal variation and for calendar variation of the re tors are derived by the Census X-9 computer method; porting dates, are then applied to the unadjusted data. these are modified in some instances on the basis of 3. Benchmark adjustments are made on the basis of procedures similar to those described in “Adjustment semiannual condition reports of all commercial banks. for Seasonal Variation,” Federal Reserve Bulletin, June 1941, pp. 518-28. For a summary description of These data are used to correct monthly estimates of the Census X-9 method, see Business Cycle Develop bank credit, principally of nonmember banks, for ments, Department of Commerce, Sept. 1963, p. 67. which current reporting is not available. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1514 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 LOANS AND INVESTMENTS AT COMMERCIAL BANKS, 1948-67 (In billions of dollars) Seasonally adjusted Not seasonally adjusted Month 1 Securities Securities Total z Loans1 Total1 Loans2 U.S. Govt. Other U.S. Govt. Other 1948—Jan............................. 115.2 37.7 68 4 9 1 116 4 38 0 69 4 9 0 Feb............................. 115.4 38.2 68.0 9’ 1 115 2 384 67’9 90 Mar............................ 115.1 38.5 67.4 9 2 113 4 38.7 65 5 9.3 Apr............................. 115.4 39.0 67.2 9 2 114 I 38 7 66 3 9 2 May. ....................... 115.4 39.8 66.4 92 1144 39 3 659 9.2 June........................... 114.7 40.1 65.4 9.2 113 7 39 7 64 8 9.2 July............................ 115.0 40.6 65.2 9 2 114 5 39 8 65 3 9 3 Aug............................ 114.5 40.7 64.5 9.2 114 8 40.3 65 1 9 4 Sept........................... 113.2 41.1 62.8 9.2 113 3 41 4 62 5 9 4 Oct............................. 113.1 41.3 62.6 9.2 113 9 41 4 63 3 9.2 Nov............................ 113.0 41.4 62.4 9.2 114 0 42.1 62 8 9 1 Dec............................. 113.0 41.5 62.3 9.2 114 2 42,4 62.6 9.2 1949—Jan............................. 113.3 42.0 62.2 9.1 114 3 42 3 63.0 9.1 Feb..................... 113.2 41.6 62 3 9 3 113 1 41 7 62 2 9 1 Mar.......................... 113.8 41.9 62.7 92 1122 42’ 1 60*9 9*3 Apr............................. 113,5 41.4 62.8 9 2 112 2 41 0 62 0 9.2 May................... 114.2 41.1 63.6 9 4 113 1 40 6 63.2 9 3 June................... 114.6 41.3 63.7 9 6 113 7 40 9 63.2 9.5 July............................ 115.0 41.0 64.3 9 7 1145 40 2 64 4 9.8 117.3 41.3 66.1 9.9 117.6 40 9 66 7 10 0 Sept............................ 118.2 41.2 67.0 10 0 118 3 41 5 66.7 10.2 Oct,............................ 118.5 41,5 66,9 10.1 119,3 41.6 67,6 10.1 Nov............................ 118,4 41.8 66.4 10 2 119 5 42 5 66 9 10.1 Dec..................... 118.7 42.0 66.4 10 3 120 1 42.9 67.0 10.2 1950—Jan..................... 120.0 42.4 67.1 10 4 120 9 42.6 68 0 10,3 Feb....................... 120.4 42.8 67.1 10 6 120 3 42 8 67.1 10.4 Mar................. . in .1 43.3 67.0 10 8 120.1 43 5 65.8 10.8 Apr......................... 121.4 43.8 66.6 11.0 120.0 43,5 65 5 11.0 May........................... 122.1 44.4 66.6 11.1 121.0 43,9 66.1 11.0 June.................. 122.4 45.1 66.1 11.2 121.7 44.7 65 8 11.2 July............................ 122.6 46.4 64.9 11 3 122.0 45.7 65.0 11.4 Aug........................... 122.9 47.4 63.9 11.6 122.9 46,9 64.2 11.8 Sept........................... 123.1 48.5 62.8 11.9 123.3 48.6 62.5 12.1 Oct......................... 123.4 49.5 61.8 12.1 124.3 49,7 62.5 12.1 Nov.................... 123.9 50.3 61.3 12,2 125.0 51.1 61.7 12.1 Dec............................. 124.7 51.1 61.1 12,4 126.6 52.2 62.0 12. 4 1951.—jan............................. 123.8 52.1 59.2 12.5 124.7 52.3 60.0 12. 4 Feb..................... 124 8 53,0 59.2 12 5 124.5 53 0 59 1 12,4 Mar. ....................... 125.7 53.7 59.5 12,5 125.2 53.9 58.8 12.6 Apr........................ 126.3 54.1 59.6 12 6 124.9 53.9 58.5 12.6 May.. ........................ 126.0 54.6 58.9 12.6 124.7 54 1 58,1 12.5 June,.......................... 126,5 55.0 58.8 12,7 125.9 54.7 58.5 12.7 July............................ 126 2 54,9 58.7 12.7 125.6 54,1 58.7 12. 8 Aug............................ 126.7 55,2 58.9 12.6 126,4 54.6 59.1 12.7 Sept............................ 128.1 55.5 59.8 12.7 128.1 55.5 59.7 12.9 Oct................ 128.9 55.9 60.1 12.9 129.8 56J 60.9 12.9 Nov............................ 129.6 55.8 60.8 13.1 131,2 56 6 61.6 13.0 Dec............................. 130,2 56.5 60.4 13 4 132 5 57.6 61.5 13.3 1952—Jan............................. 131.1 56.6 61.1 13.4 132.0 56,7 62.0 13.3 Feb............................. 131.8 57.1 61.2 13 5 131 5 56.9 61.3 13.4 Mar............................ 132.3 57.3 61.4 13.5 132.1 57.4 61.1 13.6 Apr............................. 133.4 58.1 61.7 13.7 131 9 57.8 60.5 13.7 May............................ 134.0 58.5 61.7 13.9 132.6 58.0 60.7 13.8 June........................... 135.0 59.3 61.7 14.0 134.3 59.1 61.2 14.0 July............... . 137 0 59.9 63.1 14 1 136 4 59.3 62.9 14.1 Aug........................... 136.2 60.3 61.7 14.2 136.0 59.6 62.0 14.4 Sept............................ 136.4 60.6 61.6 14.2 136.4 60.5 61.6 14.3 Oct............................. 137.9 61.6 62.1 14.2 138.8 61.8 62.9 14,2 Nov............................ 139.3 62.3 62.8 14.2 141.3 63.0 64.1 14,2 Dec............................ 139.1 62.8 62.2 14.2 141.5 64.0 63.3 14,1 1953—Jan............................. 139.3 63.3 61.7 14.3 140,3 63.4 62.8 14.2 Feb............................. 139.7 63.7 61.8 14.2 139.4 63.4 61.9 14.1 Mar............................ 139.6 64,3 61.0 14.3 139.2 64.4 60.5 14,3 Apr............................. 139.5 64.9 60.2 14.3 137,9 64.7 58,9 14.4 May............... 138.7 65.0 59.4 14.4 137,2 64.5 58.3 14.4 June........................... 138.5 64.9 59.4 14.2 137.8 64.9 58.6 14.3 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
REVISION OF BANK CREDIT SERIES 1515 LOANS AND INVESTMENTS AT COMMERCIAL BANKS, 1948-67—Continued (In billions of dollars) Seasonally adjusted Not seasonally adjusted Month 1 Securities Securities Total 2 Loans2 Total2 Loans2 U.S. Govt. Other U.S. Govt. Other 1953—JU|y........................... 143.5 65.6 63.6 14.3 142.8 65.2 63.2 14 3 Aug............................ 142.8 66.0 62. 4 14.4 142.5 65.4 62.6 14 5 Sept..................... 142.6 66.0 62,2 14.4 142.6 65.9 62.2 14.5 Oct............................. 142.2 66.3 61.4 14 5 143.2 66.3 62.3 14 5 Nov............................ 142.9 65.9 62.4 14.6 144.9 66.7 63.7 14.6 Dec............................ 143.1 66.2 62.2 14.7 145.5 67 4 63 4 14.7 1954—Jan............................. 143.8 66.0 63.0 1 4.8 144.8 66.0 64.2 14.7 Feb............................. 144.4 66.4 63.0 15.0 144.0 66.0 63.0 15.0 Mar............................ 144.8 66.7 63.1 15.0 142.5 66. 8 60 7 15.1 Apr............................. 145.1 66.5 63.4 15.2 143.6 66. 3 62.1 15.2 May.......................... 146.1 66.6 64.2 15.3 144. 8 66.2 63 3 15.3 June............... 146.9 67.0 64.5 15.5 146.2 67.2 63.5 15.5 July. .......................... 147.3 66. 8 64.9 15.7 146.6 66.6 64 3 15.7 Aug............................ 149.2 66,4 67.1 15 7 148.9 65.9 67 3 15 7 Sept............................ 150.1 66.9 67.3 15.9 150.1 66. 8 67.3 16.0 Oct.......................... 152.2 67.1 69.0 16.1 153.3 67.0 70.2 16.1 Nov.................... 153.0 68.2 68,6 16.2 155.1 68.9 70.1 16.2 Dec............................ 153.1 69.1 67.6 16.4 155.7 70.4 69.0 16.3 1955—Jan............................. 154.5 70.0 67.7 16.8 155.5 69. 8 69.0 16.7 Feb............................. 1 54.6 70,8 66.9 16.9 153.8 70.2 66.8 16.8 Mar............................ 154.7 71.2 66.6 16.9 152.4 71,2 64.2 17.0 Apr........................... 155.5 72.1 66.5 16.9 154.4 71.8 65.6 17.0 May........................... 155.6 73.2 65.6 16.7 154.5 72. 8 65.0 16.7 June........................... 155.6 74.3 64.5 16 8 154. 8 74. 8 63.3 16.8 July............................ 156.6 75.5 64.3 16.8 155.8 75.4 63.7 16.7 Aug............................ 155.9 76.7 62.4 16.8 155.6 76.2 62.5 16.9 Sept............................ 156.4 77.4 62.2 16.7 156.4 77.5 62.0 1 6.9 Oct............................. I57.0 78.5 61.7 16.8 158.1 78.4 62.9 16.8 Nov.............. 156.6 79.6 60.3 16.7 158.2 80.2 61.4 16.6 Dec........................... 157.6 80.6 60.3 16.8 160.3 82.0 61.6 16.7 1956—Jan............................. 158.0 81.4 59.9 16.7 158.3 80.9 60.9 16. 5 Feb............................. 158.2 82.1 59.4 16.7 157.1 81 2 59.2 16.6 Mar........................... 159.6 83.4 59.7 16.6 158.5 83.3 58.6 16.6 Apr...................... 159.2 84.2 58.4 16.5 158.7 83.9 58.2 16.6 May........................... 159.2 85. 1 57.7 16.4 158.4 84.7 57.3 16.4 J une........................... 159.7 85.4 57.8 16.5 159.3 86.2 56.6 16.5 July............................ 159. 1 85.9 56.9 16.3 158.3 85.8 56.2 16.3 Aug............................ 160.2 86.6 57.1 16.4 159. 8 86. 3 57.2 16.4 Sept............................ 160.7 87.0 57.2 16,5 160,7 87.2 57.0 16.6 Oct.................. 160.5 87.7 56.6 16.3 161.3 87.6 57.5 16.3 Nov............................ 161.4 87.8 57.3 16.3 162.7 88.2 58.2 16.3 Dec............................ 161.6 88. 1 57.2 16.3 164.5 89 7 58.6 16.3 1957—jan............................. 161.6 88.5 56.8 16.3 161.6 87.7 57.7 16.2 Feb........................... 162.2 88.9 56.9 16.4 161.1 87.9 56.8 16,3 Mar............................ 162.5 89.5 56.6 16.4 161.4 89. 1 55.7 16.5 Apr........................... 163.8 90.1 57.2 16.5 163.8 89.7 57.5 16.7 May........................... 164.6 90.3 57.5 16.8 163.8 89.9 57.1 16,8 June.......................... 164.6 91.1 56.8 16.8 164.3 92.0 55.5 16.8 July............................ 164.7 91 .0 56.9 16.8 164.1 91.0 56.3 16.8 Aug.......................... 164.9 91.5 56.5 16.9 164.6 91.5 56.2 16.9 Sept............................ 165.1 91.8 56.4 16.9 165.1 92.2 55.9 17.1 Oct......................... • 165.7 91 .7 56.4 17.6 166. 5 91.6 57.3 17.6 Nov............................ 164.9 91.4 55.9 17.6 165.9 91.5 56.9 17.4 Dec...................... 166.4 91 .5 56.9 17.9 169.3 93.2 58.2 !7.9 1958—jan............................. 166.3 91.4 56.8 18.1 166, 2 90.5 57.7 17.9 Feb............................. 168.3 91,6 58.3 18.3 167.1 90.6 58.3 18.2 Mar........................... 170.8 92.0 59.9 18.8 169.9 91.5 59,6 18.9 Apr............................ 174.0 92.1 62.7 19.1 174.0 9! .9 62.8 19.3 May........................... 174.7 91.8 63.6 19.4 173.8 91.3 63.1 19.4 June........................... 178.6 92.7 65.9 19.9 178.2 93.6 64.6 20.0 July............................ 176.6 92.2 64.4 19.9 176.2 92.2 64.1 19.9 Aug.......................... . 178.6 92.1 66.4 20.2 178.3 92. 1 66.1 20.2 Sept............................ 177.9 92.3 65.2 20.4 177.9 92.6 64.7 20.6 Oct............................. 179.2 93.5 65,2 20.5 1 80. 1 93.4 66.2 20.5 Nov........................... 181.7 94.6 66.7 20.5 182.7 94.7 67.7 20.3 Dec........................... 181.2 95.6 65.1 20.5 184.4 97.5 66.4 20.6 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1516 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 LOANS AND INVESTMENTS AT COMMERCIAL BANKS, 1948-67—Continued (In billions of dollars) Seasonally adjusted Not seasonally adjusted Month 1 Securities Securities Total 2 Loans 2 Total 2 Loans 2 U.S. Govt. Other U.S. Govt. Other 1959—jan.............................................................. 184.0 97.0 66.5 20.5 183.8 95.9 67,5 20.4 Feb............................................................. 183.4 97 1 65.8 20.6 181.9 96.0 65.5 20.4 Mar............................................................. 182.2 98.3 63.5 20.5 181.1 97,4 63.2 20.6 Apr............................................................. 183.7 99.4 63.5 20.8 183.8 99.3 63.6 20.9 May.............................................. 184.8 100.9 63.2 20.7 183.9 100.5 62.6 20.8 June............................................................ 184.8 101.7 62.5 20.6 184.2 102,8 60.9 20.6 July............................................................. 185.7 103.9 61.1 20.6 185,7 103.9 61.1 20,6 Aug........................................................... 186.7 105.6 60.5 20.6 186.1 105.3 60.3 20.5 Sept............................................................ 185.5 105.8 59.2 20.6 186.3 106.3 59.2 20.7 Oct.............................................................. 185.8 106.6 58.6 20.6 186.7 106.5 59.6 20.6 Nov............................................................ 185.7 107.3 57.9 20.5 186.1 107,3 58.5 20.3 Dec....................................................... 185 9 107 5 57 9 20.5 189,5 110.0 58.9 20.5 I960—Jan.............................................................. 185.8 108.5 56.8 20.4 185.6 107.4 * 58.0 20.3 Feb............................................................. 185.5 109 4 55.9 20.2 184.3 108.1 56.2 20.1 Mar............................................................ 186.2 109 9 56.3 20.1 183.4 109.1 54,2 20.1 Apr................................................. 186.6 110 8 55.9 19.9 186.2 110,4 55.8 20.0 May........................................................... 187.0 111.4 55.8 19.8 185.9 110.9 55.1 19.8 June............................................................ 187.3 111.5 55.9 19.8 186,7 112.6 54,2 19.9 July........................................................... 188.6 112.0 56.6 20.0 188,6 111.9 56.7 20,0 Aug............................................................ 1 89.4 112.6 56.8 20.0 189.0 112.5 56.6 20.0 Sept............................................................ 191.0 113.2 57.8 20.0 191.4 113.5 57.7 20.2 Oct............................................................. 193.0 113.2 59.5 20.3 193.8 113.0 60.4 20.4 Nov......................................................... 193.1 113.4 59.2 20.5 193.9 113.4 60,2 20.3 Dec............................................................. 194.5 113.8 59.8 20.8 198.5 116.7 61,0 20.9 1961—Jan.............................................................. 195.8 114.1 60.7 21.1 195,6 112,8 61,9 20.9 Feb............................................................. 198.2 115.6 61.2 21.4 197.0 114,4 61.3 21,3 Mar...................................................... 198.0 115.0 61.3 21.6 195,6 114.2 59.7 21.7 Apr............................................................. 198.0 115.4 61.0 21.6 197.2 114.7 60.7 21.8 May...................................................... 199.9 116.0 62.0 21.9 199.1 115.8 61.5 21.9 June............................................................ 201.3 115.8 63.4 22.0 200,9 117.0 61.8 22.1 July........................................................... 203.3 116.5 64.5 22.2 203.3 116.3 64.7 22.3 Aug........................................................... 204.1 116.8 64.8 22.6 202.9 116.3 64.2 22.5 Sept............................................................ 206.9 117.8 66.0 23.1 207.5 118.1 66.1 23,3 Oct.............................................................. 207.5 118.7 65.7 23.1 208.3 118.5 66.6 23,2 Nov.......................................................... 208.2 119.2 65.4 23.6 209.1 119.5 66.2 23,4 Dec............................................................. 209.6 120.5 65.2 23.9 214.4 123.9 66.6 23.9 1962—Jan.............................................................. 210.7 120.8 65.6 24.3 210.9 119.6 67.2 24.1 Feb............................................................. 212.0 121.9 65.4 24.6 211.6 121.1 66,0 24,5 Mar.. ................ ... 213.9 123.4 65.1 25,3 212.4 122.6 64.4 25,4 Apr............................................................ 215.7 124.9 64.9 25.9 214.8 124.0 64.7 26.1 May.................................................... 217.0 125.2 65.6 26.2 215.3 124.8 64,4 26.1 June............................................................ 218.3 126.2 65.2 26.9 219.2 127.7 64.4 27.0 July........................................................... 219.1 126.5 65.2 27.4 217.8 126.1 64.2 27.5 Aug.......................................................... 221.0 128.4 64.9 27.8 219.0 127.3 63.9 27.9 Sept............................................................ 222.4 130.1 64.3 28.0 223.1 130.6 64.3 28,2 Oct.............................................................. 224.1 131.2 64.3 28.6 225.7 131 .5 65.6 28.6 Nov......................................................... 226.1 132.2 64.8 29.1 226.8 132,3 65.6 28.8 Dec. 8...................................................... 227.9 134.1 64,5 29.2 233.6 137.9 66.4 29.3 1963—Jan.............................................................. 229.8 134.8 65.2 29.8 229.1 133.4 66,2 29.5 Feb............................................................. 231.3 136.3 64.9 30.2 230.4 135.2 65,3 29.9 Mar........................................................... 232.3 137.3 64.3 30.7 231.9 136.4 64,8 30.7 Apr............................................................. 233.5 137.9 64.4 31.2 232.3 136.9 64,0 31.4 May............................................................ 235.5 139.3 64.3 31.9 233.6 138.9 63,0 31.7 June......................................................... 237.2 140.9 64.0 32.3 239.1 143,1 63,5 32.4 July........................................................... 239.2 142,5 63.9 32.8 237,8 142.4 62.5 32.9 Aug.......................................................... 239.7 143.6 62.6 33.4 237.1 142.5 60.9 33,7 Sept............................................................ 241.0 145.4 61.7 33.9 241.9 146.0 61.8 34.2 Oct.............................................................. 242.4 146.6 61.5 34.3 242.4 146.0 62.0 34.5 Nov............................................................ 244.2 148.4 61.4 34.4 245.0 148.6 62.3 34.1 Dec .3........................................................ 246.2 149.7 61.5 35.0 252.4 153.9 63.4 35.1 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
REVISION OF BANK CREDIT SERIES 1517 LOANS AND INVESTMENTS AT COMMERCIAL BANKS, 1948-67—Continued (In billions of dollars) Seasonally adjusted Not seasonally adjusted Month 1 Securities Securities Total 2 Loans 2(4 Total 2 Loans 2,4 U.S. Govt. Other 4 U.S. Govt. Other 4 1964~Jan............................................................. 247.2 151.1 61.0 35.0 246.2 149,5 62.1 34,6 Feb............................................................ 248.7 152.4 60,9 35.3 247.2 150.6 61.5 35.1 Mar............................................................ 249.6 153.7 60.3 35.6 249.9 152.8 61.5 35.6 Apr............................................................ 251.3 155.0 60,7 35.6 250.6 154.7 60.1 35.8 May............................................................ 253 5 157.1 60.5 35.9 251.5 156.7 59.1 35.8 June.......................................................... 255.0 158.4 60.4 36.2 257.3 161,6 59.3 36.4 July............................................................ 256.0 159.8 59.9 36.4 254.2 159.4 58.3 36.5 Aug............................................................ 258.7 161,7 60.2 36.8 256.1 160.2 58.8 37,1 Sept.......................................................... . 261.1 162,9 60.8 37.5 262.2 163.7 60.7 37.8 Oct................................................... 262.4 163,8 60.7 37.9 262.4 163,0 61,4 38.0 Nov.. ........................................................ 265.8 165.9 61.5 38.5 266,3 165.5 62.7 38.1 Dec............................................................ 267.2 167.7 60.7 38.7 273.9 172,1 63.0 38.8 1965—jan............................................................. 269.6 170.6 59.6 39.5 269. 1 168.5 61,5 39.1 Feb............................................................ 272.6 173.0 59.7 40.0 270,7 170.5 60.5 39.7 Mar................................................... 275,5 175.2 59.8 40.5 273.9 174.5 59.0 40.3 Apr............................................................. 276.8 176.7 58.8 41.2 275.9 176,2 58.3 41.4 May............................................................ 279.1 179.5 58.3 41.3 277.1 178.8 57.2 41 .1 June........................................................... 281.1 181.1 58.1 42.0 283.9 184,9 56.9 42.2 July............................................................ 282.7 182.7 57.5 42.4 281.2 182,4 56,3 42.6 Aug............................................................. 286.1 185.2 57.8 43.1 283.2 184.3 55,5 43.4 Sept............................................................ 287.1 186.6 57.0 43.4 286.8 187.0 55.9 43,9 Oct............................................................. 290.2 188.8 57.6 43.8 290.2 187.7 58.5 44.1 Nov............ ............................................... 292,0 190.7 57.1 44.2 292.3 189.8 58,8 43.8 Dec........................................................... 294.4 192.4 57.3 44.8 301.8 197.4 59.5 44.9 1966—Jan.............................................................. 297.0 194.6 57.4 45,0 296.7 192.6 59.6 44,4 Feb............................................................. 298.6 196.7 56.5 45.5 295.9 193,5 57.3 45,1 Mar...................................................... 300.1 198.4 56.0 45,7 298,3 197.4 55.4 45.4 Apr.......................................................... 302.1 200,6 55.3 46,2 301.5 199.6 55,5 46.5 May............................................................ 303.7 202,3 54.1 47.3 302.2 201,5 53.6 47.1 June........................................................... 306.8 203.4 54.9 48.5 310,1 207.9 53.5 48,8 July............................................................ 307.5 204.5 54.5 48.5 306,9 205.6 52,7 48.6 Aug............................................................. 309.9 205.8 56.0 48.0 307,4 205,2 53.7 48.4 Sept............................................................ 309.4 206.2 54.9 48.3 308.8 206.4 53,6 48,8 Oct........................................................... 308.9 207.2 53.4 48.4 308.0 205.8 53.6 48.7 Nov............................................................ 309.3 207.5 53.4 48.4 309,0 206,7 54.4 47.9 Dec............................................................. 310.2 207,8 53.7 48.7 317.9 213.0 56,2 48.8 1967,—Jan.............................................................. 314.4 210.4 54.2 49,9 313.8 208.5 56.0 49.4 Feb.......................................................... 318.0 211.0 55.9 51.1 314.5 207,2 56,6 50.7 Mar.......................................................... 321.4 211.3 57.8 52.3 320,1 210.3 57.8 52.0 Apr............................................................. 323.0 213.3 56.1 53.6 322.3 212.2 56.2 54.0 May......................................................... 324.3 213.1 56.2 55.1 323.4 212,7 55,9 54.8 June.......................................................... 324.9 213.2 55.9 55.8 328.8 217.9 54.8 56.1 July............................................................ 332.2 216.5 58.9 56.7 331,5 217.4 57.2 56.9 Aug............................................................ 337.1 217.7 61.9 57.5 334.1 216.9 59.3 57.9 1 Data are for last Wednesday of the month and are partly estimated -^ Data are estimates for Dec. 31. except for June 30 and Dec. 31 call dates). Data for June 30, 1967, 4 Beginning June 30, 1966, CCC certificates of interest and Export are estimates. Import Bank portfolio fund participation certificates totaling an es 2 Adjusted to exclude interbank loans. Beginning June 9, 1966, timated $1 billion are included in "Other” securities rather than in about $1.1 billion of balances accumulated for payment of personal loans. loans were deducted as a result of a change in Federal Reserve regu lations. SEASONAL ADJUSTMENT FACTORS FOR 1967 (Per cent) Item Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Loans and investments.... 99.8 98.9 99.6 99.8 99.7 101,2 99.8 99.1 99.8 99.7 99.9 102.5 Loans.................... 99.1 98.2 99,5 99.5 99.8 102,2 100.4 99.6 100,1 99.3 99.6 102.5 Other securities.............. 98.9 99.2 99.5 100.6 99.5 100,6 100.3 100.8 101 .0 100.7 99.1 100.2 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Treasury and Federal Reserve Foreign Exchange Operations This eleventh joint interim report reflects This report was prepared by Charles A. the Treasury-Federal Reserve policy of Coombs, Vice President in charge of the making available additional information on Foreign Department of the Federal Reserve foreign exchange operations from time to Bank of New York, and Special Manager, time. The Federal Reserve Bank of New System Open Market Account. It covers the York acts as agent for both the Treasury period March to early September 1967. and the Federal Open Market Committee of Previous reports were published in Bulle the Federal Reserve System in the conduct tins for September and March of each year of foreign exchange operations. beginning with September 1962. During the first 4 months of 1967, sterling increase international liquidity, and tensions staged a strong recovery while international in the Far East. financial markets generally moved into better These severe pressures in the gold and balance as inflationary pressures receded exchange markets in early June brought an and credit conditions eased. Toward the immediate central bank response. To relieve end of May, unfortunately, the sudden the stringency in the Euro-dollar market, eruption of the Middle East crisis jolted the Bank for International Settlements confidence in both the gold and foreign (BIS) drew $143 million on its swap line exchange markets. Money immediately with the System and placed these funds in flowed in heavy volume to the traditional the market. This BIS operation, which was haven of Switzerland, thereby imposing fur reversed in July, helped to settle the market ther strain on the Euro-dollar market from and ease the pressures on sterling resulting which funds were already being withdrawn from the pull of higher Euro-dollar rates. in anticipation of midyear liquidity require At the same time, the U.S. authorities, in ments. Sterling also came under pressure, cooperation with the Bank of England, act reflecting concern that Britain might prove ed to absorb sterling from the market by particularly vulnerable to adverse develop purchasing spot against forward resale a ments in the Middle East. In the gold mar total of $112 million equivalent of sterling. ket, fears that the Middle East hostilities In addition, the Bank of England strength might develop into a broader conflict briefly, ened its own resources by reactivating its but strongly, intensified speculative buying, swap line with the Federal Reserve through already influenced by public discussions of a drawing of $225 million in June. The U.S. gold policy, the Treasury’s suspension Federal Reserve made even heavier drawings of silver sales, alternating reports of immi on its Swiss franc swap lines to absorb the nent success or failure of negotiations to flow of dollars to Switzerland, while the 1518 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FOREIGN EXCHANGE OPERATIONS 1519 gold pool kept the London gold market markets were influenced both by the U.S. price under firm control. balance of payments deficit and the back Although the immediate disturbances in wash from large shifts of funds among third the gold and exchange markets associated countries. The Federal Reserve swap lines, with the Middle East crisis were thus quickly after having reverted fully to a standby basis dealt with, international financial markets last February, were once again activated in remained uneasy during succeeding months May when the System began a series of while short-term funds continued to move drawings on its swap line with the Belgian across the exchanges in response to differ National Bank in order to absorb a continu entials in interest rates and credit conditions. ing influx of dollars into Belgium. Such Recurrent pressures on sterling, for example, drawings of Belgian francs rose to $120 seemed to reflect interest rate differentials million equivalent by the end of August, marginally unfavorable to London, as well while drawings of $20 million equivalent of as hedging. At the close of August, the suc Dutch guilders were also required to absorb cessful conclusion of the Group of Ten dis dollar acquisitions by the Netherlands Bank. cussions on international liquidity brought By far the largest operation, however, was about some covering of short positions in undertaken in Swiss francs in order to absorb sterling while also relieving speculative buy $390 million that poured into the Swiss ing pressure on the London gold market. National Bank during May and June. There As in the past, dollar rates in the exchange were only very limited opportunities to re verse these operations during the summer months, and at the end of August System TABLE i swap drawings outstanding totaled $513 FEDERAL RESERVE RECIPROCAL CURRENCY ARRANGEMENTS, AUGUST 31, 1967 million (see Table 2). Subsequently, in early (In millions of dollars equivalent) September, the Federal Reserve drew an additional $5 million under its arrangement Amount of with the National Bank of Belgium and $10 Institution facility million from the Netherlands Bank. During the period under review, the Fed Austrian National Bank............................. 100 National Bank of Belgium.......................... 150 eral Reserve swap network was expanded Bank of Canada......................................... 500 National Bank of Denmark....................... 100 and further strengthened. In May new swap Bank of England........................................ 1,350 facilities were negotiated with the central Bank of France.......................................... 100 banks of Denmark and Norway in the German Federal Bank................................ 400 Bank of Italy.............................................. 600 amount of $100 million each and with the Bank of Japan............................................ 450 Bank of Mexico.......................................... 130 Bank of Mexico for $130 million. Then in July, against the background of the Middle Netherlands Bank....................................... 150 Bank of Norway......................................... 100 East problem, the System negotiated in Bank of Sweden.......................................... 100 Swiss National Bank................................... 250 creases in: (1) its Swiss franc swap lines Bank for International Settlements: with the Swiss National Bank and the BIS Swiss francs/dollars................................. 250 Other European currencies/dollars......... 300 (each facility being increased by $50 million Total.................................................... 5,030 to $250 million), and (2) its swap line with the BIS providing for swaps of dollars Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1520 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 TABLE 2 DRAWINGS AND REPAYMENTS BY FEDERAL RESERVE SYSTEM UNDER RECIPROCAL CURRENCY ARRANGEMENTS, MARCH 1962-AUGUST 1967 (In millions of dollars) 1962 1963 1964 1965 1966 1967 Drawings Institution Total outstanding, 1st 2d 1st 2d 1st 2d 1st 2d 1st 2d 1st July- Aug. 31, H H H H H H H H H H H Aug. 1967 Austrian National Bank D Re ra p w ay in m g e s n .. t . s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . ..... 50.0 50.6 5 5 0 0 . . 0 0 ..................... National Bank of Belgium Drawings................................. 30.5 10.0 15 0 145.0 65.0 85.0 30.0 37.5 92.5 510.5 120.0 Repayments............................. 15.5 25.0 15.0 100.0 50.0 110.0 35.0 30.0 10.0 390.5 Bank of Canada Drawings................................. 20.0 .......... 20,0 ..................... Repayments.......................... 20.0 20,0 Bank of England Drawings................................. 50.0 25.0 10 0 .......... 85.0..................... Repayments............................. 50.0 25.0 10 0 85.0 Bank of France Drawings.............................. 50.0 21 5 .......... 71.5..................... Repayments................................. 50.0 12 5 9.0 .......... 71.5 German Federal Bank Drawings............................... 150.0 136 0 55.0 50,0 15.0.......... 140.0 546.0..................... Repayments............................. 226 0 115.0 65.0 .......... 140.0 546.0 Bank of Italy Drawings................................. 50.0 250.0 100.0 325.0 725.0..................... Repayments............................ 50.0 82,0 168.0 100.0 310.0 15.0 725.0 Netherlands Bank Drawings................................. 10.0 50.0 50.0 100 0 100.0 25.0.......... 65.0 20.0 420.0 20.0 Repayments............................. 50.0 10.0 70 0 80.0 100.0 25.0 30.0 35.0 400,0 Swiss National Bank Drawings................................ 50.0 80 0..25.0.......... 150.0 75.0 185.0 33.0 598.0 173.0 Repayments................................. 50.0 5 0 100.0 90.0 60.0 60.0 43.0 17.0 425,0 Bank for International Settlements Drawings................................. 80.0 150 0 100.0 75.0 185.0 15.0 605.0 200,0 Repayments............................. 25.0 55.0 5 0 145.0 60.0 40.0.......... 75.0 405.0 All banks Drawings................................. 110.0 310.5 235.0 532 5 80.0 395.0 480.0 210.0 710,0 407,5 160,5 3,631.0 513.0 Repayments............................. 190.5 265.0 348 5 464.0 100.0 447.0 403.0 135.6 430,0 318.0 17.0 3,118.0 against other European currencies (this In July the Treasury issued the first of four facility rising from $200 million to $300 scheduled 414-year $125 million notes, de million). Thus, the Federal Reserve swap nominated in German marks. These latest network now comprises bilateral agreements security issues, partly offset by redemption with 14 central banks plus the BIS which at maturity of Belgian franc-denominated provide mutual credit facilities totaling bonds totaling $30.2 million, brought to $5,030 million. $1,015.5 million total outstanding issues of In April and May the U.S. Treasury issued U.S. Treasury foreign currency obligations to the BIS certificates of indebtedness de (see Table 3). nominated in Swiss francs, the proceeds of STERLING which ($60.2 million equivalent) were used to reduce third-currency swaps negotiated During the first quarter of 1967, funds that with the BIS last February to liquidate pre had fled from sterling during the summer of vious Swiss franc drawings by the System. 1966 began moving back at an accelerated Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FOREIGN EXCHANGE OPERATIONS 1521 TABLE 3 taken as a sign of confidence, and (4) the U.S. TREASURY SECURITIES, FOREIGN British Government’s decision to continue CURRENCY SERIES strict control over price and wage increases (In billions of dollars equivalent) through July 1968. In addition to having re paid early in March its swap with the Fed 1966 1967 eral Reserve, the Bank of England later in Issues, Issued to— Out or redemptions ( — ) Out the month used most of its record reserve stand Net stand gains to repay other short-term central bank Ja i n ng . 1 c d h y u a e r n i a n g r g e I II J a u n l d y Au i g n . g 31 debts. Thus, within a 6-month period, the Aug. Bank of England had repaid $575 million Austrian National Bank............. 100.7 -50.3 .................................. 50.3 to the U.S. authorities and $720 million to National Bank of Belgium........ 30.2 ...................... -30.2 .......................... other parties. Remaining central bank credits German Federal Bank............. 602.1 -251,5 .................... 125.5 477.0 linked specifically to changes in overseas Sank of Italy........ 124,8 .................................................. 124.8 Swiss National sterling balances were liquidated early in Bank................. 257.3 -46.2 ................................... 210.8 Bank for Interna the second quarter. tional Settle ments1. ........ 92.6 ...................... 60.2 ...... 152.7 The influx of short-term capital continued Total............ 1,207,8 -348.0.... 30,0 125.5 1 ,015.5 in April and early May, though at a dimin 1 Denominated in Swiss francs. ishing rate. The British authorities were able Note.—Discrepancies in amounts are due to valuation adjustments, refundings, and rounding. to announce a reserve increase of $145 million in April, as foreign short-term inter pace. By early March, these inflows had est rates continued to fall and the U.K. enabled the Bank of England to liquidate budget message met with a generally favor completely the swap drawings from the able reception. As early as April, however, Federal Reserve and to repay fully other some market concern was beginning to be sizable special credits from the Federal Re expressed about the trend in the trade fig serve and the U.S. Treasury. (At their peak ures, and by early May covered interest rate in August of last year, credits from the comparisons that had tended to favor Lon United States had reached $750 million. By don earlier in the year started to turn ad the end of September they had been reduced verse. Shortly after the announcement on $575 million through substitution of other May 4 of the third cut in the discount rate credit facilities.) Announcement of these of the Bank of England this year, from 6 repayments confirmed to the market the to 514 per cent, Euro-dollar rates began to degree of recovery that had already taken firm, despite subsequent steps toward further place and triggered a spurt of buying that monetary ease by several continental coun gained momentum as the month progressed. tries. Moreover, the announcement on May Other developments during March con 11 that the British trade deficit had jumped tributed to a surge of covering of short posi from $36 million in March to $115 million tions. These included announcements of (1) in April was followed a few days later by renewal of the credit lines from nine central President de Gaulle’s sharply negative com banks and the BIS, (2) unexpectedly good ments at a press conference on Britain’s fourth-quarter balance of payments figures, application to join the Common Market. (3) a cut in the discount rate of the Bank of By mid-May the combination of these ad England from 6Ti to 6 per cent, which was verse factors had led to the first net selling Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1522 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 of sterling this year. Nevertheless, the British June 7 while permitting the Bank of England authorities proceeded with their plans to to recoup much of the exchange that had prepay $405 million on May 25 to the Inter been used during the preceding few days. national Monetary Fund (IMF)—more As the month progressed, however, ru than half of the amount due this December mors that Arab countries might withdraw under the 1964 drawing—together with the sterling balances revived market anxieties whole amount ($80 million) borrowed in while the announcement at midmonth of dis 1964 from Switzerland, thus further reestab appointing trade figures for May had a fur lishing available credit facilities. ther disturbing effect. Finally, the pull of On June 1, market expectations of an im foreign interest rates, particularly during a minent outbreak of hostilities in the Middle brief squeeze in the Euro-dollar market at East sparked a burst of selling of sterling. the end of June, exerted further pressure. To Such apprehension of war affected sterling cushion the reserve impact of these adverse not only directly but also indirectly through developments, the Bank of England drew the Euro-dollar market, where precaution $225 million during June under its $1,350 ary withdrawals of funds combined with the million swap arrangement with the Federal usual pressures associated with midyear Reserve. window-dressing to create a sudden squeeze SWISS FRANC and a sharp hike in rates. These dual pres sures were immediately met by a coordinated During the first half of 1967, Swiss interest central bank response in both the exchange rates declined less rapidly than rates outside and Euro-currency markets. On June 1 the Switzerland. Indeed, during much of this U.S. authorities, in consultation with the period, the Swiss credit market remained Bank of England, purchased a total of $92.7 relatively tight, and there was on the whole million of sterling in the New York market more incentive for foreigners to pay off pre on a swap basis, buying spot against forward vious Swiss franc borrowings than there was sales. That same day the BIS began placing for Swiss residents to place new funds in the Euro-dollar market new dollar funds abroad. Even in the early months of the drawn under its Swap arrangement with the year, the reflux to foreign markets of funds Federal Reserve. By June 7, when a cease repatriated by Swiss residents at the year fire resolution by the United Nations served end was less than might have been expected to reduce tensions somewhat, the BIS had on the usual seasonal pattern. As a result, drawn a total of $143 million from the Sys the Federal Reserve was unable to acquire tem and had placed these dollars, together through the market sufficient francs to pay with funds received from other central banks, off completely earlier drawings under its in the Euro-dollar market. Meanwhile, the swap lines with the Swiss National Bank U.S. authorities had temporarily taken an and the BIS. To liquidate the residual bal other $20 million of sterling out of private ance of $75 million in Swiss francs due to hands through additional swap purchases in the BIS, the U.S. authorities in February New York. With the cessation of actual hos used $75 million equivalent of sterling bal tilities, covering by the market of short posi ances to acquire Swiss francs from the BIS tions in sterling boosted the spot rate from a on a temporary swap basis. Subsequently, low of $2.7900 on June 6 to $2.7932 on when the Swiss National Bank released to Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FOREIGN EXCHANGE OPERATIONS 1523 the Swiss commercial banks part of their the first time that the Swiss authorities had deposits that had been blocked since 1961, offered this facility other than at midyear the banks bought BIS Swiss franc promissory and at the year-end. During the final weeks notes in the amount of $60.2 million equiva of March the central bank took in $221 lent. The BIS placed these francs at the dis million on this basis and immediately re posal of the U.S. Treasury, which in invested the money in the Euro-dollar maexchange issued certificates of indebtedness ket to assist in moderating pressures in that denominated in Swiss francs. The Swiss market. franc proceeds of these issues were used to Following the end of the quarter, interest reduce the commitment under the sterling/ rates on sterling and dollar investments con Swiss franc swap to $14.3 million equiva tinued to decline, while the unwinding of lent. the Swiss National Bank swaps with its In order to forestall a rapid rise in the commercial banks tended to tighten the Swiss franc rate during March, when Swiss Swiss market once again. Foreigners, partic banks repatriated funds for liquidity re ularly Italians, began to bid for Swiss francs quirements, the Swiss National Bank an to repay indebtedness previously incurred nounced early in the month that it would and started shifting their borrowings to cur provide Swiss francs against dollars for end- rencies that were being lent more cheaply, of-quarter needs through short-term swaps notably German marks, while in addition with the Swiss commercial banks. This was there may have been some net repatriation TABLE 4 DRAWINGS AND REPAYMENTS BY FOREIGN CENTRAL BANKS UNDER RECIPROCAL CURRENCY AGREEMENTS, MARCH 1962-JUNE 1967 (In millions of dollars) 1962 1963 1964 1965 1966 1967 Drawings Institution Total outstanding, 1st 2d 1st 2d 1st 2d 1st 2d 1st 2d 1st June 30, H H H H II H H H H H H 1967 National Bank of Belgium Drawings......................... 35.0 10.0 .......... 45.0 ........................... Repayments...................... 25.0 20,0 45.0 Bank of Canada Drawings.......................... 250.0 17.6 ..........267.6 ........................... Repayments...................... 250.0 17.6 267.6 Bank of England Drawings......................... 25.0 15.01,355.0 1,215.0 550.0 175.0 450.0 225,0 4,010,0 225.0 Repayments.......................... 25.0 1,170.0 1,055.0 435.0 475,0 275,0 350,0 3,785.0 Bank of Italy Drawings.......................... .......... 50.0 100.0 .......... 150,0 ........................... Repayments.......................... 150.0 150,0 Bank of Japan Drawings........................... .......... 50.0 30.0 .......... 80.0 ........................... Repayments...................... 80.0 80.0 Bank for International Settle ments i Drawings.............................. 285.0 225,0 510.0 143.0 Repayments..................... 85.0 282.0 367.0.. All banks Drawings........................... 250,0 60,0 60.0 165.0 1,385.0 1,215.0 550.0 175.0 752,6 450.0 5,062.6 368.0 Repayments..................... 250,0 25.0 45.0 150.0 1,250.0 1,055.0 435.0 475.0 377.6 632.0 4,694.6 1 Drawings of dollars against European currencies other than Swiss francs, including—in addition to drawings in connection with Euro-dollar operations—drawings to meet temporary cash requirements. During the first 6 months of 1967 drawings to meet cash requirements totaled $82 million. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1524 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 of funds by Swiss banks. As a result, the spot East, the demand for francs abated, only rate moved up from $0.2 3 0716 at the begin to pick up again on a moderate scale just ning of April to the effective ceiling of before midyear. Once again, the Federal $0.231716 by April 26, at which point the Reserve drew on its swap arrangements to Swiss National Bank became a buyer of dol absorb these inflows; it added $33 million lars for the first time in 1967. With credit to its drawings on the Swiss central bank conditions remaining tight and some ner and $ 15 million to its drawings on the BIS— vousness developing about sterling and the bringing the total of Swiss franc drawings prospects of a Middle East clash, the rate outstanding on July 3 to $390 million, out of held at or close to the effective ceiling credit lines then totaling $400 million. The through most of May, and the Swiss National drawing on the Swiss National Bank was re Bank added some $180 million to its re duced on July 28 to $180 million, when the serves. The prepayment by the Bank of Swiss National Bank purchased $10 million England in May of the $80 million credit from the System against Swiss francs to meet extended to it in December 1964 resulted in Swiss official requirements. In view of con equivalent dollar acquisitions by the Swiss tinuing uncertainties in financial markets National Bank. and unsettled conditions in the Middle East During the first days of June the rumor, during the summer, it was agreed in mid-July and then actual outbreak, of hostilities in that the Federal Reserve swap lines in Swiss the Middle East precipitated a heavy flow of francs with the Swiss National Bank and the funds to Switzerland. The dollar holdings of BIS should be expanded by $50 million each the Swiss National Bank, already swollen by to a new combined total of $500 million. the inflows in May, jumped by $212 million (At the same time, the $200 million swap in the first week of June. Tn order to absorb facility with the BIS in European currencies these dollar flows, the Federal Reserve on other than Swiss francs was increased by June 2 and June 8 drew a total of $370 mil $ 100 million equivalent to $300 million.) lion equivalent of Swiss francs in equal The capital inflows in May and especially amounts under its swap arrangements with in June led to increased liquidity in Switzer the Swiss National Bank and the BIS; in land and eliminated the need for any special addition, the Swiss National Bank purchased measures, such as short-term swaps, to meet $30 million of gold from the U.S. Treasury. midyear needs. Indeed, there was some eas Although only a part of the shift of funds ing in Swiss interest rates. Tn order to rein to Switzerland during this period represented force this trend, the Swiss central bank on transfers directly out of sterling, the Swiss July 10 reduced its discount rate from 316 authorities were prepared to cooperate with to 3 per cent, explaining that the move was the Bank of England in countering the “likely to facilitate the reestablishment of effects of such shifts. One by-product of this interest rate differences existing normally cooperation was the acquisition by the Fed between Switzerland and foreign countries eral Reserve of $28 million equivalent of and thus also the reflux abroad of the excess Swiss francs, which were used on June 16 to liquidity registered in the past two months.” repay an equivalent amount of its drawings Following this move, and as Euro-dollar on the Swiss National Bank. rates became relatively more attractive, some Following the cease fire in the Middle movement of funds out of Switzerland began Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FOREIGN EXCHANGE OPERATIONS 1525 to develop, and by late August the franc had mark began to ease as the cumulative in eased considerably. When the rate reached fluence of easy money policy induced heavy $0.23041/8, the Swiss National Bank began outflows of commercial bank funds. At the selling dollars to the market. The Bank sub same time, German firms that had taken up sequently purchased $7 million from the sizable amounts of funds abroad began mak System, which used the Swiss franc counter ing repayments as credit became more read part to reduce its outstanding drawings in ily available in Germany. Swiss francs. Such Federal Reserve drawings The easing trend in spot marks became thus amounted to $373 million as of the more pronounced toward the end of June, end of August. when the German Federal Bank announced the fourth reduction in reserve requirements GERMAN MARK this year. To encourage retention in Ger The German economy has been operating at many of this newly released bank liquidity, less than capacity this year, and the slack the German Federal Bank at the same time in domestic activity has been reflected in a altered its pattern of exchange market activ substantial drop in imports and buoyant ex ity. For several months the central bank had ports. As a result, the German trade surplus been concerned that its policy of active ease nearly quadrupled from $555 million in the had been more successful in stimulating out first half of 1966 to $2.2 billion in the first flows of funds than in reducing domestic half of this year. Had it not been for the very interest rates. By widening the margin be large outflows of short-term funds stimulated tween its announced buying and selling rates by the significant easing in German mone and permitting a rapid fall in the spot rate, tary policy, this trade surplus could have the central bank sought to increase the de created severe strains in international credit gree of uncertainty about future rate move markets and the foreign exchange market. ments, particularly for those who were in Thus, the series of reductions in the discount vesting abroad at very short term on an un rate and in reserve requirements during the covered basis. As the spot rate dropped first 8 months of this year, while designed sharply in early July to just below par, inves primarily to stimulate the flagging domestic tors immediately began to purchase forward economy, were very helpful from an interna cover to avoid the risk of a future rise in the tional standpoint as well. rate, and the cost of such cover back into Following the usual seasonal pattern, marks jumped from about % per cent per there was a substantial reflow of funds from annum for 3-month maturity, for example, Germany just after the year-end, and the to over 1% per cent and remained close to Federal Reserve was able to acquire in the 1V2 per cent through August. market and through special transactions During the period under review, there sufficient marks to liquidate by mid-Febru- were discussions between Germany and the ary the $140 million drawn on the swap line United States, together with the United with the German Federal Bank in Decem Kingdom, concerning military forces in ber 1966. During March and April the spot NATO and the balance of payments conse rate generally held close to its upper limit quences of U.S. and U.K. troop deployments but the central bank did not add significantly in Germany. In early May the U.S. author to its reserves. By mid-May, however, the ities released an exchange of letters growing Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1526 FEDERAL RESERVE BULLETIN ■ SEPTEMBER 1967 out of these discussions between the Presi then overheated economy.) The move also dent of the German Federal Bank, Karl brought interest rates in the Netherlands Blessing, and the Chairman of the Federal more nearly into line with those in other Reserve Board, William McChesney Martin, centers. At the same time, the Netherlands Jr., in which the former indicated that the Bank removed the penalty deposit require Federal Bank intended to continue its prac ment for banks exceeding credit ceilings. tice of not converting dollars into gold as Despite these moves, money market condi part of a policy of international monetary tions in the Netherlands remained tighter cooperation. This statement was made with than abroad, and Dutch banks withdrew the agreement of the German Federal Gov funds from other markets. Under the circum ernment, which at the same time took note stances the Dutch authorities began to rely of the Federal Bank’s intention to purchase increasingly on swap transactions in the ex $500 million of U.S. Government medium change market—that is, the purchase of term securities in four equal quarterly dollars spot against forward delivery—as a instalments beginning in July. The first $125 regular method of relieving money market million equivalent German-mark security pressures. Dollars taken in by the central was issued on July 3. bank on a swap basis reached fairly substan tial levels beginning in May and rose to a DUTCH GUILDER peak of $150 million in early June. During the early part of 1967, the guilder In the early summer, the backwash of the came on offer as the Dutch trade balance hostilities in the Middle East and renewed moved into deficit, primarily due to slacken pressures on sterling dominated the foreign ing demand by some of its major trading exchange markets. As additional funds partners. At the same time the recovery of moved into Amsterdam, the guilder rose sterling attracted additional outflows of sharply and the Netherlands Bank took in guilder funds. Under the circumstances the dollars both outright and on a swap basis. Netherlands Bank released dollars to the Accordingly, at the end of July the Federal market and further reduced its dollar re Reserve drew $20 million of guilders under serves by converting into dollars the guilder its $150 million swap line with the Nether tranche of a multicurrency drawing from the lands Bank and used the proceeds to absorb IMF by Spain. The Netherlands Bank then an equivalent amount of dollars on the books replenished its dollar reserves by buying $35 of the Dutch central bank. Following a fur million from the Federal Reserve against ther flow of funds into the Netherlands, in guilders. The Federal Reserve used the guil early September the Federal Reserve made ders to repay by the end of January the re an additional drawing of $10 million maining commitment under a $65 million equivalent. swap drawing made during the summer of CANADIAN DOLLAR 1966. The Dutch economy continued to ease, During the early part of 1967 movements and in mid-March the Netherlands Bank in the Canadian dollar rate were influenced reduced its discount rate from 5 to 414 per by fluctuations in the volume of new Cana cent. (The rate had been raised to 5 per dian bond flotations in the New York market cent in May 1966 in order to damp down the and by short-term capital flows. A flurry of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FOREIGN EXCHANGE OPERATIONS 1527 new issues in January, together with the the winter. There was no real pressure in the take-down of proceeds of previous issues exchange market, however, and official hold and the repatriation of funds from the ings of gold and foreign exchange were little United States, more than offset adverse sea changed through the first quarter. sonal factors, and the Canadian dollar In April the franc began to strengthen moved above par ($0.9250), where it held further as the current account continued in through mid-February. At the end of Feb surplus, and from May onward the franc ruary, as the rate of new external issues held at or near its upper intervention point. abated and adverse seasonal factors asserted In part, this strength reflected an inflow of themselves, the rate moved below par and short-term capital despite steps by the cen remained there during the rest of winter and tral bank to ease monetary policy somewhat, early spring. including three cuts in the discount rate dur The Canadian dollar began moving into a ing the first half of the year. During the rest period of seasonal strength late in the spring of the period the National Bank of Belgium as grain shipments started up again. Then in was compelled to take in substantial amounts June an increase in bond issues lent further of dollars. strength to the Canadian dollar, pushing it Inflows in late April and early May led the above par. An additional—although quite Federal Reserve to absorb $30 million that temporary—boost was given to the spot rate had been acquired by the National Bank by when unfounded rumors of an increase in utilizing its $150 million swap line with that the Canadian-Russian wheat agreement Bank. In an unrelated transaction, the U.S. were prompted by the arrival in Canada of Treasury during May repaid two maturing a Russian trade delegation. During the sum Belgian-franc-denominated bonds totaling mer, tourist receipts were unusually large, $30.2 million, originally issued in 1963— as the success of EXPO 67 drew an excep using francs it had acquired in late 1966 tional number of visitors to Canada. Conse when the dollar was in demand in Belgium. quently, the Canadian dollar remained quite The Federal Reserve used an additional strong during July and August—fluctuating $7.5 million of the swap line in June but in a narrow range around $0.9300. Official shortly thereafter repaid $10 million by sell gold and foreign exchange reserves never ing dollars to the National Bank to meet theless declined moderately during the first Belgian Government needs. In July and 7 months of the year (by $53.3 million), August demand for francs was intensified as with the decline in large part ($31.8 mil commercial banks increased their inflow of lion) the result of purchases by the Canadian short-term capital. (The scope for the banks authorities of Canadian Government debt to employ in Belgium the proceeds of for held by residents of the United States. eign borrowings increased with the removal in late June of the credit ceilings that had BELGIAN FRANC been previously applied on a voluntary The Belgian franc moved above par in Jan basis.) The renewed pressures on sterling uary as slightly slackening activity in the also contributed to the substantial inflow as Belgian economy contributed to a more than commercial interests and banks reduced seasonal drop in imports, and the current their holdings of sterling. In order to absorb account shifted from deficit to surplus during dollars purchased by the National Bank Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1528 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 during this period, the Federal Reserve used stantial amounts of dollars, though on a a further $92.5 million under the swap lesser scale than in the previous year. The arrangement plus $3 million of Belgian franc Federal Reserve did not draw upon its $600 balances. Thus at the end of August, total million swap line with the Bank of Italy swap drawings by the Federal Reserve stood during the period, but outstanding Federal at $120 million. After a further flow of funds Reserve and Treasury technical commit into Belgium, in early September the Fed ments in forward lire were rolled over peri eral Reserve made an additional drawing of odically during 1967. $5 million equivalent. OTHER CURRENCIES ITALIAN LIRA During the period under review, there were The deficit that had emerged in late 1966 in no System transactions in Austrian schil Italy’s balance of payments continued during lings, French francs, Japanese yen, Danish the first 2 months of 1967—reflecting sea kroner, Norwegian kroner, Swedish kronor, sonal factors and intensified import demand or Mexican pesos. Nor were there any draw associated with an expanding economy. In ings by the U.S. Treasury on the IMF. As addition, there were sizable exports of capi of the end of August net U.S. indebtedness tal, partly in anticipation of changes in the to the Fund was $922.2 million. Italian tax laws. Under the circumstances, U.S. monetary authorities were able to EURO DOLLAR MARKET acquire sufficient lire to repay lira swap com The Euro-dollar market eased considerably mitments totaling $114 million, of which the during the first four months of 1967, after final $15 million portion was liquidated at having been subjected to considerable strain the beginning of 1967. last year. Excessive reliance on monetary In March Italy’s balance of payments be policy in a number of countries had pushed gan to strengthen, although the reemerging domestic interest rates to historically high surplus was considerably less than during levels, which affected the international the comparable period a year earlier as im money market as well. U.S. banks in partic port demand expanded further and capital ular turned to the Euro-dollar market in an exports continued. As economic expansion effort to recoup deposits being lost as certifi generated mounting financial requirements cate of deposit rates reached ceiling levels on the part of Italian residents for both for under Regulation Q and became noncom eign exchange and local currency, Italian petitive with commercial paper. Thus, be banks reduced their net claims on foreigners tween late June and the peak in mid-Decem by nearly $275 million during the first 6 ber, U.S. banks added some $2.4 billion to months of the year. During the same period their borrowings through foreign branches. Italian official reserves, including Italy’s Later, year-end liquidity requirements position in the IMF, increased by $55 placed additional demands on the market. In million. the final weeks of 1966, concerted action About midyear the Italian payments posi was taken by the BIS and a number of cen tion moved into the period of seasonal tral banks to counter these year-end pres strength, and the demand for lire intensified. sures, and the constellation of Euro-dollar The Italian authorities began to acquire sub rates began to ease. (For a description of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FOREIGN EXCHANGE OPERATIONS 1529 these operations, see the Federal Reserve SELECTED 3-MONTH YIELDS Bulletin for March 1967, pages 355-57.) PER CENT The decline in rates was even more pro 1 ■ - nounced after the turn of the year. By late April, 3-month deposits were quoted at 411/ig per cent, lower than at any time in 1966 and 216 percentage points below their peak of late November. This sharp decline in rates reflected, in addition to the usual seasonal pattern, decidedly easier monetary conditions in the United States and Germany and to a lesser extent in other countries. By the end of the first quarter U.S. banks had reduced their liabilities to foreign branches, mainly in London, by some $1,250 million from the mid-December peak, while Ger man and Swiss institutions had added sub stantially to their net foreign currency assets abroad. A large part of the foreign funds shifted to London during the early months of the year were converted into sterling—re flecting both the relative attractiveness of sterling-denominated short-term assets and the return of confidence in that currency. As man funds tapered off, and U.S. banks on indicated on the accompanying chart, British balance were no longer repaying previous local authority deposits commanded a mod borrowings. Rates in the Euro-dollar market est edge over Euro-dollars early in the year began to rise in May, and with the outbreak and again in April, even allowing for ex of hostilities in the Middle East in June, change cover. On an uncovered basis, of precautionary withdrawals of funds com course, there had been a substantial interest bined with preparations for the midyear to margin in favor of sterling assets right along, cause a sharp jump in rates. The increased but this incentive became of practical sig interest incentive to shift funds from sterling nificance in terms of shifts of funds only to the Euro-dollar market added a further with the return of confidence. element of pressure on sterling. Accordingly, The trend in interest rate relationships as indicated in the section on sterling, the shifted during the second quarter as condi BIS immediately began to place sizable tions in the Euro-dollar market began to amounts of dollars in the Euro-dollar market tighten, partly reflecting a similar movement —-financing $143 million of such placements in U.S. short-term rates. Banks in some by drawing on the swap line with the Federal countries began to withdraw funds from the Reserve. These operations quickly calmed Euro-dollar market while those in other the market, and, with the cessation of fight countries accelerated the pace of their bor ing, the rapid rise in rates came to a halt. rowing. At the same time placement of Ger- Apart from a brief period of stringency at Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1530 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 midyear and in early July, Euro-dollar rates U.S. payments deficit as well as from short have generally tended downward in recent term outflows from Germany and Switzer weeks despite renewed borrowings by U.S. land. In addition, there has been a shift of. banks through their branches that have funds out of sterling, partly because the cov brought these liabilities back to a level ap ered incentive between sterling and Euro proaching last December. Some new funds dollar investments has favored the latter for have come into the market as a result of the several months now. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Statements to Congress Statement of George W. Mitchell, Mem of any State or of any political subdivision ber of the Board of Governors of the thereof.” Federal Reserve System, before the Sub Besides issuing “general obligations,” committee on Financial Institutions of the States and many local governments, par Committee on Banking and Currency, U.S. ticularly cities and special purpose govern Senate, on S. 1306 “To Authorize Commer mental authorities of various kinds, also cial Banks to Underwrite Revenue Bonds,’’ issue securities that do not have the same August 28, 1967. “full faith and credit” backing. As examples, a State may issue bonds that arc to be re I appreciate this opportunity to present paid solely from tolls paid for use of a the views of the Board of Governors of the bridge, tunnel, or turnpike, or from a par Federal Reserve System on S. 1 306, a bill ticular State tax source such as a motor which, broadly speaking, would repeal the fuel, sales, or severance tax. A city may provisions of Federal law that now prohibit issue bonds payable solely from the income commercial banks from underwriting or of its water system or parking facilities. dealing in revenue bonds. At the request of In many cases a State, instead of issuing the chairman of this subcommittee, the its own bonds payable solely out of a Board’s staff recently undertook a study of designated revenue source, will create a the interest cost effects of commercial bank Roads Commission or Turnpike Authority, underwriting of revenue bonds, and the re with power to raise necessary funds by sults of this study were transmitted to the selling its own bonds to the public. Bonds subcommittee on July 21 of this year. After of that kind ordinarily arc not binding on, the study was completed, the Board had or backed by, the State itself. Such bonds the benefit of two oral presentations, one by may completely obligate the Commission or commercial bankers supporting the bill and Authority that issues them, but since that one by investment bankers in opposition to body docs not possess general taxing power it. Having carefully reviewed its position they have the same status as equivalent on bank underwriting of revenue bonds, bonds issued by the State but payable only the Board recommends that S. 1306 be from one or more particular sources of enacted. Section 5 1 36 of the Revised Statutes now State income. In other words, all of these provides that a national bank “shall not securities are in the category of “revenue” underwrite any issue of securities,’’ and bonds and may not be underwritten or dealt other provisions of law apply this prohibi in by commercial banks. tion to State banks as well. However, sec As their capital needs have increased, tion 5136 further provides that the prohibi States and localities have been turning to tion of underwriting (as well as “dealing’’ such revenue issues in increasing numbers. in) securities “shall not apply to obligations This alternate method of financing increases of the United States, or general obligations the flexibility and scope through which 1531 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1532 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 State and local governments can raise neces bank investment. The bill also forbids a sary funds. bank to hold revenue bonds of any one Some large commercial banks, both na issuer as a result of underwriting, dealing, tional and State, have departments that or purchasing for its own account in a total underwrite bonds that arc “general obliga amount exceeding at any one time 10 per tions” under section 5136. Either individ cent of the bank’s capital and surplus. In ually or as members of syndicates, they other words, if a bank already held bonds submit offers for new issues of municipal of the X Turnpike Authority in its invest “GO’s,” as they are called, and if the offer ment portfolio in an amount equal to 6 per is accepted, they distribute the securities by cent of the bank’s capital and surplus, it selling them to the investing public, includ could not, as underwriter (or in any other ing institutional investors. Many of such capacity otherwise than as fiduciary), buy banks also act as dealers—that is, they buy bonds of a new issue of that Authority in an and sell GO’s that arc already outstanding amount exceeding 4 per cent of such capital and maintain inventories of such bonds for and surplus. sale. Specific prohibitions arc included in S. These underwriting and dealing functions 1 306 against bank underwriting of obliga must be distinguished, of course, from tions payable solely from the proceeds of banks’ investments in securities. Under sec special assessments and industrial develop tion 5136 and the Investment Securities ment obligations—that is, obligations to Regulation of the Comptroller of the Cur finance the development of property and rency, a bank may purchase for investment payable solely from rentals received from (the statute uses the expression “purchase leasing the property to private manufac for its own account”) securities of any kind, turers. In addition, provisions arc included including corporate securities and revenue to reduce potential conflicts of interests. A bonds, that are “marketable” and meet bank participating in an underwriting syn prescribed standards of quality. The pend dicate could not purchase any revenue ing bill does not relate to such investments, bonds for its trust department from any but rather to the authority of banks to member of the syndicate until the syndicate underwrite and deal in securities. (For had closed as to underwriting. Nor could it brevity, I shall refer hereafter only to purchase such bonds for its trust depart “underwriting,” but “dealing” should also ment from itself as an underwriter or dealer be understood.) unless directed to do so by court order. And Under section 5136, banks may under if the bank sold any such obligations to any write GO’s without any statutory restriction depositor, borrower, or correspondent bank, as to amount or requirement as to quality. it would have to disclose that it was selling Questions respecting quality and amount are as an underwriter or dealer. taken care of by the examination process. Over the years the controversy surround S. 1306, on the other hand, would permit ing proposals to authorize bank underwrit banks to underwrite only such revenue bonds as “are at the time eligible for pur ing of revenue bonds has developed a chase by a national bank for its own ac variety of pro and con arguments, most of count”—that is, securities that are of “bank which concern subjective judgments that quality” and therefore already eligible for cannot be quantified. It may be helpful to Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
STATEMENTS TO CONGRESS 1533 your committee to summarize these argu this conclusion, despite its quantitative ments, as we understand them. appearance. It is possible that the residual difference in borrowing costs is due entirely ARGUMENTS IN FAVOR OF S. 1306 to factors other than the absence of com mercial bank underwriting. And even if 1. Economies in Government financing. bank underwriting did improve the revenue The main argument favoring extension of bond market, some of the investor interest bank underwriting to revenue bonds is that attracted thereby might be diverted from it would save governmental issuers money other tax-exempt investments, thus creating on what has become a major instrument of a partial offset in the form of a worsening municipal finance. It is argued that revenue in the market for GO’s. bond borrowing costs would decline, rcllect- 2. Improved market efficiency. It is also ing reductions in underwriting costs and in the yields necessary to attract investors. asserted that bank underwriting of revenue bonds would improve the breadth and con Reoffering yields would fall because (1) tinuity of these markets. Not only would the market for revenue bonds would broaden there be a large increase in the number of as banks offered them to investors not pre viously reached, (2) the secondary market market-makers for individual revenue bond issues, but also the issuers would have the would improve as a result of bank opera tions as dealers in such bonds, and (3) the added assistance of commercial bank under very fact that revenue bonds were accorded writers in preparing the statistical and other information needed to assure that the statutory treatment more nearly equal to GO’s would increase investor receptivity. market would give proper quality ratings to Lower underwriting costs, of course, would their revenue issues. Moreover, it is argued be expected to derive from increased com that the banks—since they are better capi petition in the bidding for new issues. talized and have multiple long-run interests The Federal Reserve staff study sub at stake—would continue to underwrite and mitted to you in July concludes that there is deal in revenue bonds in both good and a small but significant difference in borrow bad times. Nonbank underwriters, it is ing costs between GO’s and revenue bonds, asserted, tend to withdraw from the market after allowing for differences in the charac when interest rates arc rising and there has teristics of the two type of issues, and that been a series of underwriting losses. Our the potential saving resulting from bank staff study did show a substantially larger underwriting of revenue bond issues might rise in underwriting spreads on revenue amount to 1 to 2 per cent of the total in than on GO bonds in 1966, and it is alleged terest cost. Specifically, on the $3 billion of that this tendency was accentuated in the new revenue bonds of investment grade summer of 1966, when pressure on money issued last year, the study indicates that the markets was particularly strong. total annual borrowing cost actually in The difference in underwriting eligibility curred ($113 million) might have been produces a noneconomic bias in favor of reduced by $ 1.9 million. Since their average the issuance of GO’s, it is argued, even maturity was 18 years, this would amount when a revenue issue might be more ap to about $34 million over the full life of the propriate. Thus, a smaller municipality bonds. But it must be recognized that there might use its general borrowing power to is a considerable clement of judgment in finance a revenue-producing project solely Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1534 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 (or largely) because its commercial bank correspondent banks and other customers. contracts are not permitted to underwrite There would be a natural tendency, it is revenue issues, even though revenue bonds asserted, to promote the sale of bonds in would have the advantage of placing the which the bank is involved as underwriter burden of financing the project exclusively or dealer, even though such bonds might not on the users. be as suitable (or well priced) as others in 3. Consistency in underwriting function. meeting the customer’s needs. In many cases revenue bonds and GO’s Second is the problem of handling the may be used interchangeably by the issuing investments of trust accounts administered authority; in all cases, presumably the by the bank. If, as trustee, the bank buys financing represents a public need to be bonds in which it is interested as underwriter served. Moreover, since both types of bonds or dealer, its responsibilities as trustee might carry exemption from Federal income taxes, be subordinated to the objectives of its bond the characteristics of the two markets are department. If, on the other hand, the bank quite similar. Thus it may be argued that trustee refrains from such purchases in order bank underwriting of revenue bonds would to avoid that risk, it may be depriving its make possible a better structuring of insti trusts of the most suitable investment avail tutional arrangements to market realities, able at the moment. would permit a more rational choice be Third is the conflict in function between tween GO’s and revenue bonds as financing the bank as underwriter and as investor. vehicles, and would provide greater support There is danger, it is asserted, that some for State and local financing requirements banks would be tempted to hide their under should the trend toward increased use of writing mistakes, and avoid immediate revenue bonds continue. losses, by taking “sticky” securities into their own investment accounts. Conversely, ARGUMENTS AGAINST S. 1306 it is argued that the underwriting banks 1. Conflicts of interests. Commercial might have an unfair investment advantage over other investors, since as underwriters banks occupy a central and influential role they could earmark the most attractive is in the financial community, as advisers to sues (or segments of issues) for their own a variety of customers on financial matters portfolios. and as investors of their own and other people’s money. Given these functions, per 2. Risk of market concentration. Aside mitting the banks to underwrite and deal from the conflict of interests problem, some in securities obviously poses problems of opponents of bank underwriting of revenue conflicts of interests. Therefore, it may be bonds question whether the long-run result argued that such activities should be per might not be a decrease, rather than an in mitted only where there is an overriding crease, in underwriting competition. It is public interest that clearly outweighs the argued that there is a demonstrable tendency risks of abuse. towards concentration in this • field—6 of At least three potential conflict of in the 10 leading managing underwriters of terest areas must be recognized: municipal bond offerings already are banks, First is the possibility that banks will be even though the banks may now underwrite undesirably influenced in their dealings with only GO’s—and that a broadening of bank Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
STATEMENTS TO CONGRESS 1535 authority would tend to drive some nonbank have no evidence that bank underwriting of underwriters out of the business. It is argued GO’s has resulted in abuses that call for that banks have an inherent competitive ad legislative correction. Rather, the question vantage—with their broad and varied before you now is whether, given the fact customer contacts, large capitalization, and that banks are allowed to underwrite most cheaper and more certain availability of municipal obligations, they should neverthe credit—and that this is already evident in less be prohibited from underwriting a par other fields, such as dealing in U.S. Govern ticular kind of municipal obligation, which ment securities. If nonbank underwriters was of little consequence in 1933 but which were to withdraw from the business, the end is now of major importance. Today revenue result might be higher rather than lower bonds account for roughly 40 per cent of borrowing costs. outstanding long-term State and local debt. As this review of the arguments may have We see no reason to conclude that the risks demonstrated, persuasive reasons may be inherent in bank underwriting of revenue advanced for and against enactment of S. bonds are any greater than those involved 1306. In testimony before the House Bank in GO’s. Nor can we see any other reason ing and Currency Committee in 1963 and to prohibit underwriting of revenue bonds 1965, the Board opposed enactment of bills that would not apply equally to GO’s. We to authorize commercial banks to under therefore recommend favorable action on write revenue bonds, largely because of S. 1306. concern over conflicts of interests. The This should not, in our view, constitute Board continues to believe that the principle a precedent for later authorization of com of separation of commercial banks from mercial bank underwriting of corporate investment banking, which was recognized bonds or other securities of private borrow and adopted by the Congress in the Bank ers. The case for exempting municipal obli ing Act of 1933, is a sound and significant gations rests, as we see it, on a special con one. This separation tends to minimize pos cern for assisting public bodies in borrowing sible conflicts of interests that might other to meet public needs. We strongly believe wise impair the ability of commercial banks that any further expansion of bank under to devote themselves single-mindedly to writing—for example, to assist in financing their primary function of serving their de private utility companies—would be un positors, borrowers, correspondents, and warranted. trust accounts. Although we have discovered no very Nevertheless, the Congress has concluded reliable way to quantify the possible benefits that some exceptions to the general rule are of this bill in reducing State and local bor warranted, among them being an exception rowing costs, we are inclined to believe that for the general obligations of States and greater competition and an increase in the their political subdivisions. To the best of number of underwriters and dealers would my knowledge, no one is seriously proposing lead to lower costs in this field. This implies, that the authority of commercial banks to of course, that entry of commercial banks underwrite GO’s should be repealed, even into the field will supplement, rather than though the possible conflicts of interests are replace, the existing underwriting of revenue the same as for revenue bonds. And we bonds by investment bankers. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1536 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 In our view there is ample room for both. may at times be an unavoidable outcome of In the fiscal year ending June 30, 1967, fiscal efforts to combat recessions, perpetual total new issues of municipal obligations deficits—in good times as well as bad—can amounted to $13.1 billion, more than only undermine the world’s confidence in double the total for the fiscal year ending our currency and defeat our efforts to main June 30, 1957, and continued rapid growth tain a full employment economy. seems assured. This prospect presents a chal There can be little doubt that the econ lenging opportunity for both commercial omy has resumed vigorous expansion. We banks and investment banking concerns to have emerged from a temporary pause that, contribute in developing and improving this in terms of historical experience, was brief market. and mild. Within a 6-month period, and with minimal effects on output and employ ment, our economy has been able to shake off the effects of a marked reduction in con sumer willingness to spend and a massive Statement of William McChesney Martin, effort by businesses to reduce excessive in Jr., Chairman, Board of Governors of the ventory investment. Last December, busi Federal Reserve System, before the Ways ness inventories were rising at a $20 billion and Means Committee of the House of Rep annual rate; by June inventories were falling resentatives, September 14, 1967. at a $3 billion annual rate. Yet even with Thank you for this opportunity of appear such a major inventory adjustment depress ing before your committee to urge prompt ing demands for further production, the enactment by the Congress of the tax pro drop in industrial output was limited to gram recommended by the President. I about 2 per cent, and unemployment never might note that all Members of the Board exceeded the 4 per cent level—a level close concur in this view. to our full employment target. This remark Prudent management of the Govern able performance testifies to the funda ment’s finances and the economy’s welfare mental resiliency and strength of our econ calls for restraint in private and public omy, as well as to the efficacy of flexible spending in the months ahead, if the vigor fiscal and monetary policies. ous economic expansion now under way is For its part, monetary policy, which had to be sustained without accentuating infla carried the brunt of the battle to re tionary pressures. In the absence of the pro strain inflationary pressures in 1966, moved posed program to reduce expenditures and promptly toward a position of ease last fall, increase taxes, the Federal deficit for this as soon as it became evident that inflation fiscal year could be the largest since World ary pressures were coming under control. War II. The stimulus to the economy result Ample reserves were made available to the ing from such a deficit is simply not war banking system, and the banking system re ranted by the current and prospective eco sponded to monetary ease by rapidly ex nomic situation; indeed, it would be highly damaging to the national objectives of panding its loans and investments. Over the achieving maximum sustainable growth and first half of this year, bank credit increased moving toward equilibrium in our interna at a 12 per cent annual rate. tional balance of payments. While deficits Beginning last fall, the cost of borrowed Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
