Federal Reserve Bulletin, 1969-02
FEDERAL RESERVE BULLETIN NUMBER 2 □ VOLUME 55 □ FEBRUARY 1969 CONTENTS 89 Financial Developments in the Fourth Quarter of 1968 98 Truth in Lending 105 Directors of Federal Reserve Banks and Branches 119' Record of Policy Actions of the Federal Open Market Committee 126 Law Department 175 National Summary of Business Conditions Financial and Business Statistics A 1 Contents A 3 Guide to Tabular Presentation A 4 U.S. Statistics A 70 International Statistics A 96 Board of Governors and Staff A 97 Open Market Committee and Staff; Federal Advisory Council A 98 Federal Reserve Banks and Branches A 99 Federal Reserve Board Publications A 102 Index to Statistical Tables Map of Federal Reserve System on Inside Back Cover Charles Molony EDITORIAL Daniel H. Brill COMMITTEE Robert C. Holland Robert Solomon Elizabeth B. Sette The Federal Reserve BULLETIN is issued monthly under the direction of the staff edi torial committee. This committee is responsible for opinions expressed except in official statements and signed articles. Direction for the art work is provided by Mack Rowe. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Financial Developments in the Fourth Quarter of 1968 This report, which was sent to the Joint Economic Committee of the U.S. Congress, highlights the important developments in fi nancial markets during the autumn and early winter. WITH inflationary expectations resurging, private and Govern ment credit demands strong, and bank reserve positions coming under increasing constraint, market interest rates rose sharply in the fourth quarter, reaching new record highs in many cases by around year-end. The volume of reserves supplied to banks through Federal Reserve open market operations grew much less rapidly than in the summer months—forcing greater reliance by banks on temporary borrowing at the Federal Reserve dis count window and continued use by major money market banks of relatively high-cost Euro-dollars borrowed abroad through their branches. The cost of borrowing reserves from the Federal Reserve was raised from 514 to 514 per cent in mid-December, in furtherance of the policy of monetary restraint. The pressures on bank reserve positions that developed over the course of the fourth quarter spilled over and affected costs and availability more broadly in short- and long-term capital markets. As funds became less readily available and more costly, banks reduced their participation in markets for U.S. Govern ment and State and local government securities; they also firmed lending terms to businesses and consumers, highlighted by three successive increases in the prime loan rate in December and early January. In December, short-term market interest rates were generally above Regulation Q ceiling rates, and banks ex- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
90 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 Monthly averages except FHA (based on quotations for 1 day each month). Yields: U.S. Treasury bills, market yields on 3-month issues; FHA, weighted averages of private secondary market prices of new-home 30-day mortgages converted to annual yield (dashed line indicates period of adjustment to change in contractual interest rate); corporate bonds, weighted averages of new publicly offered bonds rated Aaa, Aa, and A by Moody’s Investors Service and adjusted to an Aaa basis; U.S. Govt, bonds, market yields adjusted to 20-year constant maturity by U.S. Treasury; State and local govt, bonds (20 issues, mixed quality), Bond Buyer. perienced larger than seasonal declines in outstanding large negotiable time certificates of deposit, with CD run-offs con tinuing heavy in early January. While credit was becoming more costly and less readily avail able, but with credit demands remaining relatively strong, the privately held money stock rose more rapidly in the fourth quar ter—at an annual rate of about 7!6 per cent as compared with about 4]/2 per cent in the third quarter. Over the fourth quarter there was a net decline in the U.S. Government’s cash balance, following a rise in the previous quarter. The decline was reflected —as has often been the case in the past—in a temporary rise in private demand deposits. In particular, the largest part of the rise in money stock occurred in the latter half of November, a period when the Treasury balance dropped by about $3 billion, after adjustment for normal seasonal patterns. The money stock fluctuated near its late November level over the balance of the year, as demand for cash balances appeared to be enhanced by market uncertainties, including widespread expectations of ris ing interest rates. CREDIT DEMAND Federal Government borrowing, which had been an important factor in the surge in credit demands in the third quarter, was at Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FINANCIAL DEVELOPMENTS, Q4 1968 91 a reduced pace in the fall and early winter despite a seasonal in crease in the budgetary deficit. The Government was able to re duce its borrowing because the sizable amount of net new debt issued in the summer had enabled the Treasury to raise its cash balance sharply and thus prepare for its fourth-quarter cash need, more than half of which was financed by drawing down the balance. FEDERAL GOVERNMENT BORROWING AND CASH BALANCE Quarterly totals, in billions of dollars, not seasonally adjusted 1967 1968 III | IV I | II | HI | IV Budget surplus or deficit (—).................... -8.9 -10.4 -8.6 2.9 -3.2 -7.1 Net cash borrowing or repayment (-).. .. 8.5 10.4 6.7 -2.6 ’ 7.7 ’ 3.4 Change in cash balance........................... 1.0 -1.1 -.2 -.1 3.3 -3.9 1 Excludes effect on agency debt outstanding of transfers of certain agencies to private ownership. State and local governments, however, maintained their high borrowing rate in the fourth quarter. A very large amount of in dustrial revenue financing contributed to this financing volume, as governmental units accelerated plans in order to issue such obligations prior to the end-of-year when new offerings of such bonds in excess of $5 million would no longer be tax-exempt. The large volume of State and local government offerings was maintained despite the fact that rising interest rates, below-market rate ceilings in some States, and market congestion led to over $300 million of announced cancellations and postponements of State and local long-term offerings in the fourth quarter. OFFERINGS OF NEW SECURITY ISSUES Monthly averages, in billions of dollars, not seasonally adjusted 1967 1968 IV I " ... IV" Corporate bonds.................. 1.7 1.4 1.6 1.3 1.4 State and local: Total.................................. 1.1 1.2 1.3 1.5 1.4 Industrial revenue............ .2 .1 .1 .1 .3 Other................................. .9 1.1 1.2 1.4 1.1 0 Estimated. Rising interest rates and market congestion also contributed to cancellation of some corporate bond issues late in the year, but the level of new corporate bond offerings was maintained at slightly above the third-quarter pace. As in earlier quarters, a Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
92 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 large share of bond offerings represented financing needs of pub lic utilities, with large industrial corporations only a minor factor in the bond markets. Business demands for bank credit strength ened, however, during the fourth quarter, partly reflecting the greater rate of business inventory accumulation. Net mortgage debt formation also picked up in the fourth quar ter, as construction outlays rose. The increases in mortgage debt reflected the continued strong demands for housing and the high level of outstanding mortgage commitments at financial institu tions. With net savings inflows to nonbank savings institutions only slightly above the third-quarter pace, these institutions also under took various portfolio adjustments to finance increased mortgage takedowns: savings and loan associations added considerably less to liquid asset holdings than usual for this period, and mutual savings banks reduced their activity in the corporate bond market. Mortgage debt formation was also sustained by a relatively ad vanced rate of lending by other financial institutions, particularly banks and also insurance companies. NET CHANGE IN MORTGAGE DEBT OUTSTANDING In billions of dollars, seasonally adjusted 1967 1968 IV I It III IV i Total...................................... 7.1 6.8 6.5 6.5 7.3 Residential........................ 5.3 4.6 4.6 4.5 5.2 ] _ to 4-family................ 4.1 4.1 3.6 • 3.6 4.0 Multifamily................... 1.2 0.5 1.0 0.9 1.2 Commercial....................... 1.3 1 .6 1 .3 1.4 1.5 Farm.................................. 0.6 0.6 0.6 0.6 0.6 3 Preliminary. Note.—Details may not add to totals because of rounding. BANK RESERVES The expansion of bank reserves came under increasing restraint as the fourth quarter progressed. Nonborrowed reserves—those provided through Federal Reserve open market operations—rose at an annual rate of only 3 per cent, down sharply from the 13 per cent pace of the third quarter, but total reserves and mem ber bank deposits supported by such reserves—the bank credit proxy—grew at only a slightly slower rate than in the third quar ter. By way of comparison, in the second-quarter period of in tensifying monetary restraint prior to the enactment of fiscal re straint legislation, growth in all the reserve aggregates became very small: nonborrowed reserves declined slightly, on balance; there was virtually no growth in total reserves; and member bank Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FINANCIAL DEVELOPMENTS, Q4 1968 93 deposits showed very limited expansion. In the fourth quarter, the restraint in nonborrowed reserves was accompanied by a con tinued expansion of total reserves and member bank deposits, because member banks increased their borrowings from the Federal Reserve and because banks were both very willing and, until late in the quarter, able to compete aggressively for time deposit funds, particularly through issuance of large CD’s. GROWTH IN RESERVES AND RELATED DEPOSITS Percentage annual rate of change from preceding period 1968 1 11 in IV Total reserves. ................................ 10.5 0.1 9.0 8.8 Nonborrowed reserves.................... 4.6 -0.2 13.2 3.0 Total member bank deposits 1....... 