STATEMENTS TO CONGRESS 1537 funds dropped sharply. For example, the In turn, these institutions have been able to rate on 3-month Treasury bills dropped by provide a greatly enlarged volume of funds % of a percentage point between September for the financing of residential construction. 1966 and the end of that year, and contin By the second quarter of the year, mortgage ued to decline by another full percentage debt was expanding at an annual rate of $20 point through the winter and the spring of billion, up a third from the rate of increase 1967, as the Federal Reserve continued to in the fourth quarter of last year. And out pursue a stimulative policy. standing commitments for future mortgage Long-term interest rates also declined lending by the major institutional suppliers significantly last fall and early this winter. of such funds were nearly one-third larger However, the cost of long-term financing in in July than at the beginning of 1967. bond markets turned up some months ago, Accompanying monetary ease was a under the pressure of a record volume of strongly stimulative fiscal policy. Govern security offerings. Corporations had drawn ment expenditures, spurred by rising defense heavily on their liquid assets and lines of outlays, increased rapidly. Furthermore, credit last year in financing the boom in some of the Government funds impounded capital goods expenditures during a period in the fall of 1966 to reduce inflationary of monetary restraint. With a return to con pressures were released, and tax incentives ditions of monetary ease, corporations at to encourage business investment in new tempted to restore liquidity, principally by equipment were reinstated. The Federal defi lengthening the maturity of their debts. cit increased on the basis of all three meth Moreover, as the size of the potential Fed ods of budget-keeping. As measured by the eral deficit became clearer and fears of in national income accounts budget, the deficit flation revived, market participants hastened increased from a $3 billion annual rate in to borrow available Ioan funds at the longest the final quarter of 1966 to almost $15 maturities possible. As one result, an un billion in the spring of this year. usually large proportion of corporate financ The economy’s response to monetary and ing this year has taken the form of long fiscal stimulation is apparent in the current term security issues, particularly public flood of statistics showing resumption of offerings of bonds. The volume of bond flo vigorous expansion. Retail sales have been tations has exceeded that of any prior period rising strongly since spring; gains in per by a sizable margin. sonal incomes in June and July were more Despite the consequent rise in the yields than double the average in earlier months available on corporate bonds, the flow of of the year; industrial production rebounded savings into depositary institutions has con in July and preliminary data indicate an tinued to mount rapidly. In the first 6 other rise in August; manufacturers’ order months of the year, net flows into mutual backlogs have continued to edge up. Busi savings banks and savings and loan associa ness efforts to reduce inventories appear to tions, and into time and savings deposits at have ended; indeed, some inventory rebuild commercial banks, reached record levels. ing by manufacturers began in July. Fur Large inflows have continued this summer, ther, housing construction is moving up reaching record growth at mutual savings sharply; labor markets have strengthened, banks in July, and the largest July inflow in and unemployment is drifting down. 8 years for savings and loan associations. Though most measures of economic activ- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1538 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 ity are registering significant gains, there time, the individual firm may feel it is are—as is usually the case—some excep escaping the consequences of acceding to tions. For example, new orders received by wage increases greater than gains in pro manufacturers dipped in July, following five ductivity by passing on the higher costs to consecutive months of increase. And a re its customers. But in time, it too becomes cent survey suggests that the increase in a customer, and finds a higher materials bill business spending for new plant and equip added to its higher wage costs. In the end, ment over the balance of the year will prob inflation hits all. The purpose of economic ably be somewhat smaller than had been policy must be to see that demand does not forecast by businessmen earlier in the year. exceed the limits of our resources, and so to But our assessment of the current economic make it unlikely that higher prices can be situation is that the strengths far outweigh passed through effectively, from one busi any weakness, and that, over-all, the econ ness to another and on to the public at large. omy is moving on a course of rapid expan In the absence of restraint, excessive de sion. mands will appear to validate excessive cost Along with the welcome evidence of eco increases and, in the process, encourage nomic resurgence, however, have come dis even further price rises. turbing indications of renewed inflationary The task for public policy in the months pressure. Recently, the rise in the cost of ahead, then, will be to maintain vigorous living has accelerated. Since spring, the con growth without exceeding the bounds of sumers price index has increased at an available resources. Even a cautious ap annual rate of over 4 per cent, compared praisal of the future indicates the difficulty with less than 1 per cent during the winter. of this task. The surge in private spending And after an extended period of stability, promises to continue in most sectors of the industrial prices are moving up again under economy. Consumer spending, which has the pressure of rising demand and costs. displayed strength in recent months, will un Increases have been noted for a number of doubtedly continue to rise as incomes ad key industrial materials—copper, steel, vance rapidly. Indeed, consumers are likely lumber, other building materials, crude oil to spend an increasing proportion of their —and for a variety of manufactured prod growing incomes, and to finance expendi ucts: tires, carpets, television sets, appli tures on credit more freely. ances, metal working machinery. With mar Businesses appear to have achieved a kets more buoyant, the costs of materials more satisfactory balance between stocks rising, and labor costs up sharply—unit and sales, and the greater likelihood—bar labor costs rose 516 per cent from mid-1966 ring prolonged strikes—is for some modest to mid-1967—the incentives and the oppor rebuilding of stocks in the months ahead. tunities to raise prices have been increased. The abundance of funds flowing into thrift Distinctions sometimes made between institutions is being reflected in a sharp rise cost-push and demand-pull inflation should in new home construction, and the large not be allowed to obscure the fact that both volume of funds committed for the future to types feed on each other. The rise in wage finance this activity should permit a con costs that gets translated into higher prices tinued rapid increase in home building. Busi feeds back into higher wage demands as ness investment is not likely to resume the price pressures pervade the economy. For a frenzied pace of 1965 and 1966, but the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
STATEMENTS TO CONGRESS 1539 restoration of tax incentives for these out prices could trigger higher wage demands. lays, along with expanding retail markets, And the willingness of investors to acquire should at least sustain business expenditures fixed-income, longer-maturity securities— for new plant and equipment at present high mortgages, municipal bonds, Treasury issues levels. —would be eroded. The auto strike may for a time mask the Our strong and prosperous economy can underlying strength of expansive forces in afford to undertake—and to pay for—many the economy, but in the past, termination of burdens. But it cannot afford inflation. Our such strikes has been followed by surges in domestic objective of sustained economic auto production and sales. And there have growth cannot be achieved if prospects of already been announcements of price in inflation lead to unwise private decisions— creases for autos, based in part on cost in with respect to inventories, or industrial creases anticipated to result from new labor capacity, or credit—decisions reversible only contracts. Thus, looking beyond the strike, at great cost both to the individual enter expansion in economic activity can be ex prise and to society generally. The interrup pected to be rapid, and upward pressure on tion to economic growth in the first quarter costs and prices to continue, and perhaps to of this year can be traced to the excessive accelerate. accumulation of inventories last year, an Added to rising private expenditures will accumulation inspired partly by fear that to be military outlays substantially above the delay buying would mean paying more later. level predicted last January. As Secretary Unless the business community and the con Fowler and Budget Director Schultze have suming public have confidence that the already indicated to this committee, the Government will display the courage and additional resources to be committed to wisdom to prevent inflation, we will be Vietnam this fiscal year could raise Govern doomed to a dreary cycle of spurts and stops ment spending for defense purposes by $4 in activity, and to distortions in the struc billion above earlier estimates, to a level ture of production, rather than to sustained some $10 billion higher than such outlays and balanced growth. were in fiscal year 1967. And Federal Certainly we cannot afford the effects of spending outside the defense area might also inflation on our balance of payments. Basic turn out to be higher than projected in last to a restoration of equilibrium in our inter January’s budget, despite administration and national payments is an improvement in our congressional efforts to reduce them. trade position. This requires that the prices In total, prospective private and public of our products be competitive in world demands appear likely to outstrip the ability markets, and that we avoid excessive de to accommodate them at reasonably stable mands at home which induce too large an prices. Private demands could become accel inflow of imported goods. The experience erated further if expectations of inflation in 1965 and 1966, when imports moved up spread: modest inventory rebuilding could much faster than growth in our economy as turn into a scramble for goods; the contem a whole, demonstrated how quickly our plated industrial plant or office building, de trade position can deteriorate. We must ferred on today’s prospects, could suddenly maintain conditions that will avoid such ex become undeferrable if construction costs cessive surges in imports, and that will pro begin to spiral. Further rise in consumer mote a vigorous growth of exports. And in- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1540 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 creasing our exports is made more difficult their portfolios and by regulation, would than usual, at the moment, by the slack eco once more find their inflows of funds cur nomic situation now prevailing in several tailed and be unable to sustain the growth of our major export markets. Under these in home construction. Rigidities and imper conditions, advances in our price level here fections in our financial structure, which would quickly endanger the modest im channeled so much of the burden of mon provement in our trading balance we have etary restraint onto the housing sector in managed to achieve thus far this year. 1966, have not yet been remedied, and there Thus, maintenance of our domestic health is no reason to think that the same unfortu and our international solvency both depend nate consequence would not again result importantly on the ability to contain cost from overreliance on one tool of stabiliza and price pressures in a full employment tion policy. It would be unjust, as well as economy. The President’s fiscal program, unwise economically, to put so much of the which would defer less essential Federal burden of restraint on the housing industry spending and would moderate the expansion again. We are fighting a war, and we should of private spending by a temporary increase not expect one sector of the economy to bear in income taxes, is essential if we are to a disproportionate share of the cost. bring aggregate demands into balance with Of course none of us can foresee the available resources. And it is essential to future with certainty. But in my judgment a implement this program promptly, for delay tax increase is needed to avoid consequences is permitting inflationary forces to gain that would be even more unpleasant. Today momentum and enhancing uncertainties in these troubles can be seen developing. If financial markets. Financial markets cannot tomorrow they have come to pass, the oppor be insulated from the laws of supply and de tunity to move against them will be gone. It mand; market participants realize that a seems to me that we have already clear and Federal deficit of record proportions on top compelling evidence of a resurgence in in of the loan demands generated by a boom flationary pressures which, if unchecked, ing private economy would add up to over would curtail our domestic expansion, all demands for credit far beyond the savings aggravate an already serious balance of pay capacity of the economy. The resultant pres ments problem, and bring severe strains in sures in financial markets would necessarily the markets for credit, particularly the mort be reflected in rising costs of credit, even gage market. In my opinion, it would be with continued generous provision of re grossly imprudent not to take timely action serves to the banking system. against these dangers. Accordingly, I favor Inasmuch as long-term interest rates for prompt enactment of the tax program pro corporate and municipal borrowers have posed by the President. already moved up, partly in fear of over reliance by the Government on monetary restraint, confirmation of that fear could Statement of J. L. Robertson, Vice Chair stimulate a scramble for funds that would man, Board of Governors of the Federal Re drive interest rates to unprecedented levels. serve System, before the Committee on The major institutions financing the housing Banking and Currency, House of Repre industry, whose ability to compete for sentatives, on H. R. 12754, September 14, savings is limited both by the structure of 1967. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
STATEMENTS TO CONGRESS 1541 The first section of H. R. 12754 would ex guaranteed by agencies of the United States. tend for two additional years the authority The Board favors extension of Public Law provided by Public Law 89-597, enacted 89-597 as provided in H. R. 12754. Fortu September 21, 1966. Unless extended, this nately, the need for the authority provided statute will expire 1 week from today. In in the Act is not quite so pressing as it was addition to provisions raising the statutory a year ago. Thus far in 1967 there has been ceiling on reserve requirements applicable a strong flow of savings funds into commer to time deposits for member banks and cial banks, mutual savings banks, and authorizing open market operations by Fed savings and loan associations, in contrast to eral Reserve Banks in direct or fully guaran the difficulties experienced in the compa teed obligations of Federal agencies, Public rable period of 1966. In consequence, total Law 89-597 confers upon supervisory agen outstanding mortgage commitments at sav cies flexible authority to establish maximum ings and loan associations climbed from rates of interest that may be paid by com a low of $2.7 billion at the end of 1966 to mercial banks, mutual savings banks, savings $5.1 billion at the end of July 1967; the and loan associations, and similar institu comparable figures for all reporting lenders tions that are Federally insured or members are $10.5 billion and $13.7 billion (esti of the Federal Home Loan Bank System. mated). And in the first 8 months of 1967, If Public Law 89-597 should expire, the commercial banks have also been able to Federal Reserve System’s legal authority attract sizable inflows into certificates of would be modified in three ways. First, the deposit of $100,000 or more, reversing the Board’s authority to establish maximum outflows that occurred in 1966, and elimi rates payable by member banks on time and nating their incentives to offset these losses savings deposits would continue, but would by offering higher rates on smaller, con be less flexible, and consultation with the sumer CD’s. FDIC and the Federal Home Loan Bank In the first 4 months of 1967 many of the Board would no longer be required. The larger commercial banks—which hold more imposition of rate ceilings on time and than half of the time deposits under $ 100,000 savings deposits would be mandatory rather —reduced their highest offering rates below than discretionary, and the bases for differ the 5 per cent ceiling. But this tendency was entiating among classes of deposits would reversed between the end of April and the be more rigid. The Board would no longer end of July, as the offered rates moved back be authorized to differentiate on the basis to the ceiling at virtually all of the banks of amount of deposit—which it found ad involved. This development parallels move visable to do immediately after the 1966 ments in interest rates on various types of amendments became law. The statutory credit market instruments that have occurred range within which reserve requirements on despite a stimulative monetary policy. time and savings deposits may be fixed by As of the end of July nearly four-fifths of the Board of Governors would be narrowed, all commercial banks with total deposits of by lowering the statutory maximum from $100 million or more and one-half of all 10 per cent to 6 per cent. And the Fed smaller banks were offering the 5 per cent eral Reserve Banks would no longer be au ceiling rate on time deposits under $100,000. thorized to engage in open market opera Nine-tenths of the larger banks and almost tions in all obligations that are issued or two-thirds of the smaller ones were paying Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1542 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 the 4 per cent ceiling on savings deposits. ing Office would be unwise. A former Chair Interest rates offered on longer-maturity man of the Board, Marriner Eccles, in a CD’s of $100,000 or more are generally letter to your Chairman in 1952 referred to higher, with a few money market banks re GAO audit as “the kind of encroachment cently having offered the 516 per cent ceiling which, if carried to its logical conclusion, rate. Thus if the authority granted last year would ultimately hamstring and destroy the to the FDIC and the Board to differentiate independence of judgment and action by the on the basis of amount of deposit in estab Reserve System.” In the course of hearings lishing maximum rates were allowed to ex presided over by Mr. Patman in that same pire, we could face much the same dilemma year, the late Malcolm Bryan, then President we faced last year in relating ceilings to the of the Reserve Bank of Atlanta, put it this different markets for these different types way: of deposit. Now, the Federal Reserve System in its manage Under these circumstances, extension of ment of the Nation’s money supply is the repository of what is probably the greatest trusteeship in the Public Law 89-597 would be useful in the world’s history. It has certainly the greatest fiduciary event of a possible recurrence of some of the responsibility ever granted by the Congress. If this System, established and articulated with scrupulous stresses experienced a year ago, even though care, which itself possesses the highest sense of money we may hope that with a better balance of accountability, with auditors and independent counter auditors checking each other, cannot now be trusted monetary and fiscal policies these stresses in the management of its privy purse, so that it must will not recur. And since this statute pro be set upon by still further auditing, then we have, in vides the basis for establishment of ceiling a sickening plunge, descended from the sublime to the ridiculous. rates for savings and loan associations, its continuation would provide assurance that The subject was examined again in 1964 the Federal Home Loan Bank Board, the by the Subcommittee on Domestic Finance FDIC, and the Board of Governors could of this committee. Excluding the testimony continue to work together to cope with any of Federal Reserve and GAO officials, most developing threat of unsound competition of the witnesses who addressed themselves for savings. to the subject at those hearings opposed Section 2 of H. R. 12754 provides for an GAO audit of the System. In the thought annual audit of the Board of Governors and that it may be helpful to the many members the Reserve Banks by the General Account of this committee who did not participate in ing Office. This provision would reverse a those hearings, excerpts from this testimony decision made by the Congress in 1933, are shown on page 1545. when the only part of the System ever sub Let me try briefly now to set forth the ject to GAO audit—the Board of Governors present procedures for audit and examina —was freed from such audit in order, in the tion of the Board and the Reserve Banks, words of the House and Senate Committee and add a few comments as to why section reports on that legislation, to leave “to the 2 of H. R. 12754 is unnecessary and unwise. Board the determination of its own internal Manifestly, Federal Reserve operations management policies.” should be conducted with maximum effi Over the years, spokesmen for the Board ciency and economy. To that end Congress and the Reserve Banks have tried in varying has placed upon the Board of Governors, an ways to express the reasons why we believe arm of the Congress, direct responsibility audit of the System by the General Account for general supervision and periodic exami- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
STATEMENTS TO CONGRESS 1543 nation of the Reserve Banks. The Federal Bank’s board of directors and not dependent Reserve Act also provides that each Reserve on any of the Bank’s officers for security of Bank shall have a board of nine directors position. Throughout the year, he and his chosen from its district. They are outstand staff make comprehensive audits of all ing in their community; many have had phases of the Bank’s operations, reporting broad experience in business and profes directly to the board of directors of the sional life, and are therefore able to apply Bank. Copies of these reports are reviewed to the Reserve Banks the high standards of by the Board of Governors of the Federal efficiency prevalent in private enterprise. Reserve System. Thus the Federal Reserve combines advan In sum, then, we have in each Reserve tages of governmental control with advan Bank an internal audit program conducted tages of private business management. the year round by the Bank’s resident audi Since 1952, the Board has been audited tor and his staff, who, by a deliberately annually by independent public accounting established plan of organization, are directly firms, and their audit reports have been sub responsible to the board of directors and in mitted to the Banking and Currency Com dependent of the Bank’s operating manage mittees of both Houses of Congress. We ment. In addition, a staff of examiners have endeavored to select topflight auditing directly employed by the Board of Gov firms for this work. The firms selected have ernors in Washington examines each Bank been Arthur Andersen & Co., Price Water every year and reports directly to the Board house & Co., Haskins & Sells, and, most re of Governors. We have the statements of cently, Lybrand, Ross Bros, and Mont certified public accountants of national re gomery. pute that the examination procedures em The Federal Reserve Act provides that ployed by the Board’s staff conform to gen the Board “shall, at least once a year, order erally accepted auditing standards. This an examination of each Federal Reserve combination of internal and external scru bank.” The Board maintains a staff of exam tiny provides an objective audit coverage iners who devote themselves exclusively to of the Reserve Banks that is unexcelled in this work. The Board’s instructions to its any other organization. examiners require, briefly, that the examina In addition, the System is subject to con tion shall look to (a) each bank’s financial gressional scrutiny, a responsibility which condition through appraisal of its assets and this committee and its distinguished chair verification of its assets and liabilities; (b) man take very seriously indeed, as you its proper discharge of all its responsibilities; know. But some of the newer members of and (c) its compliance with all applicable the committee may not fully appreciate how provisions of law and regulations. Each thoroughly the committee and its staff, in year, an outside commercial auditing firm cluding the capable and conscientious in (Haskins & Sells for 1967) is engaged to vestigators who have been on loan to the accompany the Board’s examiners on their committee from GAO in recent years, have examination of one of the Reserve Banks, examined into expenditures by the Reserve to review, observe, and submit recommenda Banks. Not only have the reports of exami tions for improving the examination pro nation of the Reserve Banks been furnished cedures. Also, each Reserve Bank has a to these investigators, but when they asked resident auditor, responsible directly to the to see the working papers used in the course Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1544 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 of the examinations these, too, were fur ciency and no apparent offsetting benefits. nished, including the contents of our exam Let me add a few comments about the iners’ locked work trunks. Detailed break wording of section 2. It provides that GAO downs of expenditures in each of four cate “shall have access to all books, accounts, gories were requested and furnished, to financial records, reports, files, and all other gether with descriptive material and justifi papers, things, or property belonging to or cations for thousands of items selected from in use by the entities being audited, includ these categories by the committee’s investi ing reports of examinations of member gators. They have visited several of the Re banks.” This provision raises serious ques serve Banks, where, they reported, they tions about whether the System would be “were courteously received and given all able to maintain relationships such as those reasonable cooperation by bank personnel presently in effect with foreign central in accomplishing [their] work.” (The quo banks, which depend on our ability to assure tation is from page 317 of this committee’s others that we can maintain confidentiality 1964 Hearings on the Federal Reserve when they request it. As to one particular System After Fifty Years.) aspect of this problem, section 2 is crystal The Board of Governors, then, stands clear: it specifically requires that we make ready to provide any information you seek available to GAO the reports of examina concerning expenditures by the System. We tion of member banks. As I have indicated take our responsibilities seriously, too, as before, the System stands ready to answer the Government agency designated by the any question about its own expenditures. Congress to make sure that the Reserve But we believe that the long-established Banks are carrying out efficiently the duties tradition that reports of examination of com assigned to them by law. Direct expenditures mercial banks should be kept confidential for audit and examination of the Reserve is not only essential to maintain effective Banks in 1966 totalled approximately $4 supervision, but also to protect the privacy million. What GAO does for the Post Office, of customers of the member banks in their we do for the Reserve Banks, reporting personal and business affairs. directly to you. This seems to us a sensible The Board therefore believes there are arrangement, since we have the particular compelling reasons to omit section 2 from expertise related to Reserve Bank opera the bill. This is particularly true because tions. If another arm of Congress were Public Law 89-597 is scheduled to expire directed to do the same job, the end result in a few days. Consequently there is insuffi would be duplication and overlapping of cient time for consideration of the issues responsibilities, with attendant increases in involved by this committee, and no time at costs and deterioration in operating effi all for hearings by the Senate committee. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
STATEMENTS TO CONGRESS 1545 COMMENTS ON GAO AUDIT BY ECONOMISTS DURING HEARINGS ON THE FEDERAL RESERVE AFTER FIFTY YEARS “. . . I am not clear as to whether the purpose sciousness of the necessity to conserve resources. of the proposed audit is to uncover possible waste “I might add, Mr. Chairman, that the work of or subject the system to more congressional pres this committee has certainly impressed upon the sure. I feel certain the waste, if any, is trivial, so several Reserve banks the necessity for watching that I would oppose an audit for this purpose un expenditures and in my opinion there is no exces less perhaps GAO audits are applied uniformly sive expenditure at the moment. Moreover, officers to all Government expenditures, including those of the Federal Reserve System are invariably men of congressional committees. As I have already of the highest integrity. Finally, I can vouch for made clear that I do not believe that the Congress the fact that the accounting departments of the is well equipped to make short-run decisions on several Reserve banks are as apprehensive of a economic policy in general or monetary policy in Federal Reserve audit as they would be of an particular, I am also opposed to more congres audit by the General Accounting Office. It is my sional pressure on the system either indirectly judgment that the Federal Reserve need not be through a GAO audit or directly by insisting on made subject to official scrutiny of its affairs by annual appropriations, as is provided in H.R. the Comptroller General.” (Statement of Ross M. 9685.” (Statement of Prof. Henry H. Villard, Col Robertson, Professor of Business Economics and lege of the City of New York, pp. 1022-23 of Public Policy, Graduate School of Business, In Hearings) diana University, ibid., p. 1360) “I believe the present arrangements for audit of “The issue as to whether there should be an the Federal Reserve Board and the Federal Re audit from within the Government seems to be serve banks are satisfactory, and I do not favor an issue of principle. My answer is I do not be provision for audit by the General Accounting lieve there should be for the following reason: In Office, as proposed in section 4.” (Statement of establishing the Federal Reserve in its present Harold Barger, Chairman, Department of Eco form the Congress has said to the Fed, we want nomics, Columbia University, ibid., p. 1355) a group of men who stand apart from the day-to day pressures of the Congress, the President of “Section 4 would make the Federal Reserve the United States, and the Secretary of the Treas banks subject to audit by the General Accounting ury. To establish an audit in the sense that I be Office. It is my conviction that the American cen lieve you are suggesting would, it would seem to tral bank should have a certain freedom of ex me, be an entering wedge to remove that degree penditure not vouchsafed to other Government of separateness of degree of independence that I agencies, the reason being that its officers must necessarily entertain both businessmen and foreign think the Congress wanted to establish in the dignitaries in a traditional and customary manner. Fed.” (Statement of Dr. G. L. Bach, Stanford It is my personal observation that Federal Reserve University and Carnegie Institute of Technology, banks are managed with restraint and great con ibid., p. 1421) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Record of Policy Actions of the Federal Open Market Committee Records of policy actions taken by the Federal Open Market Committee at each meeting, in the form in which they will ap pear in the Board’s Annual Report, are now being released ap proximately 90 days following the date of the meeting and are subsequently being published in the Federal Reserve Bulletin. The record for each meeting includes the votes on the policy de cisions made at the meeting as well as a resume of the basis for the decisions. The summary descriptions of economic and finan cial conditions are based on the information that was available to the Committee at the time of the meeting, rather than on data as they may have been revised since then. Policy directives of the Federal Open Market Committee are issued to the Federal Reserve Bank of New York-—the Bank selected by the Committee to execute transactions for the System Open Market Account. Records of policy actions for the first four meetings held in 1967 were published in the Bulletin for July, pages 1115-51. The record for the meeting held on May 2, 1967, was published in the Bulletin for August, pages 1326-32, and the record for the meeting held on May 23, 1967, follows: 1546 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 1547 MEETING HELD ON MAY 23, 1967 1. Authority to effect transactions in System Account. The latest reports on recent economic developments were somewhat less favorable than earlier. Nevertheless, staff projec tions continued to suggest some rise in real GNP in the second quarter and a more rapid advance in the third. Retail sales data for February had been revised downward, and figures for March revealed that the expansion in sales then had been smaller than had been indicated by the earlier advance estimate. The Commerce Department’s estimate of GNP for the first quarter had been reduced somewhat, as a downward revision in consumer expenditures on nondurable goods was only partly offset by upward revisions in defense outlays and net exports. The new estimates indicated that real GNP had declined slightly in the first quarter rather than remaining stable. In April total retail sales were about unchanged, according to the advance estimate, although sales of new automobiles rose moderately. Industrial production declined slightly, and employ ment in manufacturing fell further. On the other hand, housing starts in April—while moderately below the first-quarter average —were sufficiently high to suggest that the large rise in starts usual in the spring season was likely to occur this year. The rate of business inventory accumulation, which had de clined sharply in February, fell slightly further in March and for the first quarter as a whole it was only one-third the extraordi narily high rate of the fourth quarter of 1966. Staff projections now suggested the possibility of small net inventory liquidation in the second quarter and some further decumulation in the third. While inventory adjustments were retarding industrial activity currently, by the third quarter their depressant influence was expected to be considerably reduced. Final sales had expanded substantially in the first quarter, with Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1548 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 increases in outlays by Federal, State, and local governments accounting for an 'nusually high proportion—about half—of the rise in the total. It 'ppeared likely that expansion in final sales would remain substa tial in the second and third quarters, with defense expenditures c ntinuing to exceed earlier estimates, State and local government utlays expanding sharply further, and consumer expenditures ri ng somewhat faster than earlier in the year. Prospects continued ' favor expansion in residential con struction but little change in 'xed capital outlays by business. Despite upward pressures o^ unit labor costs in manufacturing, average industrial prices had bt m stable since early in the year. Recent sharp reductions in prices of farm products and foods had resulted in a decline in the total wholesale price index and an appreciable slowing in the rate of increase in average consumer prices. The earlier marked expansion in output of livestock products had begun to taper off, however, and by summer or autumn supplies of many livestock products were expected to return to about their levels of a year earlier. As a result, it seemed likely that average wholesale prices of farm products and foods would stabilize or rise soon, and that retail food prices would advance more than seasonally by summer. The deficit in the U.S. balance of payments in the first quarter was officially estimated at $540 million on the “liquidity” basis, compared with $450 million in the fourth quarter of 1966. A substantial increase in the merchandise trade surplus was more than offset by the combination of an unusually large rise in out flows of private U.S. capital into foreign securities and the absence of official debt prepayments in the first quarter. Tentative estimates suggested that the rate of deficit increased in April. The deficit on the “official reserve transactions” basis had been enlarged in recent months as a result of repayments by U.S. banks of earlier borrowings through their foreign branches. In the first quarter the official settlements deficit was estimated at a record $1.8 billion, compared with a level close to zero in the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 1549 fourth quarter of 1966, and it apparently continued very large in April. These high deficits had a substantial counterpart in the improved position of sterling. On May 4 the Bank of England reduced its discount rate for the third time in 1967, to 516 per cent, and on May 11 the German Federal Bank made the fourth such reduction, to 3 per cent. The National Bank of Belgium also had recently lowered its discount rate further. In the recently completed Treasury refunding, $3.4 billion of publicly held securities maturing in May and June and $1.3 billion of securities maturing in August were exchanged for $2.0 billion and $2.7 billion, respectively, of the new 15-month and 5-year notes. The redemptions of May and June maturities for cash were somewhat larger than had been generally expected, but the volume of August maturities exchanged for the 5-year note also was greater than anticipated. System open market operations since the preceding meeting of the Committee had been directed at maintaining an “even keel” in the money market during the Treasury financing. At member banks average free reserves were somewhat larger in the first 3 weeks of May than in April, and borrowings were moderately smaller. Federal funds traded in a narrow range around the 4 per cent discount rate, about the same as in April, while interest rates on most types of short-term market instru ments moved lower. Demands for Treasury bills remained strong and the rate on 3-month bills declined 25 basis points further, to 3.50 per cent. On the other hand, major banks raised their offer ing rates on large-denomination CD’s, particularly on those of longer maturity. Yields on long-term securities continued to rise, under the influence of heavy current and prospective offerings of new issues and—despite some dampening of the earlier marked optimism— investor confidence that economic expansion would become more vigorous later in the year. Treasury, corporate, and municipal Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1550 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 bond yields reached new highs for 1967, and some long-term rates were approaching the peaks recorded in the summer of 1966. The decline in mortgage yields slowed in April despite con tinuing large inflows of funds to depositary-type institutions, and in early May there were scattered reports of slight rises in secondary-market yields on Federally underwritten mortgages on homes. Although interest rates on mortgages had fallen con siderably since turning down in November 1966, they were still high relative to the level from which their advance had started in the summer of 1965. At commercial banks growth in business loans had slowed markedly since the mid-April tax date. The volume of largedenomination CD’s outstanding declined over the same period. As a result of further growth in other types of time and savings deposits, however, the total of such deposits was continuing to expand rapidly; new staff projections suggested that from April to May time and savings deposits would rise almost as fast as they had from March to April. As before, the projections for May allowed for a sharp decline in Government deposits and sizable increases in private demand deposits and the money supply. For total member bank deposits—the bank credit proxy —the range of expected growth in May had been narrowed some what, to an annual rate between 3 and 4 per cent. In June the proxy was projected to rise at an annual rate in the 4 to 7 per cent range if money market conditions were unchanged. Growth in time and savings deposits was expected to be maintained at its recent pace. Further sharp declines in Government deposits and sharp increases in private demand deposits and the money supply were anticipated. In the course of the Committee’s discussion it was noted that, while prospects favored resumption of economic expansion later in the year, the current situation was characterized by various cross currents and uncertainties. The Committee concluded that Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 1551 under these circumstances it would be desirable to maintain prevailing conditions in the money market. A considerable amount of concern was expressed in the dis cussion about the recent marked increases in long-term interest rates. Some members noted that further rises might result in slowing the expected economic upturn, especially in the housing sector. The Committee concluded, although some reservations on the matter were voiced, that a constructive influence might be exercised by more extensive resort to purchases of longer-term Government securities in meeting part of the needs for bank reserves that were expected to arise in the next several weeks. In particular, it was believed that some purchases of coupon issues, if and when feasible in the course of reserve-supplying operations in the coming period, could serve to lighten somewhat the market supplies of Government securities in the maturity ranges in which such supplies were the heaviest. It was also noted that this substitution of purchases of coupon issues for bill purchases could be important for balance of payments reasons, as a means of reducing downward pressures on bill rates. The Committee members made clear that such purchases of coupon issues should not be directed at maintaining any particular level or maturity pattern of interest rates. The following current economic policy directive was issued to the Federal Reserve Bank of New York: The economic and financial developments reviewed at this meeting suggest that renewed economic expansion later in the year is in prospect. Output is still being retarded by adjustments of excessive inventories, but growth in final demands, particularly Government, continues strong. Average wholesale prices have declined recently, but unit labor costs in manufacturing have risen further. Bank credit expansion has slowed in recent weeks from its earlier rapid rate. Long-term interest rates have continued to rise under the influence of heavy securities market financing, but short-term yields have declined further. Some further reductions have been made in foreign central bank discount rates. The balance of pay ments deficit has remained substantial despite some improvement in the foreign trade surplus. In this situation, it is the Federal Open Market Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1552 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 Committee’s policy to foster money and credit conditions, including bank credit growth, conducive to renewed economic expansion, while recog nizing the need for progress toward reasonable equilibrium in the country’s balance of payments. To implement this policy, System open market operations until the next meeting of the Committee shall be conducted with a view to main taining the prevailing conditions in the money market, while utilizing operations in coupon issues in supplying part of reserve needs. Votes for this action: Messrs. Martin, Brimmer, Daane, Maisel, Mitchell, Robertson, Scanlon, Sherrill, Swan, Wayne, and Treiber. Vote against this action: Mr. Francis. In dissenting from this action, Mr. Francis expressed the view that monetary policy had been highly stimulative thus far in 1967, that fiscal policy was providing an increasing stimulus, and that the economy was responding relatively quickly. On the grounds that a marked increase in demands for goods and services was likely later in the year and that monetary policy actions had their main effects after some time lag, he thought some firming in the money market should be sought now to guard against the development later of excessive demands and associated inflationary pressures. 2. Ratification of amendments to authorization for System foreign currency operations. At this meeting the Committee ratified actions taken by the members on May 12, 1967, amending paragraphs 1A and 2 of the authorization for System foreign currency operations, effec tive May 17, 1967. The first of these paragraphs was amended to add Danish kroner, Norwegian kroner, and Mexican pesos to the list of foreign currencies in which System operations were authorized. The second paragraph was amended to expand the list of foreign banks with which reciprocal currency (swap) arrangements were authorized to include the National Bank of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 1553 Denmark and the Bank of Norway, with each of which standby arrangements of $100 million equivalent were authorized, and the Bank of Mexico, with which a standby arrangement of $130 million equivalent was authorized. Maximum periods of 12 months were specified for all three new swap arrangements. With these amendments, the affected paragraphs read as follows: 1A. To purchase and sell the following foreign currencies in the form of cable transfers through spot or forward transactions on the open market at home and abroad, including transactions with the U.S. Stabilization Fund established by Section 10 of the Gold Reserve Act of 1934, with foreign monetary authorities, and with the Bank for International Settle ments: Austrian schillings Belgian francs Canadian dollars Danish kroner Pounds sterling French francs German marks Italian lire Japanese yen Mexican pesos Netherlands guilders Norwegian kroner Swedish kronor Swiss francs * * 2. The Federal Open Market Committee directs the Federal Reserve Bank of New York to maintain reciprocal currency arrangements (“swap” arrangements) for System Open Market Account with the following foreign banks, which are among those designated by the Board of Governors of the Federal Reserve System under Section 214.5 of Regula tion N, Relations with Foreign Banks and Bankers, and with the approval of the Committee to renew such arrangements on maturity: Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1554 FEDERAL RESERVE BULLETIN ■ SEPTEMBER 1967 Amount of Maximum arrangement period of Foreign bank (millions of arrangement dollars equivalent) (months) Austrian National Bank 100 12 National Bank of Belgium 150 12 Bank of Canada 500 12 National Bank of Denmark 100 12 Bank of England 1,350 12 Bank of France 100 3 German Federal Bank 400 6 Bank of Italy 600 12 Bank of Japan 450 12 Bank of Mexico 130 12 Netherlands Bank 150 3 Bank of Norway 100 12 Bank of Sweden 100 12 Swiss National Bank 200 6 Bank for International Settlements: System drawings in Swiss francs 200 6 System drawings in authorized European currencies other than Swiss francs 200 6 Votes for ratification of these actions: Messrs. Martin, Brimmer, Daane, Francis, Maisel, Mitchell, Robertson, Scanlon, Sherrill, Swan, Wayne, and Treiber. Votes against ratification of these actions: None. The Committee had considered the possibility of expanding the System’s network of swap arrangements to include the central banks of Denmark, Norway, and Mexico at a number of recent meetings, and it had authorized the Special Manager of the System Open Market Account to hold discussions with officials of those central banks looking toward the negotiation of arrange ments between their banks and the Federal Reserve. Committee members had approved the amendments to the authorization indicated above following receipt of advice from the Special Manager that the discussions had been satisfactorily completed. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Law Department Administrative interpretations, new regulations, and similar material ANTITRUST EXEMPTION FOR bank holding company within the meaning of sec VOLUNTARY AGREEMENTS OR PROGRAMS tion 2(a) of the Bank Holding Company Act of By Act of Congress, approved August 9, 1967 1956 (12 U.S.C. § 1841(a)), filed requests for (Public Law 90-62), the standby authority for determinations by the Board of Governors of the providing procedures to assist in safeguarding the Federal Reserve System that the activities planned balance of payments position of the United States, to be undertaken by its proposed subsidiaries, contained in the Act of September 9, 1965 and Farmers Insurance Agency, Inc., American Insur published in the November 1965 Federal Reserve ance Agency, Inc., International State Insurance Bulletin at page 1540, was extended to June 30, Agency, Inc., Farmers Agricultural Credit Co., 1969. The text of the Act reads as follows: Inc., and Carrington Credit Co., are of the kind described in section 4(c)(8) of the Act (12 AN ACT U.S.C. § 1843(c)(8)) and section 222.5(b) of the To extend the authority for exemptions from Board’s Regulation Y (12 CFR § 222.5(b)), so as the antitrust laws to assist in safeguarding the to make it unnecessary for the prohibitions of sec balance-of-payments position of the United tion 4(a) of the Act, respecting the ownership of States. shares in nonbanking companies, to apply in order Be it enacted by the Senate and House of Rep to carry out the purposes of the Act. resentatives of the United States of America in Pursuant to the requirements of section 4(c) (8) Congress assembled, That section 6 of the Act of of the Act, and in accordance with the provisions September 9, 1965 (79 Stat. 674; 31 U.S.C., Supp. of sections 222.5(b) and 222.7(a) of the Board’s I, 936) is amended by striking out “twenty Regulation Y (12 CFR §§ 222.5(b), 222.7(a)), months after it becomes law” and inserting in lieu a hearing was held on these matters on January thereof “on June 30, 1969”. 20, 1966. Applicant requested that the Report and ORDERS UNDER SECTION 4 OF Recommended Decision of the Hearing Examiner BANK HOLDING COMPANY ACT be waived, which request was granted, and at The Board of Governors issued the following tendant thereupon Applicant waived the right to Orders and Statement approving the requests by file exceptions permitted by section 263.12(a) of bank holding companies for determinations that the Board’s Rules of Practice for Formal Hearings the activities planned by proposed subsidiary non (12 CFR § 263.12(a)). For the reasons set forth banking organizations are not prohibited: in the Statement of this date, and on the basis of OTTO BREMER COMPANY, ST. PAUL, the entire record, MINNESOTA It is hereby ordered, that the activities In the matter of the application of Otto Bremer planned to be undertaken by each of the proposed Company, St. Paul, Minnesota, pursuant to sec companies, Farmers Insurance Agency, Inc., tion 4(c)(8) of the Bank Holding Company Act of American Insurance Agency, Inc., International 1956 for determinations re the proposed Parmers State Insurance Agency, Inc., Farmers Agricul Insurance Agency, Inc., American Insurance tural Credit Co., Inc., and Carrington Credit Co., Agency, Inc., International State Insurance are determined to be so closely related to the busi Agency, Inc., Farmers Agricultural Credit Co., ness of banking or of managing or controlling Inc., and Carrington Credit Co. Dockets Nos. banks as to be a proper incident thereto and as to BHC-75, BHC-76, BHC-77, BHC-78, BHC-79. make it unnecessary for the prohibitions of section 4(a) of the Bank Holding Company Act of 1956 Order Granting Determinations Under to apply in order to carry out the purposes of the Bank Holding Company Act Act; provided, however, that each of these deter Otto Bremer Company, St. Paul, Minnesota, a minations is subject to revocation if the facts upon 1555 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1556 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 which it is based should cease to obtain in any examine and cross-examine witnesses, and to file material respect. briefs and proposed findings of fact and conclu Dated at Washington, D. C. this 23rd day of sions of law.3 Subsequently, Applicant requested August, 1967. that the report and recommended decision of the hearing examiner be waived, which request was By order of the General Counsel of the Board granted by the Board, and attendant thereupon Ap of Governors, acting on behalf of the Board pur plicant waived the right to file exceptions under suant to delegated authority. section 263.12(a) of the Board’s Rules of Prac tice for Formal Hearings (12 CFR § 263.12(a)). (Signed) Merritt Sherman, Section 4(a)(1) of the Act forbids a bank Secretary. holding company to “. . . acquire direct or in [seal] direct ownership or control of any voting shares Statement of any company which is not a bank. . . .” By virtue of section 4(c)(8) of the Act [and of Otto Bremer Company, St. Paul, Minnesota section 222.5(b) of the Board’s Regulation Y], (sometimes hereinafter referred to as “Appli this prohibition does not apply to “shares of any cant”), a bank holding company within the mean company all the activities of which are or are to ing of section 2(a) of the Bank Holding Company be of a financial, fiduciary, or insurance nature Act of 1956 (12 U.S.C. § 1841(a)) (the “Act”), ... so closely related to the business of banking has requested determinations by the Board that the or of managing or controlling banks [as conducted activities planned to be undertaken by its pro by the applicant bank holding company or by its posed subsidiaries, Farmers Insurance Agency, banking subsidiaries] as to be a proper incident Inc., American Insurance Agency, Inc., Interna thereto and as to make it unnecessary for the tional State Insurance Agency, Inc., Farmers Agri prohibitions of this section to apply in order to cultural Credit Co., Inc., and Carrington Credit carry out the purposes of . . . [the] Act.” Co., are of the kind described in section 4(c) (8) 1 Proposed insurance subsidiaries. The purpose of of the Act (12 U.S.C. § 1843(c)(8)) and section three of the five proposed subsidiaries is to incor 222.5(b) of the Board’s Regulation Y (12 CFR § porate the insurance agency business now con 222.5(b)) so as to make it unnecessary for the ducted by each of three of the Applicant’s subsidi prohibitions of section 4(a)(1) of the Act to ap ary banks on their respective premises, through ply in order to carry out the purposes of the Act. their officers or employees acting as agents, and On December 22, 1965, the Board ordered that a thus to protect each of the banks from liabilities hearing be held on the aforesaid request pursuant arising out of their insurance operations. It is to section 4(c)(8) of the Act and sections planned that the stock of each of these three pro 222.5(b) and 222.7(a) of the Board’s Regulation posed subsidiaries will be offered to the respective Y (12 CFR §§ 222.5(b), 222.7(a)), of which stockholders of the related banks in the same pro notice was published in the Federal Register on December 30, 1965 (30 F.R. 16286). " portion as they hold stock in the banks, and that the officers and directors of each subsidiary will Pursuant to the aforesaid order and notice,2 a be the same as those of the related bank. hearing was held in Minneapolis, Minnesota, on Farmers Insurance Agency, Inc. (“Farmers January 20, 1966, before a duly selected and designated hearing examiner. Applicant and the Agency”) is a proposed North Dakota corpora Board, the latter appearing in a nonadvisory ca tion which it is planned will engage exclusively pacity, were represented at the hearing by counsel in the business of a general insurance agency on and were afforded the opportunity to be heard, to the premises of the Farmers State Bank of Rich ardton, Richardton, North Dakota (“Farmers 1 Prior to the enactment of Pub. L. 89-485 this sec Bank”), a subsidiary of Applicant. Farmers tion was designated as 4(c)(6). Agency will be authorized by its articles of in 2 The name of the Carrington Credit Co., was omitted corporation to issue, and it plans to issue, 750 from the order and notice and an amendment was pub lished on June 10, 1966 (31 F.R. 8195) inviting inter ested persons to request the opportunity to give testi 3 Applicant’s proposed findings are adopted in sub mony concerning that company. stance. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1557 shares of capital stock with a par value of $10 per Minot, North Dakota (“American Bank”), a sub share; the Applicant has been allocated, and pro sidiary of Applicant. American Agency will be poses to purchase, 425 shares, or about 57 per authorized by its articles of incorporation to issue, cent of the total authorized capital stock. and it plans to issue, 5,000 shares of capital stock Farmers Bank has conducted an insurance with a par value of $1 per share; the Applicant agency operation on its premises, through certain has been allocated, and proposes to purchase, of its officers or employees acting as agents, since 4,337 shares, or about 87 per cent of the total 1935. For the calendar year 1965,‘ this operation authorized capital stock. generated gross premium income as follows: American Bank has conducted an insurance agency operation on its premises, through certain Type of insurance Gross premiums of its officers or employees acting as agents, since Fire and extended coverage $ 25,000 it was chartered in 1936. For the calendar year Hail 51,000 1964, this operation generated gross premium in Automobile 15,000 come as follows: Accident and health 29,000 Type of insurance Gross premiums Credit life 9,500 Hail $ 7,203 Total $129,500 Fire 28,118 Automobile 9,850 The extent to which the insurance business of Farmers Bank is related to its lending activities Total $45,171 and otherwise derived from bank customers, is reflected in the following table with respect to The extent to which the insurance business of operations in 1964: American Bank is related to its lending activities, and otherwise derived from bank customers, is Gross reflected in the following table with respect to Classification premiums Percentage operations in 1964: Insurance written for Gross borrowers on loan Classification premiums Percentage collateral $ 4,438 3.4 Insurance written for Insurance written for borrowers on loan borrowers, but not collateral $ 23,489 52.0 on loan collateral 107,698 83.2 Insurance written for Insurance written for borrowers, but not nonborrowing bank on loan collateral 15,358 34.0 customers 15,662 12.1 Insurance written for Insurance written for nonbank customers 6,324 14.0 nonbank customers 1,702 1.3 Total $ 45,171 100.0 Total $129,500 100.0 International State Insurance Agency, Inc. American Insurance Agency, Inc. (“American (“State Agency”) is a proposed Minnesota cor Agency”) is a proposed North Dakota corpora poration which it is planned will engage exclu tion which it is planned will engage exclusively in sively in the business of a general insurance the business of a general insurance agency on the agency on the premises of International State premises of American State Bank of Minot, Bank, International Falls, Minnesota (“State Bank”), a subsidiary of Applicant. State Agency ' The figures with respect to the insurance agency op will be authorized by its articles of incorporation eration of each bank were represented as reflecting, in to issue, and it plans to issue, 5,000 shares of all material respects, the insurance activities planned to capital stock with a par value of $1 per share; the be conducted by the three proposed insurance subsidi aries. Applicant has been allocated, and proposes to pur- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1558 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 chase 3,530 shares, or about 71 per cent of the proposed subsidiaries would carry on an insurance total authorized capital stock. agency business in all substantial respects as its State Bank has conducted an insurance agency affiliated bank now conducts such business. The operation on its premises, through certain of its subsidiaries would have no separate quarters or officers or employees acting as agents, since it was employees, but each would pay a fee to its affili chartered in 1908. For the calendar year 1965, ated bank for the use of space on the bank’s this operation generated gross premium income as premises and for the services of bank personnel. follows: Proposed agricultural credit company subsidi aries. It is planned that the two remaining pro Type of insurance Gross premiums posed subsidiaries will be agricultural credit com Fire $16,303 panies, each affiliated with one of Applicant’s Automobile 9,999 subsidiary banks. Farmers Agricultural Credit Co., Marine 1,763 Inc. (“Farmers Credit”) and Carrington Credit Credit life, accident and health 10,000 Co. (“Carrington Credit”) are proposed North Travel, miscellaneous 23,363 Dakota corporations which would engage exclu sively in the business of making agricultural loans Total $61,428 and discounting agricultural loan paper with the Federal Intermediate Credit Bank. The subsidi The extent to which the insurance business of aries would have no separate quarters or em State Bank is related to its lending activities, and ployees, but each would pay a fee to its affiliated otherwise derived from bank customers, is re bank for the use of space on the bank’s premises flected in the following table with respect to and for the services of bank personnel. Each com operations in 1965: pany would have an initial capitalization of $100,000; it is planned that the stockholders of Gross Farmers Credit will be the same as those of Classification premiums Percentage Farmers Bank and that the stockholders of Car Insurance written for rington Credit will be the same as those of Foster borrowers on loan County State Bank, Carrington, North Dakota, collateral $ 38,086 62.0 the stockholders of each bank being offered stock Insurance written for in the proposed affiliated credit company in the borrowers, but not same proportions as they hold stock in the banks. on loan collateral 18,428 30.0 The Applicant owns more than 50 per cent of the Insurance written for stock of each of these banks. nonbank customers 4,914 8.0 The purpose of the agricultural credit com panies is to provide a needed additional source of Total $ 61,428 100.0 agricultural loans for the farmers in the areas served by the subsidiary banks of Applicant that The classification by customer-type of the pre would be affiliated with the credit companies. The miums derived by each bank from its insurance evidence shows that each bank makes agricultural agency operation indicates that the bulk of the loans and frequently has demands for such loans insurance written is in each case for persons who well in excess of its legal lending limit. A Federal are regular banking-services customers of the Intermediate Credit Bank is permitted to purchase bank. The record shows that it is common prac agricultural loan paper from, and to discount such tice for State banks in Minnesota and North paper, for National and State banks, but the limi Dakota to conduct insurance agency operations.5 tations on the amount that may be so acquired The law in Minnesota and North Dakota prohibits from a bank are considerably greater than in the lenders from requiring that insurance on loan col lateral or financed property be procured from a case of an agricultural credit company. (12 U.S.C. particular source. Each of the Applicant’s three § 1032) Several State banks in the Ninth Federal Re 5 See also Otto Bremer Company, 49 Fed. Reserve serve District are affiliated with agricultural credit Bulletin 1389, 1391 (1963). companies. Applicant already owns one agricul- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1559 tural credit company and the reasons forming the the Board’s Regulation Y (12 CFR § 222.5(b)), basis for the Board’s approval of that acquisition so as to make it unnecessary for the prohibitions are generally applicable to the proposed acquisi of section 4(a) of the Act, respecting the owner tions here." ship or control of shares in nonbanking com Conclusions. It appears that the activities of panies, to apply in order to carry out the purposes Applicant’s five proposed subsidiaries would be of of the Act. an insurance or financial nature and so closely Following appropriate notice, a hearing on the related to the business of banking as conducted applications was duly held and, by Order of by Applicant’s subsidiary banks as to be a proper August 23, 1967, the General Counsel of the incident thereto and as to make it unnecessary for Board, acting pursuant to delegated authority, the prohibitions of section 4 to apply in order to granted the requested determinations for the rea carry out the purposes of the Bank Holding sons set forth in the Statement that accompanied Company Act. Accordingly, it is concluded that the Order. the applications should be approved. As indicated By motion of August 25, 1967, in which Board in the attached Order, if the facts upon which Counsel joined, it was requested that the applica approval of any one of the applications is based tions, as well as the Order granting the determina should cease to obtain in any material respect, tions and other appropriate documents of record, such approval may be revoked. in these proceedings be amended, nunc pro tunc, to name the Otto Bremer Foundation as an addi OTTO BREMER COMPANY AND OTTO tional applicant authorized to acquire voting BREMER FOUNDATION, ST. PAUL, shares of each of the proposed subsidiaries. The MINNESOTA Otto Bremer Foundation, which owns all of the In the matter of the application of Otto Bremer outstanding voting shares of the Otto Bremer Company and Otto Bremer Foundation, St. Paul, Company, became a bank holding company within Minnesota, pursuant to section 4(c)(8) of the Bank the purview of the Bank Holding Company Act Holding Company Act of 1956 for determinations as a result of amendments thereto during the re the proposed Farmers Insurance Agency, Inc., pendency of these proceedings. By virtue of its American Insurance Agency, Inc., International status as a bank holding company, the Otto State Insurance Agency, Inc., Farmers Agricul Bremer Foundation will be deemed to own or tural Credit Co., Inc., and Carrington Credit Co. control indirectly the voting shares of the five Dockets Nos. BHC-75, BHC-76, BHC-77, BHCproposed subsidiaries planned to be acquired by 78, BHC-79. the Otto Bremer Company. In addition, as the Order Granting Motion And Amending record shows, the Otto Bremer Foundation has Order Granting Determinations Under planned from the inception of these proceedings Bank Holding Company Act to acquire directly voting shares in these proposed Otto Bremer Company, St. Paul, Minnesota, subsidiaries. a bank holding company within the meaning of The factual and legal considerations that are section 2(a) of the Bank Holding Company Act determinative of the question whether the activi of 1956 (12 U.S.C. § 1841(a)), filed requests for ties planned to be undertaken by the proposed determinations by the Board of Governors of the subsidiaries meet the requisites of section 4(c)(8) Federal Reserve System that the activities planned of the Act and section 222.5(b) of the Board’s to be undertaken by its proposed subsidiaries, Regulation Y are the same whether the applicant Farmers Insurance Agency, Inc., American Insur be the Otto Bremer Company, the Otto Bremer ance Agency, Inc., International State Insurance Foundation, or both. Persons desiring to give testi Agency, Inc., Farmers Agricultural Credit Co., mony respecting this question have been afforded Inc., and Carrington Credit Co., are of the kind the opportunity to do so. The granting of the described in section 4(c)(8) of the Act (12 motion would satisfy a procedural requirement U.S.C. § 1843 (c)(8)) and section 222.5(b) of without impairing the rights of any person and “ See Otto Bremer Company, 47 Fed. Reserve Bul would be consistent with the purposes of the Act. letin 23 (1961). For good cause shown, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1560 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 It is hereby ordered, that the motion is and views with respect to the proposal. A copy granted. of the application was forwarded to the United Dated at Washington, D. C., this 1st day of States Department of Justice for its consideration. September, 1967. Time for filing comments and views has expired and all those received have been considered by By order of the General Counsel of the Board the Board. of Governors, acting on behalf of the Board pur suant to delegated authority. It is hereby ordered, for the reasons set forth in the Board’s Statement of this date, that said application be and hereby is approved, provided (Signed) Merritt Sherman, that the acquisition so approved shall not be con Secretary. [seal] summated (a) before the thirtieth calendar day following the date of this Order or (b) later than three months after the date of this Order unless ORDERS UNDER SECTION 3 OF BANK HOLDING COMPANY ACT such period is extended for good cause by the The Board of Governors issued the following Board or by the Federal Reserve Bank pursuant Orders and Statements in connection with actions to delegated authority. approving applications by bank holding companies Dated at Washington, D.C., this 17th day of for acquisition of voting shares of banks and August, 1967. applications for permission for corporations to By order of the Board of Governors. become bank holding companies: Voting for this action: Chairman Martin, and Gover nors Robertson, Mitchell, Maisel, Brimmer, and Sher THE FIRST VIRGINIA CORPORATION, rill. Absent and not voting: Governor Daane. ARLINGTON, VIRGINIA (Signed) Merritt Sherman, In the matter of the application of The First Secretary. Virginia Corporation, Arlington, Virginia, for [seal] approval of acquisition of 80 per cent or more of Statement the voting shares of The Bank of Craigsville, Inc., Craigsville, Virginia. The First Virginia Corporation, Arlington, Vir ginia (“Applicant”), a registered bank holding Order Approving Application Under company, has applied to the Board of Governors, Bank Holding Company Act pursuant to section 3(a)(3) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a)(3)), There has come before the Board of Governors, for prior approval of the acquisition of 80 per pursuant to section 3(a)(3) of the Bank Holding cent or more of the voting shares of The Bank Company Act of 1956 (12 U.S.C. 1842(a)(3)), of Craigsville, Inc., Craigsville, Virginia (“Bank”). and section 222.4(a)(3) of Federal Reserve Applicant presently controls 13 banks, which Regulation Y (12 CFR 222.4(a)(3)), an applica operate 76 offices with total deposits of $305 tion by The First Virginia Corporation, Arlington, million.1 Bank’s single office has $1.1 million in Virginia, for the Board’s prior approval of the total deposits. acquisition of 80 per cent or more of the voting Views and recommendation of supervisory shares of The Bank of Craigsville, Inc., Craigs authority. As required by section 3(b) of the Act, ville, Virginia. the Board notified the Virginia Commissioner of As required by section 3(b) of the Act, the Banking of receipt of the application and re Board notified the Commissioner of Banking for quested his views and recommendation thereon. the State of Virginia of the application and re The Commissioner expressed no objection to quested his views and recommendation. The Com approval of the application. missioner advised that he had no objection to Statutory considerations. Section 3(c) of the approval of the application. Notice of receipt of the application was pub 'Banking data are of December 31, 1966, unless lished in the Federal Register on May 16, 1967 otherwise noted, and reflect acquisitions and mergers (32 Federal Register 7305), providing an oppor approved by appropriate supervisory authorities to tunity for interested persons to submit comments date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1561 Act provides that the Board shall not approve an these eight is Staunton Industrial Bank, Staunton acquisition that would result in a monopoly, or ($6 million of deposits), a subsidiary of Appli would be in furtherance of any combination or cant, located about 25 miles east of Craigsville. conspiracy to monopolize or to attempt to monop Acquisition of Bank would increase Applicant’s olize the business of banking in any part of the control of deposits in Augusta County as of June United States. Nor may the Board approve any 30, 1966, from 6 to 7.5 per cent. As of the same other proposed acquisition, the effect of which, date, two nonholding company banks headquar in any section of the country, may be substantially tered outside, but operating offices within, Augusta to lessen competition, or tend to create a monop County control combined deposits representing 54 oly, or which in any other manner would be in per cent of the total deposits held by all banks in restraint of trade, unless the Board finds that the Augusta County. The National Valley Bank of anticompetitive effects of the proposed transaction Staunton holds approximately 22 per cent of such are clearly outweighed in the public interest by deposits. In the Board’s judgment, consummation the probable effect of the transaction in meeting of Applicant’s proposal, viewed with respect to the convenience and needs of the community to the State as a whole, within Augusta County, and be served. In each case the Board is required to within Bank’s primary service area, would not take into consideration the financial and mana significantly change the existing concentration of gerial resources and future prospects of the bank banking offices and deposits. Nor would Appli holding company and the banks concerned, and cant’s control of banking offices and deposits be the convenience and needs of the community to of such size or character as to preclude approval be served. of its proposed acquisition of Bank. Competitive effect of proposed transaction. Considering the probable effect of Bank’s acqui There are five bank holding companies operating sition by Applicant on existing and potential com in Virginia, all of which are among the State’s petition, the Board concludes that such considera nine largest banking organizations (those having tions do not bar approval of the proposal. Appli $100 million or more in deposits). These nine cant’s subsidiary nearest to Bank, Staunton Indus organizations hold about 62 per cent of the total trial Bank ($6 million of deposits), offers negli deposits in the State. The five holding companies gible competition to Bank. Considering the dis control 36 per cent of these deposits, of which tance separating these banks, their respective 5.7 per cent is attributable to Applicant. Consum sizes, and the presence in Staunton of four banks mation of the proposed transaction would not larger than Applicant’s bank, it is reasonably con change Applicant’s present position as the fourth cluded that no significant potential competition largest holding company and sixth largest banking between Bank and Staunton Industrial Bank would organization operating in Virginia. The $1.1 mil be foreclosed by this acquisition. lion in deposits held by Bank would increase The two largest banks in the State, each with Applicant’s control of total deposits in the State deposits of approximately $535 million, operate by less than one-tenth of one per cent. two offices apiece in Staunton that derive business Bank’s single office is located in Craigsville, from Bank’s service area. Applicant’s operation Augusta County. Its primary service area2 encom of Bank will, in the Board’s judgment, increase passes Craigsville and the adjoining agricultural Bank’s ability to compete more effectively with area along State Route 42 for about eight miles the larger Staunton banks for business that Bank presently is either unable to handle, or has chosen to the southwest and four miles to the northeast. not to solicit. The estimated population of Craigsville is 800, In summary, the Board concludes, on the basis and that of Bank’s primary service area about of the record presented, that consummation of 4,200. There are no other banks in Bank’s service Applicant’s proposal would not result in a monop area. There are eight other banks, with a total of oly nor be in furtherance of any combination or 16 offices, located in Augusta County. One of conspiracy to monopolize or attempt to monopo lize the business of banking in any relevant area 2 The area from which Applicant estimates that Bank derives 95 per cent of its total deposits of individuals, of the State. The Board further concludes that partnerships, and corporations (“IPC deposits”). Applicant’s acquisition of Bank would not sub- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1562 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 stantially lessen competition, tend to create a SOUTHEAST BANCORPORATION INC., monopoly, nor operate in restraint of trade in any MIAMI, FLORIDA relevant area. In the matter of the application of Southeast Financial and managerial resources and future Bancorporation Inc., Miami, Florida, for approval prospects. Applicant’s financial condition and of action to become a bank holding company prospects, viewed in the light of the sound condi through the acquisition of voting shares of three tion of prospects of its subsidiary banks, are con banks located in or near Miami, Florida. sidered satisfactory. Its management, and the man agement of its subsidiary banks, are considered Order Approving Application Under capable and experienced. Bank Holding Company Act Bank’s financial resources and condition are There has come before the Board of Governors, reasonably satisfactory. However, there are some pursuant to section 3(a)(1) of the Bank Holding aspects of its operation which would be improved Company Act of 1956 (12 U.S.C. 1842(a)(1)), by affiliation with Applicant. Bank’s management, and section 222.4(a) of Federal Reserve Regula while qualified and competent, is highly conserva tion Y (12 CFR 222.4(a)), an application by tive. In addition to its chief executive officer, age Southeast Bancorporation Inc., Miami, Florida, 65, Bank has but one other seasoned operating for the Board’s prior approval of action whereby officer. Applicant is in a position to provide Bank Applicant would become a bank holding company with experienced personnel, some of whom through the acquisition of 80 per cent or more would be potential executive timber, all of whom of the voting shares of The First National Bank could assist Bank with respect to its external and of Miami; Coral Way National Bank, Miami; and internal operations. Considering the little likeli Curtiss National Bank of Miami Springs, all in hood that Bank, continuing as an independent in Florida. stitution, could attract management and operating As required by section 3(b) of the Act, notice personnel of the character apparently needed, of receipt of the application was given to, and Applicant’s ability and stated intention to fill this views and recommendation requested of, the need lend weight to approval of its application. Comptroller of the Currency. The Comptroller submitted a strong recommendation for expedi Convenience and needs of the community in tious approval of the application. volved. Bank’s service area is primarily agricul Notice of receipt of the application was pub tural in nature, although the immediate Craigs lished in the Federal Register on July 25, 1967 ville area is largely dependent on four rather small (32 Federal Register 10893), which provided an industrial operations offering limited employment opportunity for interested persons to submit com potential. In general, while the economy of the ments and views with respect to the proposed Bank’s service area as a whole seems reasonably transaction. A copy of the application was for favorable, that of the town of Craigsville appears warded to the Department of Justice for its con static. While the banking needs of the area in sideration. Time for filing comments and views volved appear to be served, such service is, in large has expired and all those received have been con measure, provided by banks outside the area. sidered by the Board. Applicant’s proposal offers a potential for ex It is hereby ordered, for the reasons set forth panded local service and for provision of re in the Board’s Statement of this date, that said sources, capital, and experienced management that application be and hereby is approved, provided could constitute a catalyst for economic develop that the acquisition so approved shall not be con ment in the Craigsville area. These considerations summated (a) before the thirtieth day following weigh toward approval of this application. the date of this Order or (b) later than three Summary and conclusion. On the basis of all months after the date of the Order unless such the relevant facts contained in the record, and in period is extended for good cause by the Board the light of the factors set forth in section 3(c) or by the Federal Reserve Bank pursuant to dele of the Act, it is the Board’s judgment that the gated authority. proposed transaction would be in the public in Dated at Washington, D.C., this 29th day of terest and that the application should be approved. August, 1967. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1563 By order of the Board of Governors. ment into Curtiss Bank in connection with a loan Voting for this action: Governors Mitchell, Daane, to the bank’s majority stockholder, and a related Maisel, Brimmer, and Sherrill. Voting against this ac option running to First National to purchase the tion: Vice Chairman Robertson. Absent and not voting: majority stock tendered by that borrower as col Chairman Martin. lateral to First National’s loan. It is Applicant’s (Signed) Merritt Sherman, position that its acquisition of Curtiss Bank, as Secretary. proposed, constitutes a reasonable step toward an [seal] orderly repayment of its loan, and the only reason able means available to insure the continued Statement sound operation of Curtiss Bank. Southeast Bancorporation Inc., Miami, Florida Views and recommendation of supervisory (“Applicant”), has filed with the Board, pursuant authority. As required by section 3(b) of the Act, to section 3(a)(1) of the Bank Holding Company notice of receipt of the application was given to, Act of 1956 (“the Act”), an application for ap and views and recommendation requested of, the proval of action to become a bank holding com Comptroller of the Currency. Responding imme pany through the acquisition of 80 per cent or more diately to the Board’s request, the Comptroller of the voting shares of the following banks located submitted a strong recommendation for approval in or near Miami, Florida: The First National Bank of the application and, in addition, urged “that of Miami, Miami (“First National”); Coral Way the most expeditious action be taken by the Board National Bank, Miami (“Coral Way Bank”); and . . . in order to remedy the critical situation now Curtiss National Bank of Miami Springs, Miami prevailing in the Curtiss National Bank”. The Springs (“Curtiss Bank”), herein at times referred Comptroller’s letter contained the following state to as “Applicant’s Group”. As of December 31, ments: 1966,1 First National had deposits of $510 mil “At the outset, it must be recognized that the lion; Coral Way Bank had deposits of approxi subject application has been filed in the context mately $4 million; and Curtiss Bank had deposits of a very serious condition existing in the Curtiss of $20 million. Applicant proposes to acquire all National Bank of Miami Springs. Indeed, appli of the voting shares, except for directors’ qualify cant states that its proposal has been prompted ing shares, of First National and Coral Way Bank. largely by its desire to remedy that situation. In The latter’s shares are now held, and have been the opinion of this Office an emergency condition since 1966, by a wholly-owned subsidiary of First exists in the Curtiss National Bank of Miami National. Applicant proposes to purchase for cash Springs making it imperative that there be effected 80 per cent or more of the voting stock of Curtiss an immediate increase in that bank’s capital Bank for a total purchase price equal to a pre account by the amounts proposed by the appli mium of 8.7 per cent of Curtiss Bank’s deposits cant. ... It is also our opinion that there is no at year-end 1966. As discussed in greater detail reasonable alternative to remedy said situation hereafter, commencing in April 1967 First Na other than the proposal made by the applicant in tional placed members of its operating staff in the subject application. .......... Curtiss Bank, with the knowledge and encourage ment of the Comptroller of the Currency in order “Assuming that some anticompetitive effects to give that bank experienced managerial guid would result from the proposed acquisitions, it is ance necessitated by a critical financial condition undeniably manifest that such effects are greatly found by the Comptroller to exist in that bank. outweighed in the public interest by the pressing Applicant’s proposal for bank holding company need to remedy the condition of Curtiss National formation is premised upon the asserted need for Bank. In that connection, we note that the con continuing managerial guidance, as well as for tinued operation of Curtiss National Bank is additional capital contributions to Curtiss Bank, presently sustained by virtue of management pro in order to assure the bank’s sound operation. vided on a temporary basis by The First National First National originally introduced its manage Bank of Miami. Should the proposed acquisition be approved, the substantial managerial resources ' All banking data are as of this date unless otherwise and expertise of First National Bank would be noted. provided through the applicant on a permanent Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1564 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 basis, and additional capital would be infused into four bank holding companies and eight banking the Curtiss National Bank by the applicant.” groups. Statutory considerations. Section 3(c) of the First National’s share of the demand deposits Act provides that the Board shall not approve an of individuals, partnerships, and corporations in acquisition that would result in a monopoly, or Dade County differs in varying degree with re would be in furtherance of any combination or spect to both the number of accounts and amount conspiracy to monopolize the business of banking of deposits. At June 30, 1966, First National held in any part of the United States. Nor may the 7 per cent of the total of such accounts of less Board approve a proposed acquisition, the effect than $10,000 and 38 per cent of the total of such of which, in any section of the country, may be accounts amounting to $100,000 or more. In substantially to lessen competition, or tend to terms of amounts of such deposits held, First create a monopoly, or which in any other manner National held 10 per cent of the total carried in would be in restraint of trade, unless the Board accounts less than $10,000 and 45 per cent of finds that the anticompetitive effects of the proposed those carried in accounts of $100,000 or more. transaction are clearly outweighed in the public It is clear from the foregoing data, that Appli interest by the probable effect of the transaction cant’s proposal, if consummated, would not result in meeting the convenience and needs of the com in a monopoly in Dade County or in any part of munity to be served. In each case the Board is the State. Nor is there evidence in this record to required to take into consideration the financial suggest that such acquisition would be in further and managerial resources and future prospects of ance of any combination or conspiracy to monop the bank holding company and the banks con olize, or to attempt to monopolize, the business cerned, and the convenience and needs of the of banking in such areas. However, these data community to be served. reflect with equal clarity, in the Board’s judgment, Competitive effects of proposed transaction. that Applicant’s proposed system would increase First National is the largest bank and the second the dominance presently held by First National, largest banking organization in the State of which is already excessive in correspondent bank Florida, as would be Applicant’s proposed system. accounts and with respect to firms or individuals First National’s role as a State-wide competitor holding demand deposits in excess of $100,000. is reflected in its total deposits of $510 million, As earlier stated, Applicant proposes to acquire and its $95 million of interbank deposits—17 per up to 100 per cent of the stock of Curtiss Bank, cent of the total of such deposits in the State. and will pay for that stock $36 a share, represent First National presently holds approximately 6 ing a premium of nearly 9 per cent of Curtiss per cent of the total deposits held by the 444 Bank’s total deposits. In the Board’s experience, insured commercial banks in the State. Since applications involving proposed holding company Curtiss National’s deposit size ($20 million) is not formations seldom have involved a payment of insignificant, its affiliation with First National premium in excess of 2 per cent of the deposits under Applicant’s control will increase the exist of a proposed subsidiary bank that is in sound ing concentration of banking resources but, in operating condition unless the situation included view of First National’s leading position among market positions protected from normal competi the State’s largest banking organizations, perhaps tion. Similarly, in merger cases coming before not significantly. this Board, premiums substantially in excess of First National holds 27 per cent of the total 2 per cent have been paid where continuing insti deposits held by the 63 banks located in Dade tutions have acquired either highly desirable office County. When the $20 million of deposits held locations, or competitively protected locations. In by Curtiss Bank are included, Applicant would the present case, Applicant proposes to pay a pre control 28 per cent of total bank deposits in the mium far in excess of the aforementioned figure— county—approximately three times the total de and for a bank that Applicant itself states is in posits controlled by the next largest banking critical financial straits. Apart from the reasons group. Applicant’s formation as a bank holding that Applicant gives for its willingness to pay such company would bring to 77 per cent the total a high premium, the fact of the proposed payment deposits in the county held in the aggregate by is evidence of First National’s determination and Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1565 ability to take such action, regardless of initial County, and its competitive advantage vis-a-vis cost, as may be necessary to strengthen an already other Dade County banks continues to be so pro strong market position. The fact that Curtiss Bank nounced that any action, other than internal is located in one of Dade County’s most rapidly growth, that would significantly enhance its developing industrial areas, apparently explains market position must be regarded as having anti First National’s eagerness to have an outlet in the competitive implications. The Board finds that area and its willingness to pay the high premium Applicant’s proposal poses adverse competitive it has offered—a premium which the record indi consequences which, absent compelling counter cates few if any of First National’s competitors vailing circumstances, would require denial of the would or could pay. application. Accordingly, a determination must be Both Coral Way Bank and Curtiss Bank are made as to whether the evidence of record re located within First National’s primary service lating to the asserted critical condition of Curtiss area. As First National’s wholly-owned subsidiary, Bank clearly outweighs in the public interest the Coral Way Bank can be expected to offer little anticompetitive effects of the proposal. real competition to First National. Curtiss Bank Financial and managerial resources and future lies within, and, were it a viable institution, could prospects. Applicant has no financial or operating serve a major industrial portion of Dade County. history; however, its pro forma financial condition Its primary service area includes Miami Interna and future prospects are considered satisfactory tional Airport and a rapidly growing complex of when evaluated in the light of the satisfactory nearby light industrial concerns. It competes most condition and prospects of its principal proposed directly with three banks in its trade area, holding subsidiary, First National. The financial condition deposits, respectively, of $50 million, $6.5 million, and prospects of First National’s affiliate, Coral and $6.4 million. The two largest of these banks Way Bank, are considered satisfactory. Appli are affiliates in a four-bank group operating in cant’s management, proposed to consist of senior Dade County. Competition is also, of course, officers and directors of First National, is regarded offered in this area by First National and other as experienced and capable, as is the management large banks. If Curtiss Bank were a financially of Coral Way Bank. sound institution, its acquisition by Applicant, and Curtiss National was organized in 1954. In its its resulting affiliation with First National, would 13 years of operation it has had 11 different result in a reduction in the number of alternatives presidents and its ownership has changed hands for full-service banking in Curtiss Bank’s trade at least six times. Analysis of Curtiss Bank’s area, and would foreclose a potential for substan record of operation for the 4-year period ending tial additional future competition between First December 31, 1966, reflects a substantial annual National and Curtiss Bank. In addition it could increase in the bank’s loan and business losses. inflict an undue competitive impact on the In the 4-year period, those losses have aggregated smallest of the three banks operating within approximately $1.3 million net of recoveries. Curtiss Bank’s trade area. Financial data available to the Board as a super The Board notes that First National’s present visory authority reflect that the volume and control of deposits in Dade County has neither in amount of Ioan losses in Curtiss Bank have caused creased nor diminished significantly from its posi the bank’s capital position to deteriorate to a criti tion in 1962 when the Board denied the applica cal level. On the basis of published figures, it tion of First Bancorporation of Florida, Inc., to appears that Bank’s total capital accounts repre form a Bank holding company. While the Board’s sented less than four cents for each dollar of de denial of First Bancorporation’s application re posits. Bank’s volume of past due loans is exces lated directly to the anticompetitive consequences sive, and reflects the generally serious condition of the proposed affiliation of four of the State’s existing with respect to its loan portfolio. 10 largest banks, some of the anticompetitive con The foregoing facts are representative of those sequences attributable to First National’s role in upon which the Comptroller of the Currency has that proposal are, in nature, equally applicable to relied in submitting his strong recommendation the present proposal. Now, as then, First National that the Board approve Applicant’s proposal. Spe is the dominant banking organization in Dade cifically, the Comptroller noted that Curtiss Bank’s Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1566 FEDERAL RESERVE BULLETIN ■ SEPTEMBER 1967 operation is presently sustained by virtue of man needs of the area concerned would not warrant agement provided by First National, and that if approval of this application. the proposed acquisition is approved, vitally nec Summary and conclusion. On the basis of all essary managerial resources would be afforded relevant facts contained in the record, and in view Curtiss Bank on a permanent basis, and that addi of the strong recommendation for approval of this tional capital of at least $1,200,000 would be pro application submitted by the Comptroller of the vided by Applicant (up to $1,500,000, depending Currency, and in the light of the factors set forth on the amount of Bank’s stock acquired). The in section 3(c) of the Act, it is the Board’s judg Comptroller has stated that an immediate increase ment that the anticompetitive effects found likely in Curtiss Bank’s capital in the amount proposed to result from Applicant’s proposed acquisition of by Applicant is “imperative”. Curtiss Bank are clearly outweighed in the public Curtiss Bank is the direct supervisory responsi interest by the probable effect of the transaction bility of the Comptroller of the Currency. In ap in meeting the convenience and needs of the com praising the merits of this application the Board munity to be served. It is the Board’s further must rely heavily upon the views and recommen judgment, therefore, that the proposed transaction dations of the Comptroller. He has made quite would be in the public interest and that the ap clear his view that Curtiss Bank is in critical con plication should be approved. dition and that “there is no reasonable alternative Dissenting Statement of Governor to remedy [Curtiss Bank’s] situation other than the Robertson proposal made by the applicant in the subject ap plication.” On the basis of the analysis of Curtiss For the second time in five years First National Bank’s current and prospective financial condition Bank of Miami, the largest and, in all major re rendered by the Comptroller of the Currency, the spects, most dominant bank in the State of accuracy of which is substantially reflected in the Florida, is before the Board seeking approval of records available to the Board, the Board finds a proposal to form a bank holding company. that Curtiss Bank’s condition is critical and in In 1962 the Board denied approval of a pro need of immediate substantial financial and man posal pursuant to which four banks in Florida, of agerial assistance, in the absence of which Bank’s which First National was the largest, would have future cannot be reasonably assured. affiliated as subsidiaries of a bank holding com Convenience, needs, and welfare of the area pany. That denial was premised upon the signifi concerned. Presently, despite the management as cant anticompetitive consequences that the Board sistance of First National, Curtiss Bank is not found were inherent in the proposal. In my judg totally serving the convenience and needs of its ment the present application similarly involves customers. Certainly, should Bank cease opera significantly adverse consequences. tions, a reduction from three to two in the number This application is apparently primarily de of truly alternate banking sources would have a signed to secure Federal Reserve authorization for marked adverse effect on the convenience and First National Bank of Miami to come to the needs of residents in the area. The record reflects rescue of Curtiss National Bank—a bank 70 per that there is a considerable demand within Bank’s cent of whose stock is held by First National Bank service area for commercial and industrial loans as collateral to secure a loan of $1,750,000 or and assistance with respect to international busi thereabouts, a bank which has been managed ness, the latter arising primarily because of Curtiss since last spring by officers and employees of First Bank’s proximity to the Maimi International Air National Bank. Incidentally, however, approval of port. The likelihood that without approval of Ap the application would enable First National Bank plicant’s proposal the community involved may be of Miami to establish a bank holding company, deprived of Curtiss Bank as an alternate source of an action denied it heretofore because of its banking service offers compelling reason for ap dominant position in the area, and in addition proval of the application. If Curtiss Bank could would enable it to remove whatever cloud of continue to serve the area’s banking requirements illegality surrounds its prior acquisition of the without acquisition by Applicant, it is apparent stock of Coral Way Bank. that considerations relating to the convenience and It is asserted that the application calls for hasty Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1567 action in view of the emergency conditions pre its management from Curtiss were the application vailing in Curtiss National Bank. While I am not to be denied, for it has at stake the protection of in a position to challenge the correctness of the its own substantial loan secured by the stock of facts asserted by Applicant, or the conclusions that bank), reached by the primary supervisory authority, in (3) my belief that, where avoidable, an easy this regard, in view of the fact that Curtiss Na short-run solution to a problem is not acceptable tional has been subject to direct, on-the-ground when the long-run consequences are adverse to management guidance of First National’s officers the public interest—as in this case, and and employees for the past five months, I am (4) my unwillingness to respond even to an astounded to hear that an emergency condition “emergency” call in the absence of more evidence now exists in Curtiss National. Furthermore, hav than is available in the record before us that there ing taken part in numerous rescue operations is no other available solution to the problem, I during more than 30 years of experience in the must decline to approve the proposal. bank supervisory field, I am not satisfied that the establishment of a holding company is the only THE FIRST NATIONAL BANK OF TAMPA available means of resolving problems like those AND UNION SECURITY & INVESTMENT Curtiss National is experiencing and at the same COMPANY, TAMPA, FLORIDA time protecting the public interest. In the matter of the applications of The First The record reflects that despite First National’s National Bank of Tampa and Union Security & intimate knowledge of the financial condition of Investment Company, Tampa, Florida, for ap Curtiss National Bank, it is still willing to pay proval of the acquisition of voting shares of First (to its debtor, the majority stockholder of Curtiss National Bank of Lakeland, Lakeland, Florida. National, and other minority stockholders) a premium of $1,765,000—an amount equal to Order Approving Applications Under nearly 9 per cent of Bank’s total deposits—for Bank Holding Company Act stock allegedly having little or no value, and in There have come before the Board of Gover addition make a $1,500,000 contribution to the nors, pursuant to section 3(a) of the Bank Hold capital of Curtiss Naitonal. This is a substantial ing Company Act of 1956 (12 U.S.C. 1842(a)) price for the stock of a bank facing problems as and section 222.4(a) of Federal Reserve Regula serious as those asserted with respect to Curtiss tion Y (1 2 CFR 222.4(a)), applications on behalf National. I am confident that First National’s di of The First National Bank of Tampa and Union rectorate and staff would not countenance an in Security & Investment Company, both of Tampa, vestment of the nature proposed, totaling around Florida, for the Board’s approval of the acquisi $3,765,000, without being completely certain that tion by Union Security & Investment Company of it is sound, desirable and potentially profitable. 50.25 per cent of the voting shares of First Na Curtiss National is situated near the Miami Inter tional Bank of Lakeland, Lakeland, Florida. national Airport, which is an area that has ex As required by section 3(b) of the Act, notice perienced considerable industrial development in of receipt of the applications was given to, and the past decade and is considered by all to be a views and recommendation requested of, the prime banking location. In these circumstances, it Comptroller of the Currency. The Comptroller is not surprising that the record before the Board recommended that the applications be approved. does not contain substantiating documentation for Notice of receipt of the applications was pub the assertion that Applicant’s proposal represents lished in the Federal Register on April 8, 1967 the only reasonable alternative solution for Curtiss (32 Federal Register 5752), providing an oppor National. tunity for interested persons to submit comments In view of and views with respect to the proposed tranac- (1) the significantly adverse competitive con tion. Copies of the applications were forwarded sequences of an approval of the application, to the Department of Justice for its consideration. (2) my belief that a denial would not cause Time for filing such comments and views has ex the failure of Curtiss National (it’s hardly likely, pired and all those received have been considered as intimated, that First National would withdraw by the Board. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1568 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 It is ordered, for the reasons set forth in the rency of receipt of the applications and requested Board’s Statement of this date, that said applica his views and recommendation thereon. The tions be and hereby are approved, provided that Comptroller recommended that the applications be the acquisition so approved shall not be consum approved. mated (a) before the thirtieth day following the Statutory considerations. Section 3(c) of the date of this Order or (b) later than three months Act provides that the Board shall not approve an after the date of the Order unless such period is acquisition that would result in a monopoly, or extended for good cause by the Board or by the would be in furtherance of any combination or Federal Reserve Bank pursuant to delegated au conspiracy to monopolize the business of banking thority. in any part of the United States. Nor may the Dated at Washington, D. C., this 31st day of Board approve a proposed acquisition, the effect August, 1967, of which, in any section of the country, may be By order of the Board of Governors. substantially to lessen competition, or tend to create a monopoly, or which in any other manner Voting for this action: Chairman Martin, and Gover nors Mitchell, Maisel, Brimmer, and Sherrill. Absent would be in restraint of trade, unless the Board and not voting: Governors Robertson and Daane. finds that the anticompetitive effects of the pro (Signed) Merritt Sherman, posed transaction are clearly outweighed in the Secretary. public interest by the probable effect of the trans [seal] action in meeting the convenience and needs of Statement the community to be served. In each case the Board is required to take into consideration the The First National Bank of Tampa (“First Na financial and managerial resources and future tional”) and Union Security & Investment Com prospects of the bank holding company and the pany (“US&I”), both of which are registered bank banks concerned, and the convenience and needs holding companies located in Tampa, Florida, of the community to be served. have filed with the Board, pursuant to section 3(a) Competitive effect of proposed transaction. Ap of the Bank Holding Company Act of 1956, as proximately 37 per cent of the total commercial amended (“the Act”), applications for the ap banking deposits in the State of Florida are con proval of the acquisition of 50.25 per cent of the trolled by ten large banking organizations, includ voting shares of First National Bank of Lakeland, ing six bank holding company groups. Applicants’ Lakeland, Florida (“Bank”). (First National and system, with less than 3 per cent of State-wide US&I are referred to collectively herein as “Ap deposits, is the sixth largest banking organization plicants”.) and the fifth largest of ten bank holding com US&I, a majority of the stock of which is panies in the State. The proposed acquisition trusted for the benefit of the sharesholders of would have no significant effect on State-wide First National, owns controlling stock of three banking or holding company concentration. Florida banks. Considering First National and the Bank’s primary service area consists of the City three subsidiary banks as a group, the group had of Lakeland and a surrounding area of approxi total deposits of $170.2 million as of June 30, mately two miles, and has an estimated population 1966.1 of about 65,000. Bank ranks fourth in size among Bank, with total deposits of about $7 million, five banks located in the area, accounting for ranks fourteenth in size among 20 banks in Polk about 6 per cent of local deposits and about 2.5 County, Florida. It is located 32 miles from per cent of the deposits of all banks in Polk Tampa, the site of First National and two of the County. subsidiary banks, and 52 miles from Brooksville, Three of the four banks presently constituting the location of Applicants’ third subsidiary. Applicants’ group (First National, Broadway Na Views and recommendation of supervisory au tional Bank of Tampa, and Second National Bank thority. As required by section 3(b) of the Act, the Board notified the Comptroller of the Cur- of Tampa), are located in Hillsborough County and the fourth, First National Bank of Brooksville, 1 All banking data are as of this date unless otherwise is located in Hernando County. None of the serv noted. ice areas of the present group banks extends into Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1569 Polk County or into Bank’s primary service area. cants’ proposal presents sufficient potential con Only First National, of the group banks, derives flicts of numerous interests as to raise some ques any measurable business from that area—less than tion of whether it serves certain private interests three-tenths of one per cent each of its deposits to the undue disadvantage of the interests of of individuals, partnerships, and corporations Bank’s minority stockholders. The following facts (“IPC deposits”), commercial and industrial bear on the question presented. loans, farm loans, and consumer loans. Such busi At the time of Bank’s organization in 1963, no ness is equal to 7 per cent of Bank’s IPC deposits individual owned a controlling interest in Bank’s and about 3 per cent or less of its loans in each outstanding stock. In 1964, an individual who had category. Bank derives no significant business from subscribed to 15 per cent of the 40,000 shares the primary service area of any of Applicants’ originally issued by Bank purchased additional banks. shares and, in 1965, acquired a controlling interest On the basis of the foregoing considerations, it in Bank. Recently this majority owner sold to a is the Board’s judgment that the proposed acquisi director of First National, who is also a trustee tion will not create a monopoly or tend substan of US&I, 22,258 shares of Bank at $35.50 per tially to lessen competition, nor will it in any other share. In turn, Applicants propose, pursuant to the manner restrain trade. applications before the Board, to acquire 20,100 Convenience and needs of the areas to be of these shares, equal to 50.25 per cent of Bank’s served. Applicants do not assert, nor does the voting stock. Thus, Applicants would acquire barerecord support, the existence of any unserved majority control of Bank at $35.50 per share, plus banking needs in the Lakeland area. It is con reimbursement to the seller for expenses incurred tended, however, that the acquisition will enable in connection with his acquisition of the stock to Bank to offer new and expanded specialized serv be acquired by Applicants. The $35.50 per share ices. Bank does not have a trust department, but price represents a substantial premium over book according to Applicants the acquisition will allow value (7.4 per cent of Bank’s deposits) and was not Bank to provide such services to its customers by offered to owners of other shares. The transaction referral to other banks in Applicants’ group. suggests the potential existence of economic re The extension of such services by Bank could lationships which the holding company will derive afford some convenience to the public. In addi from its shares that may not be available to other tion, Applicants state that substantial economies shareholders. Applicants have made known that can be effected through the use of joint purchas this bare-majority interest is the total extent of the ing, insurance, and advertising programs that interest which they propose to acquire, and that would be of direct benefit to Bank and of possible no offer will be made by them to the 128 minority indirect benefit to the public. Consideration of this shareholders of Bank. However, four of the pres factor, therefore, lends some weight in favor of ent directors of Bank, two of whom are also di approval of the applications. rectors of First National and trustees of US&I, Financial and managerial resources and future and one of whom is the prospective seller to Ap prospects. The financial history and condition of plicants of the 20,100 shares of Bank, have pur Applicants, their present subsidiaries, and Bank chased stock of Bank for their own accounts and are all considered satisfactory, and their respective have indicated a willingness to purchase any ad managements are viewed as experienced and com ditional shares tendered by minority shareholders petent. In the absence of a significant anticompeti at a price of $30 per share. This offer continues tive effect, or of any negative considerations bear and, despite the fact that there is no present un ing on the “convenience and needs” factor or on derstanding or agreement between Applicants and the financial condition of the holding company the directors with respect to future purchase by and the institutions involved, the Board believes Applicants of the shares which have been, or it to be consistent with the statutory purposes to which subsequently may be, purchased by these permit achievement of the purpose intended by the directors, such transactions have the potential for private interests on whose behalf a given applica self-dealing in the future however well intended tion has been filed. However, in the present case, they may be now. the Board wishes to note that the form of Appli Other aspects of this proposal, reflected in major Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1570 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 part in the foregoing statement of facts, are also should be hesitant to give its approval to any of concern to the Board. First, the acquisition of practice which does not accord an evenhanded hare-majority control interest has some disturbing treatment to all stockholders, particularly in the implications with respect to efficient harmonious case of those banks whose control is concentrated operation of the institution involved. While crea in one or two interests. As a result of a rapid tion and/or expansion of a holding company by expansion in the level of commercial bank de means of its acquisition of a bare-majority interest posits, there is constant pressure upon banks to in a bank or banks is not prohibited by the Act, increase their capital structures. If it were to be it is obvious that the interest of such a company come an accepted practice that the owner of any in the effective operation of its subsidiaries might thing less than a majority interest in bank stock reasonably be found to bear direct relation to its is exposed to an inferior position in any future extent of ownership and related risk of loss. It merger negotiation, the result could well be to would therefore seem more conducive to effective reduce the attractiveness of bank stock as an management and operation of banks if a holding investment. company which will formulate and enforce the As above indicated, with respect to a bank stock total operational policy of these banks acquires purchase offer, the Board believes most equitable an ownership interest more commensurate with its a procedure, usually followed in holding company authority than is reflected in bare-majority owner acquisition proposals, of affording all stockholders ship. an opportunity to participate in the transaction An additional aspect of Applicants’ proposal is proposed. A prospective bank holding company that no offer to purchase Bank’s stock will be purchaser of bank stocks, such as Applicants, made by Applicants to 128 shareholders of Bank could limit its total stock purchase to a desired who, in the aggregate, own over 40 per cent of percentage, while at the same time affording an Bank’s outstanding shares. These minority share opportunity for sale to all stockholders of the holders apparently were not consulted regarding same class of stock by making known to all share Applicants’ proposal to acquire control of Bank holders the purchaser’s intention to acquire a and, from all that appears in the record before us, stated percentage of the bank’s stock, shares to be at least some of them may, even at this date, be purchased (at a stated per share price) on a firstentirely unaware that such a proposal has been come, first-served basis. This method of purchase, made. Under existing law, the owner of a minority viewed favorably over Applicants’ proposal now interest in a bank cannot effectively block an ac before the Board, has the virtue of affording equal quisition endorsed by the owners of the majority notice to all shareholders, even though the actual interest or to share equally with such majority in opportunity to participate in the proposal may, on terest in prior notice and consultation regarding occasion, be less real than at first apparent. proposed actions affecting the corporation. How An alternative procedure for soliciting tenders ever, it is an entirely reasonable expectation, in of stock, and ultimately more equitable, would be the Board’s opinion, that, in the event of an ac to make known to all stockholders a proposal to quisition such as that here proposed, each share purchase a stated percentage of the bank’s stock holder will be treated equally to the extent of his (at a stated per share price) with the understand ownership interest, and that, insofar as possible, ing that shares would be perchased from all will be given an equal opportunity to sell or ex tendering shareholders on a pro rata basis, that is, change his shares when there occurs so major a the purchaser would take a proportionate number change in the bank’s operations and prospects as of shares from each tendering stockholder, the affiliation with a holding company. aggregate of such shares not to exceed the per It may be readily agreed that, as a matter of centage of ownership proposed. Such a pro rata hard business judgment, those shares which are purchase procedure is reasonably calculated to needed to control a corporation have a particular serve equitably and protect both the offeror and value which is not possessed by other shares whose the offeree. The absence of such equitable treat acquisition will merely increase the degree of ment is found to exist in the present case. control. There are practical reasons, in the Board’s In expressing in this case its views regarding judgment, why a bank supervisory authority an applicant’s affording equal notice and opportu- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1571 nity to all stockholders with respect to a proposed and views with respect to the proposal. A copy stock purchase, the Board is aware of the offer of the application was forwarded to the United made by four of Bank’s directors to purchase all States Department of Justice for its consideration. or any part of the more than 40 per cent minority Time for filing comments and views has expired share interest at $30 per share. This proposal, and all those received have been considered by the while lessening certain of the inequities found by Board. the Board to be inherent in Applicants’ proposal, It is hereby ordered, for the reasons set forth does not achieve the level of equitable dealings in the Board’s Statement of this date, that said ap believed by the Board to be desirable. plication be and hereby is approved, provided that Conclusion. The Board concludes that weighing the acquisition so approved shall not be consum the relevant facts of record in the light of the mated (a) before the thirtieth calendar day fol statutory factors pursuant to which the Board’s lowing the date of this Order or (b) later than determination is to be made, consummation of three months after the date of the Order, unless Applicants’ proposal is sufficiently consistent with such time shall be extended by further order of the public interest as to warrant approval. Ac the Board, or by the Federal Reserve Bank of cordingly, the applications are approved. Chicago pursuant to delegated authority. Dated at Washington, D. C., this 5th day of FIRST HOLDING COMPANY, INC., September, 1967. WAUKESHA, WISCONSIN By order of the Board of Governors. In the matter of the application of First Hold Voting for this action: Vice Chairman Roberston, and ing Company, Inc., Waukesha, Wisconsin, for ap Governors Mitchell, Maisel, and Sherrill. Absent and proval of action to become a hank holding com not voting: Chairman Martin, and Governors Daane and Brimmer. pany through the acquisition of 80 per cent or more of the voting shares of First National Bank (Signed) Merritt Sherman, of Waukesha, Waukesha, Wisconsin, and the First Secretary. National Bank in Wauwatosa, Wauwatosa, Wis [seal] consin. Statement First Holding Company, Inc., Waukesha, Wis Order Approving Application Under consin (“Applicant”), has filed with the Board, Bank Holding Company Act pursuant to section 3(a)(1) of the Bank Holding There has come before the Board of Governors, Company Act of 1956, an application for ap pursuant to section 3(a)(1) of the Bank Holding proval of action to become a bank holding com Company Act of 1956 (12 U.S.C. 1842(a)(1)), pany through the acquisition of 80 per cent or and section 222.4(a)(1) of Federal Reserve more of the outstanding voting shares of First Regulation Y (12 CFR 222.4(a)(1)), an applica National Bank of Waukesha, Waukesha, Wiscon tion by First Holding Company, Inc., Waukesha, sin (“Waukesha National”), and The First Na Wisconsin, for the Board’s prior approval of ac tional Bank in Wauwatosa, Wauwatosa, Wisconsin tion to become a bank holding company through (“Wauwatosa National”). As of December 31, the acquisition of 80 per cent or more of the 1966,1 Waukesha National, with two offices and voting shares of First National Bank of Waukesha, deposits of $79 million, was the fifth largest bank Waukesha, Wisconsin, and The First National ing organization in Wisconsin in terms of deposits. Bank in Wauwatosa, Wauwatosa, Wisconsin. Its affiliation with Wauwatosa National, which has As required by section 3(b) of the Act, the total deposits of $24 million, would give Wisconsin Board notified the Comptroller of the Currency an eighth bank holding company, and represent of the application and requested his views and the State’s fifth largest banking organization. recommendation. The Comptroller recommended l^iews and recommendation of supervisory au that the application be approved. thority. As required by section 3(b) of the Act, Notice of receipt of the application was pub notice of receipt of the application was given to lished in the Federal Register on June 1, 1967 (32 Federal Register 7924), providing an oppor 1 Unless otherwise, noted, all banking data are of this tunity for interested persons to submit comments date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1572 FEDERAL RESERVE BULLETIN ■ SEPTEMBER 1967 the Comptroller of the Currency, and his views by 16 banks, of which Waukesha National is the and recommendation were requested. The Comp largest, holding 36 per cent of the deposits held by troller recommended that the application be ap the 27 banking offices of the county. proved. Wauwatosa National is located in Wauwatosa Statutory considerations. Section 3(c) of the (Milwaukee County), about 13 miles east of the Act provides that the Board shall not approve an main office of Waukesha National, six miles acquisition that would result in a monopoly, or southeast of the latter’s Butler branch, and less would be in furtherance of any combination or than seven miles from downtown Milwaukee. It conspiracy to monopolize the business of banking has one office, the primary service area of which in any part of the United States. Nor may the is a major portion of Wauwatosa, with a popula Board approve a proposed acquisition, the effect tion of some 47,000. Wauwatosa National is the of which, in any section of the country, may be second largest of three banks located in its service substantially to lessen competition, or tend to area. Holding, respectively, 28, 27, and 23 per create a monopoly, or which in any other manner cent of the total deposits, IPC deposits, and total would be in restraint of trade, unless the Board loans in its area, Wauwatosa National is but onefinds that the anticompetitive effects of the pro half the size of the largest bank in the area. It posed transaction are clearly outweighed in the controls less than 1 per cent of the total deposits public interest by the probable effect of the trans held by the 40 banks in Milwaukee County. action in meeting the convenience and needs of On the record before the Board, it is apparent the community to be served. In each case the that the proposed affiliation would not alter signif Board is required to take into consideration the icantly the existing concentration of banking re financial and managerial resources and future sources in the State, or in any other area affected prospects of the bank holding company and the by the proposal, including the primary service banks concerned, and the convenience and needs areas of the banks involved. of the community to be served. An analysis of the deposit and loan accounts of Competitive effect of proposed transaction. The the two proposed subsidiary banks submitted by 12 largest banking organizations operating in Wis Applicant indicates an insignificant competitive consin controlled about 41 per cent of the State’s overlap between and among their offices. The total deposits as of December 31, 1966. Subsidiary primary service area of each of the banks’ offices banks of seven bank holding companies control appears to be self-contained and is separated from about 34 per cent of the deposits; consummation the others by interverning banks. Accordingly, of Applicant’s proposal would result in eight bank consummation of the proposal herein will not holding companies controlling about 35 per cent substantially lessen competition between the banks of deposits. involved. Nor does it appear likely that significant Waukesha National’s main office is located in future competition between them will be fore downtown Waukesha, about 18 miles west of closed by the proposal. Milwaukee. The primary service area 2 of this of Competition with one or more of the three fice encompasses the City of Waukesha and a offices of the proposed subsidiary banks is pro surrounding area of three or four miles—all within vided by 36 offices of 25 banks, as well as by Waukesha County—and has an estimated popula large downtown Milwaukee banks. The 25 com tion of 55,000. Its only branch, located in the peting banks range in size from less than $1 mil Village of Butler (Waukesha County), about 14 lion to about $57 million. Included among these miles northeast of the main office, serves an area are six banks, with eight offices, representing the including Butler (population of 2,500) and the State’s three largest holding companies. Two hold surrounding suburban area within a radius of one ing company banks are located in the area inter to five miles. The service area has an estimated vening between Wauwatosa National and population of 15,000. Waukesha County is served Waukesha National’s closest office (the Butler branch). Each of the proposed subsidiary banks’ 3 The area from which Applicant estimates about 80 offices competes with at least 13 other banking per cent of the deposits of individuals, partnerships, and corporations (“IPC deposits”) in this office are offices. Consummation of Applicant’s proposal is derived. not likely to affect significantly the competitive Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1573 vitality of Waukesha National. While this bank is communities served primarily by those offices. As already a substantial competitive force in its earlier indicated, however, Wauwatosa National is service area, the affiliation herein would not serve not presently offering the scope and nature of to impair the vigor of its several competitors. In services calculated to serve conveniently the cus the area served by Wauwatosa National, competi tomers within its service area. While the banking tion is likely to be stimulated by the proposed needs of the Wauwatosa area appear to be served acquisition. The record shows that the lending by the several banks competing therein, particu policies at Wauwatosa National have been highly larly the Milwaukee area banks, the greater im conservative. The affiliation proposed would likely mediacy and convenience of services offered the result in the bank’s pursuit of a more aggressive Wauwatosa community by Applicant’s proposal, lending policy. In addition, Applicant proposes including services not presently available through inauguration, or expansion, of other services. For Wauwatosa National, are considerations support example, consummation of Applicant’s proposal ing approval of the application. will make possible a local source, not now availa Summary and conclusion. On the basis of all ble, of trust services. Such changes would serve the relevant facts contained in the record, and in to enhance competition in the area. The likely in the light of the factors set forth in section 3(c) creased competitive ability of Wauwatosa National of the Act, it is the Board’s judgment that the would not appear to have undesirable implications proposed transaction would be in the public in for its competitors, the nearest (geographically) terest and that the application should be approved. of which is more than twice the size of Wauwatosa HAWKEYE BANCORPORATION, National. RED OAK, IOWA The Board concludes that consummation of the In the matter of the application of Hawkeye proposed transaction would not result in a Bancorporation, Red Oak, Iowa, for approval of monopoly, nor be in furtherance of any combina action to become a bank holding company through tion, conspiracy, or attempt to monopolize the the acquisition of 51 per cent or more of the vot business of banking in any part of the United ing shares of Hougton State Bank, Red Oak, Iowa. States; and that consummation will not substan tially lessen competition, tend to create a monop Order Approving Application Under oly, nor in any other manner restrain trade in any Bank Holding Company Act relevant section of the country. There has come before the Board of Governors, Financial and managerial resources and future pursuant to section 3(a)(1) of the Bank Holding prospects. Applicant has no operating history; its Company Act of 1956 (12 U.S.C. 1842 (a)(1)) financial and managerial resources, as well as its and section 222.4(a)(1) of Federal Reserve prospects, are dependent in major respects upon Regulation Y (12 CFR 222.4(a)(1)), an applica those of the banks it proposes to acquire. Both tion by Hawkeye Bancorporation, Red Oak, Iowa, proposed subsidiary banks are financially sound, for the Board’s prior approval of action to become with good earnings records, satisfactory manage a bank holding company through the acquisition ment, and good prospects. Improvement in the of 51 per cent or more of the voting shares of managerial resources and competitive capability Houghton State Bank, Red Oak, Iowa. Hawkeye of Wauwatosa National may reasonably be ex Bancorporation presently owns a majority of the pected to result from consummation of the pro voting shares of Lyon County State Bank, Rock posal. Applicant’s financial resources, management Rapids, Iowa. (drawn from the proposed subsidiary banks), and As required by section 3(b) of the Act, the future prospects are, accordingly, satisfactory. Board notified the State of Iowa Banking Depart The foregoing considerations are consistent with, ment of the application and requested views and and lend some weight toward, approval of the ap recommendation thereon. On behalf of the Bank plication. ing Department, the Superintendent of Banks Convenience and needs of the communities in recommended that the application be approved. volved. The record reflects that Waukesha Na Notice of receipt of the application was pub tional’s main office and Butler branch are ade lished in the Federal Register on September 30, quately serving the convenience and needs of the 1966 (31 Federal Register 12814), providing an Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1574 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 opportunity for interested persons to submit com behalf of the Banking Department, the State Su ments and views with respect to the proposal. A perintendent of Banking recommended that the copy of the application was forwarded to the application be approved. United States Department of Justice for its con Statutory consideration. Section 3(c) of the Act sideration. Time for filing comments and views provides that the Board shall not approve an ac has expired and all those received have been con quisition that would result in a monopoly or would sidered by the Board. be in furtherance of any combination or con It is hereby ordered, for the reasons set forth spiracy to monopolize the business of banking in in the Board’s Statement of this date, that said ap any part of the United States. Nor may the Board plication be and hereby is approved, provided that approve a proposed acquisition the effect of which, the acquisition so approved shall not be consum in any section of the country, may be substantially mated (a) before the thirtieth calendar day fol to lessen competition, or tend to create a monop lowing the date of this Order or (b) later than oly, or which in any other manner would be in three months after the date of the Order unless restraint of trade, unless the Board finds that the such time shall be extended by the Board, or by anticompetitive effects of the proposed transaction the Federal Reserve Bank of Chicago pursuant to are clearly outweighted in the public interest by delegated authority. the probable effect of the transaction in meeting Dated at Washington, D. C., this 7th day of the convenience and needs of the community to be September, 1967. served. In each case the Board is required to take By order of the Board of Governors. into consideration the financial and managerial resources and future prospects of the bank hold Voting for this action: Vice Chairman Robertson, and ing company and the banks concerned, and the Governors Mitchell, Maisel, and Sherrill. Absent and not voting: Chairman Martin, and Governors Daane convenience and needs of the community to be and Brimmer. served. (Signed) Merritt Sherman, Competitive effect of proposed transaction. Secretary. Houghton Bank’s main office is located in Red [seal] Oak in southwestern Iowa, about 50 miles south Statement east of Council Bluffs. Lyon Bank, Rock Rapids, is situated in the extreme northwestern part of the Hawkeye Bancorporation, Red Oak, Iowa State some 70 miles north of Sioux City. Each (“Applicant”), has filed with the Board, pursuant bank primarily serves the community in which it to section 3(a)(1) of the Bank Holding Com is located and the immediately surrounding rural pany Act of 1956 (“the Act”), an application for area. Houghton Bank, with deposits of $14 mil approval of action to become a bank holding com lion, is the largest of seven banks competing within pany through the acquisition of 51 per cent or its primary service area, and controls 36 per cent more of the voting shares of Houghton State of the total deposits held in the aggregate by those Bank, Red Oak, Iowa (“Houghton Bank”). Ap banks. Houghton Bank’s nearest competitor, plicant presently controls 97 per cent of the voting geographically and in size, is located in Red Oak stock of Lyon County State Bank, Rock Rapids, and has deposits of $10 million, or about 25 per Iowa (“Lyon Bank”). As of December 31, 1966,1 cent of the aggregate deposits of the aforemen Houghton Bank with two offices had total deposits tioned seven banks. of $14 million; Lyon Bank’s single office had de Lyon Bank ($5 million of deposits) is the posits of nearly $5 million. The closest offices of second largest of the two banks located in Rock the two banks are approximately 200 miles apart. Rapids, and the fourth largest of the eight banks Views and recommendation of supervisory au competing in Lyon Bank’s primary service area. thority. As required by section 3(b) of the Act, Lyon Bank controls 15 per cent of the aggregate notice of receipt of the application was given to deposits of these eight banks, while its three largest the State of Iowa Department of Banking, and a request made for views and recommendation. On competitors hold, respectively, 23, 20, and 18 per cent of such deposits. Applicant’s formation would 1 Unless otherwise noted, all banking data are as of place $19 million of deposits under its control, this date. making it the third, and smallest, bank holding Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1575 company operating in the State. Combined, the and acquired the stock of Lyon Bank in April of three holding companies would control 41 of the that year. Presently this stock is Applicant’s prin 911 banking offices in the State, and 9.2 per cent cipal, and virtually sole, asset. The financial con of all bank deposits in Iowa, .4 per cent more than dition and prospects of Lyon Bank are reasonably those now controlled by the two bank holding satisfactory. Houghton Bank was established in companies operating in Iowa. 1 879 as a private bank and has operated under a The 10 largest banking organizations in the charter from the State of Iowa since 1936. While State control 24 per cent of the total deposits of at the time the subject application was filed, all banks. This figure reflects the deposits held by Houghton Bank’s financial condition was reason the 14 subsidiary banks of the one Iowa-based ably satisfactory, the bank’s capital structure was bank holding company, and the four subsidiary less than is considered' advisable in relation to its banks of a Minnesota-based holding company. deposit growth. In the period since the application Upon formation, Applicant’s system would rank was filed, the asset condition of Houghton Bank well below the smallest of the aforementioned 10 has improved significantly, and Applicant has organizations. stated its intention to strengthen the bank’s capital On the basis of the record before the Board, it position by a substantial contribution in the near is reasonably established that consummation of future. Premised upon a continued improvement Applicant’s proposal would not result in any in Houghton Bank’s asset condition, and upon tendency toward a monopoly, nor alter in any Applicant’s commitment to strengthen the capital significant respect the existing degree of concen position of that bank, the Board concludes that tration of banking resources in the State, or in Houghton Bank’s financial prospects are reason any other area that will be affected by the pro ably favorable and that, consequently, those of posal. Applicant are similarly favorable. As stated, Houghton Bank and Lyon Bank are Applicant’s management is headed by its presi approximately 200 miles apart; their primary serv dent and prospective principal stockholder, who is ice areas do not overlap. Neither derives business also president of Houghton Bank and its majority from the other’s service area. Consequently, affilia stockholder. The same individual, clearly the tion of the two banks as proposed would eliminate dominant force with respect to Applicant’s pro no existing competition between the banks. Nor, posed system, is also president and a minority considering the size of the banks and the distance stockholder in two companies, one of which con separating them, is there much likelihood of any trols slightly less than 50 per cent of the voting future competition that would be foreclosed by the stock of First National Bank of Clinton, Clinton, affiliation proposed. Iowa, the second of which controls 80 per cent As to the probable impact of Applicant’s ac of the voting stock of Pella National Bank, Pella, quisition of Houghton Bank on banks competing Iowa. While none of the last-mentioned holding in the service area of the two proposed subsidi companies or banks is involved in Applicant’s aries, this consideration offers no bar to approval present proposal, Applicant’s president has made of Applicant’s becoming a bank holding company. known his intention to expand Applicant’s bank The competitive advantages foreseeable from Ap ownership in other areas of the State, initially plicant’s formation would not, in the Board’s judg through the acquisition of the Clinton and Pella ment, exert any undue impact on the six or seven banks. The management of Houghton Bank and banks competing in the respective service areas Lyon Bank, more particularly the aforementioned of Houghton Bank and Lyon Bank. Nor will con dominant individual, is considered to be aggressive summation of the proposal change the number of and competent by the State and Federal banking alternative banking sources available to the com authorities directly responsible for supervision of munities affected. Accordingly, the Board con those banks. Applicant’s management, essentially cludes that consummation of Applicant’s pro identical with that of the banks mentioned, is con posal will not substantially lessen competition or sidered satisfactory. in any manner restrain trade in any relevant area. Convenience, needs, and welfare of the areas Financial and managerial resources and future concerned. As earlier noted, the primary service prospects. Applicant was organized early in 1966 areas of both Houghton Bank and Lyon Bank Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1576 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 comprise the communities in which they are by Applicant relates only to the greater conven located and the immediate surrounding farm ience to be offered to these communities. In sum areas. Rock Rapids, the situs of Lyon Bank, is the mary, considerations relating to the convenience seat of Lyon County and has a population of and needs of the communities involved are con nearly 3,000. Rock Rapids is primarily dependent sistent with, and favor somewhat, approval of the upon agriculture for its economic support—prin application. cipally dairy and livestock feeding operations in Summary and conclusion. On the basis of all the surrounding area—but is also somewhat de relevant facts contained in the record and in the light of the factors set forth in section 3(c) of the pendent upon employment afforded by the local Act, it is the Board’s judgment that the proposed school district and some light industry. Houghton transaction would be in the public interest and Bank’s service area is also primarily agricultural that the application should be approved. in nature, with its economy being supplemented by the employment of approximately 1,000 of its residents by industrial concerns. Houghton Bank SOCIETY CORPORATION, operates a limited-service branch office in the CLEVELAND OHIO agricultural community of Elliott, Iowa, some 16 In the matter of the application of Society miles northeast of Red Oak. Corporation, Cleveland, Ohio, for approval of the The record before the Board establishes that acquisition of 90 per cent or more of the voting the basic banking requirements of the communities shares of The Springfield Bank, Springfield, Ohio. involved are adequately served by existing bank ing facilities. The record also reflects, however, Order Approving Application Under that Lyon Bank has had agricultural credit re Bank Holding Company Act quests that exceeded the bank’s lending limits. There has come before the Board of Governors, Similarly, the Houghton Bank has been required, pursuant to section 3(a) of the Bank Holding because of its lending limits, to sell loan participa Company Act of 1956 (12 U.S.C. 1842(a)) and tions with banks outside the State. Two aspects section 222.4(a) of Federal Reserve Regulation Y of Applicant’s proposal appear to lend themselves (12 CFR 222.4(a)), an application by Society favorably to the credit requirements of the areas Corporation, Cleveland, Ohio, for the Board’s involved. First, there has recently been designated prior approval of the acquisition of 90 per cent or as Applicant’s executive vice president an in more of the voting shares of the Springfield Bank, dividual who was formerly executive vice president Springfield, Ohio. of a $100 million bank in Nebraska. This individ As required by section 3(b) of the Act, the ual’s knowledge and experience is anticipated to Board gave written notice of receipt of the applica lend considerable strength to the operational tion to the Superintendent of Banks for the State techniques of Applicant’s subsidiaries, particularly of Ohio and requested his views and recommenda its credit functions. Secondly, the substantial capi tion. The Superintendent recommended that the tal addition to Houghton Bank, to which Appli application be approved. cant is committed, will significantly increase that Notice of receipt of the application was pub bank’s lending limit, a result that will enable and lished in the Federal Register on June 14, 1967 facilitate participation within Applicant’s system (32 Federal Register 8558), providing an op of credit demands made of either Houghton Bank portunity for interested persons to submit com or Lyon Bank. The aforementioned combination ments and views with respect to the proposal. A of management experience and financial resources copy of the application was forwarded to the should enable both banks to better serve the credit United States Department of Justice for its con needs of their respective communities—a prospect sideration. Time for filing comments and views weighing in favor of approval of the application. has expired and all those received have been con Additional benefits, albeit less significant, are sidered by the Board. likely to result from consummation of Applicant’s It is hereby ordered, for the reasons set forth proposal. Since, for the most part, these service in the Board’s Statement of this date, that said ap benefits are presently available from the banks plication be and hereby is approved, provided that now serving the areas concerned, their provision the acquisition so approved shall not be consum- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1577 mated (a) before the thirtieth calendar day United States. Nor may the Board approve a following the date of this Order or (b) later than proposed acquisition the effect of which, in any three months after the date of the Order unless section of the country, may be substantially to such time shall be extended by the Board, or by lessen competition, or tend to create a monopoly, the Federal Reserve Bank of Cleveland pursuant or which in any other manner would be in to delegated authority. restraint of trade, unless the Board finds that the Dated at Washington, D.C., this 13th day of anticompetitive effects of the proposed transac September, 1967. tion are clearly outweighed in the public interest by the probable effect of the transaction in meet By order of the Board of Governors. ing the convenience and needs of the community Voting for this action: Vice Chairman Robertson, and to be served. In each case the Board is required Governors Mitchell, Maisel, and Sherrill. Absent and to take into consideration the financial and man not voting: Chairman Martin, and Governors Daane and Brimmer. agerial resources and future prospects of the bank (Signed) Merritt Sherman, holding company and the banks concerned, and Secretary. the convenience and needs of the community to [seal] be served. Competitive effect of proposed transaction. In Statement Ohio, 13 banking organizations, of which three Society Corporation, Cleveland, Ohio (“Ap are bank holding companies, control approxi plicant”), a registered bank holding company, has mately 54 per cent of the aggregate deposits in applied to the Board of Governors, pursuant to the State. Applicant, with control of less than 4 section 3(a) of the Bank Holding Company Act of per cent of such deposits, ranks fifth among the 1956 (“the Act”), for prior approval of the ac 13 and controls 2 per cent of the banking offices quisition of 90 per cent or more of the voting in the State. Consummation of the proposed ac shares of The Springfield Bank, Springfield, Ohio quisition would not change Applicant’s relative (“Bank”), a nonmember insured bank. As of position and would have only a negligible effect December 31, 1966,1 Applicant controlled three on the share of the State’s commercial banking subsidiary banks which operated a total of 25 resources that are held by Applicant, by holding offices with aggregate total deposits of $637 company systems, or by the larger banking or million. Bank, a successor to a mutual savings in ganizations in the State. stitution, is located in Springfield, about 45 miles There are five banks in Clark County, a pros west of Columbus and 25 miles northeast of Day perous agricultural area. Bank ranks first in the ton, and operates four offices with total deposits of county in size of deposits with 31.6 per cent of $56 million. the deposits of all banks. Slightly smaller and Views and recommendation of supervisory au second in size (31.5 per cent of deposits in the thority. As required by section 3(b) of the Act, county) is First National Bank of Springfield, a notice of receipt of the application was given to subsidiary of BancOhio Corporation, a registered the Superintendent of Banks for the State of Ohio, bank holding company. and his views and recommendation were re Bank’s primary service area2 is considered to quested. The Superintendent, expressing the view encompass the City of Springfield and surround that “the proposed acquisition will be of substan ing suburbs, an area estimated to include about tial benefit to the community of Springfield”, 91,000 people. Springfield is the principal city in recommended that the application be approved. Clark County. In Bank’s primary service area, Statutory considerations. Section 3(c) of the there are four banks with aggregate total deposits Act provides that the Board shall not approve an of approximately $163 million. Bank controls 34 acquisition that would result in a monopoly or per cent of these deposits and another 34 per cent would be in furtherance of any combination or is controlled by BancOhio Corporation. conspiracy to monopolize or to attempt to monop olize the business of banking in any part of the ■ The area from which Applicant estimates that Bank derives about 76 per cent of the deposits of indi 1 Unless otherwise noted, all banking data are of this viduals, partnerships, and corporations (“IPC de date. posits”). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1578 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 The impact of the proposed acquisition on the mercial loans. An examination of the facts pre degree of concentration of banking resources in sented with respect to Bank’s competitors indicates the State would be negligible. While consummation that more aggressive competition from Bank, par of the proposal would result in a sizable increase ticularly for the latter type of business, it not likely in the percentage of deposits under bank holding to impair the competitive vigor of existing institu company control in the county and in the Sprin- tions operating in the area. fleld area, it is apparent that the affiliation would The Board concludes that consummation of the not cause the number of banking alternatives in proposed transaction would not substantially les the service area to be reduced nor cause the con sen competition, tend to create a monopoly nor centration of deposits already existing in these in any other manner restrain trade in any relevant banking organizations to be increased. On the section of the country. record before the Board it is concluded that the Financial and managerial resources and future proposed affiliation would not result in a monopoly prospects. The financial condition and manage nor be in furtherance of any combination or con ment of Applicant and its subsidiaries are reason spiracy to monopolize or attempt to monopolize ably satisfactory, and their prospects are con the business of banking in any relevant area. sidered to be favorable. Considering next the probable effect of con Bank’s financial condition and management are summation of Applicant’s proposal on existing generally satisfactory. While its prospects as a and potential competition, the Board finds that subsidiary of Applicant appear to be favorable, its these considerations present no bar to approval prospects other than as Applicant’s affiliate are not of the application. Bank and Applicant’s closest similarly favorable. The record shows that, if this (geographically) subsidiary are separated by 122 application is denied, the character and experience miles and several intervening banks. Applicant of Bank’s ownership and management are uncer reports that the number of deposit and loan ac tain factors. Substantially all the shares of Bank counts held by Bank that originate in the primary are now owned by Springfield Center Corporation service areas of Applicant’s subsidiaries is in which, in turn, is owned by the directors of Bank significant; and that no loans or deposits of Ap who formed the corporation to acquire Bank’s plicant’s subsidiaries originate in Bank’s primary stock in an effort to prevent Bank from being sold service area. On the basis of the data before the to interests that might not be acceptable to Bank’s Board, it is concluded that there is no meaningful management. The purchase was financed by a present competition between Bank and Applicant’s loan from one of Applicant’s subsidiaries, and subsidiaries; and it appears unlikely that any sig Applicant received an option to purchase at least nificant future competition between them would be 90 per cent of the shares at the price paid by foreclosed by the proposed affiliation. Springfield Center Corporation (plus interest and Bank’s main competitor is First National Bank expenses). Applicant reports that, if the applica of Springfield. As earlier stated, it is a subsidiary tion herein is denied, sale of Bank’s control will of BancOhio Corporation and controls 31.5 per be required in order to liquidate the aforemen cent of the deposits in the county. Two other tioned loan, thus giving rise to the earlier-men Springfield banks also provide competition. While tioned uncertainty as to future ownership and Bank ranks first in the county in terms of total management. The Board concludes that con deposits, it is noted that, with respect to IPC siderations relating to the banking factors as re demand deposits, it ranks third among the four flected in the record herein are consistent with banks competing in its service area—a fact ap and afford some weight in favor of approval of the parently explained by Bank’s history as a mutual proposed transaction. savings institution. Bank has not been aggressive Convenience and needs of the community in with respect to commercial loans and its portfolio volved. While the banking needs of the areas has limited diversification. In these circumstances, involved appear to be adequately served by the Applicant’s experience in converting a predomi several banks competing therein, the affiliation nantly savings-oriented institution into a full-service herein offers added convenience to the community commercial bank promises significant assistance to involved by offering services not currently avail Bank in competing for demand deposits and com able through Bank. As indicated earlier, Appli- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 1579 cant can assist Bank in competing more aggres The Board concludes that the evidence relating sively and effectively for commercial loans and to the convenience and needs of the area involved demand deposits, thus becoming a full-service is consistent with and weighs somewhat in favor of commercial bank, a result beneficial to the busi approval of the application. ness firms in the area. In addition, Applicant pro Summary and conclusion. On the basis of all the poses that Bank will offer to the community cer relevant facts contained in the record, and in the tain new services, including post office box service, light of the factors set forth in section 3(c) of the consultation on business financial affairs, check Act, it is the Board’s judgment that the proposed reconcilement service, investment advisory assist transaction would be in the public interest and ance, and bond and market analyses. that the application should be approved. Announcements PUBLISHED INTERPRETATIONS OF THE BOARD Governors of the Federal Reserve System,” con Supplement No. 8 to the loose-leaf compilation taining the published interpretations as of lune of “Published Interpretations of the Board of 30, 1967, is now available. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
National Summary of Business Conditions Released for publication September 15 Industrial production, nonfarm employment, reduction of inventories resulting from a strike at and retail sales rose further in August. The aver a major producer and from the industry-wide cur age workweek in manufacturing also rose and the tailment in output in the first half of the year. unemployment rate edged down. Bank credit, the Output of most household appliances rose some money supply, and time and savings deposits in what further but production of furniture changed creased further. Yields on Treasury bills and inter little. mediate-term U.S. Government securities rose Among materials, output of iron and steel in between mid-August and mid-September. Yields creased somewhat and production of construc on corporate bonds have turned down recently tion materials remained at reduced levels. Output and yields on municipal and long-term Treasury of rubber products rose sharply further as the bonds have remained about unchanged. recovery from strike losses continued. Crude oil production rose again because of the continued INDUSTRIAL PRODUCTION curtailment in Mid-East supplies. In September, Industrial production in August was 158.0 per allowable production in Texas has been cut back cent of the 1957-59 average, 0.8 of one per cent 10 per cent partly because of restoration of high above the upward revised July level of 156.7 and rates of oil production in the Mid-East. the same as a year earlier. Output of consumer EMPLOYMENT goods and materials increased further, partially reflecting special influences. Production of defense Nonfarm employment rose by 300,000 in Aug equipment continued to gain and output of busi ust and was 1.9 million higher than a year earlier. ness equipment was unchanged. In manufacturing, most of the 185,000 rise re Auto assemblies rose slightly further in August, flected an earlier than usual auto model change after allowance for the early model changeover over and the return to work in the rubber indus period, but production has been curtailed in Sep try. Employment in the public and private service tember by the strike at a major producer. Output sectors continued to advance briskly. Employment also rose in trade but was little changed in con of television sets rose sharply in August following struction. The average workweek in manufactur ing rose slightly further to 40.6 hours in August, up 0.3 hours from the May-June level, but still 0.8 hours shorter than a year ago. The unemploy ment rate edged down again in August to 3.8 per cent, the same as a year earlier. DISTRIBUTION The value of retail sales rose 1 per cent in Aug ust, according to the advance Census estimate, and was 5!^ per cent above a year earlier. The August increase was entirely at nondurable goods stores. Sales at durable goods stores were about unchanged despite a marked decline in dealer deliveries of new cars. New car sales continued to decline in early September. COMMODITY PRICES F.R. indexes, seasonally adjusted. Latest figures shown are Wholesale prices of industrial commodities have for August, 1580 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
NATIONAL SUMMARY OF BUSINESS CONDITIONS 1581 been increasing since mid-July, following 5 months vious three months. Growth in time and savings of stability. The BLS preliminary estimate shows deposits at commercial banks, however, which a 0.3 per cent rise from mid-July to mid-August, totaled $2.6 billion, was larger than in any month and in recent weeks announcements of additional since March. U.S. Government deposits also rose price increases have been widespread. Average further on balance. prices of foods and foodstuffs declined substan Member bank excess reserves declined more tially at wholesale in August and appear to have than their borrowings over the five weeks ending edged down further in recent weeks, owing mainly August 30 and free reserves dropped to an aver to easing food and feed grain prices in anticipa age of about $260 million compared with $310 tion of record harvests; hog prices are down but million over the previous four weeks. Total and beef cattle prices have continued to rise. required reserves continued to increase substan tially. BANK CREDIT, DEPOSITS, AND RESERVES SECURITY MARKETS Loans and investments at all commercial banks increased $3.5 billion in August—a substantial rise Yields on intermediate-term U.S. Government but less than half as much as the unusually sharp securities and Treasury bills rose between mid July expansion. In both months acquisitions of August and mid-September, with the 3-month new Treasury issues and the financing of Govern issue bid at 4.39 per cent in the middle of Septem ment security dealers accounted for a very large ber. Yields on long-term Treasury bonds were part of the growth. Holdings of other securities about unchanged on balance over the same period. increased further but at a slower rate than in Yields on corporate bonds, after advancing in earlier months of this year. Business loans de the latter half of August, have recently turned clined sharply in August following heavy borrow down, while municipal yields have remained un ing over the June-July period. changed. Common stock prices and trading volume The money supply increased $1.3 billion in declined throughout late August, but turned up August, a somewhat smaller rise than in the pre- after Labor Day. Discount rate, range or level for all F.R. Banks. Weekly average market yields for U.S. Govt, bonds maturing in 10 Bureau of Labor Statistics indexes. Latest figures shown are years or more and for 90-day Treasury bills. Latest figures for July. shown, week ending Sept. 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 adjusted for seasonal variation c Corrected IPC Individuals, partnerships, and corpora p Preliminary tions r Revised SMSA Standard metropolitan statistical area rp Revised preliminary A Assets I, II, L Liabilities HI, IV Quarters S Sources of funds n.a. Not available U Uses of funds n.e.c. Not elsewhere classified Amounts insignificant in terms of the par 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.................................A...u..g.... ..1..9.6..7.. ...1.428-37 Banking and monetary statistics, 1966.............. Mar. 1967 456-70 July 1967 1236-39 Banks and branches, number of, by class and Semiannually State.............................................................. Apr. 1967 65 8-59 Banking offices: Analysis of changes in number of........... Aug. 1967 1438 Flow of funds (assets and liabilities).......... Oct. 1966 15 36-46 On, and not on, Federal Reserve Par List, number of..................................... Aug. 1967 1439 Income and expenses: Federal Reserve Banks............................... Feb. 1967 308-09 Member banks: A nnually Calendar year........................................... May 1967 862-70 Operating ratios........................................... Apr. 1967 660-62 Bank holding companies: Insured commercial banks............................ Sept. 1967 1646 List of, Dec. 31, 1966.................................. June 1967 1042 Banking offices and deposits of group banks, Stock exchange firms, detailed debit and credit Dec. 31, 1966,.......................................... Aug. 1967 1440 balances........................................................ Sept. 1967 1647 1582 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......... 1584 Reserve Bank discount rates; margin requirements; reserve requirements.................... 1589 Bank deposits; open market transactions; Federal Reserve Banks.................................. 1591 Bank debits; currency in circulation .................................................................................... 1594 Money supply and bank reserves; banks and the monetary system ... ........................ 1596 Commercial and mutual savings banks, by classes ............................................................ 1600 Commercial banks ................................................................................................................. 1601 Weekly reporting banks............................................................................................................ 1604 Business loans .......................................................................................................................... 1608 Interest rates .............................................................................................................................. 1609 Security prices; stock market credit ...................................................................................... 1610 Open market paper; savings institutions ........................................................................... 1611 Federally sponsored credit agencies...................................................................................... 1613 Federal finance............................................................................................................................ 1614 U.S. Government securities..................................................................................................... 1616 Security issues.............................................................................................................................. 1620 Business finance ..................................................................................................................... 1622 Real estate credit ..................................................................................................................... 1624 Consumer credit ....................................................................................................................... 1628 Industrial production ................................................................................................................ 1632 Business activity; construction................................................................................................. 1636 Employment and earnings ....................................................................................................... 1638 Wholesale and consumer prices.............................................................................................. 1640 National product and income series........................................................................................ 1642 Flow of funds.............................................................................................................................. 1644 Insured commercial banks ................................................................................................... 1646 Stock market credit .............................................................................................................. 1647 Guide to tabular presentation ................................................................................................ 1582 Index to statistical tables ....................................................................................................... 1677 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). 1583 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1584 BANK RESERVES AND RELATED ITEMS SEPTEMBER 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 T U o .S ta . l Go B v r o o i t g , u u h g t s t e h c t u R r m c a i e t h g e i p a e r n e s u s t e e s r 1 c v D o a a a n u n d i c n d s e t s s Float 2 t T al o 3 s G to o c ld k T s r c o e t u i r u a n n u e r n r g y c a t d y s r c C t e c u i i n o u i n l r c n a r y T h c i r u n o e a r g a s l y d h s s T u r w e ry i a t s h r F e . F e s R e i o g r . r v n B es a , O n k t s her2 c O F o a t . u c h R n e . t r s B W F a n i R t k h . s re c r C s o a e e n n i u r n c d r v y e 4 s 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 1941—Dec.......... 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1.531 292 12,812 12,812 1945—Dec......... 23,708 23,708 381 65224,744 20,047 4.322 28,452 2,269 625 1.2 47 493 16,027 16,027 1950—Dec......... 20,345 20,336 9 142 1,117 21,606 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 1,443 26,186 22,769 5,144 31,932 768 385 345 186 1.063 19.420 19,420 1958—Dec......... 26.312 26,216 96 564 1,49628,412 20,563 5,230 32,371 691 470 262 337 1,174 18,899 18,899 1959—Dec.......... 27,036 26,993 43 911 1,42629,435 19,482 5,311 32,775 396 524 361 348 1,195 18,628 304 18,932 1960—Dec......... 27,248 27,170 78 94 1,66529,060 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—Aug......... 42,280 42,130 150 730 2,29045,348 13,311 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 1,949 45,604 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 6,473 43,673 1,297 505 136 443 647 19,404 4,001 23,405 Apr.......... 45,082 44,942 140 155 1,54046,902 13,108 6,530 43,812 1,356 860 125 463 559 19,365 3,997 23,362 May........ 45,699 45,481 218 126 1,37447,323 13,108 6,576 44,083 1,392 990 137 450 692 19,263 4,021 23,284 June 45,844 45,801 43 147 1,45947,547 13,108 6,602 44,567 1,385 715 128 464 609 19,388 4,130 23,518 July......... 46,807 46,784 23 91 1,58448,590 13,109 6,615 44,997 1,480 1,123 128 482 373 19,730 4,177 23,907 Aug......... 46,612 46,558 54 89 1,42348,210*13,053 »6,665 *45,011 *1,489 1,036 128 453 212 19,600M,183*23,783 Week ending—• 1966 Aug. 3.............. 42,445 42,287 158 778 2,43945,713 13,332 5,993 42,752 1,052 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 1,77545,114 13,258 6,041 42,771 1,079 1 ,083 138 412 352 18,578 4,063 22,641 42,977 42,977 751 1,75445,531 13,258 6,050 42,982 1,063 988 127 410 286 18,981 3,688 22,669 14.............. 42,936 42,895 41 893 1 ,91445,791 13,258 6,069 43,228 1,071 835 125 409 234 19,218 4,013 23,231 21.............. 42,525 42,525 782 2,485 45,841 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 23,226 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 2,77747,468 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 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 BANK RESERVES AND RELATED ITEMS 1585 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors supplying reserve funds Factors absorbing reserve funds F.R. Bank credit outstanding Deposits, other than member bank Member bank P d e o a ri r t o e d T U o .S ta . l Go B v r o o i t u g , u h t s g t e h c t u a R r m c i g h e t e r i p a e e n s u s e t e r s i c v D o a a a n u n d i c s n d 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 u i r a u n n u e r n g r c a y t d y s r c C t e c u i i n o i u n l r c n a r y T h c i u o n r a r e g l s y d a h s s T u r w e ry a it s h F r F e e .R i s o g e . r n r v B e a s O n , k th s er2 c O F o a t u . c h R n e . t r s B W F a . n R it k h . s r c e r C o s a e e i n n u n r d c r v y 4 e s Total Averages of daily figures Week ending— 1967 Feb. 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 1,85546,811 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 1,553 46,451 13,109 6,447 43,571 1,271 451 132 435 720 19,427 3,760 23,187 15.... 44,563 44,192 371 173 1,465 46,271 13,107 6,463 43,753 1 ,283 244 135 454 674 19,296 3,986 23,282 22.... 44,717 44,378 339 302 1,858 46,947 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 1,577 46,480 13,108 6,496 43,674 1,324 656 137 447 598 19,247 4,082 23,329 Apr. 5 .. . 45,012 44,759 253 193 1,361 46,677 13,108 6,503 43,680 1,328 658 130 454 648 19,390 3,999 23,389 12., , 45,013 44,840 173 165 1,463 46,763 13,108 6,517 43,914 1,340 612 135 465 634 19,289 3,873 23,162 19.. . 44,929 44,888 41 199 1,791 47,024 13,109 6,529 43,894 1,360 795 120 465 506 19,520 4,060 23,580 26.. . 45,142 45,098 44 123 1,493 46,888 13,108 6,553 43,754 1,382 1,087 119 469 511 19,227 4,158 23,385 May 3. 45,597 45,295 302 159 1 ,441 47,369 13,109 6,566 43,799 1,383 1,201 127 461 503 19,570 4,053 23,623 10. 45,929 45,469 460 88 1,38447,567 13,109 6,567 44,015 1,396 1,050 143 463 539 19,636 3,776 23,413 17. 45,543 45,243 300 148 1,51247,326 13,108 6,579 44,136 1,404 952 121 455 606 19,341 4,045 23,386 24. 45,530 45,530 75 1,53247,241 13,109 6,568 44,073 1,391 1,068 121 442 841 18,982 4,099 23,081 31 . 45,726 45 ,'657 69 127 1J5047'081 13,109 6,592 44,198 1,378 872 158 439 854 18,883 4,176 23,059 June 7 45,955 45,869 86 102 1,321 47,478 13,109 6,590 44,438 1,380 734 131 459 835 19,200 3,976 23,176 14 45,596 45,596 68 1,38047,118 13,108 6,598 44,600 1,380 471 131 450 609 19,183 4,030 23,213 21 45,654 45’587 67 116 1 ,708 47,552 13'108 6^608 44;598 1,393 520 121 450 525 19,661 4i 106 23,767 28 45,940 45,924 16 165 1,40847,642 13,108 6,610 44,574 1,378 968 126 490 530 19,293 4,254 23,547 July 5 46,809 46,755 54 366 1,231 48,543 13,110 6,614 44,856 1,464 1,088 148 508 360 19,841 4,043 23,884 12 47,158 47,101 57 74 1,70449,097 13,110 6,610 45,256 1,479 1,073 134 484 470 19,921 4,145 24,066 19 46,471 46,471 53 1,84748 455 13,109 6,603 45,085 1 ,477 1 ,021 128 484 380 19,592 4,297 23,889 26 46,715 46,715 54 1,63248,479 13’109 6,616 44;864 1,485 1,188 116 468 368 19,716 4^305 24,021 Aug. 2 46,833 46,833 119 1,43948,470 13,094 6,632 44,849 1.473 1,390 115 464 250 19,655 ”4,319*23,974 9 46,931 46,804 127 91 1'38548,536 13^057 6,642 44,985 1 ,480 920 128 457 226 20,038 »3;942>■23,980 16 46,716 46,604 112 129 1,36748,292 13,057 6,656 45,135 1 ,486 1,007 126 471 198 19,583 ”4,163 ”23,746 23 46,504 46,504 47 1,61448,238 13,058 6,674 45,020 1,497 1,021 133 442 257 19,602 ”4,173 ”23,775 30 46,249 46,249 46 1,29047,651 pl 3^044*6,693 ”44,918 1,495 1,076 121 443 183 19,151 ”4,313 ”23'464 End of month 1967 June 46,719 46,634 85 68 1,34548,268 13,110 6,612 44,713 1,472 1,311 147 511 330 19,505 4,565 24,070 July. 46,804 46,804 41 67747,600 13,108 6,633 44.866 1,449 1,340 117 476 214 18,877 3,990 22,867 Aug. 46,555 46'555 36 1,70748’363 ”13,008 ”6,709”45,067 ”1,494 1,051 144 449 88 19,789 ”4,677”24^466 Wednesday 1967 July 5 47,094 46,975 119 89 1,48948,810 13,109 6,619 45,180 1,492 289 174 519 399 20,485 3,928 24,413 12 46,760 46,760 76 1,61748,610 13,109 6,599 45,300 1,472 1,175 135 493 360 19,383 4,743 24,126 19 46,309 46,309 52 1,753 48,195 13'109 6,612 45,052 1'480 1,155 120 481 402 19,226 4^702 23,928 26 46,854 46'854 122 1'62848,685 13,109 6'622 44,900 1,494 1,324 97 466 259 19,876 4,717 24,593 Aug. 2 46 804 46,804 512 1,35948,756 13,059 6,634 44,943 1,485 1,323 127 475 219 19,877 ”4,490 ”24,367 9 46,804 46,804 261 1,225 48,420 13’059 6,642 45 J 64 1,495 '917 116 467 221 19,741 ”4'379”24,120 16 46 604 46,604 255 1'50248,438 13'059 6’658 45,162 1,507 971 128 465 234 19,689 ”4'522”24'211 23 46,504 46,504 47 1’32047,942 13'059 6,683 45,026 1'492 1,136 133 437 221 19^39”4'537 ”23'776 30 46,169 46,169 .......... 60 1,21247,506 13,009 6,704 45,054 1 ,508 1,328 116 452 108 18,653 ”4,788 ”23,441 i U.S. Govt, securities include Federal agency obligations. on Wed. and end-of-month dates, see subsequent tables on F.R. Banks 2 Beginning with 1960 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