7.0 1.2 13.1 12.2 1 Bank credit proxy. Note.—Changes are based on seasonally adjusted data for last month in period shown and in preceding period. As open market operations became increasingly restrictive dur ing the fall, member banks were forced to increase their borrow ings at the Federal Reserve discount window. Such borrowings rose more than seasonally, from an average of just under $500 million in September to almost $750 million in December. The mid-December rise in the discount rate served to underline the constraints on member banks normally generated by the neces sity to borrow at the discount window. Banks also drew down their excess reserves, although in the latter part of December there was a sharp, temporary build-up in these balances, as banks adapted to various year-end money market flows here and abroad. The increased pressure on bank reserve positions was reflected in a rise in the Federal funds rate—the rate banks charge for the overnight loan of reserve funds—which advanced from an aver age of around 5% per cent in September to more than 6 per cent in the latter half of December. Other money market rates rose more sharply; for example, the yield on the 3-month Treasury bill rose from around 5.15 per cent at the end of September to around 6.20 per cent at the turn of the year. BANK DEPOSITS AND Time and savings deposits were the major source of deposit funds MONEY STOCK to banks in the fourth quarter. These deposits increased at an annual rate of about 16 per cent, down only slightly from the almost 18 per cent annual rate of the third quarter. The growth Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
94 FEDERAL RESERVE BULLETIN o FEBRUARY 1969 in time deposits was sustained at a relatively rapid pace in the summer and fall partly because the volume of outstanding large negotiable CD’s increased sharply after midyear as banks moved quickly and more than restored the funds lost in the second quar ter of the year. The rise in CD’s continued in October and No vember as loan demands on banks strengthened. But the cost and availability of time deposit funds altered con siderably during the fourth quarter. With reserve pressures in creasing and short-term market rates rising, banks had to raise offering rates on large CD’s to attract funds. By late November and in early December, effective offering rates were for the most part up to Regulation O ceilings. And as December progressed, market rates on competitive instruments, such as Treasury bills and finance company paper, rose well above CD ceiling rates, and outstanding CD’s began to decline more than seasonally as investors reinvested the proceeds of maturing CD’s in higher yielding instruments. Scheduled maturities of CD’s were unusually large in Decem ber-—accounting for over a fourth of outstandings, owing in part to earlier corporate investment in such instruments to provide for December tax and dividend payments. Thus, a large run-off would have been expected in December for seasonal reasons. In the event, the decline in outstandings over the month totaled nearly $1.5 billion or roughly twice the seasonal amount. With market rates continuing to be adverse relative to CD rates, outstanding CD’s declined rapidly further in January, a period when they would normally rise. Inflows of consumer-type time and savings deposits at com mercial banks, which had picked up in the third quarter, were relatively well sustained in the fourth quarter despite the rising level of market interest rates. There was, however, a perceptible slackening in the growth of such deposits in early 1969, following the year-end interest-crediting period when many savers took the opportunity to shift to higher yielding instruments. GROWTH IN MONEY STOCK AND TIME AND SAVINGS ACCOUNTS Percentage annual rates of change from preceding period 1967 1968 I I II I III I IV I | II I III | IV Money stock............................................ 6.6 6.5 7.0 4.9 4.6 8.7 4.5 7.6 Time and savings deposits at banks........ 19.7 16.2 15.8 9.1 7.0 3.2 17.9 15.7 Savings accounts in thrift institutions.. .. 9.5 11.0 9.4 6.4 6.1 5.9 6.1 6.3 Note.—Changes are based on seasonally adjusted data for last month in period shown and in pre ceding period. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FINANCIAL DEVELOPMENTS, Q4 1968 95 Banks with foreign branches continued to make substantial use of Euro-dollar deposits to support their domestic operations. The cost of obtaining such deposits rose, partly reflecting the in creased willingness of U.S. banks to bid at higher interest rates abroad to retain funds in a period when interest rates were rising domestically. Earlier in the year, and particularly during the CD run-off in the second quarter, banks had raised their total use of Euro-dollars significantly—from about $4 billion in late De cember 1967 to over $7 billion in September. During that period there was a substantial increase in the availability of Euro-dollars as short-term funds flowed out of France and other countries. Holdings by banks then showed little net change until close to the year-end, when they declined, partly for seasonal reasons. As the run-off of large CD’s continued into early 1969, Euro dollar borrowings by banks rebounded sharply. Given these de mands, the cost of Euro-dollars remained high, although funds were flowing heavily out of Germany. Private demand deposits, the major component of the money stock, expanded rapidly in the fourth quarter after showing moderate growth in the third, when there was a sizable net trans fer of private funds to Treasury cash balances as a result of large cash financings and heavy tax collections. In the fourth quarter, however, the smaller volume of Treasury cash financing and the associated drop in Treasury cash balances from their relatively high levels in September contributed to an expansion in private demand deposits and the money stock. Growth in the money stock was, in fact, concentrated in the latter half of November, when Treasury balances dropped considerably more than seasonally. Over the balance of the year—as seasonal money market pres sures combined with growing market uncertainties about the in tensity and course of monetary restraint—the money stock fluc tuated near its late November level, bringing the increase for the fourth quarter to a 7]/2 per cent annual rate and for the second half of the year to a shade over 6 per cent. Restraint on bank credit expansion in the face of stronger de BANKS' USE OF FUNDS mand for bank loans was reflected in a substantial alteration of the structure of bank credit changes in the fourth quarter as com pared with the third. Loans accounted for almost all of the bank credit rise in the fourth quarter, whereas they had accounted for only three-fifths of the third-quarter rise. Although banks par ticipated heavily in the Treasury cash financings in October and Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
96 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 early December, they found it necessary to reduce their holdings BANK CREDIT - 1968 SELECTED COMPONENTS of Governments at other times during the quarter to accommo CHANGE. BILLIONS OF DOLLARS date increased loan demands under conditions of higher costs of funds and, late in the quarter, greatly curtailed availability. For the quarter as a whole, banks reduced their holdings of U.S. Government securities by $2.3 billion, offsetting almost twothirds of the increase in such holdings in the third quarter. Banks also cut back sharply on their acquisitions of municipal and Federal agency issues in December, when they were under OTHER SECURITIES the additional pressure of a large run-off in negotiable CD’s. Net 4 acquisitions of these securities in that month totaled only $300 million, less than one-fifth the rate earlier in the quarter. While total loans of banks continued to expand at a generally rapid pace in the fourth quarter, the rate of loan growth fell one fifth behind that in the third quarter. The major factor contribut ing to this reduced rate of loan growth was the turnaround in securities loans. During the third quarter, loans to brokers and dealers had risen sharply, as these market participants acquired sizable positions in U.S. Government securities and also corporate and municipal bonds, in anticipation of lower interest rates and higher market prices on such holdings. In the fourth quarter, as it became apparent that interest rates were rising, and with the cost of carrying inventories of securities relatively high, brokers and dealers liquidated a substantial part of their securities holdings CONSUMER AND REAL ESTATE LOANS and used the proceeds to reduce their indebtedness to banks. Such liquidation continued into the new year, and by mid-January, dealer inventories of U.S. Government securities had declined to the lowest level since last spring, and their bank loans were com mensurately reduced. Seasonally adjusted. At the same time, banks were experiencing a step-up in loan demands in some sectors, particularly in business and real estate loans. Reflecting the marked acceleration in inventory accumula tion, especially at the retail level, and the further acceleration in housing starts, which generated a need for construction financ ing, growth in business loans advanced to a rate about one-fifth more than had prevailed in the third quarter. With business loans expanding rapidly, and the cost of funds rising, banks raised the prime loan rate in two steps during the last few weeks of the year from 614 to 6% per cent and again in early January to 7 per cent. The further acceleration in housing construction also gener ated an increased demand for mortgage financing in the fourth Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FINANCIAL DEVELOPMENTS, Q4 1968 97 quarter. Banks’ acquisitions of real estate mortgages expanded sharply over the third-quarter pace, to an annual rate of nearly 9 billion. At this pace, commercial banks were absorbing more than their usual share of all real estate mortgages being generated. Banks’ net increase in consumer loans in the fourth quarter was about the same as the advanced pace of the third quarter. However, consumer instalment borrowing from all lenders in the aggregate tapered off in the course of the fourth quarter, reflect ing the general moderation of consumer demands for goods and services. □ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Truth in Lending On February 10, 1969, the Board of Gover posed regulation published by the Board for nors of the Federal Reserve System made comment on October 16, 1968. Some addi public the final regulation the nation’s credi tions and language changes were made in the tors must follow in carrying out provisions proposed regulation on the basis of com of the Truth in Lending Act adopted by ments received by the Board. The basic dis Congress last year. Regulation Z, as it is closures, which are required by the law itself, formally designated, will require disclosure remain intact in the final regulation. of credit terms on virtually all types of con A Federal Reserve task force drafted the sumer credit beginning July 1, 1969, the regulation aided by outside consultants and date specified in the law. the 20 men and women who are members of The regulation (printed in full on pages the Advisory Committee on Truth in Lend 126-145 of this Bulletin) spells out not ing provided for in the law. only the disclosures—including the finance As part of an informational campaign to charge and annual percentage rate—that acquaint creditors with the regulation they must be made by creditors but also the man must follow beginning July 1, printed copies ner in which they must be made. It covers the of the regulation and statute together with right of a customer to cancel some types of an explanatory question-and-answer series consumer credit arrangements within three on Truth in Lending, will be sent to creditors business days if his residence is used as col soon through the agencies enforcing the law. lateral, and sets standards for advertising Inquiries from creditors should be addressed credit terms. to the agency charged by Congress with en In approving the Truth in Lending Act, forcement for that particular group of credi Congress said the informed use of credit tors. (For a list of these agencies and their stems from awareness of its cost. Truth in addresses, see page 102.) Lending fixes no maximum or minimum Although Congress assigned the job of charges for credit. Purposes of the law and writing the regulation to the Board, enforce the regulation implementing it are to make ment will be spread throughout nine differ customers aware of the cost of credit and to ent Federal agencies as follows: The Federal permit them to compare the terms available Reserve Board for State banks which are from a variety of credit sources. members of the Federal Reserve System; the Regulation Z applies to banks, savings Federal Deposit Insurance Corporation for and loan associations, department stores, other insured State banks which are not mem credit-card issuers, credit unions, automo bers of the Federal Reserve System; the bile dealers, consumer finance companies, Comptroller of the Currency for national residential mortgage brokers, craftsmen such banks; the Federal Home Loan Bank Board as plumbers and electricians, doctors, den for institutions insured by the Federal Sav tists, hospitals, and any other individuals or ings and Loan Insurance Corporation and groups which extend or arrange for con for members of the FHLB System other sumer credit. than those insured by the FDIC; the Bureau The final regulation parallels the pro of Federal Credit Unions; the Interstate 98 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TRUTH IN LENDING 99 Commerce Commission for industries it reg $1.00 from the Board or any of the 12 ulates; the Civil Aeronautics Board for air Federal Reserve Banks. Another volume of lines; and the Agriculture Department for tables with instructions on their usage, also creditors under the Packers and Stockyards available for $ 1.00, can be used in conjunc Act. Congress assigned enforcement for all tion with the first volume to compute annual other creditors, including department stores percentage rates for transactions with irreg and other retailers, to the Federal Trade ular payments or those involving multiple Commission. advances. (Each volume of tables will be A creditor who willfully and knowingly available for 85 cents per copy in orders of violates the Truth in Lending law or the reg 10 or more.) ulation faces a maximum criminal penalty, CONSUMER CREDIT upon conviction, of a $5,000 fine, a year in Consumer credit is defined in the regulation jail, or both. At the same time, the customer as credit offered or extended to a person pri could sue for civil penalties of twice the marily for personal, family, household, or amount of the finance charge (but not less agricultural purposes and for which a fi than $100 or more than $1,000), court costs, and a reasonable attorney’s fee. nance charge is or may be imposed or which Truth in Lending is a key portion of the is repayable in more than four instalments. Consumer Credit Protection Act, which was The regulation divides all transactions into signed into law on May 29, 1968. Other two types—open-end credit, which includes parts of that Act—for which the Federal Re the revolving charge accounts offered by serve was not assigned responsibility—crack many department stores and transactions down on extortionate credit transactions, re through credit cards; and credit other than strict the garnishment or attachment of a per open-end, which is primarily the instalment son’s wages by a creditor beginning on July type used by consumers to buy big ticket 1, 1970, and set up a National Commission items such as automobiles, refrigerators, on Consumer Finance. washing machines, and television sets. In redrafting its proposed regulation, the Not all credit is covered by Truth in Board transferred into a supplement the Lending, however. Business and commercial complex and highly technical formulas and credit, other than for agricultural purposes, computations which are not needed by most is exempt, as are credit transactions of more creditors. These formulas and computations than $25,000 (other than credit transactions are available without charge upon written secured by real estate which are covered re request to the Board. gardless of amount). Other exemptions in At the same time, the Board prepared clude transactions in securities or commod sets of tables which may be used by creditors ities with a broker-dealer registered with to determine the annual percentage rate for the Securities and Exchange Commission a transaction. Table FRB—100-M covers up and some types of transactions under regu to 60 monthly payments (for a sample of lated public utility tariffs. This latter pro this table, see page 104); table FRB—200- vision was broadened in the final regulation M covers 61 to 120 monthly payments; table to exempt transactions with any company FRB—300-M covers 121 to 480 monthly or cooperative which files its tariffs with any payments; and tableFRB—100-W covers up State or with agencies of the Federal Gov to 104 weekly payments. These four tables, ernment, including the Rural Electrification bound in one volume, will be available for Administration. 99 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
100 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 STATE DISCLOSURES appraisal, investigation or credit reports (ex The law says that the Board shall exempt cept in real property transactions); and from Federal disclosure requirements classes premiums for credit life insurance that are of transactions within a State if it determines required by the creditor as a condition to that State law imposes substantially similar obtaining credit. requirements and adequate enforcement is Any charges of the following type may be provided. The Board will soon publish a excluded from the finance charge if they are proposed set of guidelines to be used in itemized and disclosed separately to the ruling on State applications for exemption customer: taxes not included in the cash from Federal disclosure. When adopted in price of an article; license, certificate of title, final form, possibly in the spring, the guide and registration fees imposed by law; the lines will become “Supplement II” to the premium paid for insurance in lieu of al regulation. lowing the creditor a security interest in the Regulation Z itself, however, details the customer’s property if the premium does procedures a creditor must use if he decides not exceed the amount of the recording fee to comply with any provisions of State law that would have been applicable if the se which are inconsistent with Federal dis curity interest had been given; and fees and closure requirements. In such a case, the in charges paid to public officials under law for consistent State disclosures must be sepa such things as title and mortgage searches. rated from the Federal disclosures. This may Some charges paid in connection with be done on a separate statement or on the real property transactions need not be in same statement if the Federal disclosures are cluded in the finance charge if they are bona listed first and the State disclosures are iden fide and reasonable in amount and don’t tified as inconsistent with Federal law and destroy the purpose of Truth in Lending. are listed below a conspicuous dividing line. These include fees for title examination, title insurance, surveys, preparation of deeds, FINANCE CHARGE AND ANNUAL and settlement statements; escrow payments PERCENTAGE RATE to cover future taxes and insurance and util The finance charge and annual percentage ity costs; notary fees; appraisal fees; and rate are the two most important concepts credit reports. embodied in Regulation Z. They are designed The annual percentage rate represents the to tell the consumer at a glance how much relationship of the total finance charge to the he is paying for credit and the relative cost total amount financed. It must be computed of that credit in percentage terms. to the nearest one-quarter of 1 per cent. The In general, the finance charge is the total method of computation depends on whether of all costs imposed by the creditor and paid the credit is open-end or the instalment type. either directly or indirectly by the consumer In the case of open-end credit—the de or another party as an incident to the ex partment store revolving charge account, for tension of credit. It includes such costs as example—the annual percentage rate is interest, time price differential, and