1586 BANK RESERVES AND RELATED ITEMS SEPTEMBER 1967 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor Reserves Bor Reserves Bor T h o el t d al qu R ir e e d Excess B r F i o a n a . n w R g t k s . s se F r r r e v e e e s T h o e t l a d l qu R ir e e d Excess B r F i o a n a . n R w 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 i e re d Excess B r F i o a n a . n w R g t k s . s se F r r r e v e e e s 1929—June............ 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933—June............ 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 1,491 334 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 1,199 1,191 8 5 3 1956—Dec.............. 19,535 18,883 652 688 -36 4,448 4,392 57 147 -91 1,149 1,138 12 97 -86 1957—Dec............. 19,420 18,843 577 710 -133 4,336 4,303 34 139 -105 1,136 1,127 8 85 -77 1958—Dec.............. 18,899 18,383 516 557 -41 4,033 4,010 23 102 -81 1,077 1,070 7 39 -31 1959—Dec.............. 18,932 18,450 482 906 -424 3,920 3,930 -10 99 -109 1 ,038 1,038 104 — 104 1960—Dec............. 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 -4 1961—Dec.............. 20,118 19,550 568 149 419 3,834 3,826 7 57 -50 987 987 22 -22 1962—Dec.............. 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 1 ,042 1,035 7 18 -11 1963—Dec............. 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 1 ,051 5 26 -21 1964—Dec.............. 21,609 21,198 411 243 168 4,083 4,062 21 35 -14 1,083 1 ,086 -3 28 -31 1965—Dec.............. 22,719 22,267 452 454 -2 4,301 4,260 41 111 -70 1,143 1 ,128 15 23 -8 1966—Aug............. 22,655 22,317 338 728 -390 4,224 4,210 14 40 -26 1,098 1,094 4 28 -24 Sept........ 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 4,435 3 127 -124 1,112 1,109 3 98 -95 Nov........ 23,251 22,862 389 611 -222 4,339 4,299 40 111 -71 1,079 1,077 2 26 -24 Dec.............. 23,830 23,438 392 557 -165 4,583 4,556 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 Mar............. 23,405 22,970 435 199 236 4,612 4,608 4 72 -68 1,133 1,122 11 26 -15 Apr.............. 23,362 23,053 309 134 175 4,644 4,613 31 41 -10 1,131 1,140 -9 11 -20 May............ 23,284 22,914 370 101 269 4,614 4,583 31 19 12 1,133 1,127 6 5 1 June............ 23,518 23,098 420 123 297 4,701 4,664 37 30 7 1,150 1,138 12 15 -3 July............. 23,907 23,548 359 87 272 4,787 4,749 38 18 20 1,152 1,162 -10 5 -15 Aug............. *23,783 *23,412 *371 89 *282 *4,633 *4,619 *14 8 *6 *1,153 *1,148 *5 1 *4 Week ending—• 1966—Aug. 3.... 22,987 22,634 353 778 -425 4,347 4,331 16 20 -4 1,129 1,117 12 27 -15 10.... 22,878 22,417 461 782 -321 4,239 4,230 9 133 -124 1,097 1,089 8 25 -17 17. ... 22,606 22,329 277 730 -453 4,224 4,185 39 39 1,101 1,094 7 20 - 13 24. 22,454 22.080 374 719 -345 4,143 4,137 6 2 4 1,084 1,083 1 29 -28 31 ... . 22,641 22,277 364 691 -327 4,266 4,220 46 46 1 ,097 1 ,093 4 31 -27 1967—Jan. 4.... 24,662 24,267 395 565 -170 4,846 4,827 19 201 -182 1,224 1,220 4 141 -137 11 . 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 9 113 -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 1,111 9 4 5 8. . . . 23,187 22,828 359 202 157 4,499 4,512 -13 13 -26 1,092 1,085 7 8 -1 15. ... 23,282 22,910 372 173 199 4,531 4,500 31 64 -33 1,088 1,084 4 8 -4 22.... 23,692 23,125 567 302 265 4,789 4,753 36 197 -161 1,164 1,166 -2 7 -9 29.... 23,329 22,944 385 135 250 4,705 4,649 56 ............56 1,160 1,152 8 92 -84 Apr. 5 . . . . 23,389 22,942 447 180 267 4,646 4,628 18 97 -79 1,138 1,145 -7 -7 12.... 23,162 22,936 226 145 81 4,521 4,515 6 49 -43 1,137 1,127 10 27 -17 19. . .. 23,580 23,102 478 178 300 4,586 4,584 2 64 -62 1,129 1,134 -5 -5 26.... 23,385 23,139 246 98 148 4,693 4,666 27 27 1,133 1,133 18 -18 May 3.... 23,623 23,218 405 134 271 4,788 4,759 29 39 -10 1,171 1,172 -1 21 -22 10.. 23,413 23,084 329 63 266 4,684 4,620 64 21 43 1,153 1,147 6 6 17.... 23,386 22,982 404 123 281 4,585 4,575 10 36 -26 1,123 1,127 -4 .. -4 24.... 23,081 22,754 327 50 277 4,555 4,531 24 24 1,108 1,094 14 14 31 ... . 23,059 22,678 381 102 279 4,551 4,511 40 .. 40 1,126 1,122 4 .. 4 June 7.... 23,176 22,845 331 77 254 4,592 4,563 29 7 22 1,139 1,134 5 ............ 5 14.... 23,213 22,858 355 ■ 43 312 4,565 4,551 14 14 1,103 1,101 2 2 21 23,767 23,506 261 91 170 4,874 4,865 9 27 -18 1,157 1,159 -2 9 -11 28. ... 23,547 23,116 431 141 290 4,677 4,663 14 ............14 1,156 1,150 6 2 4 July 5.... 23,884 23,422 462 353 109 4,921 4,801 120 173 -53 1,191 1,185 6 77 -71 12. . .. 24,066 23,423 643 69 574 4,780 4,719 61 61 1,148 1,143 5 5 19. ... 23,889 23,653 236 51 185 4,773 4,742 31 31 1,141 1,138 3 3 26.... 24,021 23,589 432 54 378 4,735 4,727 8 8 1,179 1,170 9 9 Aug. 2.... 23,974 23,679 295 116 179 4,800 4,778 22 28 -6 1,189 1,183 6 2 4 9. . .. ?J23,980 *23,594 *386 91 *295 *4,699 *4,684 *15 1 <■14 *1,177 *1,173 <’4 *4 16.... *23,746 *23,380 *366 129 *237 *4,593 *4,578 *14 6 *8 *1,135 *1,134 *1 3 *-2 23.... ”23,775 *23,317 *458 47 *411 *4,591 *4,577 *14 *14 *1,150 *1,140 *10 *10 30.... *23,464 *23,223 *241 46 *195 *4,589 *4,565 *24 *24 *1,129 *1,129 p........ For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 BANK RESERVES AND RELATED ITEMS 1587 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Period Reserves Borrow Reserves Borrow ings at Free ings at Free T h o e t ld al 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 761 749 12 409 -397 632 610 22 327 -305 1933—June............................. 648 528 120 58 62 441 344 96 126 -30 1939—Dec............................... 3,140 1 953 1 1 88 1,188 1 ,568 897 671 3 668 194] —Dec............................... 4,317 3 014 1 303 1 1,302 2,210 1,406 804 4 800 1945—Dec............................... 6 394 5 ,976 418 96 322 4 ,'576 3,566 1,011 46 965 1947—Dec........................ 6 861 6 589 271 123 148 4^972 4,375 '597 57 540 1950—Dec.............................. 6,689 6,458 232 50 182 4,761 4,099 663 29 634 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 I960—Dec............................. 7,950 7,851 100 20 80 6,689 6,066 623 40 583 1961—Dec............................... 8’367 8 308 59 39 20 6'931 6,429 502 31 471 1962—Dec............................... 8 178 8 100 78 130 -52 6,956 6’515 442 48 394 1963—Dec............................... 8,393 8,325 68 190 -122 7,347 6’939 408 74 334 1964—Dec............................... 8,735 8 713 22 125 -103 7,'7O7 7’337 370 55 315 1965—Dec............................... 9 056 8,989 67 228 -161 8'219 7,889 330 92 238 1966—Aug.............................. 9,039 9,018 21 300 -279 8,294 7,995 299 360 -61 Sept............................. 9 269 9 198 71 288 -217 8,395 8’103 292 286 6 9,344 9,311 33 279 -246 8,439 8,176 263 229 34 Nov...................... 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 1967—Jan............................... 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 9’366 9 300 66 53 13 8,294 7’940 354 48 306 9,397 9 382 15 53 -38 8,189 7,918 271 29 242 9,319 9,282 37 46 -9 8'219 7,’922 297 31 266 9 381 9 314 67 34 33 8'285 7^83 302 44 258 July............................. 9,564 9 542 22 10 12 8,403 8,095 308 54 254 09,555 09,510 ”45 32 013 08,443 ”8,136 ”307 48 ”259 Week ending— 9,169 9,154 15 386 -371 8,341 8,032 309 345 -36 ~ 10....................... 9,108 9 054 54 311 -257 8'433 8'045 388 313 75 17....................... 9,058 9 028 30 344 -314 8'223 8’022 201 327 -126 24....................... 8 ,947 8,919 28 312 -284 8,281 7/942 339 376 -37 31....................... 9,085 9 008 77 218 -141 8,193 7,'956 237 442 -205 1967-—Jan. 4....................... 9,832 9,773 59 (59 -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 8^50 321 130 191 22....................... 9,435 9,374 61 167 -106 8'771 8,281 490 76 414 9,351 9,364 — 13 70 -83 8,392 8,271 121 89 32 8....................... 9,’278 9,237 41 117 -76 8'318 7,994 324 64 260 15....................... 9,315 9,277 38 40 -2 8,347 8,049 298 61 237 22....................... 9,’4O1 9,354 47 64 -17 8,'338 7 ,’852 486 34 452 29....................... 9 J86 9,305 81 4 77 8,079 7^838 241 39 202 9,352 9,335 17 54 -37 8,253 7,834 419 29 390 ' 12.................. 9315 9,374 41 43 -2 8,088 7,920 168 26 142 19........................ 9,448 9 410 38 79 -41 8,417 7,974 443 35 408 26........................ 9,437 9,398 39 50 -11 8’121 7'942 179 30 149 9,395 9,385 10 47 -37 8,270 7,902 368 27 341 ' 10....................... 9,414 9,349 65 13 52 8,162 7,968 194 29 165 17....................... 9,344 9,319 25 57 -32 8,334 7,961 373 30 343 24....................... 9^272 9,220 52 23 29 8,145 7,909 236 27 209 31....................... 9'236 9 J 89 47 66 -19 8,146 7,856 290 36 254 9,274 9,232 42 19 23 8,171 7,916 255 51 204 14....................... 9’260 9^227 33 8 25 8,285 7,979 306 35 271 21....................... 9,456 9^37 19 35 -16 8,281 8'044 237 20 217 28....................... 9'363 9,331 32 75 -43 8,352 7,973 379 64 315 9,537 9,456 81 28 53 8,235 7,980 255 75 180 “ 12....................... 9,506 9,460 46 11 35 8,632 * 8 J00 532 58 474 19....................... 9'674 9,607 67 2 65 8,302 8,165 137 49 88 26....................... 9,608 9,582 26 ll 15 8,499 8,110 389 43 346 Aug. 2....................... 9,626 9,598 28 36 -8 8,360 8,120 240 50 190 ~ 9....................... ”9,623 09,579 044 53 71-9 08,481 ”8,157 ”324 37 ”287 16....................... 09,557 ”9,509 048 53 0-5 08,461 08;160 ”301 67 ”234 23....................... 09,493 ”9'469 024 3 021 08,541 ”8,130 ”411 44 ”367 30....................... 09,483 09,444 039 039 ”8,263 ”8,085 ”178 46 ”132 i 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
1588 MAJOR RESERVE CITY BANKS SEPTEMBER 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 v c e e e s s s 1 r a o B t B w a F o n in . r k R g s . s F f . i b e u N n d a n t n e e e d r k t r s a l S d u e r o f p i r c l u it s r P e e q a r o u v c g i f r e . e n d t ch P a u s r e s Sales a 2 t c T r - t a o w io n t a a n s y l s 2 b c o P u h f a y u n s i r n e e s g t s o b S e a f l a l n l n i e k n e s s g t d L ea o t l o a e n rs s 3 de r B f i a o r n o o l w g e r m s r s 4 lo N a e n t s reserves banks trans. Total—46 banks 1967—July 5............ 163 254 1,269 -1,360 12.6 2,998 1,729 1,358 1,640 371 1,047 91 956 12............ 101 2 2,269 -2,170 20.5 3,847 1,577 1,345 2,502 232 916 101 814 19............ 57 2,056 -1,999 18.7 3,627 1,571 1,415 2,212 156 1,170 84 1,086 26............ 33 8 1,170 -1,145 10.7 3,128 1,958 1,479 1,649 479 1,190 96 1,095 Aug. 2............ 38 54 1,206 -1,222 11,3 3,099 1,894 1,448 1,652 446 1 ,589 90 1,499 9 40 17 1 ,525 -1,503 14.1 3,122 1,597 1,367 1 ,755 230 1,817 100 1,717 16............ 40 18 1,343 -1,322 12.6 3,099 1,756 1 ,489 1,610 267 1,659 145 1,514 23............ 38 802 -763 7.3 2,818 2,017 1,431 1,387 586 1,631 143 1,488 30............ 34 .............. 355 -321 3.1 2,658 2,304 1,583 1,075 720 1,541 127 1,414 3 in New York City 1967—July 5............ 117 173 452 -508 11.5 1,268 816 577 691 239 823 91 732 12............ 63 986 -923 21.4 1,719 733 625 1,094 108 624 101 523 19............ 19 857 -838 19.4 1,534 677 554 980 122 764 69 694 26............ 9 .............. 480 -472 11.0 1,396 915 636 759 279 785 85 700 Aug. 2............ 19 26 392 -399 9.1 1,255 862 708 546 154 1,052 90 963 9 12 486 -474 11.1 1,186 700 615 571 85 1,129 82 1 ,048 16............ 10 6 508 -505 12.1 1,198 690 608 590 82 1,023 80 943 23............ 14 .............. 169 -155 3.7 1,120 951 640 480 311 1 ,006 78 928 30............ 26 .............. -19 46 1.1 991 1,011 662 329 349 968 62 907 38 outside New York City 1967—July 5............ 46 81 817 -852 13.4 1,730 913 781 949 132 224 224 12............ 38 2 1,283 -1,247 19.8 2,128 845 720 1,408 125 292 292 19............ 39 1,199 -1,161 18.2 2,093 894 861 1,232 33 406 15 391 26............ 25 8 690 -673 10.5 1,733 1,043 843 890 200 406 11 395 Aug. 2............ 18 28 813 -823 12.8 1,845 1,032 739 1,105 292 537 537 9............28 17 1,038 -1,029 16.1 1,936 898 752 1,184 145 688 19 669 16............ 30 13 835 -818 13.0 1,901 1,066 881 1 ,020 185 636 65 571 23............ 24 633 -609 9.6 1,698 1,065 791 907 274 625 65 560 30............ 8 .............. 374 -367 5.8 1 ,667 1,293 921 745 375 572 65 507 S In City of Chicago 1967—July 5............ 7 77 219 -290 27.2 442 223 221 221 1 6 6 12............ 5 367 -362 35.4 557 190 190 367 9 9 19............ -4 233 -237 23.3 466 233 233 233 25 25 26............ 8 .............. 74 — 66 6. 3 433 358 240 192 118 25 25 Aug. 2............ 3 2 90 -89 8.4 499 409 257 242 152 38 38 9............3 84 -81 7.7 421 336 250 171 87 28 28 16 1 3 -41 39 3.8 374 415 333 41 82 25 25 23............ 5 -149 154 15.2 297 446 279 18 166 47 47 30............ -241 241 24.0 311 552 307 4 245 26 26 33 others 1967—July 5.......... 39 4 598 -562 10.6 1,288 690 560 728 131 218 218 12............ 33 2 917 -886 16.8 1,571 654 530 1,042 125 283 283 19............ 43 966 -923 17.2 1,628 662 629 999 33 381 15 366 26............ 17 8 616 -607 11.3 1,300 685 603 698 82 380 11 370 AUg. 2............ 15 26 723 -734 13.6 1,346 622 482 864 140 499 499 9............25 17 954 -948 17.7 1,516 561 503 1,013 58 660 19 641 16............ 30 10 876 -857 16,2 1,526 651 548 979 103 611 65 546 23............ 19 781 -763 14.4 1,401 620 512 889 108 578 65 513 30............ 8I.............. 615 -608 11.5 1,356 741 615 741 126 546 65 481 1 Based upon reserve balances, including all adjustments applicable to 4 Federal funds borrowed, net funds acquired from each dealer by the reporting period. Carryover reserve deficiencies, if any, are de clearing banks, reverse repurchase agreements (sales of securities to ducted. dealers subject to repurchase), resale agreements, and borrowings secured 2 Derived from averages for individual banks.for entire week. Figure by Govt, or other issues. for each bank indicates extent to which its weekly average purchases and sales are offsetting. Note.—Weekly averages of daily figures. For description of series 3 Federal funds loaned, net funds supplied to each dealer by clearing and back data, see Aug. 1964 Bulletin, pp. 944-74. banks, repurchase agreements (purchases of securities from dealers subject to resale), or other lending arrangements. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 DISCOUNT RATES 1589 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. 13 3 Federal Reserve Bank Secs. 13 and 13a 1 Sec. 10(b) 2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Aug. 31 date rate Aug. 31 date rate Aug. 31 date rate Boston........................................... 4 Apr. 7, 1967 4'/2 416 Apr. 7, 1967 5 5 Apr. 7, 1967 5*/2 New York....................................... 4 Apr. 7^ 1967 4*6 4*6 Apr. 7, 1967 5 5/2 Dec. 6’ 1965 5 Philadelphia.................................... 4 Apr. 7^ 1967 416 4*6 Apr. 7, 1967 5 5 Apr. 7’ 1967 5*6 Cleveland........................................ 4 Apr. 7, 1967 4/2 4*6 Apr. 7' 1967 5 5*6 Apr. 7, 1967 6 Richmond....................................... 4 Apr. 7, 1967 416 416 Apr. 7, 1967 5 5 Apr. 7’ 1967 Atlanta.......................................... 4 Apr. 10, (967 4*6 416 Apr. 10’ 1967 5 6 Apr. 10, 1967 6*6 Chicago.................... 4 Apr. 7’ 1967 416 4*6 Apr. 7' 1967 5 5 Apr. 7, 1967 5*6 St Louis.......................................... 4 Apr. 14, 1967 4*6 4/2 Apr. 14, 1967 5 5 Apr. 14, 1967 5*?2 Minneapolis.................................... 4 Apr. 7’ 1967 41/2 4*6 Apr. 7' 1967 5 5 Apr. 7, 1967 5*6 Kansas City............................. 4 Apr. 7, 1967 4*6 4/2 Apr. 7, 1967 5 5 Apr. 7, 1967 5*/2 Dallas............................................. 4 4yz 4 >6 Apr. 7, 1967 5 5 Apr. 7, 1967 514 San Francisco................................. 4 Apr. 7’ 1967 4'4 4 >4 Apr. 7, 1967 5 5 Apr. 7, 1967 5'4 1 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 F.R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date all F R. of date all F.R. of date all F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1941........ 1 -1V4 1 1955 1’4-1’4 1’4 1959 2’4-3 3 * 15............................. 1’4-1’4 1’4 16............................. 3 3 1942 May 2............................ 1’4 1’4 May 29............................. 3 -3'4 3*6 1 1 1’4-2’4 1’4 June 12............. 3'4 3’6 Oct 15.............................. t >4-1 I 1 ’4-2’4 2 3'4-1 4 30 .............................. t 'A t^ 12............................ 2 -2’4 2 ‘ 18..........4...................4 2 -2 >4 2’4 13............................. 2’4 2’4 I960 May 10... A ... p . 1 . r . 9 . 4 .. 6 2 .. . 5 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ......t.. ..1.. 1 4..-.1.. 1 1 Nov. 2 1 3 8 . . . . . . . . 1 . . . . 9 . . . 5 . . . 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 > 2 4 ’4 -2’4 2 2 ’ ’4 4 June 1 1 3 0 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . 3 3 ' ' 4 4 3 - - '4 1 4 4 3 3 * *6 6 1948 " 20. A ... p ... r . . . .. 1 .. 3 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .......2 2 ..’. ’ 4 4 ..- - ..3 3 . 2 2 ’ ’ 4 4 S A e u p g t . . 1 9 2 . , . . . . . . . . . . . . . . . . .. . .................. 3 3 -3'4 3 3 Jan 12........................1 .....-..1..’4 1% 2’4-3 3 19................................. 1'4 1*4 ~ 31............................. 3 3 Aug, 13................................. 1’4-114 1*4 1963 ~ 23................................ 114 1*4 1957 July 17............................. 3 -3'4 3*6 Aug. 9.....................3.. ....-.3. >4 3 ' 26..........3...'4................3*6 ~ 23......................... 3’4 3’4 1950 3 -3 >4 3 1 >4-1’4 $ Dec. 2............................. 3 3 1964 “ 25................................. 1’4 Nov. 24............................. 3'4-4 4 1958 30..........4...................4 Jan. 22.....................2...’4..-..3. 3 1953 24............................. 2’4-3 S 1’4-2 2 Mar. 7............................ 2’4-3 1965 23............................... 2 2 13............................ 2’4-2’4 2’4 Dec. 6............................. 4 -4'4 4*6 21............................. 2’4 2’4 13............................. 4'4 4*6 Apr. 18............................. 1’4-2’4 1% 1954 May 9............................. 1’4 1(4 Feb. 5......................1..’.4..-..2.. 1’4 Aug 15............................ 1’4-2 1’4 1967 15............................... 1’4 1’4-2 2 Apr. 7,....................4.. ....-.4'4 4 H^ 1M 23.................... 2 2 4 4 ‘ 16............................... 1’4 Oct, 24............................. 2 -2’4 2 May 21............................... U4 1’4 Nov. 7............................. 2’4 2'4 In effect Aug. 31............ 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 1 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 1 year. 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—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
1590 RESERVE REQUIREMENTS SEPTEMBER 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 C b re a e c s n n i e t t r k y r v s a e 3 l R b e a c s i n e ty k rv s e C b o a u n n k t s ry c b l a a o n s f k s e s s ) Effective date1 R b e c a s i n e ty k r v s e C b o a u n n k t s ry d S e a p v o in s g it s s $ U 5 p m t i o l c I e n s s e x o f $5 mil lion lion In effect Dec. 31, 1949............ 22 18 12 5 1966—July 14,21.............. ’16^ 512 54 54 5 1951—jan, U( 16................... 23 19 13 6 Sept. 8, 15............. 6 Jan. 25' Feb. 1............ 24 20 14 1953—July 9; 1..................... 22 19 13 1967—Mar. 2.................... 3*/2 3ft 1954—June 24, 16................... 21 5 Mar. 16................... 3 3 July 29, Aug. 1............ 20 18 12 1958—Feb. 27’ Mar 1............ 19ft 17 >4 lift In effect Aug. 31,1967 .... 1614 12 3 3 6 Mar. 20, Apr. 1........... 19 17 11 Apr. 17......................... 18ft Apr. 24......................... 18 16>4 I960—Sept, t......................... n«A Present legal Nov. 24......................... 12 requirement: 16^ 1962—July 28.................... (3) 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 to same requirements as savings deposits. banks. For changes,prior to 1950 see Board’s Annual Reports. 5 See preceding columns for earliest effective date of this rate. 2 Demand deposits subject to reserve requirements are gross demand Note.—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, 1960, 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, 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>A 2!4 3 4 4 4 4 Other time deposits:1 Less than 12 months.... 3 2'A 214 3 3ft 3ft 4 4 Multiple-maturity: Other time deposits:1 90 days or more........ 5 5 12 months or more........... 3 214 21,4 3 4 4 4% 51,4 Less than 90 days..... 4 4 6 months to 12 months... 3 214 21,4 3 314 4 5!4 (30-89 days) 90 days to 6 months......... 3 2% 2 2ft 214 4 S',4 Single-maturity: Less than 90 days............. 3 21/4 1 1 1 1 4 51,4 $100,000 or more......... 514 5ft (30-89 days) Less than $100,000. . . . 5'/i 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. I, 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 (100 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
SEPTEMBER 1967 BANK DEPOSITS; OPEN MARKET ACCOUNT 1591 DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks All All Item member Country Item member Country banks Y N o e r w k C o it f y Other banks banks Y N o e r w k C o it f y Other banks City Chicago City Chicago Four weeks ending June 21, 1967 Four weeks ending July 19, 1967 Gross demand—Total.... 147,764 30,247 6,759 53,688 57,071 Gross demand—Total.... 152,230 31,414 6,953 55,606 58,258 Interbank...................... 16,343 5,416 1,268 7,608 2,052 Interbank............. 17,143 5,757 1,297 7,939 2,150 U.S. Govt...................... 3,309 ’667 ’ 141 1,193 1 ‘310 U.S. Govt...................... 4,695 1 ’051 271 1 '960 1'415 Other............................. 128,112 24,164 5,351 44,887 53,710 Other............................ 130’393 24,606 5,385 45,708 54,694 Net demand t................... 116,974 21 ,'893 5,253 41,805 48'024 Net demand t.................... 119,404 22,438 5,381 42,855 48 730 Time................................. 140,890 19,599 5,664 53,798 61,830 Time.................................. 142,305 19,936 5,729 54i260 62381 Demand balances due Demand balances due from dom. banks......... 8,142 249 266 1 ,983 5,645 from dom. banks...... 8,471 281 238 2,056 5,897 Currency and coin........... 4^072 328 83 1 '247 2^415 Currency and coin........... 4,185 337 89 1,284 2,477 Balances with F.R. Balances with F.R. Banks............................ 19.232 4,318 1 ,048 8,060 5,806 Banks............................ 19,662 4,451 1 ,071 8,237 5,904 Total reserves held........... 23,304 4,646 1,131 9,307 8,221 Total reserves held........... 23,847 4,788 1,160 9,521 8’381 Required... .................. 22,973 4,623 1,129 9,272 7,949 Required. . ................... 23,404 4,732 l',155 9,464 8,055 Excess............................ 331 23 ' 2 35 272 Excess........................... '443 ' 56 ' 5 ' 57 '326 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 s e 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 t o e u if m r r t i s p t , y c G h p r a u o s r s e s s G sa r l o e s s s m E s a h x t o i u c f r r t h s i , t y tions 1966—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 -6,253 771 405 736 405 15 12 ................ ............... 1967—Jan..........9..0..4 656 439 904 656 439 Feb............. 812 305 812 305 -2,457 2,595 Mar............ 1,496 704 1,395 704 80 Apr............. 975 206 415 859 206 415 io 50 May............ 1,146 107 412 936 107 412 -2,879 107 ......2..,.8..7...9.. June............ 1,681 567 223 1,332 567 223 17 185 55 July............ 1,221 956 94 1,221 956 94 Outright transactions in U.S. Govt, securities—Continued Repurchase Bankers’ agreements Federal acceptances (U.S. Govt. Net agency 5-10 years Over 10 years securities) change obliga Month in U.S. tions Under Net Govt. (net re Out repur changei c G h p r a u o s r s e s s G sa r l o e s s s o t E s r u h x r i m c i f t t h y s a , c G p h 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 t h y s a . c G h p r a u o s r s e s s G sa r l o e s s s s it e ie c s ur p m a u g r e c r n e h t e s a ) se ri n g e h t t, a m c g h n e r a e e n s t e t e s , 1966—July.... 39 12 120 26 212 -30 -157 24 Aug.... -160 364 457 138 -3 135 Sept.... 97 97 388 -1 387 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 Mar.... 14 8 3,399 3,253 938 13 -7 4 948 Apr,. . . 32 25 1,727 1,529 552 -3 -I 57 606 May,.. 62 42 1 ,438 1,459 606 -10 2 -98 499 June,,. 109 -55 39 753 992 652 1 21 45 719 July.. . . 286 370 87 -1 -13 -45 28 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
1592 FEDERAL RESERVE BANKS SEPTEMBER 1967 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) 1 Wednesday End of month Item 1967 1967 1966 Aug. 30 Aug. 23 Aug. 16 Aug. 9 Aug. 2 Aug. July Aug. Assets Gold certificate account................................................. 10,653 10,707 10,692 10,700 10,710 10,653 10,760 10,983 Redemption fund for F.R. notes.................................. 1,846 1,848 1,852 1,849 1,844 1,846 1,844 1,805 Total gold certificate reserves........................................ ~12,499 12,555 12,544 12,549 12,554 12,499 12,604 12,788 Cash................................................................................ 335 342 333 326 327 333 341 306 Discounts and advances: Member bank borrowings..................................... 60 47 255 261 507 36 41 384 Other........................................................................ 5 2 Acceptances: Bought outright...................................................... 65 71 77 82 81 65 78 48 Held under repurchase agreements........................... 48 Federal agency obligations—Held under repurchase agreements.............................................................. U.S. Govt, securities: Bought outright: Bills.......................................................................... 13,541 13,876 13,976 14,176 14,176 13,927 14,176 10,701 Certificates—Special.............................................. Other................................................ 4,353 4,353 4,353 4,366 Notes....................................................................... 26,090 26,090 26,090 21,737 21,737 26,090 21,737 21,013 Bonds....................................................................... 6,538 6,538 6,538 6,538 6,538 6,538 6,538 6,438 Total bought outright................................................ ~46,169 46,504 46,604 46,804 46,804 46,555 46,804 42,518 Held under repurchase agreements.......................... Total U.S. Govt, securities............................................ 46,169 46,504 46,604 46,804 46,804 46,555 46,804 42,518 Total loans and securities.............................................. 46,294 46,622 46,936 47,195 47,397 46,656 46,923 42,952 Cash items in process of collection............................... - 6,569 6,737 8,238 6,763 7,247 6,475 6,327 6,351 Bank premises................................................................ 110 111 110 110 109 110 109 104 Other assets'. Denominated in foreign currencies........................... 816 700 683 579 575 866 579 687 IMF gold deposited i................................................ 233 233 233 233 233 233 233 203 All other...................................................................... 301 270 243 489 460 304 454 286 Total assets...................................................................... 67,157 67,570 69,320 68,244 68,902 67,476 67,570 63,677 Liabilities F.R. notes..................................................................... 39,683 39,673 39,828 39,833 39,616 39,674 39,521 37,729 Deposits: Member bank reserves........................................... 18,653 19,239 19,689 19,741 19,877 19,789 18,877 17,399 U.S. Treasurer—General account............................. 1 ,328 1,136 971 917 1 ,323 1,051 1,340 1,614 Foreign........................................................................ 116 133 128 116 127 144 117 170 Other: IMF gold deposit1.................................................. 233 233 233 233 233 233 233 203 All other.................................................................. 219 204 232 234 242 216 243 192 Total deposits.................................................................. 20,549 20,945 21,253 21,241 21,802 21,433 20,810 19,578 Deferred availability cash items.................................... 5,357 5,417 6,736 5,538 5,888 4,768 5,650 4,866 Other liabilities................................................................ 239 244 246 253 255 267 257 231 Total liabilities............................................................... 65,828 66,279 68,063 66,865 67,561 66,142 66,238 62,404 Capital accounts Capital paid in................................................................ 588 587 587 587 586 588 586 565 Surplus............................................................................. 570 570 570 570 570 570 570 551 Other capital accounts.................................................. 171 134 100 222 185 176 176 157 Total liabilities and capital accounts............................ 67,157 67,570 69,320 68,244 68,902 67,476 67,570 63,677 Contingent liability on acceptances purchased for foreign correspondents........................................... 253 267 280 296 309 252 324 272 U.S. Govt, securities held in custody for foreign account..................................................................... 7,427 7,367 7,326 7,368 7,631 7,535 7,665 7,042 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)..................... 42,215 42,204 42,225 42,074 42,060 42,189 42,092 41,492 Collateral held against notes outstanding: Gold certificate account............................................ 6,730 6,730 6,730 6,720 6,720 6,730 6,720 6,627 Eligible paper.............................................................. 27 U.S. Govt, securities.................................................. 36,671 36,671 36,671 36,671 36,671 36,671 36,671 36,426 Total collateral........................................................ 43,401 43,401 43,401 43,391 43,391 43,401 43,391 43,080 i See note 1(b) to table at bottom of p. 1652, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 FEDERAL RESERVE BANKS 1593 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JULY 31, 1967 (In millions of dollars) Item Total Boston । Y N o e r w k P p d h h e i l l i a a C la le 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 i o n l n is e 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...................... 10,653 628 2,584 596 827 1,007 630 1,593 432 193 426 341 1,396 Redemption fund for F.R. notes........ 1,846 106 448 97 148 155 98 332 66 32 73 65 226 Total gold certificate reserves........ 12,499 734 3,032 693 975 1,162 728 1,925 498 225 499 406 1,622 F.R. notes of other Banks.................. 689 82 185 46 40 48 73 39 31 30 32 21 62 Other cash.................................... 333 13 33 8 50 20 42 59 33 6 17 15 37 Discounts and advances: Secured by U.S. Govt, securities... 36 * 3 ♦ ♦ 1 5 9 7 1 5 5 Other................................................. Acceptances: Bought outright............................... 65 65 Held under repurchase agreements. Federal agency obligations—Held under repurchase agreements....... U.S. Govt, securities: Bought outright............................ 46,555 2,413 11,749 2,385 3,520 3,349 2,533 7,684 1,634 937 1,830 1,958 6,563 Held under repurchase agreements . Total loans and securities................... 46,656 2,413 11,817 2,385 3,520 3,350 2,538 7,693 1,641 938 1,835 1,963 6,563 Cash items in process of collection... 8,436 517 1,570 456 596 685 717 1,459 391 264 528 459 794 Bank premises...................................... 110 3 10 2 5 6 20 19 9 3 15 9 9 Other assets: Denominated in foreign currencies. 866 41 i 225 45 78 45 54 126 30 21 38 50 113 IMF gold deposited2............. 233 233 All other........................................... 304 16 78 14 25 23 16 49 11 6 12 13 41 Total assets......................................... 70,126 3,819 17,183 3,649 5,289 5,339 4,188 11,369 2,644 1,493 2,976 2,936 9,241 Liabilities F.R. notes............................................ 40,363 2,389 9,391 2,310 3,237 3,695 2,267 7,181 1,479 698 1,530 1,331 4,855 Deposits: Member bank reserves..................... 19,789 795 5,491 825 1,358 900 1,182 2,699 735 493 902 1,088 3,321 U.S. Treasurer—General account.. 1,051 58 261 66 46 97 75 77 69 47 54 56 145 Foreign.............................................. 144 6 3 51 7 11 7 8 18 4 3 6 7 16 Other: IMF gold deposit 2...................... 233 233 All other....................................... 216 1 142 3 1 8 * 1 2 * 1 1 56 Total deposits...................................... 21,433 860 6,178 901 1,416 1,012 1,265 2,795 810 543 963 1,152 3,538 Deferred availability cash items.......... 6,729 492 1 ,200 354 498 541 560 1 , 151 301 215 413 367 637 Other liabilities and accrued dividends 267 14 68 14 20 19 14 44 9 6 12 11 36 Total liabilities..................................... 68,792 3,755 16,837 3,579 5,171 5,267 4,106 11,171 2,599 1,462 2,918 2,861 9,066 Capital accounts Capital paid in., 588 28 153 31 53 31 37 85 20 14 26 34 76 Surplus.................................................. 570 27 148 30 51 30 35 83 20 14 25 33 74 Other capital accounts......................... 176 9 45 9 14 11 10 30 5 3 7 8 25 Total liabilities and capital accounts.. 70,126 3,819 17,183 3,649 5,289 5,339 4,188 11,369 2,644 1,493 2.976 2,936 9,241 Ratio of gold certificate reserves to F.R. note liability (per cent): Aug 31, 1967................... 31.0 30.7 32.3 30,0 30.1 31.4 32.1 26.8 33.7 32.2 32.6 30.5 33.4 July 31, 1967........................... 31.4 31.7 25.6 31.9 33.9 34.2 33.8 33.8 33.4 27.5 31.3 35.9 32.2 Aug 31, 1966........................... 33.1 35.6 28,4 33.5 35.2 34.6 33.0 37.5 32.6 31.8 38.9 25.7 31.9 Contingent liability on acceptances purchased for foreign correspond ents................................................. 252 12 4 64 13 23 13 16 37 9 6 11 15 33 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)............................................. 42,189 2,499 9,848 2,372 3,460 3,815 2,373 7,412 1,569 735 1,600 1,437 5,069 Collateral held against notes out standing: Gold certificate account.................. 6,730 450 1,000 503 600 740 450 1,400 320 127 225 180 735 Eligible paper................................... U.S. Govt, securities....................... 36,671 2,096 9,000 2,000 3,000 3,160 2,050 6,150 1,310 625 i,4bb 1,280 4,600 Total collateral............................. 43,401 2,546 10,000 2,503 3,600 3,900 2,500 7,550 1,630 752 1,625 1,460 5,335 1 After deducting $641 million participations of other F.R. Banks. 3 After deducting $93 million participations of other F.R. Banks. 2 See note 2 to table on p. 1654. 4 After deducting $188 million participations of other F.R. Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1594 FEDERAL RESERVE BANKS; BANK DEBITS SEPTEMBER 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 Aug. 30 Aug. 23 Aug. 16 Aug. 9 Aug. 2 Aug. 31 July 31 Aug, 31 Discounts and advances—Total................................... 60 47 255 261 512 36 41 386 Within 15 days........................................................ 57 44 235 256 506 33 35 373 16 days to 90 days...................................................... 3 3 20 5 6 3 6 13 91 days to 1 year........................................................ Acceptances—Total........................................................ 65 71 77 130 81 65 78 48 Within 15 days............................................................ 21 21 17 65 15 21 14 12 1 6 days to 90 days.................................................... 44 50 60 65 66 44 64 36 91 days to 1 year....................................................... U.S. Government securities—Total.............................. 46,169 46,504 46,604 46,804 46,804 46,555 46,804 42,518 Within 15 days1.......................................................... 1 ,665 1 ,896 1 ,980 7,512 7,533 1 ,001 7,040 1 ,347 16 days to 90 days...................................................... 13,176 13,200 5,856 6,456 6,431 13,313 6,592 5,222 91 days to I year........................................................ 15,167 15,247 22,607 17,899 17,903 16,080 18,235 20,661 Over 1 year to 5 years................................................ 14,745 14,745 14,745 13,407 13,407 14,745 13,407 13,699 Over 5 years to 10 years........................................... 900 900 900 1 ,014 1,014 900 1,014 1,192 Over 10 years.............................................................. 516 516 516 516 516 516 516 397 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) End of period Total P st o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a l d ar i s an F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an Jap y a e n n ese 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—Sept................. 742 587 54 20 1 76 1 1 * 3 Oct................. 783 622 54 20 1 76 6 * 3 Nov.............................. 709 570 54 2 1 76 1 1 * 3 Dec......... 875 594 55 2 216 3 1 * 3 1967—Jan............................... 397 319 55 2 1 15 1 1 * 3 Feb............................... 293 228 55 3 1 1 1 1 * 3 Mar,............................ 160 96 55 3 1 I 1 * 3 Apr.............................. 184 121 55 3 1 ! 1 I * 2 May............................. 149 115 25 3 1 1 1 I * 2 BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (in billions of dollars) 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 SMSA’s N.Y. 6 others2 N (e . x Y cl . . ) SMSA’s SMSA’s N.Y. 6 others2 N (e . x Y cl . . ) SMSA’s 1966—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 3,495.4 2,138.3 54,0 111.9 51.5 39.0 33.9 Sept............................ 6,105.2 2,559.1 1'387.2 3'546.1 2,158.9 54.2 111.4 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 2,566.6 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', 294.9 2^724.7 U389.5 3'570.2 2,180.7 55.6 119.4 52.6 39.4 34.2 Mar............................., 6,315.9 2,756.6 1,386.8 3,559.3 2,172.5 54.8 117.2 5t.2 39.1 33.9 Apr.............................. 6’553.5 2'864.0 1,451.4 3,689.5 2’238.1 57.7 123.0 54.2 40.8 35.1 May............................. 6,'348.2 2,734.5 1,409.2 3,613.7 2,204.5 54.8 115,2 52.0 39.2 33.9 6,637.2 2,904.1 1,476,4 3,733.1 2,256,7 56.5 120,0 53.4 40.1 34,4 July............................. 6^688.7 2^857.1 1,560,5 3,'831.6 2,271.1 56.8 119.8 55.5 40.7 34,5 Aug.............................. 7,067.8 3,185.7 1,575.0 3,882.1 2.307.1 59.0 128.5 56.6 41.1 34.6 1 Excludes interbank and U.S. Govt, demand deposit accounts. Note.—Total SMSA’s includes some cities and counties not designated 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as S MSA’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. 389. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 U.S. CURRENCY 1595 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period i c n u c la ir tion 1 Total Coin $11 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939..................... 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 20 32 1941..................... 11'160 8,120 751 695 44 1'355 2'731 2,545 3'044 724 1,433 261 556 24 46 1945..................... 28,515 20'683 1,274 1,039 73 2'313 6’782 9'201 7'834 2,327 4,220 454 801 7 24 1947..................... 28,868 20'020 1, 404 1,048 65 2'110 6’275 9,119 8,850 2,548 5'070 428 782 5 17 1950..................... 27,741 19'305 1'554 1,113 64 2'049 5'998 8’529 8’438 2,422 5'043 368 588 4 12 1955 ..................... 31,158 22’021 1,927 1,312 75 2'151 6’617 9'940 9J36 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 1388 92 2'313 6,878 10’935 9'531 2,869 6,106 242 300 3 10 1962..................... 35,338 25,'3 56 2,782 1,636 97 2,375 7,071 11,395 9,983 2'990 6,448 240 293 3 id 1963 ..................... 37’692 26’807 3^030 1,722 103 2’469 7'373 12;109 10’885 3’221 7,110 249 298 3 4 1964..................... 39,619 28,100 3'405 1’806 111 2,517 7,543 12’,717 11’519 3,381 7,590 248 293 2 4 1965...................... 42,056 29,842 4'027 1 908 127 2'618 7’794 13’369 12^214 3,540 8'135 245 288 3 4 1966—July........... 42,708 30,311 4,285 1,880 136 2,550 7,770 13,69012,397 3,560 8,307 240 283 3 4 Aug........... 42,910 30,455 4'317 1,885 138 2^561 7,780 13,77412’456 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 J 13 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 t 996 137 2’684 8'076 14,15912,747 3,632 8,583 240 285 3 4 Dec........... 44,663 3 U 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 4361 1 939 137 2'599 7,730 13,667 12,831 3 ’ 629 8',673 239 283 3 4 Feb........... 43,585 30,758 4'481 1,933 137 2,612 7^840 13,755 12827 3*622 8,677 239 282 3 4 Mar.......... 43’583 30'753 4,518 1,939 137 2'599 7,80! 13'759 12'831 3^621 8,683 239 281 3 4 Apr.......... 43’730 30,887 4,551 1 948 137 2^607 7’817 13^827 12'844 3'625 8,692 238 282 3 4 44'443 31,509 4,600 1 984 137 2'671 7 979 14' 138 12 935 3'660 8,743 238 282 6 6 June.......... 44^712 31,684 4,641 ^879 137 2,635 8,035 14,357 13,029 3,699 8,805 238 280 3 4 July........... 44,866 31,774 4,674 1,873 137 2,625 7,989 14,476 13,094 3,724 8,844 238 281 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 I Held by Kind of currency T s J t o a u t 1 n l a 9 y d l 6 i o 3 7 n 1 u g , . t A g s a o g l s d a e i c n a u s n r t i d t y Tr c e a a s s h ury B F F a . n o R k r . s A B F a g a . n e n R d n k . t s s 1967 1966 cer s t i i l f v ic e a r tes A a g n e d n ts July 31 June 30 July 31 Gold................................................................................. 13,108 (12,604) 2503 Gold certificates.............................................................. (12,604) 12,603 1 Federal Reserve notes.................................................... 42,091 110 2,571 39,410 39,289 37,457 Treasury currency—Total.............................................. 6,632 (395) 834 341 5,457 5,423 5,251 Standard silver dollars............................................... 485 3 ................. 482 482 482 Silver bullion.............................................................. 534 392 142 Silver certificates......................................................... (395) 1 3 392 396 575 Fractional coin............................................................ 5,204 ............6..8.5... ............3..2.7... 4,192 4,160 3,803 United States notes.................................................... 323 7 11 304 300 300 In process of retirement 4......................................... 87 87 87 91 Total—July 31, 1967 ...................................................... 561,832 (13,000) 1,449 12,603 2,914 44,866 June 30, 1967 ..................................................... 561,408 (13,006) 1,472 12,607 2,616 44,712 July 31, 1966 ...................................................... 561,047 (13,485) 1,038 12,889 4,413 42,708 i Outside Treasury and F.R. Banks. Includes any paper currency held 3 Does not include all items shown, as some items represent the security outside the United States and currency and coin held by banks. Esti for other items, gold certificates are secured by gold, and silver certificates mated totals for Wed. dates shown in table on p. 1369. by standard silver dollars and monetized silver bullion. Duplications 2 Includes $156 million reserve against United States notes and $233 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. « 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
1596 MONEY SUPPLY; BANK RESERVES SEPTEMBER 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, Currency Demand ad Currency Demand ad demand Total component deposit justed 1 Total component deposit justed 1 deposits 1 component component 1964—Dec................................................... 159 3 34.2 125.1 126.6 164.0 35.0 129,1 125 2 5 5 1965—Dec................................................... 166 8 36.3 130 5 146 9 172 0 37.1 134 9 145 2 46 1966—Aug,................................... 170 1 37.8 132.4 156.9 167 0 37.8 129 2 157 4 5 1 Sept.................................................. 170 5 37.9 132 6 157.4 169 7 37.9 131 8 157 4 43 Oct.............................................. 170 1 38.0 132.1 157 6 170 5 38.1 132.4 157 1 48 Nov...................................... 170 1 38.1 132.0 157 4 171 5 38.5 133.0 156. i 3 7 Dec................................................... 170 4 38.3 132.1 158 6 175 8 39.1 136.7 156 9 3 4 1967-—Jan.................................................... 170 3 38.5 131,8 160. 8 175 3 38 5 136.8 160.7 4 1 Feb................................................... 171.5 38.7 132.8 163.5 170.6 38.3 132.3 164.0 5*0 Mar................................................. 173.1 38.9 134.2 166 I 171 9 38.5 133.4 166 7 4 9 Apr................................................... 172 7 39.1 133.6 168 1 173 6 38.7 134.9 168.8 4*8 May.............................................. 174 5 39.2 135.3 170,0 171.1 38.9 132.2 170,8 6.5 June.................................................. 176 2 39.3 136.8 172.4 174 3 39.3 135.1 173 0 3 9 July.................................................. 177.9 39.4 138.4 174.6 175 8 39.6 136.2 175.1 5.6 Aug.p............................................ 179.2 39.6 139.6 177.2 175 9 . 39.7 136.2 177.7 4.3 Week ending— 1967—July 12............................................ 178 1 39.5 138.6 174.2 175.9 39.9 136.0 174.4 4.7 ' 19............................................ 177.7 39.4 138.3 174.7 176 2 39.6 136.6 175.2 6.1 26............................................ 177.8 39.4 138.4 175 0 174 7 39.4 135.4 175.7 6.6 Aug. 2..... ................................. 178 3 39.4 138.9 175.6 176.8 39.3 137.5 176.3 5.4 “ 9p.......................................... 178 8 39.5 139.3 176.6 176.2 39.9 136.3 177.1 5,5 16?......................................... 179.2 39.6 139.6 177.1 176.5 39.8 136.7 177.7 3.9 23?.......................................... 179.2 39.6 139.7 177.4 174.8 39.7 135.1 178.0 4.4 30?.......................................... 179,2 39.6 139.5 178.1 175.4 39.4 136.0 178.5 3.2 1 At all commercial banks. and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) cur Note.—Revised data. For description of revision of series and for back rency outside the Treasury, F.R. Banks, and vaults of all commercial data beginning Jan. 1959, see Aug. 1967 Bulletin, pp. 1303-1316; for banks. Time deposits adjusted are time deposits at all commercial monthly data 1947-58, see June 1964 Bulletin, pp. 679-89. banks other than those due to domestic commercial banks and the Averages of daily figures, Money supply consists of (1) demand U.S. Govt. Effective June 9, 1966, balances accumulated for payment of deposits at all commercial banks other than those due to domestic com personal loans were reclassified for reserve purposes and are excluded from mercial banks and the U.S. Govt., less cash items in process of collection time deposits reported by member banks. AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Member bank reserves 1 re D se e r p v o e s r it e s q s u u ir b e j m ec e t n to ts 2 Member bank reserves1 re D se e r p v o e s i r t e s q s u u ir b e je m c e t n to ts 2 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 U m o . a v S n t . , d Total r N o b w o o r n e d qu R i e re 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 .S v an t . , d 1964—Dec....... 21.10 20.84 20.80 216.7 104.2 107.4 5.1 21.64 21.40 21,23 219.1 103,0 111.3 4.8 1965—Dec....... 22.19 21.72 21.86 236.4 121.2 111,0 4.2 22.76 22,31 22.32 239.0 119.8 115.2 4.0 1966—Aug...... 22.54 21.87 22.24 245.6 128.8 112,4 4.4 22.24 21.52 21,91 243.4 129.2 109.7 4.5 Sept..... 22.62 21.83 22.22 245.5 129.2 112.4 3.9 22.53 21.77 22.13 244.6 129.0 111.8 3.8 Oct........ 22.49 21.71 22.17 244.6 129.0 111.6 4.0 22.49 21.76 22.19 244.6 128.4 112.0 4.3 Nov...... 22.43 21.86 22.11 244.0 128.4 111,6 4.0 22.43 21.82 22.04 243,0 127.3 112.5 3.2 Dec....... 22.42 21.85 22.14 244.4 129.4 111.7 3.2 23.00 22.44 22.61 247.1 127.9 116.1 3.0 1967—Jan........ 22.77 22.33 22.41 247.7 131.4 111.4 4.9 23,23 22.84 22.86 250.9 131.1 116.1 3.7 Feb....... 22.99 22,65 22.63 251.0 133.6 112.4 5.0 22,85 22.49 22.50 250,2 134.0 111,8 4.5 Mar...... 23.41 23.21 22.92 254.0 135,6 113.6 4.8 23.17 22.97 22.74 253,2 136.3 112.6 4.3 Apr....... 23.46 23.30 23.08 r256,0 137.2 113.1 5.8 23.36 23.23 23.05 256.3 137.9 114.2 4.3 May.... 23.45 23.39 23.05 257.2 138.6 114.5 4.1 23.28 23.18 22.91 256.5 139.4 111,2 5.8 June..., 23.61 23.49 23.14 259.2 140.8 116.1 2.2 23.52 23.40 23.10 r258.9 141.3 114,2 3.4 July.... 23.84 23.80 23.45 262.4 142.5 116.8 3.2 23.91 23.83 23.55 263,2 143.1 115.1 5.1 Aug.?... 24.09 24.08 23.76 266.2 144.8 117.6 3.7 23.78 23.69 23.41 263.8 145.2 114.8 3.7 1 Averages of daily figures. Back data on member bank reserves adjust and demand balances due from domestic commercial banks. Effective June ed to eliminate effects of changes in reserve requirement percentages. 9, 1966 .balances accumulated for repayment of personal loans were elim Series reflect percentage reserve requirements made effective Mar. 16,1967. inated from time deposits for reserve purposes. 2 Averages of daily figures. Deposits subject to reserve requirements in Note.—Back data for the period 1947 to date may be obtained from clude total time and savings deposits and net demand deposits as defined the Banking Section, Division of Research and Statistics, Board of Gover by Regulation D. Private demand deposits include all demand deposits ex nors of the Federal Reserve System, Washington, D. C. 20551. cept those due to the U.S. Govt, less cash items in process of collection Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 BANKS AND THE MONETARY SYSTEM 1597 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 ities Total and Gold s r t o e i a n n u n g c t d y Total n L e o t a n l, s , 2 Total s C a a v o n i m n d g I s . R Fe e d se e r r v a e l Other O r s i e t t i c h e u e s r 2 ca a n p n e i d t t a l, c d u e r p a r n o e d n si c t y s c m o n a u i c e s n c t t . s , Banks banks 1947—Dec. 31................... 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188 148 175,348 12 800 1950_ Dec. 30................... 22'706 4,636 171,667 60,366 96,560 72'894 20 >78 2>88 14,741 199 008 184,384 14 624 1963__bee. 20................... 15>82 5,586 333,203 189,433 103,273 69^068 33>52 653 40 >9 7 354,371 323,251 31 118 1965—Dec. 31................... 13,733 5,575 399,779 242,706 106,716 65,016 40 >68 932 50’357 419 087 383 727 35* 359 13,300 6 000 408,800 252,400 102,100 58,800 42,500 800 54,400 428 200 387 600 40 500 Sept. 28................... 13,300 6 J00 410,700 25 4,'000 102,000 58,700 42;000 1,300 54>OO 430 >00 387,800 42 * 200 Oct. 26................... 13,300 6’200 410,500 253,500 102,500 58 >00 42,800 1,200 54 >00 429 900 388,300 41,600 Nov. 30................... 13,200 6,200 412 >00 254;200 104,500 59,300 43 >00 1,300 53>00 431,800 389’200 42,600 Dec. 31................... 13,159 6,317 422,676 261,459 106,472 60,916 44,316 1,240 54,745 442,152 400,999 41 J50 1967—Jan. 25................... 13,200 6,400 418,800 257,000 106J00 60,700 44,200 1,200 55 700 438,300 396,900 41 400 Feb. 22.................. 13’100 6,400 420 >00 256,300 107,300 61;300 44>00 1,400 57,200 440,300 396 900 43 400 Mar. 29................... 13,100 6’500 426 J 00 259 >00 107,700 62 >00 44,500 700 58,700 445,700 403,500 42 >00 Apr, 26................... 13,100 6'600 430,400 261,800 107,600 60,600 45,400 1,500 61,000 450 J00 406;800 43 >00 May 31 .................. 13 J00 6,600 432,500 262;600 107,800 60,300 46,100 1,400 62,100 452,200 408,100 44,100 June 28”................. 13,100 6,600 436,100 266,300 106 >00 58,600 46,200 1,400 63,600 455,900 412,200 43,700 July 26rp........ . 13,100 6,600 442,400 267,700 no; 000 61 >00 46,900 1 >00 64,800 462,100 418,000 44,100 Aug, 30”................ 13,000 6,700 445,200 267 >00 111,'400 63 >00 46 >00 1,600 66,000 464,900 418,700 46,200 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 D p a t a o d e e n s d d i t s 4 Total o b r u C e a t n n s u c i k r d y s e d ju m e s D p a t a o e d e n d s d i t 4 s Total b m C a e n o r k c m s ia l 1 b s M a a v n u i k t n u s g a s l 5 S P a S t o e v 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 u r n o a e r g l s a y d h s s s b c a a v a o A n n i m n d t k g I 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—Aug. 31.... 168,500 36,900 131,600 166,900 37,100 129,900 211,200 157,200 53,800 200 1,900 1 JOO 5,000 1,600 Sept. 28.... 167,200 36,700 130,560 166 J 00 36,800 129,300 211,300 156,900 54,200 200 1 ,800 1,100 6,200 1,300 Oct. 26..., 168,000 37,200 130,800 168,700 37,100 131,600 210,900 156,300 54,400 200 1 ,800 1,200 4,900 800 Nov. 30.... 169,200 37,300 131,900 171,500 38,000 133,500 210,300 155,800 54,500 100 1,800 1 ,200 4,000 300 Dec. 31.... 170,400 37,600 132,800 178,304 39,003 139,301 213,961 158,568 55,271 122 1,904 1,176 5,238 416 1967—Jan. 25.... 168,800 37,900 130,900 171,000 37,400 133,600 217,500 161,800 55,600 100 1 ,800 1,200 4,900 400 Feb. 22,... 167,700 38,300 129,400 166,800 37,800 129,000 220,200 164,200 55,900 100 1 ,800 I ,200 6,400 400 Mar. 29... . 172,200 38,000 134,200 169,700 37,600 132,100 224,300 167,500 56,700 100 1,800 1,300 5,800 700 Apr. 26.... 170,400 38,000 132,400 170,500 37,700 132,800 225,600 168,600 56,900 100 1,800 1,400 6,700 800 May 31 ... 173,100 38,600 134,500 171,000 38,500 132,500 228,900 171,500 57,300 100 1,900 1,400 4,400 600 June 28”.., 174,300 38,500 135,800 172,000 38,500 133,500 231,100 173,100 58,000 100 1,800 1,400 4,700 1,200 July 26 r»., 173,700 38,500 135,200 173,500 38,600 134,900 233,600 175,300 58,300 100 1,800 1,500 6,100 1,300 Aug. 30”... 175,400 38,500 136,900 173,800 38,700 135,100 236,400 177,800 58,500 100 1,900 1,500 3,900 1,300 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. 1601. 2 See note 2 at bottom of p. 1601. Note.—-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 4 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 1 of Supplement to Banking and Monetary Statistics, 1962, and 5 Includes relatively small amounts of demand deposits. Beginning with Bulletins for Ian. 1948 and Feb. I960. Except on call 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
1598 COMMERCIAL AND MUTUAL SAVINGS BANKS SEPTEMBER 1967 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Loans Securities a C ss a e s t h s 3 b T i a l l o i i n a t t d i a e l s Total 3 Interbank3 Dema O nd ther r B i o n o w g r s c c T a o a p o u c i t n t a a t l s l N ba b o u n e m f k r s 1. 2 G U o . v S t . . Oth 2 er c c o a a u p c i n ta ts l 4 m D a e n d Time G U o .S vt . . Other T 1 im . 5 e AU banks: 1941—Dec. 31....... 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44.355 26,479 23 8,414 14,826 1945—Dec. 31....... 140,227 30,361 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 227 10,542 14.553 1947—Dec. 31*..... 134,924 43.002 81,199 10,723 38.388 175,091 161,865 12,793 240 1,346 94,381 53.105 6611,948 14.714 1965—Dec. 31...... 362,320 246,946 65,016 50,357 61,916 435,483 385,196 18,426 1,009 5,532 160,847 199,381 4,564 34,935 14,309 1966—Aug, 31. ............ 372,300 259,150 58,780 54,370 56,360 440,790 382,900 15,930 1,130 4,720 149,830 211,290 7,170 36,190 14,305 Sept. 28.............. 373,370 260,000 58,690 54,680 56,110 441,490 383,210 16,310 1,060 6,000 148,490 211,350 7,050 36,330 14,294 Oct. 26.............. 372,800 259,780 58,520 54,500 57,780 442,350 384,250 16,020 1,010 4,720 151,560 210,940 6,970 36,420 14,294 Nov. 30.............. 374,510 261 ,520 59,250 53,740 61,700 448,240 387,980 17,110 900 3,810 155,680 210,480 7,950 36,770 14,288 Dec. 31.............. 381,684 266,022 60,916 54,745 70,085 464,376 407,637 19,770 968 4,999 167,821 214,078 4,929 36,926 14,271 1967—Jan, 25......... 379,860 263,530 60,680 55,650 59,570 451,390 392,970 16,050 1,110 4,680 153,470 217,660 7,010 36,910 14,266 Feb. 22.............. 3 80,920 262,430 61,300 57,190 61,260 454,340 394,860 16,640 1,180 6,200 150,490 220,350 6,740 37,140 14,2 60 Mar. 29.............. 387,050 265,860 62,470 58,720 58,500 457,800 399,140 16,350 1,350 5,520 151,510 224,410 6,270 37,380 14,264 Apr. 26......... .. 389,440 267,820 60,630 60,990 61 ,670 463,590 404,530 16,560 1,350 6,440 154,430 225,750 6,640 37,440 14,262 May 31 ............. 391,630 269,230 60,310 62,090 65,060 469,530 409,520 17,520 1,370 4,160 157,450 229,020 7,080 37,800 ‘14,246 June 28 p........... 396,U0 27 3,940 5 8,620 63,550 62,140 471,170 409,820 16,710 1,450 4,450 155,890 231,320 7,860 37,810 9 4,247 July 26rp.......... 400,730 274,360 61,620 64,750 63,450 477,030 416,200 17,000 1,500 5,870 158,010 233,820 6,910 37,870 14,247 Aug. 30p............ 403,8(0 274,120 63,660 66,030 60,170 476,790 414,910 16,730 1,570 3,600 156,440 236,570 6,520 38,300 14,243 Commercial banks: 1941—Dec. 31........ 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 7.173 14.278 1945—Dec. 31............... 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 8.950 14.011 1947—Dec. 316............ 116,284 38,057 69,221 9,006 37,502 155.377 144,103 12,792 240 1,343 94.367 35.360 6510,059 14.181 1965—Dec. 31............... 306,060 201,658 59,547 44,855 60,899 377,264 332,436 18,426 1,008 5,525 160,780 146,697 4,472 30.272 13,804 1966—Aug. 31.. 313,980 211,820 53,730 48,430 55,530 380,630 329,010 15,930 1,130 4,720 149,780 157,450 7,170 31,3 60 13,801 Sept. 28.. 314,920 212,500 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.. 314,220 211,980 53,590 48,650 56,980 381,940 329,800 16,020 1,010 4.720 151,510 156,540 6,970 31,630 13,789 Nov. 30. . 315,770 213,460 54,390 47,920 60,890 387,650 333,460 17,1 10 900 3,810 155,630 156,010 7,950 31,930 13,784 Dec. 31 .. 322,661 217,726 56,163 48,772 69,119 403,368 352,287 19,770 967 4,992 167,751 158,806 4,859 32,054 13,767 1967—Jan. 25.. 320,320 214,970 56,000 49,350 58,600 389,820 337,320 16,050 1,110 4,680 153,410 162,070 7,010 32,050 13,762 Feb. 22.. 320,890 213,600 56,600 50,690 60,220 392,220 338,870 16,640 1,180 6,200 150,430 164,420 6,740 3 2,240 13,75 6 Mar. 29. . 326,570 216,750 57,830 51,990 57,360 395,100 342,400 16,350 1,350 5,520 151,450 167,730 6,270 3 2,470 13,760 Apr. 26. , 328,610 218,510 56,150 53,950 60,600 400,610 347,590 16,560 1,350 6,440 154,370 168,870 6,640 32,580 13,758 May 31.. 330,150 219,480 55,880 54,790 63,960 405,880 352,140 17,520 1,370 4,160 157,380 171,710 7,080 32,880 4 3,743 June 28p. 334,190 223,940 54,280 55,970 61,010 407,020 351,790 16,710 1,450 4,450 155,820 173,360 7,860 32,880 4 3,744 July 26p. 338,290 224,210 57,220 56,860 62,370 412,390 357,830 17,000 1,500 5,870 157,940 175.520 6,910 32,960 13,746 Aug. 30p. 340,970 223,770 59,260 57,940 59,090 411,750 356,340 16,730 1,570 3,600 156,370 178,070 6,520 33,290 13,742 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 6,070 29.845 138,304 129.670 13,576 64 22,179 69,640 24,210 208 7,589 6.884 1947—Dec. 31. 97,846 32.628 57.914 7,304 32.845 132,060 122,528 12.353 50 1,176 80.609 28,340 54 8,464 6.923 1965—Dec. 31. 251,577 169,800 44,992 36,785 52,814 313,384 275,517 17,454 840 4,890 132,131120,202 4,234 24,926 6,221 1966—Aug. 31 . 257,315 178,023 39,984 39,308 48,650 315,639 271,521 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 50,210 316,324 271 ,653 15,120 843 4,309 124,263 127,118 6,57125,942 6,163 Nov. 30. 258,041 179,106 40,355 38,580 53,564 321,185 274,676 16,188 730 3,448(27,757 126,553 7,459 26,189 6,158 Dec. 31 . 263,687 182,802 41,924 38,960 60,738 334,559 291,063 18,788 794 4,432 138,218 128,831 4,618 26,278 6,150 1967—Jan. 25. 261,583 180,244 41 ,773 39,566 51,387 322,412 277,460 15,228 937 4,161 125,481 131,653 6,638 26,285 6,137 Feb. 22 . 262,135 178,958 42,404 40,773 52,973 324.753 279,014 (5,828 1,006 5,506 123.124 133,550 6,426 26,453 6,130 Mar. 29. 267,086 181,604 43,545 41,937 50,276 327,040 281,903 15,547 1,172 4,857 124,096 136,231 6,044 26,639 6,129 Apr. 26. 268,466 182,821 42,001 43,644 53.487 331,864 286,486 15,742 1,(72 5,899 126,642 137,031 6,400 26,749 6,127 May 31. 269,654 183,480 41,900 44,274 56,487 336,422 290,441 16,716 1,194 3,629 129,570 139,332 6,765 27,009 6,113 June 28. 273,151 187,426 40,460 45,265 53,674 337,151 289,858 15,909 1,276 3,930 128,046 140,697 7,442 26,999 6,108 July 26. 276,381 187,536 42,957 45,888 55,166 341,784 294,976 16,187 1,326 5,286 129,674 142,503 6,625 27.061 6,108 Aug. 30* 278,259 187,130 44,416 46,713 52,060 340,576 293,1 (5 (5,891 1,393 3,128 128,086 144,617 6,209 27,318 6,100 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 15,37! 7 1,592 542 1947—Dec. 31«.... 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—Aug. 31.............. 58,320 47,330 5,050 5,940 830 60,160 53,890 50 53,840 ......... 4,830 504 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 5 4,400 ......... 4,790 505 Nov. 30.............. 58,740 48.060 4,860 5,820 810 60,590 54,520 50 54.470 ......... 4,840 504 Dec. 31.............. 59,023 48,296 4,753 5,973 966 61,008 55,350 1 7 70 55,271 69 4,871 504 1967—Jan. 25........ 59,540 48,560 4,680 6,300 970 61,570 55,650 60 55.590 ......... 4,860 504 Feb. 22.............. 60,030 48,830 4,700 6,500 1 ,040 62,120 55,990 60 55,930 ......... 4,900 504 Mar. 29.............. 60,480 49,110 4,640 6,730 1,140 62,700 56,740 60 56,680 ......... 4,910 504 Apr. 26.............. 60,830 49,310 4,480 7,040 1,070 62.980 56,940 60 56,880 ......... 4,860 504 May 31.............. 61,480 49,750 4,430 7,300 1,100 63,650 57,380 70 57,310 ......... 4,920 503 June 28.............. 61,920 50,000 4,340 7,580 1,130 64,150 58,030 70 57,960 ......... 4,930 503 July 26r............ 62,440 50,150 4,400 7,890 1 ,080 64,640 58,370 70 5 8,300 ......... 4,910 501 Aug. 30p............ 62,840 50,350 4,400 8,090 1,080 65,040 58,570 70 58,500 ......... 5,010 501 For notes see p. 1601. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 COMMERCIAL AND MUTUAL SAVINGS BANKS 1599 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 3 Other Cla a s n s d o d f a b te ank Total Lo 1 a ,2 ns G U o .S vt . . Other a C ss a e s t h s 3 c b a a i l a l p i n i c a t i d i t e a s l Total ’ m D a e n d Time Demand Time1 r B i o n o g w r s c c T a o a o p u c t i n a ta t l s l N ba b u o n e m f r k s 2 counts4 U.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 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31................. 20,393 7,179 11,972 1 ,242 7,261 27,982 25,216 4,453 12 267 19,040 1 ,445 30 2,259 37 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—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 21,756 18,331 2,093 5,206 12 Oct. 26.................. 44,547 34,411 4,242 5,89411,263 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. 31.................. 46,536 35,941 4,920 5,674 14,869 64,424 51,837 6,370 467 1,016 26,535 17,449 1,874 5,298 12 1967—Jan. 25.................. 45,756 35,212 4,775 5,76911,545 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 Apr. 26.................. 46,656 35,541 4,766 6,349 12,756 62,311 49,602 5,287 726 1,768 23,630 18,191 2,163 5,485 12 May 31................. 46,240 35,151 5,130 5,959 15,394 64,794 51,682 5,954 733 695 25,594 18,706 2,416 5,598 12 June 28.................. 47,653 36,662 4,809 6,182 13,109 63,971 50,588 5,319 804 761 24,738 18,966 2,421 5,557 12 July 26.................. 48,380 36,683 5,408 6,289 14,431 65,964 51,953 5,495 836 1,190 24,754 19,678 2,536 5,600 12 Aug. 30”................ 48,521 36,360 5,634 6,527 12,940 64,698 50,639 5,102 867 574 24,01! 20,085 2,140 5,663 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 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31.................. 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1965—Dec. 31.................. 11,455 8,219 J ,700 1,536 2,426 14,290 12,475 1,437 39 345 5,656 4,999 355 1,132 11 1966—-Aug. 31. ................ 11,495 8,364 I ,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 I ,680 2,641 14,368 11,671 1,193 27 405 5,239 4,807 830 1,166 11 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. 31................. 11,802 8,756 1 ,545 1,502 2,638 14,935 12,673 1,433 25 310 6,008 4,898 484 1,199 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 11 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. 29. 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 Apr. 26. . .............. 12,127 8,475 1 ,886 1 ,766 2,576 15,176 12,345 1,182 11 370 5,264 5,518 702 1,202 ?! May 31.................. 11,995 8,426 1,822 1,747 2,691 15,171 12,633 1,319 11 154 5,488 5,661 644 1,223 11 June 28.................. 12,136 8,778 1 ,628 1 ,730 2,805 15,445 12,536 1,250 11 225 5,372 5,678 767 1,213 11 July 26.................. 12,272 8,961 1,679 1,632 2,920 15,702 12,877 1,321 JO 293 5,416 5,837 655 1,214 1! Aug. 30”................ 12,252 8,923 1,714 1,615 2,606 15,352 12,668 1,242 11 127 5,246 6,042 498 1,226 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 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31.................. 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 11,423 1 2,844 353 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—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 19,590116,951 101,100 7,056 281 1.921 43,26248,580 2,821 9,368 170 Oct. 26.................. 93,627 68,231 11,760 13,63620,426 117,442 101,512 7,158 252 1,630 44,06648,406 2,999 9,387 170 Nov. 30.................. 94,654 68,959 12,237 13,45820,732 118,882 102,611 7,918 223 1,074 45,21448,182 2,807 9,453 170 Dec. 31.................. 95,831 69,464 13,04013,32624,228 123,863 108,804 8,593 233 1,633 49,00449,341 1,952 9,471 169 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. 29.................. 97,875 68,880 13,724 15,271 19,706121,135 105,418 7,387 361 1,825 43,54452,301 2,725 9,589 167 Apr. 26.................. 97,913 68,684 13,065 16,16421,543123,100 107,154 7,290 371 2,334 44,52252,637 3,050 9,642 166 May 31.................. 98,906 69,174 12,938 16,79421,164123,823 107,604 7,477 386 1,375 45,11453,252 3,072 9,701 166 June 28.................. 99,743 70,253 12,267 17,22320,894124,360 107,794 7,396 392 1,571 44,62253,813 3,420 9,728 166 July 26.................. 100,800 69,989 13,437 17,37421,178 125,666 109,736 7,390 411 2,280 45,45654,199 2,862 9,739 165 Aug. 30’’................ 101,242 70,004 13,733 17,505 20,084 125,091 108,768 7,514 446 1 ,198 44,751 54,859 2,959 9,792 165 Country member banks:7*8 1941—Dec. 31............. 12,518 5,890 4,377 2,250 6.402 19,466 17,415 792 30 225 10,109 6,258 4 1,982 6.219 1945—Dec. 31.................. 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1,207 17 5,465 24,235 12,494 11 2,525 6,476 1947—Dec. 31.................. 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 17 432 28,378 14,560 23 2,934 6,519 1965—Dec. 31.................. 103,362 63,338 23,735 16,288 17,366123,227 110,738 2,371 74 1 ,501 55,118 51,675 343 9,673 6,027 1966—Aug. 31.................. 106,086 66,270 21,994 17,822 16,086124,923 111,204 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 15,542125,209 111,642 2,380 74 1,659 51,56255,967 737 10,113 5,978 Oct. 26.................. 107,325 66,983 22,225 18,117 15,880125,916112,276 1,981 74 1,244 52,64956,328 798 10,161 5,970 Nov. 30, . .............. 107,688 67,355 22,289 18,044 17,035 127,416 113,382 2,019 74 1,084 53,833 56,372 984 10,252 5,965 Dec. 31.................. 109,518 68,641 22,419 18,458 19,004131,338 117,749 2,392 69 1,474 56,67257,144 308 10,309 5,958 1967—Jan. 25.................. 109,017 68,225 22,411 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 52,40758,846 630 10.335 5,939 Mar. 29.................. 110,439 69,056 22,491 18,892 16,600129,920 116,201 1,950 64 1,751 52,50659,930 448 10,407 5,939 Apr. 26.................. 111,770 70,121 22,284 19,365 16,612131,277 117,385 1,983 64 1,427 53,22660,685 485 10,420 5,938 May 31.................. 112,513 70,729 22,010 19,774 17,238 132,634 118,522 1,966 64 1,405 53,37461,713 633 10,487 5,924 June 28.................. 113,619 71 ,733 21,75620,130 16,866 133,375 118,940 1,944 69 1,373 53,31462,240 834 10,501 5,919 July 26.................. 114,929 71,903 22,433 20,593 16,637 134,452 120,410 1 ,981 69 1,523 54,04862,789 572 10,508 5,920 Aug. 30’’.......... 116,244 71,843 23,335 21,066 16,430135,435 121,040 2,033 69 1 ,229 54,078 63,631 612 10,637 5,912 For notes see p. 1601. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1600 COMMERCIAL AND MUTUAL SAVINGS BANKS SEPTEMBER 1967 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 3 Other b c C a a l n l a l k s d s a a o t n e f d Total Lo 1 a . n 2 s G U o . v S t . . Oth 2 er as C s a e s ts h 3 c c o b a i a u l a l p i n i n c a t i d i t t e a s s l 2 Total3 m D a e n d Time U. D S. ema O n t d her T 1 im . 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 r k s Govt. Insured commercial: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10, 554 1,762 41,298 15,699 10 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88.912 7,131 34,292 157,544 147,775 13,883 23,740 80,27629,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141.851 12,615 54 1,325 92,975 34,882 61 9,734 13,398 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 I ,021 10,972152,839 155,554 4,12630,873 13,552 1966—Dec. 31.. 321,473217,379 55,78848,307 68,515 401,409 351,438 19,497 881 4,975 166,689 159,396 4,717 31,609 13,533 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. 31.. 69,312 13,925 51.25C 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 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,. 181,934124,722 28,891 28,321 36,769 225,441 197,79210,609 514 6,767 88,615 91,288 2,681 18,021 4,811 1966—Dec. 31.. 187,251 129,182 30,35527,713 41,690 235,996 206,45612,588 437 3,035 96,75593,642 3,120 18,459 4,799 State member: 1941—Dec. 31.. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 739 621 13,874 4,025 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 1964—Dec. 31.. 77,091 51,002 15,31210,777 18,673 98.852 86,108 6,486 453 2,234 44,005 32,931 1,372 7,853 1,452 1965—Dec. 31 . 74,972 51,262 12,645 11,065 15,934 93,640 81,657 5,390 382 1,606 39,59834,680 1,607 7,492 1,406 1966—June 30.. 76,704 54,405 11,051 11,248 16,084 95,779 83,417 5,555 414 3,212 37,957 36,278 1.304 7,656 1,383 1966—Dec. 31.. 77,377 54,560 11,569 11,247 19,049 99,504 85,547 6,200 357 1,397 41,46436,129 1,498 7,819 1,351 Insured nonmember commercial: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 I29 53 4,162 3,360 6 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1,560 10,635 5.680 7 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 7 1,271 6,478 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 6,636 62,237 55,937 597 93 993 26,267 27,987 141 5,207 7,359 1966—Dec. 31.. 56,857 33,636 13,873 9,349 7,777 65,921 59,434 709 87 543 28,471 29,625 99 5,342 ’■7,384 Noninsured nonmem ber commercial: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,872 329 1,291 253 13 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 131 1,905 365 4 279 714 1947—Dec. 31«. 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 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 1966—Dec. 31.. 2,400 1,570 367 463 604 3,171 2,073 274 86 17 1,062 633 142 434 "233 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 It 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 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 14,555 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 1966—Dec. 31.. 59,257 35,206 14,239 9,812 8,381 69,092 61 ,506 983 173 560 29,53230,258 241 5,776 "7,617 Insured mutual savings: 1941—Dec. 31.. 1,693 642 629 421 151 1,958 1,789 1,789 164 52 1945—Dec. 31.. 10,846 3,081 7,160 606 429 11,424 10,363 12 10,351 1 1,034 192 1947—Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 ......... i 2 12 12,192 1,252 194 1964—Dec. 31.. 45,358 36,233 4,110 5,015 893 47,044 42,751 2 7 32642,416 20 3,73! 327 1965—Dec. 31., 48,735 39,964 3,760 5,010 904 50,500 45,887 I 7 359.45,520 91 3,957 329 1966—June 30.. 49,679 41,102 3,432 5,145 854 51,450 46,681 I 6 41646,257 92 4,045 330 1966—Dec. 31.. 51,267 42,591 3,324 5,352 847 53,047 48,254 1 6 381 47,865 69 4,140 330 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. 31 6 5,957 1,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 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 1966—Dec. 31.. 7,756 5,705 1,429 621 119 7,961 7,096 1 19 7,076 732 174 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 COMMERCIAL BANKS 1601 LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total ‘, 2 Loans1,2 Total 1,2 Loans1,2 G U o . v S t . . Other2 G U o .S vt . . Other 2 1958-Dec. 31............................................................... 181.2 95.6 65.1 20.5 184.4 97,5 66.4 20.6 1959—Dec. 31................................................................ 185.9 107.5 57.9 20,5 189.5 110.0 58 9 20.5 1960—Dec. 31................................................................ 194.5 113.8 59.8 20.8 198.5 116 7 61 0 20.9 1961—Dec. 30............................................................... 209.6 120.5 65.2 23.9 214.4 123,9 66.6 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................................................................ 267.2 167.7 60.7 38.7 273.9 172.1 63.0 38 8 1965—Dec. 31............................................................... 294.4 192.4 57.3 44.8 301,8 197.4 59.5 44.9 1966—Aug. 31............................................................... 309.9 205.8 56.0 48.0 307.4 205.2 53.7 48 4 Sept, 28............................................................... 309.4 206.2 54 9 48.3 308 8 206,4 53.6 48 8 Oct. 26.............................................................. 308.9 207.2 53.4 48.4 308 0 205 8 53 6 48 7 Nov. 30............................................................... 309.3 207.5 53 4 48.4 309*0 206*7 54.4 47 9 Dec. 31............................................................... 310.2 207.8 53.7 48.7 317*9 213*6 56.2 48*8 1967—Jan. 25............................................................... 314.4 210.4 54.2 49,9 313 8 208.5 56,0 49.4 Feb. 22............................................................... 318.0 211.0 55.9 51.1 314,5 207.2 56,6 50.7 321.4 211.3 57.8 52.3 320.1 210.3 57.8 52.0 323.0 213.3 56.1 53.6 322,3 212.2 56.2 54.0 324.3 213.1 56.2 55.1 323. 4 212.7 55.9 54.8 324.9 213.2 55.9 55.8 328.8 217.9 54.8 56.1 July 26p............................................................. 333.2 216.5 58.9 56.7 331.5 217.4 57.2 56.9 Aug. 30?............................................................. 337,1 217.7 61.9 57.5 334.1 216.9 59.3 57.9 1 Adjusted to exclude interbank loans. Note.-—Data are for last Wed. of month except for June 30 and Dec. 2 Beginning June 9, 1966, about $1.1 billion of balances accumulated 31; data are partly or wholly estimated except when June 30 and Dec, 31 for payment of personal loans were deducted as a result of a change in are call dates. Federal Reserve regulations. The data in this table are revised. For a description of the revision and Beginning June 30, 1966, CCC certificates of interest and Export for back data beginning with January 1959, see the Sept. 1967 Bulletin, Import Bank portfolio fund participation certificates totaling an estimated pp. 1511-17; for data for 1948-5 8 see the Aug. 1966 Bulletin, pp. 952 $1 billion are included in “Other securities” rather than “Other loans,” 55, For a description of the semiannually adjusted series, see the July 1962 3 June 30, 1967, estimated. Bulletin, pp. 797-802. . DEPOSITS ACCUMULATED AT COMMERCIAL BANKS FOR PAYMENT OF PERSONAL LOANS (In millions of dollars) June 30, Dec, 31, June 30, Dec. 31, Class of bank 1966 1966 Class of bank 1966 1966 All commercial........................................................ 1,150 1,223 All member (cont.)— Insured................................................................ 1,150 1,223 Other reserve city.......................................... 338 370 National member.................................................. ’678 ’729 Country............................................................. 532 571 State member....................................................... 193 212 All nonmember...................................................... 280 283 All member........................................................ 870 941 Insured................... 279 282 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. 1600, or from “Loans” and “Time deposits, as follows: in the tables on pp. 1597-99;in the table at the top of this IPC” in the tables on pp. 1602-03. page; and in the tables on pp. 1604-07 (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 31, 1966, and $268,000 on See June 1966 Bulletin, p. 808.) Dec. 31, 1966. Notes to tables on pp. 1598-1600. 8 Beginning with May 18, 1964, one New York City country bank with loans and investments of $1,034 million and total deposits of $982 million i See table 11 Deposits Accumulated at Commercial Banks for Payment was reclassified as a reserve city bank. Beginning with May 13, 1965, of Personal Loans’* and its notes above. Toledo, Ohio, reserve city banks with total loans and investments of 2 Beginning June 30, 1966, loans to farmers directly guaranteed by $530 million and total deposits of $576 million were reclassified as country CCC were reclassified as securities, and Export-Import Bank portfolio banks. fund participations were reclassified from loans to securities. This reduced “Total loans” and increased “Other securities” by about $1 billion. Note.—Data are for all commercial and mutual savings banks in the “Total loans” include Federal funds sold, figures for which are shown United States (including Alaska and Hawaii, beginning with 1959). For separately for commercial banks on the following two pages. definition of “commercial banks” as used in this table, and for other J Reciprocal balances excluded beginning with 1942. banks that are included under member banks, see Note, p. 643, May 1964 4 Includes other assets and liabilities not shown separately. Bulletin. 5 Figures for mutual savings banks include relatively small amounts Comparability of figures for classes of banks is affected somewhat by of demand deposits. Beginning with June 1961, also includes certain changes in F.R. membership, deposit insurance status, and the reserve accounts previously classified as other liabilities. classifications of cities and individual banks, and by mergers, etc. 6 Beginning with Dec. 31, 1947, the series was revised; for description, Data for national banks for Dec. 31. 1964, have been adjusted to make see note 4, p. 587, May 1964 Bulletin. them comparable with State bank data. _ J Regarding reclassification of New York City and Chicago as reserve Figures are partly estimated except on call dates. cities, see Aug. 1962 Bulletin, p. 993. For various changes between For revisions in series before June 30, 1947, see July 1947 Bulletin, reserve city and country status in 1960-63, see note 6, p. 587, May 1964 pp. 870-71. Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1602 COMMERCIAL BANKS SEPTEMBER 1967 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans Investments For purchasing To. U.S. Government Class of l T oa o n ta s l 1 Fed- Com- o s r e c c u ar r r it y i i e n s g institutions Other, secunties 5 State bank and and eral mer- Agri- Real to and Other call date invest- funds Total cial cul- es- in- Other local securments 2 , 3 and tur- To tate di- 4 govt. rities4 in- al 4 bro- vid- Bills secud tr u ia s l k a e n r d s ot T h o e rs 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 1964—Dec. 31.. 277,376 175,58960,2177,505 5,5422,843 3,491 10,91343,675 39,8095,15262,991 13,377 19,03930,57433,533 5,263 1965—Dec. 31.. 306,060 2,103 199,555 71,437 8,2125,2583.231 2,158 13,29149,30045,4685,215 59,547 n.a. n.a. n.a.38,6556,201 1966—June 30.. 315,388 2,129211,001 77,245 8,4885,3503,283 1,971 13,93351,89947,6825,22753,503 n.a. n.a. n.a.40,6128,142 1966—Dec. 31.. 323,885 2,544216,405 80,5988,555 5,821 3,203 2,189 13,30253,95047,9435,183 56,163 n.a. n.a. n.a.41,003 7,769 All insured: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1 ,3143,1643,606 49 4,677 2,361 1,13288,91221,526 16,04551,342 3,8733,258 1947—Dec. 31.. 114,274 .......... 37,583 18,012 1,610 823 1,190 114 .......... 9,266 5,654 91467,941 9,676 5,91852,347 5,129 3,621 1964—Dec. 31.. 275,053 174,23459,7467,4825,3552,794 3,419 10,81243,43639,627 5,11262,499 13,275 18,93930,28533,2945,026 1965—Dec. 31.. 303,593 2,064198,045 70,887 8,191 5,0883,172 2,093 13,14849,02645,2905,155 59,120 13,134 13,23333,858 38,4195,945 1966—June 30.. 312,982 2,061 209,527 76,7258,4705,2223,222 1,929 13,77351,59947,5065,15253,111 9,174 12.38932,70940,3687,914 1966—Dec. 31.. 321,473 2,461 214,918 80,0608,5365,6433,148 2, 13! 13,14853,68647,7705,12755,788 12,080 13,43931,53640,761 7,545 Member, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,007 15,561 3,0902,871 1945—Dec. 31.. 107,183 22,775 8,949 855 3,133 3,378 47 3,455 1,900 1,05778,338 19,260 14,271 44,807 3,2542,815 1947—Dec. 31.. 97,846 .......... 32,628 16,962 1,046 811 1,065 113 .......... 7,130 4,662 839 57,914 7,803 4,81545,295 4,1993,105 1964—Dec. 31.. 228,497 147,69053,7174,643 5,1422,411 3,250 10,17934,58732,0244,82448,717 9,932 15,23823,54828,3743,715 1965—Dec. 31.. 251,577 1,861 167,93963,979 5,0994,915 2,714 2,008 12,47538,98836,4184,83244,992 9,441 10,10626,36732,5884,198 1966—June 30.. 258,638 1,772 177,355 69,357 5,2445,0362,717 1 ,861 13,06840,86237,933 4,808 39,942 6,384 9,11825,42633,8965,672 1966—Dec. 31.. 264,627 2,119 181,62472,5535,318 5,3892,660 2,04712,34942,38437,9254,75741,924 8,567 9,78924,60933,8005,160 New York City: 1941—Dec. 31.. 12,896 4,072 2,807 8 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,453 1,172 26 80 287 272 17,574 3,910 3,325 10,339 606 629 1947—Dec. 31.. 20,393 .......... 7,179 5,361 ........ 545 267 93 111 564 238 11,972 1,642 558 9,772 638 604 1964—Dec. 31.. 39,507 27,301 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 35,66219,815 163,305 647 992 3,898 3,411 2,965 1,413 4,466 1,427 750 2,473 5,361 831 1966—Dec. 31.. 46,536 109 35,83221,214 17 3,109 598 1,025 3,265 3,465 2,799 1,209 4,920 1,871 942 2,286 4,967 708 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 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 1966—Dec. 31.. 11,802 31 8,724 5,311 64 406 222 181 1,161 622 751 273 1,545 353 256 1,004 1,328 174 Other reserve city: 1941—Dec. 31 . 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31., 40,108 8,514 3,661 205 427 1,503 17 1,459 855 38729,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31., 36,040 13,449 7,088 225 170 484 15 3,147 1,969 351 20,196 2,731 1,901 15,563 1,342 1,053 1964—Dec. 31 . 84,670 57,555 21,1021,095 1,060 986 1,134 4,88713,611 12,802 1,977 16,326 3,200 5,662 7,463 9,871 918 1965—Dec. 31.. 91,997 471 64,64624,784 1,206 954 1, 108 635 5,820 15,05614,305 1,999 14,354 2,972 3,281 8,432 11,5041,022 1966—June 30.. 94,169 526 67,591 26,903 1,255 899 1,123 574 5,911 15,62914,672 1,857 12,182 1,720 2,520 8,344 12,361 1,509 1966—Dec. 31.. 96,201 817 69,017 28,090 1,251 1,084 1,079 684 5,74816,04414,375 1,968 13,040 2,552 2,673 8,22212,033 1,294 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 1,528 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,881 707 35926,999 5,732 4,544 16,722 1,342 1,067 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 5 3,827 1,979 22422,857 3,063 2,108 17,687 2,006 1,262 1964—Dec. 31.. 93,759 55,733 14,5563,493 830 599 710 1,73017,96415,899 1,04724,341 4,209 7,20612,925 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 1966—June 30.. 106,300 1,002 65,645 17,657 3,938 437 693 150 1,96621,23019,552 1,261 21,709 2,808 5,563 13,655 14,8493,095 1966—Dec. 31., 110,089 1,161 68,051 17,9383,986 790 761 157 2,17522,25320,000 1,30722,419 3,791 5,917 13,096 15,4732,985 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 1964—Dec. 31.. 48,879 27,899 6,5002,862 400 432 241 733 9,088 7,786 328 14,273 3,445 3,801 7,026 5,159 1,548 1965—Dec. 31.. 54,483 242 31,616 7,458 3,113 343 516 151 817 10,312 9,050 383 14,555 n.a. n.a. n.a. 6,067 2,003 1966—June 30.. 56,750 357 33,646 7,888 3,244 314 566 109 865 1 1,037 9,749 420 13,561 n.a. n.a. n.a. 6,7162,470 1966—Dec. 31.. 59,257 425 34,781 8,045 3,237 431 543 142 95311,56610,018 427 14,239 n.a. n.a. n.a. 7,203 2,609 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 (i.e., 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 Ioans 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 Accumulated at Commercial 5 Beginning with Dec. 31, 1965, components shown at par rather than Banks for Payment of Personal Loans, p. 1601. 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
SEPTEMBER 1967 COMMERCIAL BANKS 1603 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits Bal De b c C a a l n l a l k s d s a a o n te f d s B F w e R a r . i n v R e t k h 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 c o i s t k e t h i s s c 6 ju m p a o s d a d t s e e n i t d d s 7 m D e I s n o t t i e c r 6 ba e F n ig k o n r s G U o S v . t. S l g a o o t n c a v d a t t e l . c C c h o a f e e e i f n e r r f c d s d i t k i ’ s, IPC I b n a t n e k r G P S U a o o a n . s v S v d t a . t , l l g S o a o t n c a v a d t t e l . IPC2 B r i o n o w g r s c C o a t a u a c p n l i t s etc. ings Total: 3 1947—Dec. 31 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 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 2,679 27,795 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 12,186 134,247 4,472 30,272 1966—June 30 18,094 5,234 13,548 133,535 15,488 1,546 10,998 1.4,931 6,692 132,222 1,098 231 12,634 143,315 4,353 31,309 1966—Dec. 31 19,069 5,450 15,870 142,104 17,867 1,904 4,992 15,047 7,051 145,653 967 238 13,462 146,3294,859 32,054 All insured: 1941—Dec. 31 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 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 9,766 116,147 2,580 27,377 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 12,135 133,686 4,325 29,827 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 12,584 142,738 4,126 30,873 1966—Dec. 31 19,069 5,426 15,348 140,835 17,713 1,784 4,975 14,951 6,956 144,782 881 238 13,414 145,7444,717 31,609 Member, total: 1941—Dec. 31 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 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 8,957 112,569 15,977 1,477 4,890 10,840 5,386 115,905 840 236 10,041 109,925 4,234 24,926 1966—June 30 18,094 4,044 8,148 106,472 14,752 1 ,412 9,979 11,445 6,095 109,032 928 204 10,334 117,028 3,985 25,678 1966—Dec. 31 19,069 4,249 9,400 112,920 17,051 1,736 4,432 11,406 6,396 120,417 794 213 10,983 118,5764,61826,278 New York City: 1941—Dec. 31 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1964—Dec. 31 3,730 278 180 17,729 4,112 976 1,486 441 2,940 20,515 436 74 677 13,534 1,224 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,H4 1966—June 30 3,356 313 235 16,556 4,877 992 2,279 815 3,713 19,491 606 65 841 18,118 1,293 5,179 1966—Dec. 31 4,062 326 201 18,013 5,105 1,265 1,016 608 3,814 22,113 467 83 918 16,447 1,874 5,298 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 7t9 377 (947—Dec. 31 1,070 30 175 3,737 1,196 21. 72 285 63 3,853 2 9 902 426 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 1966—Dec. 31 815 92 136 4,502 1,362 71 310 286 146 5,575 25 1 356 4,541 484 1,199 Other reserve citj 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 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 21.5 64 5,093 43,313 1,756 9,297 1966—Dec. 31 8,353 1,326 2,517 37,572 8,249 343 1,633 3,708 1,274 44,022 233 57 5,450 44,204 1,952 9,472 Country: 1941—Dec. 31 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 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 50,745 416 10,050 1966—Dec. 31 5,839 2,506 6,545 52,832 2,335 57 1,474 6,805 1,161 48,706 69 71 4,260 53,384 308 10,309 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 1964—Dec. 31 1,042 6,054 26,348 765 166 672 3,227 602 22,816 156 33 1,800 21,210 198 4,894 1965—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 1966—Dec. 31 1,201 6,471 29,184 815 167 560 3,641 655 25,237 173 26 2,479 27,753 241 5,776 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, sec 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