amounts computed by multiplying the periodic serv paid as a discount; service, transaction, activ ice charge by the number of periods in a ity, or carrying charges; loan fees, points, year. In the case of a typical charge of P/2 finder’s fees, or similar charges; fees for an per cent of the unpaid balance with bills Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TRUTH IN LENDING 101 presented monthly, the annual percentage nance charge” and “annual percentage rate” rate would be 18 per cent. In cases where must be printed more conspicuously than two or more periodic rates are used, the other terminology. All numbers and per annual percentage rate may be computed at centages must be in figures and shown in at the creditor’s option by (1) dividing the least 10-point printer’s type, ,075-inch com total finance charge for the month by the sum puter type, elite size typewriter characters, of the unpaid balances and (2) multiplying or legible handwriting. the result by the number of billing cycles in Evidence of compliance with Truth in a year. Lending, other than advertising disclosures, The regulation also spells out the methods must be preserved by a creditor for at least to be used in open-end credit for computing 2 years after the disclosures are made. These the annual percentage rate when brackets records are subject to inspection by the en or a range of balances are used and when the forcing agency. finance charge includes a minimum or fixed Before January 1, 1971, the annual per fee. centage rate may be expressed as dollars per For credit other than open-end, the an $100 instead of as a percentage. For ex nual percentage rate must be computed by ample, an 11 per cent rate may be expressed the actuarial method. Here are examples of at the option of the creditor as $11 finance how the actuarial method would work: charge per year per $100 of unpaid balance. For a bank loan of $100 for 1 year at a As a temporary measure, creditors may 6 per cent add-on charge, the annual per use existing supplies of printed forms, prop centage rate would be 11 per cent. This is erly modified, for their disclosures until because the $100 would be available to the new Truth in Lending forms can be ob customer only for the first month of the loan. tained. In no case, however, may the exist When he makes his first repayment, he ac ing modified forms be used beyond next De tually repays part of the principal and has cember 31. less money at his disposal. Using the same set of circumstances but SPECIFIC DISCLOSURES Regulation Z spells out in detail the specific this time with a 6 per cent charge discounted disclosures a creditor must make depending in advance, the annual percentage rate would on whether the credit is open-end or of the be 1114 per cent. That’s because the cus instalment type. For example, a creditor tomer in this case would receive $94 and must make these disclosures to a customer must repay $100. before opening a new open-end account: Charts and tables made by private com —The conditions under which a finance panies may be used to figure the annual per charge may be imposed and the period when centage rate so long as they are prepared in payment may be made without incurring a line with provisions spelled out in Regula finance charge. tion Z. —The method of determining the balance GENERAL DISCLOSURE REQUIREMENTS upon which a finance charge may be im Truth in Lending disclosures must be made posed. clearly, conspicuously, in meaningful se •—The method of determining the finance quence, and at the time and in terminology charge. spelled out in the regulation. The terms “fi —The periodic rate or rates used, the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
102 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 range of balances to which they apply, and apply when a residence is otherwise used as the corresponding annual percentage rate. collateral for a consumer loan. The regula —The conditions under which additional tion specifies the notice the creditor must charges may be imposed and the method for give a customer when the right of rescission determining them. can be exercised. —The conditions under which a creditor The regulation also spells out a customer’s may acquire any security interest in any right to waive his cancellation right in emer property owned by the customer and a de gencies. For the purpose of counting the scription of the interest which may be ac “three business days” allowed for cancella quired. tion, the regulation defines a business day ■—-The minimum periodic payment re as any day except Sunday, New Year’s Day, quired. Washington’s Birthday, Memorial Day, In Similar disclosures must be sent to the dependence Day, Labor Day, Veterans’ Day, customer who already has an open-end ac Thanksgiving, and Christmas. count—-by July 31 if the account had an unpaid balance on July 1 and by the next ADVERTISING billing following use of the account if no In general, no advertising offering credit balance was outstanding on July 1. may state that a specific amount of credit or Similar sets of disclosures are detailed in instalment can be arranged unless the credi the regulation for credit other than open-end, tor customarily arranges such types of credit. including a credit sale and a loan. No one specific credit term—that is, the downpayment, finance charge, and so forth CANCELLATION RIGHTS —can be advertised unless all the terms are The Truth in Lending law and Regulation Z stated clearly and conspicuously. give a customer the right to cancel a credit Advertising refers not only to newspaper, transaction within three business days when the creditor acquires or retains a security radio, and television advertising but also to interest in the customer’s principal residence. commercial messages in magazines, leaflets, No such cancellation right is afforded for flyers, catalogs, public-address-system an first mortgages to finance purchase of a resi nouncements, direct mail literature, window dence itself. But the right of rescission does displays, billboards, or other media. □ INQUIRIES WITH RESPECT TO THIS REGULATION Any inquiry relating to this regulation should State member banks be addressed to the appropriate office of the Federal Reserve Bank serving the area in which enforcing agencies as listed below. the State member bank is located. National banks Comptroller of the Currency, Nonmember insured banks United States Treasury Department, FDIC supervising examiner for the district in Washington, D.C. 20220 which the nonmember insured bank is located. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TRUTH IN LENDING 103 Savings institutions insured by the FSLIC and Creditors subject to Interstate Commerce Com members of the FHLB System except for sav mission ings banks insured by FDIC Office of Proceedings, The FHLBB’s Supervisory Agent in the Federal Interstate Commerce Commission, Home Loan Bank District in which the institu Washington, D. C. 20523 tion is located. Federal credit unions Creditors subject to Packers and Stockyards Act Regional Office of the Bureau of Federal Credit Nearest Packers and Stockyards Administration Unions, serving the area in which the Federal area supervisor credit union is located. Creditors subject to Civil Aeronautics Board Director, Bureau of Enforcement, All other creditors except as directed above Civil Aeronautics Board, Truth in Lending, 1825 Connecticut Avenue, N.W., Federal Trade Commission, Washington, D. C. 20428 Washington, D. C. 20580 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TABLE FOR COMPUTING ANNUAL PERCENTAGE RATE FOR LEVEL MONTHLY PAYMENT PLANS EXAMPLE Finance charge ■ $35.00; Total amount financed ■ $200; Number of monthly payments " 24. SOLUTION Step 1 - Divide the finance charge by the total amount financed and multiply by $100. Thia gives the finance charge per $100 of amount financed. That is, $35.00-* $200 - .1750 x $100 • $17.50. Step 2 - Follow down the left hand column of the table to the line for 24 months. Follow across thia line until you find the nearest number to $17.50. In this example $17.51 ia closest to $17.50. Reading up the column of figures shows an annual percentage rate of 16.00. NUMBER ANNUAL PERCENTAGE RATE OF PAYMENTS 14.00X 14.25* 14.503 14.753 15.003 15.253 15.503 15.753 16.003 16.253 16.503 16.753 17.003 17.253 17.503 17.753 (FINANCE CHARGE PER $100 OF AMOUNT FINANCED) 1 1.17 1.19 1.21 1.23 1.25 1.27 1.29 1.31 1.33 1.35 1 .37 1.40 1.42 1.44 1.46 1.48 2 1.75 1.78 1.82 1.85 1.88 1.91 1.94 1.97 2.00 2.04 2.07 2. 10 2.13 2.16 2.19 2.22 3 2.34 2. 30 2.43 2.47 2.51 2.55 2.59 2.64 2-68 2.72 2.1b 2-00 2*85 2. 09 2,93 2.97 4 2.93 2.99 3.04 3. 09 3.14 3.20 3.25 3.30 3.36 3.41 3.46 3.51 3.57 3.62 3.67 3. 73 5 3.53 3.59 3.65 3.72 3.78 3.84 3.91 3.97 4.04 4.10 4.16 4.23 4.29 4.35 4.42 4.40 6 4.12 4.20 4.27 4.35 4.42 4.49 4.57 4.64 4.72 4.79 4.87 4.94 5.02 5.09 5.17 5.24 7 4.72 4. 81 4.89 4. 98 5.06 5. 15 5.23 5.32 5.40 5.49 5.50 5.66 5,75 5. 63 5.92 6.00 8 5.32 5.42 5.51 5.61 5. 71 5.80 5.90 6.00 6.09 6.19 6.29 6.38 6.48 6. 50 6.67 6.77 9 5.92 6.03 6.14 6. 25 6.35 6.46 6.57 6.68 6.78 6.89 7.00 7.11 7.22 7.32 7.43 7.54 10 6.53 6. 65 6.77 6.88 7.00 7.12 7.24 7.36 7.48 7.60 1.12 7.84 7.96 8.08 8. 19 8.31 11 7.14 7.27 7.40 7. 53 7.66 7. 79 7.92 8.05 8.18 8.31 0.44 0.57 8.70 0.83 8. 96 9.09 12 7.74 7. 89 0.03 8. 17 8.31 8.45 8.59 0.74 8.88 9.02 9.16 9. 30 9.45 9.59 9.73 9.07 13 8.36 8.51 8.66 8. 81 8.97 9. 12 9.27 9.43 9.50 9.73 9.89 10. 04 10.20 10.35 1 0.50 10.66 14 8.97 9.13 9.30 9.46 9.63 9. 79 9.96 10. 12 10.29 10.45 10.62 10.70 10.95 11.11 11.20 11.45 15 9.59 9.76 9.94 10.11 10.2 9 10.47 10.64 10.82 11.00 11. 17 11.35 11.53 11.71 11.88 12.06 12.24 16 10.20 10.39 10.58 10.77 10.95 11.14 11.33 11.52 11.71 11.90 12.09 12.28 12.46 12.65 12.84 13.03 17 10.82 11.02 11.22 11.42 11.62 11.82 12.02 12.22 12.42 12.62 12.83 13.03 13.23 13.43 13.63 13.03 18 11.45 11.66 11.87 12.00 12.29 12.50 12.72 12.93 13.14 13.35 13.57 13. 78 13.99 14.21 14.42 14.64 19 12.07 12. 30 12.52 12. 74 12.97 13. 19 13.4 1 13.64 13.86 14.09 14.3 1 14.54 14.76 14.99 15.22 15.44 20 12.70 12. 93 13.17 13.41 13.64 13.80 14. 1 1 14.35 14.59 14.82 15.06 15.30 15.54 15.77 16.01 16.25 21 13.33 13. 58 13.02 14.07 14. 32 14.57 14.82 1 5.06 15.31 15.56 15.81 16. 06 16.31 16.56 16.81 17.07 22 13.96 14.22 14.48 14.74 15.00 15.26 15.52 15. 78 16.04 16.30 16.57 16. 03 17.09 17.36 17.62 1 7. 88 23 14.59 14. 87 15.14 15.41 15.68 15.96 16.23 16. 50 16.78 17.05 17.32 17.60 17.80 10. 15 1 0.43 10.70 24 15.23 15. 51 15.80 16. 08 16.37 16.65 16.94 17.22 17.51 17.80 18.09 10. 37 10. 66 1 8.95 19.24 19.53 25 15.87 16.17 16.46 16. 76 17.06 17.35 17.65 17.95 18.25 10.55 18.85 19. 15 19.45 19. 75 20.05 20.36 26 16.51 16. 82 17.13 17.44 17.75 I 8.06 18.37 18.68 18.99 19.30 19.62 19.93 20,24 20.56 20.07 21.19 27 17.15 17.47 17.80 10.12 10.44 18.76 19.09 19.41 19.74 20.06 20.39 20.71 21.04 21.37 21.69 22.02 28 17.80 18. 13 18.47 18.80 19. 14 1 9.47 19.81 20. 15 20.48 20.82 21.16 21.50 21.84 22.18 22.52 22. 06 29 18.45 1 8.79 19.14 19.49 19. 03 20. 18 20.53 20.88 21.23 21.58 21.94 22.29 22.64 22. 99 23.35 23.70 30 19.10 19.45 19.81 20. 17 20.54 20.90 21.26 21.62 21.99 22.35 22.72 23.08 23.45 23.81 24.18 24.55 31 19.75 20. 12 20.49 20. 87 21.24 2 1.61 21.99 22.37 22.74 23.12 23.50 23.00 24.26 24.64 25.02 25.40 32 20.40 20.79 21.17 21.56 21.95 22.33 22.72 23.11 23.50 2 3.89 24.28 24.60 25.07 25.46 25.06 26.25 33 21.06 21.46 21.85 22.25 22.65 23.06 23 .46 23.86 24.26 24.67 25.07 25.48 25.00 26.29 26.70 27.11 34 21.72 22. 13 22.54 22.95 23.37 23.70 24.19 24.61 25.03 25.44 25.06 26.28 26.70 27. 12 27.54 27.97 35 22.38 22. 80 23.23 23.65 24.08 24.5 1 24.94 25. 36 25.79 26.23 26.66 27-09 27.52 27.96 28.39 20.03 36 23.04 23.48 23.92 24.35 24.00 25.24 25.60 26.12 26.57 27.01 27.46 27.90 28.35 20. 80 29.25 29.70 37 23.70 24.16 24.61 25.06 25.51 25.97 26.42 26.88 27.34 27.00 20.26 28.72 29. 10 29.64 30. 10 30.57 38 24.37 24. 04 25.30 25.77 26.24 26.70 27.17 27.64 28.11 20.59 29.06 29.53 30.01 30.49 30.96 31.44 39 25.04 25.52 26.00 26.48 26.96 27.44 27.92 28.41 28.09 29.38 29.87 30. 3 6 30.85 31.34 31.83 32.32 40 25.71 26.20 26.70 27.19 27.69 20. 18 28.68 29. 18 29.68 30. 18 30.68 31.1 8 31.60 32. 19 32.69 33.20 41 26.39 26.09 27.40 27.91 28.41 28.92 29.44 29.95 30.46 30.97 31.49 32.01 32.52 33.04 33.56 34.00 42 27.06 27.58 20.10 28.62 29. 15 29.67 30.19 30.72 31 .25 31. 78 32.3 1 32.84 33.37 33. 90 34.44 34.97 43 27.74 20.27 20.81 29.34 29. 88 30.42 30.96 3 1.50 32.04 32.58 33.13 33.67 34.22 34. 76 35.31 35.06 44 28.42 20. 97 29.52 30.07 30.62 31.17 31.72 32.28 32.0 3 3 3.39 33.95 34.51 35.07 35. 63 36. 19 36. 76 45 29.11 29.67 30.23 30.79 31.36 31.92 32.49 33.06 33.63 34.20 34.77 35.35 35.92 36.50 37.08 37.66 46 29.79 30.36 30.94 31.52 32.10 32.60 33.26 33.84 34.43 35.01 35.60 36.19 36.78 37. 37 37. 96 30.56 47 30.48 31.07 31.66 32.2 5 32.04 33.44 34.0 3 34.63 35.23 35.83 36.43 37.04 37.64 30.25 38. 06 39.46 48 31.17 31.77 32.37 32.90 33.59 34.20 34.8 1 35.42 36.0 3 36.65 37.27 37.88 38.50 39. 13 39. 75 40. 37 49 31.86 32.40 33.09 33.71 34. 34 34.96 35 .59 36.21 36.04 37.47 38.10 38.74 39.37 40.01 40.65 41.29 50 32.55 33.10 33.82 34.45 35.09 35. 73 36.37 37.01 37.65 38.30 38.94 39. 59 40.24 40.89 41.55 42. 20 51 33.25 33.09 34.54 35. 19 35.04 36.49 37.15 37.81 38.46 39.12 39.79 40.45 41.11 41. 78 42.4 5 43.12 52 33.95 34.61 35.27 35.93 36.60 37.27 37.94 38.61 39.28 39.96 40.63 41.31 41.99 42.67 43.36 44. 04 53 34.65 35.32 36.00 36.68 37.36 30.04 38.72 39.41 40.10 40.79 41.48 42.17 42.07 43.57 44.27 44.97 54 35.35 36.04 36.73 37.42 38. 12 30.02 39.52 40.22 40.92 41.63 42.33 43.04 43.75 44.47 45. 16 45.90 55 36.05 36.76 37.46 38. 17 38.88 3 9.60 40.3 1 4 I .03 41.74 42.47 43.19 43.91 44.64 45.37 46.10 46. 83 56 36.76 37. 40 38.20 38.92 39.6 5 40.38 41.11 41.84 42.57 43.31 44.05 44. 79 45.53 46.27 47.02 47. 77 57 37.47 38.20 3 8.94 39.68 40.42 41.16 41.91 42.65 43.40 44. 15 44.91 45.66 46.42 4 7. IS 47. 94 48. 71 58 38.18 38.93 39.68 40. 43 41.19 41.95 42.71 43.47 44.23 45.00 45.77 46. 54 47.32 48.09 40.07 49.65 59 30.89 39.66 40.42 41.19 41.96 42.74 43.5 1 44.29 45.07 45.85 46.64 47.42 48.21 49. 01 49. 80 50.60 60 39.61 40. 39 41.17 41.95 42.74 43.53 44.32 45. 11 45.91 46.71 47.51 40.31 49. 12 49.92 50.73 51.55 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Directors of Federal Reserve Banks and Branches Following is a list of the directorates of the Federal Reserve Banks and branches as at present con stituted. The list shows, in addition to the name of each director, his principal business affiliation, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors; three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman. Federal Reserve Bank branches have either five or seven directors, of whom a majority are appointed by the board of directors of the parent Federal Reserve Bank and the others are appointed by the Board of Governors of the Federal Reserve System. One of the directors appointed by the Board of Governors at each branch is designated annually as Chairman of the Board in such manner as the Federal Reserve Bank may prescribe. District 1—FEDERAL RESERVE BANK OF BOSTON Term Expires Class A: Dec. 31 Charles A. Beaujon,Jr. President, The Canaan National Bank, Canaan, Conn. 1969 William R. Kennedy President, Merrimack Valley National Bank, Haverhill, Mass. 1970 John Simmen Chairman of the Board, Industrial National Bank of Rhode Island, Providence, R.I. 1971 Class B: F. Ray Keyser, Jr. Vice President, Vermont Marble Company, Proctor, Vt. 1969 James R. Carter Chairman of the Board, Nashua Corporation, Nashua, N.H. 1970 W. Gordon Robertson Chairman of the Executive Committee, Chief Executive Officer, Bangor Punta Corporation, Bangor, Maine 1971 Class C: Howard W. Johnson 1 President, Massachusetts Institute of Technology, Cambridge, Mass. 1969 John M. Fox 2 Chairman of the Board, United Fruit Company, Boston, Mass. 1970 James S. Duesenberry Professor, Harvard University, Cambridge, Mass. 1971 1 Chairman 2 Deputy Chairman 105 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
106 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 District 2—FEDERAL RESERVE BANK OF NEW YORK Term Expires Class A: Dec. 31 Eugene H. Morrison President, Orange County Trust Company, Middletown, N.Y. 1969 R. E. McNeill, Jr. Chairman of the Board, Manufacturers Hanover Trust Com pany, New York, N.Y. 1970 Charles E. Treman, Jr. President, Tompkins County Trust Company, Ithaca, N.Y. 1971 Class B: Maurice R. Forman President, B. Forman Co., Inc., Rochester, N.Y. 1969 Arthur K. Watson Chairman of the Board, IBM World Trade Corporation, Armonk, N.Y. 1970 Milton C. Mumford Chairman of the Board, Lever Brothers Company, New York, N.Y. 1971 Class C: Albert L. Nickerson 1 Chairman of the Board, Mobil Oil Corporation, New York, N.Y. 1969 James M. Hester 2 President, New York University, New York, N.Y. 1970 Roswell L. Gilpatric Partner, Cravath, Swaine & Moore, Esqs., New York, N.Y. 1971 BUFFALO BRANCH Appointed by Federal Reserve Bank: E. Perry Spink Chairman of the Board, Liberty National Bank and Trust Com pany, Buffalo, N.Y. 1969 Wilmot R. Craig Chairman of the Board, Lincoln Rochester Trust Company, Rochester, N.Y. 1970 Charles L. Hughes President, The Silver Creek National Bank, Silver Creek, N.Y. 1970 James I. Wyckoff President, The National Bank of Geneva, N.Y. 1971 Appointed by Board of Governors: Gerald F. Britt President, L-Brooke Farms, Inc., Byron, N.Y. 1969 Robert S. Bennett 1 General Manager, Lackawanna Plant, Bethlehem Steel Corpora tion, Buffalo, N.Y. 1970 Norman F. Beach Vice President, Eastman Kodak Company, Rochester, N.Y. 1971 District 3—FEDERAL RESERVE BANK OF PHILADELPHIA Class A: Robert C. Enders President, Bloomsburg Bank—Columbia Trust Company, Bloomsburg, Pa. 1969 H. Lyle Duffey Executive Vice President, The First National Bank, McConnells burg, Pa. 1970 Harold F. Still, Jr. President, Central-Penn National Bank of Philadelphia, Pa. 1971 1 Chairman 2 Deputy Chairman Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
DIRECTORS RESERVE BANKS AND BRANCHES 107 District 3—FEDERAL RESERVE BANK OF PHILADELPHIA—Continued Term Expires Class B: Dec. 31 Edward J. Dwyer President, ESB Incorporated, Philadelphia, Pa. 1969 Philip H. Glatfelter, III President, P. H. Glatfelter Co., Spring Grove, Pa. 1970 Henry A. Thouron President, Hercules Incorporated, Wilmington, Del. 1971 Class C: Bayard L. England 2 Chairman of the Board, Atlantic City Electric Company, Atlantic City, N.J. 1969 Willis J. Winn 1 Dean, Wharton School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pa. 1970 D. Robert Yarnall, Jr. President, Yarway Corporation, Blue Bell, Pa. 1971 District 4—FEDERAL RESERVE BANK OF CLEVELAND Class A: Richard R. Hollington President, The Ohio Bank and Savings Company, Findlay, Ohio 1969 Seward D. Schooler President, Coshocton National Bank, Coshocton, Ohio 1970 George F. Karch Chairman of the Board, President, The Cleveland Trust Com pany, Cleveland, Ohio 1971 Class B: R. Stanley Laing President, The National Cash Register Company, Dayton, Ohio 1969 John L. Gushman Chief Executive Officer, President, Anchor Hocking Glass Cor poration, Lancaster, Ohio 1970 J. William Henderson, Jr. President, Buckeye International, Inc., Columbus, Ohio 1971 Class C: Albert G. Clay 1 President, Clay Tobacco Company, Mt. Sterling, Ky. 1969 J. Ward Keener 2 Chairman of the Board, Chief Executive Officer, The B. F. Goodrich Company, Akron, Ohio 1970 Horace A. Shepard President, TRW Inc., Cleveland, Ohio 1971 CINCINNATI BRANCH Appointed by Federal Reserve Bank: John W. Humphrey Chairman of the Board, The Philip Carey Manufacturing Com pany, Cincinnati, Ohio 1969 Robert J. Barth President, The First National Bank, Dayton, Ohio 1969 Fletcher E. Nyce President, The Central Trust Company, Cincinnati, Ohio 1970 Robert B. Johnson President, Pikeville National Bank and Trust Company, Pikeville, Ky. 1971 1 Chairman 2 Deputy Chairman Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