1604 WEEKLY REPORTING BANKS SEPTEMBER 1967 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans 2 For purchasing To financial institutions or carrying securities Loans i Wednesday m i T l n o a e v o n a n e t n d t a s s s l t 1 v n se t a e r i r l o t e v u n o e a s f i C n m t a c r o d i n i e a m a u d r l l s A t c u u g r l a r i l U a T n . o S d . b d r e o O a k l e e th r r s s e r U T .S o . oth O e t r h s er Bank m D s e o s P a N e n r d s o , n bank e R st e a a t l e s i C m u n m s o e t n n a e l t r g e o F ig v o n t r s . o A th l e l r V se t a i r r o l e v u n e a s G s o e v t, se G s o e v t, se For tic sales Other c t u ie r s i c t u ie r s i c t u ie r s i c t u ie r s i eign c m o e m r f c i o na s n ,, . cial etc. Large banks— Total 1966 Aug. 3.......... 185,183 135,301 59,039 1,818 394 3,421 114 2,216 1,523 2,738 6,612 4,735 26,939 16,051 1,172 11,303 2,774 10......... 184,763 135,207 58,994 1,819 338 3,150 113 2,229 1,522 3,169 6,438 4,718 27,016 16,225 1,165 11,083 2,772 17.......... 184,649 135,039 58,974 1,816 373 3,199 117 2,219 1,499 3,219 5,858 4,699 27,086 16,178 1,163 11,412 2,773 24......... 183,739 134,189 58,678 1,812 245 3,172 114 2,219 1,498 3,272 5,661 4,705 27,141 16,195 1,158 11,092 2,773 31.......... 185,985 135,019 58,306 1 ,808 952 3,232 115 2,202 1,487 3,593 5,739 4,718 27,207 16,181 1,150 11,102 2,773 1967 July 5.......... 196,926 140,781 64,052 1,925 511 3,335 77 2,158 1,359 3,969 6,124 4,423 27,519 16,061 1,082 11,150 2,964 12.......... 198,300 139,602 63,844 1,890 840 3,222 77 2,173 1,384 3,259 5,675 4,425 27,635 16,064 1,072 11,005 2,963 19.......... 198,151 139,732 63,859 1,897 1 ,015 3,282 77 2,187 1,401 3,242 5,479 4,425 27,729 16,065 1,088 10,949 2,963 26.......... 197,797 139,669 63,708 1 ,900 832 3,363 76 2,197 1,336 3,544 5,399 4,330 27,780 16,054 1,094 11,018 2,962 Aug. 2.......... 198,896 140,628 63,445 1,910 1,351 3,833 75 2,196 1,328 3,358 5,576 4,331 27,797 16,091 1,135 11,170 2,968 9.......... 197,140 139,448 62,894 1,906 1,243 3,823 72 2,233 1 ,315 3,083 5,312 4,357 27,854 16,080 1,115 11,105 2,964 16......... 197,800140,020 63,056 1 ,900 1 ,228 3,588 72 2,232 1,309 3,576 5,354 4,328 27,979 16,079 1,091 11,192 2,964 23.......... 196,894 139,074 62,554 1,905 1,031 3,490 75 2,253 1,323 3,540 5,154 4,311 28,042 16,108 1,125 11,126 2,963 30......... 198,441 139,120 62,189 1,899 1,389 3,296 77 2,262 1,332 3,632 5,111 4,384 28,094 16,153 1,129 11,128 2,955 New York City 1966 Aug. 3.......... 43,741 34,306 19,669 13 231 2,028 30 652 858 985 2,253 1,205 3,160 1,303 767 1,925 773 10.......... 43,552 34,098 19,613 12 191 1,852 31 646 865 1,106 2,175 1,203 3,185 1,305 771 1,916 773 17......... 43,346 33,850 19,623 12 108 1,882 34 645 842 1,096 1,789 1,195 3,178 1,290 765 2,164 773 24.......... 43,061 33,507 19,454 13 104 1,891 34 646 839 1,204 1,742 1,189 3,195 1,286 762 1,921 773 31.......... 44,255 34,289 19,302 13 563 1,884 34 638 836 1 ,639 1,785 1,201 3,201 1,283 754 1,929 773 1967 July 5.......... 45,549 35,283 21,799 12 176 2,007 13 614 670 1,101 1,779 1,097 3,004 1,249 701 1,895 834 12.......... 45,981 34,755 21,766 12 417 1,930 13 620 689 802 1,530 1,043 3,002 1,249 693 1,825 836 19.......... 46,319 35,209 21,842 12 529 1,895 13 624 703 1 ,091 1,535 1,038 3,009 1,248 707 1.800 837 26.......... 45,767 35,014 21,760 11 416 2,011 13 630 673 998 1,528 1,043 3,008 1,234 705 1,822 838 Aug. 2.. .... 46,070 35,369 21,492 11 626 2,361 13 632 672 908 1,610 1,018 2,997 1,240 725 1,902 838 9. 45,087 34,610 21,125 11 619 2,380 12 643 677 693 1 ,499 1,016 3,001 1,228 724 1,820 838 16.......... 45,317 34,769 21,272 11 654 2,229 12 639 651 766 1,546 1,007 3,026 1,232 728 1,834 838 23.......... 45,332 34,769 21,057 10 467 2,115 13 651 674 1,337 1,449 1,012 3.020 1,232 762 1,807 837 30.......... 45,797 34,655 20,877 10 801 1,944 12 650 680 1,203 1,441 1,027 3,024 1,237 770 1,809 830 Outside New York City 1966 Aug. 3.......... 141,442100,995 39,370 1,805 163 1,393 84 1,564 665 1,753 4,359 3,530 23,779 14,748 405 9,378 2,001 10......... 141,211 101,109 39,381 1,807 147 1,298 82 1,583 657 2,063 4,263 3,515 23,831 14,920 394 9,167 1,999 17.......... 141,303 101,189 39,351 1,804 265 1,317 83 1,574 657 2,123 4,069 3,504 23,908 14,888 398 9,248 2,000 24.......... 140,678 100,682 39,224 1,799 141 1,281 80 1,573 659 2,068 3,919 3,516 23,946 14,909 396 9,171 2,000 31.......... 141,730100,730 39,004 1,795 389 1,348 81 1,564 651 1,954 3,954 3,517 24,006 14,898 396 9,173 2,000 1967 July 5.......... 151,377 105,498 42,253 1,913 335 1,328 64 1,544 689 2,868 4,345 3,326 24,515 14,812 381 9,255 2,130 12.......... 152,319 104,847 42,078 1,878 423 1 ,292 64 1,553 695 2,457 4,145 3,382 24,633 14,815 379 9,180 2,127 19.......... 151,832104,523 42,017 1,885 486 1,387 64 1,563 698 2,151 3,944 3,387 24,720 14,817 381 9,149 2,126 26.......... 152,030 104,655 41,948 1,889 416 1,352 63 1,567 663 2,546 3,871 3,287 24,772 14,820 389 9,196 2,124 Aug. 2.......... 152,826 105,259 41,953 1,899 725 1,472 62 1,564 656 2,450 3,966 3,313 24,800 14,851 410 9,268 2,130 9......... 152,053 104,838 41,769 1,895 624 1,443 60 1,590 658 2,390 3,813 3,341 24,853 14,852 391 9,285 2,126 16.......... 152,483 105,251 41,784 1,889 574 1,359 60 1,593 658 2,810 3,808 3,321 24,953 14,847 363 9,358 2,126 23......... 151,562 104,305 41,497 1,895 564 1,375 62 1,602 649 2,203 3,705 3,299 25,022 14,876 363 9,319 2,126 30.......... 152,644 104,465 41,312 1,889 588 1,352 65 1,612 652 2,429 3,670 3,357 25,070 14,916 359 9,319 2,126 For other notes see p . 1607. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 WEEKLY REPORTING BANKS 1605 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In. millions of dollars) Investments Cash assets U.S. Government securities Other securities Balances with— Total Bills c C t a i e f te i r s No m tes a tu an ri d n g b — on • ds O o p b s f o l u i a S l b g n i d t t a d a i t i c t i v e o a . s l n s O co t s h r e e p c a r , u n r s b d i t t o o i n e c s d k s s , Total p c C i r o t t o e i i o a l o n c m l s f e n e h s c 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 R a . v i R n t e e h k . s s a o s t A s h e l e l t r s Wednesday W 1 i i y n t r h . 5 1 y t r o s . A 5 f y t r e s r . r w a T n a a t x r s 3 o A th U e r p p C a a e r t o i t r o i f t c i n f i . 4 O s ri e t t h c ie u e s r Large banks— Total 1966 22,340 2,137 564 3,107 9,744 6,788 2,876 21,311 1,108 2,247 39,083 18,285 4,031 195 2,348 14,224 7,817 .........Aug. 3 22,188 1,994 566 3,197 9,642 6,789 2,845 21,187 1,105 2,231 37,382 17,142 3,783 195 2,427 13,835 7,746 10 22,193 2,132 759 3,172 9,493 6,637 2,867 21,247 1.096 2,207 38,308 18,210 3,985 188 2,444 13,481 7,651 17 22,232 2,221 733 3,185 9,501 6,592 2,851 21,131 1,086 2,250 36,032 16,255 3,623 187 2,503 13,464 7,572 24 23,527 3,495 736 3,201 9,476 6,619 2,977 21,152 1,094 2,216 37,595 18,052 3,886 196 2,501 12,960 7,920 ................ 31 1967 24,348 2,870 241 2,813 12,882 5,542 3,554 24,206 1,274 2,763 48,735 25,689 4,549 238 2,472 15,787 8,609 .......July 5 26,780 5,383 237 2,823 12,842 5,495 3,609 24,327 1,270 2,712 43,820 21,776 4,226 214 2,759 14,845 8,366 2 26,574 5,239 237 2,844 12,753 5,501 3,585 24,248 1,260 2,752 43,607 21,642 4,265 206 2,715 14,779 8,272 19 26,169 4,882 221 2,800 12,792 5,474 3,597 24,229 1,309 2,824 43,606 21,003 4,075 212 2,726 15,590 8,445 ............... 26 26,004 4,738 225 2,810 12,750 5,481 3,663 24,485 1,261 2,855 43,544 21,208 4,215 209 2,585 15,327 8,651 ........Aug. 2 25,458 4,243 220 2,766 12,772 5,457 3,734 24,428 1,247 2,825 41,866 19,900 3,927 216 2,591 15,232 8,603 9 25,628 4,197 12 3,275 13,007 5,137 3,792 24,318 1,257 2,785 43,199 21,125 4,098 219 2,624 15,133 8,476 16 25,581 4,174 6 3,434 12,860 5,107 3,826 24,378 1,281 2,754 40,934 19,485 3,726 220 2,698 14,805 8,522 23 26,903 4,624 5 3,524 13,639 5,111 4,069 24,264 1,308 2,777 40,605 19,400 3,837 239 2,786 14,343 8,582 30 New York City 1966 3,770 583 191 427 1,249 1,320 754 4,131 285 495 10,412 6,350 155 82 302 3,523 2,961 ........Aug. 3 3,829 594 191 458 1,260 1,326 787 4,067 282 489 10,300 6,309 152 81 317 3,441 2,965 10 3,838 662 211 497 1,148 1,320 777 4,122 281 478 10,239 6,051 178 78 303 3,629 2,970 17 3,970 789 215 512 1,136 1,318 766 4,040 282 496 10,147 5,897 217 74 314 3,645 2,930 24 4,305 1,142 205 523 1,104 1,331 830 4,024 282 525 10,390 6,723 228 82 311 3,046 3,021 31 1967 4,572 829 93 560 1,992 1,098 734 4,251 73 636 15,775 10,593 254 112 341 4,475 3,173 ........July 5 5,455 1,746 99 556 1,973 1,081 765 4,323 74 609 12,001 7,577 234 94 345 3,751 3,041 12 5,382 1,715 101 517 1,963 1,086 771 4,252 74 631 12,675 8,290 255 88 337 3,705 2,961 19 5,057 1,427 101 496 1,956 1,077 762 4,233 80 621 14,122 8,771 205 102 342 4,702 3,043 ................ 26 4,943 1,277 101 526 1,954 1,085 777 4,305 74 602 12,619 7,781 247 83 331 4,177 3,153 .... .Aug. 2 4,823 1,143 101 500 1,984 1,095 780 4,212 72 590 12,677 7,958 271 99 338 4,011 3,175 9 4,758 1 093 842 1 892 931 925 4,206 70 589 12,539 7,475 262 109 323 4,370 3,130 16 4 750 1,104 846 1 872 928 936 4,232 71 574 12,276 7,752 213 105 333 3,873 3,214 23 5 223 1 373 860 2 066 924 1,107 4 164 71 577 12,608 7,964 206 117 343 3,978 3,129 ................ 30 Outside New York City 1966 18,570 1,554 373 2,680 8,495 5,468 2,122 17,180 823 1,752 28,671 11,935 3,876 113 2,046 10,701 4,856 .........Aug. 3 18,359 1,400 375 2,739 8,382 5,463 2,058 17,120 823 1,742 27,082 10,833 3,631 114 2,110 10,394 4,781 10 18,355 1,470 548 2,675 8,345 5,317 2,090 17,125 815 1,729 28,069 12,159 3,807 110 2,141 9,852 4,681 17 18,262 1,432 518 2,673 8,365 5,274 2,085 17,091 804 1,754 25,885 10,358 3,406 113 2,189 9,819 4,642 24 19,222 2,353 531 2,678 8,372 5,288 2,147 17,128 812 1,691 27,205 11,329 3,658 114 2,190 9,914 4,899 31 1967 19,776 2,041 148 2,253 10,890 4,444 2,820 19,955 1,201 2,127 32,960 15,096 4,295 126 2,131 11,312 5,436 ........July 5 21,325 3,637 138 2,267 10,869 4,414 2,844 20,004 1,196 2,103 31,819 14,199 3,992 120 2,414 11,094 5,325 12 21,192 3,524 136 2,327 10,790 4,415 2,814 19,996 1,186 2,121 30,932 13,352 4,010 118 2,378 11,074 5,311 19 21,112 3,455 120 2,304 10,836 4,397 2,835 19,996 1,229 2,203 29,484 12,232 3,870 HO 2,384 10,888 5,402 ................ 26 21,061 3,461 124 2,284 10,796 4,396 2,886 20,180 1,187 2,253 30,925 13,427 3,968 126 2,254 11,150 5,498 ........Aug. 2 20,635 3,100 119 2,266 10,788 4,362 2,954 20,216 1,175 2,235 29,189 11,942 3,656 117 2,253 11,221 5,428 9 20,870 3,104 12 2,433 11,115 4,206 2,867 20,112 1,187 2,196 30,660 13,650 3,836 110 2,301 10,763 5,346 16 20,831 3,070 6 2,588 10,988 4,179 2,890 20,146 1,210 2,180 28,658 11,733 3,513 115 2,365 10,932 5,308 23 21,680 3,251 5 2,664 11,573 4,187 2,962 20,100 1 ,237 2,200 27,997 11,436 3,631 122 2,443 10,365 5,453 ..................30 For other notes see p. 1607. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1606 WEEKLY REPORTING BANKS SEPTEMBER 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 TotaD IPC p d s i o u i c v l a b i i l t G U o .S vt . . c m c o t i i e a m 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 u i c v l a b i i l t i b m n t a i t e c n e s r k 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 Aug. 3.................... 196,816105,648 76,037 5,996 4,313 12,266 670 1,472 91,168 47,500 30,649 7,817 663 4,144 235 10.................... 194,413 103,105 74,671 5,617 3,681 12,246 635 1,503 91,308 47,478 30,794 7,848 660 4,135 233 17.................... 195,209 103,625 77,116 5,425 2,448 12,346 698 1,376 91,584 47,455 30,966 7,952 669 4,124 258 24.................... 191,444 99,799 74,005 5,450 2,465 11,426 680 1,385 91,645 47,409 31,070 7,986 659 4,098 259 31.................... 196,046 104,648 76,720 5,748 3,180 12,058 677 1,407 91,398 47,342 30,882 7,980 655 4,103 271 1967 July 5................... 216,665 117,895 81,919 6,085 3,854 15,291 699 1 ,563 98,770 47,848 35,095 9,480 1,029 4,939 186 12.................... 212,610 113,188 81,376 5,334 4,747 13,554 720 1 ,555 99,422 47,791 35,773 9,547 1,016 4,890 205 19................... 212,718 112,939 80,857 5,221 4,848 13,622 686 1,602 99,779 47,822 35,975 9,582 1,047 4,953 202 26.................... 212,087 111,887 80,632 5,344 4,385 12,918 689 1,529 100,200 47,817 36,208 9,705 1,086 4,974 208 Aug. 2.................... 213,190 112,459 81,030 6,089 3,458 13,445 663 1 ,581 100,731 47,836 36,604 9,718 1,094 5,062 217 9.................... 209,538 108,457 78,410 5,565 2,789 13,170 642 1 ,556101,08! 47,899 36,871 9,751 1,099 5,042 225 16.................... 210,884109,725 81,127 5,351 2,134 13,603 635 1,542101,159 47,908 36,945 9,738 1,105 5,032 235 23.................... 208,195 106,679 78,502 5,102 2,479 12,794 607 1,511 101,516 47,931 37,247 9,743 1,112 5,033 254 30.................... 209,513 107,686 79,157 5,503 2,322 12,643 616 1 ,510 101,827 47,957 37,449 9,841 1,099 5,024 262 New York City 1966 Aug. 3.................... 45,024 26,685 17,314 265 1,049 3,460 556 1,030 18,339 4,726 9,257 788 439 2,912 149 10.................... 44,299 25,998 16,816 228 849 3,542 508 1,070 18,301 4,723 9,207 814 439 2,901 146 17.................... 44,244 25,815 17,675 317 459 3,398 544 951 18,429 4,707 9,286 863 436 2,913 152 24.................... 43,561 25,187 16,990 414 468 3,088 530 946 18,374 4,684 9,283 862 421 2,894 153 31.................... 45,327 27,122 18,019 353 836 3,369 513 984 18,205 4,676 9,134 850 404 2,898 165 1967 July 5. .................. 51,743 33,591 19,542 403 1,107 4,867 550 1,090 18,152 4,736 8,364 830 673 3,369 99 12.................... 47,674 29,206 18,604 294 1,200 3,767 563 1,071 18,468 4,728 8,680 878 661 3,320 117 19.................... 49,091 30,388 18,983 339 1,339 4,107 537 1,102 18,703 4,733 8,779 920 689 3,386 115 26.................... 49,338 30,524 19,120 274 1,129 4,080 542 1,043 18,814 4,726 8,818 943 717 3,410 119 Aug. 2.................... 48,928 29,835 19,239 357 909 3,811 530 1,089 19,093 4,723 9,001 972 726 3,464 126 9 47,786 28,607 18,179 306 598 3,718 496 1,068 19,179 4,724 9,071 1,003 728 3,447 136 16.................... 47,370 28,307 18,814 340 449 3,898 501 1,055 19,063 4,725 8,950 1,040 726 3,413 139 23.................... 47,405 28,282 18,328 301 501 3,848 473 1,024 19,123 4,725 9,035 1,018 731 3,396 146 30.................... 47,999 28,826 18,684 366 566 3,707 487 1,036 19,173 4,722 9,062 1,063 716 3,390 151 Outside New York City 1966 Aug. 3.................... 151,792 78,963 58,723 5,731 3,264 8,806 114 442 72,829 42,774 21,392 7,029 224 1,232 86 10.................... 150,114 77,107 57,855 5,389 2,832 8,704 127 433 73,007 42,755 21,587 7,034 221 1,234 87 17.................... 150,965 77,810 59,441 5,108 1,989 8,948 154 425 73,155 42,748 21,680 7,089 233 1,211 106 24.................... 147,883 74,612 57,015 5,036 1,997 8,338 150 439 73,271 42,725 21,787 7,124 238 1,204 106 31.................... 150,719 77,526 58,701 5,395 2,344 8,689 164 423 73,193 42,666 21,748 7,130 251 1,205 106 1967 July 5.................... 164,922 84,304 62,377 5,682 2,747 10,424 149 473 80,618 43,112 26,731 8,650 356 1,570 87 12.................... 164,936 83,982 62,772 5,040 3,547 9,787 157 484 80,954 43,063 27,093 8,669 355 1,570 88 19.................... 163,627 82,551 61,874 4,882 3,509 9,515 149 500 81,076 43,089 27,196 8,662 358 1,567 87 26.................... 162,749 81,363 61,512 5,070 3,256 8,838 147 486 81,386 43,091 27,390 8,762 369 1,564 89 Aug. 2.................... 164,262 82,624 61,791 5,732 2,549 9,634 133 492 81,638 43,113 27,603 8,746 368 1,598 91 9.................... 161,752 79,850 60.231 5,259 2,191 9,452 146 488 81,902 43,175 27,800 8,748 371 1 ,595 89 16.................... 163,514 81,418 62,313 5,011 1,685 9,705 134 487 82,096 43,183 27,995 8,698 379 1,619 96 23.................... 160,790 78,397 60,174 4,801 1,978 8,946 134 487 82,393 43,206 28,212 8,725 381 1,637 108 30.................... 161,515 78,860 60,473 5,137 1,756 8,936 129 474 82,654 43,235 28,387 8,778 383 1,634 111 For other notes see p. 1607. 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SEPTEMBER 1967 WEEKLY REPORTING BANKS 1607 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Memoranda Total assets — B F F a r . o n R m k . s o F t r h o e m rs lia O b t i h li e ti r e s a C cc a o p u it n a t l s a li c c a T a c b a o p o i n l t i u d i a t t n a i l e l t s s ad T ( l j o n u o a e s t t n t a ) e s , l d 8 v a e a s d T l ( n t j o m n u d o a e s t e n t a t i ) n e n s l , t d s , 8 a D d d e e j p u m o s a t s e n it d d s 9 Total La o rg f e d I s e c s p e u r o e t d i s f i i t c 1 a 0 tes Issued Wednesday issued to I PC’s to others Large banks—• Total 1966 801 5,762 9,782 18,922 232,083 132,563 182,445 70,784 18,280 13,122 5,158 361 6,349 9,835 18,933 229’891 132’038 181'594 70'036 18,432 13'121 5^311 ............................10 162 6,242 10,082 18,913 230,608 131,820 181,430 70'621 18,597 13,197 5,400 ............................17 603 6,290 10,099 18,907 227^343 130'917 180'467 69,653 18,344 12,932 5,412 ............................24 180 5^966 10,289 19,019 231'500 131,426 182;392 71,358 18,203 12,819 5,384 ............................31 1967 23 6,917 10,766 19,899 254,270 136,812 192,957 73,061 18,953 11,945 7,008 ..................July 5 39 7^021 10,933 19,883 250'486 136,343 195,041 73,111 19,447 12,384 7'063 ........................... 12 18 6'319 11,119 19,856 250,030 136^490 194,909 72’827 19,524 12,456 7,068 ............................19 78 6,417 11,401 19,865 249'848 136,125 194,253 73’581 19,696 12’549 7,147 ............................26 475 6,216 H , 190 20,020 251,091 137,270 195,538 74,348 20,118 12,821 7,297 ..................Aug. 2 214 6'199 11'617 20,041 247'609 136,’365 194,057 72'598 20,314 12'949 7,365 ........................... 9 214 6'396 11,989 19,992 249,475 136,444 194,224 72'863 20,328 12'918 7',410 .............................16 20 6'026 12^123 19,986 246'350 135,534 193'354 71,921 20 ,’5 70 13'132 7,438 ............................23 14 5'994 12^094 20,013 247;628 135,488 194,809 73,321 20’742 13^247 7,495 ............................30 New York City 1966 2,255 4,740 5,095 57,114 33 321 42,756 15,826 7,287 5,365 1,922 35 2'616 4,769 5^098 56,817 32,992 42,446 15,298 7,297 5,298 1,999 .......................\. 10 10 2'198 4,999 5,104 56,555 32,754 42^250 15'907 7'385 5’367 2,018 .............................17 30 2,437 5,008 5,102 56'138 32'303 41 857 15'734 7,341 5,344 1,997 ............................24 2,067 5,130 5442 57,666 32,650 42,616 16^194 7,109 5 J14 L995.. ........................31 1967 1,968 5,364 5,422 64,497 34 182 44,448 17,024 6 591 4,230 2,361 ..................July 5 2,414 5,526 5’409 61,023 33,953 45,179 16,662 6 850 4,473 2,377 ........... 12 1^883 5,579 5’402 61,955 34 118 45,228 16,652 6,990 4,599 2’391 ............................19 2,410 5,785 5'399 62,932 34,016 44,769 16,544 7,041 4,593 2'448 ............................26 182 1,862 5,391 5,479 61,842 34,461 45,162 17,334 7,269 4,742 2,527 16 1 '888 5^764 5,485 60,939 33,917 44,394 16,333 7,355 4'796 2,559 .......................\ . 9 40 2,'173 5 ,’927 5,476 60,986 34,003 44'551 16,485 7246 4,682 2 ’ 564 ............................16 1,736 6'211 5'470 60,822 33 432 43,995 16,181 7'334 4,755 2,579 ............................23 1,944 6,129 5; 462 61^534 33,452 44,594 16,589 7,339 4,767 2^72 ............................30 Outside New York City 1966 801 3,507 5,042 13,827 174,969 99,242 139,689 54,958 10,993 7,757 3,236 326 3^733 5,066 13'835 173,074 99,046 139,148 54,738 11,135 7,823 3’312 .......................~. 10 152 4,044 5 ,083 13'809 174'053 99 066 139,180 54'714 11'212 7’830 3'382 ............................17 573 3'853 5,091 13^805 171,205 98,614 138,610 53,919 11'003 7,588 3,415 ............................24 180 3,899 5,159 13 ^877 173 ,'834 98,776 139,776 55,164 11’094 7; 705 3; 389 ............................31 1967 23 4,949 5,402 14,477 189,773 102,630 148,509 56,037 12,362 7,715 4,647 ' ..................July 5 39 4,607 5,407 14'474 189,463 102,390 149,862 56,449 12,597 7^911 4'686 ............................12 18 4,436 5,540 14^454 188,075 102,372 149,681 56,175 12'534 7,857 4,677 ............................19 78 4^007 5,616 14’466 186,916 102,109 149,484 57,037 12,655 7,956 4'699 ............................26 293 4,354 5,799 14,541 189,249 102,809 150,376 57,014 12,849 8,079 4,770 ..............Aug. 2 198 4,311 5,853 14,556 186,670 102,448 149,663 56,265 12,959 8,153 4,806 ........................... 9 174 4'223 6'062 14'516 188'489 102'441 149,673 56'378 13,082 8'236 4,846 ............................16 20 4'290 5 ,912 14'516 185,528 102,’102 149,359 55.740 13,’236 8,377 4,859 ............................23 14 4,050 5,965 14^551 186,094 102,036 150,215 56,732 13,403 8; 480 4^923 ............................30 1 After deduction of valuation reserves. 2 individual items shown gross. 10 Certificates of deposit issued in denominations of $100,000 or more. 3 Includes short-term notes and bills (less than 1 year to maturity) Note.—Beginning June 29, 1966, coverage of series was changed from issued by States and political subdivisions. 4 Federal agencies only. Weekly Reporting Member Banks to Weekly Reporting Large Commer 5 Includes certified and officers’ checks, not shown separately. cial Banks (earlier figures for 1966 are comparable with the new series.) 6 Deposits of foreign governments and official institutions, central Also beginning June 29, 1966, detailed breakdown is shown of “All other banks, and international institutions. loans,” of “Other securities,” and of ownership of time certificates of 11ncludes U.S. Government and postal savings not shown separately. deposit in denominations of $100,000 or more. For description of revisions, s Exclusive of loans to domestic commercial banks. see Aug. 1966 Bulletin, pp. 1137-40. 9 All demand deposits except U.S. Government and domestic com mercial banks, less cash items in process of collection. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1608 BUSINESS LOANS OF BANKS SEPTEMBER 1967 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net chang3 during—• 1967 1967 1967 1966 1967 1966 Industry A 3 u 0 g. A 2 u 3 g. A 1 u 6 g. Au 9 g. Au 2 g. Aug. July June II I IV h 1 a s l t f h 2 a n l d f Durable goods manufacturing: Primary metals................................. 1,123 1,132 1,138 1,147 1,142 -41 75 111 153 100 -60 253 -135 Machinery............................ 4,542 4,641 4,693 4,672 4,855 -306 -72 400 285 602 220 887 580 Transportation equipment.............. 1,890 1 ,858 1,881 1,882 1,915 -42 -16 19 -273 226 235 -47 474 Other fabricated metal products. .. 1 ,772 1,817 1,855 1,859 1,861 -103 -102 129 266 143 -99 409 -27 Other durable goods........................ 2,096 2,091 2,092 2,086 2,070 7 -49 70 118 57 6 175 84 Nondurable goods manufacturing: Food, liquor, and tobacco.............. 2,095 2,155 2,156 2,088 2,090 -28 -20 109 -105 -472 519 -577 575 Textiles, apparel, and leather.......... 2,172 2,155 2,172 2,154 2,132 13 121 86 211 — 380 297 -274 Petroleum refining........................... 1,378 1,385 1,468 1 ,507 1,544 -281 -8 171 180 61 -162 241 -254 Chemicals and rubber..................... 2,254 2,298 2,298 2,259 2,270 -73 -97 -25 1 308 52 309 133 Other nondurable goods................. 1,707 1,704 1,701 1,668 1,659 39 35 65 108 53 -63 161 64 Mining, including crude petroleum and natural gas................................. 3,735 3,760 3,833 3,825 3,848 -225 -60 85 1 194 -40 195 182 Trade: Commodity dealers................. 1,081 1,121 1,123 1,132 1,106 75 80 -86 -334 -145 312 -479 334 Other wholesale....................... 2,883 2,901 2,919 2,946 2,953 -76 -2 72 51 17 60 68 102 Retail........................................ 3,320 3,329 3,418 3,396 3,488 -126 -74 91 157 -184 69 -27 -47 Transportation, communication, and other public utilities..................... 3,959 3,977 3,957 3,943 3,958 -39 551 921 Transportation................................. 999 995 989 989 1 ,018 -8 19 103 185 88 n.a. 273 n.a. Communication................................ 2,169 2,235 2,242 2,208 2,262 -103 12 81 157 66 n.a. 223 n.a. Other public utilities........................ 2,569 2,603 2,614 2,617 2,603 -52 114 259 212 -321 n.a. -109 n.a. Construction........................................ 4,702 4,694 4,736 4,750 4,782 -33 7 40 117 -107 -99 10 -173 Services................................................. 6,366 6,389 6,406 6,373 6,466 -105 -40 73 89 -142 n.a. -53 n.a. AU other domestic loans..................... 825 772 779 778 807 69 144 54 273 285 3 558 -53 Bankers’ acceptances........................... 107 -32 -122 236 165 114 64 Foreign commercial and industrial loans.................................................. 2,751 2,744 2,731 2,735 2,731 8 -109 -56 -113 93 n.a. -20 n.a. Total classified loans........................... 56,388 56,756 57,201 57,014 57,560-1,430 -56 1,854 1,492 1,369 1,289 2,861 2,550 Total commercial and industrial loans 62,189 62,554 63,056 62,894 63,445 -1,519 -76 1,948 1,822 1,215 1,339 3,037 4,671 1 Beginning with data for Dec. 28, 1966, this series was revised in for Note.—About 161 weekly reporting banks are included in this series; mat 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 Size of loan (in thousands of dollars) All sizes 1,000 1-9 10-99 100-499 500-999 and over Interest rate (per cent per annum) Aug. May Aug. May Aug. May Aug. May Aug. May Aug. May 1967 1967 1967 1967 1967 1967 1967 1967 1967 1967 1967 1967 Percentage distribution of dollar amount Less than 5.50............................. 1.5 2.1 1.0 0.7 0.7 0.6 1.2 1.0 2.7 2.8 1.6 2.7 5,50............................................... 33.0 32.1 1.3 1.4 4.8 4.6 17.0 16,6 26,6 27.9 51.7 46.5 5.51-5.75...................................... 19.4 21.4 3.0 1.9 6.3 5.9 19.2 19.6 28.6 29.3 20.7 24.1 5.76-6,00...................................... 15.4 14.0 14.9 14.5 19.1 19.0 17.7 19.0 16.3 13.7 13.0 10.7 6,01-6.49...................................... 10.9 11.2 25.7 25.9 24.1 24.0 15.7 15.4 9.2 10.5 4.9 6.4 6.50 5.7 5.5 10.2 10.2 10.6 10.5 7.8 6.9 6.5 4.4 3.0 3.9 6.51-6.99...................................... 4.9 4.8 13.9 14.0 12.1 11.8 6.5 6.7 4.2 3.4 2.1 2.5 7.00............................................... 3.3 3.8 10.6 10.6 7.9 8.8 6.0 6.2 2.3 3.1 0.8 1.6 Over 7,00..................................... 5.8 5.4 19.5 20,8 14.5 14.8 8.9 8.5 3.6 4.9 2.2 1.7 Total................................. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Total loans: Dollars (millions).................... 3,880,7 4,441.0 61.6 63.6 491.6 500,8 923.2 991.8 566.6 576.6 1,837.7 2,308.1 Number (thousands)............... ' 38,9 40.3 16.1 16.8 16.3 16.4 4.8 5.2 .9 1.0 ’ .8 ' 1.0 Center Weighted average rates (per cent per annum) 35 centers..................................... 5,94 5.95 6.58 6.61 6.46 6.48 6.16 6.16 5,88 5.88 5.72 5.73 New York City........................ 5.67 5.67 6.33 6.41 6.25 6.28 5.88 5.88 5.69 5.66 5.58 5.59 7 Other Northeast................... 6.30 6.32 6.61 6.61 6.70 6.70 6.42 6.48 6.08 6.10 5.99 6.00 8 North Central...................... 5.92 5.91 6.65 6.64 6.41 6.44 6.15 6.13 5.89 5.89 5.76 5.75 7 Southeast............................... 5.93 5.94 6.37 6.44 6.18 6.22 5,97 5.95 5,78 5.71 5.67 5.74 8 Southwest............................. 6.01 6.04 6.54 6.63 6.32 6.37 6.10 6.12 5.95 5.97 5.78 5.81 4 West Coast........................... 6.05 6.08 7.12 7.14 6.84 6.86 6.38 6.32 5.95 6.03 5.72 5.78 Note.—Beginning Feb. 1967 the Quarterly Survey of Interest Rates on 1960—Aug. 23 4^ 1967—Jan. 26-27 5ft-5’4 Business Loans was revised. For description of revised series see pp. 721 1965—Dec. 6 5 Mar. 27 5>/i 27 of the May Bulletin. 1966—Mar. 10 5ft Bank prime rate was 5 per cent during the period Jan. I, 1960-Aug. June 29 22, 1960. Changes thereafter to new levels (in per cent) occurred on the Aug. 16 following dates: Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 INTEREST RATES 1609 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance Prime co. Prime Period 4 p c - a o t p m o e l r 6 . , - d p i p r l a e a p c c t e e l d r y , b a a a c n n c c k e e e p s r t , s ’ F f r e u a d t n e e d r s a 3 l 3-month bills 5 6-month bills 5 9- to 12-month issues 3 _ - y t e o a r 5 months 1 m 3 o - n to th s 6 - 2 90 days 1 n R ew at e is o su n e M y a ie r l k d et n R ew at e is o su n e M y a ie r l k d et B k i e ll t s y ( i m el a d r ) 5 Other 6 issues 7 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—Aug................. 5.85 5.63 5.67 5.53 4.932 4.95 5.189 5.27 5.34 5.52 5.58 Sept................. 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 5.38 Nov................. 6.00 5.88 5.67 5.77 5.344 5.31 5.604 5.54 5.49 5.45 5.43 Dec........... 6.00 5.88 5.60 5.40 5.007 4.96 5.108 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 Apr.................. 4.83 4.57 4.29 4.05 3.852 3.84 3.894 3.90 3.90 4.03 4.46 May................ 4.67 4.41 4.27 3.94 3.640 3.60 3.808 3.80 3.88 4.09 4.68 June................ 4.65 4.40 4.40 3.98 3.480 3.53 3.816 3.88 4.16 4.40 4.96 July................. 4.92 4.70 4.58 3.79 4.308 4.20 4.798 4.72 4.90 4.98 5.17 Aug................. 5.00 4.75 4.77 3.90 4.275 4.26 4.821 4.82 5.04 5.10 5.28 Week ending— 1967—Aug. 5.......... 5.00 4.75 4.70 3.75 4.182 4.15 4.638 4.67 4.97 5.05 5.16 12.... 5.00 4.75 4.85 4.02 4. 174 4.17 4.757 4.79 5.10 5.12 5.25 19.......... 5.00 4.75 4.78 4.05 4.193 4.20 4.791 4.80 5.00 5,07 5.28 26.........5..00 4.75 4.75 3.98 3.336 4.35 4.922 4.94 5.03 5.12 5.35 i Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance companies, for varying closing bid prices. maturities in the 90-179 day range. 5 Bills quoted on bank discount rate basis. 3 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 Total ’ 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 f P er 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 6.72 1966-—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 6.10 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 3.79 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 '5.60 Apr........................... .... 4. 51 3.67 3.50 3.90 5.42 5 JI 5.83 5.37 5.51 5.37 5.03 3.24 May.................................... 4.76 3.94 3.71 4.23 5.56 5.24 5,96 5.46 5.62 5.59 5.17 3.19 June................................... 4.86 4.02 3.80 4.31 5.75 5.44 6.15 5,64 5.80 5,80 5.30 3.19 P5.85 July..................................... 4.86 4.11 3.86 4.43 5.86 5.58 6.26 5.79 5.88 5.91 5.34 3.15 Aug.................................... 4.95 4.07 3.78 4.37 5.91 5.62 6.33 5.84 5.94 5.96 5.35 3.11 Week ending— 1967—Aug. 5............................. 4.91 4.02 3.75 4.35 5.88 5,59 6.29 5,82 5.87 5.94 5.33 3,06 ~ 12.............................. 4.95 4.02 3.75 4.35 5.89 5.58 6.32 5.83 5.89 5.95 5.30 3.06 19. ........ ............. 4.96 4.09 3.80 4.38 5.91 5,62 6.33 5.85 5.94 5.95 3.34 3.11 26.. ........................ 4.97 4.10 3.80 4,39 5.93 5.65 6.34 5,87 5.99 5.97 5.39 3.14 Number of issues.......................... 10-11 20 5 5 120 30 30 40 40 40 14 500 500 i 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 Poor’s Corporate series. Dividend/price ratios are based on Wed. figures; earnings/price ratios are as of end of period. Note.—Annual yields are averages of monthly or quarterly data. Preferred stock ratio is based on 8 median yields for a sample of non- Monthly and weekly yields are computed as follows: U.S. Govt, bonds: callable issues—12 industrial and 2 public utility; common stock ratios Averages of daily figures for bonds maturing or callable in 10 years or on the 500 stocks in the price index. Quarterly earnings are seasonally more. State and local govt, bonds: General obligations only, based on adjusted at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1610 SECURITY MARKETS SEPTEMBER 1967 MORTGAGES: NEW AND EXISTING HOMES SECURITY PRICES (Per cent) (pe B r o $ n 1 d 0 0 p ri b c o e n s d) Co ( m 19 m 4 o 1 n - 4 s 3 to = c k 10 ) prices Vol Contract interest rate on ume Period o i n n Y s F i u e H r l e d A d - F c H o A nv s e e n r t i i e o s nal first F m H o L r B tg B ag s e e s ries Period ( G t l U e o o r . n m v S g t . ) , S l a o t n c a d a te 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 t u t i i y c b l ( s t t h r h a a i o n d o r g u e f 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 86.1 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—Aug.. 77.02 97.7 84.1 80.65 86.40 42,12 63.41 7,064 1964................. 5.45 5.80 5.85 5.78 5 92 Sept.. 77.15 98.5 82.6 77.81 83,11 40.31 63.11 5,722 1965 ................. 5.47 5.83 5.89 5.76 5.89 Oct... 78.07 100.5 83.5 77.13 82.01 39.44 65.41 6,971 1966................. 6.38 6.40 6.47 6.11 6.24 Nov... 77.68 101.0 83.5 80.99 86,10 41.57 68.82 7,297 Dec... 78.73 102.4 83,0 81.33 86.50 41.44 68.86 7,883 1966—July....... 6.51 6.45 6.55 6.12 6.24 1967—Jan... 81.54 106.0 85.9 84.45 89.88 44.48 70.63 9,885 July*.... 6.51 6.45 6.55 ’•16.16 <16.29 Feb... 80,73 106.4 86.4 87.36 93.35 46.13 70.45 9,788 Aug....... 6.58 6.55 6.65 ’’6.28 <6.37 Mar.. 80.96 105.8 85.6 89.42 95.86 46.78 70.03 10,217 Sept....... 6.63 6.65 6.70 '6.30 <6.45 Apr. . 80.24 104.9 85.4 90.96 97.54 45.80 71.70 9,389 6.70 6.75 r6.39 r6 50 May.. 77.48 101.1 83.4 92.59 99.59 47.00 70.70 9,933 Nov....... 6.81 6.70 6.75 ’■6.45 <6.54 June.. 76.37 100.2 81.7 91.43 98.61 48.19 67.39 9,666 Dec........ 6.77 6.65 6.70 6.49 6.55 July.. 76.39 99.3 81,1 93.01 100.38 49.91 67.77 10,834 Aug .. 75.38 99.6 80.3 94.49 102.lt 50,43 68.03 9,037 1967—Jan......... 6.62 6.60 6.65 6.47 6.54 Week Feb........ 6.46 6.50 6.55 6.44 '6.50 ending- Mar....... 6.35 6.45 6.50 6.41 6.44 Apr........ 6.29 6.40 6.45 6.37 6.36 1967 May.... 6.44 6.45 6.50 6.28 6.31 June.... 6.51 6.50 6.50 6,29 6.30 July 29........ 75.91 99.7 81.1 94.07 101.57 50.73 68.15 10.792 July... . 6.53 6.50 6.55 6.34 6.33 Aug. 5....... 75.84 100.5 80.7 95.48 103.21 51,22 68.33 12,146 Aug....... 6.60 6.55 6.55 12....... 75.42 100.5 81.1 95.55 103.26 51.27 68.58 9,303 19....... 75.30 99.5 80.5 94.67 102,30 50.37 68,23 8,397 26....... 75.19 99. 1 80.0 93.48 101.00 49.43 67,56 8,057 1 New FHLBB series. Note.—Annual data are averages of monthly figures. The Note.—Annual data are averages of monthly figures. Monthly and weekly FHA data are based on opinion reports submitted by field offices data are averages of daily figures unless otherwise noted and are computed as on prevailing conditions in their localities as of the first of the follows: U.S. Govt, bonds, derived from average market yields in table at bottom of succeeding month. The yields are derived from weighted aver preceding page on basis of an assumed 3 per cent, 20-year bond. Municipal and ages of private secondary market prices for Sec. 203, 30-year corporate bonds, derived from average yields as computed by Standard and Poor’s mortgages with minimum downpayments and an assumed pre Corp., on basis of a 4 per cent, 20-year bond; Wed. closing prices. Common payment at the end of 15 years. Gaps in the data are due to stocks, Standard and Poor’s index. Volume of trading, average daily trading in periods of adjustment to changes in maximum permissible con stocks on the N.Y. Stock Exchange for a S’/z-hour trading day. tract interest rates. The FHA series on average interest rates on conventional first mortgages are unweighted and are rounded to the nearest 5 basis points. For FHLBB series, see footnote to table on Conventional First Mortgages, p. 1627. STOCK MARKET CREDIT (In millions of dollars) Customer credit Broker and dealer credit Net debit balances with Bank loans to others than N.Y. Stock Exchange brokers and dealers for pur- Money borrowed on— firms secured by— chasing orcarrying— 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 . v S it t . i es se O cu t r h i e ti r e s se G c U u o . r S v it t . i , e s Customer Other c a r b n e a c d l e i s t collateral collateral 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—July.... 7,870 34 5,667 116 2,203 55 3,731 3,127 604 1,595 Aug....... 7,811 35 5,609 115 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 5,290 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 Mar..... 7,808 86 5,718 68 2,090 n.a. n.a. n.a. n.a. 2,135 Apr....... 7,969 77 5,819 68 2,150 n.a. n.a. n.a. n.a. 2,078 May.... 8,085 40 5,926 68 2,159 n.a. n.a. n.a. n.a. 2,220 June.... 8,333 29 6,166 70 2,167 n.a. n.a. n.a. n.a. <2,231 July....... 8,799 33 6,602 76 2,197 n.a. n.a. n.a. n.a. 2.341 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
SEPTEMBER 1967 OPEN MARKET PAPER; SAVINGS INSTITUTIONS 1611 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS’ ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by— Based on—• End of period Accepting banks F.R. Goods stored in or Banks Im Ex shipped between Placed Placed Total Others ports ports Dollar points in—- Total through direct into from ex dealers 1 ly 2 Total O bi w ll n s bo B u il g ls h t O ac w ct n . F ei 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 1960..................... 4,497 1,358 3,139 2,027 662 490 173 74 230 1,060 403 669 122 308 524 1961..................... 4,686 C7U 2’975 2,683 1,272 896 376 51 126 1,234 485 969 117 293 819 1962..................... 6; 000 2,088 3,912 2,650 1,153 865 288 110 86 1,301 541 778 186 171 974 1963...................... 6'747 1 ’928 4'819 2,890 1,291 1,031 260 162 92 1,345 567 908 56 41 1,317 1964..................... 8,361 2'223 6,138 3,385 1,671 1,301 370 94 122 1,498 667 999 Ill 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—July........... 12,183 2,361 9,822 3,369 1,005 912 93 51 257 2,056 911 790 54 23 1,591 Aug....... 12'835 2'653 10J82 3,387 909 824 84 48 272 2,158 946 781 64 54 1,541 Sept....... 11’778 2'773 9305 3,370 935 846 89 47 243 2,145 957 760 62 60 1,531 Oct........ 13’045 2377 10,068 3,359 961 861 100 72 230 2,096 982 756 75 57 1,489 Nov,...... 14,169 3 J53 11,016 3,457 1,056 895 161 131 203 2,067 995 781 85 69 1,527 Dec........... 13 379 3 389 10,190 3,603 1,198 983 215 193 191 2,022 997 829 103 80 1,595 1967—Jan............ 14,718 3,449 11,269 3,601 1,359 1,028 331 73 173 1,996 936 829 78 90 1,668 Feb............ 15,199 3,781 11,'418 3,575 1,266 1.004 262 113 201 1,995 918 851 65 82 1,659 Mar....... 16,034 4,360 11 674 3,704 1,366 1,077 290 110 232 1,996 962 921 60 71 1,691 Apr....... 16,249 4.356 11,893 3,830 1,356 1,128 229 166 272 2,035 971 971 55 59 1 ,773 May. 17'067 4,713 12,354 3,964 1,339 1,147 192 70 348 2,207 949 998 38 46 1,933 16,150 4’934 11 216 4,131 1,361 1,191 170 136 379 2,254 1,001 1,007 45 39 2,038 July........... 16,985 4,976 12,008 4,116 1,549 1,252 297 136 379 2,052 974 1,040 65 41 1,996 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 Other liabili Depos Other reserve commitments 1 End of period M ga o g r e t Other G U o .S vt . . S l a o t n a c d a te l Co r a a n r t p d e o Cash assets ge a t n i n e e d s ra l its 2 lia ti b e i s li co a u c n ts govt. other 1 reserve accts. NumberAmount 1941 ..................... 4 787 89 3,592 1,^86 829 689 11,772 10,503 38 1,231 1945 ..................... 4’202 62 10,650 1 57 606 185 16 ,'962 15’332 48 1,582 1960.............................. 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 58,350 1,200 1961.............................. 28,902 475 6,160 667 5’040 937 640 42,829 38;277 781 3,771 61,855 1354 1962.............................. 32,056 602 6,107 527 5'177 956 695 46,121 41,336 828 3,957 114,985 2348 1963.............................. 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 104,326 2,549 1964.............................. 40,’328 739 5,’79l 391 5,099 1,004 886 54,238 48,849 989 4300 135,992 2,820 1965 . .......................... 44,433 862 5,485 320 5,170 1,017 944 58'232 52,443 1,124 4,665 120376 2,697 1966—July................... 45,968 1,035 5,101 280 5,494 852 1,042 59,772 53,523 1,499 4,750 104,630 2,352 Aug................... 46’232 1,095 5,063 276 5,659 825 1,007 60,156 53,689 1,641 4,827 101,682 2,274 Sept................... 46'450 1 ’052 5’078 270 5,603 850 1 ,031 60,334 54,073 1 338 4,823 99377 2,191 Oct.................. 46'736 1,023 4,913 260 5,588 833 1,037 60,390 54;178 1,400 4,812 97,283 2351 Nov........... 46,953 1,131 4,848 254 5,644 799 1 ,029 60,658 54,326 1,463 4,869 91 ,'634 2372 Dec................... 47’, 193 1,078 4,764 251 5,719 953 1,024 60,982 55,006 1,114 4,863 88,808 2,010 1967—jan..................... 47,484 1,076 4,679 247 6,053 969 1,062 61,570 55,456 1,259 4,855 88,479 2,013 Feb.................... 47,692 1337 4.700 249 6,251 1,041 1,051 62,122 55,788 1,428 4,906 90,223 2,055 Mar................... 47,973 1,136 4,645 246 6,480 1,140 1,081 62,701 56,538 1,249 4,914 91,125 2389 Apr................... 48,236 1 ,075 4,'481 243 6,803 1 ,069 I ,076 62,982 56,739 1,381 4,863 88,295 2,'242 May.................. 48’493 ।; 26i 4333 235 7,062 1,095 1,074 63,654 ’■57,185 1,546 4,923 92,754 2395 Juner................ 48,771 1 326 4'336 249 7'313 1,140 1,108 64,143 57,836 1,379 4,929 95,187 2357 July.................. 49^10 1 J44 4396 246 7,642 1 ,084 1,116 64,639 58,169 1,563 4,908 91359 2347 1 Also includes securities of foreign governments and international Note.—National Assn, of Mutual Savings Banks data; figures are organizations and nonguaranteed issues of U.S. Govt, agencies. estimates for all savings banks in the United States and differ somewhat 2 See note 4, p. 1597. from those shown elsewhere in the Bulletin; the latter are for cal! dates 3 Commitments outstanding of banks in N.Y. State as reported to the and are based on reports filed with U.S, Govt, and State bank supervisory Savings Bank Assn, of the State of N.Y. agencies. Loans are shown net of valuation reserves. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1612 SAVINGS INSTITUTIONS SEPTEMBER 1967 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities Total Mort Real Policy Other assets Total U St n a i t t e e s d S ■ ta lo te c a a l nd Foreign 1 Total Bonds Stocks gages estate loans assets 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—-Juner........................... 162,657 11,035 4,823 3,243 2,969 67,670 60,294 7,376 62,557 4,748 8,174 8,473 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 Mar.............................. 169,865 10,738 4,789 3,053 2-, 896 69,878 62,071 7,807 65,798 4,925 9,444 9,082 Apr.............................. 170,570 10,622 4,700 3,026 2,896 70,271 62,360 7,911 66,024 4,940 9,537 9,176 May............................. 171,238 10,655 4,746 3,015 2,894 70,610 62,607 8,003 66,253 4,952 9,615 9,153 June........................... 171,881 10,487 4,620 2,994 2,873 71,108 62,990 8,118 66,414 4,987 9,695 9,190 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and Note.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance companies in the United States. on each item separately but are included in total, in “other assets.” SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) 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 Other 1 a li s a T s b e o i t l t s 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 t 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 6'16 1945.................... 5,376 2,420 450 356 8^747 7*365 644 336 407. 1960.................... 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 1,359 1961.................... 68,834 5,211 3,315 4,775 82,135 70’885 5,708 2,856 1,550 1 136 1,908 1962.................... 78,'770 5,563 3,926 5’346 93’605 80,236 6,520 3,629 1,999 1,221 2,230 1963.................... 90,944 6,445 3,979 6,191 107,559 91,308 7,209 5,015 2,528 1 499 2,614 1964 ................... 101’333 6,966 4,015 7,041 119,355 101,887 7,899 5’601 2,239 1,729 2,590 1965 r.................. 110,306 7,414 3,900 7,960 129380 110’385 8,704 6'444 2,198 1 ^849 2,751 1966r-July.......... 113,853 7,312 2,818 8,314 132,297 110,965 9,002 7,891 2,001 2,438 2,315 114,002 7 ,'361 2,717 8,487 132'567 111'089 9^899 7,752 1,826 2,901 2,082 Sept......... 114,107 7,482 2,631 8,648 132J68 111,720 9,008 7'701 1,656 2,683 1,869 Oct........... 114,102 7^634 2'682 8’608 133,026 111^664 9'015 7'753 1 ,509 3 085 1,718 114'081 7,935 2,856 8,843 133,715 112^278 9,009 7,570 1,364 3,494 1,626 Dec.......... 114392 7,772 3,361 8^672 133'997 114,010 9,256 7’464 1,272 1,995 1,512 1967—Jan.r........ 114,229 7,883 3,170 8,442 133,724 114,194 9,084 6,708 1,189 2,549 1,661 Feb.'....... 114,395 8,079 3,364 8,554 134,392 114,957 9,073 6,107 1,217 3,038 1,925 Mar. r.... 114,797 8,058 3,544 8,754 135,153 116,414 9,064 5,441 1,365 2,869 2,269 Apr.r... , 115,233 7,950 3,638 8,936 135,757 116,911 9,062 5,027 1,503 3,254 2,699 Mayr.... 115,909 8,072 3,859 9,376 137,216 118,041 9,055 4,630 1,710 3,780 3,081 Juner.... 116,944 7,987 3,997 9,232 138,160 119,976 9,268 4,559 1,918 2,439 3,250 July.......... 117,657 8,398 3,382 9,182 138,619 120,034 9,274 4,448 2,008 2,855 3,398 1 Includes other loans, stock in the Federal home loan banks, other 4 Commitments data comparable with those shown for mutual savings investments, real estate owned and sold on contract, and office buildings banks (on preceding page) would include Ioans 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 tor 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
SEPTEMBER 1967 FEDERALLY SPONSORED CREDIT AGENCIES 1613 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks (s F e M e c d o o e r n r t d g a a l a r g N y e a m A ti a o s r s n k n a e , l t B f a o n r k s int F er e m de e r d a i l a te Fe la d n e d ra l Assets Liabilities and capital operations) cooperatives credit banks banks End of period v m a b A t n e e o d m c r s e s I m nv e e n s ts t p C a o d a n s e s d i h t s B n a o o n n t d e d s s M po d b e s e e m i r t s C s a to p c it k al M l g o ( a A a o g n r ) e t s D n t 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 t s 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 I '906 159 4’363 1,151 1,171 2,000 U788 840 589 2,099 1,952 3,310 2,834 1964............. 5,325 1,523 141 4,369 1,199 1,227 1,940 1,601 958 686 2,247 2,112 3,718 3,169 1955.............. 5,997 1 640 129 5,221 1,045 t ,277 2,456 1,884 1 ,055 797 2,516 2,335 4,281 3,710 1966 — 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 Mar... 5,175 3,564 95 5,709 1,490 1,387 4,459 4,010 1,363 1,113 3,168 2,944 5,111 4,450 Apr... 4,782 3,451 77 5,066 1,648 1,388 4,459 4,006 1,337 1,114 3,301 3,086 5,175 4,450 May.. 4,421 4,004 93 5,050 1>831 1,392 4,455 3,938 1,316 1,101 3,423 3,186 5,248 4,611 June.. 4,302 3,738 95 4,577 1,927 1,392 4,450 4,078 1,296 1,042 3,545 3,297 5,303 4,611 July. . 4,221 3,420 81 4,585 1,522 1,392 4,507 4,070 1,335 1,072 3,639 3,419 5,358 4,644 Note.—Data from Federal Home Loan Bank Board, Federal National bonds held within the FHLB System), and are not guaranteed by the U.S. Mortgage Assn,, and Farm Credit Admin. Among the omitted balance Govt.; for a listing of these securities, see table below. Loans are gross sheet items are capital accounts of ah 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, JULY 31, 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 loan banks Federal National Mortgage Federal land banks—Cont. Bonds: Association—Cont. Bonds: Aug. 28, 1967.......... .5^ 590 Debentures: Oct. 21,1967........4..5../.4 179 Sept. 15, 1967.......... .41/4 185 June 12, 1973...................,4% 146 Oct. 23, 1967............... ..4>/8 174 Sept. 27, 1967.......... .61/4 650 Feb. 10, 1977...................4*4 198 Oct. 23 1967............... ..554 150 Oct. 26,1967......... ...6 700 Dec. 20, 1967............... ...5’4 329 Nov. 27, 1967.......... 500 Jan. 22, 1968............... ...51/8 161 Jan. 25, 1968.......... .53/4 250 Mar. 20, 1968............... ...41/4 Ill Feb. 26, 1968.......... 5.35 535 Banks for cooperatives May 20, 1968............... ...5>/4 242 A M M p a a r r r . . . 2 2 5 5 1 , , , 1 1 1 9 9 9 6 6 6 8 9 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . • 5ft 2 6 3 5 2 0 5 0 0 De A O be c u n t g . t . ur 2 e 1 , s , : 1 1 9 9 6 6 7 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4 . . 1 5 5 0 2 2 4 8 3 8 J A O u u c n t g e . . 2 2 2 0 0 1 , , , 1 1 1 9 9 9 6 6 6 8 8 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 4 .4 1 .5 / 0 4 4 1 1 0 6 8 7 0 6 Nov. 1, 1967........ .........4.30 ^258 Jan. 20, 1969................. .4% 34! Dec. 4, 1967....... ........4.30 >■276 Mar. 20, 1969............... .. .4% 100 July 15, 1969............... ..41/4 130 Federal National Mortgage Associa July 15, 1969............... . .45/8 60 tion—Secondary market opera Oct. 20’ 1969............... ...4^ 209 tions Feb. 20, 1970............... ...5i/s 82 Federal intermediate credit banks Apr. 1, 1970............... ...3'4 83 Discount notes................................. 932 De A b u e g n . tur 1 e , s : 1967..................5.95 302 J M u a ly 'y 20 1 , M 1 9 9 7 7 1 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...3*4 6 8 0 5 Sept. 5, 1967........ .......6.05 329 Sept. 15, 1972............... ...3’4 109 Debentures: Oct. 2, 1967....... .........5.60 377 Feb. 20, 1973-78......... ...4>4 148 O J M S u e c n a p t r e . t . . 1 1 1 1 4 1 1 0 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 7 8 8 8 , . . . . • ■ . • 3 4 4 % % ^ 4 3 1 0 8 5 5 0 7 0 0 J N D F a e o e n b c v . . . . 4 2 1 1 , , , , 1 1 1 1 9 9 9 9 6 6 6 6 7 7 8 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 . 4 4 .. . . . 5 1 4 4 % 5 5 0 '4 4 4 3 7 1 9 0 7 3 6 4 A J F F u e e p l b b y r . . . 2 2 2 2 4 0 0 1 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 6 6 4 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S 4 . . 5 4 Y 5 5 4 4 s 2 1 1 1 0 5 5 2 0 3 5 0 A M p a r y , 1 1 0 2 , , 1 1 9 9 6 6 9 9 , . 4 ..4 1 3 5 % 60 30 8 0 8 M Ap a r r . . 1 4 , , 1 1 9 9 6 6 8 8 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 . . 5 8 0 5 3 3 7 4 5 7 A Ja p n r . . 2 2 0 2, , 1 1 9 9 7 7 9 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . S 5 i/s 2 1 8 5 5 0 July 10, 1969 ..5i/» 250 Dec. 12, 1969. ..6 550 Tennessee Valley Authority Apr. 10, 1970. -.4% 142 Short-term notes.............. 200 Sept. 10, 1970. -.4/8 119 Federal land banks Bonds: Aug. 10, 1971. ..41/8 64 Bonds: Nov. 15, 1985............... .4.40 50 Sept. 10, 1971, ..4i/i Feb. 15.1967-72.... ....41/, 72 July 1, 1986............... ...454 50 Feb. 10, 1972, ..5/8 98 Aug. 21, 1967........... ... .434 179 Feb. 1, 1987............... .••4Yl 45 June 12, 1972. ..4% 100 Oct. 1,1967-70.... . ...41/2 75 May 15, 1992............... ..5,70 70 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
1614 FEDERAL FINANCE SEPTEMBER 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. Bu n d e g t et f T P u r l n u u d s s s : t g I L n o e t v s ra t s . : - 1 E r T e q c o u t t a s a l . l s 2 : Budget f T u P n r lu u d s s s : t ^ A m L d e e n j s u t s s s : ^ t E p T q a o u y t a t a s l l s . : pa o y r t s. & C (d d h a i i e a r g n e b n e c t g n t e . ) a I g t n L r e u v b e n e s y s . t s s s : t & , L N d ca e e o s b s n h s t : Eq N u e a t ls: Cal. year—4964............ 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 ...9..6..,.6..7..9 31,384 4,449 123,376 101,379 31,014 4,473 127,919 -4,543 4,673 1,386 417 2,872 1966...1..1..0..,.8..02 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—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...1..0..4..,.727 34,853 4,451 134,480 106,978 34,864 4,026 137,817 -3,337 6,710 3,562 530 2,618 1967”........ 115,794 44,632 6,056 153,533 125,732 34,493 4,929 155,296 -1,763 6,742 10,851 -314 -3,795 Half year: 1965—July-Dec..... 43,110 14,152 2,072 55,024 52,964 15,700 1,628 67,035 -12,011 4,226 -1,464 401 5,289 1966—Jan.-June........ 61,617 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 1967—Jan.-June”.. .. 66,609 25,322 3,643 87,852 61,669 16,866 3,324 75,211 12,641 -4,300 7,481 -527 -11,254 Month: 1966—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 5,61 1 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.................. 5,81 1 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 Mar........... 11,395 3,543 364 14,490 11,699 2,677 1,208 13,167 1 ,323 859 1,082 -127 -96 Apr................. 13,534 3,850 233 17,070 9,464 2,789 1,063 11,189 5,881 -3,708 -329 -77 -3,302 May................ 6,289 5,367 303 11,295 10,915 2,897 -634 14,445 -3,150 3,372 4,213 -25 -816 June”.............. 18,249 5,254 1,982 21,438 10,145 3,426 655 12,916 8,522 -4,963 1,343 -110 -6,197 July................. 6,371 3,029 424 8,938 11,502 3,660 624 14,538 -5,600 4,690 -465 -155 5,310 Effects of operations on Treasurer’s account Net operating transactions Net financing transactions Change in Treasurer’s account cash balances (end of period) Period Agencies & trusts Operating bal. Change s B u u r d p g lu e s t Trust Clearing gr i o n s s Held Treas Other de o fi r c it funds 3 accounts i M ssu a o a r f k n e c t e i I n G n v o U e v . s S t t , , . p d u ir b e l c ic t T o r u e t a s s i u d r e y ac u c r o er u ’ n s t Balance B F a . n R k . s l T a o n a a d x n as n s e e t t s sec. 3 sec. 3 debt accts. Fiscal year—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 1967”.... -9,938 10,139 -813 428 -10,851 6,314 -73 -4,648 7,759 1 ,311 4,272 2,176 Half year: 1965—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 l’536 -111 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 1967'—Jan.-June”.... 4; 940 8^56 '208 -1,202 -7,481 — 3^098 76 1,748 7,759 1,31 1 4,272 2j 176 Month; 1966—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 4014 1316 Sep"t................ 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 1618 4 799 299 3 041 1 *459 Dec................. 1 ’093 -371 -78 767 —166 — 92 — 60 1 213 6,011 416 4 096 1 399 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 5410 386 3 299 1 725 Mar................ -304 866 970 —462 — 1 082 1,321 101 1 411 6 821 828 4 430 1 *563 Apr................ 4,070 1,061 907 -563 329 — 3,145 595 2*064 8’884 1 360 5*415 2* 109 May............... -4’626 2'471 -912 285 -4,213 3,087 — 649 — 3^259 5 626 ’574 3,469 1 583 Juns’.............. 8,104 1328 -1,217 -296 -1,343 -4^67 275 2,133 7,759 1,311 4,272 2J76 July................ -5,131 -631 355 274 465 4,416 -44 -208 7,551 1,340 4,552 1,659 t Primarily interest payments by Treasury to trust accounts and accumu 6 Seasonally adjusted data include accelerated corporate tax payments lations to U.S. employee trust funds. tn 1965 and 1966; data for 1966 also include adjustments for initiation of 2 Includes small adjustments not shown separately. graduated withholding of personal income taxes and change in schedule 3 Includes net transactions of Govt.-sponsored enterprises. for depositing withheld and OASI taxes. 4 Primarily (t) intragovt, transactions, (2) noncash debt, (3) clearing accounts. Note.—Based on Treasury Dept, and Bureau of the Budget data. 5 Includes technical adjustments not allocated by functions. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 FEDERAL FINANCE 1615 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Total Individual C r o a r t p e o Total a L n i d q u t o o r H w ig ay h Total F a I n C d A e U m n p - l. E a g s n t i a f d t t e t C o u m s s r m e a I p e n n n a t d . y t s fu R n e d s Other W he i l t d h Other bacco R.R. Fiscal year—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 36,84016,820 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 1967”.. 153,533 50,477 18,848 34,915 14,130 n.a. 4,652 32,854 28,695 3,656 3,001 1,972 2,721 9,581 4,196 Half year: 1965—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 13,789 11,969 1,569 1,258 1 ,017 1,493 1,142 1,835 1967—Jan.-June”. 87,852 25,836 14,865 22,870 7,368 n.a. 2,339 19,065 16,726 2,087 1,743 955 1,228 8,439 2,361 Month: 1966—July........ 8,103 3,374 351 878 971 361 357 1,912 1,726 142 215 158 179 221 286 Aug........... U,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 3,434 277 191 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 1,761 1,673 52 204 161 536 168 387 1967—Jan............ 11,251 3,674 3,075 823 1,147 496 340 1,808 1,615 146 269 160 219 115 191 Feb............ 12,308 5,268 944 635 1,075 433 367 4,164 3,301 820 224 134 187 550 227 Mar........... 14,490 4,157 859 6,728 1,539 448 603 2,473 2,366 61 270 170 178 2,204 320 Apr........... 17,070 3,591 6,216 4,295 1,023 476 326 3,340 3,168 138 352 150 227 2,322 198 May.......... 11,295 4,987 701 1,065 1,274 591 355 4,587 3,669 874 445 166 207 2,392 255 Junep..... 21,438 4,160 3,070 9,324 1,309 n.a. 348 2,697 2,610 49 182 176 211 847 1,156 July........... 8,938 3,843 264 946 1,241 n.a. 369 2,129 1,977 104 207 160 197 261 212 Cash payments to the public Period Total s t f i N e d o n e n a s a e l af I f n a t i i r , s s S e p r a e a r c c e h A t c u g u r r l e i so N u u r r r e a a c t l e s t m C r a a e o n n r m d s c p e . c H d i o n e o m g v u e m & s l. , l H w ab e e o l a f r l a t , r h e & , E t d i u on ca e V ra e n t s In e t s e t r G g e o r e v a n t l . Fiscal year—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 4,114 3,229 6,784 3,425 33,249 2,780 5,556 9,215 2,404 1967”.. . . 155,296 71,726 4,454 5,426 4,203 3,528 7,197 -1,804 38,997 3,291 7,012 10,373 2,643 Half year: 1965—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 2,235 3,094 803 1,464 2,829 2,271 16,873 2,072 2,968 4,856 1,146 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 1967—Jan.-June” ,.. 75,210 37,879 1 ,997 2,570 568 1,525 2,825 -3,603 20,809 1,534 3,541 5,744 1,262 Month: 1966—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............... 13’150 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 Mar 13J67 7,025 389 468 159 251 562 -677 3,648 338 706 ’653 216 Apr............... 11,189 6'388 370 380 — 191 224 336 -667 3,406 14 531 650 199 Nfay.............. 14’445 6,293 335 441 499 283 560 -534 3,522 496 614 f ,752 239 12,916 6 169 423 427 -192 265 392 -195 3,402 297 497 '703 233 July............... 14,538 6’440 468 351 648 349 716 524 3,731 229 585 222 270 1965 1966 1967 1965 1966 1967 Item III IV I II in IV I H” III IV I II III IV I II” Seasonally adjusted Not seasonally adjusted Cash budget: Receipts..................... 30.6 30.7 33.7 639.6 36.3 36.8 38.8 41.4 29.2 25.8 33.3 46.2 34.6 31.1 38.0 49.8 Payments............................. 32.1 33.1 36.9 36.0 40.0 37.8 39.1 38.3 33.1 34.0 34.6 36.2 41.3 38.8 36.7 38.6 Net................................... -1.5 -2.4 -3.2 3.7 -3.7 -1.0 -.3 3.1 -3.9 -8.1 -1.3 10.0 -6.7 -7.7 1.4 11.3 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1616 U.S. GOVERNMENI SECURITIES SEPTEMBER 1967 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 3 Total Total Marketable Nonmarketable End of period gross gross Con Special debt 1 direct vert issues 6 debt 2 Total ible Sav Total Bills C c e a r t t e if s i Notes Bonds 4 bonds Total s 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 11.4 118.0 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 1960—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 ........5..0....2. 104.2 2.8 52.9 50.3 46.3 1966—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 Apr..................................... 328.3 327.8 272.2 217.1 64.1 5.9 48.1 99.0 2.6 52.5 51.1 51.6 May................................. 331.4 330.9 271.8 216.7 64.1 5.6 49.1 97.9 2.6 52.6 51.1 55.2 June................................... 326.7 326.2 266. 1 210.7 58.5 5.6 49.1 97.4 2.6 52.9 51.2 56.2 July.................................... 331.2 330.6 270,9 215.0 62.8 5.6 49.1 97.4 2.6 53.4 51.3 56.2 Aug.................................... 336.4 335.9 274. 1 218.3 63.3 ........5..7....5. 97.4 2.6 53.3 51.4 58.3 1 Includes non-interest-bearing debt (of which $262 million on Aug. 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. 2 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 $19,242 million on July 31, 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. 5 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 p n er d i o o d f T g d r o e o t b s a t s l ag G U e a o n n .S v c d i t . e , s B F a R nk . s Total m C e o rc m ia l s M av u i t n u g a s l I c n a o n s m c u e r c O o t r h p e o r S l a o t n c a d a te l Individuals F i o n a r n t e e d i r g n i O m nv t i h s e c e s . r trust banks banks panies rations govts. Savings Other national 1 tors 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 I960—Dec................ 290.4 55.1 27.4 207.9 62.1 6.3 11.9 18.7 18.7 45.6 20.5 13.0 11.2 1961—Dec................ 296.5 54.5 28.9 213.1 67.2 6.1 11.4 18.5 19.0 46.4 19,5 13.4 11.6 1962—Dec................ 304.0 55.6 30.8 217.6 67.2 6.1 11.5 18,6 20.1 46.9 19.2 15.3 12.7 1963—Dec................ 310.1 58.0 33.6 218 5 64.3 5.8 11.3 18.7 21.1 48.1 20.1 15.9 13.3 1964—Dec................ 318.7 60.6 37.0 221.1 64.0 5.7 11.1 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—July............... 319.8 66.4 42.4 211.0 53.8 5 0 9.7 14.2 24.7 49.9 24.1 15.3 14.3 Aug............... 324.9 69.3 42.5 213.1 55.0 5.0 9.7 14.3 24.4 49.9 24.7 15.4 14.6 Sept............... 325.3 69.2 42.9 213.2 54 8 5.0 9.7 13.5 24.2 49.9 25.8 15.2 15.0 Oct................. 327.4 68.0 43.0 216.4 55.3 4 8 9.6 14.9 24.2 49.9 26.2 15.2 16.1 Nov............. 329.9 68.9 43.9 217.1 55 5 4 8 9.7 16.0 24.1 50.1 25.9 15.4 15.7 Dec................ 329.8 68.8 44.3 216.7 57,5 4.7 9.6 14.7 23.8 50.2 25.4 14.5 16.4 1967—Jan................. 329.4 68.2 43.5 217.7 57.6 4 5 9.5 14.9 23.4 50.1 25.8 14.0 17.7 Feb................ 330.1 69.6 44.0 216.6 57.2 4.6 9.3 15.0 23.7 50.3 25.3 14.1 17.1 Mar............... 331.5 70.7 44.9 215 9 57 8 4 5 9.2 14.1 23.5 50,4 25.5 14.5 16.5 Apr................ 328.3 70.4 45.5 212.5 56.9 4.3 9.0 12.9 23.5 50.5 24.4 15.0 16.0 May.............. 331.4 74.6 46.1 210 8 56 1 4.3 9.0 13.4 23.1 50,5 23.8 15.0 15.6 June.............. 326.7 75.8 46.7 204.2 55.1 4.2 8.7 11.3 22.3 50.6 22.8 14.7 14.6 July......... 331.2 75.5 46.8 208,9 57,9 4.2 8.7 12.1 22.0 50.7 22.9 14.3 16,0 1 Includes investments of foreign balances and international accounts Note.—Reported data for F.R. Banks and U.S. Govt, agencies and in the United States. trust funds; Treasury estimates for other groups. _ 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
SEPTEMBER 1967 U.S. GOVERNMENT SECURITIES 1617 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value in millions of dollars) Within 1 year Type of holder and date Total 1-5 5-10 10-20 Over years years years 20 years Total Bills Other 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—June 30 ........................................................ 210,672 89,648 58,535 31,113 71,424 24,378 8,425 16,797 July 31........................................................ 214,968 93,957 62,844 31,113 71,433 24,376 8,423 16,780 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—lune 30................................................ 17,450 4,656 3,778 878 4,651 2,518 2,112 3,512 July 31................................................ 17,066 4,274 3,397 877 4,637 2,529 2,114 3,512 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—June 30................................................ 46,718 31,781 14,088 17,693 13,407 1,014 174 342 July 31................................................ 46,804 31,868 14,176 17,692 13,407 1,014 174 342 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—June 30................................................ 146,504 53,211 40,669 12,542 53,366 20,846 6,139 12,943 July 31................................................ 151,098 57,815 45,271 12,544 53,389 20,833 6,135 12,926 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—June 30......................................... 45,525 11,247 5,844 5,403 24,919 8,402 448 509 July 31........................................ 47,890 13,601 8,298 5,303 24,910 8,427 448 505 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 1,151 1966—Dec. 31......................................... 4,532 645 399 246 1,482 1,139 276 990 1967—June 30........................................ 4,046 438 241 197 1,536 837 283 952 July 31......................................... 4,106 524 312 212 1,530 841 280 932 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 I ,938 2,094 1,096 2,703 1966—Dec. 31......................................... 8,158 847 508 339 1 ,978 1,581 1,074 2,678 1967—June 30........................................ 7,407 405 189 216 1,981 1,302 1,078 2,641 July 31........................................ 7,352 417 206 211 1,966 1,288 1,080 2,602 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—June 30........................................ 4,022 2,636 1,900 736 1,194 141 5 45 July 31........................................ 4,385 3,076 2,475 601 1,117 142 6 45 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—June 30......................................... 3,964 699 456 243 1,545 972 269 479 July 31......................................... 4,150 870 613 257 1,553 981 270 476 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—June 30........................................ 14,835 5,623 4,700 923 2,262 1,240 1,693 4,017 July 31........................................ 14,596 5,416 4,479 937 2,280 1 ,210 1,686 4,005 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........................................ 75,690 38,685 32,646 6,039 18,896 9,619 2,215 4,275 1967—-June 30........................................ 66,706 32,163 27,339 4,824 19,929 7,952 2,363 4,300 July 31......................................... 68,619 33,911 28,888 5,023 20,033 7,944 2,365 4,361 Note.—Direct public issues only. Based on Treasury Survey of about 90 per cent by the 5,883 commercial banks, 502 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 loan assns.; and but for other groups are based on Treasury Survey data. Of total mar (3) about 70 per cent 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
1618 US. GOVERNMENT SECURITIES SEPTEMBER 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 ba er n c k ia s l other securities 1966—July.............................. 1,820 1,560 155 76 29 607 64 726 423 284 Aug.............................. 1,786 1'497 189 62 38 573 78 721 413 175 Sept.............................. 2,004 1,682 198 82 43 741 101 730 431 170 2'329 2,019 192 82 35 782 93 915 538 180 Nov............................ 2'339 1'864 334 118 24 849 94 896 501 204 2'712 2 059 427 160 66 1 114 121 978 500 732 1967—Jan................................ 2,266 1,827 288 102 49 912 110 791 453 281 Feb............................... 2'186 1'744 331 79 32 774 90 826 496 217 Mar.............................. 2,434 2'012 296 87 39 1 ,057 140 794 443 222 Apr,............................. 2'111 1^738 262 82 28 813 76 746 475 222 May............................ 2'075 1,636 332 77 30 784 63 720 507 188 1'802 1,502 226 52 23 659 56 621 466 199 July.............................. 2,084 l',857 161 45 21 740 58 741 544 219 Week ending— 1967—July 5....................... 1,943 1,682 210 35 16 605 51 674 613 175 ' 12........................ 2,615 2,333 201 58 22 948 67 966 633 209 19....................... 1,790 1 '593 136 39 23 588 52 633 517 292 26...................... 1,831 1,630 136 43 23 685 60 625 461 214 Aug. 2........................ 2,257 1,933 258 40 25 822 59 865 511 157 ~ 9........................ 1^970 1,604 287 48 32 774 84 663 449 122 16....................... 1'857 1 ^591 204 38 24 632 44 682 499 253 23........................ 1,518 1'257 193 24 44 568 43 471 436 160 30....................... 1344 l,'67O 242 28 20 642 65 692 545 115 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 Period a G ge o n v c t y , Period All Corpora All mat A ur l i l ties W 1 y it e h a in r y 1 e - a 5 rs 5 O y v e e a r r s securities sources ■ Y N o ew rk w E h ls e e re tions 1 other City 1966—July.........1,681 1,587 49 45 408 Aug., .... 2'188 2'001 181 6 208 1966—July........... 2,127 623 481 737 287 2'229 2'043 108 78 269 Aug........... 2,229 394 430 925 480 Oct........... 2'500 2'224 109 166 353 2^410 725 615 731 340 Nov......... 3'756 2'925 639 193 429 Oct............. 2,346 508 580 823 435 Dec.......... 4,158 3'447 530 181 502 Nov........... 3'575 605 687 1,614 668 4^233 999 893 1,412 929 1967—Jan.........4.,.861 4,138 431 292 560 Feb.......... 4,442 3,527 681 235 467 1967—Jan............. 4,925 1,565 1,678 983 700 4'084 3*362 475 248 415 Feb............ 4’530 1 '391 1'331 1,069 740 Apr......... 3,902 3,296 382 223 450 Mar........... 4,298 1,289 1 '461 825 723 May........ 3^375 2^503 744 129 371 Apr........... 4,162 1'093 1,576 829 664 June........ 2,869 2,389 406 74 314 3,612 '935 1'156 764 757 July.......... 2,239 2,115 106 18 239 3,262 1,121 '984 665 492 July........... 2; 146 '649 622 598 276 Week ending— Week ending—• 1967—June 7.. 3,500 2,829 574 97 355 14.. 3,830 3,184 531 114 305 1967—June 7... 3,744 1,204 1,197 849 494 21 . . 2,914 2,444 406 63 312 14... 4,068 1,513 1,338 711 506 28. . 1,757 1,500 218 38 291 21. 3,676 1,518 1,020 579 559 28... 1,951 436 514 554 447 July 5.. 1,406 1 ,234 152 20 257 12.. 2,073 1,950 122 1 163 July 5 ... 1,703 388 463 520 332 19. . 2,429 2,303 105 22 240 12. .. 1,664 350 486 525 303 26. . 2,314 2,193 98 23 295 19... 2,513 812 806 583 312 26. .. 2,350 812 613 684 240 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
SEPTEMBER 1967 GOVERNMENT SECURITIES 1619 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, AUGUST 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. Sept. 7, 1967................. 2,301 Feb. 15, 1968................. 1,001 Nov. 15, 1970.........5 7,675 Feb. 15, 1970....... .4 4,381 Sept. 14' 1967.................. 2'302 Feb. 23' 1968................. 1 ,001 Apr. 1,1971........• iw 35 Aug. 15, 1970.........4 4,129 Sept. 21’, 1967................. 2^300 Feb. 29' 1968................. 2'403 May 15, 1971.........5% 4,265 Aug. 15, 1971....... .4 2.806 Sept. 28 1967................ 2'301 Mar. 22^ 1968*............... 2'003 Oct. t, 1971.....• tv, 72 Nov. 15, 1971........• 3’4 2,760 Sept. 30 1967............... 1 '400 Mar. 31’ 1968................. 1,400 Feb. 15, 1971....... ■5y» 2,507 Feb. 15, 1972.........4 2,344 Oct. 5, 1967................. 2'302 Apr. 22' 1968*............... 2'001 Nov. 15, 1971....... .5% 1,734 Aug. 15, 1972.........4 2,579 Oct. 13’ 1967................. 2’401 Apr. 30' 1968.. . ............ 1,402 Feb. 15, 1972....... .41/4 2,006 Aug. 15, 1973....... .4 3,894 Oct. 19’ 1967 ............ 2'402 May 31, 1968................. 1 ,401 Apr. 1, 1972....... .1'4 26 Nov. 15, 1973.........4'4 4,354 Oct. 26’ 1967.................. 2'401 1 ,001 May 15, 1972....... ■4 >/4 5,310 Feb. 15, 1974.........4'4 3,130 Oct, 31' 1967............ 1'406 July 31, 1968................. 1'001 May 15, 1974.........4'4 3,590 Nov. 2, 1967................. 2'405 Aug. 31' 1968................. 1 ,'000 Nov. 15, 1974....... .3% 2,242 Nov. 9^ 1967................. 2'400 May 25, 1975-85...41/4 1,217 Nov. 16’ 1967................. 2'400 Treasury bonds June 15, 1978-83...3'4 1,572 Nov. 24^ 1967................. 2^402 Dec. 15, 1963-68.. 1,789 Feb. 15, 1980.........4 2,603 Nov. 30' 1967................. 3'802 Treasury notes June 15, 1964-69..•21/ 2,544 Nov. 15. 1980........• J'/, 1 ,909 Dec. 7’ 1967................. 1,001 Oct. 1, 1967...........l‘/i 457 Dec. 15, 1964-69..• 2'4 2,492 May 15, 1985.........31/4 1,120 Dec. 14’ 1967................. 1,000 Nov. 15, 1967..........4^8 8,135 Mar. 15, 1965-70...2'/, 2,287 Aug. 15, 1987-92,. 4'4 3,817 Dec. 21’ 1967................. 1,000 Feb. 15' 1968...........55/8 2,635 Mar. 15, 1966-71..• 2'6 1,226 Feb. 15, 1988-93...4 250 Dec. 28’ 1967................. 1 '000 Apr. 1'1968...........11^ '212 June 15, 1967-72..• 2’4 1,258 May 15, 1989-94...4'4 1,560 Dec. 31' 1967................. 1'401 May 15, 1968..........4’4 5,587 Sept 15, 1967-72..•2’4 1,952 Feb. 15, 1990........•3'4 4,889 Jan. 4' 1968................. 1,000 Aug. 15. 1968...........4% 6'444 Nov. 15, 1967....... .3ys 2,019 Feb, 15, 1995.........3 1,864 Jan. 11,’ 1968................. 1 '000 Nov. 15, 1968...........5% 9,913 Dec. 15, 1967-72...2'4 2,633 Nov. 15, 1998....... • 314 4,378 Jan. 18' 1968................. 1 '001 Oct. 1'1968...........11^ 115 May 15, 1968........• 3’/s 2,460 Jan. 25' 1968................. 1 ,000 Apr. 1,1969...........1A 61 Aug. 15, 1968........• 31/4 3,747 Jan. 31' 1968................. 1 ,401 Oct. C 1969.........U/i 159 Nov. 15, 1968........• 3’/, 1,591 Convertible bonds Feb. 1' 1968................. । ;ooo Apr. 1, 1970...........HA 88 Feb. 15, 1969.........4 3,728 Investment Series B Feb. 8; 1968.................. I ,000 oct. 1, 1970...........1'/i 113 Oct. 1, 1969.........4 6,252 Apr. 1, 1975-80.. 2'4 2,571 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 Total Use of proceeds Period a d m e o li u v n t Total G g o a e b a t n i l l o i e n r s R n e u v e e PHAi G l U o o a .S v n t . s , State S d a i p s a s u t e n t a t c r d h t i i , c a . t l Other2 ered’ Total c E at d io u n b R r a i o d n a g d d e s s it U ie ti s l 4 H in o g u s s V a a e n i t d s e ’ r p O p o u s th e r s er 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 9,151 3,029 812 2,344 598 2,369 1964. 10,847 6,417 3,585 637 208 1,628 3,812 5,407 10,069 10,201 3,392 688 2,437 727 120 2,838 1965. 11,329 7,177 3,517 464 170 2,401 3,784 5,144 11,538 10,471 3,619 900 1 ,965 626 50 3,311 1966. 11,395 6,804 3,955 325 312 2,590 4,110 4,695 n.a. 11,294 3,738 1,476 1 ,880 533 .....3..,.6..6..7 1966-—June.... 1,143 587 395 110 51 275 428 440 n.a. 1,141 506 118 200 r|10 207 July.. .. 702 406 276 20 174 246 282 n.a. 701 226 142 73 8 252 Aug...... 775 453 287 35 134 275 366 n.a. 773 279 32 103 6 353 Sept., . . 1,032 441 453 120 18 r79 572 381 n.a. 1 ,019 218 220 222 124 236 Oct....... 751 539 178 34 208 256 287 n.a. 747 299 12 99 9 328 Nov.. . . 973 598 364 12 229 334 410 n.a. 967 379 108 226 40 213 Dec....... 940 397 533 11 100 568 272 n.a. 940 279 280 87 131 .........1.6..4 1967-—Jan....... 1,466 938 502 27 511 331 624 n.a. 1,461 404 218 163 1 675 Feb....... 1,209 912 287 10 257 296 656 n.a. 1,175 464 132 103 * 476 Mar.. . . 1,440 816 470 117 37 230 565 645 n.a. 1,426 410 122 333 126 435 Apr.r... 1,129 849 254 27 180 247 702 n.a. 1,109 458 59 213 10 369 May r... 1,235 755 452 28 313 296 624 n.a. 1,209 482 115 100 11 500 June.... 1,443 820 479 117 27 137 661 646 n.a. 1,443 570 131 210 148 ....... 383 1 Only bonds sold pursuant to 1949 Housing Act, which are secured 5 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
1620 SECURITY ISSUES SEPTEMBER 1967 TOTAL NEW ISSUES (In millions of dollars) Proposed use of net proceeds, Gross proceeds, all issues 1 all corporate issues 6 Noncorporate Corporate New capital Re Period Bonds Stock m tir e e n t Total G U o . v S t . .2 G a U c g o y e v S n 3 t . , l S o U a t c n a . a S d t l e . 4 Other 5 Total Total o P f l f i u c e l r b y e d p v l P a a t r c e i e l y d fe P r r r e e d C m 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 r e i o t c i f e u s 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 1960................... 27,54! 7,906 1,672 7,230 579 10,154 8,08! 4,806 3,275 409 1,664 9,924 9,653 8,758 895 271 1961................... 35,527 12,253 1,448 8,360 303 13,165 9,420 4,700 4,720 450 3,294 12,885 12,017 10,715 1,302 868 1962................... 29,956 8,590 1,188 8,558 915 10,705 8,969 4,440 4,529 422 1,314 10,501 9,747 8,240 1,507 754 1963................... 35,199 10,827 1,168 10,107 887 12,211 10,856 4,713 6,143 343 1,011 12,049 10,523 8,898 1,625 1,526 1964................... 37,122 10,656 1,205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 13,792 13,038 11,233 1,805 754 1965................... 40,108 9,348 2,731 11,148 889 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—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 1,661 1,535 980 555 20 106 1,643 1,635 1,363 273 8 196?—Jan......... 5,091 494 1,251 1,450 211 1,684 1,593 745 848 51 40 1,669 1,648 1,522 125 21 Feb........ 7,523 4,154 783 1,159 10 1,418 1,262 900 362 17 139 1,400 1,399 1,375 24 1 Mar........ 5,253 459 750 1,437 245 2,362 2,219 1,618 601 24 119 2,334 2,317 2,178 139 17 Apr........ ’4,229 393 650 1,129 41 ’2,015 ’■1,768 1,368 410 ’144 ’94 1,964 ’-1,973 rl .891 82 12 May..... ’4,002 438 810 1,209 26 ’•1,518 ’•1,361 965 396 r47 111 1,478 rl,474 ’•1,418 ’56 19 . June....... 5,373 410 650 1,461 179 2,674 2,343 1,684 659 17 313 '2,631 2,611 2,363 248 20 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e l r la c n ia e l o u an s d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e a l Period Retire Retire Retire Retire Retire Retire New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu capita!8 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 I960............................................... 1,997 79 794 30 672 39 2,754 51 1,036 1 2,401 71 1961............................................... 3,691 287 1,109 36 651 35 2,883 106 1,435 382 2,248 22 1962............................................... 2,958 228 803 32 543 16 2,341 444 1,276 11 1,825 23 1963............................................... 3,272 199 756 53 861 87 1,939 703 733 359 2,962 125 1964............................................... 2,772 243 1,024 82 941 32 2,445 280 2,133 36 3,723 80 1965.............................................. 5,015 338 1,302 79 967 36 2,546 357 847 92 4,128 93 1966.............................................. 6,855 125 1,356 44 1,939 9 3,570 46 1,978 4 1,902 14 1,137 14 145 6 207 3 322 4 276 276 2 July.................................. 397 2 98 * 72 263 22 52 156 9 518 15 167 2 243 313 1 318 112 Sept................................... 643 * 91 63 2 81 198 307 331 46 38 * 39 254 97 71 228 2 58 204 320 10 168 107 673 4 93 266 4 409 152 42 1967_ Jan ................................... 624 20 103 144 220 293 * 264 1 Feb. ......................... 563 * 72 * 140 274 105 244 * 1,254 16 112 214 503 145 89 2 1,128 7 102 4 100 394 1 107 141 Mayr................................. 588 1 94 * 199 ......i" 403 17 91 100 * 1,298 16 218 3 128 471 350 146 1 Gross proceeds are derived by multiplying principal amounts or 6 Estimated gross proceeds less cost of flotation. number of units by offering price. 7 For plant and equipment and working capital. 2 Includes guaranteed issues. 8 All issues other than those for retirement of securities. 3 Issues not guaranteed. ■* See Note to table at bottom of opposite page. Note.—Securities and Exchange Commission estimates of new issues 5 Foreign governments. International Bank for Reconstruction and maturing in more than 1 year sold for cash in the United States. Development, and domestic nonprofit organizations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 SECURITY ISSUES 1621 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire Net New Retire Net issues ments change issues ments change I c n o ve s s .1 t. Other In c v o e s s .1 t. Other I c n o ve s s .1 t. Other 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,'45O — 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 1966—1.. .............. 7,663 3,044 4,619 4,568 1,335 3,233 2,085 1 ,010 557 1,152 1,528 —142 II................ 7'517 2,233 5,286 3'993 1353 2,841 1,518 2,006 548 532 970 1,475 III..,. 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 I 1657 622 431 993 1,226 -371 1967—1................. 7,370 2,344 5,025 4,724 1,202 3,522 1,860 786 592 550 1,268 235 Type of issuer Manu Commercial Transpor Public Communi Real estate Period facturing and other 2 tation 3 utility cation and financial 4 & B n o o nd te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & 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 -I 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 1966—I................. 1,440 -543 169 49 348 28 756 166 249 168 270 1,518 II................ '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 1967—1................. 1,489 52 130 -6 372 19 642 90 511 97 379 1,251 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 * 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 2 po C si a t s io h n 3 Other Sales 1 Re t d io e n m s p s N al e e t s Total 2 po C si a t s i h o n3 Other 1955 ............. 1,207 443 765 7,838 438 7,400 1966—July... 363 153 210 35,082 2,472 32,610 1956.............. 11347 433 914 9,046 492 8,554 Aug... 357 187 170 32,553 2,657 29.896 1957.............. 1’391 406 984 8,714 523 8,191 Sept... 327 145 182 32,223 3,036 29,187 1958.............. 1 ’620 511 1,109 13,242 634 12,608 Oct.. . 329 133 196 33.483 3,244 30,239 Nov... 295 143 152 34,497 3,206 31,291 1959.............. 2,280 786 1,494 15,818 860 14,958 Dec... 300 151 149 34,829 2,971 31,858 1960.............. 2'097 842 1'255 17,026 973 16,053 1961.............. 2,951 1,160 1'791 221789 980 21,809 1967—Jan.... 391 183 209 37,230 2,869 34,361 1962.............. 2^699 1J23 1,576 21,271 1,315 19,956 Feb.., 298 179 120 38,034 2,866 35,168 Mar.. 389 226 163 39,443 2,682 36,761 1963.............. 2,460 1,504 952 25,214 1,341 23,873 Apr... 358 214 144 41,191 2,666 38,525 1964............. 3,404 1,875 1 ,528 29,116 1,329 27,787 May.. 357 258 99 39,847 2,608 37,239 1965.............. 4,359 1,962 21395 35,220 11803 331417 June.. 375 225 150 40'795 2,503 38^292 1966.............. 4,671 2,005 2,665 34,'829 2,971 31,858 July... 425 222 203 43,064 2,515 40,549 t Includes contractual and regular single purchase sales, voluntary 3 Cash and deposits, receivables, all U S Govt, securities, and other and contractual accumulation plan sales, and reinvestment of invest short-term debt securities less current liabilities. ment income dividends; excludes reinvestment of realized capital gains dividends. Note.—Investment Company Institute data based on reports of mem 2 Market value at end of period less current liabilities. bers, which comprise substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect newly formed companies after their initial offering of securities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1622 BUSINESS FINANCE SEPTEMBER 1967 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1965 1966 1967 Industry 1962 1963 1964 1965 1966 III IV I II III IV I r n Manufacturing Total (177 corps.): Sales...................................... 136,545 147,380 158,253 177,237196,488 42,060 46,601 47,778 49,909 46,225 52,576 48,646 51,386 Profits before taxes............. 15,330 17,337 18,734 22,046 23,420 4,717 5,787 6,020 6,460 4,881 6,059 5,153 5,574 Profits after taxes.................. 8,215 9,138 10,462 12,461 13,244 2,729 3,270 3,353 3,643 2,845 3,403 2,918 3,172 Dividends............................ 5,048 5,444 5,933 6,527 7,205 1 ,430 2,062 1,570 1,754 1,916 1,965 1,670 1,655 Nondurable goods industries (78 corps.):! Sales..................................... 52,245 55,372 59,770 64,897 73,850 16,408 16,697 17,804 18,555 18,320 19,171 18,804 19,578 Profits before taxes............. 5,896 6,333 6,881 7,846 9,107 2,010 2,017 2,204 2,444 2,305 2,158 2,153 2,250 Profits after taxes................ 3,403 3,646 4,121 4,786 5,419 1,219 1,251 1,305 1,427 1,389 1,298 1,319 1,343 Dividends...................................... 2,150 2,265 2,408 2,527 2,729 613 707 651 682 673 723 720 704 Durable goods industries (99 corps.):2 Sates....................................... 84,300 92,008 98,482 112,341 122,638 25,652 29,904 29,974 31,354 27,905 33,405 29,842 31,808 Profits before taxes............. 9,434 11,004 11,853 14,200 14,313 2,707 3,770 3,815 4,020 2,577 3,901 3,000 3,324 Profits after taxes......... 4,812 5,492 6,341 7,675 7,824 1,511 2,019 2,047 2,216 1,456 2,105 1,599 1 ,829 Dividends............................. 2,898 3,179 3,525 4,000 4,476 817 1,356 919 1,072 1,243 1,242 950 951 Selected industries; Foods and kindred products (25 corps.): Sales...................................... 13,457 14,301 15,284 16,427 19,284 4,252 4,217 4,678 4,732 4,782 5,092 5,024 5,103 Profits before taxes............... 1,460 1,546 1,579 1,710 1,912 453 439 439 488 504 481 447 482 Profits after taxes................. 698 747 802 896 1,006 235 237 230 257 262 257 236 253 Dividends...................................... 425 448 481 509 564 126 133 137 142 139 146 148 144 Chemical and allied products (20 corps.); Sales....................................... 13,759 14,623 16,469 18,158 19,998 4,657 4,656 4,885 5,216 4,824 5,063 4,998 5,163 Profits before taxes............... 2,162 2,286 2,597 2,891 3,073 737 707 760 874 789 650 694 700 Profits after taxes.................. 1,126 1,182 1,400 1 ,630 1 ,737 411 409 428 480 443 386 396 404 Dividends.............................. 868 904 924 926 948 215 285 221 224 234 269 238 23 S Petroleum refining (16 corps.): Sales....................................... 15.106 16,043 16,589 17,828 20,844 4,381 4,504 4,945 5,114 5,298 5,487 5,390 5,808 Profits before taxes.............. 1,319 1,487 1 ,560 1,962 2,619 497 522 656 668 631 664 684 741 Profits after taxes................. 1,099 1,204 1,309 1 ,541 1,846 395 400 457 467 479 443 505 504 Dividends.............................. 566 608 672 737 "817 183 196 200 "204 204 209 232 227 Primary metals and products (34 corps.); Sales....................................... 21,260 22,116 24,195 26,548 28,572 6,657 6,167 6,567 7,457 7,309 7,239 6,801 7,040 Profits before taxes............... 1,838 2,178 2,556 2,931 3,277 690 623 682 928 857 810 693 669 Profits after taxes.................. 1,013 1,183 1,475 1,689 1,903 397 373 402 537 490 474 395 411 Dividends............................. 820 734 763 818 924 202 221 216 218 230 260 222 227 Machinery (24 corps.): Sales....................................... 19,057 21,144 22,558 25,364 30,141 6,291 6,785 6,985 6,889 7,538 8,729 7,704 7,597 Profits before taxes............... 1,924 2,394 2,704 3,107 3,613 772 788 894 915 851 953 868 774 Profits after taxes............... . 966 1,177 1,372 1,626 1,880 408 410 456 480 444 500 421 399 Dividends............................. 531 577 673 774 912 188 207 217 225 226 244 232 227 Automobiles and equipment (14 corps.): Sales....................................... 29,156 32,927 35,338 42,712 43,641 8,294 12,033 11,718 11,728 8,046 12,149 10,413 11,875 Profits before taxes............... 4,337 5,004 4,989 6,253 5,273 752 1,797 1,779 1,615 313 1,566 1,050 1,436 Profits after taxes.................. 2,143 2,387 2,626 3,294 2,866 428 923 934 893 224 815 583 782 Dividends.............................. 1,151 1,447 1,629 1,890 1 ,775 307 759 360 503 361 551 363 365 Public utility Railroad: Operating revenue................ 9,440 9,560 9,778 10,208 10,654 2,575 2,668 2,518 2,728 2,690 2,718 2,536 n.a. Profits before taxes............... 729 816 829 980 1,088 248 328 213 327 280 268 145 n.a. Profits after taxes................. 572 651 694 816 902 206 276 172 259 227 244 121 n.a. Dividends.............................. 367 383 438 468 496 81 161 113 109 113 161 124 n.a. Electric power: Operating revenue................ 13,489 14,294 15,156 15,816 16,908 3,878 3,997 4,401 4,026 4,236 4,246 4,697 4,280 Profits before taxes............... 3,583 3,735 3,926 4,213 4,395 1,050 1,000 1,215 987 1,153 1,041 1,279 1,026 Profits after taxes................. 2,062 2,187 2,375 2,586 2,764 630 637 758 632 702 673 799 666 Dividends............................... 1,462 1,567 1,682 1,838 1,932 357 577 473 486 475 505 518 510 Telephone: Operating revenue............... 9,196 9,796 10,550 11,320 12,420 2,854 2,944 2,992 3,091 3,135 3,202 3,229 3,312 Profits before taxes............... 2,639 2,815 3,069 3,185 3,537 830 806 851 907 911 868 869 923 Profits after taxes................ 1,327 1,417 1,590 1,718 1,903 447 432 460 488 487 468 472 497 Dividends............................... 935 988 1,065 1,153 1,248 294 296 302 309 317 320 334 337 1 Includes 17 corporations in groups not shown separately, Telephone: Data obtained from Federal Communications Commis ^ 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
SEPTEMBER 1967 BUSINESS FINANCE 1623 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a o f x o f e i r s t e s c ta o I x n m e e s P t a r a f o x t f e e i s r ts d C d e i a n v s d i h s tr U p i r b n o u d f t i i e t s s d co c a n a t l i s l p o o u i w n t m a l p Quarter P b t e a ro f x o f e i r s t e s c ta o I x n m e e s P t a r a f o x t f e e i r s ts d C d e i a n v s d i h s tr U p i r b n o u d f t i i t e s s d co c a 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—II.... 75.6 30.9 44.6 19.4 25.2 36.0 1960.............. 49.7 23.0 26.7 13.4 13.2 24.9 III... 75,8 31.1 44.8 20,2 24.6 36.9 IV... 80.8 33.1 47.7 20.9 26.8 37.8 1961.............. 50.3 23.1 27.2 13.8 13.5 26.2 1962.............. 55.4 24.2 31.2 15.2 16.0 30.1 1966—1. . . . 83.7 34.5 49.2 21,4 27.8 38.3 1963............. 59.4 26.3 33.1 16.5 16.6 31.8 II. 83.6 34.5 49.2 21.6 27.6 38.7 1964.............. 66.8 28.3 38.4 17.8 20.6 33.9 III... 84.0 34.6 49.4 21.6 27.8 39.2 1965.............. 76.6 31.4 45.2 19.8 25.4 36.5 IV... 83.9 34.6 49.3 21.2 28.2 39.8 1966.............. 83.8 34.5 49.3 21.5 27.8 39.0 1967—1. . .. 79.0 32.5 46.5 22.2 24.2 40.3 II” .. 79.2 32.6 46.6 23.1 23.6 40.9 1 Includes depreciation, capital outlays charged to current accounts, and Note.—-Dept, of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts, Notes and accts, End of period working u. s. receivable payable Accrued capital Total Cash s G ec o u v r t i , I t n o v ri e e n s Other Total F in e c d o e m ra e l Other ties G U o . v S t . .1 Other G U o . v S t . .1 Other taxes 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 3.7 144.2 100.7 14.7 170.9 2.0 119.1 15.2 34.5 1963.............................. 163.5 351.7 46.5 20.2 3.6 156.8 107.0 17.8 188.2 2.5 130.4 16.5 38.7 1964............................. 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 ............................. 183.4 407.9 49.2 16.7 3.9 189,6 126.3 22.1 224.5 3.1 157,6 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 II...................... 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 HI.................... 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 1967—1......................... 195.2 442.4 46.5 14.4 4.4 204.4 148.2 24.5 247.2 5.4 170.8 18.6 52.4 1 Receivables from, and payables to, the U.S. Govt, exclude amounts Note.—Securities and Exchange Commission estimates; excludes offset against each other on corporations’ books. banks, savings and loan assns., insurance companies, and investment companies. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Total Period Total Durable d N ur o a n b le Mining Railroad Other u P ti u l b it l i i e c s n C i o ca m ti m on u s Other 1 a ( r n S a n t . e u A ) a . l 1959....................................... 32.54 5.77 ’ 6.29 .99 .92 2.02 5.67 2.67 8.21 1960......................................... 35.68 7.18 7.30 .99 1.03 1.94 5.68 3.13 8.44 1961......................................... 34.37 6.27 7.40 .98 .67 1.85 5.52 3,22 8.46 1962......................................... 37.31 7.03 7.65 1.08 .85 2,07 5.48 3,63 9.52 1963......................................... 39.22 7,85 7.84 1.04 1.10 1,92 5.65 3.79 10.03 1964......................................... 44.90 9,43 9.16 1.19 1.41 2,38 6.22 4.30 10.83 1965......................................... 51.96 11.40 11.05 1.30 1.73 2,81 6,94 4.94 11.79 1966......................................... 60.63 13.99 13.00 1.47 1.98 3.44 8.41 5.62 12.74 I9672r..................................... 62.03 14. 10 13.21 1.48 1.57 3.92 9.4i 18.34 1965—11.................................. 12.81 2.76 2.70 .33 .44 .77 1.71 1.24 2.85 50.35 in................ 13.41 2.91 2.82 .32 .44 .72 1.88 1.22 3.10 52.75 IV................................. 14.95 3.48 3.24 .35 .46 .73 2.04 1.41 3.25 55.35 1966—1................................... 12.77 2.87 2.74 ,33 .40 ,75 1.60 1.26 2.83 58.00 .................................. 15.29 3.51 3.27 .40 .55 1.00 2.09 1.42 3.06 60.10 Ill................................. 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—T................................... 13.59 3.08 3.02 .32 .41 .70 1.84 1,35 2.87 61.65 ................................. 15.61 3.46 3.34 . 34 .41 1.12 2.46 1.49 2.99 61.50 HU'............................. 15.77 3.44 3.28 .39 .37 1,05 2.61 4.63 62.50 IV2............................... 17.06 4.12 3.57 .42 .37 1.06 2.51 5.01 62.65 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
1624 REAL ESTATE CREDIT SEPTEMBER 1967 MORTGAGE DEBT OUTSTANDING (In billions of dollars) AU properties Farm Nonfarm Other Multifamily and Mortgage End of holders2 1- to 4-family houses4 commercial properties5 type 6 period h A e o r l l s d l tu F i t n c i i n i s o a a t n l i n s 1 a U c g i . e e S s n . v o I i t a d n h n u d e d a i r l s s h A e o r l l s d l tu F i t n c i i n i o s a a t n l i n s 1 O h e o t r h l s d e ^ r h e A o r l l s d l Total tu F i t i n i n o s a t n i n s , 1 O h e o t r h l s d e r Total tu F i t i n i n o s a t n i n s , 1 O h e o t r h l s d e r w u F V n r H i d A t A t e e - r - n t C i v o e o n n n a l 1941........... 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18 4 11.2 7.2 12.9 8.1 4.8 3.0 28.2 1945........... 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 iM 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........... 248.6 192.5 12.2 44.0 15.2 5.5 9.7 233.4 166.5 140.4 26.0 66.9 46.6 20.4 69.4 164.1 1963........... 274.3 217.1 11.2 45.9 16.8 6.2 10.7 257.4 182.2 156.0 26.2 75.3 54.9 20.3 73.4 184.0 1964........... 300.1 241.0 11.4 47.7 18.9 7.0 11.9 281.2 197,6 170.4 27.2 83.6 63.7 19.9 77.2 204.0 1965........... 326.2 264.5 12.4 49.3 21.2 7.8 13.4 305.0 213,7 185.1 28.6 91.3 71.6 19.7 81.2 223.8 1966”......... 347.1 280.6 15.8 50.7 23.3 8.4 14 9 323.8 225.1 193.7 31.4 98.7 78.4 20.3 84.0 239.8 1965—I.... 305.3 245.8 11.6 47.9 19.5 7.2 12.3 285,8 200.7 173.3 27.4 85.1 65.3 19.8 77.9 207.9 II... 312.5 252.2 11.7 48.6 20.2 7.4 12.8 292.3 205.1 177.4 27.7 87.2 67.4 19.8 78.7 213.6 HI... 319.4 258.6 11.9 49.0 20.7 7.6 13.1 298.7 209.6 181.5 28.0 89.2 69.4 19.7 80.0 218.7 IV... 326.2 264.5 12.4 49.3 21.2 7.8 13.4 305,0 213.7 185. 1 28.6 91.3 71.6 19.7 81.2 223.8 1966—Ip.. . 331.9 269.3 13.5 49.1 21.8 8.0 13.7 310.1 216.9 187.9 29.0 93.2 73.3 19.9 82.1 228.0 IP.. 338.4 274.4 14.4 49.7 22.5 8.2 14.2 316.0 220.7 190.9 29.8 95,3 75.2 20. ( 82,6 233.4 HIP.. 343.2 277.9 15.2 50.2 23.0 8.4 14.6 320.3 223.1 192.5 30.6 97.1 77.0 20.2 83.4 236.9 I VP.. 347.1 280.6 15.8 50.7 23.3 8.4 14.9 323,8 225,1 193.7 31.4 98.7 78.4 20.3 84.0 239.8 1967—P... 350.6 283.1 16.4 51.1 23.7 8.5 15.2 326.9 227.0 195.1 31.9 99.9 79.5 20.4 84.4 242.5 IIP.. 356,3 1 Commercial banks (including nondeposit trust companies but not 6 Data by type of mortgage on nonfarm 1- to 4-family properties alone trust depts.), mutual savings banks, life insurance companies, and savings are shown on second page following. and loan assns. 2 U.S. agencies are FNMA, FHA, VA, PHA, Farmers Home Admin., Note.—Based on data from Federal Deposit Insurance Corp., Federal and Federal land banks, and in earlier years, RFC, HOLC, and FFMC. Home Loan Bank Board, Institute of Life Insurance, Depts, of Agricul Other U.S agencies (amounts small or current separate data not readily ture and Commerce, Federal National Mortgage Assn., Federal Housing available) included with “individuals and others.” Admin,, Public Housing Admin,, Veterans Admin,, and Comptroller 3 Derived figures; includes debt held by Federal land banks and farm of the Currency. debt held by Farmers Home Admin. Data shown have been adjusted to allow for recent revisions by Dept, 4 For multiFamily and total residential properties, see second following of Commerce of end-of-year figures on multifamily and commercial page. properties back to 1962. • 5 Derived figures; includes small amounts of farm loans held by savings and loan assns. Figures for first 3 quarters of each year are F.R. estimates. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings 1 Mutual savings bank holdings 2 Residential Residential End of period Total Total FH in A - g V u A ar - C ve o n n O n fa o t r h n m e r Farm Total Total FH in A - g V u A ar - C ve o n n O n fa o t r h n m e r Farm sured anteed tional sured anteed tional 1941............................... 4,906 3,292 1,048 566 4,812 3,884 900 28 1945............................... 4’772 31395 856 521 4,208 31387 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 21654 14,308 8,972 2,022 32,320 291181 9,238 91787 101156 31088 51 1963............................... 39,414 26,476 7,105 2,862 16,509 10,611 2',327 36,224 32,718 101684 10,490 111544 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 321387 7,702 2688 21,997 14'377 21911 44,617 401096 131791 11,408 14,897 41469 52 1966p......................... 54’380 34,876 7,544 2,599 24,733 16,366 3,138 47,337 42,242 14,500 11,471 16,272 5,041 53 1965—1......................... 44,799 29,388 7,329 2,722 19,337 12,723 2,688 41,521 37,357 12,664 11,228 13,465 4,112 52 II........................ 46’548 30,383 7,469 21712 20,202 13,371 2,794 421467 381214 131036 111322 131856 4,202 51 Ill...................... 481353 311574 7,641 21700 211233 131926 21853 431539 391153 13,412 111368 14,373 41334 52 IV....................... 49,675 32,387 7,702 2,688 211997 14,377 2,911 44,617 401096 13,791 11,408 141897 41469 52 1966—Ip....................... 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 Up...................... 52,306 331800 71769 2,654 23,377 15,478 3,028 45,883 411083 141047 111346 15,690 4,747 53 HIP.................... 531606 34,469 7,687 2,620 24,162 16,028 3,109 461622 411673 141274 11,413 15,986 41896 53 IVp..................... 54^380 34,876 7,544 21599 241733 16,366 3,138 471337 42;242 14,500 111471 161272 5,041 53 1967—1?...................... 54,531 48,112 IIP...................... 55’,780 . .48,’897 1 Includes loans held by nondeposit trust companies, but not bank States and possessions. First and third quarters, estimates based on FDIC trust depts. data for insured banks for 1962 and part of 1963 and on special F.R. inter 2 Data for 1941 and 1945, except for totals, are special F.R. estimates- polations thereafter. For earlier years, the basis for first- and third-quarter estimates included F.R. commercial bank call data and data from the Note.—Second and fourth quarters, Federal Deposit Insurance Corpo National Assn, of Mutual Savings Banks. ation series for all commercial and mutual savings banks in the United Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 REAL ESTATE CREDIT 1625 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total VA- Farm 1 Total VA- Farm Total in F s H u A re - d guar Other 1 Total in F s H u A re - d guar Other anteed anteed 1945.............................................. 976 6,637 5,860 1,394 4,466 766 1961.............................................. 6,785 6,233 1,388 220 4,625 552 44,203 41,033 9,665 6,553 24,815 3,170 1962.............................................. 7,478 6,859 1’355 469 5,035 619 46,902 43^502 10,176 6,395 26,931 3,400 1963.............................................. 9', 172 8,306 1,598 678 6,030 866 50,544 46^752 10,756 6,401 29,595 3,792 1964.............................................. 10'433 9,386 1,812 674 6,900 1,047 55,152 50*848 11,484 6,403 32,961 4*304 1965.............................................. 11,137 9,988 1,738 553 7,697 1,149 60,013 55,190 12,068 6,286 36,836 4,823 1966? 10,202 9 210 1,311 458 7^441 992 64,609 59,369 12,351 6,201 40817 5,240 1966--Juner........................ 905 827 108 35 684 78 62,557 57,392 12,337 6,231 38,824 5,165 July................................... 869 815 106 31 678 54 62^969 57'778 12'335 6'210 39^233 5'191 Aug.................................... 791 746 94 38 614 45 63,336 58'128 12'340 6,201 39^587 5,208 Sept................................... 781 735 83 35 617 46 63^683 58,457 12^344 6,191 39,922 5'226 Oct.................. 718 675 86 41 548 43 64,007 58’775 12'362 6 J90 40^223 5',232 Nov................... 708 673 89 41 543 35 64*353 59'118 12’393 6J95 40'530 5,235 Dec.................................... 947 888 • 82 47 759 59 64^803 59'563 12'411 6,209 40,943 5,240 1967--Jan................................... 766 699 89 47 563 67 65,193 59,965 12,441 6,222 41,302 5,228 Feb......................... 684 617 75 32 510 67 65,503 60,259 12'459 6,211 41 '589 5'244 Mar................................... 721 632 80 44 508 89 65'798 60,525 12,468 6,217 41,840 5,273 Apr.................................... 603 536 50 25 461 67 66,024 60’721 12'449 6^202 42'070 5,303 May................................... 641 582 57 31 494 59 66'253 60'924 12'434 6,183 42,307 5,329 June................................... 643 569 60 31 478 74 66,414 61'038 12^397 6363 42478 5,376 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 (I) 1959 and with “other” nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets whereas year-end million on July 31, 1959. figures represent annual statement asset values, and (2) data for year-end adjustments are more complete. Note.—Institute of Life Insurance data. For Ioans 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 s h N c t o r o e u m 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 n V u t A e a e r - d t C i v o e o n n n a l Period va A n d c es R m e e p n a ts y Total S te h rm or t 1 t L e o rm ng 2 M de e p m o b si e t r s 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....................... 4JU 3’294 3^479 2'005 1'474 1'213 1962............ 20'754 5,979 8,524 78,770 4'476 7'010 67’284 1963....................... 5,601 4^296 4,784 2,863 1,921 1,151 1963 ............ 24,735 7,039 9,920 90'944 4,696 6'960 79,288 1964....................... 5,565 5,025 5'325 2,846 2,479 1,199 1964............ 24 ,'505 6,515 10,397 101,333 4,894 6'683 89,756 1965....................... 5^007 4,335 5,997 3'074 2,923 1,043 1965............ 23,847 5'922 10'697 110*202 5,141 6,391 98,670 1966....................... 3,804 2,866 6'935 5,006 1,929 1,036 1966............ 16,729 3,604 7,748 114,089 5,266 6,150 102,673 1966—July............ 838 279 7,342 4,471 2,871 710 1966—July.. 1,234 266 643 113,750 5,235 6,254 102,261 Aug. 146 262 7,226 4'625 2,601 698 Aug.. 1,314 272 722 113,897 5,246 6,236 102,415 Sept............ 99 150 7'175 4,627 2,548 727 Sept.. 1,119 241 572 114,004 5,253 6,203 102,548 Oct............. 300 226 7'249 4^939 2'310 767 Oct.. 947 208 473 113,998 5,251 6,182 102,565 Nov........... 104 269 7'084 4'993 2'091 863 Nov 866 184 423 113,977 5,257 6,167 102,553 Dec........ 68 217 6'935 5'006 1'929 1,036 Dec.. 936 189 423 114,089 5,266 6,150 102,673 1967—jan............. 224 818 6,340 4,814 1,526 1,088 1967—Jan... 788 165 365 114,130 5,274 6,136 102,720 Feb............. 49 589 5,800 4'730 1,070 1 ,’240 Feb.. 950 205 420 114,298 5,275 6,133 102,890 Mar 30 655 5,175 4’262 913 1,490 Mar. 1,347 306 571 114,698 5,293 6,135 103,270 Apr............ 59 452 4^782 3,976 806 L648 Apr.. 1,339 312 586 115,138 5,318 6,133 103,687 May....... 59 420 4,421 3,776 644 1,831 May. 1,738 400 779 115,803 5,362 6,118 104,323 June........... 89 208 4,302 3'696 606 1 '925 June. 2,162 435 1,046 116,944 5,384 6,169 105,391 July............ 193 274 4; 221 3,680 541 L521 July?. 1,839 379 949 117,657 5,440 6,191 106,026 i Secured or unsecured loans maturing in 1 year or less. 1 Includes loans for repairs, additions and alterations, refinancing, etc., 2 Secured loans, amortized quarterly, having maturities of more than not shown separately. I year but not more than 10 years. 2 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. Note.—Federal Home Loan Bank Board data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1626 REAL ESTATE CREDIT SEPTEMBER 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 N M ew o rtgag E e x s e P c r t o s j 1 p P e r i r o r m o t v y p e Total 3 N M ew o rtgag E e x s E pe n r d io o d f Total Total F i H n A- g V u A ar - t C i v o e o n n n a l homes h i o st m in e g s ments 2 homes h is o t m in e g s sured anteed 1 1945............................. 665 257 217 20 171 192 1945 ............... 18.6 4.3 4 1 .2 14 3 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 2’652 1,357 1,292 1963................ 182.2 65.9 35.0 30.9 116.3 1963........................... 7,216 1,664 3 ’ 905 843 804 3,045 1,272 1,770 1964................ 197.6 69.2 38.3 30.9 128.3 1964............................ 8'130 1,608 4,965 895 663 2,846 1 '023 1,821 1965................ 213.7 73.1 42.0 31 I 140.6 1965............................ 8,’689 1 ,705 5,760 591 634 2,652 876 1,774 1966?.............. 225.1 76,0 44 8 31.2 149 1 1966............................ 7^320 I '729 4’366 583 641 2,600 980 1,618 1964—1.......... 185.4 66.6 35.7 31.0 118.8 1966—July.................. 604 136 368 42 58 219 72 147 II......... 189.8 67.3 36.3 30.9 122.5 Aug................. 622 159 387 18 57 287 96 191 Ill........ 193.9 68.4 37.4 31.1 125.4 Sept................. 610 149 367 27 66 257 96 161 IV........ 197.6 69.2 38.3 30.9 128.3 Oct................... 508 140 275 38 54 271 110 160 Nov.................. 446 130 238 26 51 247 i io 137 1965—I.......... 200.7 70.1 39.0 31.1 130.6 Dec.................. 409 113 214 35 46 226 104 121 II......... 205,1 70.7 39.7 31 0 134 4 1967—jan................... 449 116 263 26 44 214 100 113 I IV ll . . . . . . . . . . . . . . . . 2 21 0 3 9 . . 7 6 7 73 2 . . 1 0 4 4 0 2 . . 9 0 3 3 1 1 . . 1 1 1 1 3 4 7 0 . . 5 6 Feb................... 364 91 210 32 31 169 77 91 Mar................. 490 96 292 55 47 195 83 112 1966—P....2..1..6.9 74.1 43.0 31.1 142.8 Apr................. 440 89 270 41 40 184 70 114 IIP..... 220.7 74.6 43.7 30.9 146.1 J J M u u n l a y y e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 6 9 0 2 5 8 6 1 1 0 8 0 5 7 3 3 3 4 9 0 2 3 9 0 4 3 57 4 6 6 5 5 1 8 8 2 2 2 3 6 9 1 6 6 7 8 8 1 2 6 2 1 1 1 8 5 5 4 4 I IV II p p . . . . . . . . 2 2 2 2 3 5 . . 1 1 7 7 5 6 . . 4 0 4 4 4 4 . . 4 8 3 3 1 1 . . 0 2 1 14 4 9 7 . . 7 1 1967—Ip.....2..2.7.0 76.4 45.2 31.2 150.6 i Monthly figures do not reflect mortgage amendments included in annual totals. 2 Not ordinarily secured by mortgages, 1 Includes outstanding amount of VA vendee 3 Includes a small amount of alteration and repair loans, not shown separately; only such accounts held by private investors under repurchase loans in amounts of more than $1,000 need be secured. agreement. Note.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans Note.—For total debt outstanding, figures are represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans FHLBB and F.R. estimates. For conventional, closed. Figures do not take into account principal repayments on previously insured or figures are derived. guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on Based on data from Federal Home Loan Bank number and average amount of loans closed. Board, Federal Housing Admin., and Veterans Admin. FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY MORTGAGE DEBT OUTSTANDING ON RESIDENTIAL PROPERTIES (In millions of dollars) (In billions of dollars) Mortgage Mortgage holdings transactions Com All residential Multifamily 1 (during mit End of period) ments period Total F su H in re A d - a g n V u t A e a e r - d Pur Sales bu d u r i n s s e d E P n er d i o o d f Total F i i c n n i s a a t l i n h O ol t d h e e r r s Total F i i n c n i s a a t l i n h O ol t d h e e r r s chases tutions tutions 1 1 9 9 6 6 1 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 ^ ,0 9 9 2 3 3 3 3^ ,4 5 9 71 0 2 2, ’ 6 3 0 5 3 3 7 8 4 15 0 4 5 9 41 8 6 3 3 5 1 5 1 1 9 9 4 4 5 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 4 4 . . 3 2 1 1 4 5 . . 9 7 9 8 . . 4 6 5 5. . 7 8 3 3 .6 5 7 2- '2 2 1963........................... 4'650 3,017 1,634 290 1,114 191 1 1 19 9 9 6 6 6 6 4 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 7 ^ , ' ' 4 0 7 1 3 6 1 3 2 2 5 3 ^ , ’ 4 9 4 0 9 07 4 6 1 1 1 , , '3 4 6 2 1 5 7 6 6 2,7 4 9 0 1 2 1 3 4 '2 2 5 0 1 0 7 7 3 9 0 1 3 5 3 1 1 1 9 9 9 6 6 6 2 3 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 1 1 9 7 1 2 6 . . . 5 2 0 1 1 1 5 7 4 7 6 3 . . . 9 7 0 3 3 34 3 4 . . . 5 0 6 2 2 25 9 3 . . 0 0 8 2 1 1 0 7 4 8 7 5 8 8 8 . ’ 2 3 3 1966--J A u u l g y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 6 ' , 4 3 6 19 4 4 4 , ’ 7 9 8 1 7 6 1 1 , '5 5 4 3 8 2 2 1 6 8 5 0 5 5 1 1 1 2 1 1 9 9 6 6 5 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 5 30 0 . . 8 7 2 1 1 9 3 5 . . 7 2 3 3 7 5 . . 0 6 3 3 7 3 .2 0 2 78 4 8 5 8 8 4 5 Sept......... 6'592 5’,028 I'564 159 532 1966P.............. 264.4 224.3 40.1 39.3 30*6 8'7 Oct.......... 6'731 5'146 1,585 168 576 D N e o c v . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 6 , '8 0 9 6 1 3 5 5 ; '2 4 7 0 2 7 1 1 , ’ 6 6 1 5 9 6 2 1 0 8 2 8 6 7 1 0 7 5 1965—1 II .. . . . . . . . . . . . . . . . . 2 2 3 4 4 0. . 1 8 2 1 0 9 4 9 . . 0 0 3 3 5 6 . . 8 1 3 3 4 5 . . 1 0 2 2 5 6 .6 7 8 8 4 4 III.. .. 245.5 209.1 36.4 36.0 27.6 8.4 1967-—Jan......... 7,216 5,522 1,694 181 695 IV.. . . 250.7 213.7 37,0 37.0 28.5 8.5 Feb................. 7,331 5^615 1,716 144 641 J J A M M u u p n a l a y r y e r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 7 7 7 7 , , ' ' ' 4 4 5 6 4 6 8 2 1 2 1 5 4 4 4 5 5 5 5 5 , ' ; , ' 8 ' 7 6 8 7 1 6 9 9 4 1 7 2 0 0 1 1 1 1 1 , ' ' ' ' 7 7 7 7 7 2 1 2 1 3 1 3 3 7 4 1 1 7 8 3 6 1 8 8 6 5 9 6 1 1 0 1, . 1 7 7 8 3 0 3 0 4 3 4 5 6 4 1966— U I I I V I p I p . p p .. . . . . . . . . . . . . . . . . 2 2 2 2 6 5 5 6 4 4 9 2 . . . . 4 7 0 0 2 2 2 2 2 1 2 2 4 7 2 0 . . . , 1 3 7 6 4 3 3 3 0 9 7 8 . . . . 1 3 5 6 3 3 3 3 7 9 8 8 . . . . 9 8 3 4 2 2 3 3 9 0 9 0 . . . . 7 6 2 2 8 8 8 8 . . . . 7 7 7 6 1967—Ip........ 266.8 226.1 40.7 39.8 31.0 8.8 IIP.... 271.1 Note.—Federal National Mortgage Assn, data, including mortgages subject to participation pool of Government Mortgage Liquidation Trust, but excluding conventional mortgage loans acquired by FNMA t Structures of 5 or more units. For I- to 4-family mortgage debt see from the RFC Mortgage Co., the Defense Homes Corp., the Public second preceding page. Housing Admin., and Community Facilities Admin. Note,'—Based on data from same source as for “Mortgage Debt Out standing” table (second preceding page). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 REAL ESTATE CREDIT 1627 TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period C c t ( r r e p a o a n e t c n e t r ) t c F c h e ( e a p e n r e s g t r ) e & 1 s M (y a e tu ar r s i ) ty L p r c ( a o e p r t i n a e c i n t o r e ) / (t d h c p o o P h r l u u l i a s c a s r . e r e s o ) f (t a d h m L o o l u o o la s a u , 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 & 1 s M (y a e t a u r r s i ) ty L r c p ( a o e p r t i n a e i c n t o r e ) / (t d h c o o p P h l u r u l a i a s c r s . r e e s o ) f (t a d h L m o o u l o o l s a a 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 1Q66..................... 6.11 .69 24.4 72.8 26.4 19.0 6.24 .59 20.0 65.1 20.4 14.4 1966-—July............ 6.12 .67 24.2 72.1 27.1 19.3 6.24 .52 19.9 70.5 20.5 14.3 Julyr2........ 6.16 .80 23.8 73.2 25.0 18.3 6.29 .65 20.7 71.8 20.7 14.9 Aug. p.... . . 6.28 .93 23.6 73.4 25.3 18.6 6.37 .70 20.8 71.6 21.0 15.0 Sept.r......... 6.30 .94 23.4 71.8 25.4 18.2 6.45 .76 20.2 71.0 20.3 14.4 Oct. r.......... 6.39 1.06 23.3 71.8 25.8 18.5 6.50 .78 19.8 70.3 20.4 14.3 Nov.r......... 6.45 1.08 22.9 71.8 25.0 18.0 6.54 .82 20.1 70.3 20.5 14.4 Dec............. 6.49 '1.25 23.3 '72.4 '25.5 18.5 6.55 .81 20.2 70.9 20.8 14.7 1967-—Jan............. 6.47 ’•1.16 23.8 73.3 26.3 19.3 6.54 .78 20.6 71.4 r21.2 15.2 Feb............. 6.44 H.06 23.6 73.8 '24.8 ’•18.3 ’’6.50 .75 '20.3 '71.6 '21.3 '15.3 Mar............. 6.41 H .05 23.6 74.1 25.6 ’’19.0 6.44 .77 ••21.0 71.8 '21.4 15.4 Apr............. 6.37 .99 23.6 73.3 25.8 ’■18.9 6.36 .72 20.8 72.0 21.6 '15.6 May....... 6.28 .96 24.2 74.8 26.2 '•19.6 6.31 .68 21.1 72.3 22.3 '16.1 June............ 6.29 .93 24,0 73.6 26.3 19.4 6.30 .67 21.4 72.2 23.0 16.6 July”.......... 6.34 .93 24.2 74.5 27.0 20.1 6.33 .73 21.4 72,7 22.6 16.4 1 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 July 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. 1610. 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 Tota 30 days 60 days o 9 r 0 m da o y r s e closure 1 1 9 9 61 6 .. 2 ... . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 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—i................................... 27.9 .48 1966......................... 3.40 2.54 .54 .32 .36 n................................. 30.1 .52 29.1 .50 1965—1..................... 2.94 2.06 .54 .34 .37 IV................................ 29.6 .50 ........3.....0..0...... 2.18 .52 .30 .38 HI.................. 3.20 2.30 .56 .34 .38 1966—1................................. 28.8 .48 IV............... 3.29 2.40 .55 .34 .40 H................................. 30.8 .51 in................................ 29.3 .48 1966—1.......... 3.02 2.13 .55 .34 .38 IV................................. 28.6 .46 II...... 2.95 2.16 .49 .30 .38 Ill.................. 3.09 2.25 .52 .32 .36 1967—1................................... 29.5 .48 IV................. 3.40 2.54 .54 .32 .36 1967—1.................... 3.04 2.17 .56 .31 .38 Note.—.Federal Home Loan Bank Board estimates of number II................... 2.85 2.14 .45 .26 .34 of nonfarm mortgaged structures at end of period and of non farm properties acquired during period through foreclosure proceedings (excluding voluntary deeds in lieu of foreclosure and Note.—Mortgage Bankers Association of America data from reports on 1- defaults /on real estate contracts). Data exclude Alaska and to 4-family FHA-insured, VA-guaranteed, and conventional mortgages held Hawaii/ by more than 400 respondents, including mortgage bankers (chiefly), commercial banks, savings banks, and savings and loan associations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1628 CONSUMER CREDIT SEPTEMBER 1967 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A o u b to il e co O ns th u e m r e r an R d e p m a o ir d Personal Total p S a i y n m gl e e n t Charge Service paper g p o a o p d e s r ern lo iz a a n t s i o 1 n loans loans accounts credit 1939......................................... 7,222 4,503 1,497 1,620 298 1,088 2319 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 2^62 '455 816 182 1 ;009 3 303 746 1,612 845 1960......................................... 56,028 42,832 17,688 11,525 3,139 10,480 13,196 4,507 5,329 3,360 1961......................................... 57378 43,527 17,223 11357 3J91 11 ,’256 14,151 5,136 5; 324 3 391 1962......................................... 63;164 48,034 19340 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 I?;894 6’954 6300 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 3351 20,’110 20,130 7,844 7,144 5,142 1966—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 30318 18390 3355 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 5393 5,003 Oct............................... 91;899 73;O73 30,852 18,714 3,770 19337 18,826 7368 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 ,'7 86 74^56 30,'961 19334 3351 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 73398 30,530 19,426 3,666 19,976 18,919 7,754 5,824 5341 92,519 73391 30,527 !9,’369 3,648 20,047 18,928 7369 5,809 5,’350 Apr............................... 93;089 73,840 30,635 19,376 3,636 20;193 19,249 7; 890 5323 5 ,436 May............................. 93',917 74,290 30,852 19342 3,670 20,326 19', 627 8,017 6,231 5 379 94,813 75,051 31,208 19,580 3,696 20;567 19,762 8; 077 6,334 5,351 July.............................. 95J15 75,348 31,364 19307 3311 20;666 19,767 8,100 6,346 5^21 i Holdings of financial institutions; holdings of retail outlets are in hold, family, and other personal expenditures, except real estate mortgage cluded in “other consumer goods paper.” loans. For back figures and description of the data, see “Consumer Credit,” Section 16 (New) of Supplement to Banking and Monetary Note.—Consumer credit estimates cover loans to individuals for house Statistics, 1965, and May 1966 Bulletin. INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total 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 i s t fi s n u a m n e c r e 1 Other 1 Total st m or e e n s t 2 st t o u r r e e s s a to n r c e e s d m ea o l b e i r l s e 3 Other 1939.............................. 4,503 3,065 1,079 1397 132 657 1,438 354 439 183 123 339 1941.............................. 6,085 4,480 1 326 1397 198 759 1,605 320 496 206 188 395 1945.............................. 2,462 1,776 745 300 102 629 686 131 240 17 28 270 1960.............................. 42,832 37,218 16,672 11,472 3,923 3,670 1 ,481 5,615 2,414 1,107 333 359 1,402 1961.............................. 43,527 37,'935 17,008 11 ,'273 4,330 3 799 1,525 5,595 2321 1’058 293 342 1,481 1962.............................. 48,034 41,782 19,005 12394 4302 4,131 1 ,550 6,252 3,013 1 373 294 345 1 327 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.............................. 60 348 53,141 25394 14362 6,458 5,078 1,749 7,407 3',922 1.152 286 370 1377 1965.............................. 68365 60,273 29,173 16,138 7,512 5 ,’606 1,844 8,292 4,488 1 335 302 447 1,820 1966.............................. 74,'656 65,565 32,155 16,936 8,549 6 014 1311 9,091 n.a. n.a. n.a. 490 n.a. 1966—July,.......... 71,862 63,745 31398 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. Sept................... 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 16371 8 391 5 863 1 889 8 281 n.a. n.a. n.a. 489 n.a. 73,491 65,046 31,978 16,790 8,480 5,881 1,917 8,445 n.a. n.a. n.a. 490 n.a. Dec................... 74,656 65,'565 32355 16,936 8,549 6 014 1,911 9,091 n.a. n.a. n.a. 490 n.a. 1967—Jan..................... 74,015 65,162 32333 16,814 8,443 5,969 1,903 8,853 n.a. n.a. n.a. 488 n.a. Feb................... 73,598 64,966 31 367 16,696 8,429 5,965 1,909 8 332 n.a. n.a. n.a. 485 n.a. Mar........... 73391 65,006 32 368 16393 8,485 5 951 1,909 8385 n a. n.a. n.a. 486 n.a. Apr................... 73 340 65,298 32,299 16,590 8,561 5,951 1,897 8,542 n.a. n.a. n.a. 490 n.a. May.................. 74390 65,733 32,560 16,615 8,665 5,947 1,946 8357 n.a. n.a. n.a. 494 n.a. June.................. 75351 66 ,'452 32366 16,721 8,826 5,995 1 ’,944 8,599 n.a. n.a. n.a. 502 n.a. July................... 75 348 66381 33,235 16,747 8,864 6,009 1,926 8,567 n.a. n.a. n.a. 506 n.a. 1 Consumer finance companies included with “other” financial insti 2 Automobile paper only; other instalment credit held by automobile tutions until 1950. dealers is included with “other” retail outlets. 2 Includes mail-order houses. See also Note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 CONSUMER CREDIT 1629 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) Automobile Other Repair Other Repair End of period Total ch P a u s r e p d ape D r irect s g p c u o a o m o p n d e e r s r e m l r o t a n i n a o o iz n d d n a s s l P o o a e n r n a s l End of period Total m A p o a u p b t i e o l r e s g p c u o a o m o p n d e e r s r m iz l a o o a n a d ti n d e o s r n n l s P o o a e n n r a s l 1939................................ 1,197 878 115 148 56 1939 ........................ 1,079 237 178 166 135 363 1941. l',797 1,363 167 201 66 1941....................... 1,726 447 338 309 161 471 1945. 300 164 24 58 54 1945 ........................ 745 66 143 114 110 312 1960, 11,472 7,528 2,739 139 1,066 1960........................ 16,672 5,316 2,820 2,759 2,200 3,577 1961. 11373 6,811 3’100 L61 1301 1961........................ 17’008 5,391 2,860 2,761 2,198 3,798 1962. 1< 194 7 449 3’123 170 1,452 1962........................ 19305 6U84 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 8301 3 889 142 2330 1964......................... 25'094 8391 4,734 3',670 2,457 5 342 1965 16338 9,241 4,429 123 2345 1965......................... 29;173 10^310 5^21 <266 2,543 6,333 1966 16,’936 9391 4’829 110 2; 606 1966......................... 32,155 11,'370 6,165 5,101 2,567 6,952 1966-July...................... 16,585 9,457 4,579 112 2,437 1966—July............. 31,398 11,219 6,157 4,713 2,555 6,754 Aug.. .................. 16332 9398 4332 112 2390 Aug. 31,737 11,339 6,172 4,795 2,580 6,851 Sept......... 16359 9,427 4’693 112 2,'527 Sept.............. 3<778 1<313 6J13 4,864 2393 6,895 Oct............. 16,771 9,398 4,726 1 12 2335 Oct......... 31 ,'878 11 353 6,132 4310 2393 6390 Nov..................... 16390 9,395 4’736 110 2349 Nov.............. 31 378 11,378 6,157 4,967 2,583 6,893 Dec..................... 16,936 9,391 4,829 110 2,606 Dec.............. 32J55 11,370 6,165 5,101 2,'567 6,952 1967-—Jan...................... 16,814 9,285 4,817 (09 2,603 1967—Jan............... 32,033 11,267 6,148 5,176 2,532 6,910 Feb................... 16,696 9,215 4373 107 2301 Feb........ 31^967 I < 214 6J21 5,218 2,502 6,912 Mar,................... 16,593 9,139 4344 105 2305 Mar.............. 32,068 1 < 234 6,153 5 342 2,'486 6,'953 Apr..................... 16,590 9,128 4349 104 2309 Apr. ............ 32399 11 ,'256 6317 5,292 2378 7',056 May.................... 16,615 9,150 4,751 105 2309 May............. 32,560 11 313 6',307 5,342 2,489 7309 June........... 16321 9338 4361 106 2316 June............. 32,'966 IMI4 6,402 5331 2305 7,214 July..................... 16,747 9352 4352 108 2,635 July............ 33,235 11 389 6351 5',500 2319 7^276 See Note to first table on previous page. See Note to first table on previous page. INSTALMENT CREDIT HELD BY OTHER FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT (In millions of dollars) (In millions of dollars) Other Repair Single Auto- con- and Per- payment Charge accounts End of period Total mobile sumer modern- sonal loans paper goods ization loans paper loans Service 1 19 9 4 3 1 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 9 8 5 9 7 12 81 2 3 2 6 4 1 1 5 4 6 7 6 8 9 5 End of period Total C m c o i e a m r l O f i . i n c n t i s h a a t n e i ! - r m p D a e e r n t t o O r u e t t t h l a e e i t l r s C ca r r e d d s i 2 t credit 1945................................ 731 54 20 14 643 banks tutions stores1 I960................................ 9,074 1,665 771 800 5,837 1961................................ 9354 1,819 743 832 6357 1939.............. 2,719 625 162 236 1,178 518 1962................................ 10383 2311 751 815 6306 1941............. 3,087 693 152 275 I 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 8356 I960.............. 13,196 3,884 623 941 3352 436 3,360 1965................................ 14,962 3J24 1,153 1,009 9376 1961.............. 14J51 4,413 723 948 3,907 469 3,691 1966............................... 16,’474 3345 1 303 1 374 10352 1962.............. 15,130 4,690 766 927 4,252 505 3,990 15,762 3,362 1,241 1,044 10,115 1963.............. 16,303 5,205 912 895 4356 520 4,315 Aug 15,’985 3,420 1 ,'266 1,063 10,236 1964........... . 17394 5,950 1,004 909 4,756 635 4,640 Sept..................... 16376 3,453 1 378 1 366 10379 1965 .............. 19319 6,587 1,095 968 5,055 723 4391 Oct,........... 16343 3,480 1,286 1365 10312 1966.............. 20,130 6,714 1,130 n.a. n.a. 874 5,142 Noy.................... 16,278 3',517 1,287 1,079 10395 Dec..................... 16,'474 3 345 1,303 1,074 10,552 1966—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..................... 16,303 3,495 <288 1357 10363 Oct... 18,826 6,656 1,112 n.a. n.a. 898 4,951 Mar............ 16345 3,515 <284 1 357 10,'489 Nov... 19.007 6,678 1,129 n.a. n.a. 878 5,001 Apr..................... (6.409 3,544 1 383 1 354 10,528 Dec.., 20,130 6,714 1,130 n.a. n.a. 874 5,142 May........... 16358 3,588 1386 1 376 10,608 June................... 16,765 3352 1391 <085 10,737 1967—Jan.... 19364 6,659 1,120 n.a. n.a. 908 5,213 July.................... 16',799 3,666 r, 294 1,084 1O',755 Feb... 18,919 6,634 1,120 n.a. n.a. 895 5,341 Mar... 18,928 6,647 1,122 n.a. n.a. 898 5,350 Apr... 19,249 6,758 1,132 n.a. n.a. 922 5 336 Note.—Institutions represented are consumer finance companies, credit May.. 19,627 6,848 1,169 n.a. n.a. 939 5,379 unions, industrial loan companies, mutual savings banks, savings and June.. 19,762 6,902 1,175 n.a. n.a. 965 5,351 loan assns., and other lending institutions holding consumer instalment July... 19,767 6,927 1,173 n.a. n.a. 1,024 5,321 loans. See also Note to first table on previous page. i 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
1630 CONSUMER CREDIT SEPTEMBER 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 p n a 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.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.AJ N.S.A. S.AJ N.S.A. Extensions I960. 49,560 17,654 14,470 2,213 15,223 1961......................................... 48'396 16'007 14,578 2,’068 15 744 1962......................................... 55'126 19'796 15,685 2,051 17 594 1963......................................... 61,295 22,292 17,102 2 198 19 703 1964......................................... 67;505 24335 19,473 2 204 21 ’393 1965......................................... 75'508 27 ,’914 21 454 2 238 23 902 1966......................................... 78,896 28'491 23 502 2,136 24,’767 1966--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 1 J 995 2,023 187 225 2,076 2,234 Sept.............................. 6,578 6,189 2 387 2,’070 1,958 1,935 175 187 2 058 1 997 Oct............................. 6'522 6,403 2 378 2’369 I 341 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 2378 1 ,'928 2^720 159 140 2,049 2304 1967-—Jan............................... 6,501 5,674 2 240 1,923 2,031 1,808 157 120 2 073 1 823 Feb............................... 6,497 5,488 2 177 1 ,’916 2,'099 1 *655 169 126 2,052 1,791 Mar,............................. 6,510 6,641 2 199 2,350 2,049 1 '985 169 159 2,093 2,147 Apr.............................. 6'606 6'495 2 217 2^294 2'095 1,927 170 163 2,124 2,111 May............................. 6,554 7,062 2 238 2'559 2,032 2,074 180 219 2,104 2’210 June............................. 6,823 7,’458 2 338 2,678 2,081 2,155 190 215 2,214 2 410 July, ............................ 6,776 6', 859 2 266 2; 396 2J47 2,071 175 191 2J88 2,201 Repayments i960................................... 45,972 .................. 16,384 .......1..3..,.5..7..4.. .........1..,.8.8..3.. .......1..4..,.1..3..0. 1961......................................... 47,700 16,472 14,246 2,015 14,967 1962......................................... 50,620 17,478 14,939 1,996 16,206 1963......................................... 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 1966......................................... 72,805 26,373 21,361 2,060 23,011 July.............................. 6,168 6,002 2,238 2,188 1,803 1,739 174 169 1,953 1,906 Aug................................. 6,087 6,247 2,223 2,305 1,792 1,798 172 181 1,900 1,963 Sept...................... 6,103 6,000 2,213 2,195 1 ,784 1,761 168 171 1,938 1,873 Oct............................... 6,142 6,159 2,244 2,310 1,820 1,799 169 172 1,909 1,878 Nov.............................. 6,213 6,193 2,255 2,261 1,836 1,813 169 166 1,953 1,953 Dec............................. 6,112 6,277 2,225 2,154 1,796 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 2,217 2,075 1,915 1,878 176 163 1,973 1,789 Mar.............................. 6,246 6,648 2,193 2,353 1,899 2,042 170 177 1,984 2,076 Apr............................... 6,393 6,246 2,235 2,186 1,968 1,920 179 175 2,011 1,965 May............................. 6,361 6,612 2,219 2,342 1,948 2,008 178 185 2.016 2,077 June............................. 6,531 6,697 2,281 2,322 1 ,995 2,017 184 189 2,071 2,169 July.............................. 6,551 6,562 2,228 2,240 2,074 2,044 175 176 2,074 2,102 Net change in credit outstanding 2 I960......................................... 3,588 .................. 1,270 ............8..9..6.. ............3..3..0.. .........1..,.0..9..3. 1961......................................... 696 -465 332 53 777 1962......................................... 4,506 2,318 746 55 1,388 1963........................................ 6,124 2,892 1,252 ............1..6..0.. 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—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 Mar.............................. 264 -7 6 -3 150 -57 -1 -18 109 71 Apr............................... 213 249 -18 108 127 7 -9 -12 113 146 May............................. 193 450 19 217 84 66 2 34 88 133 June............................. 292 761 57 356 86 138 6 26 143 241 July.............................. 225 297 38 156 73 27 * 15 114 99 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 (V<ew) 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
SEPTEMBER 1967 CONSUMER CREDIT 1631 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Sales finance Other financial Total Commercial banks companies institutions Retail outlets Period S.AJ N.S.A. S.A.I N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. Extensions I960........................................ 49,560 18,269 U 456 12 073 7,762 1961........................................ 48,396 17311 10,667 12,282 7,736 1962...................................... 55'126 20374 11,999 13,525 9,128 1963....................................... 61,295 23,344 12,664 14,894 10 393 1964........................................ 67'505 25*950 14320 16,251 11,284 1965........................................ 75'508 29338 15 375 18,120 12'575 1966..................................... 78,896 31 114 14,951 18,986 13 845 1966—July.............................. 6,732 6,670 2 673 2 717 1,255 1,265 1 593 1 577 1,211 1 111 Aug,. 6,689 7,025 2383 2*819 1,260 1,336 1 589 1 713 1 157 I 157 Sept............................. 6378 6,189 2,634 2,422 1 342 1,162 1 587 1’517 1’115 1 ORR Oct........................ 6,522 6,403 2,583 2*520 1 226 1335 1,582 1,505 1,131 1 J 43 Nov....................... 6,657 6,611 2,666 2 495 1 256 I 341 1,61 3 1,631 1,122 1,244 Dec.................... 6,433 7 342 2,553 2,523 1341” 1,374 1,570 1,822 1 369 1,723 1967—Jan............................... 6,501 5,674 2,588 2,348 1,190 1,033 1,563 1,333 1,160 960 Feb....................... 6,497 5'488 2,537 2,231 1,215 1 332 I '577 1’349 1 168 876 Mar............................. 6'510 6,641 2 558 2 662 1 199 1 329 1 598 1,649 1,155 1 101 Apr,............................ 6,606 6,495 2*631 2,688 1,212 1 168 1 589 1,559 1,174 1 380 May............................. 6,554 7,062 2 577 2,891 1,193 1,278 1,614 1 328 j J70 1,165 June........................... 6'823 7'458 2 698 3,004 I 335 I 367 1,697 1 '875 1,193 1,212 July.............................. 6;?76 6359 2,738 2,857 1,200 1323 1,601 1,627 1,237 1,152 Repayments 1960........................................ 45,972 16,832 10,442 11322 7,676 1961........................................ 47,700 18,294 10'943 11,715 6,749 1962......................................... 50,620 18,468 11,434 12,593 8 J 25 1963........................................ 55,171 20,326 12,211 13,618 9,016 1964........................................ 61,’121 22 371 13 361 14,825 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—July.............................. 6,168 6,002 2 382 2,332 1,180 1,134 1,476 1,445 1 130 1 091 Aug........................ 6,087 6’247 2,362 2,480 1,179 j J 89 1,458 1,490 1,088 1,088 Sept.............................. 6,103 6,000 2'396 2381 1,156 1135 1’481 1 326 1,070 1 ,058 Oct................. 6’142 6’ 159 2,400 2’420 1,193 1 ’223 1’472 1'438 1,077 1 378 Nov........................... 6313 6,193 2,415 2’395 1 358 1 ’222 I '480 1,496 1,060 1,080 Dec. ............................. 6,112 6377 2418 2346 IJ 98 1328 1,467 1,626 1’029 I 377 1967—Jan.............................. 6,221 6,315 2,435 2,470 1,190 1 155 1 500 1,492 1,096 1 198 Feb............ 6381 5,905 2346 2397 I J 88 1,150 1,510 1 361 1 ’ 137 1 097 Mar.............................. 6346 6 648 2’412 2’561 1 187 1 332 1 540 1,607 1,107 1 148 Apr.......................... 6,393 6346 2,516 2'457 1,192 1 171 1,536 1 395 I J49 1,123 May............................ 6361 6,612 2,483 2'630 1,193 1,253 i 340 1 379 1,145 1,150 6,531 6,697 2 548 2 598 1 334 1’261 1 585 1'668 I J64 1,170 July.............................. 6,551 6,562 2,562 2’,588 1315 1,197 L564 1,593 G210 1,184 Net change in credit outstanding 2 I960........................................ 3,588 1,446 1,152 1351 -61 1961........................................ 696 '335 — 199 578 -20 1962........................................ 4.506 1 397 921 932 656 1963........................................ 6,124 3,018 1,329 1,276 501 1964........................................ 6’384 3,065 1’239 1,426 654 1965....................................... 8'013 4375 1 376 1,677 885 1966................................... 6,091 2,982 '798 1,512 799 1966—July.............................. 564 668 291 385 75 13! 117 132 81 20 Aug.......................... 602 778 321 339 81 147 131 223 69 69 Sept.............................. 475 189 238 41 86 27 106 91 45 30 Oct................. 380 244 183 100 33 12 HO 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 -122 63 -159 64 -238 Feb.............................. 216 -417 91 -66 27 -118 67 -12 31 -221 Mar...................... 264 -7 146 101 12 -103 58 42 48 -47 Apr...................... 213 249 115 231 20 -3 53 64 25 -43 May............................ 193 450 94 26! 25 74 149 25 15 June 292 761 150 406 1 106 112 207 29 42 July.............................. 225 297 176 269 -15 26 37 34 27 -32 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
1632 INDUSTRIAL PRODUCTION; S.A. SEPTEMBER 1967 MARKET GROUPINGS (1957-59 = 100) 1957-59 1966 1966 1967 pro aver Grouping por age p tion July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. Mayr June*- July Total index............................... 100.00 156.3 157.2 158.0 157.7 158.9 158.6 159.0 158.1 156.4 156.4 156.3 155.6 155.5 156.7 Final products* total,................. 47.35 155.4 155.3 156.4 156.3 158.3 158.5 159.2 158.1 156.4 156.7 157.1 156,2 156.6 157.4 Consumer goods............................ 32.31 147,4 146.5 147. 1 146.5 148.8 148.8 149.1 147.8 145.2 146.0 146.7 145.8 146.6 147.3 Equipment, including defense.... 15.04 172.6 174.4 176.4 177.4 178.8 179.6 181.0 180.2 180.3 179.6 179.4 178,5 178.1 178.9 Materials............................................ 52.65 157.1 158.8 159.6 159.2 159.9 159.1 158.9 158,0 156.2 155.8 155.8 155,0 155,0 156.3 Consumer goods Automotive products................. 3.21 163.0 154.5 146.4 150.7 168.5 162.8 162.6 147.0 135.7 144.6 151.5 145.8 151.4 158.4 Autos.................................................. 1.82 169.5 151.5 141.7 148,6 177.8 166.7 167.3 141.3 120.5 136. 5 149.6 149.9 156.0 160.7 Auto parts and allied products...., 1.39 154.4 158.6 152,7 153,5 156.2 157.8 156.4 154.4 155.7 155.3 154.1 140,5 145.3 155.4 Home goods and apparel.................. 10.00 153.0 152.3 152.8 I5I.3 153.2 133.2 151.7 151.5 148.2 146.8 145,5 144.1 143,2 143.7 Home goods ....................................... 4.59 168.9 168.0 168.9 166.0 170.0 169.1 166.5 165.2 162.9 160.4 157.9 158,5 156,6 157.7 Appliances, TV, and radios.......... 1.81 166.6 165,5 165.0 159.3 170.2 165.3 158.4 154.0 153.7 147.1 141.7 143.8 138.6 144.2 Appliances............................... 1.33 166,7 171.1 166.7 160.1 171.7 162.4 151 9 150.2 150.4 143.6 J 46.0 147.0 149.7 153.4 TV and home radios.......... .47 166,3 149.8 160.2 157.1 166.0 173.7 176.7 164.8 162.9 157.2 129.6 135,0 107.3 118,0 Furniture and rugs........................ 1.26 165.7 165.2 168.0 165.9 164.4 164.7 163.5 163.4 158.5 157.4 157.9 157,2 157.3 157.0 Miscellaneous home goods............ 1.52 174.2 173.2 174.2 173.9 174.5 177,1 178.7 179.8 177.3 178.6 177, 1 177.1 177.4 174.3 Apparel, knit goods, and shoes..... 5.41 139.6 139.0 139,1 138.8 139.0 139.8 139.1 139.9 135.8 135.4 135,0 131.9 131 .9 Consumer staples................................ 19.10 141.8 142.1 144.2 143.3 143.2 144.2 145.0 145.4 145.2 145.6 146.5 146.8 147.6 147.3 Processed foods............................. 8,43 126.4 126.0 127.9 127.9 126.0 127.3 130.1 130.4 129,9 129.6 129.6 130.3 130.2 129.2 Beverages and tobacco....................... 2.43 131.7 130.2 134.0 131,0 133.1 133.0 133 7 132.9 134, 1 133.5 140.4 133.2 136.5 Drugs, soap, and toiletries............... 2.97 174.4 174.5 175.4 176.1 178.7 181 .3 178.5 179.0 180,3 181.0 181.4 181.4 182.1 184.1 Newspapers, magazines, and books. 1.47 136.6 138.9 138.2 136.7 137.9 138.8 139.1 141,5 142.3 142.3 143.6 142.5 141.4 142.8 Consumer fuel and lighting........ 3.67 159.4 161.1 165.0 162.5 161.9 162.4 162.0 161.8 160.1 162 7 161.4 166.4 168.9 Fuel oil and gasoline..................... 1.20 128.6 128,8 129.1 131.8 134.0 129.8 129.2 125.5 125.7 128.0 131.9 130.5 134.8 130.9 Residential utilities................... 2.46 174,4 176,8 182.5 177.4 175.5 178.2 178.0 179,5 176.9 179.6 175.8 184.0 185,6 Electricity................... 1.72 186,8 190,0 197.9 191.2 188.3 192.2 189,2 191.0 186.9 190.3 186.3 197.6 199.5 Gas.............................................. .74 145,9 Equipment Business equipment............................ 11.63 181.2 182.7 184.4 185. 7 187.2 187.5 189.3 187.4 186.6 184.4 183.8 182,1 181,2 181.5 Industrial equipment......................... 6.85 172.2 174.9 176.3 177.0 178.4 178.1 179.1 m.i 176.8 174.1 173.0 169.1 169.0 168.8 Commercial equipment.. ............ 2,42 190.0 189.8 194.1 194.8 195,5 196.9 196.0 196.7 199.8 199.1 200.7 200.8 200.5 201.4 Freight and passenger equipment... 1.76 208,5 208.8 208.1 209.2 212.7 216.9 220.3 214.5 215.0 211.7 210,4 211.7 208.9 '210.2 Farm equipment............................ .61 167.0 167.5 169.1 178.9 180.3 170.7 179.5 176.1 162.6 162.8 160.4 167.6 162.5 Defense equipment............................. 3.41 Materials Durable goods materials.................... 26.73 157.4 150.1 160.1 159.8 159.8 158.5 156.4 153.9 151.9 152.2 151,3 150.5 149.3 150.3 Consumer durable............................. 3.43 170.3 162.8 173.6 174.0 176,2 173.8 165,4 154.6 148.4 145.1 143.0 149.7 151.0 150,3 Equipment........................................ 7.84 180.7 183.7 187.9 189.1 189.7 191.0 190.3 190.6 186.5 185.6 183.2 180,9 179.6 182.8 Construction...................................... 9.17 141.6 141 .0 140.2 139.8 138,5 138.5 138.2 138.9 139.2 140.4 139.2 137.1 136.5 136.4 Metal materials n.e.C......................... 6.29 144.4 146.9 145.3 142.7 145.2 139.6 139.5 139.6 140.3 135.6 133.9 130.0 129.6 132.0 Nondurable materials....................... 25.92 156.9 158.6 159.1 158.6 159.9 159.9 161.4 161. 7 160.5 159.4 160.4 159,7 160.9 162.5 Business supplies.............................. 9.11 148.9 149.9 150.1 150.7 151.6 150.9 153.0 153.4 152.1 151,1 152.6 150. 1 151.9 151.2 Containers...................................... 3.03 145.4 143.2 143.4 147.4 145.3 147.2 151 1 146.5 147.1 144,6 148.5 146.2 145.2 141.1 General business supplies........ 6.07 150.7 153.2 153.4 152.4 154.8 152.8 154.0 156.8 154.6 154.4 154.6 152.0 155,3 156.2 Nondurable materials n.e.c............... 7.40 192.8 194,5 195.6 193.8 197.1 198.7 198.1 199.3 197,8 194.6 194.2 196.0 194.9 196.2 Business fuel and power.................. 9.41 136.3 138.7 138.9 138.6 138.7 138,0 139.7 140,1 139.3 139.7 141.4 140.4 143.0 147,0 Mineral fuels................................. 6.07 122.2 124.6 124.9 123.7 124.9 123.1 125.1 124.7 123.5 123.3 (25.5 124.3 127.8 134.5 Nonresidential utilities................. 2.86 173.5 174.6 175.9 176.7 174.8 175.7 177.5 179.7 179 3 181,5 182.1 181.3 181.9 Electricity................... 2.32 174,5 176.7 178.2 179.1 176.7 177.8 179.0 181.8 181.3 184.0 184.4 183.6 184.4 General industrial.......... 1.03 171 6 174.6 176.3 177.0 177.6 176,7 177.1 178.8 177.4 178.9 179.0 181.4 180.6 Commercial and other . . . 1.21 184.3 186.2 187,5 188.5 183.6 186.4 188.4 192.4 192.8 196.6 197.3 193,7 196.0 Gas.............................................. .54 164.4 Supplementary groups of consumer goods Automotive and home goods............ 7.80 166.5 162.5 159,6 159.7 169.4 166.5 164.9 157.7 153,5 153.9 155.3 153.3 154.5 158.0 Apparel and staples... 7................... 24.51 141.4 141.4 143.0 142.3 142.2 143.3 143.7 144.2 143.1 143.3 143,9 143.5 144.1 For a short article discussing new benchmark production measures for 1958 and 1963, see pp. 954-57. of June 1967 Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 INDUSTRIAL PRODUCTION: S.A. 1633 INDUSTRY GROUPINGS (1957-59 = 100) Grouping 19 p p 5 r o 7 o r - 59 a 1 v 9 e 6 r 6 1966 1967 tion age” July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. May r Juner July Total index..................................... 100.00 156 3 157 2 158 0 157 7 158 9 158 6 159 0 158 1 156 4 156 4 156 3 155 6 155 5 156 7 Manufacturing, total,......................... 86.45 158.7 159 4 160.1 160 0 161.5 161.0 161.3 160.1 158.5 158.1 158.2 157.2 156 9 157 9 Durable.................................. 48.07 165.1 166 1 167 1 167 3 169.1 167 3 167.6 165 5 163.2 162.9 162 8 162 5 161.7 162*7 Nondurable.................................... 38 38 150.7 151 3 151 3 150*9 1519 153.1 153.5 153.3 152.4 152 0 152 4 150 7 150 9 151 7 Mining............................................. 8.23 120.3 12^0 122' I 1210 121 6 121.0 123.0 123.0 122.4 121.6 122.1 120 2 123:5 127:7 Utilities................... 5.32 173.4 175.7 179.0 177:0 175.2 176.9 177.7 179.6 178.2 180.6 179.2 182.5 183.6 183.0 Durable manufactures Primary and fabricated metals...... 12,32 151.5 154 5 154.2 153.6 153.4 149.9 150.4 147,0 146.3 143.9 142. 7 142.8 142.5 142.8 Primary metals................................... 6 95 142.7 148 6 148.7 146 4 145.0 138.4 136.2 131.9 131.9 129.2 129 1 128 9 128 3 128 9 Iron and steel................................. 5 45 136 2 143 3 142 2 139*0 137 5 132 4 130.1 124.9 124. 8 123.7 122.7 122 9 120 5 122 2 Nonferrous metals and products.. 1.50 166.5 i&4 162J 164^ 168:2 161.7 163.5 163.2 167.2 162.1 161.4 154.4 156;o 153.0 Fabricated metal products................ 5 37 162 8 1 69 1 161 4 163 0 164 2 164 7 168 7 166 6 165 0 162 9 160 2 160 8 160 8 160 7 Structural metal parts................... 2,86 158 8 157 7 1588 1 58 6 159:<) 1602 161 4 160* 7 160.9 160.1 158 1 156 4 156 9 156 1 Machinery and related products........ 27.98 176.5 177 4 179.0 179.8 183.4 181.9 182.0 179.6 176.2 177.0 177 1 177 0 176 1 178 3 Machinery................................. 14.80 183 8 186 6 189 6 188 8 191 1 189 0 189 5 189,2 186.4 183.8 181 8 (80*5 177'5 180 5 Nonelectrical machinery......... 8 43 181*9 184 7 1867 188*6 189.9 1882 190 4 190 7 187 3 185.2 183 4 1817 1813 182 6 Electrical machinery...................... 6.37 186 5 189 * i 193 4 189? 192.6 190 I 188:3 187*2 185 3 182,0 179 7 178 9 172 5 177 8 Transportation equipment................ 10.19 168 3 166 0 166 0 168 3 174 6 172 9 171 5 164 6 159 4 164 5 167 7 169 0 170 8 172*2 Motor vehicles and parts. ............ 4.68 171*3 161 2 158 1 164 6 175^ 170.7 169.0 151:5 140.6 148.0 153 8 155^ 157 7 160:0 Aircraft and other equipment.... 5’26 165^2 169'. 6 172.'5 171J 173.7 174.6 173.7 176.0 175.6 178.8 179.8 181,4 181.8 182.6 Instruments and related products. .. 1.71 176.5 177.0 177.4 179.5 181.8 181.4 184.6 186,2 183.4 185.8 185.2 185.3 184. 1 183.2 Ordnance and accessories.................. 1.28 Clay, glass, and lumber...................... 4 72 132 9 /1? 7 129 8 129 8 128 1 126.6 128.1 129 3 129.6 129.5 130 7 127.8 126 7 (26 8 Clay’ glass’ and stone products........ 2^99 140^7 138^ 140;5 141:2 137.8 136.5 136:9 137,2 136.9 134.9 136:0 134,8 133.5 133.7 Lumber and products....................... 1 73 119 3 119 9 111 3 110 0 111 3 109 5 112.8 115,7 116.9 120.2 121 5 115.6 114 9 Furniture and miscellaneous..,.......... 3 05 165 0 161 5 167 I 165 Q 165 3 166.3 167.5 166 3 163.9 162.4 162.9 162 3 161.5 159.5 Furniture and fixtures.................... 1 54 171 9 169*7 175 3 173*2 173*2 173 9 174 0 172 I 170 6 166 5 166 5 166 5 166 3 163 9 Miscellaneous manufactures,....... 151 157:9 157.2 158*7 158.4 157:2 158:5 160^ 160J 157J 158^ 159^ 158:1 156.* 7 155*1 Nondurable manufactures Textiles, apparel, and leather,. ..... 7.60 141 6 141 6 140 I 140 2 140.9 140.8 141 3 139 8 136.4 134.5 134.2 134.0 133 3 133 6 Textile mill products .................. 2 90 142 3 143 4 1 42'1 141 *7 142 4 141 8 141 4 139.3 136.7 134.6 135,1 135.2 135.3 135 3 Apparel products............................. 3 59 150 3 149'7 1 47 7 148 4 148 I 149 3 150 5 150.2 146 4 143.6 141.9 MUS 141 5 Leather and products...................... 1 i 1 1119 111'1 1104 109 9 113 9 110 8 111 1 107,7 103.7 100.5 107 1 105 0 101 9 Paper and printing. . ......................... 8 17 146 3 14® 6 148 6 147 2 147 9 148 5 147.4 149 0 148 7 149. 1 149 1 149 1 148 0 148 6 Paper and products........................... 3 43 152 1 156* 2 153 1 IM 2 1533 1537 152.6 154 0 152 4 152 4 150:? 1514 150 3 148 6 Printing and publishing.................. . 4 74 1422 144 8 145 3 144 3 144' I 144*7 143 7 145 5 146 1 146 8 148 3 147 4 147 8 148*5 Newspapers.................................... 1'53 134:2 136:5 137 .*7 139.1 us:? 135:2 133.2 133:7 134:8 130.9 Hus 133 J 134:5 136J Chemicals, petroleum, and rubber.... 11.54 181. 7 182.0 182.4 182.8 186.1 187.8 187.3 186.7 187.3 186.1 185.8 181.7 182.8 186.4 Chemicals and products................... 7 58 193 0 194 5 194 4 1 93 5 196 9 199.4 198 7 198 6 200 5 199 3 199 2 199 2 too 2 200. 1 Industrial chemicals...................... 3 84 220 1 2?9Q 222 ’ 2, 220 5 224 1 227 5 228 8 228 5 230 8 227 9 227 2 228 8 226 6 Petroleum products........................... 1'97 128'4 126 9 128 5 130 6 1312 129 1 129*0 1287 127 ’ 4 1 30 1 133 1 132 1 132 8 131 5 Rubber and plastics products........... 1 99 191'9 188 7 190 3 193 6 199 2 202^ 201:6 198*8 196 3 191 5 1 86 9 164 0 169 7 Foods, beverages, and tobacco.......... 11.07 127. 7 127.2 128.5 127.9 126.7 128.8 131.0 130.9 130.5 130.5 132.4 130.9 131.3 131.1 Foods and beverages....................... 10 25 128 4 128 I 129 2 128 5 127 5 129 7 132 0 131 9 131 3 131 7 132 7 132 0 131 9 131 7 Food manufactures........................ s' 64 126 6 126 4 127 0 127*0 124*9 127,6 130 3 130 4 129 5 129.7 130 2 130 3 129.9 129:7 Beverages........................................ 1 * 61 137 8 J 37 2 141 1 136 4 141 4 141 I 141 0 140 2 1411 142 3 146.3 141 2 142.9 Tobacco products,....................... : 82 119* 8 116.5 119:9 120.'5 116:9 ll?:? 119.3 118:5 120:2 116.2 128.8 117:4 123.9 Mining Coal, oil, and gas.............. 6^80 117 6 119 5 119 7 118 8 119 8 1/8 4 120 I 119 6 118 9 117 7 118 7 118 0 121.3 127 5 Coal.................................................... 1 16 115 2 120 8 120* 7 114 7 121 *5 114.0 125^ 120,7 115:? 115:1 125 5 UOM 122 5 122.6 Crude oil and natural gas................ 5 64 118 0 119 2 119 6 119 6 119 5 119 3 119 0 119 3 119.6 118 3 117 2 117 5 121,1 128.5 Oil and gas extraction........... 4'.91’ 123:8 125.5 125.9 125.8 125:6 125:2 125J 125^ 125.4 125.3 125.5 125.3 129.0 137.3 Crude oil..................................... 4.25 Iio 4 120 9 121 2 121 3 121 1 120 8 120 8 121 0 120.0 120.1 119.6 119.6 123,5 133,2 Gas and gas liquids................... 66 151 7 155 I 155 5 154 4 154^ 153:3 152:3 155:7 Oil and gas drilling...................... 73 792 764 77 0 77 9 77 9 79 ? 78 1 76 3 80 5 71 0 61 8 65 5 67.7 69 0 Metal, stone, and earth minerals....... 1.43 133.2 133.8 133.1 (31.4 129.9 133.2 137.1 139.4 138.9 140.0 138.7 130.8 133.6 128,8 Metal mining. ................................... 61 132 7 134 0 132 I 128 6 129 4 133 0 134 2 140 3 142 1 143 7 149 5 132 9 133 9 121 9 Stone and earth minerals........... .82 133:5 133.7 133.8 133 5 130.3 133:4 139.3 us:? 136.6 137^ HO^ 129.2 133,3 133.9 Utilities Electric.......... 4 04 182 4 186 5 184 2 181 7 183 9 183 4 185 7 183.7 186.7 185.2 189.6 190.8 Gas................................................. L28 156.1 156:9 157:6 158 .'5 159:1 159*. 5 160:0 Note.—Published groupings include some series and subtotals not Industrial Production—1957-59 Base, Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1634 INDUSTRIAL PRODUCTION: N.S.A. SEPTEMBER 1967 MARKET GROUPINGS (1957-59 = 100) 1957-59 1966 1966 1967 Grouping p po ro r- - a a v g e e r f tion July Aug. Sept. Oct. Nov. Dec, Jan. Feb. Mar. Apr. Mayr Juner July Total index.................................. 100.00 156.3 150,9 156.8 161.3 163.8 160.2 157 1 156.6 156.8 157.1 158,0 156 2 159 0 151 0 Final products, total.............,. 47.35 155.4 150.C 154.7 161.2 164.7 160.0 157.2 156.8 156,7 157.2 157 6 155 3 159 8 151 6 Consumer goods........................... 32.31 147.4 139.8 146.0 153.6 157,8 151.3 145 5 145 7 145.6 146.2 1470 144 3 150 4 1403 Equipment, including defense. .. . 15.04 172.6 172,0 173.5 177.8 179.4 178.7 182.4 180.6 180.4 180.8 180.3 179.0 iso’o 175’7 Materials............................................ 52.65 157.1 151 T 158.7 161.2 163.1 160.4 157.0 156.4 157.0 157.0 158,4 157 0 158.4 150,5 Consumer goods A utomotive products........................... 3.21 163.0 127.5 86.2 153.6 185.4 177.4 165.5 154.6 142.2 151.8 161.9 155. i 162 5 116 2 Autos................................................. 1.82 169.5 112.1 32.6 150.1 202.7 193.4 175 7 155 4 132.6 151.5 167.6 166 4 177 J 94'8 Auto parts and allied products..... 1.39 154 4 147.7 156.9 158.3 162.5 156.3 152 1 153 7 154.8 152,3 154.2 140.3 143 2 144' 3 Home goods and apparel................... 10.00 153.0 138.9 152.8 156.2 165.2 156 6 146.5 146.8 153.6 151,0 148.8 144.0 147.9 132.4 Home goods................................... . 4.59 168.9 152,8 164.1 174.4 184.6 176 5 170.9 162 3 166.5 165.3 159.6 159.8 161.7 146.3 Appliances, TV, and radios.......... 1.81 166.6 140.8 149.3 170.9 191.6 173,1 163.1 153.1 167.9 162.6 151.3 152.0 152 8 128.8 Appliances.................................. 1.33 166.7 150,5 145.8 168.1 190.1 163 0 155.2 153.4 166.7 165.1 162 1 159.7 169 9 142 9 TV and home radios.......... .47 166.3 113.4 159.1 178.9 195.9 201 5 185 5 152.3 171.4 155,5 120,7 130.5 1046 89 3 Furniture and rugs......................... 1.26 165.7 157.3 171 .0 170.5 173.0 170.8 169 6 159.8 156.6 155.5 153 5 151.2 155 4 149 5 Miscellaneous home goods........... 1.52 174.2 163,3 175.9 181.7 186.0 185.2 18L4 175.3 172.9 176.6 174.4 176.0 177^4 164.4 Apparel, knit goods, and shoes........ 5.41 139,6 127.2 143,3 140.9 148.7 139.8 125 9 133.6 142.6 138.8 139 7 130.6 136.3 Consumer staples................................ 19.10 141.8 142.3 152.4 152.1 149.3 144.2 141.6 143.7 142.1 142. 7 143.5 142.7 149.6 148.6 Processed foods.................................. 8.43 126.4 125.4 138.2 144.5 139.9 132.8 126.6 123.9 121,5 120.9 121.3 122.5 128.9 128,6 Beverages and tobacco. .................... 2.43 131.7 136.4 145.0 134.4 137.1 126,3 115 4 117 0 122.7 130,6 141.8 143 0 156 2 Drugs, soap, and toiletries......... 2.97 174.4 167.5 181.2 179.6 185.0 183 1 177 6 180 8 180.3 181 0 186.8 182.3 190 7 181 3 Newspapers, magazines, and books. 1.47 136.6 137.5 139.9 137.9 137.8 137.0 138^8 140,2 141.7 144.4 144.2 142.1 140.8 141.4 Consumer fuel and lighting.............. 3.67 159.4 166.3 171.8 164,8 154.1 153 0 165 5 177 2 170,4 168 5 159.0 156 2 162 8 Fuel oil and gasoline..................... 1.20 128.6 131,1 132.9 131 ,9 130.6 129.0 132.2 130.8 128.8 126 7 125.0 126.2 133 3 133.2 Residential utilities......................... 2.46 114.4 Electricity................... 1.72 186.8 199.5 209.8 196.2 174.0 172.8 194.5 220.2 206.7 203.6 186.1 178,8 187.5 Gas.............................................. .74 145.9 Equipment business equipment............................. 11.63 181.2 180.3 181.2 186.1 187.5 185.3 189 8 187.3 186.7 186,2 185.4 183.2 184 2 177.9 Industrial "equipment......................... 6.85 172,2 173.2 175.8 178.6 177.3 175.6 180’2 m.7 175.9 174.3 172 1 169.3 170 7 167.1 Commercialequipment..................... 2.42 190.0 187.1 194.1 197.7 198 8 200.8 200.3 196.9 198,4 197. 3 197.9 198,4 201.1 198,6 Freight and passenger equipment. .. 1.76 208,5 208.8 199.8 206.1 218.0 212.6 218.1 214.5 215.0 218.0 222.0 218,1 217.3 202.9 Farm equipment................................ .61 167 0 149.8 136.4 167.3 169,1 154.3 174.9 179.3 180.6 183,8 180.1 178.0 173.0 Defense equipment........... 3.41 Materials Durable goods materials.................... 26. 73 157.4 152.1 158.4 162.7 163.5 159 6 155 4 153 0 152.3 152.7 153.3 153.3 154.7 145.6 Consumer durable............................ 3.43 170,3 141.6 158,0 174.0 178.8 179.0 173 7 160,0 150,6 149,5 147.3 154.2 1 52.5 130.8 Equipment........................................ 7.84 180.7 178.0 182.3 187.2 189,1 191.2 193 2 192 3 188.2 187,6 185.2 182.2 181 4 177. 1 Construction....................................... 9.17 141.6 146,6 150.0 148.2 146.1 138 2 131 3 128 5 129.5 133.4 137.8 139.2 146.2 141.6 Metal materials n.e.c......................... 6.29 144.4 133.7 141.1 147.0 148.7 140.7 133.4 136.0 141.6 138.9 139'3 137.2 135 0 120.1 Nondurable materials.......... 25.92 156.9 251 4 159.0 159.9 162 6 161.2 158 6 159 8 161.8 161 5 163 7 160.9 162 2 155,5 Business supplies................................ 9.11 148.9 141.4 149.8 153.9 157 7 153.1 147* 9 148.0 151.5 153.4 157.7 152.6 1546 142.1 Containers......................... 3.03 145,4 142.5 152.0 152,4 152 7 143.1 134 0 139.2 145.3 145.3 153 8 147.7 153 2 138.9 General business supplies............. 6.07 150.7 140.9 148.8 154.7 160.2 158.1 154 8 152.4 154.6 157,5 159 7 155,0 155 3 143.7 Nondurable materials n.e.c............... 7.40 192 8 183,4 192.7 192.8 198.1 200.7 195 1 198.3 201.8 198,5 201.0 198 9 197 8 185 0 Business fuel and power.................... 9.41 136.3 135.8 141.4 139.9 139 5 137.9 140.1 141.0 140.3 140.2 140.2 139.0 141.6 145.3 Mineral fuels............................. 6.07 122.2 116.6 123,4 122,3 125.7 124.6 126.9 126.9 127.3 126,1 126.9 124.3 124. 8 127.5 Non residential utilities.......... 2,86 173.5 Electricity..............................2.32 174.5 187.0 191.9 188,3 177,8 173.5 175 2 178 9 174 3 178 0 175 7 178 2 187 5 General industrial................... 1.03 171.6 173.7 179.8 179.7 178.0 176.7 175.3 177.9 172.8 178.0 176.7 181.4 184.2 Commercial and other........... 1.21 184.3 206,7 210.9 204.0 185.4 178.2 182.7 187.6 183.2 186.0 182.5 183.4 198.9 Gas...................................... .54 164.4 Supplementary groups of consumer goods Automotive and home goods....... 7.80 166 5 142.4 132.0 165.8 184 9 176.9 168 7 159.1 156 5 159.8 160.5 157.8 162 0 133.9 Apparel and staples.. .7.................... 24.51 141,4 139.0 150.4 149.6 149.2 143,2 138.1 141.5 142.2 141.8 142.7 140.0 146.7 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 INDUSTRIAL PRODUCTION: N.S.A. 1635 INDUSTRY GROUPINGS (1957-59= 100) 1957-59 1966 1967 Grouping pro a 1 v 9 e 6 r 6 por tion age ^ July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Mayr Juner July Total index................................... 100.00 156.3 150.9 156. 8 161.3 163.8 160.2 157. 1 156.6 156.8 157 1 158 0 156 2 159 0 151.0 Manufacturing, total.......................... 86.45 158.7 152,1 158.0 163.6 167.1 163.3 159.2 158.0 158.6 159.0 160.4 158.4 161.2 151.0 Durable.......................................... 48,07 165.1 158,2 160.4 169.5 173.2 170.2 168.3 164.7 163.7 164.7 165 1 164.5 166 0 155.1 Nondurable.................................... 38.38 150.7 144.4 155.0 156.3 159.6 154.8 147.7 149.7 152.3 151.9 154 4 150 7 155 1 145.9 Mining................................................ 8^23 120.3 118.2 123.6 122.8 124.'3 121.5 122.1 121.3 121.7 120.4 I22.'l 121.8 123.6 124.6 Utilities............................................... 5.32 173.4 Durable manufactures Primary and fabricated metals.......... 12.32 151.5 143.8 15! 2 156 1 156 3 151 8 147 7 146 8 148,2 146.7 146 5 145.0 145.0 135.2 Primary metals................................ 6.95 142.7 131 5 139 5 144 8 146* 4 139 8 132 1 134 ^ 139.4 137.2 136 5 133.4 130 2 117.4 Iron and steel............................... 5.45 136.2 1 27 5 111 7 139 0 139 6 126 8 131 0 129 9 127 6 125 4 120 5 111.8 Nonferrous metals and products.. 1.50 166.5 146^2 160‘.5 165.9 171.4 161.7 151.1 160.4 169^ 163^ 168^ 162:6 165^ 137.7 Fabricated metal products................ 5.37 162.8 159 7 166 2 170 8 169 1 167 3 167 9 162.6 159.6 159.0 159 4 160.0 164 0 158.3 Structural metal parts.................... 2.86 158.8 1577 162 8 164 9 163 8 162 6 163 0 157 5 154 5 153 9 153 4 154 8 160 0 156.1 Machinery and related products........ 27.98 176.5 168.1 166.4 180.2 186.7 185,2 185.7 181.0 178.4 180.1 180.0 179.6 180.6 167.5 Machinery......................................... 14.80 183.8 178 1 183 2 190 0 193 0 189 8 192 2 189 1 188 5 1 87.1 184 6 182 5 182.2 173.9 Nonelectrical machinery............... 8.43 181 .9 180* 1 179 * 8 186 1 186 5 185 2 191 7 190 7 189.9 190.4 1 88^ 186.2 186.4 178.0 Electrical machinery...................... 6.37 186.5 175'6 1878 195 2 701'5 196 0 192 9 186 8 186.8 182 7 178 9 177.6 176 7 168.6 Transportation equipment................ 10.19 168.3 153'5 140 5 167 4 180 3 180 0 177 2 162 3 168 4 171 8 173 5 176 1 152.6 Motor vehicles and parts.............. 4.68 171.3 1 38 5 106 3 i 63 7 187 I 183 6 174 7 1 SQ 1 146 6 1552 161*2 165'0 169 8 122.2 Aircraft and other equipment.. . . 5.26 165.2 165^5 169'4 170’4 1746 177,2 179.8 177.8 176.0 179.7 1'80 .'7 180.7 180^9 178.2 Instruments and related products. .. 1.71 176,5 175.2 178.8 181,5 183.8 184.7 186.8 184.0 182.5 184.9 184.8 183.4 185.9 181.4 Ordnance and accessories................. 1.28 Clay, glass, and lumber. .................... 4.72 132,9 137 2 142 0 119 1 136 2 126 9 118 1 116 8 120.5 124.3 129.5 130.0 136. 7 133.0 Clay, glass, and stone products........ 2.99 140.7 147^2 152.0 149^2 145^4 138 .‘5 129^ 125.5 125.3 130.2 135.5 138.3 144.6 143.5 Lumber and products....................... 1 .73 119 3 119 9 124 7 122 1 120 2 106 8 98 7 101 8 112 2 114.2 119 1 115.6 122.9 Furniture and miscellaneous............... 3.05 165.0 159.1 171 9 172 0 174 8 174 2 169 7 1610 158. 7 159 4 158 6 158 6 161.8 155.2 Furniture and fixtures,...................... 1.54 171,9 167,2 J 80 2 178*4 179 8 1788 178*4 168.7 166.3 164 5 162 0 161 5 166 0 161.4 Miscellaneous manufactures............. 1.51 157.9 150.9 163^5 165:5 169^8 169^ 160.9 1 53 1 150 8 154.*2 155.2 155 7 157.5 148.9 Nondurable manufactures Textiles, apparel, and leather............ 7.60 141.6 127.2 143.9 141 I 148 5 141 5 IWO M7 9 143.9 140.1 141.7 135.2 138.0 121.5 Textile mill products................... 2.90 142 3 129 1 145 7 141 7 146 7 142 5 131*5 140 0 140 8 137 6 142 5 141.9 140.0 124.2 Apparel products............................... 3.59 150.3 134 0 150 7 149'9 1*59 *9 1508 1370 145 7 156 7 1529 152 5 141 2 147.9 Leather and products........... . 1.11 111.9 100'0 117 6 iii'5 116*7 108*6 103 7 107 2 110 9 105 5 105 0 98 7 100 9 Paper and printing............................. 8.17 146.3 140.2 146 6 149 2 154 9 15! 6 144 2 146 I 149.3 150.6 153.5 150 2 150.3 139.7 Paper and products........................... 3 43 152.1 143 7 153 1 1 53' 5 163 3 154* 5 140' 4 151 7 156 2 153 9 158.2 152.2 154.8 136.7 Printing and publishing..................... 4.74 142.2 137^7 1419 146 0 148 8 149*5 1*46*9 142 0 144 4 148*3 1 50.2 148.7 147.1 141.8 Newspapers............................ 1.53 134 2 118 6 1260 138 4 145*6 148 7 136* 5 123 0 129 4 134* 8 142 5 141 9 135.0 118.4 Chemicals, petroleum, and rubber.... 11.54 181.7 174.7 183.3 185.3 189.7 187.8 184.0 185.7 188.8 188,0 190.6 184.0 189.2 180.2 Chemicals and products................... 7.58 193.0 187 4 194 9 195 3 198 7 200 4 196 3 197 6 201.9 201 7 206.4 202.4 206.3 194.5 Industrial chemicals....................... 3.84 220 1 214 2 218 9 221 *6 224' 1 73o'o 22.8'8 227*4 234 3 231 3 232 9 231 1 231.1 Petroleum products........................... 1 .97 128,4 133^6 135 3 134 1 132 5 127 4 1259 124 8 124* 9 125 5 127 8 130.8 136.8 138.5 Rubber and plastics products........... 1.99 191,9 167.0 186 5 198 1 212 J 200*0 194 5 200*8 202,2 197 4 192.7 166.5 175.6 Foods, beverages, and tobacco........... 11.07 127.7 127.6 139. 2 141 8 139.3 131.7 124 5 122 8 122.2 123.3 126.1 127.1 135.0 131.5 Foods and beverages......................... 10 25 128.4 129 6 140 0 143 1 140 2 132 7 126* 7 123*3 122 4 124 0 125.9 127 6 135.2 133,2 Food manufactures....................... 8.64 126,6 125 1 137 6 i 43'8 1.39 9 133 3 1270 174' 5 122 1 121 * 3 121 7 122 6 129.0 128.4 Beverages........................................ 1.61 137.8 153 4 152 8 139 1 142 ’ 1 129 8 124 8 tl6 9 124 2 138*7 148.6 153 9 168.1 Tobacco products.............................. .82 119,8 103'1 129^7 125:2 127:3 119:5 97 1 117:2 119:6 114:5 128 5 121.6 132.6 Mining Coal, oil, and gas...................... 6.80 117.6 112 4 118 9 118 1 120 8 119 7 121 6 121.6 122 2 1 [9 8 119.6 H7 8 118.5 121.3 Coal................................................ 1.16 115 2 93'1 127*0 121 3 132*4 118*7 127*9 118*3 117 1 116 0 126 4 121 T 116 5 99.9 Crude oil and natural gas................. 5.64 118^0 116^4 117^3 117*4 118*5 119 9 121 4 122 3 123 2 120*6 il8*,2 117 0 118^ 125.7 Oil and gas extraction................... 4.91 123.8 122 2 122 5 1??.' 5 L24I2 1260 127 8 129 0 129 7 128^5 127.0 P5 0 126.7 134.0 Crude oil................... 4 25 1194 118 5 118 8 118*9 119 9 120* 8 122 0 122 8 123.6 122.5 121.5 120,2 122,3 130.5 Gas and gas liquids................... .66 I5L7 145'8 1460 145 8 1514 159 0 164^ 168 5 Oil and gas drilling........................ .73 79^2 76 9 81.9 82*7 79 8 78 8 77 9 77*4 79 4 67 2 58.6 63 3 66.3 69.5 Metal, stone, and earth minerals....... 1.43 133.2 145.6 145.6 145.4 140.9 130.0 124.2 119.9 119.4 122.9 134.2 140.9 147.6 140.2 Metal mining.................................... 61 132 7 143 4 142 7 145 3 t38 5 123 7 120 8 123 5 127 9 127 9 139 0 146 2 151.3 130.4 Stone and earth minerals.................. .82 133^5 147^2 147^8 145^5 142:7 134:? 126^ 117*3 113:2 119:i 130:6 136^9 144.9 147.4 Utilities Electric................................... 4 04 179 7 192.3 199.5 191.7 176.2 173,2 183,5 196.5 188,1 189.0 180.1 178.4 187.5 Gas........................................ L28 156J 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
1636 BUSINESS ACTIVITY; CONSTRUCTION SEPTEMBER 1967 SELECTED BUSINESS INDEXES (1957-59= 100) Industrial production fac M tu a r n in u g 2 Prices 4 Nonag- Major market groupings Con ricul- Period Total Final products 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 i r a o o u c n n c t s m p t e u l e m o r n a y t l — p E lo m y - Pay F l i c o r n e a a g i r d g s - ht s T r a e o l t e a ta s il l 3 Con W sa h l o e l e Mate Total i ment rolls sumer com Total s C u o m n e r E m q e u n ip t rials Mfg. M in i g n U iti t e il s modity 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. 1 84.5 115.0 79 92.5 94.0 1953..................... 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 70 95.6 111 6 93.6 116.6 83 93.2 92.7 1954..................... 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 76 93.3 101.8 85.4 104.6 82 93.6 92.9 1955..................... 96.6 93.9 93.3 95.0 99.0' 97.3 99.2 80.2 91 96.5 105.5 94.8 115.3 89 93.3 93.2 1956..................... 99,9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 92 99.8 106.7 100.2 115.9 92 94.7 96.2 1957..................... 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 93 100.7 104.7 101.4 108.2 97 98.0 99.0 1958..................... 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98. 1 102 97.8 95.2 93.5 93.8 98 100.7 100.4 1959..................... 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 105 101.5 100.1 105. 1 97.9 105 101.5 100.6 1960..................... 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 105 103.3 99.9 106.7 95.3 106 103.1 100.7 1961..................... 109.7 111.2 112.6 108.3 108.4 109.6 102.6 122.3 108 102.9 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 Hl.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 *>............. 156.3 155.4 147.4 172.6 157.1 158.7 120.3 173.4 145 121.6 112.7 150.4 96.5 148 113.1 105.9 1966—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. I 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 97.1 150 114.6 105.9 159.0 159.2 149.1 181.0 158.9 161.3 123.0 177.7 133 123.9 114.7 154.4 99.0 148 114.7 105.9 1967—Jan........... 158.1 158.1 147.8 180.2 158.0 160.1 123.0 179.6 126 124.5 114.7 156.2 97.4 150 114.7 106.2 Feb....... 156.4 156.4 145,2 180.3 156.2 158.5 122,4 178.2 143 124.7 114.1 153.2 95.6 149 114.8 106,0 Mar 156.4 156.7 146.0 179.6 155.8 158.1 121,6 180,6 149 124.9 113.5 152.9 95.9 151 115.0 105.7 Apr........... 156.3 157.1 146.7 179.4 155,8 158.2 122.1 179.2 138 124.7 112.4 151.0 95.9 152 115.3 105.3 '155.6 '156.2 '145.8 '178.5 155.0 '157.2 '120.2 182.5 154 124.6 111.7 150. 1 93.1 151 115.6 105.8 '155.5 '156.6 '146.6 '178. 1 '155.0 '156.9 '123.5 '183.6 164 725.5 '112.5 '151.7 89.3 155 116.0 106.3 July.......... '156.7 '157.4 '147.3 '178.9 '156.3 '157.9 '127.7 '183.0 149 '125.6 111.6 '151.5 85.2 156 116.5 106.5 Aug.n . . . . 158.0 158.3 148.3 179.8 157.7 159.3 128.5 183.5 ............ 126.1 112.9 154.8 89.7 158 .....1..0..6....1 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 for Alaska and Hawaii. 3 F.R, index based on Census Bureau figures. Employment and payrolls: Based on Bureau of Labor Statistics data; 4 Prices are not seasonally adjusted. includes data for Alaska and Hawaii beginning with 1959. Erices: 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Total construction............................. 49,272 50,150 '4,797 4,302 4,083 4,106 3,461 3,189 2,838 3,300 4,424 4,389 5,095 5,414 4,879 By type of ownership: Public....................................... 16,302 18,152 2,020 1,568 1,379 1,607 1,357 1,287 1,113 1,188 1,509 1,498 1,820 2,169 Private......................................... 32,970 31,998 2,754 2,733 2,704 2,499 2,104 1,902 1,725 2,112 2,916 2,891 3,275 3,245 By type of construction; Residential building..................... 21,247 17,827 '1,484 1,494 1,261 1,225 1,076 903 937 1,056 1,584 1,627 2,002 2,000 1,829 Nonresidential building............... 17,219 19,393 1,813 1,729 1,676 1,796 1,424 1,358 1,175 1,430 1,714 1,830 1,808 2,070 1,749 Nonbuilding................................. 10,805 12,930 1,499 1,079 1,146 1,086 961 928 726 814 1,127 931 1,285 1,344 1,302 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
SEPTEMBER 1967 CONSTRUCTION 1637 VALUE OF NEV/ CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Period Total Total d N f e r a e n o r s t m n i i a l Total Indus Bu C i o ld m in gs O bu th il e d r Other Total M ta i r l y i H w ig ay h d C v e m o a v n t & e e i s l n o o e t n r p Other 2 trial mercial ings 1 1956............................. 47,601 34,869 20,178 14,691 3,084 3,631 2,103 5,873 12,732 1,360 4,415 826 6,131 1957............................. 49,139 35,080 19'006 16,074 3,557 3364 2'435 6,518 14,059 1,287 4334 971 6,867 1958............................. 50,153 34^696 19^789 14307 2382 3,589 2'704 6,232 15357 1 '402 5345 1 019 7,491 19593........................... 55'305 39,235 24,251 14,984 2'106 3,930 2'823 6,125 16,070 1,465 5 361 1,121 7,723 I960............................. 53,941 38,078 21,706 16,372 2,851 4,180 3,118 6,223 15,863 1,366 5,437 1,175 7,885 1961............................. 55'447 38,299 21^680 16^619 2,780 4,674 3'280 5,885 17348 1,371 5354 1,384 8 539 1962 4........................... 59^667 41,798 24,292 17,506 2,842 5 ,144 3'631 5,889 17,869 1,266 6’365 1,524 8 714 19635............................ 63j423 44,057 26,187 17 ,'870 2,906 4,'995 3'745 6,224 19,366 1,189 7,'084 1 690 9 403 1964............................. 66,200 45,810 26,258 19,552 3,565 5,396 3,994 6,597 20,390 938 7,133 1,729 10 590 1965.............................. 71,912 49,840 26^266 23’574 5 328 6,745 4,711 6,990 22372 852 7,554 2,017 11,649 1966............................. 74’371 50,446 23 815 26', 631 6’,703 6'890 5’,014 8324 23'925 713 8359 2373 12,680 1966—June.................. 74,540 51,476 24,859 26,617 7,022 6,662 4,895 8,038 23,064 763 8,307 2,138 11,856 July................... 73,088 50'492 24337 26,355 7'012 6'763 4,594 7’986 22'596 710 8'243 2,087 11,556 Aug................... 73,369 50'456 23,356 27'100 7354 6316 4,944 8,086 22'913 671 8363 2'l90 11,889 Sept................. 73'981 50 J07 22^678 27'429 6395 7'078 5317 8,'139 23'874 690 8,089 2348 12,947 Oct.................... 72'255 47,883 21,587 26'296 6,673 6,685 4311 8,027 24'372 643 8,017 2,203 13,509 Nov,................ 71,987 47,096 20'324 26372 6376 6,689 5'098 8309 24,891 612 8345 2'341 13'693 Dec................... 72,169 46,410 19,'844 26'566 6,469 7,027 5,'011 8359 25'759 755 9358 2'309 13,637 1967—Jan. r................. 74,836 48,334 19,928 28,406 7,130 7,925 5,426 7,925 26,502 716 9,489 2,302 13,995 Feb.r................ 74,996 47,960 20,278 27'682 7,'054 7,697 5,093 7,838 27'036 763 10,189 2373 13'911 Mar.r.............. 73'307 46,906 20'829 26'077 6'097 7394 4'883 7'903 26'401 642 72'153 46,042 21,130 14 912 5,579 6,926 4,749 7,658 263 11 583 Mayp................ 74'231 47,830 22*088 25,742 6’042 7,093 4,744 7,863 26,401 536 74^926 48’556 22’833 25'723 5'942 6,892 5307 7,882 26’370 534 1 Includes religious, educational, hospital, institutional, and other build 5 Beginning 1963, reflects inclusion of new series under “Public” (for ings. State and local govt, activity only). 2 Sewer and water, formerly shown separately, now included in “Other.” Note.—Monthly data are at seasonally adjusted annual rates. Be 3 Beginning with 1959, includes data for Alaska and Hawaii. ginning with 1959, figures are Census Bureau estimates. Data before 4 Beginning July 1962, reflects inclusion of new series affecting most 1959 are joint estimates of the Depts, of Commerce and Labor. private nonresidential groups. NEW HOUSING STARTS (In thousands of units) Annual rate, By area By type of ownership S.A. Government- (private only) underwritten Period Total Private Metro Non Total N fa o rm n politan p m o e li t t r a o n Total fam 1- i ly f ’ am 2- i ly M fam ul i t l i y Public Total FHA VA 1956............................. 1.349 1,325 24 465 195 271 1957............................. 1,224 1 3 75 49 322 193 128 1958.............................. 1,382 1'314 68 439 337 102 1959............................. 1,554 1,077 477 1,517 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.............................. 1 392 1,054 439 1,463 991 49 422 30 339 261 78 1963 r............................ 1,642 1,152 490 1,610 1,021 53 536 32 292 221 71 1964r............... 1,563 1 ,093 470 1,529 972 54 505 32 264 205 59 1965r............................ 1,510 1,035 475 1'473 964 51 458 37 246 197 49 1966r............................ 1 396 808 388 1365 779 35 351 31 195 158 37 1966r-July................... 1,079 1,061 100 66 34 99 69 3 28 1 17 14 3 Aug................... 1,108 1,088 104 69 35 102 69 3 30 2 18 14 3 Sept................... 1'048 1 '020 92 61 31 89 59 2 27 3 13 10 3 Oct.................... 845 824 79 51 28 77 54 4 20 3 12 9 3 Nov................... 957 956 75 48 27 73 50 3 20 2 13 10 3 Dec.................. 931 910 62 44 19 60 38 2 20 2 12 10 3 1967—Jan.r................. 1,111 1,079 62 43 19 59 40 2 17 3 13 10 3 Feb.r................ 1349 1 332 63 44 19 61 40 2 19 2 12 9 3 1,094 1,067 93 63 30 92 67 2 23 1 18 14 4 Apr.r................ 1,116 1,099 116 77 38 114 80 4 30 2 16 12 4 May r........, 1 '274 1.224 134 92 42 132 87 5 40 2 23 18 5 June.................. Pl'227 Pl,208 i>131 87 43 P125 88 3 34 p6 24 19 5 July................... Pl J 360 ”i;347 *125 88 38 *125 83 5 37 Pl 20 15 5 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
1638 EMPLOYMENT SEPTEMBER 1967 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force, S.A. Total non- Not in the Total Employed 1 Une m m en p t l oy Period i p n o s N t p it u . u S l t a . i A t o i . o n n al lab N o . r S . f A o . rce l f S a o b . r A c o e . r Total In nonagri- In U pl n o e y m ed (pe r S r a . t A c e e . 2 n t) .1 Total in c d u u lt s u t r r a ie l s 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 70’614 66’702 61 ’759 4,944 3,911 5 5 1963........................... 125,154 50 583 74,571 71'833 67,762 63,076 4,687 4,070 5 7 1964........................... 127,224 51,394 75,830 73’091 69,305 64,782 4,523 3,786 5.2 1965........................... 129’236 52,058 77,178 74,455 71,088 66,726 4,361 3,366 4.5 1966........................... 131,180 52,288 78,893 75,770 72,895 68,915 3^979 2,875 3.8 1966—Aug................ 131,419 50,755 79,247 76,069 73,141 69,206 3,935 2,928 3.8 Sept................ 131’590 52^609 79^268 76,039 73,195 69,309 3,886 2,844 3.7 Oct................. 131’772 52,285 79,360 76,081 73,199 69,420 3'779 2’882 3.8 Nov............... 131 '949 52,054 79,934 76,612 73 ’ 897 70’005 3,892 2,715 3.5 Dec.......... 132'121 52,479 80’154 76,764 73,893 69,882 4’011 2’871 3.7 19673—Jan............... 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 70,247 3,890 2'888 3.7 Mar 132*627 53,678 79*959 76,523 73,747 69,892 3,855 2’776 3.6 Apr.............. 132'795 53,234 80,189 76'740 73'910 70'020 3^890 2^830 3.7 May 132^969 53'419 79'645 76'189 73,289 69,637 3,652 2’900 3.8 133,168 50’704 80,681 77,237 74'147 70,420 3'727 3,090 4.0 July.............. 133'366 50^446 80,954 77'505 74,489 70^633 3'856 3,016 3.9 Aug.............. 133,645 51,074 81J60 77'701 74,718 70,726 3,992 2,983 3.8 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 NONA, GRI CULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n ri u n f g ac Mining c C o o n t n i s o t t n r r u ac c t T ti l o i r c a n n u & s ti p li o p ti r u e t b a s Trade Finance Service G m ov e e n r t n 1961.......................................................... 54,042 16,326 672 2,816 3,903 11,337 2 731 7,664 8,594 1962.......................................................... 55,596 16,853 650 2,902 3,906 11,566 2,800 8,028 8,890 1963.......................................................... 56,702 16,995 635 2'963 3,903 11,778 2^877 8'325 9,225 1964.......................................................... 58,332 17,274 634 3,050 3,951 12,160 2,957 8’709 9,596 1965 ........................................................ 60’770 18’032 632 3,181 4,033 12,683 TOI 9 9,098 10,091 1966......................................................... 63,864 19,081 628 3,281 4,'136 13,220 3,086 9,582 10,’850 SEASONALLY ADJUSTED 1966—Aug............................................. 64,199 19 262 636 3,251 4,105 13,264 3 100 9,647 10,934 Sept.............................................. 64,168 19,204 628 3,228 4 J 68 13,268 3 100 9,649 10,923 Oct.............................................. 64,466 19,312 625 3,202 4,165 13’340 3,102 9,712 11,008 Nov.............................................. 64,823 19*415 624 3,204 4'195 13,393 3,110 9,778 11,104 Dec............................................ 65,'076 19,445 626 3'293 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................................................ 65^497 19,402 626 3,350 4 ,’225 13,524 3,142 9,919 11'309 Mar.............................................. 65,600 19,355 627 3,321 4^223 13,547 3,159 9,981 11'387 Apr................................................ 65,476 19,224 623 3,251 4'186 13,584 3'173 10,005 11’430 May.............................................. 65'428 19'127 620 3,163 4,242 13,597 3,186 10,022 11’471 June............................................. 65^903 19,285 619 3 J 87 4,266 13^648 3,227 10'035 11'636 Julyp............................................. 65^947 19,172 623 3,230 4,296 13,645 3,234 10'069 11,678 Aug.p.......................................... 66,250 19^58 605 3^12 <299 13;677 3^52 10;131 11’716 NOT SEASONALLY ADJUSTED 1966—-Aug............................................... 64,484 19,391 649 3,641 4,154 13,224 3,146 9,772 10,507 Sept.............................................. 64,867 19,533 637 3,525 4^218 13'253 3,109 9’707 10,885 Oct................................................ 65,190 19,538 631 3'449 4'198 13'385 3’099 9'751 11,139 Nov............................................... 65,389 19’522 628 3,310 4,208 13,599 3'098 9,739 11,285 Dec................................................ 65,904 19'430 625 3'128 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,’286 19,196 609 2,841 4,153 13’205 3,114 9,’75O 11,418 Mar............................................. 64,628 19,161 610 2'896 4,168 13’317 3,137 9'841 11.498 Apr................................................ 64,987 19,077 617 3,079 4'148 13,394 3,160 9,985 11,527 May........................................... 65,368 19,029 622 3'201 4'225 13'481 3'180 10,082 11;548 June.............................................. 66,514 19'382 633 3'407 4'304 13’675 3^253 10,196 1^664 July?'............................................. 66,139 19'161 636 3^547 4,339 13;627 3'289 10,260 11,280 Aug.’’...................................... 66,473 19'480 619 3^581 4'346 13,635 3,304 10,263 11,245 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
SEPTEMBER 1967 EMPLOYMENT AND EARNINGS 1639 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1966 1967 1966 1967 Aug. June July” Aug.” Aug. June July® Aug.” Total................................................................................ 14 409 14,170 14 055 14 215 14 490 14,249 13 996 14 288 Durable goods................................................................. 8,447 8,240 8,170 8 283 8,349 8,332 8,142 8 177 Ordnance and accessories...................................... 126 149 150 154 124 148 148 152 Lumber and wood products................................. 534 512 510 511 559 534 533 536 Furniture and fixtures............................................ 386 371 368 372 392 371 364 378 Stone, clay, and glass products............................. 516 498 498 494 537 513 514 514 Primary metal industries...................................... 1 112 1 ,037 1,026 1,012 1 116 1,061 1,039 1 016 Fabricated metal products..................................... 1 057 I 048 1 040 1,044 1,055 1 060 1,029 1 042 Machinery.............................................................. 1,368 1 ’372 1,367 1 ,375 1 357 1,386 1,364 1,364 Electrical equipment and supplies......................... 1,351 1,251 1,260 1 ,271 1,344 1,247 1,242 1,265 Transportation equipment.................................... 1’368 1 377 1 329 1'437 1 221 1’383 1 297 1 ’283 Instruments and related products.................. 281 285 284 286 282 286 282 287 Miscellaneous manufacturing industries............ 348 340 338 327 362 343 330 340 Nondurable goods........................................................... 5,962 5 930 5 885 5 93^ 6 141 5,917 5 854 6 111 Food and kindred products.................................. 1 188 1 ,201 1,182 1,170 1 ’310 1,183 1,’ 214 1 *291 Tobacco manufactures. ...................... 70 75 76 76 ’ 76 ’ 64 65 82 Textile-mill products. ........................... ............... 863 841 835 840 872 849 828 849 Apparel and related products................................ 1,245 1,239 1,221 1,221 1,267 1,235 1,184 1,243 Paper and allied products........................... ’524 535 '537 537 529 ’540 535 ’543 Printing, publishing, and allied industries............ 655 673 674 675 654 673 671 674 Chemicals and allied products............................ 580 583 586 587 585 587 588 592 Petroleum refining and related industries...... .. 117 119 119 119 120 121 122 123 Rubber and misc plastic products....................... 402 362 360 406 402 361 352 406 Leather and leather products................................. 318 302 295 301 326 304 295 308 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 Aug. June July” Aug.” Aug. June July1’ Aug.1’ Aug. June July>‘ Aug.” Total.................................................................... 41.4 40.3 40.5 40 6 111 78 114 49 113 93 114 49 2.70 2 82 2 82 2.82 Durable goods.................................................... 42 2 40 9 41.0 41 3 120 96 123 19 122 40 123 30 2 88 2 99 3 00 3.00 Ordnance and accessories.......................... 42 1 4L2 42.0 42*2 134 08 13225 13511 136 08 3 20 3 21 3 24 3.24 Lumber and wood products...................... 40 5 40.1 40.0 40 0 93.89 97.27 96 88 97,61 2.29 2.39 2.41 2.41 Furniture and fixtures...................... 41 5 40.3 40.2 40.3 93.68 93 09 92 40 94.89 2.22 2.3! 2.31 2.32 Stone clay, and glass products.................. 41 8 41 3 41.3 41.5 115.48 117.46 118 01 119.70 2.73 2.81 2.83 2.85 Primary metal industries............... 42.3 40.6 41.0 41.1 138.09 136.12 136 61 137.02 3.28 3.32 3.34 3.35 Fabricated metal products.............. 42 4 41.2 41.4 41.6 121 98 122.84 12236 123.85 2.87 2.96 2.97 2.97 Machinery..................................... 43 9 42 0 42.0 42 4 1 33 55 134.09 132 51 133.88 3.07 3 17 3.17 3.18 Electrical equipment and supplies..... ... 41.2 40.0 40.4 40.2 107.83 111.88 111 60 111.60 2.63 2.79 2.79 2,79 Transportation equipment........................ 43.0 41.2 41.3 41.6 139.35 141.17 139 94 139.60 3.31 3.41 3 43 3.43 Instruments and related products.............. 41.9 41.0 40.9 41 5 113.70 117.01 116 00 119.23 2.72 2.84 2.85 2.88 Miscellaneous manufacturing industries... 40.0 39.4 39.1 39.2 88.22 92.20 90’56 92.36 2.20 2.34 2.34 2.35 Nondurable goods............................................... 40.2 39 5 39.6 39.7 99 23 101 63 102 03 102 80 2.45 2 56 2 57 2.57 Food and kindred products....................... 41.1 41,0 40.6 40.9 10334 108 50 108*62 107.38 2.49 2 64 2*63 2.60 Tobacco manufactures............................... 38 0 39.0 38 3 38,7 82.68 94 41 90 82 86 14 2.17 2.39 2.39 2.22 Textile-mill products................................... 42 □ 40.4 40.6 40 9 83.36 82 82 81 41 83,64 1.98 2.03 2.02 2.04 Apparel and related products..................... 36.5 35.7 35.8 35.7 70.30 72.52 72 32 73,49 1 .90 2.02 2.02 2.03 Paper and allied products........................... 43.3 42.6 42.7 42 8 120 77 122.41 123 69 124.56 2.77 2. 86 2.89 2.89 Printing, publishing, and allied industries. 38.8 38.3 38.4 38.3 123.24 124.86 125^24 125.90 3.16 3,26 3.27 3.27 Chemicals and allied products............. 42.0 41.3 41.5 41.5 125.70 128.65 129 90 129.58 3.00 3.10 3.13 3.13 Petroleum refining and related industries.. 42,0 42.6 42.8 42.4 142.72 152.72 156.24 151.30 3.39 3,56 3,60 3.56 Rubber and misc. plastic products........... 41.8 41.2 40. 5 41.1 111.72 109.03 105 06 113.16 2.66 2.64 2.62 2.74 Leather and leather products..................... 38.7 37.9 38.5 38.6 75.85 79.28 79.95 81,12 1.94 2.07 2.05 2.08 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