108 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 District 4—FEDERAL RESERVE BANK OF CLEVELAND—Continued CINCINNATI BRANCH—Continued Term Expires Appointed by Board of Governors: Dec. 31 Phillip R. Shriver President, Miami University, Oxford, Ohio 1969 Orin E. Atkins President, Ashland Oil & Refining Company, Ashland, Ky. 1970 Graham E. Marx 1 President, General Manager, The G. A. Gray Company, Cincin nati, Ohio 1971 PITTSBURGH BRANCH Appointed by Federal Reserve Bank: Charles M. Beeghly Chairman of the Executive Committee, Jones and Laughlin Steel Corporation, Pittsburgh, Pa. 1969 Thomas L. Wentling President, First National Bank of Westmoreland, Greensburg, Pa. 1969 George S. Cook President, Somerset Trust Company, Somerset, Pa. 1970 Charles H. Bracken President, Marine National Bank, Erie, Pa. 1971 Appointed by Board of Governors: Lawrence E. Walkley 1 President, Westinghouse Air Brake Company, Pittsburgh, Pa. 1969 B. R. Dorsey President, Gulf Oil Corporation, Pittsburgh, Pa. 1970 Richard M. Cyert Dean, Graduate School of Industrial Administration, Carnegie- Mellon University, Pittsburgh, Pa. 1971 District 5—FEDERAL RESERVE BANK OF RICHMOND Class A: Robert C. Baker Chairman of the Board, President, American Security and Trust Company, Washington, D.C. 1969 Giles H. Miller President, The Culpeper National Bank, Culpeper, Va. 1970 Douglas D. Monroe, Jr. President, Chesapeake National Bank, Kilmarnock, Va. 1971 Class B: Thaddeus Street President, Carolina Shipping Company, Charleston, S.C. 1969 H. Dail Holderness President, Carolina Telephone and Telegraph Company, Tarboro, N.C. 1970 Charles D. Lyon President, The Potomac Edison Company, Hagerstown, Md. 1971 Class C: Robert W. Lawson, Jr. = Managing Partner of Charleston Office, Steptoe & Johnson, Charleston, W. Va. 1969 Stuart Shumate President, Richmond, Fredericksburg and Potomac Railroad Company, Richmond, Va. 1970 Wilson H. Elkins ’ President, University of Maryland, College Park, Md. 1971 1 Chairman 2 Deputy Chairman Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
DIRECTORS RESERVE BANKS AND BRANCHES 109 District 5—FEDERAL RESERVE BANK OF RICHMOND—Continued BALTIMORE BRANCH . Term Expires Appointed hy Federal Reserve Bank: Dec. 31 John P. Sippel President, The Citizens National Bank, Laurel, Md. 1969 Adrian L. McCardell Chairman of the Board, First National Bank of Maryland, Balti more, Md. 1970 James J. Robinson Executive Vice President, Bank of Ripley, W. Va. 1970 Tilton H. Dobbin Chairman of the Executive Committee, President, Maryland Na tional Bank, Baltimore, Md. 1971 Appointed by Board of Governors: Arnold J. Kleff, Jr. 1 Manager, Baltimore Plant, American Smelting and Refining Company, Baltimore, Md. 1969 John H. Fetting, Jr. President, A. H. Fetting Company, Baltimore, Md. 1970 John M. Jarvis Chairman of the Board, Jarvis, Downing & Emch, Inc., Clarks burg, W. Va. 1971 CHARLOTTE BRANCH Appointed by Federal Reserve Bank: J. Willis Cantey President, The Citizens and Southern National Bank, Columbia, S.C. 1969 C. C. Cameron Chairman of the Board, President, First Union National Bank, Charlotte, N.C. 1970 H. Phelps Brooks, Jr. President, The Peoples National Bank, Chester, S.C. 1970 L. D. Coltrane, III President, The Concord National Bank, Concord, N.C. 1971 Appointed by Board of Governors: James A. Morris 1 Commissioner, The South Carolina Commission on Higher Edu cation, Columbia, S.C. 1969 William B. McGuire President, Duke Power Company, Charlotte, N.C. 1970 John L. Fraley Executive Vice President, Carolina Freight Carriers Corporation, Cherryville, N.C. 1971 District 6—FEDERAL RESERVE BANK OF ATLANTA Class A: William B. Mills President, The Florida National Bank, Jacksonville, Fla. 1969 A. L. Ellis Chairman of the Board, First National Bank, Tarpon Springs, Fla. 1970 John W. Gay President, The First National Bank, Scottsboro, Ala. 1971 1 Chairman Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
110 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued Term Expires Class B: Dec. 31 Philip J. Lee Vice President, Tropicana Products, Inc., Tampa, Fla. 1969 Hoskins A. Shadow President, Tennessee Valley Nursery, Inc., Winchester, Tenn. 1970 Harry T. Vaughn President, United States Sugar Corporation, Clewiston, Fla. 1971 Class C: John A. Hunter President, Louisiana State University, Baton Rouge, La. 1969 John C. Wilson 2 President, Horne-Wilson, Inc., Atlanta, Ga. 1970 Edwin I. Hatch 1 President, Georgia Power Company, Atlanta, Ga. 1971 BIRMINGHAM BRANCH Appointed by Federal Reserve Bank: Will T. Cothran President, Birmingham Trust National Bank, Birmingham, Ala. 1969 Arthur L. Johnson President, Camden National Bank, Camden, Ala. 1970 George A. LeMaistre President, City National Bank, Tuscaloosa, Ala. 1970 K. M. Varner, Jr. President, The First National Bank, Auburn, Ala. 1971 Appointed by Board of Governors: Mays E. Montgomery1 General Manager, Dixie Home Feeds Company, Athens, Ala. 1969 C. Caldwell Marks Chairman of the Board, Owen-Richards Company, Birmingham, Ala. 1970 W. C. Bauer President, South Central Bell Telephone Company, Birmingham, Ala. 1971 JACKSONVILLE BRANCH Appointed by Federal Reserve Bank: L. V. Chappell President, First National Bank, Clearwater, Fla. 1969 Harry Hood Bassett Chairman of the Board, The First National Bank, Miami, Fla. 1970 John Y. Humphress Executive Vice President, Capital City First National Bank, Tal lahassee, Fla. 1970 Edward W. Lane, Jr. President, The Atlantic National Bank, Jacksonville, Fla. 1971 Appointed by Board of Governors: Henry King Stanford President, University of Miami, Coral Gables, Fla. 1969 Henry Cragg Chairman of the Board, Chief Executive Officer, Minute Maid Company, Orlando, Fla. 1970 Castle W. Jordan 1 President, Associated Oil & Gas Co., Coral Gables, Fla. 1971 1 Chairman 2 Deputy Chairman Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
DIRECTORS RESERVE BANKS AND BRANCHES 111 District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued NASHVILLE BRANCH Term Expires Appointed by Federal Reserve Bank: Dec. 31 Andrew Benedict President, First American National Bank, Nashville, Tenn. 1969 H. A. Crouch, Jr. President, The First National Bank, Tullahoma, Tenn. 1970 W. H. Swain President, First National Bank, Oneida, Tenn. 1970 Hugh M. Willson President, Citizens National Bank, Athens, Tenn. 1971 Appointed by Board of Governors: James E. Ward 1 Chairman of the Board, Baird-Ward Printing Co., Nashville, Tenn. 1969 Robert M. Williams President, ARO, Inc., Tullahoma, Tenn. 1970 Edward J. Boling Vice President for Development and Administration, The Univer sity of Tennessee, Knoxville, Tenn. 1971 NEW ORLEANS BRANCH Appointed by Federal Reserve Bank: A. L. Gottsche President, First National Bank, Biloxi, Miss. 1969 Lucien J. Hebert, Jr. Executive Vice President, Lafourche National Bank, Thibodaux, La. 1970 Morgan Whitney Vice President, Whitney National Bank, New Orleans, La. 1970 E. W. Haining President, The First National Bank, Vicksburg, Miss. 1971 Appointed by Board of Governors: George B. Blair General Manager, American Rice Growers Cooperative Associa tion, Lake Charles, La. 1969 Robert H. Radcliff, Jr.’ President, Southern Industries Corporation, Mobile, Ala. 1970 Frank G. Smith Vice President, Mississippi Power & Light Co., Jackson, Miss. 1971 District 7—FEDERAL RESERVE BANK OF CHICAGO Class A: Kenneth V. Zwiener Chairman of the Board, Harris Trust and Savings Bank, Chicago, Ill. 1969 Melvin C. Lockard President, First National Bank, Mattoon, Ill. 1970 Floyd F. Whitmore President, The Okey-Vernon National Bank, Corning, Iowa 1971 Class B: William H. Davidson President, Harley-Davidson Motor Co., Milwaukee, Wis. 1969 Howard M. Packard Chairman of the Finance Committee, S. C. Johnson & Son, Inc., Racine, Wis. 1970 Joseph O. Waymire Vice President for Finance, Treasurer, Eli Lilly and Company, Indianapolis, Ind. 1971 1 Chairman Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
112 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 District 7—FEDERAL RESERVE BANK OF CHICAGO—Continued Term Expires Class C: Dec. 31 Emerson G. Higdon 2 President, Treasurer, The Maytag Co., Newton, Iowa 1969 Franklin J. Funding 1 Chairman of the Finance Committee, Jewel Companies, Inc., Melrose Park, Ill. 1970 William H. Franklin President, Caterpillar Tractor Co., Peoria, Ill. 1971 DETROIT BRANCH Appointed by Federal Reserve Bank: John H. French, Jr. President, City National Bank, Detroit, Mich. 1969 George L. Whyel President, Genesee Merchants Bank and Trust Co., Flint, Mich. 1969 Raymond T. Perring Chairman of the Board, The Detroit Bank and Trust Co., Detroit, Mich. 1970 B. P. Sherwood, Jr. President, Security First Bank & Trust Co., Grand Haven, Mich. 1971 Appointed by Board of Governors: Max P. Heavenrich, Jr. 1 President, Heavenrich Bros. & Co., Saginaw, Mich. 1969 L. Wm. Seidman Resident Partner, Seidman & Seidman, Grand Rapids, Mich. 1970 Peter B. Clark President, The Evening News Association, Detroit, Mich. 1971 District 8—FEDERAL RESERVE BANK OF ST. LOUIS Class A: Cecil W. Cupp, Jr. President, Arkansas Bank and Trust Co., Hot Springs, Ark. 1969 Bradford Brett President, The First National Bank, Mexico, Mo. 1970 James P. Hickok Chairman of the Board, First National Bank, St. Louis, Mo. 1971 Class B: Roland W. Richards Senior Vice President, Laclede Steel Co., St. Louis, Mo. 1969 Mark Townsend Chairman of the Board, Townsend Lumber Co., Inc., Stuttgart, Ark. 1970 Sherwood J. Smith Industrialist, Evansville, Ind. 1971 Class C: Sam Cooper President, HumKo Products Div., National Dairy Products Corp., Memphis, Tenn. 1969 Smith D. Broadbent, Jr. 2 Broadbent Hybrid Seed Co., Cadiz, Ky. 1970 Frederic M. Peirce 1 Chairman of the Board, Chief Executive Officer, General Ameri can Life Insurance Co., St. Louis, Mo. 1971 1 Chairman 2 Deputy Chairman Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
DIRECTORS RESERVE BANKS AND BRANCHES 113 District 8—FEDERAL RESERVE BANK OF ST. LOUIS—Continued LITTLE ROCK BRANCH Term Expires Appointed by Federal Reserve Bank: Dec. 31 Ellis E. Shelton President, The First National Bank, Fayetteville, Ark. 1969 Wayne A. Stone President, Simmons First National Bank, Pine Bluff, Ark. 1969 Edward M. Penick Chief Executive Officer, President, Worthen Bank & Trust Co., Little Rock, Ark. 1970 Louis E. Hurley President, The Exchange Bank & Trust Co., El Dorado, Ark. 1971 Appointed by Board of Governors: Jake Hartz, Jr. 1 President, Jacob Hartz Seed Co., Inc., Stuttgart, Ark. 1969 (Vacancy) 1970 Al Pollard President, Brooks-Pollard Co., Little Rock, Ark. 1971 LOUISVILLE BRANCH Appointed by Federal Reserve Bank: Wm. G. Deatherage President, Planters Bank & Trust Co., Hopkinsville, Ky. 1969 Paul Chase President, The Bedford National Bank, Bedford, Ind. 1969 J. E. Miller Executive Vice President, Sellersburg State Bank, Sellersburg, Ind. 1970 Hugh M. Shwab, Jr. Executive Vice President, First National Bank, Louisville, Ky. 1971 Appointed by Board of Governors: John G. Beam President, Thomas Industries, Inc., Louisville, Ky. 1969 Harry M. Young, Jr. 1 Farmer, Herndon, Ky. 1970 Ronald E. Reitmeier President, Catalysts and Chemicals Inc., Louisville, Ky. 1971 MEMPHIS BRANCH Appointed by Federal Reserve Bank: Allen Morgan Chairman of the Board, The First National Bank, Memphis, Tenn. 1969 Con T. Welch President, Citizens Bank, Savannah, Tenn. 1969 J. J. White President, Helena National Bank, Helena, Ark. 1970 Wade W. Hollowell President, The First National Bank, Greenville, Miss. 1971 Appointed by Board of Governors: William L. Giles1 President, Mississippi State University, State College, Miss. 1969 Alvin Huffman, Jr. President, Huffman Bros. Lumber Co., Blytheville, Ark. 1970 C. Whitney Brown President, S. C. Toof & Co., Memphis, Tenn. 1971 1 Chairman Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