1640 PRICES SEPTEMBER 1967 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Fur Apparel Trans Period it A em ll s Food Total Rent H ow s o h m n ip e e r - F c a o o u n i a e d l l l t e r G a i l c n e a i c d s t y o n i p a n i n e s g d h r s a up a k n e d e p p t o io rt n a Total M c ic a e a r d e l s P c o a e n r r a e l r R e a i c e n n r a g d e d a g O s a o e t n o r h d v d e s r 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 1960. 103.1 101.4 103.1 103.1 103.7 99.5 107.0 101.5 102.2 103.8 105.4 108.1 104.1 104.9 103.8 1961 . 104.2 102.6 103.9 104.4 104.4 101.6 107.9 101.4 103.0 105.0 107.3 111.3 104.6 107.2 104.6 1962. 105.4 103.6 104 8 105.7 105.6 102.1 107.9 101.5 103.6 107.2 109.4 114.2 106.5 109.6 105.3 1963. 106.7 105.1 106.0 106.8 107.0 104.0 107.8 102.4 104.8 107.8 111.4 117.0 107.9 111.5 107.1 1964. 108.1 106.4 107.2 107.8 109.1 103.5 107.9 102.8 105.7 109.3 113.6 119.4 109.2 114.1 108.8 1965, 109.9 108.8 108.5 108.9 111.4 105.6 107.8 103.1 106.8 111.1 115.6 122.3 109.9 115.2 111,4 1966. 113.1 114.2 111.1 110.4 115.7 108.3 108.1 105.0 109.6 112.7 119.0 127.7 112.2 117.1 114.9 1966--July................ 113.3 114.3 111.3 110,3 116.2 107.0 108.1 105.1 109.2 113.5 119.1 127.7 112.5 117.2 115.3 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........... 114.1 115.6 111.8 110.7 116.8 107.4 108.1 105.7 110.7 113.3 119.9 129.4 113.0 117.5 115,7 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 Mar............... 115.0 114.2 113.3 111.8 118.6 111.1 108.3 107.3 112.6 114.2 122,2 134.6 114.4 118.9 116.4 Apr................ 115.3 113.7 113.6 111.9 119.0 111.0 108.4 107.7 113.0 115.1 122.6 135.1 114.9 119.4 116.6 May............. 115.6 113.9 113.9 112.1 119.7 110.8 108.3 107.9 113.8 115.5 122.8 135.7 115.0 119.6 116.7 June.............. 116.0 115.1 114.1 112.2 119.9 110.5 108.2 108.1 113.9 115.7 123.2 136.3 115.3 119.7 116.9 July............... 116.5 116.0 114.5 112.4 120.5 111.4 108.3 108.2 113.7 116.2 123.6 136,9 115.5 119.8 117.8 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1957-59= 100) Industrial commodities Proc Period m c t A o i o e m l d s l i p F u r a c o r t m d s f e f a o e s n o s e e d d d d s s Total t T i e l e t e c x s . , H e i t d c e . s, F e u tc e . l, C ic e h a t e c l m s . , R b e e u tc 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 M a q e h n r u i a y d n i p F t e u u t r r c e n . , i N t m m a o l i l e n n i c - T e p t q r o i a o u r n n i t p a s n c M e e o l i l s u 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. 100.6 1959 . 100.6 97.2 99.9 101.3 100.4 109.1 98.7 100.0 99.7 104.1 iot.o 101.2 102.1 100,4 101.2 n.a. 100.8 1960. 100.7 96.9 100.0 101.3 101.5 105.2 99.6 100.2 99 9 100.4 101.8 101.3 102.9 100.1 101.4 n.a. 101.7 1961............................. 100.3 96.0 101.6 100 8 99.7 106.2 100.7 99.1 96 1 95.9 98.8 100.7 102.9 99.5 101.8 n.a. 102.0 1962............................. 100.6 97.7 102.7 100.8 100.6 107.4 100.2 97.5 93 3 96.5 100.0 100.0 102.9 98,8 101.8 n.a. 102.4 1963............................. 100.3 95.7 103.3 100.7 100,5 104.2 99.8 96.3 93.8 98.6 99.2 100.1 103.1 98.1 101.3 n.a. 103.3 1964............................. 100.5 94.3 103.1 101.2 101,2 104.6 97 1 96.7 92.5 100.6 99.0 102.8 103.8 98.5 101.5 n.a. 104.1 1965............................. 102.5 98.4 106.7 102 5 101.8 109.2 98.9 97.4 92 9 101,1 99.9 105.7 105.0 98,0 101.7 n.a. 104.8 1966.............................. 105.9 105.6 113.0 104.7 102. i 119.7 101.3 97.8 94.8 105.6 102.6 108.3 108.2 99.1 102.6 n.a. 106.8 1966--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. 107.1 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. 107.1 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. 107.1 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. 107.2 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. 107.4 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.................... 106.2 102.6 112.8 105.8 102.0 117.9 102.6 98.4 95.6 102.6 103.1 109.4 111.1 100.4 103.6 n.a. 107.9 Feb................... 106.0 101.0 111.7 106.0 102.0 118.0 103.4 98.5 95.8 103.6 103.3 109.6 111.2 100.4 103.7 n.a. 108.0 Mar................... 105.7 99.6 110.6 106.0 101.8 117.0 103.7 98.5 95.9 103.6 103.6 109,4 111.5 100.6 103.8 n.a. 107.7 Apr................... 105.3 97.6 110.0 106.0 101.8 115.7 103.3 98.8 95.9 104.1 103.9 109.1 111.6 100.6 103.9 n.a. 108,0 May.......... 105.8 100.7 110.7 106 0 101.6 115.2 104.4 98.8 95,8 104.2 103.9 108.9 111.6 100.8 103.8 n.a. 108,0 June................. 106.3 102.4 112.6 106,0 101.6 115,6 104.0 98.5 95.8 104.7 103.9 108,9 111.6 100.8 103.9 n.a. 109.6 July................... 106,5 102,8 113.1 106.0 101.5 115.2 103.9 98.3 95.8 105.3 104.1 109.0 111.6 100.9 104.2 n.a. 109.7 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 PRICES 1641 WHOLESALE PRICES: DETAIL (1957-59= 100) 1966 1967 1966 1967 Group Group July May June July July May June July Farm products: Pulp, paper, and allied products: Fresh and dried produce..................... 107.0 104.4 114.3 107.9 Pulp, paper, and products, excluding Grains.................................................... 103.1 98.0 96.1 92.6 building paper and board............... 103.6 104.3 104.3 104.6 Livestock............................................... 108.7 102.6 104.9 107.4 Woodpulp............................................. 98.0 98.0 98.0 98.0 Live poultry........................................... 94.2 85.6 85.7 91.9 Wastepaper.......................................... 113.2 77.5 76.7 76.2 Plant and animal fibers....................... 90.5 69.9 70.9 70.9 Paper..................................................... 108.2 109.5 109.6 110.9 Fluid milk............................................. 119.3 120.9 121.3 121.3 Paperboard........................................... 97.2 97.3 97.3 97.3 Eggs....................................................... 98.5 74.5 76.0 86.0 Converted paper and paperboard.. . . 102.7 104,9 104.9 104.7 Hay and seeds....................................... 135.2 117.8 116.6 117.1 Building paper and board................... 92.7 91.7 91.5 91.5 Other farm products............................. 101.3 99.9 100.2 99.7 Processed foods and feeds: Metals and metal products: Cereal and bakery products................ 115.5 117.4 117.2 116.9 Iron and steel....................................... 102.2 103,2 103.3 103.4 Meat, poultry and fish......................... 110.0 103.8 108.3 109.9 Steelmil! products................................ 104.5 105,7 105.7 105.7 Dairy products..................................... 119.8 120.8 122.2 122,0 Nonferrous metals............................... 122.9 118.9 118.7 118.6 Processed fruits and vegetables........... 104.5 105.1 106.5 107.0 Metal containers.................................. 110.1 111.7 111.7 111.7 Sugar and confectionery...................... 109.8 112.0 112.7 113.7 Hardware.............................................. 109.8 112,9 113.0 113,8 Beverages and beverage materials.... 106.3 106.0 106.3 106.4 Plumbing equipment........................... 110.0 110,7 110.8 110,0 Animal fats and oils............................. 106.3 89.8 82.4 77.4 Heating equipment.............................. 92,9 92.0 92.5 92.6 Crude vegetable oils............................. 113.0 93/9 91.7 86.8 Fabricated structural metal products. 104.2 105.1 104.9 105.1 Refined vegetable oils.......................... 109.8 96.6 93.5 88.3 Miscellaneous metal products............ 111.2 113.7 113.7 113.8 Vegetable oil end products.................. 103.8 101.6 101.6 101.3 Miscellaneous processed foods............ 114.0 112.4 112.6 113.1 Manufactured animal feeds................. 132.6 118.7 122.4 123.2 Machinery and equipment: Textile products and apparel: Agricultural machinery and equip.... 118.5 121.8 121.8 121.9 Construction machinery and equip... 118.9 121.9 121.9 122.1 Cotton products.............................. 103.0 100.3 99.7 98.9 Metalworking machinery and equip.. 119.0 123.6 123.6 123.9 Wool products...................................... 106.7 103.1 103.2 103.3 General purpose machinery and Man-made fiber textile products........ 90.1 86.3 85.8 85.5 equipment.....1..1..0..,.0........1..1..3....2.......1..1..3....1 113.2 Silk yarns.............................................. 152.1 167.0 167.0 168.4 Special industry machinery and Apparel.................................................. 105.0 106.3 106.7 107.1 equipment (Jan. 1961= 100)........... 112.2 116.1 116.1 116.3 Textile housefurnishings...................... 104.3 105.5 105.3 105.3 Electrical machinery and equip.......... 99.0 101.9 101.8 101.7 Miscellaneous textile products............ 123.3 118.5 118.0 117.1 Miscellaneous machinery.................... 106.5 108.9 109.1 109.1 Hides, skins, leather, and products: Furniture and household durables: Hides and skins............................. 156.4 ’’87.2 95.8 93.4 Leather................................................... 126.0 110.9 110.2 109.5 Household furniture................... 109.1 112.4 112.4 112.6 Footwear............................................... 119.0 121.4 121.5 121.4 Commercial furniture......................... 105.8 111.9 111.9 111.9 Other leather products......................... 116.6 114.3 113.3 112.9 Floor coverings................................... 96.8 93.1 93.1 92.9 Household appliances......................... 89.1 89.7 90.0 90.1 Fuels and related products, and power: Home electronic equipment................ 83,5 82.9 82,0 81.8 Other household durable goods........ 112,1 115.8 115.9 116.6 Coal...................................................... 97.6 102.6 102.4 103.0 Coke....................................................... 112.0 112.0 112.0 112.0 Gas fuels (Jan. 1958= 100).................. 128.3 135.0 134.3 131.8 Nonmetallic mineral products: Electric power (Jan. 1958= 100)......... 100.3 100.6 100.5 100.6 Crude petroleum.................................. 97.5 98.3 98.3 98.4 Flat glass.............................................. 100,3 103.3 103.3 104.5 Petroleum products, refined................ 99.9 103,7 103.1 103.3 Concrete ingredients........................... 103.7 105.9 105.9 106.0 Concrete products............................... 103.1 105.2 105.7 105.8 Chemicals and allied products: Structural clay products excluding refractories....................................... 108.5 109.7 109.7 109.9 Industrial chemicals............................. 95.9 97.5 97.2 97.2 Refractories......................................... 103.9 104.9 104.9 104.9 Prepared paint...................................... 106.8 108.8 108.8 108.8 Asphalt roofing................................... 97.6 88.3 88.3 91.6 Paint materials...................................... 90.4 91.0 91.0 90.9 Gypsum products................................ 102,7 102.3 100.9 100.7 Drugs and pharmaceuticals................. 94.5 94.1 94.1 94.1 Glass containers.................................. 99.2 101.0 101.0 101.1 Fats and oils, inedible.......................... 105.3 82.9 79.5 77.1 Other nonmetallic minerals................ 101.7 102.1 102.2 102.2 Agricultural chemicals and products.. 102.6 105.2 105.1 103.5 Plastic resins and materials.................. 88.4 90.7 90.3 90.0 Other chemicals and products....... 106.5 108.7 108.5 108.7 Transportation equipment: Rubber and products: Motor vehicles and equipment.......... 100.7 101.6 101.4 101.3 Railroad equipment (Jan. 1961 = 100). 101.0 102.9 102.9 102.9 Crude rubber......................................... 89.0 85.9 86.2 85.7 Tires and tubes..................................... 93.9 94.0 94.0 94.0 Miscellaneous rubber products........... 99.0 101.5 101.5 101.6 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition...................................... 104.5 105.3 105.3 105.6 Lumber.................................................. 110.5 107.0 108.0 108.3 Tobacco products................................ 110.3 110.3 114.8 114.8 Millwork............................................... 110.7 111.7 111.7 112.1 Notions................................................ 100.8 100.8 100.8 100.8 Plywood................................................ 91.5 87.5 87.6 89.4 Photographic equipment and supplies 108.8 110.1 110,1 110,1 Other wood products (Dec. 1966= 100) ............ 102.0 102.0 102.0 Other miscellaneous products............ 105.4 107.4 108.0 108.3 Note.—Bureau of Labor Statistics indexes as revised in Mar. 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
1642 NATIONAL PRODUCT AND INCOME SEPTEMBER 1967 GROSS NATIONAL PRODUCT (In billions of dollars) 1966 1967 Item 1929 1933 1941 1950 1962 1963 1964 1965 1966 II III IV I II? Gfn« natinnal product..................................... 103.1 55.6 124.5 284.8 560.3 590.5 632.4 683. 9 743.3 736.7 748. 8 762.1 766 3 775 1 Final purchases.................... 101.4 57.2 120.1 278.0 554.3 584.6 626.6 674.5 729.9 722.6 737.4 743.6 759.2 774 6 Personal consumption expenditures................. 77.2 45.8 80.6 191.0 355.1 375.0 401.2 433.1 465.9 461.6 470.1 473.8 480.2 489.7 Durable goods.............................................. 9.2 3.5 9.6 30.5 49.5 53.9 59.2 66.0 70.3 68.2 70 9 '70 6 69 4 72. 5 Ncindiira hie goods........................................ 37.7 22.3 42.9 98.1 162.6 168.6 178 7 191.2 207 5 207 1 209 5 210 3 214.2 217.2 Services................................................... 30.3 20.1 28.1 62.4 143.0 152.4 163.3 175.9 188.1 186^3 189.8 192^9 196.6 200.0 Gross private domestic investment................... 16.2 1.4 17.9 54.1 83.0 87.1 94.0 107.4 118.0 118.5 116.4 122.2 110.4 105.1 Fixed investment ............................................ 14.5 3.0 13.4 47.3 77.0 81.3 88.2 98.0 104.6 104.5 104.9 103.7 103.3 104.6 Nonresidential............................................ 10,6 2.4 9.5 27.9 51.7 54.3 61.1 71.1 80.2 78.7 81 2 82.8 81 9 81.5 Structures. . ......................... ................ 5.0 .9 2.9 9.2 19.2 19.5 21.2 25.1 27.9 27 5 28.2 21 7 27'7 26.3 Producers’ durable equipment............. 5.6 1.5 6.6 18.7 32.5 34.8 39.9 46.0 52.3 51.2 53.1 55 1 54.2 55.2 Residential structures............................... 4.0 .6 3.9 19.4 25.3 27.0 27.1 27,0 24.4 25 8 23 7 20 9 21.4 23.1 Nonfarm................................................ 3.8 .5 3.7 18.6 24.8 26.4 26.6 26.4 23.8 25.3 23,2 20.4 20.9 22.5 Change in business inventories............... 1.7 -1.6 4.5 6.8 6.0 5.9 5 8 9.4 13.4 14 0 11 4 18.5 7.1 0 5 Nonfarm................................................... 1.8 -1.4 4.0 6.0 5.3 5.1 6.4 8.4 13.7 14.4 12,0 19.0 7.3 0.6 Net exports of goods and services................... 1.1 .4 1.3 1.8 5.1 5.9 8.5 6.9 5.1 5.4 4.6 4.3 5.3 5.3 Exports.................................................. 7.0 2.4 5.9 13.8 30.3 32.3 37.1 39.1 43.0 42 5 43 7 44.6 45.3 45.1 Imports........................................................ 5.9 2.0 4.6 12.0 25.1 26.4 28.6 32.2 37.9 37.1 39.0 39.7 39.9 39.8 Government purchases of goods and services. . 8.5 8.0 24.8 37.9 117.1 122.5 128.7 136.4 154.3 151.2 157.7 161.7 170.4 175.0 Federal. ......................................................... 1.3 2.0 16.9 18.4 63.4 64.2 65.2 66.8 77.0 74.9 79.5 81.5 87.1 89.5 National defense.................................................. 13.8 14.1 51.6 50.8 50 0 50.1 60.5 58 4 63.0 65.6 70 2 72.5 Other.......................................................... 3.1 4.3 11.8 13.5 15 2 16.7 16.5 16.6 16.6 15.9 16.8 17.0 State and local.............................................. 7.2 6.0 7.9 19.5 53.7 58.2 63.5 69.6 77.2 76.2 78.1 80.2 83.3 85.4 Gross national product in constant (1958) dollars............................................................ 203.6 141.5 263.7 355.3 529.8 551.0 581.1 616.7 652.6 649.3 654.8 661.1 660.7 664.7 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. For hack data and explanation of series, see the Survey of Current Business, July 1967, and Supplement, Aug. 1966, NATIONAL INCOME (In billions of dollars) 1966 1967 Item 1929 1933 1941 1950 1962 1963 1964 1965 1966 II III IV I IIP National income................................................ 86.8 40.3 104.2 241.1 457.7 481.9 518.1 562.4 616.7 610.4 622.1 634.1 636.4 641.9 Compensation of employees............................. 51.1 29.5 64.8 154.6 323.6 341.0 365.7 393.9 435.7 430.7 441.2 450.2 459.1 463.4 Wages and salaries........................................ 50.4 29.0 62.1 146.8 296.1 311.1 333.7 359.1 394.6 390.2 399.6 407.4 414.7 418.3 Private...................................................... 45.5 23.9 51.9 124.4 240.1 251.6 269.4 289.8 316.7 313.8 320.1 326.1 331.4 333.2 Military...................................................... .3 .3 1.9 5.0 10.8 10.8 11.7 12.1 14.7 14.2 15.1 15.8 16.1 16.2 Government civilian........................ 4.6 4.9 8.3 17.4 45.2 48.6 52.6 57.1 63.2 62.2 64.3 65.6 67.3 68.9 Supplements to wages and salaries............... .7 .5 2.7 7.8 27.5 29.9 32.0 34.9 41.1 40.5 41.6 42.7 44.4 45.2 Employer contributions for social in surance ............................................... .1 .1 2.0 4.0 13.7 15.0 15.4 16.2 20.3 20.0 20.6 21.1 22.2 22.3 Other labor income.................................. .6 .4 .7 3.8 13.9 14.9 16.6 18,6 20.8 20,5 21.1 21.7 22.2 22.9 Proprietors’ income........................................... 15.1 5.9 17.5 37.5 50.1 51.0 52.3 56.7 59.3 59.3 59.2 58.6 57.8 57.8 Business and professional............................ 9.0 3.3 11.1 24.0 37.1 37.9 40,2 41.9 43.2 43.3 43.3 43.4 43.2 43.4 Farm.............................................................. 6.2 2.6 6.4 13.5 13.0 13.1 12.1 14.8 16.1 16.0 15.9 15.1 14.6 14.3 Rental income of persons................................. 5.4 2.0 3.5 9.4 16.7 17.1 18.0 19.0 19.4 19.3 19.4 19.6 19.8 20.0 Corporate profits and inventory valuation adjustment.................................................. 10.5 -1.2 15.2 37.7 55.7 58.9 66.3 74.9 82.2 81.3 81.9 84.6 78.1 78.5 Profits before tax........................................... 10.0 1.0 17.7 42.6 55.4 59.4 66.8 76.6 83.8 83.6 84,0 83.9 79.0 79.2 Profits tax liability..................................... 1.4 .5 7.6 17,8 24,2 26.3 28.3 31.4 34.5 34.5 34,6 34.6 32.5 32.6 Profits after tax................................ 8.6 .4 10.1 24.9 31.2 33.1 38.4 45.2 49.3 49.2 49.4 49.3 46.5 46.6 Dividends............................................... 5.8 2.0 4.4 8.8 15.2 16.5 17.8 19.8 21.5 21.6 21.6 21,2 22.2 23.1 Undistributed profits............................ 2.8 -1.6 5.7 16.0 16.0 16.6 20.6 25.4 27.8 27.6 27.8 28.2 24.2 23.6 Inventory valuation adjustment.................. .5 -2.1 -2.5 -5.0 .3 -.5 -.5 -1.7 -1.6 -2.3 -2.2 .7 -.8 -.7 Net interest....................................................... 4.7 4.1 3.2 2.0 11.6 13.8 15.8 17.9 20.2 19.8 20.4 21.1 21.6 22.1 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
SEPTEMBER 1967 NATIONAL PRODUCT AND INCOME 1643 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1966 1967 Item 1929 1933 1941 1950 1962 1963 1964 1965 1966 II III IV I IIP Gross national product..................................... 103,1 55.6 124.5 284.8 560.3 590.5 632.4 683.9 743.3 736.7 748.8 762.1 766.3 775.1 Less: Capital consumption allowances......... 7.9 7.0 8.2 18.3 50.0 52.6 56.1 59.9 63.5 63.1 63.9 64.7 65.5 66.4 Indirect business tax and nontax liability............................................... 7.0 7.1 11.3 23.3 51.5 54.7 58.4 62.2 65.1 64.7 65.9 67.0 67.9 69.1 Business transfer payments.................. .6 .7 .5 .8 2.1 2.3 2.5 2.6 2.7 2.7 2.7 2.8 2.8 2.8 Statistical discrepancy.......................... .7 .6 .4 1.5 .5 -.3 -1.3 -2.0 -2.6 -2.2 -3,2 -3.8 -4.0 -3.1 Plus: Subsidies less current surplus of government enterprises........................... —. 1 . 1 .2 1.4 .8 1.3 1.2 2.2 2.0 2.7 2.6 2.3 2.0 Equals: National income..................................... 86.8 40.3 104.2 241.1 457.7 481.9 518.1 562.4 616.7 610.4 622.1 634.1 636.4 641.9 Less: Corporate profits and inventory valuation adjustment............................... 10.5 -1.2 15.2 37.7 55.7 58.9 66,3 74.9 82.2 81.3 81.9 84.6 78.1 78.5 Contributions for social insurance.... .2 • 3 2.8 6.9 24.0 26.9 27.9 29.7 38.2 37.4 38.9 39.8 42.2 42.5 Excess of wage accruals over disburse ments.............................................. Plus: Government transfer payments............ .9 1.5 2.6 14.3 31.2 33.0 34.2 37.2 41.2 39.2 41.3 44.7 48.1 48.6 Net interest paid by government and consumer............................................ 2.5 1.6 2.2 7.2 16.1 17.6 19.1 20.4 22.3 22.0 22.4 23.2 23.7 23.9 Dividends.............................................. 5.8 2.0 4.4 8.8 15.2 16.5 17.8 19.8 21.5 21.6 21.6 21.2 22.2 23.1 Business transfer payments........... .6 .7 .5 .8 2.1 2.3 2.5 2.6 2.7 2.7 2.7 2.8 2.8 2.8 Equals: Personal income..................... 85.9 47.0 96.0 227.6 442.6 465.5 497.5 537.8 584.0 577.3 589.3 601.6 612.9 619.1 Less: Personal tax and nontax payments... . 2.6 1.5 3.3 20.7 57.4 60.9 59.4 65.6 75.2 74.1 76.9 79.6 80.2 79.1 Equals: Disposable personal income............... 83.3 45.5 92.7 206.9 385.3 404.6 438.1 472.2 508.8 503.3 512.4 522.0 532.7 540.0 Less: Personal outlays.................................... 79.1 46.5 81.7 193.9 363.7 384.7 411.9 445.0 479.0 474.6 483.2 487.4 493.9 504.0 Personal consumption expenditures., 77.2 45.8 80.6 191.0 355.1 375.0 401.2 433.1 465.9 461.6 470.1 473.8 480.2 489.7 Consumer interest payments............ 1.5 .5 .9 2.4 8.1 9.1 10.1 11.3 12.4 12.3 12.5 12.9 13.1 13.3 Personal transfer payments to foreigners............................................ .3 .2 .2 .5 .5 .6 .6 .7 .6 .7 .6 .6 .7 1.0 Equals: Personal saving................................... 4.2 -.9 11.0 13.1 21.6 19.9 26.2 27.2 29.8 28.7 29.2 34.6 38.8 36.0 Disposable personal income in constant (1958) dollars........................................................... 150.6 112.2 190.3 249.6 367.3 381.3 407.9 434.4 456.3 452.6 458.4 463.2 470.6 474.9 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 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July? Total personal income......................... 537.8 584.0 584.7 589.1 594.1 597.5 602.1 605.0 610.4 612.6 615.6 616.5 618.2 622.6 627.1 Wage and salary disbursements.......... 359.1 394.6 397.1 399.8 401.9 404.8 407.6 410.0 413.8 414.2 416.2 416.7 417.2 420.9 423.9 Commodity-producing industries... 144.5 159.3 159.6 161.2 162.2 163.2 164.1 164.9 166.2 165.2 165.6 165.0 164.3 165.2 166.2 Manufacturing only...................... 115.6 128.1 128.2 130.0 130.8 132,1 132.8 132.8 133.7 132.7 132.9 132.5 132.2 133.0 133.4 Distributive industries..................... 86.9 93.9 94.8 94.8 95.0 95.9 96.5 97.2 98.4 98.6 99.1 99.1 99.3 100.4 101.5 Service industries........................ 58.3 63.5 63.8 64.3 64.7 64.9 65.6 65.9 66.4 66.9 67.6 68.2 68.6 69,5 69.9 Government............................... 69.3 77.9 78.8 79.4 80.1 80.8 81.4 82.0 82.7 83.4 84.0 84.5 85.0 85.7 86.2 Other labor income............................. 18.6 20.8 20.9 21.1 21.3 21.4 21.7 21.9 22.1 22.2 22.4 22.6 22.8 23.1 23.3 Proprietors’ income............................. 56.7 59.3 59.3 59.2 59.2 58.3 58.6 58.8 58.3 57.8 57.4 57.7 57.8 57.9 58.1 Business and professional............... 41.9 43.2 43.3 43.3 43.4 43.3 43.5 43.5 43.3 43.2 43.1 43.3 43.4 43.6 43.7 Farm................................................ 14.8 16.1 16.0 15.9 15.8 15.0 15.1 15.3 15.0 14.6 14.3 14.4 14.4 14.3 14.4 Rental income...................................... 19.0 19.4 19.4 19.4 19.4 19.5 19.6 19.7 19.7 19.8 19.9 20.0 20.0 20.1 20.2 Dividends............................................. 19.8 21.5 21.6 21.5 21,7 21.6 21,6 20.2 21.8 22.3 22.6 22.8 23.1 23.3 23.6 Personal interest income..................... 38.4 42.4 42.5 42.8 43.3 43.8 44.3 44.8 45.0 45.2 45.5 45.8 46.0 46.1 46.5 Transfer payments............................... 39.7 43.9 42.4 43.8 45.8 46.6 47.4 48.5 49.7 51.1 51,7 51.0 51.5 51.6 51.9 Less: Personal contributions for social insurance........................... 13.4 17.9 18.3 18.4 18.4 18.6 18.7 18.8 20.0 20.0 20.1 20.1 20.1 20.3 20.4 Nonagricultural income....................... 518.4 563.1 563.9 568.3 573.4 577.5 581.9 584.8 590.2 593.0 596.2 596.9 598.8 603.2 607.5 Agriculture income.............................. 19.3 20.9 20.8 20.8 20.7 19.9 20.2 20.3 20.2 19.6 19.5 19.5 19.5 19.4 19.6 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
1644 FLOW OF FUNDS SEPTEMBER 1967 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1965 1966 1967 Transa o c r t io se n c t c o a r tegory, 1962 1963 1964 1965 1966 I II in IV I II HI IV I I. Saving and investment 1 Gross national saving........................ 134.5 144.5 160.3 179.0 192.6 176.6 176.2 178.9 184.5 189.4 191.2 191.9 198.0 186.3 1 2 Households................................... 82.0 85.8 98.3 106.6 114.2 102.6 101.5 110.2 Hl.8 112.3 110.7 113.6 120.1 122.2 2 3 Farm and noncorp, business..... 13.1 13.5 14.5 14,8 15.5 14.6 14.7 14.9 15.0 14.8 15.7 15.8 15.8 16.5 3 4 Corporate nonfin. business.......... 41.8 43.9 50.5 55.7 60.3 54.5 54.6 56.1 57.8 58.8 59.2 59.8 63.5 58.6 4 5 U.S Government.......................... -4.8 -.6 -4.3 . 1 -.9 3.2 3.2 -4.8 -1.2 1.2 1.5 -1.9 -4.5 -12.6 5 6 State and local govt...................... -1.4 -1.5 — 1.4 -1.4 .3 -1.6 -1.3 -1.0 -1.5 -.2 .3 .6 .3 -1.7 6 7 Financial sectors........................... 3.8 3.5 2.7 3.3 3.3 3.3 3.6 3.5 2.6 2.6 3.8 3.9 2.7 3.3 7 8 Gross national investment................. 133.9 143.8 158.0 177.2 190.1 173.9 173.9 177.8 184.1 188.3 188.5 190.3 193.6 181.2 8 9 Consumer durable goods............. 49.5 53.9 59.2 66.0 70,3 65.2 64.2 66.1 68.6 71.6 68.2 70.9 70.6 69.4 9 10 Business inventories...................... 6.0 5.9 5.8 9.4 13.4 10.6 8.8 9.4 9.9 9.9 14.0 11.4 18.5 7.1 10 11 Gross pvt. fixed investment.......... 77.0 81.3 88.2 98.0 104.6 94.4 96.3 98.8 102,4 105.3 104.5 104,9 103.7 103.3 11 12 Households................................ 21.9 22.4 23.0 23.2 22,8 22.8 23.0 23.2 23.6 23.8 23.5 22.8 20.7 19.0 12 13 Nonfinan. business................... 54.4 57.9 64.3 74.1 81.1 70.8 72.4 74.7 78.4 80.5 80.0 81.7 82.6 83.4 13 14 Financial sectors....................... .6 1.0 .9 .8 .7 .9 .9 .9 .5 .9 .9 .4 .4 1.0 14 15 Net financial investment............... 1.3 2.8 4.7 3.7 1.8 3.6 4.6 3.5 3.2 1.6 1.8 3.0 .8 1.4 15 16 Discrepancy (1-8)............................ .7 .6 2.3 1.9 2.5 2.7 2.3 l.l .5 1.1 2.6 1.6 4.4 5.1 16 II. Financial flows—Summary 17 Net funds raised—Nonfinan. sectors. 54.2 58.5 67.0 72.1 71.1 76.3 72.3 61.2 78.8 84.1 82.9 63.5 53.7 75.8 17 18 Loans and short-term securities.... 15.0 19.0 26.4 33,0 27.8 36.8 33.1 21.2 41.1 26.8 21.1 26.7 36.9 36.5 18 19 Long-term securities and mtgs...... 39.2 39.5 40.6 39.1 43.2 39.5 39.2 40.0 37.7 57.4 61.8 36,8 16.8 39.3 19 By sector 20 U.S. Government............................. 7.9 5.0 7.1 3.5 6.7 9.0 1.4 -4.5 8.2 14.9 2.8 7.0 2.2 10,8 20 21 Short-term mkt. securities............ .7 1.4 4.0 3.5 2.2 5.5 3.6 -3.5 8.3 1.3 -12.7 6.3 14.1 12.7 21 22 Other securities............................. 7.3 3.6 3.0 .1 4.5 3.6 -2.3 -1.0 -. 1 13.6 15.5 .8 -11.8 -1.9 22 23 Foreign borrowers............................ 2.1 3.3 4.4 2,6 1.4 5.1 1.6 1 .0 2.7 2.3 2.4 .1 .9 5.5 23 24 Loans............................................. 1.1 2.2 3.7 1.9 1.0 4.3 1.1 .2 1.9 1.0 2.0 .2 .8 4.6 24 25 Securities........................................ 1.0 1.1 .7 .8 .4 .8 .6 .8 .8 1.3 .3 .1 1.0 25 26 Pvt. domestic nonfin. sectors........... 44.2 50.2 55.6 66.0 62.9 62.1 69.2 64.7 67.8 66.9 77.8 56.3 50.5 59.5 26 27 Loans.......................................... 13.3 15.5 18.7 Tl.l 24.6 27.0 28.4 24.5 30.9 24.5 31.8 20.2 22.0 19.3 27 28 Consumer credit......................... 5.5 7.3 8.0 9.4 6.9 10.0 9.6 9.3 8.9 9.2 7.0 6.9 4.6 4.3 28 29 Bank loans n.e.c.................. 4.8 5.4 6.5 73.6 10.8 14.1 12.4 11.2 16.7 9.0 17.4 7.9 8.8 7.9 29 30 Other loans................................. 3.0 2.7 4.2 4.7 6.9 2.9 6.4 4.1 5.3 6.2 7.4 5.4 8.6 7.1 30 31 Securities and mortgages............. 31.0 34,7 36.9 38.3 38.3 35.1 40.8 40.1 37.0 42.5 46.0 36.1 28.5 40.2 31 32 State and local obligations........ 5.0 6.7 5.9 7.4 5.9 6.1 8.6 6.8 8.1 5.4 7.2 4.8 6.2 9.8 32 33 Corporate securities................... 5.1 3.6 5.4 5.4 11.4 4.4 7.0 7.4 2.9 11.9 15.2 11.7 6.9 14.0 33 34 1~ to 4-family mortgages........... 13.0 15.2 15.7 16.0 12.5 15.9 15.5 16.2 16.5 15.2 14.0 11.3 9.5 9.8 34 35 Other mortgages......................... 7.9 9.3 10.0 9.5 8.5 8.7 9.7 9.8 9.5 10.0 9.6 8.4 6.0 6.5 35 36 Net sources of credit (= line 17).... 54.2 58.5 67.0 72.1 71.1 76.3 72.3 61.2 78.8 84.1 82.9 63.5 53.7 75.8 36 37 Chg. in U.S. Govt, cash balance.. 1.3 -.4 .2 -1.0 -.5 5.2 -.9 -10.4 2.1 -5.1 8.9 -1.8 -4.0 -2.4 37 38 U.S. Govt, lending........................ 3.3 2.7 3.8 4.7 7.5 5.3 6.4 3.1 3.9 11.3 10.0 6.6 1.9 5.0 38 39 Foreign funds................................. 2.2 1.9 2.5 .4 -.8 - -.6 .5 -.9 2.7 -1.7 4.6 -4.0 -1.8 2.7 39 40 Pvt. insur. & pension reserves... . 9.0 10.1 11.1 11.6 12.8 10.9 12.0 12.0 11.7 12.9 11.2 13.5 13.4 14.7 40 41 Sources n.e.c................................... 4.0 4.7 5.4 7.5 8.1 10.1 8.8 3.6 7.5 11.6 3.8 13.2 3.9 .6 41 42 Pvt. domestic nonfin. sectors........ 34.4 39.5 44.1 48.9 43.9 45.3 45.5 53.8 50.9 55.1 44.4 36.1 40.2 55.3 42 43 Liquid assets.............................. 31.4 37.4 33.0 43.3 24.0 44.5 35.2 44,3 49.1 33.4 26.7 10.3 25,4 55.4 43 44 Deposits................................. 30.1 34.4 35,3 40.4 22.5 38.2 31.5 43.4 48.6 27.7 27.3 13.4 21.6 60.0 44 45 Demand dep. and currency 2.1 5.9 6.5 7.8 2.9 3.1 2.6 8.7 16,8 2.8 3.5 -2.5 7.5 9.7 45 46 Time and svgs. accounts... 28.1 28.5 28.8 32.6 19.6 35.1 28.9 34,7 31.8 24.8 23.8 15,9 14.0 50.3 46 47 At commercial banks.... 15.0 13.4 13.0 19.5 12.3 21.8 16.6 21.5 18.1 15.1 19.0 10.6 4.6 33.9 47 48 At savings instit.............. 13.0 15.1 15.8 13.1 7.3 13.3 12.3 13.2 13.6 9.7 4.8 5.3 9.4 16.4 48 49 Short-term U.S. Govt. sec... 1.3 3.0 -2.3 2.8 1.5 6.3 3.7 .9 .5 5.8 -.6 -3.1 3.9 -4.6 49 50 Other U.S. Govt, securities.... .4 1.7 3.1 .2 6.6 -.7 3.5 -1.0 -1.1 7.2 6.9 8.7 3.6 -10.6 50 51 Pvt. credit mkt, instruments.. . 2.5 2.3 7.8 6.1 13.1 1.8 6.1 10.4 5.9 13.1 10.4 20.1 8.8 8.4 51 52 Less security debt...................... -.2 2.0 -.2 .6 -.3 .3 -.7 -.2 3.0 -1.3 -.4 2.9 -2,3 -2.1 52 III. Direct lending in credit markets 53 Total funds raised............................. 54.2 58.5 67.0 72.1 71.1 76.3 72.3 61.2 78.8 84.1 82.9 63.5 53.7 75.8 53 54 Less change in U.S. Govt, cash.... 1.3 -.3 .2 -1.0 -.5 5.3 -.9 -10.4 2.1 -5.1 8.9 -1.8 -3.9 -2.4 54 55 Total net of U.S. Govt, cash.......... 52.9 58.8 66.9 73,1 71,5 71.0 73.2 71.6 76.7 89.2 74.0 65.3 57,6 78.2 55 56 Funds supplied directly to cr. mkts.. 52.9 58.8 66.9 73.1 71.5 71.0 73,2 71.6 76.7 89.2 74.0 65.3 57.6 78.2 56 57 Federal Reserve System............... 1.9 2.6 3.2 3.8 3.3 5.8 4,1 3.1 2.4 2.5 .1 6.3 4.3 2.7 57 58 Total........................................... 2.0 2.9 3.4 3.8 3.5 6.0 3.8 4.3 1.2 2.1 2.1 6.0 3.7 4.5 58 59 Less change in U.S. Govt. cash. .1 .3 .2 * .2 .2 -.3 1.2 -1.2 -.4 2.0 -.3 -.7 1.8 59 60 Commercial banks, net................. 18.2 19.7 21.8 29.2 18._9 25.5 21.3 29.9 40.2 22.9 29.9 10.0 12,8 43.0 60 61 Total........................................... 19.5 19.4 22.3 29.0 18.3 31.1 22.7 18.4 43.9 18.3 37.1 8.4 9.5 39.5 61 62 Less chg. in U.S. Govt. cash... 1.2 -.6 -1.0 -.6 5.0 -.6 -11.6 3.3 -4.7 6.9 -1.5 -3.3 -4.2 62 63 Security issues........................ .1 .3 .6 .8 .1 .5 2.0 ,1 .4 .1 .3 ♦ * .8 63 64 Nonbank finance, net................... 23.8 28.0 28.9 27.2 21.9 28.1 27.2 27,0 26.6 26.8 15,6 22.6 22.7 28.9 64 65 Total........................................... 28.5 34.4 33.4 32.9 25.0 34.8 37.7 24,1 34.7 34.4 23.8 16.6 25.2 31.1 65 66 Less credit raised................... 4.7 6.4 4.4 5.6 3.0 6.7 10.5 -2.9 8.2 7.5 8.2 -6.0 2.5 2.1 66 67 U.S. Government............... 3.3 2.7 3.8 4.7 7.5 5.3 6.4 3.1 3.9 11.3 10.0 6.6 1.9 5.0 67 68 Foreign........................................... 1.5 .9 .6 -.2 -1.4 -.7 .2 -1.8 1.4 -1.6 1 .4 -2.8 -2.7 3.4 68 69 Pvt. domestic nonfin..................... 4.3 5.1 8.8 8.5 21.5 7.0 14.0 10.4 2.3 27.4 17.0 22,7 18.6 -4.7 69 70 Households................................. -1.7 .4 3.4 2.5 10.8 -3.1 11.6 3.7 -2.1 11.9 10.3 15.0 6.1 -9.5 70 71 Business...................................... 2.3 3.1 1.6 1.0 3.3 .4 -2.6 4.4 1.7 6.1 .9 3.7 2.4 -.4 71 72 State and local govts................. 3.6 3.5 3.6 5.5 7.0 10,0 4.3 2.1 5.7 8.0 5.4 6.9 7.7 3.0 72 73 Less net security credit.............. -.2 2.0 -.2 .6 -.3 .3 -.7 -.2 3.0 -1.3 -.4 2.9 -2.3 -2.1 73 Note.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see August 1967 Bulletin, p. 1431 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 FLOW OF FUNDS 1645 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1965 1966 1967 Transa o c r t io se n c t c o a r tegory, 1962 1963 1964 1965 1966 I II III IV I II III IV I I. Demand deposits and currency 1 Net incr. in banking system liability. . 4.5 5.8 7.4 7.6 2.5 7.7 1.7 -.1 21.1 -3.6 14.1 -5.4 4.9 6.2 I 2 U.S. Govt, deposits......................... 1.3 -.3 .2 -1.0 -.5 5.3 -.9 -10.4 2.1 -5.1 8.9 -1.8 -3.9 -2,4 2 3 Other................................................ 3.2 6.1 7.3 8.6 3.0 2.5 2.6 10.3 19.0 1.5 5.2 -3.6 8.8 8.7 3 4 Domestic sectors......................... 3.1 6.0 6.8 8.5 3.2 3.1 3.1 9.6 18.3 1.4 4.0 -1.8 9.1 10.6 4 5 Households.............................. 2.7 4.3 6.7 7.2 2.1 6.3 .9 6.1 15.4 -3.4 2.6 .5 8.9 9.2 5 6 Nonfinancial business.............. -.9 -.8 -2.5 -1.9 .7 .6 -3.1 -4.5 -.6 4.0 1.6 -.7 -2.0 -4.1 6 7 State and local govts............... .9 2.4 1.4 1.0 1.5 -4.5 4.6 3.2 .7 1.4 3,1 .6 .9 1.8 7 8 Financial sectors......... 1.1 .2 .3 .7 .3 .5 ,9 1.5 -1.4 ,5 ,7 1.6 .9 8 9 Mail float................................ -.6 -.1 .9 1,5 -1.5 .6 .1 4.0 1.3 .8 -3.7 -2.9 -.3 2.7 9 10 Rest of the world........................ . 1 .1 .5 .1 -.2 -.7 -.5 .7 .8 .1 1.2 -1.9 -.3 -2.0 10 II. Time and savings accounts 11 Net increase—Total............................ 28.7 29.5 30.4 32.9 20.3 35.5 29.5 34.4 32.2 24.3 25.3 16.2 15.2 51.8 11 12 At commercial banks—Total........ 15.6 14,3 14.5 20,0 13.2 22.7 17.6 21.4 18.4 14.9 20,9 11.2 5.8 35.1 12 13 Corporate business............... 3.7 3.9 3.2 3.9 -.7 6.4 5.7 2.5 .9 4.1 1.7 -3.9 -4.6 10,0 13 14 State and local govts................... 1.0 1.6 1.7 2.4 1.4 1.9 1.1 3.1 3.3 -.3 2.3 1.9 1.9 5.7 14 15 Foreign depositors..................... . 6 1.0 1.4 .6 .9 .8 .8 .2 .5 -.2 2.0 .6 1.2 1.2 15 16 Households................................. 10.3 7.9 8.2 13.3 11.6 13.5 9.8 15.8 13.9 11.3 15.0 12.6 7.4 18.1 16 17 At savings institutions........... 13.1 15.2 15.9 12.9 7.1 12.8 11.9 13.0 13.8 9.4 4.4 5.0 9.4 16.7 17 18 Memo: Households total................... 23.4 23.0 23.9 26.4 18.9 26.8 22.1 29.1 27,6 21.0 19.8 17.9 16.7 34.6 18 HI. U.S. Govt, securities 19 Total net issues.................................... 7.9 5.0 7.1 3.5 6,7 9.0 1.4 -4.5 8.2 14.9 2.8 7.0 2.2 10.8 19 20 Short-term marketable................... .7 1.4 4.0 3.5 2.2 5.5 3.6 -3.5 8.3 1.3 -12.7 6.3 14.1 12.7 20 21 Other............................................... 7.3 3.6 3.0 4.5 3.6 -2.3 -1.0 -.1 13.6 15.5 .8 -II.8 -1.9 21 22 Net acquisitions, by sector................. 7.2 5.9 7.1 3.5 6.7 9.0 1.4 -4.5 8.2 14.9 2.8 7.0 2.2 10.8 22 23 Federal Reserve System................. 1.9 2.8 3.5 3.7 3.5 5.9 M 4.3 .5 2.4 1.8 6.8 3.1 4.8 23 24 Short-term................................... 2.0 4.9 2.1 3.7 5.4 12.4 6.2 -.3 -3.6 5.2 -3.5 6,9 13.0 2.5 24 25 Commercial banks........................ 1.4 -2.6 .4 -2.3 -2.8 -2.6 -10.2 -1.7 5.3 -1.9 .5 -5.7 -4.2 18.7 25 26 Short-term marketable................ -5.2 -3.5 3.9 -1.7 -4.6 -10,6 -5.7 2.4 7.2 -10.7 -4.9 -2.9 9.4 26 27 Other direct................................. 5.2 .5 -4.1 — 1.4 1.0 7.9 -5.3 -6.1 -2.3 8.3 -.9 -2.0 -1.6 6.0 27 28 Nonguaranteed..................... 1.4 .3 .6 .8 .8 .8 2.1 .4 .5 6.3 -3.8 .3 3.4 28 29 Nonbank finance.................... 1.6 -.5 2.0 -.8 .6 2.2 -.8 -5.9 1.5 4.0 -4.3 4.4 -1,9 -.3 29 30 Short-term marketable................ .8 -1.3 1.2 -.3 1.3 -.1 -4.4 3,2 3.0 -2.8 4.8 .4 3.6 30 31 Other direct................................. .6 .6 .5 -.7 -1.1 2,1 -1.4 -2.1 -1.5 .1 -1,8 -.5 -2,3 -4.0 31 32 Nonguaranteed.......................... .2 .3 .3 .3 .4 .7 .5 -.1 .9 .4 32 33 Foreign............................................ 1.3 .6 .5 -.2 -2.6 -2.0 .9 -1.0 1.5 -2.6 -1.5 -4.0 -2.3 2,7 33 34 Short-term................................... 2.2 -.6 -.4 -.8 -1.9 -J -1.5 1.8 -1.7 -.1 -2.1 2.6 34 35 Pvt. domestic nonfinan. sector.... 1.7 4.7 .8 3.0 8.1 5.6 7.2 -.2 -.6 13.0 6.2 5.6 7.5 -15.2 35 36 Short-term marketable............... .9 1.8 -3.2 2.2 .9 5.5 3.3 .3 -.3 5.4 -1.3 -3.4 3.0 -5.4 36 37 Other direct......................... — J 1.0 2.8 -1.1 2,4 -1.3 .5 -2,3 -1.3 3.3 -3.6 6.0 4.0 -9,3 37 38 Nonguaranteed......................... .5 .7 .4 1.3 4.2 .5 3.0 1.3 .2 3.9 10.5 2.7 -.4 -1.3 38 39 Savings bonds—Households.... .4 1.2 .9 .6 .6 ,8 .4 .5 .8 .3 .7 .3 .9 .8 39 IV. Other securities 40 Total net issues, by sector.................. 11.5 13.1 14.6 16,2 18.6 13.3 20.0 16.6 14.9 20,3 23.3 18,3 12.4 27.1 40 41 State and local govts...................... 5.0 6.7 5,9 7.4 5.9 6.1 8.6 6.8 8.1 5.4 7.2 4.8 6.2 9.8 41 42 Nonfinancial corporations............. 5.1 3.6 5.4 5.4 11.4 4.4 7.0 7.4 2.9 11.9 15.2 11.7 6.9 14.0 42 43 Commercial banks.......................... .3 . 6 .8 .1 .5 2.0 <4 .3 ♦ .8 43 44 Finance companies,........................ .3 1.4 2.1 1.9 .8 1.6 1.8 1.5 2.7 1.6 .3 1.9 -.8 1.5 44 45 Rest of the world............................ 1.0 1.1 .7 .8 .4 .8 .6 .8 .8 1.3 .3 * 1.0 45 46 Net purchases.......................... U.S 13.1 14.6 16.2 18.6 13.3 20.0 16.6 14.9 20,3 23.3 18.3 12.4 27.1 46 47 Households..................................... -1.7 -2.9 1.8 .6 3.1 -2.7 2.4 3.5 -.8 4.7 8.8 -1.2 -3.7 47 48 Nonfinancial corporations............. -.4 .9 .2 .7 .8 .6 .7 .8 .8 .8 .8 .7 .8 ,7 48 49 State and local govts...................... 2.0 2.5 2.7 2.7 5.2 2.5 1.5 3.3 3.3 4.2 6.6 5.3 4.8 6.2 49 50 Commercial banks.......................... 4.4 5.2 3.6 4,9 1,7 5.0 6.5 4.1 4.1 3.3 5.0 1.2 -2.5 8.7 50 51 Insurance and pension funds......... 7,5 7.6 7.3 9.7 9.5 9.0 9.6 10.7 9.4 11.0 8.4 9.7 8.8 12.8 51 52 Finance n.e.c.,............................... -.3 -.2 -.8 -1.9 -2.8 -1.2 .3 -4.9 -1.6 -4.7 .5 -8.0 .9 -.6 52 53 Security brokers and dealers.... .4 .2 * -.4 -.4 .4 .6 -2.8 -2.1 2.6 -4.2 2.3 -.5 53 54 Investment cos., net........... -.8 -.5 -.8 -1.5 -2.5 -1.7 -.3 -2.1 -1.8 -2.6 -2.1 -3,9 -1.4 -.1 54 55 Portfolio purchases................. 1.1 .8 1.1 1.6 1.4 .8 1.9 1.3 2.3 2.5 1.1 -.2 2,0 3.0 55 56 Net issues of own shares........ 1.9 1.2 1.9 3.0 3.8 2.5 2.2 3.5 4.0 5.1 3.2 3.7 3.4 3.1 56 57 Rest of the world................. .1 .3 -.1 -.4 .9 .1 -1.0 -.9 .1 .7 2.0 .4 .4 .4 57 V. Mortgages 58 Total net lending................................. 21.3 25.0 25.4 25.4 20.0 24.7 25.4 25.7 25,8 25.6 22.4 17.9 14.3 17.0 58 59 1- to 4-famiIy.................................. 13.4 15,7 15.4 16,0 11.6 15.9 15.7 16.0 16.3 15.6 12.9 9.5 8,3 10.4 59 60 In process................................... .4 .5 -.3 -.1 -.9 .2 -.2 -.2 .4 -1.1 -1.8 -1.2 .6 60 61 Disbursed............................ 13.0 15.2 15.7 16.0 12.5 15.9 15,5 16.2 16.5 15.2 14.0 11.3 9.5 9.8 61 62 Other................................ 7.9 9.3 10.0 9.5 8.5 8.7 9.7 9.8 9.5 10.0 9.6 8,4 6.0 6.5 62 63 Net acquisitions................................... 21.3 25.0 25.4 25.4 20.0 24.7 25.4 25.7 25.8 25.6 22.4 17.9 14.3 17.0 63 64 Households.............................. -.3 -.6 * -.9 -.6 -1.1 .1 -2.5 .3 1.0 l.l -.3 64 65 U.S. Government............... .3 -1.0 .3 1.0 3.4 .7 1.0 .7 1.5 4.6 4.1 3.0 1.9 2.5 65 66 Commercial banks.............. 4.0 4.9 4.5 5.6 5.0 4,7 5.6 6.4 5.8 5.3 5.3 5,0 4.5 2.1 66 67 Savings institutions......................... 13.2 16.1 14.8 13.0 6.6 13,0 13.0 13.1 12.8 11.4 7.2 3.7 4.0 6.8 67 68 Insurance......................................... 3.0 4.0 5.1 5.5 5.2 5.9 5.5 5.1 5.3 6.0 5.8 5.5 3.7 5.0 68 69 Mortgage companies....................... .5 .8 .4 .5 -.6 .9 .5 1.0 -.1 .4 -.6 -.7 -1.3 .5 69 VI. Bank loans n.e.c. 70 Total net borrowing............................. 6.2 7.6 8.7 16.4 9.4 19.2 13.9 12.9 19.6 7.9 21.3 2.4 6.1 1.4 70 71 Nonfinancial business................ 4.3 5.0 5.1 12.3 11.0 13.5 11,0 9.9 14.8 10.5 16.5 7.6 9.2 6.5 71 72 Nonbank finance............................ 1.0 1.7 .5 2.4 -1.2 2.3 2.6 1.3 3.3 -.4 3.4 -5.6 -2.3 -5,6 72 73 Households.................................... .5 .4 1.4 1.3 -.2 .6 1.4 1.3 1.9 -1,4 .8 .3 -.4 1.4 73 74 Rest of the world.......................... .4 .5 1.7 .4 -.2 2.8 -1.1 .4 -.4 -.7 .4 .1 -.5 -.9 74 Note.—Quarterly data are seasonally adjusted totals at annual rates. For other notes see August 1967 Bulletin, p. 1431. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1646 INSURED COMMERCIAL BANKS SEPTEMBER 1967 INCOME, EXPENSES, AND DIVIDENDS (Amounts in thousands of dollars) All insured Banks not members of FRS Item 1963 1964 1965 1966 1963 1964 1965 1966 Revenue............................................................. 13,509,713 15,024,487 16,817,187 19,508,414 2,349,875 2,648,846 2,986,220 3,448,036 Interest and dividends on securities: U. S. Govt............................................ 2,176,454 2,240,389 2,224,711 2,317,794 451,250 499,259 538,670 616,178 Other........................................................ 921,060 1,085,334 1,285,287 I,531,517 147,981 174,153 206,488 266,434 Interest and discount on Ioans.................. 8,516,837 9,612.079 10,999,867 13,042,757 1,444,059 1,641,269 I,872,547 2,153,982 Other charges on loans............................... 155,478 173,159 204,996 243,643 28,444 32,729 37,220 46,388 Service charges on deposits........................ 728,857 781,405 842,775 915,049 161,175 174,212 189,542 210,356 Other charges, fees, etc............................... 248,362 280,289 304,276 354,036 68,092 73,105 80,366 88,658 Trust department......................................... 573,252 629,694 689,628 756,130 25,772 28,339 32,037 33,658 Other current revenue................................. 189,413 222,138 265,647 347,488 23,102 25,780 29,350 32,382 Expenses.......................................................... 9,714,980 10,897,460 12,486,120 14,561,852 1,790,227 2,009,419 2,286,531 2,627,944 Salaries—Officers...................................... 1,183,264 1,284,14C 1,392,765 1,526,300 291 ,885 316,988 346,855 379,243 Salaries and wages—Others....................... 2,101,111 2,234,922 2,369,259 2,569,442 334,927 365,104 394,881 428,943 Officer and employee benefits................... 457,033 490,732 525,692 598,768 64,488 71,303 78,048 91 ,876 Directors* fees, etc....................................... 67,469 72,176 77,093 83,791 24,254 26,336 28,498 31,099 Interest on time deposits............................. 3,464,308 4,088,061 5,070,781 6,259,472 606,708 704,537 856,637 1,046,056 Interest on borrowed money..................... 106,517 127,277 189,519 301,768 2,443 5,223 5,824 7,884 Net occupancy expense.............................. 608,462 670,243 731,573 802,060 108,192 120,778 133,755 148,453 Furniture and equipment........................... 311,518 362,301 411,889 458,695 56,733 65,784 78,326 89,318 Other current expenses............................... • 1,415,298 1,567,608 1,717,549 1,961,556 300,597 333,366 363,707 405,072 Net current earnings before income taxes.... 3,794,733 4,127,027 4,331,067 4,946,562 559,648 639,427 699,689 820,092 Recoveries, transfers from reserves, and profits....................................... . . . 468,450 322,104 390,368 341,711 59,433 47,338 60,466 57,867 On securities: Profits................................................... 167,445 74,723 84,619 62,464 27,130 16,430 17,163 12,433 Recoveries.................................... 4,046 6,633 7,114 5,077 1,144 1,160 1,981 1,244 Transfers from reserves.......................... 60,516 57,284 97,435 100,950 3,811 3,306 6,481 6,373 On loans: Recoveries............................................ 17,913 17,383 17,962 15,585 7,362 7,0(4 7,438 6,564 Transfers from reserves........................... 131,235 62,313 84,001 55,762 6,874 5,928 10,896 10,567 All other...................................................... 87,295 103,768 99,237 101,873 13,112 13,500 16,507 20,686 Losses, charge-offs, and transfers to re serves ................................................ 883,637 1,017,299 1,177,540 1,574,027 146,122 172,086 195,167 244,249 On securities: Sold....................................................... 49,887 88,397 85,045 454,911 6,961 8,712 15,067 42,590 Charge-offs prior to sale......................... 12,827 11,256 9,224 10,198 2,910 2,878 4,374 4,418 Transfers to reserves............................... 63,530 72,213 63,370 78,932 7,084 6,953 9,194 11,692 On loans: Losses and charge-offs........................ 29,588 32,385 36,188 31,251 13,423 15,540 16,886 13,339 Transfers to reserves.............................. 609,059 666.040 846,877 775,792 92,611 114,244 122,880 146,369 AU other.................... 118,746 147,008 136,836 222,943 23,133 23,759 26,766 25,832 Net income before related taxes...................... 3,379,546 3,431,832 3,543,895 3,714,246 472,959 514,679 564,988 633,719 Taxes on net income........................................ 1,226,783 1,148,203 1,029,162 1,029,906 149,865 152,458 151,213 156,251 Federal......................................................... 1,130,629 1,050,624 927,423 911,585 141,162 142,312 140,435 143,960 State............................................................ 96,154 97,579 101,739 118,321 8,703 10,146 10,778 12,291 Net income....................................................... 2,152,763 2,283,629 2,514,733 2,684,340 323,094 362,221 413,775 477,468 Cash dividends declared................................. 993,374 1,088,310 1,202,349 1,307,387 117,051 128,990 146,762 164,758 On preferred stock1.................................... 3,335 25,749 56,163 67,339 757 1,479 3,915 5,843 On common stock...................................... 990,039 1,062,561 1,146,186 1,240,048 116,294 127,511 142,847 158,915 Memoranda items: Recoveries credited to reserves 2 On securities...................................... . 6,216 4,515 4,158 3,300 492 379 455 500 On loans.................................................. 96,897 157,791 124,062 143,859 15,293 18,378 23,786 28,191 Losses charged to reserves5 On securities....................................... 17,314 43,683 25,761 60,282 2,454 1,653 4,423 5,607 On loans................................................... 323,475 394,181 429,490 545,647 50,036 74,275 83,290 107,027 Assets, deposits, and capital accounts: Loans....................................................... 145,028,233 164,816,703 187,661,591 210,240,170 22,296,505 25,466,529 28,887,583 32,683,617 U. S. Govt, securities................................. 64,058,431 61,439,390 59,419,551 56,088,649 13,025,134 13,350,548 13,726.920 13,811,651 Other securities............................................ 31,421,875 36,360,062 41,540,772 47,054,812 5,103,896 5,892,023 6,884,790 8,619,036 Cash assets........................................... 50,997,566 54,449,343 59,013,596 62,867,398 6,030,031 6,483,176 7,097,723 7,399,181 Other assets.................................................. 7,434,673 8,425,128 9,578,899 10,862,634 841,842 962,019 1,104,760 1,244,164 Total assets................................................... 298,940,778325,490,626357,214,409387,113,663 47,297,408 52,154,295 57,701,776 63,757,649 Time deposits............................................... 104,507,516 119,606,438 137,554,173 155,000,307 19,002,579 21,536,090 24,591,831 28,299,896 Total deposits............................................. 264,069,489287,988,560315,643,533340,336,714 42,590,786 46,937,686 51,982,404 57,426,898 Total capital accounts................................. 24,283,900 26,391,374 28,820,861 30,850,686 4,029,246 4,397,383 4,782,103 5,234,848 Number of officers.......................................... 117,147 ’■123,996 130,042 137,803 35,206 37,025 38,753 39,630 Number of employees..................................... 531,820 ’■546,771 569,276 606,120 99,088 103,297 109,958 114,769 Number of banks.................................. 13,291 13,493 13,547 13,541 7,184 7,269 7,327 7,392 1 Includes interest on capital notes and debentures. figures for these companies have been included with State member bank 2 Not included in recoveries above. figures published in the May 1967 Bulletin, pp. 862-64. 3 Not included in losses above. The figures of assets, deposits, and capital accounts are averages of the amounts reported for call dates at the beginning, middle, and end of each Note.—Includes all insured commercial banks in the United States year (except that in 1963 the March 18 call was also included). The numand possessions. Excludes 1 or 2 noninsured nondeposit trust companies; ber of officers, employees, and banks are as of the end of each year. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 STOCK MARKET CREDIT 1647 DETAILED DEBIT AND CREDIT BALANCES AND RELATED ITEMS OF MEMBER FIRMS OF THE N Y. STOCK EXCHANGE CARRYING MARGIN ACCOUNTS JUNE 1959-66 (In millions of dollars) Item 1960 1961 1962 1963 1964 1965 1966 1967 DEBIT BALANCES Cash on hand and in banks........................................................................ 366 422 437 422 466 515 601 686 Securities— Borrowed.................................................................................................. 96 152 151 181 201 255 515 805 Sold, delivery pending (failed to deliver). ............................................. 334 530 368 275 369 448 823 1,588 Net debit balances due item— . Member firms of national securities exchanges: N.Y. Stock Exchange...................................................................... 134 216 169 219 199 201 226 231 Other exchanges.................................................................................... 22 36 22 25 25 20 31 60 All other customers exclusive of general partners or voting stock holders secured by— U.S. Govt, securities............................................................................. 104 48 32 31 33 24 46 29 Other collateral..................................................................................... 3,081 4,024 3,604 4,916 5,351 5,149 5,800 6,203 Net debit balances in general partners’ or voting stockholders’ individual investment & trading accounts............................................. 37 58 74 70 78 84 90 109 Debit balances in—• Firm investment accounts....................................................................... 309 293 243 247 264 325 358 477 Firm trading & underwriting accounts.................................................. 374 582 520 694 959 1 ,445 1,240 1,618 Commodity margins on deposit with banks & commodity guaranty funds on deposit................................................................... 23 22 30 31 28 41 5S 49 All other debit balances............................................................................... 218 309 303 347 389 410 519 1,024 Total....................................................................................... 5,097 6,694 5,954 7,460 8,364 8,917 10,304 12,880 CREDIT BALANCES Money borrowed.......................................................................................... 2,331 2,880 2,305 4,027 4,499 4,541 3,969 3,690 From banks and trust companies: U.S. agencies of foreign banks........................................................ 806 817 525 815 859 711 552 494 U.S. banks............................................................................................ 1,473 2,016 1,739 3,156 3,626 3,803 3,378 3.118 In New York City............................................................................. 1,157 1,515 1,007 1,852 2,273 2,662 2,518 2,215 Elsewhere........................................................................................... 316 501 732 1,303 1,353 1,180 859 903 From other lenders (not including members of national securities exchanges).................................................................................. 51 47 41 56 14 28 39 19 Securities—■ Loaned................................................................................................... 167 233 211 244 268 340 664 674 Bought, delivery pending (failed to receive)............................... 352 568 363 289 393 433 851 1,660 Net credit balances due to member firms of national securities exchanges: N.Y. Stock Exchange........................................................................ 120 174 153 202 192 187 205 261 Other exchanges.................................................................................... 11 23 17 12 14 12 26 48 Credit balances of other customers exclusive of general partners or voting stockholders: Free credit balances.................................................................................. 1,006 1,264 1,330 1,115 1,126 1,298 1,643 2,208 Other net credit balances........................................................................ 246 335 441 369 405 477 836 1,155 Credit balances & money borrowed which are subordinated to general creditors under approved agreements.................................. 25 31 51 90 111 141 154 190 Nel credit balances in general partners’or voting stockholders’ individ ual investment & trading accounts ............................................ 37 47 43 36 37 48 59 81 Credit balances in firm investment & trading accounts............................ 61 100 76 116 173 214 270 556 AU other credit balances (except those included in next item)................. 129 241 193 200 '279 ‘306 504 704 Net balance in capital, profit & loss, & general partners’ or voting stock holders’ drawing accounts.................................................... 612 797 771 759 ‘866 c919 1,125 1,353 Total....................................................................................... 5,097 6,695 5,954 7,460 8,364 8,917 10,304 12,880 Money borrowed, according to collateral: Customer collateral: Exempt securities (under Sec. 3(a) of Securities Exchange Act—- 1934): U.S. Govt, or agency.......................................................................... 96 38 23 27 10 12 18 13 Other securities..................................................................................... 123 108 93 188 156 104 100 103 Nonexempt securities or mixed collateral.............................................. I ,722 2,289 1,833 3,181 3,616 3,301 2,919 2,184 Firm or general partners' or voting stockholders’ collateral: Exempt securities (under Sec. 3(a) of Securities Exchange Act- 1934): U.S. Govt, or agency........................................................................ 107 41 24 19 166 320 136 336 Other securities.................................................................................. 99 104 106 119 125 116 147 127 Nonexempt securities or mixed collateral........................................ 182 300 227 492 425 686 645 926 Unsecured.................................................................................................. 1 1 1 1 ♦ 2 3 1 Value of securities sold under repurchase agreements.............................. 24 27 42 44 134 137 122 326 Number of firms........................................................................................... 328 336 337 335 331 331 328 324 Note.—End of month figures. For explanation of these figures see balances” are conceptually identical to these items (including debit balances “Statistics on Margin Accounts,” Sept. 1936 Bulletin. The items “net secured by and money borrowed on U.S. Govt, obligations), as shown in debit balances due from ail other customers exclusive of general partners the table on Stock Market Credit, p. 1610, but the data differ somewhat be or voting stockholders,” “money borrowed,” and “credit balances of other cause of minor differences in coverage, statistical discrepancies in reporting customers exclusive of general partners or voting stockholders—free credit and—for the item “money borrowed”—the date of reporting. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Financial Statistics International U.S. balance of payments ...................................................................................................... 1650 Foreign trade............................................................................................................................... 1651 U.S. gold transactions and reserve assets ........................................................................... 1652 U.S. position in the IMF ........................................................................................................ 1653 International capital transactions of the United States ..................................................... 1654 Reported gold reserves of central banks and governments ............................................ 1666 Gold production ....................................................................................................................... 1667 Money rates in foreign countries........................................................................................... 1668 Arbitrage on Treasury bills .................................................................................................... 1669 Foreign exchange rates .......................................................................................................... 1670 Guide to tabular presentation ............................................................................................... 1582 Index to statistical tables ........................................................................................................ 1677 The tables on international capital transactions of New York, and International Monetary are based on Treasury Department data and on Fund and from foreign central bank statements data reported to that Department by banks and and official statistical bulletins. For some of the brokers in the United States. Other data are series, back data are available in Banking and obtained from the Treasury Department, De Monetary Statistics and its Supplements (see partment of Commerce, Federal Reserve Bank list of publications at the end of the Bulletin ). 1649 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1650 U.S. BALANCE OF PAYMENTS SEPTEMBER 1967 1. U.S. BALANCE OF PAYMENTS (In miHions of dollars) 1965 1966 1967 Item 1964 1965 1966 IV I II III IV Ip Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets—Seasonally adjusted Exports of goods and services—Total1...................... 37,099 39,147 43,039 10,119 10,511 10,618 10,913 10,997 11,317 Merchandise............................................................ 25,297 26,244 29,168 6,925 7,203 7,181 7,382 7,402 7,690 Military sales............................................................ 747 844 847 212 209 222 206 210 338 Transportation......................................................... 2,324 2,390 2,589 633 636 642 661 650 675 Travel....................................................................... 1,207 1,380 1,573 379 374 383 408 408 409 Investment income receipts, private....................... 4,929 5,376 5,650 1,278 1,316 1,382 1,444 1,508 1,420 Investment income receipts. Govt...................... 460 512 595 75 153 153 143 146 162 Other services......................................................... 2,135 2,401 2,617 617 620 655 669 673 623 Imports of goods and services—Total........................ -28,637 -32,203 -37,937 -8,599 -8,997 -9,265 -9,762 -9,913 -9,981 Merchandise...................................................... -18,621 -21,472 -25,510 -5,772 -6,025 -6,225 -6,580 -6,680 -6,689 Military expenditures.............................................. -2,861 -2,921 -3,694 -785 -861 -911 -953 “969 -1,041 Transportation....................................................... -2,462 -2,674 -2,914 -708 -722 -709 -727 -756 -753 Travel........................................................................ -2,211 -2,438 -2,657 -625 -637 -674 -672 -674 -678 Investment income payments................................. -1,455 -1,729 -2,074 -469 -475 -471 -565 -563 -531 Other services........................................................... -1,027 -969 -1,088 -240 -277 -275 -265 “271 -289 Balance on goods and services1.................................. 8,462 6,944 5,102 1,520 1,514 1,353 1,151 1,084 1,336 Remittances and pensions............................................ -896 -1,024 -1,010 -243 -241 -245 -278 -246 -258 1. Balance on goods, services, remittances and pensions........................................................ 7,566 5,920 4,092 1,277 1,273 1,108 873 838 1,078 2. U.S. Govt, grants and capital flow, net.................. -3,560 -3,375 -3,446 -862 -975 -988 -759 -724 -1,205 Grants,2 loans, and net change in foreign cur rency holdings, and short-term claims....... -4,263 -4,277 -4,680 -991 -1,185 -1,194 -1,177 -1,124 -1,419 Scheduled repayments on U.S. Govt, loans. . . 580 681 806 106 207 199 192 208 214 123 221 428 23 3 7 226 192 3. U.S. private capital flow, net.................................. -6,542 -3,743 -4,132 -812 -981 -1,135 -932 -1,084 -1,006 Direct investments.............................................. -2,435 -3,418 -3,462 -718 -634 -1,006 -900 -922 -695 Foreign securities................................................ -677 -758 -482 -231 -358 9 -50 -83 -240 Other long-term claims: Reported by banks...................................... -941 -232 337 128 123 -27 73 168 153 Reported by others......................................... -343 -88 -112 -68 -17 -51 -28 -16 -67 Short-term claims: Reported by banks...................................... -1,523 325 -84 140 85 -61 16 -124 -82 Reported by others......................................... -623 428 -329 -63 -180 1 -43 -107 -75 4. Foreign capital flow, net, excluding change in liquid assets in U.S.............................. 685 278 2,512 248 265 1,091 376 780 795 Long-term investments....................................... 109 -68 2,176 152 309 1,014 180 673 641 Short-term claims............................................... 113 149 269 47 39 63 112 55 66 Nonliquid claims on U.S. Govt, associated with— Military contracts............................................ 228 314 341 78 44 45 106 146 103 U.S. Govt, grants and capital....................... 50 -85 -213 -18 — 64 -1 -12 -136 -36 Other specific transactions.............................. 208 -25 “12 -5 -10 -4 13 -11 21 Other nonconvertible, nonmarketable, me dium-term U.S. Govt, securities3.............. -23 -7 -49 -6 -53 -26 -23 53 ♦ 5. Errors and unrecorded transactions. ............... -949 -415 -383 -110 -233 -198 277 -229 -206 Balances A. Balance on liquidity basis Seasonally adjusted (= 1+24-3+4+5)... -2,800 -1,335 -1,357 -259 -651 -122 -1«5 -419 -544 Less: Net seasonal^ adjustments...... 76 -604 27 530 47 -301 Before seasonal adjustment................................. -2,800 -1,335 -1,357 -335 -47 -149 -695 -466 -243 B. Balance on basis of official reserve transactions Balance A, seasonally adjusted......................... -2,800 -1,335 -1,357 -259 -651 -122 -165 -419 -544 Plus: Seasonally adjusted change in liquid assets in the U.S. of: Commercial banks abroad............................. 1,454 116 2,697 “383 154 492 1,062 989 -1,001 Other private residents of foreign countries.. 343 306 212 48 109 66 91 -54 86 International and regional organizations other than IMF................................ -243 -291 -525 -142 -38 -355 -24 -108 -36 Less: Change in certain nonliquid liabilities to foreign central banks and govts................ 303 100 802 180 17 256 103 426 327 Balance B, seasonally adjusted........................... -1,549 -1,304 225 -916 -443 -175 861 -18 -1,822 Lass • Net seasonal adjustments........................ 209 -846 210 456 180 -543 Before seasonal adjustment................................ -1,549 -1,304 225 -1,125 403 -385 405 -198 -1,279 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE 1651 1. U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1965 1966 1967 Item 1964 1965 1966 IV I II III IV 1^ Transactions by which balances were settled—Not seasonally adjusted A. To settle balance on liquidity basis....................... 2,800 1,335 1,357 335 47 149 695 466 243 Change In U.S. official reserve assets {increase, —),.....,.................... 177 1,222 568 271 424 68 82 -6 1,027 Gold................................................................ 125 41,665 571 119 68 209 173 121 51 Convertible currencies................................... -220 -349 -540 178 222 -163 -426 -173 1,007 IMF gold tranche position........................... 266 4-94 537 -26 134 22 335 46 -31 Change tn liquid liabilities to all foreign accounts 2,629 713 789 64 -377 81 613 472 -784 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. securities3.......................................... 376 122 -945 -50 -367 -176 -226 -176 72 Marketable U.S. Govt, bonds and notes3. -58 -20 -245 -19 -5 6 -254 8 5 Deposits, short-term U.S. Govt, securities, etc................................................... 757 -154 -582 740 -611 206 -146 -31 -177 IMF (gold deposits)....................................... 34 177 26 131 18 28 17 Commercial banks abroad............................ 1,454 116 2,697 -539 404 316 1,144 833 -751 Other private residents of foreign countries. 343 306 212 48 109 66 91 -54 86 International and regional organizations other than IMF.......................................... -243 -291 -525 -142 -38 -355 -24 -108 -36 B. Official reserve transactions................................... 1,549 1,304 -225 1,125 -403 385 -405 198 1,279 Change in U.S. official reserve assets (increase, —).............................................. 171 1,222 568 271 424 68 82 -6 1,027 Change in liquid liabilities to foreign, central banks and govts, and IMF (see detail above under A.).................................................... 1,075 -18 -1,595 697 -852 54 -598 -199 -83 Change in certain noniiquid liabilities to foreign central banks and govts.: Of U.S. private organizations................... 149 -38 788 28 43 284 88 373 306 Of U.S. Govt.............................................. 154 138 14 129 -18 -21 23 30 29 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 4 Reflects $259 million payment of gold portion of increased U.S. (debits); absence of sign indicates net receipts (credits), subscription to IMF. 2. MERCHANDISE EXTORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports 3 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 3 1,199 1,948 2,296 622 3 28 327 325 Feb..................... 2,058 31,623 2,374 2,60! 1,459 31,606 2,005 2,204 599 3 17 369 397 Mar.................... 2,075 3 2,739 2,569 2,569 1,518 31,861 2,068 2,185 557 3878 501 384 Apr............ 2,061 3 2,406 2,359 2,659 1,537 3 1,811 2,109 2,224 524 3 595 250 435 May........... 2,047 3 2,299 2,411 2,545 1,530 3 1,797 2,063 2,119 517 3 503 348 426 June................... 2,077 3 2,235 2,490 2,584 1,514 31,848 2,135 2,228 563 3 386 354 355 July.................... 2,119 2,300 2,456 2,591 1,573 41,742 2,205 2,235 546 4558 251 356 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 2,415 1,642 1,911 2,231 3 784 451 184 Quarter: I.......................... 6,173 35,589 7,216 7,791 4,395 3 4,666 6,020 6,684 1,778 3 923 1,196 1,106 II........................ 6,185 3 6,940 7,259 7,788 4,581 3 5,456 6,306 6,571 1,604 31,484 953 1,217 Ill....................... 6,480 6,920 7,453 4,744 45,425 6,618 1,736 4 1,495 834 IV....................... 3 6,788 7,090 7,484 3 4,891 5,736 6,685 31,897 1,353 799 Year5..................... 25,67! 26,700 29,395 18,684 21,366 25,550 6,987 5,334 3,845 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
1652 U.S. GOLD TRANSACTIONS AND RESERVE ASSETS SEPTEMBER 1967 3. U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (Net sales (—) or net acquisitions; in millions of dollars at $35 per fine troy ounce) 1966 1967 Area and country 1958 1959 1960 1961 1962 1963 1964 1965 1966 II III IV II Western Europe: Austria................................ -84 -83 -143 -82 -55 -100 -25 Belgium.............................. -329 -39 -141 -144 -63 -40 -83 France................................ -266 -173 -456 -518 -405 -884 -601 -221 -277 Germany, Fed. Rep. of... -34 -23 -225 Italy..................................... -349 100 200 -80 -60 -60 Netherlands....................... -261 -30 -249 -25 -60 -35 Spain................................... 32 -114 -156 -146 -130 -32 -180 Switzerland........................ -215 20 -324 -125 102 -81 -50 -2 -20 -30 United Kingdom............... -900 -350 -550 -306 -387 329 618 150 80 -7 126 -20 3 -34 Bank for Inti. Settlements . -178 -32 -36 -23 Other.................................. -41 -48 -96 -53 -12 -7 -37 -50 -12 -18 20 Total -2,326 -827 -1,718 -754 -1,105 -399 -88 -1,299 -659 -221 -172 -92 -15 -44 Canada 190 200 50 50 50 Latin American republics: Argentina...............6..7. -50 -90 85 -30 -39 -28 Brazil......................... -2 -2 57 72 54 25 -3 Colombia............. . .. -6 38 10 29 7 Venezuela....................... 65 -25 Other..................2..........-.3..5 -42 -17 -5' -11 -9 -13 -6 -3 -5 8 -2 13 Total 69 19 -100 -109 175 32 56 17 -41 -4 -34 -3 -3 12 Asia: Japan, -30 -157 -15 -56 Other. -28 -97 1-101 2 -93 12 3 -24 -30 -2 -12 10 -20 Total -34 -186 -113 -101 -93 12 3 -24 -86 -2 -12 10 -20 All other. -3 -5 “38, -6 -36 -7 -16 -22 — 8 -4 2 -6 Total foreign countries. -2,294 -998 -1,969 -970 -833 -392 -36 -1,322 -608 -185 -172 -86 -36 12 Inti. Monetary Fund 3 -44 4 300 150 s-225 6 177 6 18 6 29 6 16 «5 Grand total -2,294 -1,041 -1,669 -820 -833 -392 -36 -1,547 -431 -167 -143 -86 -20 17 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, 2 Includes sales of $21 million to Burma, $32 million to Lebanon, and securities. $13 million to Saudi Arabia. 3 Payment to the IMF of $259 million increase in U.S. gold subscription, 3 Payment to the IMF of $344 million increase in U.S. gold sub less gold deposits by the IMF. scription, less sale by the IMF of $300 million (see note 4). 6 Represents gold deposit by the IMF; see note 1(b) to table below. 4 IMF sold to the United States a total of $800 million of gold ($200 4. U.S. GOLD STOCK, HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES, AND RESERVE POSITION IN IMF (In millions of dollars) Gold stock 1 Con Reserve Gold stock 1 Con Reserve End of year re a T s s o s e t e r a v ts l e Total 2 Treasury cu v fo r e r r r e e ti n i b g c l n i e e s p I o M s i i n t F io n 3 End of month r a T e s s o s e t e r a v t l s e Total z Treasury v c f c o u e i r r r e t e r s i e i b g n 5 l n e p I o M s i i n F tio 3 n 1957........................ 24,832 22,857 22,781 1,975 15 015 13 319 13,259 I 299 397 1958........................ 22'540 20,582 20,534 1,958 14,876 13,356 13.258 1' 148 372 Oct............. 14,880 13,311 13,257 1,213 356 1959........................ 21,504 19,507 19,456 1,997 Nov 14’715 13,262 13,159 1 108 345 1960........................ 19,359 17,804 17,767 1,555 Dec .. .. 14,882 13 235 13,159 1 321 326 1961........................ 18,753 16,947 16,889 116 1,690 1967—Jan .. 14 196 13,202 13 157 645 349 1962........................ 17'220 16,057 15,978 99 1,064 Feb............ 13,998 13,161 13,107 480 357 Mar............. 13,855 13,184 13'107 314 357 1963........................ 16,843 15,596 15,513 212 1,035 Apr 13,906 13'234 13,109 315 357 1964....................... 16,672 15,471 15,388 432 769 13,943 13'214 13,109 363 366 June............ 14,274 13'169 13,110 738 367 1965........................ 15,450 413,806 413,733 781 4 863 July............ 14,224 13'136 13,108 719 369 1966........................ 14,882 13,235 13,159 1,321 326 Aug............. 14,605 13,075 13,008 1,162 368 1 Includes (a) gold sold to the United States by the International Mon 4 Reserve position includes, and gold stock excludes, $259 million gold etary Fund with the right of repurchase, and (b) gold deposited by the subscription to the IMF in June 1965 for a U.S, quota increase which IMF to mitigate the impact on the U.S. gold stock of foreign purchases became effective on Feb. 23, 1966- In figures published by the IMF from for the purpose of making gold subscriptions to the IMF under quota June 1965 through Jan. 1966, this gold subscription was included in the increases. For corresponding liabilities, see Table 6. U.S. gold stock and excluded from the reserve position. 2 Includes gold in Exchange Stabilization Fund, 5 For holdings of F.R. Banks only, see pp. 1592 and 1594. 3 In accordance with IMF policies the United States has the right to draw foreign currencies equivalent to its reserve position in the IMF vir Note.—See Table 18 for gold held under earmark at F.R. Banks for tually automatically if needed. Under appropriate conditions the United foreign and international accounts. Gold under earmark is not included States could draw additional amounts equal to the U.S. quota. See Table 5. in the gold stock of the United States. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 U.S. POSITION IN THE IMF 1653 5. U.S POSITION IN THE INTERNATIONAL MONETARY FUND (In millions of dollars) Transactions affecting IMF holdings of dollars IMF holdings (during period) of dollars (end of period) U.S. U.S. transactions with IMF Transactions by reserve Period oth w e i r t h c o I u M nt F ries p in o s I i M tio F n P s t u a d io b y o n s m o ll c s f a e r r i n . i s p n t s by s g N I a o M l e l e d t s F D c f r o c u a i r r w o e e r s f i e i g n n 2 n g s I i M d n o c F l i o l n a m n rs e e t D d ra o w o ll f a i n rs gs R d m o e e i l p n l n a a t r y s s c T h o an ta g l e Amount P q e U u r o . o c S f t e . a nt p ( e e r n io d d o ) f 3 1946—1957. 2,063 4 594 -45 -2,664 827 775 775 28 1,975 1958. -2 -252 271 17 792 29 1,958 1959. 1,031 2 -139 442 1,336 2,128 52 1,997 I960. -149 580 442 2,570 62 1,555 1961. 150 16 -822 521 -135 2,435 59 1,690 1962. 17 -110 719 626 3,061 74 1,064 1963. 16 -194 207 29 3,090 75 1,035 1964. 525 18 -282 5 266 3,356 81 769 1965. 435 12 -282 165 3,521 85 5 863 1966. 776 680 15 -159 1,313 4,834 94 326 1966—Aug. 282 -38 245 4,763 92 397 Sept. 35 -12 25 4,788 93 372 Oct. 31 -16 16 4,804 93 356 Nov. 12 2 -3 11 4,815 93 345 Dec. 30 19 4,834 94 326 1967—Jan.. 3 -26 -23 4,811 93 349 Feb. -10 _7 4,804 93 357 Mar. -2 -1 4,803 93 357 Apr.. 4,803 93 357 May 4 -13 -9 4,794 93 366 June 2 -3 -1 4,793 93 367 July. -3 -2 4,791 93 369 Aug. 2 1 4,792 93 368 1 Represents net IMF sales of gold to acquire U.S. dollars for use in 4 Represents a $600 million IMF gold sale to United States (1957), IMF operations. Does not include transactions in gold relating to gold less $6 million gold purchase by IMF from another member with U.S. deposit or gold investment (see Table 6). dollars (1948). 2 Represents purchases from the IMF of currencies of other members 5 Includes $259 million gold subscription to the IMF in June 1965 for for equivalent amounts of dollars. The United States has a commitment a U.S. quota increase, which became effective on Feb. 23, 1966. In figures to repay drawings within 3 to 5 years, but only to the extent that the published by the IMF from June 1965 through Jan. 1966, this gold sub holdings of dollars of the IMF exceed 75 per cent of the U.S. quota. scription was included in the U.S. gold stock and excluded from the Drawings of dollars by other countries reduce the U.S. commitment to reserve position. repay by an equivalent amount. 3 Represents the U.S. gold tranche position in the IMF (the U.S. Note.—The initial U.S. quota in the IMF was $2,750 million. The U.S. quota minus the holdings of dollars of the IMF), which is the amount quota was increased to $4,125 million in 1959 and to $5,160 million in that the United States could draw in foreign currencies virtually automati Feb. 1966. Under the Articles of Agreement, subscription payments equal cally if needed. Under appropriate conditions, the United States could to the quota have been made 25 per cent in gold and 75 per cent in dollars. draw additional amounts equal to its quota. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1654 INTL. CAPITAL TRANSACTIONS OF THE U.S. SEPTEMBER 1967 6. U. S. LIQUID LIABILITIES TO FOREIGNERS (In millions of dollars) Liabilities to foreign countries Liabilities to Inti. Liabilities to non Monetary Fund arising monetary inti, and from gold transactions regional organizations5 Official institutions3 Banks and other foreigners Non pe E o r n i f o d d Total Gold Gold S l t i h e a r b o m i r l t M U a a b r . k S le e . t c m o a n a ib b r v l k l e e e e r t t S l t i h e a r b o m i r l t M a U a b r . k l S e e . t S l t i h a e b r o m i r l t M a U a b r . k S le e . t Total po d s e i t 1 i m nv e e n s t t 2 Total i p ti o e r s t e r d e b G o o n v d t s , T U re .S as . Total i p ti o e r s t e r d e b G on o v d t s , Total i p ti o e r s t e r d e b G o o n v d t s , in b a b U n y k . S s . no an te d s 4 b a o u n n ry d d s i b n a b U n y k . S s . no an te d s 4 in b a U b n y . k S s . 6 no an te d s 4 notes 1957. 715,825 200 200 n.a. 7,917 n.a. n.a. 5,724 n.a. n.a. 542 n.a. 1958. 716,845 200 200 n.a. 8,665 n.a. n.a. 5,950 n.a. n.a. 552 n.a. 1959. 19,428 500 500 10,120 9,154 966 7,618 7,077 541 1,190 530 660 1960 8 1 /2 2 0 1 . , 9 0 9 27 4 8 8 0 0 0 0 8 8 0 0 0 0 1 1 1 1 , , 0 08 7 8 8 1 1 0 0 , , 2 2 1 1 2 2 8 8 6 7 6 6 7 7 , , 5 5 9 9 1 8 7 7 , , 0 0 4 4 8 8 5 5 4 50 3 1 1, , 5 5 4 2 1 5 7 75 5 0 0 7 79 7 1 5 122,853 800 800 11,830 10,940 890 8,275 7,759 516 1,948 703 1,245 1961 a 122,936 800 800 11,830 10,940 890 8,357 7,841 516 1,949 704 1,245 19628 ( 1 2 2 4 4 , , 0 0 6 68 8 8 8 0 00 0 8 8 0 0 0 0 1 1 2 2 , , 7 7 4 1 8 4 1 1 1 1 , , 9 9 6 9 3 7 7 7 5 51 1 8 8 , , 3 3 5 5 9 9 7 7, , 9 9 1 1 1 1 4 4 4 4 8 8 2 2 , , 1 1 6 9 1 5 1 1 , , 2 2 5 8 0 4 9 9 1 1 1 1 1963 8 (26,361 800 800 14,387 12,467 1,217 703 9,214 8,863 351 1,960 808 1,152 126,322 800 800 14,353 12,467 1,183 703 9,204 8,863 341 1,965 808 1,157 19648 .......... 1 (2 2 8 9 , , 9 0 5 0 1 2 8 8 0 0 0 0 .............. 8 8 0 0 0 0 1 1 5 5 , , 4 4 2 2 8 4 1 13 3 , , 2 2 2 2 0 4 1 1 , , 1 1 2 2 5 5 1 1 , , 0 0 7 7 9 9 1 1 1 1 , , 0 0 0 5 1 6 1 1 0 0 , , 6 6 2 8 5 0 3 3 7 7 6 6 1 1, , 7 7 2 2 2 2 8 8 1 1 8 8 9 9 0 0 4 4 1965. 29,115 834 34 800 15,372 13,066 1,105 1,201 11,478 11,006 472 1,431 679 752 1966--June.. 28,819 983 183 800 14,425 12,661 1,106 658 12,373 11,883 490 1,038 60S 433 July. . 29,511 984 184 800 14,469 13,033 853 583 12,978 12,481 497 1,080 647 433 Aug.. 29,697 1 ,003 203 800 14,264 12,905 852 507 13,391 12,870 521 1 ,039 650 389 Sept. . 29,432 1 ,011 211 800 13,799 12,515 852 432 13,608 13,121 487 1,014 625 389 Oct... 30,212 1,011 211 800 13,966 12,909 852 205 14,245 13,739 506 990 600 390 Nov. . 30,548 1,011 211 800 14,018 12,953 860 205 14,546 14,027 519 973 612 361 Dec. 8. / 29,904 1 ,011 211 800 13,600 12,484 860 256 14,387 13,859 528 906 581 325 \r29,776 1,011 211 800 13,656 12,540 860 256 '14,204 ’•13,676 528 905 580 325 1967--Jan.. . '28,956 1 ,012 212 800 '13,332 '12,144 860 328 13,657 13,129 528 955 651 304 Feb... '28,910 1 ,013 213 800 '13,349 '12,156 865 328 13,693 13,163 530 855 608 247 Mar. . '28,984 1 ,028 228 800 13,556 12,363 865 328 '13,531 '13,001 530 '869 '637 232 Apr... 29,373 1 ,030 230 800 14,100 12,871 901 328 13,381 12,852 529 862 629 233 May.. 29,582 1 ,030 230 800 14,355 13,090 917 348 13,356 12,827 529 841 607 234 June**. 29,596 1 ,033 233 800 14,069 12,778 917 374 13,705 13,167 538 789 559 230 1 Represents liability on gold deposited by the International Monetary 8 Data on the two lines shown for this date differ because of changes in Fund to mitigate the impact on the U.S. gold stock of foreign purchases reporting coverage. Figures on the first line are comparable with those for the purpose of making gold subscriptions to the IMF under quota in shown for the preceding date; figures on the second line are comparable creases. with those shown for the following date. 2 U.S. Govt, obligations at cost value and funds awaiting investment obtained from proceeds of sales of gold by the IMF to the United States Note.—Based on Treasury Dept, data and on data reported to the to acquire income-earning assets. Upon termination of investment, the Treasury Dept, by banks and brokers in the United States. Data correspond same quantity of gold can be reacquired by the IMF. to statistics following in this section, except for minor rounding differences. 3 Includes Bank for International Settlements and European Fund. Table excludes IMF “holdings of dollars,” and holdings of U.S. Treasury 4 Derived by applying reported transactions to benchmark data; letters of credit and non-negotiable, non-interest-bearing special U.S. breakdown of transactions by type of holder estimated for 1960-63. notes held by other international and regional organizations. Includes securities issued by corporations and other agencies of the U.S. The liabilities figures are used by the Dept, of Commerce in the statistics Govt, that are guaranteed by the United States. measuring the U.S. balance of international payments on the liquidity 5 Principally the International Bank for Reconstruction and Develop basis; however, the balance of payments statistics include certain adjust ment and the Inter-American Development Bank. ments to Treasury data prior to 1963 and some rounding differences, and 6 Includes difference between cost value and face value of securities in they may differ because revisions of Treasury data have been incorporated IMF gold investment account. Liabilities data reported to the Treasury at varying times. The table does not include certain nonliquid liabilities include the face value of these securities, but in this table the cost value of to foreign official institutions that enter into the calculation of the official the securities is included under “Gold investment.” The difference, which reserve transactions balance by the Dept, of Commerce. amounted to $32 million at the end of 1966, is included in this column. 7 Includes total foreign holdings of U.S. Govt, bonds and notes, for which breakdown by type of holder is not available. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 INTL. CAPITAL TRANSACTIONS OF THE U S. 1655 7. U.S LIQUID LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) End of period c f o o T u r o n e t t i a r g i l n e s E W u e ro st p e e rn 1 Canada A re m L pu e a b r ti i l c n ic a s n Asia Africa cou O n t t h ri e e r s 2 1963......................................................................................... 14,353 8,445 1,789 1,058 2,731 154 176 1964....................................................................................... 15324 9'220 1^608 1,238 3'020 160 178 1965....................................................................................... 15372 8,608 U528 1,497 3'300 194 245 1966—June......................................................................... 14,425 7,948 1,327 1,221 3,438 237 254 July............................................................................. 14,469 8,184 U288 1’159 3,380 234 224 14'264 8,008 1,221 1'153 3,411 252 219 Sept...................................................................... 13'799 7'585 1 ,215 1,049 3,459 266 225 Oct............................................................................. 13,966 7,687 1,196 1,110 3,464 282 227 Nov............................................................................ 14,018 7,758 1,212 1'101 3,430 293 224 Dec. 3....................................................................... J [ 1 1 3 3, '6 6 0 5 0 6 7 7, , 4 4 8 8 8 8 1 1 , , 1 18 8 9 9 1 1 , , 1 13 3 4 4 3 3, ^ 3 8 4 4 0 2 2 7 7 7 7 2 2 2 2 8 8 1957—Jan............................................................................... H3.332 7,236 1,186 1,139 r3,255 276 240 Feb............................................................................... rl 3'349 7,285 1,134 1,167 r3,266 255 242 Mar ......................................................................... 13356 7,'493 1J27 1'246 3^204 259 227 Apr........................................................................... 14,100 7,832 1,156 1'455 3,144 284 229 May............................................................................ 14355 8,017 1,154 1'508 3,155 284 237 June7’................................................................... 14369 8^210 909 U290 3J30 270 260 1 Includes Bank for International Settlements and European Fund. Note.—Data represent short-term liabilities to the official institutions 2 Includes countries in Oceania and Eastern Europe, and Western Euro of foreign countries, as reported by banks tn the United States, and foreign pean dependencies in Latin America. official holdings of marketable and convertible nonmarkctable U.S. Govt, J Data on the two lines shown for this date differ because of changes securities with an original maturity of more than 1 year. in reporting coverage. Figures on the first line are comparable in coverage with those shown for the preceding date; figures on the second line are comparable with those shown for the following date. 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) International and regional Foreign End of Grand Latin Other period total 1 Total 1 IntlJ gi R on e a l2 Total c O i f a f l i 3 Other Europe Canada America Asia Africa c t o ri u e n s 1963.............................. 22,877 1,547 1 ,411 136 21,330 12,467 8,863 10,770 2,988 3,137 4,001 241 194 19644........................... 25'518 1,618 1'447 171 23'900 13'220 10,680 12’236 2,984 3'563 4,687 238 192 1965.............................. 25,551 1,479 1'361 118 24,072 13,066 11'006 11 '627 2’574 4^027 5,286 280 278 1966—July................... 26,961 1,447 1,337 110 25,514 13,033 12,481 13,349 2,291 3,881 5,393 329 269 27,225 I , 450 f 344 (06 25,775 !2*905 (2,870 13,785 2 ' (64 3 817 5 405 339 264 Sept................... 27’061 1,425 1,298 127 25’636 12,515 13,121 13,534 2,191 3,800 5,481 363 267 Oct.................... 28^048 1,400 1,274 126 26,648 12,909 13,739 14,178 2,400 3,910 5'517 376 268 Nov................... 28,392 1'412 I '294 118 26^980 12^953 14,027 14,574 2'456 3,861 5'425 398 266 Dec. 5............... ! 27; 724 U381 1’270 111 26’343 12;484 13,859 14,000 2,509 3,883 5; 299 387 266 Ir27,596 1,380 i ,270 110 r26,216 12,540 rl 3,676 13,933 2,502 3,883 '5,247 385 266 1967—Jan.................... ’’26,724 1 ,451 1 ,298 153 ’’25,273 r12,144 13,129 13,204 2,358 3,918 r5,118 390 285 Feb................... ’’26'727 1'408 1,277 131 r25;319 H2J56 13'163 r13,321 2'227 3’97! r5'137 379 284 Mar.................. r26,801 ’1 ,437 l,'315 '122 r25,364 12'363 ’’13,001 13,311 2,265 4,063 r5'O89 357 278 Apr................... 27'152 1'429 1 ^311 118 25^723 12',871 12,852 13'406 2’298 4'273 5,082 389 275 May.................. 27,324 1,407 1,287 120 25,917 13,090 12,827 13'424 2'329 4,366 5'129 392 277 June7*................ 27^304 1'359 1'251 108 25'945 12'778 13,167 13'893 2,083 4,150 5,140 376 303 July*................. 27 ,’73 7 I,'409 I',296 (13 26,328 12,'821 13,507 14,141 2,274 4,131 5,161 339 283 8a. 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—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 1,367 364 283 343 160 655 114,000 196 420 305 58 1,071 2,583 129 1,410 364 283 358 162 656 113,933 196 420 305 58 1,070 2,538 129 1,410 364 283 358 162 656 1967—Jan........ 13,204 190 426 315 69 992 2,162 138 1,255 294 246 363 191 609 Feb....... '13,321 182 421 307 69 966 2,375 127 1,208 320 258 373 147 628 Mar.. . . 13,311 181 410 305 65 948 2,412 110 1,232 332 274 350 142 615 Apr..... 13,406 150 426 297 94 929 2,392 117 1,319 328 287 353 121 623 May.... 13,424 159 480 274 89 958 2,376 108 1,410 402 301 345 117 651 JuneP... 13,893 173 555 276 96 948 2,342 103 1,422 391 348 352 122 659 July?... 14,141 197 545 262 91 1,021 2,297 106 1,573 405 379 357 181 660 For notes see following two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1656 INTL. CAPITAL TRANSACTIONS OF THE U.S. SEPTEMBER 1967 8, SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 8a. Europe—Continued 8b. Latin America E p n er d i o o d f Sw la i n tz d er Turkey U K d n i o i n m t g e d Y sla u v g i o a W E O u e t r s h o te e p r r e n 6 U.S.S.R. E E O a u s t r h t o e e p r r n e Total A t r i g n e a n Brazil Chile Co b l i o a m Cuba Mexico 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—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 4,165 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. 5... 