114 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS Term Expires Class A: Dec. 31 John Bosshard Executive Vice President, First National Bank, Bangor, Wis. 1969 Warren F. Vaughan President, Security Trust & Savings Bank, Billings, Mont. 1970 Gustav A. Dahlen President, 1st National Bank, Ironwood, Mich. 1971 Class B: Leo C. Studness Manager, Studness Co., Devils Lake, in. Dak. 1969 Dale V. Andersen President, Mitchell Packing Co., Inc., Mitchell, S. Dak. 1970 John H. Bailey President, The Cretex Companies, Inc., Elk River, Minn. 1971 Class C: David M. Lilly 2 Chairman of the Board, Toro Manufacturing Corp., Minneapolis, Minn. 1969 Byron W. Reeve President, Lake Shore, Inc., Iron Mountain, Mich. 1970 Robert F. Leach 1 Attorney, Oppenheimer, Hodgson, Brown, Wolff and Leach, St. Paul, Minn. 1971 HELENA BRANCH Appointed by Federal Reserve Bank: B. Meyer Harris President, The Yellowstone Bank, Laurel, Mont. 1969 Charles H. Brocksmith President, First Security Bank of Glasgow N.A., Glasgow, Mont. 1970 Glenn H. Larson President, First State Bank, Thompson Falls, Mont. 1970 Appointed by Board of Governors: Edwin G. Koch1 President, Montana College of Mineral Science and Technology, Butte, Mont. 1969 Warren B. Jones Secretary-Treasurer, Two Dot Land & Livestock Co., Harlowton, Mont. 1970 District 10—FEDERAL RESERVE BANK OF KANSAS CITY Class A: Eugene H. Adams President, The First National Bank, Denver, Colo. 1969 C. M. Miller President, The Farmers and Merchants State Bank, Colby, Kans. 1970 John A. O’Leary Chairman of the Board, The Peoples State Bank, Luray, Kans. 1971 Class B: Cecil O. Emrich Manager, Norfolk Livestock Market, Inc., Norfolk, Nebr. 1969 Alfred E. Jordan Vice President, Trans World Airlines, Inc., Kansas City, Mo. 1970 Stanley Learned Member of Finance Committee, Phillips Petroleum Co., Bartles ville, Okla. 1971 1 Chairman 2 Deputy Chairman Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
DIRECTORS RESERVE BANKS AND BRANCHES 115 District 10—FEDERAL RESERVE BANK OF KANSAS CITY—Continued Term Expires Class C: Dec. 31 Willard D. Hosford, Jr. 2 Vice President, General Manager, John Deere Co., Omaha, Nebr. 1969 Dolph Simons 1 Editor, President, Journal-World, Lawrence, Kans. 1970 Robert W. Wagstaff Chairman of the Board, President, Kansas City Coca-Cola Bot tling Co., Kansas City, Mo. 1971 DENVER BRANCH Appointed by Federal Reserve Bank: Armin B. Barney Chairman of the Board, Colorado Springs National Bank, Colo rado Springs, Colo. 1969 Theodore D. Brown President, The Security State Bank, Sterling, Colo. 1970 Robert L. Tripp President, Albuquerque National Bank, Albuquerque, N.M. 1970 Appointed by Board of Governors: Cris Dobbins 1 Chairman of the Board, Ideal Basic Industries Inc., Denver, Colo. 1969 D. R. C. Brown President, The Aspen Skiing Corp., Aspen, Colo. 1970 OKLAHOMA CITY BRANCH Appointed by Federal Reserve Bank: Howard J. Bozarth President, City National Bank and Trust Co., Oklahoma City, Okla. 1969 C. M. Crawford President, First National Bank, Frederick, Okla. 1970 Marvin Millard Chairman of the Board, National Bank of Tulsa, Okla. 1970 Appointed by Board of Governors: C. W. Flint, Jr. 1 Chairman of the Board, Flint Steel Corp., Tulsa, Okla. 1969 F. W. Zaloudek Manager, J. I. Case Implements, Kremlin, Okla. 1970 OMAHA BRANCH Appointed by Federal Reserve Bank: John W. Hay, Jr. President, Rock Springs National Bank, Rock Springs, Wyo. 1969 S. N. Wolbach President, First National Bank, Grand Island, Nebr. 1969 Edward W. Lyman President, The United States National Bank, Omaha, Nebr. 1970 Appointed by Board of Governors: A. James Ebel Vice President, General Manager, Cornhusker Television Corp., Lincoln, Nebr. 1969 Henry Y. Kleinkauf 1 President, Natkin & Co., Omaha, Nebr. 1970 1 Chairman 2 Deputy Chairman Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
116 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 District 11—FEDERAL RESERVE BANK OF DALLAS Term Expires Class A: Dec. 31 Murray Kyger Chairman of the Board, The First National Bank of Fort Worth, Tex. 1969 J. V. Kelly President, Peoples National Bank, Belton, Tex. 1970 A. W. Riter, Jr. President, The Peoples National Bank of Tyler, Tex. 1971 Class B: C. A. Tatum, Jr. President, Chief Executive Officer, Texas Utilities Co., Dallas, Tex. 1969 Carl D. Newton President, Fox-Stanley Photo Products, Inc., San Antonio, Tex. 1970 Hugh F. Steen President, El Paso Natural Gas Co., El Paso, Texas. 1971 Class C: Max Levine = Retired Chairman, Foley’s, Houston, Tex. 1969 Carl J. Thomsen 1 Senior Vice President, Texas Instruments Incorporated, Dallas, Tex. 1970 Chas. F. Jones President, Humble Oil & Refining Co., Houston, Tex. 1971 EL PASO BRANCH Appointed by Federal Reserve Bank: Robert W. Heyer Consultant, Southern Arizona Bank & Trust Co., Tucson, Ariz. 1969 Archie B. Scott President, The Security State Bank, Pecos, Tex. 1969 RobertF. Lockhart President, The State National Bank, El Paso, Tex. 1970 Joe B. Sisler President, The Clovis National Bank, Clovis, N.M. 1971 Appointed by Board of Governors: C. Robert McNally, Jr.1 Rancher, Roswell, N. M. 1969 Gordon W. Foster Vice President, Farah Manufacturing Co., Inc., El Paso, Tex. 1970 Joseph M. Ray Benedict Professor of Political Science, The University of Texas at El Paso, Tex. 1971 HOUSTON BRANCH Appointed by Federal Reserve Bank: W. G. Thornell President, The First National Bank, Port Arthur, Tex. 1969 John E. Whitmore President, Texas National Bank of Commerce, Houston, Tex. 1969 A. G. McNeese, Jr. Chairman of the Board, Bank of the Southwest National As sociation, Houston, Tex. 1970 Henry B. Clay President, First Bank & Trust, Bryan, Tex. 1971 Appointed by Board of Governors: Geo. T. Morse, Jr. 1 President, General Manager, Peden Iron & Steel Co., Houston, Tex. 1969 M. Steele Wright, Jr. President, General Manager, Texas Farm Products Co., Nacog doches, Tex. 1970 R. M. Buckley President, Eastex Incorporated, Silsbee, Tex. 1971 1 Chairman “ Deputy Chairman Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
DIRECTORS RESERVE BANKS AND BRANCHES 117 District 11—FEDERAL RESERVE BANK OF DALLAS—Continued SAN ANTONIO BRANCH Term Expires Appointed by Federal Reserve Bank: Dec. 31 J. R. Thornton Chairman of the Board, President, State Bank and Trust Co., San Marcos, Tex, 1969 T. C. Frost, Jr. President, The Frost National Bank of San Antonio, Tex. 1969 Ray M. Keck, Jr. President, Union National Bank, Laredo, Tex. 1970 James T. Denton, Jr. President, Corpus Christi Bank and Trust, Corpus Christi, Tex. 1971 Appointed by Board of Governors: W. A. Belcher 1 Veterinarian, Rancher, Brackettville, Tex. 1969 Lloyd M. Knowlton General Manager, Knowlton’s Creamery, San Antonio, Tex. 1970 Francis B. May Professor of Business Statistics, The University of Texas, Austin, Tex. 1971 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO Class A: Carroll F. Byrd Chairman of the Board, President, The First National Bank of Willows, Calif. 1969 Charles F. Frankland Chairman of the Board, The Pacific National Bank of Seattle, Wash. 1970 Ralph V. Arnold Chairman of the Board, Chief Executive Officer, First National Bank & Trust Co., Ontario, Calif. 1971 Class B: Joseph Rosenblatt Honorary Chairman of the Board, The Eimco Corp., Salt Lake City, Utah 1969 Marron Kendrick President, Chief Executive Officer, Schlage Lock Co., San Fran cisco, Calif. 1970 Herbert D. Armstrong Treasurer, Standard Oil Co. of California, San Francisco, Calif. 1971 Class C: 1 S. Alfred Halgren - Senior Vice President, Carnation Company, Los Angeles, Calif. 1969 O. Meredith Wilson ' President, Director, Center for Advanced Study in the Behavioral Sciences, Stanford, Calif. 1970 Bernard T. Rocca, Jr. Chairman of the Board, Pacific Vegetable Oil Corp., San Fran cisco, Calif. 1971 LOS ANGELES BRANCH Appointed by Federal Reserve Bank: Sherman Hazeltine Chairman of the Board, Chief Executive Officer, First National Bank of Arizona, Phoenix, Ariz. 1969 T. H. Shearin President, Community National Bank, Bakersfield, Calif. 1970 Carl E. Schroeder President, The First National Bank of Orange County, Orange, Calif. 1970 Harry J. Volk Chairman of the Board, Union Bank, Los Angeles, Calif. 1970 1 Chairman 2 Deputy Chairman Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