11,805 43 3,839 37 235 8 40 3,883 418 299 261 178 8 632 (1,805 43 3,817 37 234 8 40 3,883 418 299 261 178 8 632 1967—Jan........ 1,699 38 3,754 35 386 6 36 3,918 414 297 242 170 8 636 Feb....... 1,723 29 ’•3,794 37 312 6 37 3,971 412 308 247 162 9 695 Mar.... 1,686 30 3,833 36 320 3 27 4,063 459 319 248 174 9 699 Apr....... 1,700 31 3,814 34 355 4 34 4,273 524 339 258 195 9 704 May.... 1,735 25 3,531 41 386 4 30 4,366 645 331 252 158 9 762 June?... 1,783 26 3,667 33 556 5 34 4,150 581 249 249 169 8 717 July*. .. 1,714 23 3,641 27 630 4 30 4,131 603 219 233 153 8 748 8b. Latin America—Continued 8c. Asia E pe n r d i o o d f Panama Peru g U u r a u y V zu e e n l e a O L re t . h A p e . . r B B a e h rm & am ud a a s A S n N u t r i e l i l n t e h a s . m & A O L m a t e h t r i e n i r c a Total C M la h a n i i n d n a H K o on n g g India n d I e n o s i a Israel 1963................. 129 158 113 591 355 136 93 15 4,001 35 66 51 48 112 1964................. 99 206 in 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—July. . .. 144 230 180 735 541 165 117 19 5,393 36 118 125 44 119 Aug....... 145 227 166 698 537 158 117 20 5,405 36 128 134 49 106 Sept...... 149 216 156 679 510 179 115 21 5,481 36 135 151 53 115 Oct........ 148 237 156 738 521 178 121 23 5,517 36 142 151 62 108 Nov....... 152 236 161 694 517 174 108 24 5,425 36 135 167 60 102 (150 249 161 707 522 177 104 17 5,299 36 142 180 54 117 (150 249 161 707 522 177 104 17 r5,247 36 142 179 54 117 1967—Jan........ 147 239 164 750 533 192 108 19 r5,118 36 147 198 62 109 Feb....... 147 234 167 718 550 198 107 18 r5,137 36 140 206 51 113 Mar....... 152 257 168 704 563 184 107 19 r5,089 36 142 205 46 100 Apr....... 160 245 156 776 578 204 107 18 5,082 36 150 217 51 104 M ay.... 145 257 155 732 576 218 107 20 5,129 36 167 223 49 107 June?... 145 265 133 691 567 236 121 19 5,140 36 158 216 47 166 July?... 155 250 136 764 543 192 110 17 5,161 36 165 220 58 167 8c. Asia—Continued 8d, Africa 8e. 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 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 ) r M occ o o A So fr u ic th a ( U E . g A y . p R t) . A O f t r h i e c r 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—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 2,739 134 317 244 612 945 363 13 40 64 15 231 267 240 27 Oct........... 2,680 138 315 246 612 1,028 376 12 41 64 26 232 268 243 25 Nov,..... 2,624 158 288 238 611 1,007 398 14 38 73 45 229 266 242 24 / 2,691 172 286 232 598 791 387 15 32 71 39 230 266 243 22 U2,667 162 285 228 598 779 385 15 31 71 39 229 266 243 22 1967—Jan........... r2,560 171 282 235 610 708 390 13 33 61 33 250 285 262 23 Feb.......... r2,506 181 271 232 635 766 379 13 31 62 22 251 284 258 26 Mar......... ’■2,493 178 255 229 658 748 357 13 32 58 34 220 278 252 26 Apr.......... 2,448 175 267 227 655 753 389 11 30 56 26 266 275 249 25 May........ 2,449 168 268 225 663 773 392 H 32 58 18 273 277 253 24 June?.... 2^486 171 260 227 617 755 376 10 31 67 18 250 303 276 27 July’........ 2,409 190 276 227 663 749 339 13 35 63 15 214 283 254 28 1 Data exclude the “holdings of dollars” of the International Monetary follows (in millions of dollars): Total 4-50; Foreign other +50; Europe Fund. _ — 17; Canada +1; Latin America +26; Asia +49; Africa —9. 2 Latin American, Asian, African, and European regional organiza 5 Data on the two lines shown for this date differ because of changes in tions, except Bank for International Settlements and European Fund reporting coverage. Figures on the first line are comparable in coverage which are included in “Europe.” with those shown for the preceding date; figures on the second line are 3 Foreign central banks and foreign central govts, and their agencies, comparable with those shown for the following date. and Bank for International Settlements and European Fund. 6 Includes Bank for International Settlements and European Fund. 4 Includes revisions arising from changes in reporting coverage as For Note see end of Table 8, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1657 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 8L Supplementary data 7 (end of period) 1965 1966 1967 1965 1966 1967 Area or country Area or country Dec. Apr. Dec. Apr. Dec. Apr. Dec. Apr. Other Western Europe: Other Asia—Cont.: Iceland.......................................... 5.8 4.0 6.6 5.7 I raq.............................................. 12.0 27.1 17.6 Ireland Rep of.......................... 6.2 6.6 8.9 7.4 Jordan......................................... 16.0 16.0 39.7 45.2 Luxembourg................................. 21.1 28.2 25.3 21.7 Kuwait........................................ 35.5 24.6 49,2 28.6 Laos............................................. 3.2 5.7 4.6 6 5 Other Latin American republics! Lebanon...................................... 99.7 92.0 100.1 1122 Bolivia........................................... 67.4 64.4 66.9 57.9 Malaysia..................................... 25.9 31.2 38. 3 34.9 Gosta R ica.................................... 34.2 32.9 34.6 41,9 Pakistan...................................... 19.4 21.0 49.2 45 3 Dominican Republic................ 72.3 54.3 53.2 53.9 Ryukyu Islands (incl. Okinawa). 24.0 39.5 815.9 31,2 Ecuador .. ................................ 69.6 62.3 86.3 92.4 Saudi Arabia............................... 283.6 291.0 176.1 96 4 F.i Salvador................................... 67.0 78.3 68.9 96'4 Singapore.................................... 8.9 4.9 34.6 Guatemala ............................... 68.1 86.9 64.2 83.9 Syria.................... 4.0 4.8 3.4 4.7 Haiti.,.......................................... 16.3 16.7 16.3 16.8 Vietnam....................................... 39.0 123.8 132.0 146.3 Honduras................................. 31.4 43,2 26.8 28.6 Jamaica........................................ 8.6 11.5 11.7 19.3 Other Africa: Nicaragua..................................... 67.0 75.0 72.8 62.7 Algeria........................................ 7.6 13.6 11.3 Paraguay.................................... 13.8 15.0 14.9 16.6 Ethiopia, (incl. Eritrea)............. 44.1 58.9 53.5 40.2 Trinidad 8t. Tobago..................... 3.6 6.3 4.7 5.4 Ghana................................... 2.6 2.9 6.9 5 3 Liberia......................................... 17.9 19.7 21.2 21 6 Other Latin America; Libya........................................ 34.8 26.7 37.1 76 0 British West Indies...................... 11.5 8.9 14.6 14.2 Mozambique.............................. 1.6 1.7 5.0 French West Indies & French Nigeria................ 21.7 20.3 25.7 Guiana...................................... 2.2 1.5 1.3 1.7 Somali Republic......................... .8 .9 .8 .8 Southern Rhodesia..................... 3.3 3.5 2.7 3.3 Other Asia * Sudan.......................................... 3.7 3.3 3.4 6 7 Afghanistan................................... 5.6 8.0 9.5 7.8 Tunisia........................................ 1.8 1.0 1.1 1 0 Burma........................................... 49.1 34. 6 34.4 n.a. Zambia........................................ 7.2 16.1 34,7 Cambodia..................... 2.7 3.1 1.1 1.3 Ceylon....................... 2.4 3.3 3.2 2.7 All other: Iran........................................ 66.9 79.2 36.6 44.0 New Zealand.............................. 18.7 27.1 13.6 16.7 7 Represent a partial breakdown of the amounts shown in the “other” their date of issue. Data exclude the “holdings of dollars” of the Interna categories (except “Other Eastern Europe”) in Tables 8a-8e. tional Monetary Fund; for explanation see note following Tables 17 and 8 Data exclude $12 million resulting from changes in reporting cover 18. Data exclude also U.S. Treasury letters of credit and non-negotiable, age and classification. non-interest-bearing special U.S. notes held by the Inter-American De tim N e o ) t a e n ,— d -S U h .S or . t- G te o r v m t, s l e ia c b u i r l i i t t i i e e s s m ar a e t ur p i r n i g nc i i n p a n ll o y t d m e o p r o e s i t t h s a n (d e 1 m y a e n ar d fr a o n m d vel F o o p r m d e a n t t a B o a n n k lo a n n g d -t e th rm e I l n ia t b er il n it a i t e i s o , n s a e l e D T e a v b e le lo p 14 m . ent Association. 9. 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, official and international institutions1 To all other foreigners Payable End of period Total in foreign Deposits U.S. Deposits U.S. currencies Total T bi r l e ls a s a u n r d y Other 3 Total T bi r l e ls a s a u n r d y Other 3 Demand Time 2 certificates Demand Time 2 certificates 1963................................... 22,877 19,696 5 575 3 673 8,571 1,878 3,047 1,493 966 119 469 134 1964 4................................ 25 318 22,051 6,684 3,990 8,727 2,650 3'377 1'531 1,271 72 503 90 1965................................... 25'551 21,905 6,518 3,963 8369 3,155 3387 1,574 1 394 87 332 59 1966—July........................ 26,961 22,750 7,801 3,686 7,605 3,658 3,726 1,490 1,759 80 397 485 Aug........................ 27,225 23,016 8,147 3’701 7’529 3,638 3,653 1’413 1 ’765 81 394 556 Sept........................ 27’061 22315 7,840 3,846 7^363 3,566 3’839 1,531 1'803 108 397 608 Oct........................ 28,048 23'526 8’381 3,998 7,671 3,476 3,820 1'479 1,816 98 427 702 Nov.................. 28392 23,896 8,542 4 065 7'896 3,393 3,790 1 '492 1,809 89 400 705 Dec.5..................... / I r 2 2 7 7 , , 7 5 2 9 4 6 r 2 2 3 3 , , 3 2 7 6 1 4 8 8 , , 5 3 3 7 1 1 4 4 , , 0 0 0 5 0 0 7 7 , , 4 4 6 6 4 4 r 3 3 , , ' 3 3 7 76 9 3 3 ; , 7 7 4 4 4 4 1 1 , , 5 5 1 1 3 3 1 1 , , 8 8 1 1 9 9 8 8 3 3 3 3 2 2 9 9 6 5 0 8 9 8 1967—Jan.......................... r26,724 r22,499 7,663 ^3,965 7,386 3,485 3,712 1,460 1,825 80 347 514 Feb......................... r26'727 r22'445 7,573 rM6b 7,559 ••3,453 3,776 1,512 1,845 89 330 506 Mar....................... r26;801 r22'477 r7'463 3,663 7'910 '3,441 3'822 I 356 1,853 79 334 r504 Apr......................... 27'152 22'824 7,469 3,584 8'277 3,494 3,783 1 335 1,845 73 330 545 May....................... 27'324 22,980 7,656 3 450 8,253 3'621 3,824 1 3?7 1 ,'855 86 305 521 Junep..................... 27'304 22,986 7,874 3,585 7366 3,661 3'826 1 315 1'845 68 297 493 Julyf...................... 27337 23,422 8,199 3,705 7,891 3,627 3312 1380 1'871 68 294 502 1 Data exclude “holdings of dollars” of the International Monetary follows (in millions of dollars): Total 4-50; foreign banks, etc. 4-55; Fund. other foreigners 4*23; payable in foreign currencies —28. 2 Excludes negotiable time certificates of deposit, which are included s Data on the two lines shown for this date differ because of changes in in “Other.” reporting coverage. Figures on the first line are comparable in coverage 3 Principally bankers’ acceptances, commercial paper, and negotiable with those shown for the preceding date; figures on the second line are time certificates of deposit. comparable with those shown for the following date. 4 Includes revisions arising from changes in reporting coverage as Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1658 INTL. CAPITAL TRANSACTIONS OF THE U.S. SEPTEMBER 1967 10. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. GOVERNMENT BONDS AND NOTES (End of period; in millions of dollars) 1966 1967 Area and country 1965 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June1' Julyp Europe: Austria.............................. 3 3 3 3 3 3 3 3 3 3 3 3 3 3 Denmark............................. 14 13 13 13 13 13 13 13 13 12 12 12 12 12 France.......................... 7 7 7 7 7 7 7 7 7 7 7 7 7 6 Germany............. 1 1 1 1 1 1 1 1 1 1 1 1 1 i Italy............................... 1 1 1 2 2 2 2 2 2 2 2 2 9 9 Netherlands............... 6 5 5 5 5 5 5 5 5 5 5 5 4 4 Norway............................... 49 51 51 51 51 51 51 51 51 51 51 51 51 51 Spain................................... 2 2 2 2 2 2 2 2 2 2 2 2 ' 2 2 Sweden.............................. 24 24 24 24 24 24 24 24 24 24 24 24 24 24 Switzerland......................... 89 94 94 93 93 93 93 92 93 93 92 91 90 88 United Kingdom............... 553 312 330 298 321 333 348 350 353 353 355 359 364 368 Other Western Europe.... 51 50 50 50 50 50 49 49 49 50 50 50 50 50 Eastern Europe.................. 7 7 7 7 7 7 7 7 7 7 7 7 7 7 Total..................... 807 570 588 556 579 591 605 606 610 609 611 613 624 626 Canada................................... 676 689 695 693 690 698 692 692 695 695 722 719 716 717 Latin America: Latin American republics.. 6 7 7 7 7 7 8 8 8 8 7 7 6 6 Other Latin America......... 21 18 18 18 18 18 19 18 18 18 18 18 18 18 Total.......................... 27 24 23 23 24 24 25 24 24 24 24 24 24 24 Asia: Japan............................... 9 9 9 9 9 9 9 9 9 9 9 9 9 9 Other Asia.......................... 42 42 42 42 42 42 42 42 42 42 42 53 53 54 Total........................... 51 51 51 51 51 51 50 50 51 50 50 62 62 63 Africa.................................... 16 16 15 15 15 15 15 15 15 15 23 28 28 28 Other countries...................... 1 I 1 1 1 1 I 1 1 1 1 1 1 1 Total foreign countries.......... 1,577 1,350 1,373 1,339 1,358 1,379 1,388 1,388 1,395 1,395 1,430 1,446 1,455 1,458 International and regional: International.................. 679 359 314 314 314 286 250 228 187 172 172 172 172 169 Latin American regional... 74 74 74 75 75 75 75 76 60 60 60 61 57 58 Other regional................... 1 I I Total........................... 752 433 389 389 390 361 325 304 247 232 233 234 230 227 Grand total. ............. 2,329 1,783 1,762 1,728 1,748 1,740 1,713 1,692 1,642 1,627 1,663 1,680 1,685 1,685 Note.—Data represent estimated official and private holdings of mar monthly reports of securities transactions (see Table 15 for total trans ketable U,S. Govt, securities with an original maturity of more than 1 actions). year, and are based on a July 31, 1963 survey of holdings and regular 11. NONMARKETABLE U.S. TREASURY BONDS AND NOTES ISSUED TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars or dollar equivalent) Payable in dollars Payable in foreign currencies End of period Total Total Canada1 Italy2 Sweden Total Austria Belgium Germany Italy Sw la i n tz d er B.I.S. 1962....................... 251 251 200 51 1963....................... 893 163 125 13 25 730 50 30 275 200 175 1964....................... 1,440 354 329 25 1,086 50 30 679 257 70 1965....................... 1,692 484 299 160 25 1,208 101 30 602 125 257 93 1966—-Aug............. 927 512 299 188 25 415 50 30 100 125 no Sept............ 852 512 299 188 25 340 25 30 50 125 110 Oct............. 623 385 174 186 25 238 25 30 125 58 Nov............ 593 355 144 186 25 238 25 30 125 58 Dec............. 695 353 144 184 25 342 25 30 50 125 111 1967—Jan............. 767 353 144 184 25 414 25 30 101 125 133 Feb............. 767 353 144 184 25 414 25 30 101 125 133 Mar............ 766 352 144 183 25 414 25 30 101 125 133 Apr............. 766 352 144 183 25 414 25 30 101 125 133 May............ 784 349 144 180 25 434 25 151 125 133 June............ 809 349 144 180 25 460 25 151 125 159 July............ 934 349 144 180 25 585 25 276 125 159 Aug............. 1,007 347 144 178 25 660 50 326 125 159 ......... i Includes bonds issued to the Government of Canada in connection through Oct. 1966; and $144 million, Nov. 1966 through latest date. with transactions under the Columbia River treaty. Amounts outstanding 2 Bonds issued to the Government of Italy in connection with mili were $204 million, Sept. 1964 through Oct. 1965; $174 million, Nov. 1965 tary purchases in the United States. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1659 12. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) End of period G to ra ta n l d I r n e t g i i , o a n n a d l Europe Canada A L m a e t r i i n c a Asia Africa co O un th tr e ie r s 1963 ................................................................................. 5,975 1 939 638 1,742 2,493 104 58 1964................................................................................. 7’469 1 1,217 725 2(212 3(137 120 58 19641................................................................................ 7,957 * I ,’230 1,004 2,235 3(294 131 64 19652................................................................................ J 1 7 .7 .6 ,7 3 3 2 4 * 1 1, ’ 2 2 0 01 8 '5 6 9 6 3 9 2 2 ( ,2 2 9 8 3 8 3 3 , ; 3 3 5 4 8 3 1 1 3 3 9 9 6 6 7 7 1966--July..................................................................... 7,503 2 1,291 641 2,244 3,135 128 63 Aug..................................................................... 7'411 1 1,304 563 2(268 3,086 128 61 Sept...................................................................... 7'420 I 1,315 556 2(303 3(063 124 59 Oct..................................................................... 7,445 1 1,319 610 2(335 2(989 129 61 Nov..................................................................... 7'547 I 1'417 598 2,354 2,984 134 60 Dec,2................................................................... p {7 (8 ,9 1 1 9 1 1 ' ' 1 1 ( ,3 3 7 6 9 6 6 6 2 08 0 2 2 , , 4 4 9 8 3 9 3 3 , , 1 2 3 2 5 2 ' r 1 1 4 4 7 7 6 62 2 1967—Jan........................................................................ 7,760 '1,301 r597 '2,490 3,184 '128 60 Feb....................................................................... 7,755 'I '1,255 '626 '2,509 '3(171 '132 62 Mar.................................................................... r7'936 '1 '1(266 '614 '2(553 3,293 '148 62 Apr....................................................................... '8,013 * 1,279 '625 *•2(504 3(403 139 62 May ................................................................'. 8'141 1 1,308 594 2(535 3(509 132 62 June3p.................................................................. / ( 8 8 ( ,2 2 2 6 1 7 1 1 1 1 ( ,2 2 7 8 1 3 5 5 9 9 2 2 2 2 ( ,5 5 3 53 0 3 3 ( ,6 6 3 45 4 1 1 2 2 5 4 6 6 9 9 JulyP..................................................................... 8,189 * 1,240 602 2,556 3,603 116 71 12a. Europe End of period Total A tr u ia s g B iu e m l m De ar n k F la 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 ay r 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 19652.............................. 11,201 8 52 37 87 72 190 13 110 38 51 26 50 52 U.208 8 52 37 87 72 190 13 110 38 51 26 50 52 1966—July...................... 1,291 13 54 54 93 71 209 13 100 52 50 37 68 65 Aug............ 1,304 10 58 53 90 71 217 15 106 42 49 38 62 65 Sept..................... 1(315 13 60 60 92 72 225 17 105 40 5! 42 56 68 Oct.................... 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.2........... 1 (' ' 1 1 ( , 3 37 6 9 6 1 16 6 6 6 7 7 6 6 2 2 9 91 1 7 7 3 3 2 2 1 3 5 4 1 1 6 6 1 1 0 0 8 8 4 4 0 0 7 7 6 6 ' ' 4 4 1 1 6 6 7 7 7 74 4 1967—Jan....................... '1,301 19 69 42 90 60 203 15 84 36 64 '41 75 - 68 Feb................... '1,255 20 76 42 91 64 175 15 78 45 60 '38 71 77 Mar.. '1(266 19 73 44 92 66 180 14 70 44 62 '37 69 78 Apr............. 1,279 17 73 35 97 72 201 15 64 35 60 36 68 77 May..................... 1,308 18 67 34 100 65 199 17 73 34 60 34 71 72 June3?.................. 11(283 17 64 40 101 68 193 14 68 29 44 28 71 73 11)271 17 64 40 101 68 185 14 68 28 44 28 71 73 July?.................. 1,240 13 61 37 97 72 194 14 66 31 50 26 60 66 12a. Europe—Continued 12b. Latin America End of period S l w a e n r i t d z T k u ey r U K d n i o i n m t g ed Y sl u av g i o a W E O u e t r s h o t e p e r r e n U.S.S.R. E E O u a t s r h o te 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 2: 16 1,742 188 163 187 208 18 465 1964................................. 97 36 319 15 3 ♦ 20 2,212 210 145 188 319 17 630 19641............................. 111 37 310 16 20 20 2,235 203 126 176 338 17 644 19652.............................. / I 7 7 3 3 4 4 2 2 2 2 1 1 0 6 28 2 2 1 8 6 6 2 2 7 7 2 2 , ( 2 2 9 8 3 8 2 2 3 3 2 2 9 94 4 1 1 7 7 4 4 2 2 7 7 0 0 1 16 6 6 6 7 6 4 9 1966—July...................... 78 50 198 20 3. 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 1 18 2(335 181 106 150 288 16 724 Nov............ 94 45 221 19 3'7 2 17 2,354 177 109 141 294 16 724 Dec. 2................... 1 / 8 8 3 8 5 5 2 2 2 1 1 9 0 8 1 1 9 9 3 3 ' ' 7 7 2 2 1 1 6 6 2 2 ( ,4 4 9 8 3 9 1 1 9 9 3 3 1 1 1 14 4 1 1 5 5 9 9 3 3 0 0 8 8 1 1 6 6 7 76 6 7 7. 1967—Jan....................... 80 50 224 23 JJ 2 17 '2,490 185 119 152 '296 16 '794 Feb...................... 82 27 213 22 35) 2 17 '2,509 175 122 150 '288 16 '826 Mar,........... 81 37 218 22 3 1 20 '2,553 186 128 147 '276 16 '862 Apr...................... 81 47 216 23 42 1 20 '2,504 186 123 151 '251 16 '844 May..................... 84 37 267 24 32 21 2,535 179 123 152 232 16 882 June3 p.......... / 1 8 8 5 6 3 3 8 8 2 26 7 7 0 2 2 4 4 3 3 1 1 2 22 2 2 2 ( ,5 5 3 53 0 1 1 8 8 9 4 1 1 1 1 7 6 1 15 5 4 4 2 2 2 2 3 3 1 16 6 8 8 6 6 5 0 July?.................... 102 39 232 25 31 * 21 2,556 183 113 160 239 16 912 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1660 INTL. CAPITAL TRANSACTIONS OF THE U.S. SEPTEMBER 1967 12. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 12b. Latin America—Continued 12c. Asia E pe n r d i o o d f Panama Peru g U u r a u y V zu e e n l e a r O e L p t . h A u e b . r B B m a & e a h r s a A N S n e u t & i t r l h l i e . s A O L m a th t e i e n r r Total C M la h a n i i n d n a H K o o n n g g India I n n e d si o a Israel lics ica 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 3'137 2 26 22 7 44 19641..........4..9.... 108 78 168 224 65 18 21 3'294 2 28 21 7 47 19652................ /59 170 45 220 250 53 14 23 3,343 1 29 17 2 86 159 170 45 220 250 53 14 23 3,358 1 29 17 2 86 1966—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 1 30 27 6 90 Sept.... 65 175 39 212 234 57 20 17 3,063 1 28 28 6 88 Oct....... 71 204 37 224 246 55 17 16 2,989 1 30 19 5 96 Nov...... 76 197 43 222 263 56 17 18 2,984 1 31 13 5 98 184 211 45 226 272 61 18 17 3,135 1 31 16 6 98 185 213 45 226 272 61 18 17 3,222 1 31 16 6 98 1967—Jan........ 79 214 44 226 271 63 17 17 3,184 1 31 12 6 102 Feb. ... 78 226 39 220 274 62 17 17 r3,171 1 31 12 6 106 Mar,... 80 233 56 220 260 56 17 16 3,293 1 33 13 5 96 Apr....... 75 238 59 205 258 61 17 17 3,403 I 31 14 5 89 May.... 75 262 60 219 249 51 18 16 3,509 1 35 14 5 94 J69 283 63 209 252 78 17 17 3,645 1 36 17 5 88 169 283 63 207 244 78 17 17 3,634 1 36 17 5 88 July*... 64 254 63 209 242 61 17 20 3,603 1 37 13 5 78 12c. Asia—Continued 12d. Africa 12e. )thor countries End of period Japan Korea P p h in il e ip s T w a a i n T la h n a d i O A th si e a r Total C s ( h K o a n i s n g a o ) Mo co roc 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 A t l r i u a a s ot A h l e l r 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 I 2 19 42 56 58 48 10 19641....................... 2,810 21 203 9 65 82 131 1 2 20 42 67 64 48 16 19652........................ /2,751 22 231 15 82 108 139 1 2 34 43 60 67 52 15 12,768 22 230 15 82 107 139 1 2 34 43 60 67 52 15 1966—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 1 2 34 38 49 59 50 9 Oct.. ....... 2,400 24 208 16 67 123 129 1 3 37 37 51 61 51 11 Nov......... 2,389 26 211 15 72 122 134 * 2 45 30 57 60 50 10 Dec.2............ /2,'502 31 220 14 81 134 r147 I 2 50 25 '69 62 52 10 (2,588 31 220 15 81 135 r147 1 2 50 25 r69 62 52 10 1967—jan................ 2,509 33 233 23 83 151 G28 * 3 38 18 r68 60 51 9 Feb................ r2,504 34 228 26 86 137 r132 * 4 43 15 r71 62 53 8 Mar............... 2'626 38 232 30 89 131 r148 1 42 30 r73 62 53 9 Apr................ 2,732 52 245 33 84 116 139 ♦ 2 37 26 74 62 53 9 May.............. 2^841 44 249 30 83 114 132 5 34 3i 62 62 52 10 June’?.......... (2,’947 49 269 27 87 121 125 1 2 29 27 65 69 59 11 12,936 49 269 27 87 121 124 1 2 29 27 65 69 59 11 July’............. 2,904 54 288 29 81 114 116 1 2 30 26 58 71 60 11 1 Differs from data in line above because of the exclusion as of Dec. 31 for the preceding date; figures on the second line are comparable with 1964, of $58 million of short-term U.S. Govt, claims previously included; those shown for the following date. and because of the addition of $546 million of short-term claims arising from the inclusion of claims previously held but first reported as of Dec. Note.-—Short-term claims are principally the following items payable 31, 1964; and because of revision of preliminary data. on demand or with a contractual maturity of not more than 1 year: loans 2 Data on the two lines shown for this date differ because of changes in made to, and acceptances made for, foreigners; drafts drawn against reporting coverage. Figures on the first line are comparable in coverage foreigners, where collection is being made by banks and bankers for with those shown for the preceding date; figures on the second line are their own account or for account of their customers in the United States; comparable with those shown for the following date. and foreign currency balances held abroad by banks and bankers and 3 Figures on the first line are comparable in coverage with those shown their customers in the United States. Excludes foreign currencies held by U.S. monetary authorities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1661 13. 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 Loans to— Collec Accept g F o o v r t e , ig se n End of period Total Total Total O i t n i f s o f t i n i c t i s u a 1 l Banks Others s t o t i i a o n u n n g t d s f e m o o i a r g f a n n a d f c e o c e e r c r s s t , Other Total D w e e i i g p th n o e s f r i o t s r s c a n u c p n a o r a d i n m p t i c e e f l e i . r s , 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 1,150 1,135 2,621 803 624 336 187 102 1965 3............................ ( U 7 , , 7 63 3 2 4 7 7 , , 1 2 5 4 8 3 2 2 , , 9 9 6 7 7 0 2 2 7 7 1 1 1 1 , , 5 5 6 6 6 7 1 1 , , 1 1 3 3 0 2 1 1 , , 2 2 6 7 8 2 2 2 , , 5 5 0 0 1 8 4 4 2 9 2 2 4 4 7 9 4 2 3 3 2 2 5 9 5 6 4 8 9 9 5 6 1966—July................... 7,503 7,078 2,860 215 1,570 1,075 1,340 2,383 495 425 252 59 113 Aug................... 7^11 6,971 2'820 216 1,548 1,056 1,374 2,324 453 440 260 57 123 Sept................... 7,420 6'992 2,943 256 U619 1,068 1,374 2,267 409 427 241 61 125 Oct.............. 7,445 7,01! 2'970 274 1,607 1,089 1,354 2,251 436 434 253 73 108 Nov................. 7,547 7'095 3'015 273 1,619 1,123 1,363 2,276 441 452 269 77 106 (7^819 7'399 '3;138 '256 '1'739 1,143 1^67 2,450 443 420 240 70 110 Dec. 3......... U,911 7,498 '3,138 '256 '1,739 1,143 1,367 2,540 452 413 233 70 110 1967—jan.................... 7,760 '7,393 '2,995 '258 1,592 '1,145 1,370 2,575 453 367 211 73 83 Feb................... 7,755 '7,349 '2,968 '239 '1,579 '1,150 1,376 2,566 440 407 245 70 92 Mar................... r7,936 r7,517 '3^022 '252 '1,611 1,158 1,436 2,628 432 419 272 50 97 Apr................... '8^013 '7'596 '2,968 271 '1'536 1,161 1,423 '2^739 467 417 252 77 88 8,141 7,732 2^927 246 1,557 1,124 1,430 2,914 462 409 259 62 89 (8,267 7,871 2^917 253 U553 IJll 1'449 3,028 478 396 259 54 83 June 4 p........... 18,221 7,825 2,917 253 1 ,553 1,111 1,402 3,028 478 396 259 54 83 July"................. 8,189 7,778 2,868 260 1,484 1,125 1,393 3,039 478 411 276 56 78 1 Includes central banks. 3 Data on the two lines shown for this date differ because of changes in 2 Differs from data in line above because of the exclusion, as of Dec. reporting coverage. Figures on the first line are comparable in coverage 31, 1964, of $58 million of short-term U.S. Govt, claims previously in with those shown for the preceding date; figures on the second line are cluded; because of the addition of $546 million of short-term claims comparable with those shown for the following date. arising from the inclusion of claims previously held, but first reported as 4 Figures on the first line are comparable in coverage with those shown of Dec. 31, 1964; and because of revision of preliminary data. for the preceding date; figures on the second line are comparable with those shown for the following date. 14. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Liabilities Claims Type Country or area Inter End of period Total F c o t o r r i u e e i n s g n n re a g a ti i n o o d n n a a l l Total P L a o y a a n b s le in d o o A th l l l e l a r rs P f r o e a c n r y i u e c n a i r i b g e l n s e U K d n i o n i m t g ed E O u t r h o e p r e Canada A L m a e t r i i n c a Japan O A t s h i e a r t c O r o i t e u h s n e r 1 1963................. 69 28 42 3,030 2,811 217 2 38 1,063 290 1,015 249 194 181 (306 200 106 3,971 3,'777 195 ♦ 77 1,611 273 1,162 385 238 227 1964 2 1310 204 106 4,285 3,995 288 1 87 1,632 327 1,275 430 255 278 1965.. 513 203 311 4,517 4,211 297 9 86 1,518 346 1,296 445 391 436 1966--July. ... '1,076 '576 500 4,389 4,111 270 8 81 1,349 328 1,300 403 428 502 Aug..... '1,096 '599 497 4,368 4,095 265 8 78 1,328 322 1,296 393 428 523 Sept. . . . '1,112 '616 496 4,287 4,004 266 16 75 1 ,270 320 1,306 374 430 510 Oct..... '1,173 '671 502 4,247 3,969 262 16 76 1 ,225 321 1,295 355 432 543 Nov.... '1,191 '681 510 4,296 4,026 254 17 72 1,222 314 1,373 339 421 555 Dec...... '1,492 '986 506 4,180 3,915 247 18 70 '1,155 314 1,346 326 408 '562 1967--Jan........ '1,561 '1,053 508 4,073 '3,817 240 16 72 '1,129 '287 '1,318 312 391 '565 Feb....... '1,661 '1,117 545 '4,026 '3,783 227 '16 72 '1,105 '265 '1,314 '304 391 '575 Mar.... '1,868 '1,293 '576 '4,027 '3,779 232 16 68 '1,079 '310 '1,312 287 377 '593 Apr....... '1,991 1,415 '576 '4,020 '3,771 233 16 69 1,063 '319 '1,309 278 380 602 May.... 2,043 1,451 592 3,995 3,746 232 17 65 1,036 317 1,309 263 384 621 JuneP... 2,493 1,893 600 3,846 3,593 237 17 40 951 326 1,345 195 380 610 Julyp. .. 2,462 1,857 604 3,827 3,578 232 17 48 967 343 1,393 185 390 500 1 Includes Africa. with those shown for the preceding date; figures on the second line are 2 Data on the two lines shown for this date differ because of changes in comparable with those shown for the following date. reporting coverage. Figures on the first line are comparable in coverage Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1662 INTL. CAPITAL TRANSACTIONS OF THE U.S. SEPTEMBER 1967 15. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) Marketable U.S. G ovt. bonds and notes * U.S. corporate Foreign bonds Foreign stocks securities 2 Net purchases or sales Period Pur Net pur Pur Net pur Pur Net pur Total I a n n t d i, Foreign chases Sales cha sa se le s s or chases Sales cha sa se le s s or chases Sales cha sa se le s s or regional Total Official Other 1963............................. 671 369 2,980 2,773 207 991 2,086 -1,095 696 644 51 1964............................. -338 -23 -59 36 3,537 3,710 -173 915 1,843 -928 748 548 200 1965............................. -76 75 -20 95 4,395 4,770 -375 1,198 2,440 -1,242 906 617 290 1966............................. -616 -189 -245 56 6,318 5,616 703 1,778 ’■2,692 ••-914 960 229 1966—July.................. -246 -246 -253 7 428 439 -11 135 248 -113 39 30 Aug.................. -21 -44 23 -1 24 379 381 -2 90 69 21 65 11 Sept.................. -34 * -35 -35 502 378 124 99 194 -95 42 44 Oct................... 20 * 20 20 383 347 36 293 351 -59 37 32 Nov............. -7 -28 21 7 13 433 400 33 116 187 -71 41 17 Dec.................. -27 -36 9 9 563 542 21 152 151 53 31 1967—Jan............. -21 -21 527 44 112 265 -153 71 63 8 Feb................. -50 -57 7 2 557 23 98 168 -70 66 r55 ’•11 Mar................. -15 -14 -1 775 718 57 215 265 -51 r75 65 ’ll Apr.................. 35 * 35 700 563 137 154 259 -105 67 53 15 May................. 17 1 16 902 757 145 127 167 -39 68 65 3 June*5............... 5 -3 9 12 926 821 105 247 309 -62 71 95 -24 July?. .............. -3 3 3 929 709 220 145 282 -137 58 65 -7 1 Excludes nonmarketable U.S. Treasury bonds and notes issued to Note.—Statistics include transactions of international and regional official institutions of foreign countries; see Table 11. organizations. 2 Includes State and local govt, securities, and securities of U.S. Govt, agencies and corporations that are not guaranteed by the United States. 16. 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 l z a w e n r i d t U K d n o i i n m 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 i m a c t a e in r Asia Africa O c t o r t i u h e n e s r reg I a n i n o t d i n , al 1963.............. 207 198 9 -8 — 14 206 16 199 -47 14 17 C1) 21 22 1964............. -173 -349 176 -37 -200 -4 14 -228 3 25 10 -1 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 I 4 251 1966—July.. -11 -26 15 2 19 -92 26 -44 10 6 -8 -1 * 26 Aug.. -2 -16 14 2 -3 -24 -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 * 1 2 Dec... 21 -115 136 1 -32 6 ♦ -24 33 6 2 * * 4 1967—Jan.. . 44 -6 50 1 19 -19 -4 -2 33 3 9 -1 2 Feb... 23 -28 50 7 4 -16 16 11 4 4 1 * 3 Mar. . 57 -8 65 10 5 12 18 45 9 8 * -5 Apr... 137 66 71 8 34 -3 13 51 8 5 * 1 72 May.. 145 5 141 9 20 67 29 126 10 -4 3 10 -1 ♦ June? 105 64 41 6 21 8 3 37 63 5 -2 1 July?. 220 87 133 59 61 9 27 157 28 3 6 24 1 2 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. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1663 17. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM 18. DEPOSITS, U.S. GOVT. SECURITIES, AND FOREIGN SECURITIES, BY AREA GOLD HELD AT F.R. BANKS FOR FOREIGNERS (In millions of dollars) (In millions of dollars) Period Total g I a i r n o n e t n d i, a l c T e o f o i o u g t r a n n l r E o u p e C ad an a A L i a m c t a i e n r Asia r A ic f a O c t o r t i u h e n e s r E pe n r d i o o d f Deposits U.S. A G ss o e v ts t , i n c E us a t r o m d a y rked tries securities1 gold 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. *■-685 -171 *•-514 214 *■-726 -9 -7 16 -2 1966—Aug... 170 7,042 13,066 1966—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 Oct.. -27 -20 -7 -6 -36 17 10 8 1 Dec... 174 7,036 12,946 Nov. -54 6 -60 * -50 -4 -8 2 Dec. 32 2 30 20 17 -12 -10 * 15 1967—Jan.... 148 7,141 12,961 Feb... 145 7,334 12,984 1967—Jan.. . -145 -52 -93 13 -80 2 -8 1 -21 Mar... 131 7,547 12,972 Feb... *•-59 6 *■-66 *■-8 -62 6 -3 1 Apr... 123 7,912 12,975 Mar.. *-40 -87 *47 25 -50 *29 27 6 11 May.. 193 7,799 12,972 Apr... -90 -94 4 5 1 13 -5 -12 I June.. 147 7,667 12,977 May.. -37 -1 -36 11 -21 -23 -6 1 2 July... 117 7,665 12,976 JuneP, -86 -9 -77 22 -45 5 -49 -10 Aug... 144 7,535 12,993 JulyP. -144 -14 -130 27 -84 3 -59 1 -18 — 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. Notes to Tables 3-21 Note.—The tables in this section (Nos. 3-21) provide Data on short-term liabilities to foreigners shown in data on U.S. reserve assets and liabilities and other sta Tables 8 and 9 (formerly Tables 1 and 2) were revised to tistics related to the U.S. balance of payments; see Table exclude the holdings of dollars by the IMF derived from 1. A number of changes were introduced in the May 1967 payments of the U.S. subscription and from the exchange issue of the Bulletin to increase the usefulness of this transactions and other operations of the IMF. (Liabilities section. representing the “gold investment” of the IMF continue At that time the table showing the U.S. gold stock and to be included.) This change in the treatment of the holdings of convertible foreign currencies (now Table 4) “holdings of dollars” of the IMF is related to the revision was revised to include in the reserve assets of the United of the table on U.S. monetary reserve assets (Table 4) to States its reserve position in the International Monetary include the U.S. reserve position in the IMF. The “hold Fund. In accordance with IMF policies, the United ings of dollars” of the IMF do not represent liabilities to States has the right to draw foreign currencies equivalent foreigners in the same sense as do other reported liabili to this amount virtually automatically if needed. (Under ties to foreigners. They arc more accurately viewed as appropriate conditions the United States could draw contingent liabilities, since they represent essentially the additional amounts equal to the U.S. quota of $5,160 amount of dollars available for drawings from the IMF million.) This presentation corresponds to the treatment by other member countries. Changes in these holdings of U.S. monetary reserves in the U.S. balance of pay (arising from U.S. drawings and repayments of foreign ments. currencies, from drawings and repayments of dollars Table 5 shows the factors that affect the U.S. position by other countries, and from other dollar operations of in the IMF. the IMF) give rise to equal and opposite changes in the Table 6 brings together the various statistical compo U.S. gold tranche position in the IMF. In the absence of nents of the liabilities that enter into the U.S. balance of U.S. lending to the IMF, the gold tranche position is payments calculated on the liquidity basis. The inclu equal to the U.S. reserve position in the IMF. Since the sion of the U.S. reserve position in the IMF in Table 4 reserve position is included in U.S. reserve assets, it is requires that the “holdings of dollars” of the IMF be necessary, in order to avoid double-counting, to exclude excluded from the data on liabilities to foreigners, in the “holdings of dollars” of the IMF from U.S. liabilities order to avoid double counting. For further explanation to foreigners. The revised presentation conforms to the of this change in the liabilities statistics, see next to last treatment of these items in the U.S. balance of payments paragraph. and the international investment position of the United Table 7 (formerly Table 1), presenting an area break States. down of U.S. liquid liabilities to official institutions of Table 10 shows estimated foreign holdings of market foreign countries, was revised to include holdings of able U.S. Govt, bonds and notes. convertible nonmarketable U.S. Govt, securities with an original maturity of more than 1 year. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1664 INTL. CAPITAL TRANSACTIONS OF THE U.S. SEPTEMBER 1967 19. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (End of period; in millions of dollars) Liabilities to foreigners Claims on foreigners Area and country 1966 1967 1966 1967 Mar. June Sept. Dec, Mar?’ Mar. June Sept. Dec. Mar.p Europe: Austria.................................................... 2 3 3 2 2 8 7 7 8 8 Belgium................................................... 30 32 30 32 34 46 45 42 53 63 Denmark................................................. 1 2 2 3 5 8 8 10 14 11 Finland.................................................... 1 1 1 1 6 6 4 4 4 France..................................................... 45 48 57 62 61 97 94 102 110 122 Germany, Fed. Rep. of....................... 60 no '81 78 81 118 98 120 127 122 Greece..................................................... 3 3 2 2 2 11 18 15 15 17 Italy......................................................... 23 27 52 54 62 118 111 107 101 98 Netherlands............................................ 54 65 67 68 80 48 42 42 48 45 Norway................................................... 2 2 2 2 2 8 7 9 8 7 Portugal......... .................. 7 6 6 9 7 9 8 6 7 6 Spain....................................................... 21 23 25 27 30 56 63 51 61 76 Sweden.................................................... 12 12 14 17 19 28 30 27 36 18 Switzerland............................................. 45 61 58 58 47 20 20 22 18 26 Turkey..................................................... 4 4 4 2 2 10 6 6 6 7 United Kingdom................................... 139 '141 '201 '208 234 440 492 599 576 640 Yugoslavia............................................. 1 1 2 I 1 2 2 4 4 4 Other Western Europe......................... 4 2 3 4 5 9 9 9 11 12 Eastern Europe................................ 1 1 1 1 I 3 6 3 2 3 Total.............................................. 454 ’’502 '611 '631 675 1,047 1,070 1,185 1,209 1,290 Canada....................................................... 120 117 138 146 173 566 550 509 489 482 Latin America: Argentina........................................... 6 5 6 6 3 34 '35 '37 39 39 Brazil...................................................... 11 11 9 10 11 80 78 73 '65 61 Chile....................................................... 5 4 3 4 5 31 31 31 32 30 Colombia.............................................. 8 7 5 7 5 21 22 21 25 24 Cuba....................................................... 3 3 3 3 2 Mexico.................................................... 9 10 10 11 16 74 79 78 95 96 Panama................................................... 9 4 9 10 4 11 13 12 12 11 Peru.................................................... 7 5 6 7 6 30 28 28 31 31 Uruguay................................................. 2 1 1 1 7 5 6 7 7 Venezuela............................................... 27 26 25 36 38 52 49 49 62 56 Other L.A. republics............................. 11 12 18 20 15 56 55 59 63 65 Bahamas and Bermuda......................... 2 I 2 3 7 12 8 11 18 12 Neth. Antilles & Surinam..................... 7 9 7 7 6 4 3 4 4 5 Other Latin America............................. 1 2 2 I 1 9 9 11 10 9 Total. ........................ 105 98 104 124 118 424 '418 '422 '466 448 Asia: Hong Kong............................................ 2 2 2 3 4 5 7 6 7 7 India...................................................... 25 20 17 17 13 35 29 32 34 33 Indonesia................................................ MO 40 '2 2 2 3 3 3 7 5 Israel....................................................... 1 2 2 2 5 4 5 5 5 Japan..................................................... 27 27 23 27 30 172 155 146 164 163 Korea...................................................... 1 2 4 3 2 6 4 5 5 7 Philippines........................................... 7 7 7 7 6 16 18 17 17 17 Taiwan.............................................. 5 6 7 4 5 6 4 5 7 12 Thailand................................... 1 1 4 4 8 9 11 11 10 Other Asia............................................. ■■34 '38 ■•35 31 41 76 76 69 75 88 Total............................................... 112 116 101 100 107 331 309 299 331 346 Africa: Congo (Kinshasa)................................. 1 * 1 I 1 2 1 2 2 2 South Africa........................................... 11 11 10 17 5 18 18 17 24 16 U.A.R. (Egypt)...................................... 1 2 2 1 2 11 17 11 11 9 Other Africa........................................... 9 9 7 6 7 27 30 30 32 35 Total............................................... 22 22 19 24 15 58 66 59 69 62 Other countries: Australia............................................. 31 35 51 58 52 40 45 57 58 54 All other................................................. 4 5 4 6 6 7 10 7 8 8 Total............................................... 35 40 55 64 58 47 55 63 66 61 International and regional........................ * * * * * * 1 1 * * Grand total.................................... 849 '894 '1,028 '1,089 1,146 2,473 '2,469 '2,539 '2,631 2,690 Note.—Reported by exporters, importers, and industrial and com- Data exclude claims held through U.S. banks, and intercompany accounts mercial concerns and other nonbanking institutions in the United States. between U.S. companies and their foreign affiliates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 INTL. CAPITAL TRANSACTIONS OF THE U.S. 1665 20. 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 Total P d a o y l i l n a a b r l s e P fo a r y i e n a i b g l n e Total P d a o y i l n l a a b r l s e Deposits with currencies banks abroad Other in reporter’s name 1963—Mar................................................................................... 614 470 144 2.113 1,712 201 200 Mar, i.............................................................................. 616 472 144 2,162 11758 204 200 June.................................................................................. 674 529 146 2'282 11877 222 183 Sept.................................................................................. 691 552 139 2'257 1,830 225 202 Dec.................................................................................... 626 478 148 2 J31 11739 201 191 Dec. 2............................................................................. 626 479 148 2,188 11778 199 211 1964—Mar................................................................................... 631 475 156 2,407 1,887 239 282 June.................................................................................. 622 471 151 2'482 2,000 220 262 June 3............................................................................... 585 441 144 2’430 1,952 219 260 Sept................................................................................... 650 498 152 2'719 2,168 249 302 Dec.................................................................................... 695 553 141 2,776 2,306 189 281 Dec.4................................................................................ 700 556 144 2’853 21338 205 310 1965—Mar................................................................................... 695 531 165 2,612 2,147 189 277 June.................................................................................. 740 568 172 21411 1,966 198 248 Sept................................................................................... 779 585 195 2,406 11949 190 267 Dec.................................................................................... 807 600 207 21397 2,000 167 229 Dec.4................................................................................. 810 600 210 2^299 11911 166 222 1966—Mar................................................................................... 849 614 235 2,473 2,033 211 229 June................................................................................. ’’894 '657 237 '21469 '2,063 191 215 Sept................................................................................... ’’1,028 '785 243 '2,539 '2,146 166 227 Dec.................................................................................... rl,O89 '827 262 '21631 '21227 167 236 1967—Mar.**............................................................................... 1,146 858 289 2,690 2,246 192 251 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 Dec. in line above because of changes viously held but not reported, in reporting coverage. 3 Includes reports from firms having $500,000 or more of liabilities or 21. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (In millions of dollars) Claims End of period Total Country or area liabilities Total K U in n g i d te o d m E O u t r h o e p r e Canada Brazil Mexico 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 1964—Mar........................ 143 761 30 85 58 64 74 158 89 94 96 13 June1..................... 140 815 68 92 64 67 78 145 94 99 94 14 Sept........................ 112 832 64 102 90 68 74 142 90 96 93 13 Dec........................ 107 962 51 109 95 215 72 135 89 95 88 14 Dec. 2..................... 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. 2..................... 147 1,139 31 112 236 209 65 198 98 87 85 18 1966—Mar........................ 176 1,156 27 124 239 208 61 206 98 87 87 19 June....................... '188 1'207 27 167 251 205 61 217 90 90 86 14 Sept........................ '249 1'235 23 174 267 202 64 207 102 91 90 14 Dec......................... '326 1'256 27 198 272 203 56 212 95 93 87 13 1967—Mar. p..................... 449 1,323 31 233 283 203 57 210 108 98 84 17 1 As a result of an increase in the exemption level from $100,000 to 2 Data differ from that shown for Dec. in line above because of changes $500,000, data exclude $3 million of liabilities and $3 million of claims in reporting coverage. held by firms previously reporting but now exempt. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1666 GOLD RESERVES SEPTEMBER 1967 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti Inti. Esti E pe n r d io o d f m to a t t a e l d M ta o r n y e U S n ta i t t e e s d r m es a t t e o d f A i f s g t h a a n n A t r i g n e a n t A ra u l s ia A tr u ia s g B iu e m l Brazil Burma Canada Chile world1 Fund world 1960. 40,540 2,439 17,804 20,295 n.a. 104 147 293 1,170 287 885 45 1961 . 41,120 2,077 16,947 22,095 36 190 162 303 1,248 285 946 48 1962. 41,475 2,194 16,057 23,225 36 61 190 454 1,365 225 42 708 43 1963. 42,305 2,312 15,596 24,395 36 78 208 536 1,371 150 42 817 43 1964. 43,015 2,179 15,471 25,365 36 71 226 600 1,451 92 84 1,026 43 1965. 243,225 31,869 13,806 27,280 35 66 223 700 1,558 63 84 1,151 44 1966—July......... 2,586 13,413 35 67 224 700 1,532 45 84 986 45 Aug......... 2,645 13,319 35 70 226 700 1,529 45 84 997 45 Sept......... 43,230 2,645 13,356 27,230 35 74 225 701 1,527 45 84 1,009 45 Oct................. 2,645 13,311 35 77 226 701 1,524 45 84 1,021 45 Nov............... 2,648 13,262 35 80 225 701 1,524 45 84 1,034 44 Dec................ 43,180 2,652 13,235 27,295 35 84 224 701 1,525 45 84 1,046 45 1967-—Jan.......... 2,659 13,202 35 84 227 701 1,524 45 84 1,056 45 Feb................ 2,661 13,161 35 84 227 701 1,523 45 84 1,070 45 Mar............... 43,115 2,652 13,184 27,280 35 84 228 701 1,524 45 84 1,084 46 Apr................ 2,657 13,234 35 84 228 701 1,525 45 84 1,042 46 Mav.............. 2,658 13,214 35 84 228 701 1,524 45 84 1,053 47 >’42,975 2,669 13,169 ^27,135 35 84 229 701 1,522 84 1,066 47 July............... 2,674 13,136 35 229 701 1 ,520 84 1,074 47 Ger E pe n r d i o o d f lo C m o b ia D m e ar 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 3,729 4,248 77 247 141 112 56 2,107 304 1965, 35 97 84 4,706 4,410 78 281 146 110 56 2,404 328 1966-July................ 24 108 55 5,117 4,302 112 243 132 106 46 2,362 Aug................ 25 108 55 5,209 4,297 112 243 131 106 46 2,358 Sept .............. 25 108 55 5,241 4,295 116 243 131 106 46 2,356 329 Oct. . .... 25 108 54 5,236 4,289 116 243 131 106 46 2,351 Nov............... 26 108 51 5,237 4,290 119 243 131 106 46 2,382 Dec................ 26 108 45 5,238 4,292 120 243 130 106 46 2,414 329 1967-—Jan................. 27 108 45 5,236 4,290 120 243 130 106 46 2,412 Feb... . . 28 108 45 5,235 4,289 120 243 130 106 46 2,411 Mar............... 28 108 48 5,240 4,294 123 243 145 106 46 2,416 330 28 108 48 5,241 4,296 127 243 145 106 46 2,417 TVfav................... 29 108 48 5,241 4,294 132 243 145 106 2,416 29 108 47 5,235 4,292 149 243 145 94 2,412 July............... 108 47 5,233 4,285 150 243 145 94 2,406 E pe n r d i o o d f Kuwait a L n e o b n Libya M c e o xi Mo co roc N l e an th d e s r Nigeria N w o ay r P s a ta k n i Peru P p h in il e i s p Po g r a t l u A S r a a u b d i i a 1960. n.a. 119 137 29 1,451 30 52 42 15 552 18 1961. 43 140 112 29 1,581 20 30 53 47 27 443 65 1962. 49 172 3 95 29 1,581 20 30 53 47 41 471 78 1963. 48 172 7 139 29 1,601 20 31 53 57 28 497 78 1964. 48 183 17 169 34 1,688 20 31 53 67 23 523 78 1965. 52 182 68 158 21 1,756 20 31 53 67 38 576 73 1966-July. 62 193 68 140 21 1,730 20 18 53 65 47 612 69 Aug. 62 193 68 138 21 1,730 20 18 53 65 48 626 69 Sept. 62 193 68 136 21 1,730 20 18 53 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 1967--Jan.. 71 193 68 116 21 1,730 20 18 53 65 45 646 69 Feb. 71 193 68 114 21 1,731 20 18 53 65 47 647 69 Mar 73 193 68 112 21 1,731 20 18 53 55 47 650 69 Apr. 73 193 68 120 21 1,731 20 18 53 55 49 651 69 May 73 68 21 1,731 20 18 53 45 51 654 69 June 89 68 21 1,731 20 18 53 30 53 661 69 July. 89 68 21 1,731 20 18 53 25 54 69 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 GOLD RESERVES AND PRODUCTION 1667 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E p n er d i o o d f A So fr u i t c h a Spain Sweden Sw la i n tz d er Taiwan T la h n a d i Turkey ( U E . g A y . p R t) . U K d n i o n i m t g ed g U u 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 i l . e ments 4 1960. 178 178 170 2,185 41 104 134 174 2,800 180 401 4 -19 1961 298 316 180 2,560 43 104 139 174 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--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 66 92 102 93 146 401 21 -274 Feb.................... 581 784 203 2,678 66 92 97 93 146 401 21 -289 Mar................... 540 784 203 2,679 74 92 97 93 1,677 146 401 21 -15 Apr.................... 519 784 203 2,643 74 92 97 93 146 401 22 37 May.................. 482 784 203 2,619 74 92 97 93 146 401 '22 -87 June.................. 468 784 203 2,831 81 92 96 93 1,708 146 401 22 -266 July................... 493 .............. 203 2,844 92 96 93 .............. 401 .......-.2...7..1. 1 Includes reported or estimated gold holdings of international and those matched by gold mitigation deposits with the United States and regional organizations, central banks 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 5 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 Congo tion 1 A So fr u ic th a R de h s o ia Ghana s ( h K a i s n a ) U S n ta i t t e e s d C a a d n a M ic e o x r N ag ic u a a Co b l i o a m India P p h in il e ip s t A ra u 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................................... 1’405.0 1,018.9 20.1 30.3 6.6 51.4 133.0 7.4 7.9 12.8 5.2 14. 9 33.7 62.8 1965.................................. 1’440.0 1 ,'069.4 19.0 26.4 '3.2 58.6 125.6 7.6 6.9 11.2 4.6 15.3 30.7 r61.5 1966................................... M45.0 1,080,8 19.3 24.0 5.6 63.1 114.6 7.5 7.0 9.8 4.2 15.6 32 0 61.5 1966-—J une....................... 89.3 2.0 2 1.3 9.2 .9 .8 .3 1.2 3.3 July........................ 89.4 2.1 9.3 .5 .8 .4 2.6 Aug........................ 90.1 2.0 9.2 .8 .8 .4 2.9 Sept,. ............... 91.7 9.2 .6 .8 .3 24.6 2.4 Oct........................ 89.7 9.1 .5 .9 .4 2.5 Nov................... 90.8 8.7 .6 .8 .3 2.4 Dec........................ 87.7 9.6 .4 .7 3 24 0 2.7 1967--Jan......................... 89.5 8.7 .6 .9 Feb......................... 87.8 8.9 .6 .8 Mar.. .................... 89.5 9.1 .5 Apr........................ 89.1 8.9 .8 May....................... 91.2 8.9 June....................... 89.1 i Estimated; excludes U.S.S.R., other Eastern European countries, Note.—Estimated world production based on report of the U.S. China Mainland, and North Korea, Bureau of Mines. Country data based on reports from individual 2 Quarterly data. countries and Bureau of Mines. Data for the United States are from the Bureau of the Mint. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1668 MONEY RATES SEPTEMBER 1967 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months Aug. 31, 1966 Rate Country 1966 1967 as of Aug. 31 Per Month 1967 cent effective Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Argentina................. 6.0 Dec. 1957 6 0 Austria............................ 4.5 June 1963 4.25 425 Belgium................................. 5.25 June 1966 5.0 4.75 4.5 45 Brazil................................... 12.0 Jan. 1965 12*0 Burma................................... 4.0 Feb 1962 4 0 Canada '............................... 5.25 Mar. 1966 5.0 4.5 4 5 Ceylon................................... 5.0 May 1965 50 Chile 2................................... 15.84 July 1966 15*84 Colombia.............................. 8.0 8 0 Costa Rica................ 3.0 Apr. 1939 30 Denmark.............................. 6.5 6 5 Ecuador................................. 5.0 Nov. 1956 5 0 El Salvador........................... 4.0 4*0 Finland.................................. 7.0 Apr. 1962 70 France................................... 3.5 Apr, 1965 35 Germany, Fed. Rep, of..... 5.0 May 1966 4.5 4.0 3.5 3.0 3 0 Ghana..'.............................. 7.0 Jan. 1966 6.0 6 0 Greece................................... 5.5 Jan 1963 4.5 4* 5 Honduras 3............... 3.0 Jan. 1962 3 0 Iceland................................... 9.0 Jan. 1966 90 India...................................... 6.0 Feb. 1965 6 0 Indonesia............................... 9.0 Aug. 1963 9 0 Iran........................................ 5.0 Aug. 1966 5.0 Ireland................................... 6.94 7.00 6.81 6.87 6.50 6.25 5 88 5.56 5.44 5.50 r5.56 r5.56 Israel. 6,0 Feb. 1955 6 0 Italy..................... 3.5 June 1958 3 5 Jamaica................................ 5.5 July 1966 5.0 5 0 Japan..................................... 5.48 5.48 Korea..................................... 28.0 Dec. 1965 28 0 Mexico...................... 4.5 4 5 Netherlands........................... 5.0 May 1966 4.5 4 5 New Zealand......................... 7.0 Mar. 1961 7’6 Nicaragua............................. 6.0 Apr. 1954 6 0 Norway................................. 3.5 Feb 1955 3 5 Pakistan................................. 5.0 5 0 Peru....................................... 9.5 Nov. 1959 9 5 Philippine Republic ............. 4.75 Jan. 1966 6.0 6,0 Portugal................................. 2.5 Sept. 1965 2.5 South Africa.................. 6.0 July 1966 6.0 Spain..................................... 4.0 June 1961 4 0 Sweden................................. 6.0 5.5 5.0 5 0 Switzerland........................... 3.5 July 1966 3.0 3 0 Taiwan 4............................... 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 7.5 United Arab Rep. (Egypt).. 5.0 May 1962 5 0 United Kingdom.......... 7.0 July 1966 6.5 6.0 5.5 5.5 Venezuela.............................. 4.5 Dec. I960 4.5 1 On June 24, 1962, the bank rate on advances to chartered banks Brazil—8 per cent for secured paper and 4 per cent for certain agricultural was fixed at 6 per cent. Rates on loans to money market dealers will paper; continue to be ,25 of 1 per cent above latest weekly Treasury bill tender Colombia—5 per cent for warehouse receipts covering approved lists of average rate, but will not be more than the bank rate. products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at for rediscounts in excess of an individual bank’s quota; the average rate charged by banks in the previous half year. Old redis Costa Rica—5 per cent for paper related to commercial transactions counts remain subject to old rates provided their amount is reduced by (rate shown is for agricultural and industrial paper); one-eighth each month beginning with May 1, 1959, but the rates are Ecuador—6 per cent for bank acceptances for commercial purposes; raised by 1.5 per cent for each month in which the reduction does not Indonesia—various rates depending on type of paper, collateral, com occur. modity involved, etc.; 3 Rate shown is for advances only. Japan—penalty rates (exceeding the basic rate shown) for borrowings ■* Rate shown is for call Joans, from the central bank in excess of an individual bank’s quota; Peru—8 per cent for agricultural? industrial, and mining paper; Note.—Rates shown are mainly those at which the central bank either Philippines—3 per cent for financing the proauction, importation, and dis discounts or makes advances against eligible commercial paper and/or tribution of rice and corn and 4.75 per cent for credits to enterprises en govt, securities for commercial banks or brokers. For countries with gaged in export activities. Preferential rates are also granted on credits to more than one rate applicable to such discounts or advances, the rate rural banks; and shown is the one at which it is understood the central bank transacts Venezuela—4 per cent for rediscounts of certain agricultural paper and the largest proportion of its credit operations. Other rates for some for advances against govt, bonds or gold and 5 per cent on advances of these countries follow: against securities of Venezuelan companies. Argentina—3 and 5 per cent for certain rural and industrial paper, de pending on type of transaction; Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
SEPTEMBER 1967 MONEY RATES; ARBITRAGE 1669 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Fe G d e . r R m e a p n . y o , f Netherlands Sw la i n tz d er Month 3 T m r b e o i a l n s ls t u , h r s y i D m a o d y n a - y e t y o 2 3 B a a m a c n n c o c k e n e p e s t r t h , s s ’ T 3 r m b e i a o l s l n s u t , h r y s D m a d o y a n - y e t o y a B d ll e o a p w n o o k n a s e n i r t c s s e ’ D m a o d y n a - e y t y o 3 T 6 r d b e 0 a i a y - l s l 9 s s u 0 , 4 r y D m a o d y n a - e y t y o s 3 T r m b e i a o l s l n s u t , h ry s D m a d o y a n - y e t o y d P is r r c i a v o t a e u 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—July............ 5.07 5.01 6,56 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 5.06 3.75 5.00 4.78 5.04 4.25 Mar 4.26 4.24 6.18 5.72 5.30 4.26 5.02 3.75 4.00 4.64 4.57 4.25 Apr............. 4.00 3.90 5.69 5.39 4.98 4.00 5.03 3.75 4.19 4.47 4.25 4.25 May............ 4.14 4.12 5.47 5.23 4.55 3.56 4.79 3.00 3.00 4.56 4.36 4.25 June........... 4.34 4.27 5.44 5.27 4.54 3.50 4.29 2.75 3.63 4.56 4.38 4.25 July............ 4.27 3.68 5.47 5.34 4.51 3.50 4.54 4.38 4.13 i Based on average yield of weekly tenders during month. s 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 United P ( re + m ) i o u r m inc N en e t t i ve Canada d ( i + sc ) o u o n r t i . nc N en e t t i . ve Kingdom Spread discount (favor Spread (-) on (favor q ( u a b o U d a t s j . a . S i t s i . t ) o o n U St n a i t t e e s d L ( o f n a o d v f o o r n ) f ( p o - o rw ) u n a o r d n d Lon o d f o n) C q a u A n i o n a s t e d d a qu A b o U d a t j . a s . S i t . s t i o o n U St n a i t t e e s d C ( a f n a o v a f o d r a ) C f d o a o n rw l a l d a a r i r a s d n Can o a f d a) 1967 Apr. 7........ 5.44 3,88 1.56 -.89 + .67 .05 3.96 3.88 + .08 + .17 + .25 * 14.............. 5,30 3.86 1.44 - .89 + .55 3.95 3.86 3.86 ’ .00 -.10 -.10 21.............. 5.28 3.75 1,53 -.89 + .64 3.95 3.86 3.75 + .11 -.04 + .07 28.............. 5.30 3.68 1.62 — .99 + .63 4.00 3.91 3.68 + .23 -.13 + .10 May 5.............. 5.12 3.65 1 .47 -.81 + .66 4.02 3.93 3,65 + .28 -.17 + .11 12.............. 5.09 3.63 1.46 -.78 + .68 4.10 4.02 3.63 + .39 -.17 + .22 19.............. 5.09 3.52 1.57 - .70 + .87 4.16 4.06 3.52 + .54 -.09 + .45 26.............. 5.13 3,45 1.68 -.69 + .99 4.21 4.11 3.45 + .66 -.15 + .51 June 2........ 5.12 3.37 1.75 -.70 + 1.05 4.24 4.14 3.37 + .77 -.28 + .49 9.............. 5.12 3.40 1.72 - .45 + 1.27 4. 33 4.23 3.40 + .83 -.22 + .61 16.............. 5.12 3.56 1.56 -.48 + 1.08 4.42 4.32 3.56 + .76 -.30 + .46 23.............. 5.12 3.35 1.77 -.39 + 1.38 4.35 4.24 3.35 + .89 -.22 +.67 30.............. 5.12 3.82 1.30 -.43 + .87 4.28 4.18 3.82 + .36 -.22 +.14 July 7.............. 5,18 4.19 .99 — .29 + .70 4.27 4.17 4.19 -.02 -.21 -.23 ' 14.............. 5.21 4.10 1.11 -.43 + .68 4.20 4.13 4.10 + .03 -.37 -.34 21.............. 5.21 4.20 1.01 — .67 + .34 4.30 4.20 4.20 .00 -.58 -.58 28.............. 5.21 4.10 1.11 -.62 + .49 4.34 4.23 4.10 + .13 -.71 -.58 Aug. 4.............. 5.21 4,13 1.08 -.57 + .51 4.32 4.22 4.13 + .09 -.65 -.56 11.............. 5.21 4. 13 1.08 -.65 + .43 4.33 4.23 4.13 + .10 -.75 -.65 18.............. 5.16 4.17 .99 -.69 + .30 4.33 4.23 4.17 + .06 -.97 -.91 25.............. 5.16 4.34 .82 — ,75 + .07 4.32 4.22 4.34 + .12 -.97 -1.09 Sept. 1 ........ 5.14 4.33 .81 -.80 + .01 4.33 4.22 4.33 + .11 -.97 -1.08 ‘ 8.............. 5.14 4.27 .87 -.81 + .06 4.37 4.26 4.27 -.01 -1.03 -1.04 Note.—-Treasury bills'. All rates are on the latest issue of 91-day bills. All series: Based on quotations reported to F.R. Bank of New York U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K. by market sources. rates are Friday opening market offer rates in London. For description of series and for back figures, see Oct. 1964 Bulletin, Premium or discount on forward pound and on forward Canadian dollar: pp. 1241-60. For description of adjustments to U.K. and Canadian Rates per annum computed on basis of midpoint quotations (between Treasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 1460, bid and offer) at 11 a.m. Friday in New York for both spot and forward Oct. 1964 Bulletin. pound sterling and for both spot and forward Canadian dollars. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1670 FOREIGN EXCHANGE RATES SEPTEMBER 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 1965. .5952 222.78 3.8704 2.0144 92.743 20.959 14.460 31.070 1966 .4869 2223.41 3111.22 3.8686 2.0067 92.811 20.946 14.475 31.061 1966-—Aug............................. <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............................. 6.3103 111.41 3.8679 2.0116 92.415 20.938 14.467 31.062 Apr.............................. .2850 111.52 3.8679 2.0121 92.378 20.954 14.472 31.063 May............................. .2851 111.43 3.8686 2.0145 92.400 20.946 14.453 31.062 June............................. .2851 111.20 3.8698 2.0143 92.544 20.917 14.439 31.062 July.............................. .2850 111.05 3,8714 2.0147 92.766 20.903 14.413 31.062 Aug.............................. .2850 ...............* • 111.97 3.8728 2.0148 92.937 20,900 14,403 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 I u n p d e ia e ) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p en an ) ( 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 i a e l n d th d e 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-—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 Apr.............................. 20.227 25.167 13.294 279.92 .16009 .27625 32.589 8.0056 27.683 May............................. 20,319 25.147 13.267 279.69 .16008 .27628 32.572 8.0056 27.739 June............................. 20.375 25.122 13.242 279.12 .16007 .27627 32.519 8.0056 27.756 July............................. 20.395 24.996 13,224 278.73 .16020 .27620 32.478 8.0056 27.866 Aug............................... 20,386 24.985 13.220 278.53 .16041 .27599 32.467 8.0056 27.797 New Zealand South Africa United Period Norway Portu- Spain Sweden e S r w la i n tz d King (pound) (dollar) (krone) (es g c a u l d o) (pound) (rand) (peseta) (krona) (franc) (p d o o u m nd ) 1961. 277.45 14.000 3.4909 279.48 139.57 1.6643 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 1.6662 19.386 23.106 279.59 1966. 276.54 .................. 13.984 3.4825 .................. 139.13 1.6651 19.358 23.114 279.30 1966--Aug.............................. 276.12 13.988 3.4776 138.92 1.6639 19.358 23.110 278.88 Sept.............................. 276.17 .................. 13.989 3.4773 .................. 138.95 1.6639 19.345 23.102 278.93 Oct............................... 276.40 13.993 3.4807 139.06 1.6641 19.330 23.064 279.16 Nov............................. 276.35 13.995 3.4794 139.03 1.6638 18.336 23.141 279.11 Dec............................... 276.25 13.989 3.4783 .................. 138.99 1.6638 19.327 23.129 279.01 1967--Jan................................ 276.34 13.978 3.4786 139.03 1.6636 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 Apr............................... 277.15 13.993 3.4858 139.44 1.6631 19.397 23.126 279.92 May............................. 276.92 .................. 13.990 3.4830 .................. 139.32 1,6631 19.399 23.169 279.69 June............................. 276.35 13.992 3.4810 139.04 1.6632 19.415 23.166 279.12 July.............................. 9276.12 10137.97 13.986 3.4788 138.85 1.6634 19.412 23.128 278.73 Aug.............................. 137,89 13.981 3.4766 .................. 138.75 1.6637 19,394 23.061 278.53 i A new markka, equal to 100 old markkaa, wasi ntroduccd on Jan. 1, 8 Effective June 6, 1966, the Indian rupee was devalued from 4.76 to 1963. 7.5 rupees per U.S. dollar. Quotations not available June 6 and 7. 2 Based on quotations through Feb. fl, 1966. 9 Based on quotations through July 7, 1967. 3 Effective Feb. 14, 1966, Australia adopted the decimal currency io Effective July 10, 1967, New Zealand adopted the decimal currency system. The new unit, the dollar, replaces the pound and consists of 100 system. The new unit, the dollar, replaces the pound and consists of 100 cents, equivalent to 10 shillings or one-half the former pound. cents, equivalent to 10 shillings or one-half the former pound. 4 Quotations not available Aug. 8 and 9. 5 Quotations not available Nov. 4 and 7. Note.—Averages of certified noon buying rates in New York for 6 Quotations not available Mar. 7-14. cable transfers. For description of rates and back data, see “Internationa! 7 Effective Jan. 1, 1963, the franc again became the French monetary Finance,” Section 15 ot' Supplement to Banking and Monetary Statistics, unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1, 1960. 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 George W. Mitchell J. Dewey Daane Sherman J. Maisel Andrew F. Brimmer William W. Sherrill 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 DIVISION OF RESEARCH AND STATISTICS Reserve Examiner Daniel H. Brill, Director Albert R. Koch, Deputy Director DIVISION OF PERSONNEL ADMINISTRATION J. Charles Partee, Associate Director Edwin J. Johnson, Director Kenneth B. Williams, Adviser John J. Hart, Assistant Director Stephen H. Axilrod, Associate Adviser Lyle E. Gramley, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES 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 DIVISION OF INTERNATIONAL FINANCE John Kakalec, Controller Robert Solomon, Director Robert L. Sammons, Associate Director OFFICE OF DEFENSE PLANNING A. B. Hersey, Adviser Innis D. Harris, Coordinator Reed J. Irvine, Adviser Samuel I. Katz, Adviser DIVISION OF DATA PROCESSING John E. Reynolds, Adviser Lawrence H. Byrne, Jr., Director Ralph C. Wood, Adviser Lee W. Langham, Assistant Director Charles A. Yager, Associate Adviser John H. Rhinehart, Assistant Director 1671 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1672 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 FEDERAL OPEN MARKET COMMITTEE Wm. McC. Martin, Jr., Chairman Alfred Hayes, Vice Chairman Andrew F. Brimmer Sherman J. Maisel William W. Sherrill 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 1673 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. Maclnnes, 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. Pcppiatt 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 El 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. 1069-72 of the June 1967 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, Colom Related Items. 1962. 64 pp. $.50. Sec. 11. Cur bia, Costa Rica, Cuba, Dominican Republic, rency. 1963. 11 pp. $.35. Sec. 12. Money Rates Ecuador, Guatemala, Haiti, Republic of Hon and Securities Markets. 1966. 182 pp. $.65. duras, Mexico, Nicaragua, Panama, Paraguay, Sec. 14. Gold. 1963. 24 pp. $.35. Sec. 15. Inter Peru, El Salvador, Uruguay, and Venezuela; 10 national Finance. 1962. 92 pp. $.65. Sec. 16 or more of same issue sent to one address, $5.00 (New) Consumer Credit. 1965. 103 pp. $.65. per annum or $.50 each. Elsewhere, $7.00 per annum or $.70 a copy. Bank Mergers & the Regulatory Agencies: Application of the Bank Merger Act of Federal Reserve Chart Book on Financial and 1960. 1964. 260 pp. $1.00 a copy; 10 or more Business Statistics. Monthly. Annual sub sent to one address, $.85 each. scription includes one issue of Historical Chart Banking Market Structure & Performance in Book. $6.00 per annum or $.60 a copy in the Metropolitan Areas: A Statistical Study United States and the countries listed above; of Factors Affecting Rates on Bank Loans. 10 or more of same issue sent to one address, 1965. 73 pp. $.50 a copy; 10 or more sent to $.50 each. Elsewhere, $7.00 per annum or $.70 one address, $.40 each. a copy. Farm Debt. Data from the 1960 Sample Survey Historical Chart Book. Issued annually in Sept. of Agriculture. 1964. 221 pp. $1.00 a copy; 10 Subscription to monthly chart book includes or more sent to one address, $.85 each. one issue. $.60 a copy in the United States and Merchant and Dealer Credit in Agriculture. countries listed above; 10 or more sent to one 1966. 109 pp. $1.00 a copy; 10 or more sent to address, $.50 each. Elsewhere, $.70 a copy. one address, $.85 each. Treasury-Federal Reserve Study of the Gov Monetary Theory and Policy: A Bibliography. ernment Securities Market. Pt. I. 1959. 108 Part I—Domestic Aspects. 137 pp. $1.00 a copy; pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 pp. 10 or more sent to one address, $.85 each. Set of 3, $2.50; individual books $1.00 each. Regulations of the Board of Governors of Flow of Funds in the United States, 1939-53. the Federal Reserve System. 1955. 390 pp. $2.75. Rules of Organization and Procedure—Board Debits and Clearing Statistics and Their Use. of Governors of the Federal Reserve Sys 1959. 144 pp. $1.00 a copy; 10 or more sent to tem. 1962. 40 pp. one address, $.85 each. Published Interpretations of the Board of The Federal Funds Market. 1959. Ill pp. Governors, as of June 30, 1967, $2.50. $1.00 a copy; 10 or more sent to one address, Trading in Federal Funds. 1965. 116 pp. $1.00 $.85 each. a copy; 10 or more sent to one address, $.85 each. All-Bank Statistics, 1896-1955. 1959. 1,299 pp. $4.00. U.S. Treasury Advance Refunding. June 1960- July 1964. 1966. 65 pp. $.50 a copy; 10 or Industrial Production—1957-59 Base. 1962. more sent to one address, $.40 each. 172 pp. $1.00 a copy; 10 or more sent to one Survey of Financial Characteristics of Con address; $.85 each. sumers. 1966. 166 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. The Federal Reserve Act, as amended through Nov. 5, 1966, with an appendix containing pro The Performance of Bank Holding Companies. visions of certain other statutes affecting the 1967. 29 pp. $.25 a copy; 10 or more sent to Federal Reserve System. 353 pp. $1.25. one address, $.20 each. 1674 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD PUBLICATIONS 1675 STAFF ECONOMIC STUDIES Businesses View Banking Services: A Survey of Cedar Rapids, Iowa, by Lynn A. Stiles. July Studies and papers on economic and financial sub 1967. ' jects that are of general interest in the field of economic research. The Impact of Monetary Variables: A Selec tive Survey of the Recent Empirical Lit erature, by Michael J. Hamburger. July 1967. Summaries only printed in the Bulletin. Empirical Literature on The U. S. Balance (Limited supply of mimeographed copies of full of Trade, by Charles K. Harley. July 1967. text available upon request for single copies.) The Boom in Office Buildings, by Robert Moore Fisher. Aug. 1967. Cyclical Determinants of Capital Expendi tures: A Regression Study of the United Customers View Bank Markets and Services: States Steel Industry, by James P. Bennett. A Survey of Elkhart, Indiana, by George G. July 1966. Kaufman. Aug. 1967. The European Economic Community’s Com A Test of the Deposit Relationship Hypoth mon Agricultural Policy and Its Impact esis, by Neil B. Murphy. Sept. 1967. on U.S. Exports, by Thomas M. Klein. July 1966. Printed in full in the Bulletin. A Theory of Household Asset Selection, by (Reprints available as shown in following list.) William J. Hocter. Aug. 1966. Liquidity Considerations and Monetary Management, by Leonall C. Andersen (with REPRINTS commentaries by Arthur L. Broida and Rich ard G. Davis). Sept. 1966. (From Federal Reserve Bulletin unless preceded by an asterisk.) The Overseas Dollar Bond Market and Re cent U.S. Borrowing Abroad, by Carl H. Adjustment for Seasonal Variation. Descrip Stem. Sept. 1966. tion of method used by Board in adjusting eco Mexico’s Economic and Financial Record, by nomic data for seasonal variations. June 1941. Yves Maroni. Oct. 1966. Measures of Industrial Production and Final n pp- Demand, by Clayton Gehman and Cornelia Seasonal Factors Affecting Bank Reserves. Feb. 1958. 12 pp. Motheral. Jan. 1967. Firms’ Demands For Money: The Evidence Liquidity and Public Policy, Staff Paper by From the Cross-Section Data, by William J. Stephen H. Axilrod. Oct. 1961. 17 pp. Frazer, Jr. Jan. 1967. Seasonally Adjusted Series for Bank Credit. The Relative Impact of Money and Income July 1962. 6 pp. on Interest Rates: An Empirical Investi Interest Rates and Monetary Policy, Staff gation, by William E. Gibson and George G. Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. Kaufman. Feb. 1967. Industrial Production—1957-59 Base. Oct. The Effect of Credit Conditions on State 1962. 10 pp. and Local Bond Sales and Capital Outlays Since World War II, by Paul F. McGouldrick. Flow of Funds Seasonally Adjusted. Nov. 1962. 15 pp. Feb. 1967. Investment by Manufacturing Firms: A Quar A Sectoral Analysis of Velocity, Staff Paper terly Time Series Analysis of Industry by Paul F. McGouldrick. Dec. 1962. 14 pp. Data, by Robert W. Resek. Mar. 1967. New Foreign Bond Issues in the U.S. Market, Individuals as a Source of Loan Funds for Staff Paper by Robert F. Gemmill. May 1963. State and Local Governments, Helmut 13 pp- Wendel. Apr. 1967. Recent Changes in Liquidity, Staff Paper by Variable-Rate Mortgages, by Robert Moore Daniel H. Brill. June 1963. 10 pp. Fisher. May 1967. The Financing of Capital Investment in the Measures of Member Bank Reserves. July 1963. 14 pp. ' USSR, by Paul Gekker. June 1967. Federal Fiscal Policy and Aggregate De Measuring and Analyzing Economic Growth, mand, 1956-1966, by Helen B. Junz. June Staff Paper by Clayton Gehman. Aug. 1963. 1967. 14 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
1676 FEDERAL RESERVE BULLETIN • SEPTEMBER 1967 Changes in Banking Structure, 1953-62, Sept. Size and Composition of Consumer Saving. 1963. 8 pp. Jan. 1967. 19 pp. Economic Change and Economic Analysis, Recent Bank Credit and Monetary Develop Staff Paper by Frank R. Garfield. Sept. 1963. ments. Feb. 1967. 13 pp. 17 pp. Revised Series on Commercial and Industrial Federal Reserve Security Transactions, 1954 Loans by Industry. Feb. 1967. 2 pp. 63, Staff Paper by Stephen H. Axilrod and Auto Loan Characteristics at Major Sales Janice Krummack. July 1964. 16 pp. Finance Companies. Feb. 1967. 5 pp. Yield Differentials in Treasury Bills, 1959 Consumer Instalment Credit. Mar. 1967. 64, Staff Paper by Samuel I. Katz. Oct. 1964. 12 pp. 20 pp. Treasury and Federal Reserve Foreign Ex Research into Banking Structure and Com change Operations. Mar. 1967. 12 pp. petition. Nov. 1964. 17 pp. The Balance of Payments in 1966. Apr. 1967. Bank Credits to Foreigners. Mar. 1965. 10 pp. 16 pp. Measures of Banking Structure and Competi Changes in Time and Savings Deposits, May tion. Sept. 1965. 11 pp. 1966-January 1967. Apr. 1967. 17 pp. Time Deposits in Monetary Analysis, Staff Economic Study by Lyle E. Gramley and Sam Survey of Finance Companies, Mid-1965. Apr. 1967. 26 pp. uel B. Chase, Jr. Oct. 1965. 25 pp. Fiscal Policy and Debt Management. Nov. Monetary Policy and Economic Activity: A 1965. 11 pp. Postwar Review. May 1967. 22 pp. Cycles and Cyclical Imbalances in a Chang Revision in Quarterly Survey of Interest ing World, Staff Paper by Frank R. Garfield. Rates on Business Loans. May 1967. 7 pp. Nov. 1965. 15 pp. Monetary Policy and the Residential Mort Research on Banking Structure and Per gage Market. May 1967. 13 pp. formance, Staff Economic Study by Tynan Evidence on Concentration in Banking Mar Smith. Apr. 1966. 11 pp. kets and Interest Rates, Staff Economic Commercial Bank Liquidity. Staff Economic Study by Almarin Phillips. June 1967. 11 pp. Study by James Pierce. Aug. 1966. 9 pp. Bank Financing of Agriculture. June 1967. Changes in Time and Savings Deposits, De 23 pp. cember 1965-May 1966. Aug. 1966. 35 pp. New Benchmark Production Measures, 1958 Revision of Weekly Reporting Member Bank and 1963. June 1967. 4 pp. Series. Aug. 1966. 4 pp. Banking and Monetary Statistics, 1966. Interest Rates in Western Europe. Sept. Selected series of banking and monetary statis 1966. 19 pp. tics for 1966 only. Mar. and July 1967. 20 pp. Revision of Money Supply Series, Sept. 1966. Recent Credit and Monetary Developments. 13 PP- July 1967. 12 pp. Interest Rates in U.S. Capital Markets. Nov. Changes in Time and Savings Deposits, Jan 1966. 16 pp. uary-April 1967. July 1967. 16 pp. Toward Understanding of the Whole De Revised Indexes of Manufacturing Capacity veloping Economic Situation, Staff Eco and Capacity Utilization. July 1967. 3 pp. nomic Study by Frank R. Garfield. Nov. 1966. The Public Information Act—Its Effect on 14 pp. Member Banks. July 1967. 6 pp. A Revised Index of Manufacturing Capacity, Interest Cost Effects of Commercial Bank Staff Economic Study by Frank de Leeuw with Underwriting of Municipal Revenue Bonds. Frank E. Hopkins and Michael D. Sherman. Aug. 1967. 16 pp. Nov. 1966. 11 pp. Revision of Money Supply Series. Aug. 1967. Time Deposits and Financial Flows. Dec. 14 pp. 1966. 14 pp. Balance of Payments Program: Guidelines Changes in Time and Savings Deposits, Aprilfor Banks and Nonbank Financial Institu July 1967. Sept. 1967. 22 pp. tions. Dec. 1966. 8 pp. Revision of Bank Credit Series. Sept. 1967. 7 The Role of Financial Intermediaries in U.S. PP- Capital Markets, Staff Economic Study by Treasury and Federal Reserve Foreign Ex Daniel H. Brill, with Ann P. Ulrey. Jan. 1967. change Operations. Sept. 1967, 13 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 1582.) Acceptances, bankers’, 1591, 1609, 1611 Deposits—Continued Agricultural loans of commercial banks, 1602, 1604 Federal Reserve Banks, 1592, 1663 Arbitrage, 1669 Postal savings, 1590, 1597 Assets and liabilities (See also Foreign liab. & claims): Subject to reserve requirements, 1596 Banks and the monetary system, 1597 Discount rates, 1589, 1668 Banks, by classes, 1598, 1602, 1604, 1611 Discounts and advances by Reserve Banks, 1584, Corporate, current, 1623 1592, 1594 Federal Reserve Banks, 1592 Dividends, corporate, 1622, 1623 Automobiles: Dollar assets, foreign, 1653, 1658 Consumer instalment credit, 1628, 1629, 1630 Production index, 1632, 1633 Earnings and hours, manufacturing industries, 1639 Employment, 1636 1638, 1639 Bankers’balances, 1603, 1605 (See also Foreign liabilities and claims) Farm mortgage loans, 1624, 1625, 1626 Banks and the monetary system, 1597 Federal finance: Banks for cooperatives, 1613 Cash transactions, 1614 Bonds (See also U.S. Govt, securities): Receipts and expenditures, 1615 New issues, 1619, 1620, 1621 Treasurer’s balance, 1614 Prices and yields, 1609, 1610 Federal funds, 1588, 1602 Business expenditures on new plant and equip Federal home loan banks, 1613, 1625 ment, 1623 Federal Housing Administration, 1610, 1624, Business indexes, 1636 1625, 1626 Business loans (See Commercial and industrial loans) Federal intermediate credit banks, 1613 Federal land banks, 1613 Capital accounts: Federal National Mortgage Assn., 1613, 1626 Banks, by classes, 1598, 1603, 1607 Federal Reserve Banks: Federal Reserve Banks, 1592 Condition statement, 1592 Carloadings, 1636 U.S. Govt, securities held, 1584, 1592, 1594, Central banks, foreign, 1666, 1668 1616, 1617 Certificates of deposit, 1607 Federal Reserve credit, 1584, 1592, 1594 Coins, circulation, 1595 Federal Reserve notes, 1592, 1595 Commercial and industrial loans: Federally sponsored credit agencies, 1613 Commercial banks, 1602 Finance company paper, 1609, 1611 Weekly reporting banks, 1604, 1608 Financial institutions, loans to, 1602, 1604 Commercial banks: Float, 1584 Assets and liabilities, 1598, 1602, 1604 Flow of funds, 1644 Consumer loans held, by type, 1629 Foreign currency operations, 1592, 1594, 1652, Deposits at, for payment of personal loans, 1601 1653, 1658 Number, by classes, 1598 Foreign deposits in U.S. banks, 1584, 1592, 1597, Real estate mortgages held, by type, 1624 1603, 1606, 1663 Commercial paper, 1609, 1611 Foreign exchange rates, 1670 Condition statements (See Assets and liabilities) Foreign liabilities and claims: Construction, 1636, 1637 Banks, 1654, 1655, 1657, 1659, 1661, 1663 Consumer credit: Nonfinancial concerns, 1664 Instalment credit, 1628, 1629, 1630, 1631 Foreign trade, 1651 Noninstalment credit, by holder, 1629 Consumer price indexes, 1636, 1640 Gold: Consumption expenditures, 1642, 1643 Certificates, 1592, 1595 Corporations: Earmarked, 1663 Sales, profits, taxes, and dividends, 1622, 1623 Net purchases by U.S., 1652 Security issues, 1620, 1621 Production, 1667 Security prices and yields, 1609, 1610 Reserves of central banks and govts., 1666 Cost of living (See Consumer price indexes) Stock, 1584, 1597, 1652 Currency in circulation, 1584, 1595, 1596 Gross national product, 1642, 1643 Customer credit, stock market, 1610, 1647 Debits to deposit accounts, 1594 Hours and earnings, manufacturing industries, 1639 Debt (See specific types of debt or securities) Housing starts, 1637 Demand deposits: Income and expenses, insured commercial banks, 1646 Adjusted, banks and the monetary system, 1597 Income, national and personal, 1642, 1643 Adjusted, commercial banks, 1594, 1596, 1603 Industrial production index, 1632, 1636 Banks, by classes, 1591, 1598, 1603, 1606 Instalment Ioans, 1628, 1629, 1630, 1631 Subject to reserve requirements, 1596 Insurance companies, 1612, 1616, 1617, 1625 Turnover, 1594 Insured commercial banks, 1600, 1601, 1602, 1646 Deposits (See also specific types of deposits): Interbank deposits, 1591, 1598, 1603 Accumulated at commercial banks for payment Interest rates: of personal loans, 1601 Business loans by banks, 1608 Adjusted, and currency, 1593 Federal Reserve Bank discount rates, 1589 Banks, by classes, 1591, 1598, 1603, 1606, 1611 Foreign countries, 1668, 1669 1677 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Interest rates—Continued Reserves—vuuunucu Money market rates, 1609, 1669 Federal Reserve Banks, 1592 Mortgage yields, 1610, 1627 Member banks, 1584, 1586, 1591, 1596, 1603 Time deposits, maximum rates, 1590 Residential mortgage loans, 1624, 1625, 1626, 1627 Yields, bond and stock, 1609 Retail credit, retail sales, 1628, 1636 International capital transactions of the U.S., 1654 International institutions, 1652, 1653, 1666, 1668 Sales finance companies, loans, 1628, 1629, 1631 Inventories, 1642 Saving: Investment companies, new issues, 1621 Flow of funds series, 1644 Investments (See also specific types of investments): National income series, 1643 Banks, by classes, 1598, 1602, 1605, 1611 Savings and loan assns., 1612, 1617, 1625 Commercial banks, 1601 Savings deposits (See Time deposits) Federal Reserve Banks, 1592, 1594 Savings institutions, principal assets, 1611, 1612 Life insurance companies, 1612 Securities (See also U.S. Govt, securities): Savings and loan assns., 1612 Federally sponsored agencies, 1613 International transactions, 1662, 1663 Labor force, 1638 New issues, 1619, 1620, 1621 Loans (See also specific types of loans): Silver coin and silver certificates, 1595 Banks, by classes, 1598, 1602, 1604, 1611 State and local govts.: Commercial banks, 1601 Deposits of, 1603, 1606 Federal Reserve Banks, 1584, 1592, 1594 Holdings of U.S. Govt, securities, 1616, 1617 Insurance companies, 1612, 1625 New security issues, 1619, 1620 Insured or guaranteed by U.S., 1624, 1625, 1626 Ownership of obligations of, 1602, 1605, 1611, Savings and loan assns., 1612, 1625 1612 Prices and yields of securities, 1609, 1610 Manufactures, production index, 1633, 1636 State member banks, 1600, 1601 Margin requirements, 1590 Stock market credit, 1610, 1647 Member banks: Stocks: Assets and liabilities, by classes, 1598, 1602 New issues, 1620, 1621 Borrowings at Reserve Banks, 1586, 1592 Prices and yields, 1609, 1610 Deposits, by classes, 1591 Number, by classes, 1599 Tax receipts, Federal, 1615 Reserve position, basic, 1588 Time deposits, 1590, 1591, 1596, 1597, 1598, Reserve requirements, 1590 1603, 1606 Reserves and related items, 1584, 1596 Treasurer’s account balance, 1614 Mining, production index, 1633, 1636 Treasury cash, Treasury currency, 1584, 1595, 1597 Money rates (See Interest rates) Treasury deposits, 1584, 1592, 1614 Money supply and related data, 1596 Mutual funds (See Investment companies) Unemployment, 1638 Mutual savings banks, 1597, 1598, 1600, 1611, 1616, U.S. balance of payments, 1650 1617, 1624 U.S. Govt, balances: Commercial bank holdings, 1603, 1606 National banks, 1600, 1601 Consolidated monetary statement, 1597 National income, 1642, 1643 National security expenditures, 1615, 1642 Member bank holdings, 1596 Nonmember banks, 1600, 1601, 1602, 1603, 1646 Treasury deposits at Federal Reserve Banks, 1584, 1592, 1614 Open market transactions, 1591 U.S. Govt, securities: Bank holdings, 1597, 1598, 1602, 1605, 1611, Payrolls, manufacturing, index, 1636 1616, 1617 Personal income, 1643 Dealer transactions, positions, and financing, 1618 Postal Savings System, 1590, 1597 Federal Reserve Bank holdings, 1584, 1592, 1594, Prices: 1616, 1617 Consumer and wholesale commodity, 1636, 1640 Foreign and international holdings, 1592, 1658, Security, 1610 1662, 1663 Production, 1632, 1636 International transactions, 1658, 1662 Profits, corporate, 1622, 1623 New issues, gross proceeds, 1620 Open market transactions, 1591 Real estate loans: Outstanding, by type of security, 1616, 1617,1619 Banks, by classes, 1602, 1604, 1611, 1624 Ownership of, 1616, 1617 Delinquency rates on home mortgages, 1627 Prices and yields, 1609, 1610, 1669 Mortgage yields, 1610, 1627 United States notes, 1595 Nonfarm mortgage foreclosures, 1627 Utilities, production index, 1633, 1636 Type of holder and property mortgaged, 1624, 1625, 1626 Vault cash, 1584, 1590, 1603 Reserve position, basic, member banks, 1588 Veterans Administration, 1624, 1625, 1626 Reserve requirements, member banks, 1590 Reserves: Weekly reporting banks, 1604 Central banks and govts., 1666 Commercial banks, 1603, 1605 Yields (See Interest rates) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1967, August 31). Federal Reserve Bulletin, 1967-09. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_196709
@misc{wtfs_bulletin_196709,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1967-09},
year = {1967},
month = {Aug},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_196709},
note = {Retrieved via When the Fed Speaks corpus}
}