118 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO—Continued LOS ANGELES BRANCH—Continued Appointed by Board of Governors: Leland D. Pratt Executive Vice President, Kelco Company, San Diego, Calif. 1969 Norman B. Houston 1 Senior Vice President, Treasurer, Golden State Mutual Life In surance Co., Los Angeles, Calif. 1970 J. Leland Atwood President, Chief Executive Officer, North American Rockwell Corp., El Segundo, Calif. 1971 PORTLAND BRANCH Appointed by Federal Reserve Bank: Ralph J. Voss President, First National Bank of Oregon, Portland, Ore. 1969 Charles F. Adams President, The Oregon Bank, Portland, Ore. 1970 E. W. Firstenburg Chairman of the Board, President, First Independent Bank, Van couver, Wash. 1970 Appointed by Board of Governors: Frank Anderson 1 Rancher, Heppner, Ore. 1969 Robert F. Dwyer Dwyer Forest Products Co., Portland, Ore. 1970 SALT LAKE CITY BRANCH Appointed by Federal Reserve Bank: William E. Irvin President, The Idaho First National Bank, Boise, Idaho 1969 Newell B. Dayton Chairman of the Board, Tracy-Collins Bank and Trust Co., Salt Lake City, Utah 1970 Roderick H. Browning President, Bank of Utah, Ogden, Utah 1970 Appointed by Board of Governors: Royden G. Derrick 1 President, General Manager, Western Steel Co., Salt Lake City, Utah 1969 Peter E. Marble Rancher, Deeth, Nev. 1970 SEATTLE BRANCH Appointed by Federal Reserve Bank: Maxwell Carlson President, The National Bank of Commerce, Seattle, Wash. 1969 A. E. Saunders President, The Puget Sound National Bank, Tacoma, Wash. 1970 Philip H. Stanton President, Washington Trust Bank, Spokane, Wash. 1970 Appointed by Board of Governors: William McGregor 1 Vice President, McGregor Land and Livestock Co., Hooper, Wash. 1969 C. Henry Bacon, Jr. President, Simpson Timber Co., Seattle, Wash. 1970 1 Chairman 118 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 released approximately 90 days following the date of the meeting and are subsequently published in the Federal Reserve Bulletin. The record for each meeting includes the votes on the policy decisions made at the meeting as well as a resume of the basis for the decisions. The summary descriptions of economic and financial conditions are based on the information that was avail able to the Committee at the time of the meeting, rather than on data as they may have been revised since then. Policy directives of the Federal Open Market Committee are issued to the Federal Reserve Bank of New York—the Bank selected by the Committee to execute transactions for the System Open Market Account. Records of policy actions for the meetings held in 1967 were published in the Bulletins for July 1967 through March 1968. Records for the meetings held in 1968 through October 8 were published in the Bulletins for April, pages 372-81; May, pages 431-36; June, pages 482-96; July, pages 628-37; August, pages 671-80; September, pages 749-56; October, pages 853 71; November, pages 910-19; December, pages 1004-11; and January 1969, pages 35-44. The record for the meeting held on October 29, 1968, follows: 119 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
120 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 MEETING HELD ON OCTOBER 29, 1968 Authority to effect transactions in System Account. The expansion in real GNP moderated somewhat in the third quarter, according to preliminary Commerce Department esti mates. The amount of slowing—to an annual rate of about 5 per cent, from more than 6 per cent in the first half of the year —was less than had been implied by recent staff projections. New projections presented at this meeting suggested that the ex pansion would moderate somewhat further in the fourth quarter and would continue to slow in the first half of 1969. The strong performance of the economy in the third quarter was attributable largely to a substantial increase in consumer spending. Growth in disposable income was sharply curtailed by the tax surcharge, so the rise in consumer spending was associ ated with a large decline in the rate of personal saving; indeed, the decline in the saving rate was one of the largest in nearly a decade. In addition, business outlays on plant and equipment increased substantially after moving down in the second quarter, and Federal outlays expanded further, although at a considerably slower rate than earlier in the year. Retail sales in October were remaining close to the advanced level of the summer months, according to available weekly fig ures. Output of steel, which had been cut back sharply following the late-July wage settlement in that industry, turned up in early October, and the industrial production index for October was tentatively estimated to have risen slightly after declining for 2 months. In September nonfarm employment expanded only mod erately, and the unemployment rate edged up to 3.6 per cent from 3.5 per cent in August. Labor markets remained firm, however, and wage rates continued under strong upward pressure. Average prices of industrial commodities, which had increased appreciably in September following several months of little Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 121 change, rose substantially further in October. In both months the advance encompassed a broad range of commodities. The over-all wholesale price index was unchanged in October, how ever, as prices of farm products and foods fell by about as much as they had risen in the preceding month. The consumer price index increased moderately in September. Conditions in foreign exchange markets had improved in the latter part of September when speculation on an imminent reval uation of the German mark abated, and the markets remained quiet in October. The exchange rate for sterling had been firm in recent weeks. Although the exchange rate for the French franc remained at or close to its lower support limit, selling pressures against the franc appeared to have moderated considerably. The surplus on U.S. merchandise trade in the third quarter was somewhat above the very low levels of the first two quarters of the year, with part of the improvement reflecting an accelera tion of exports in anticipation of a possible strike of longshore men on October 1. New estimates of over-all payments flows suggested that the balance on the liquidity basis was less un favorable in September than had been thought earlier and that the deficit was smaller in the third quarter as a whole than pre vious estimates had indicated. However, fragmentary data for early October suggested renewed deterioration. The latest esti mates of the balance on the official settlements basis still indi cated a moderate surplus in the third quarter, mainly as a result of a further rise in borrowings of U.S. banks through their for eign branches. On October 17 the Treasury auctioned $3 billion of tax anticipation bills due in June 1969. Bidding in the auction was aggressive, in part because the offering coincided with wide spread reports that a halt in the bombing of North Vietnam was imminent. On October 23 the Treasury announced that in ex change for securities maturing in mid-November and mid-De cember, of which about $5.6 billion were held by the public, it Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
122 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 would offer 2 notes—a new 18-inonth, 5% per cent note priced to yield 5.73 per cent, and a reopened 6-year, 5% per cent note priced at par. It was expected that the Treasury would auction additional tax-anticipation bills for payment in late November or early December mainly to compensate for cash redemptions in connection with the current refunding. Interest rates on most types of market securities had risen on balance in recent weeks, although yields had fluctuated in re sponse to shifting prospects for the de-escalation of hostilities in Vietnam. Both short- and long-term markets were influenced by continuing reports indicating that economic expansion was vig orous despite the recent fiscal legislation, and by the associated expectations that a firmer monetary policy might be required to resist inflationary pressures. In short-term markets yields in creased on finance company and commercial paper, bankers’ acceptances, and Treasury bills; the market rate on 3-month Treasury bills, at 5.46 per cent on the day before this meeting, was 20 basis points above its level of 3 weeks earlier. Contribut ing to the upward pressures on long-term rates were the large volume of new corporate security offerings and the record amount of State and local government issues in October, as well as the Treasury refunding. In markets for home mortgages, the gradual easing of condi tions that had been under way since mid-June continued in Sep tember, although the increase in net deposit inflows to nonbank financial intermediaries was again moderate. After the first week of October, however, there were indications that conditions in the secondary market for mortgages were beginning to tighten again. Time and savings deposits at commercial banks continued to expand rapidly in October, according to preliminary estimates. It appeared that inflows of consumer-type time and savings de posits had accelerated further. In addition, banks increased their offering rates on large-denomination CD’s slightly—by about the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 123 amount they had reduced them in September—and the volume of CD’s outstanding rose considerably. Private demand deposits and the money supply were estimated to have increased fairly rapidly from September to October—the money supply at an annual rate of about 7 per cent—after changing little on balance since the first week of July. Business loan demands at commercial banks were relatively strong in October, and banks continued to add to their holdings of municipal securities at a substantial pace. Total bank credit, as measured by the bank credit proxy—daily-average member bank deposits—was estimated to have increased at an annual rate of about 12 per cent in October, compared with 9 per cent in September. Allowance for changes in the daily average of U.S. bank liabilities to their foreign branches would have re duced the October growth rate by about one-half of a percentage point and increased the rate for September by about 1.5 per centage points. System open market operations in the period since the preced ing meeting of the Committee had initially been directed at main taining about the prevailing conditions in the money and short term credit markets. Later, however, some slight firming of con ditions had been permitted, within the limitations imposed by the current Treasury refunding, because estimates from time to time indicated that bank credit was expanding at a rate at or above the upper end of the projected range (after some down ward revision of the projection to allow for a smaller Treasury offering of tax-anticipation bills than had been assumed). The System had carried out relatively large operations, alternately absorbing and supplying reserves, to cope with sizable fluctua tions in market factors affecting reserves and with pressures generated by continuing member bank adjustments to the new reserve computation procedures that had become effective on September 12. In recent weeks the effective rate on Federal funds had fluctuated mostly in a range of 5% to 614 per cent. Member Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
124 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 bank borrowings averaged about $425 million in the 2 weeks ending October 23, down slightly from the average of $455 million in the preceding 4 weeks. Excess reserves declined more on the average, however, and net borrowed reserves increased. New staff projections suggested that, if prevailing conditions in money and short-term credit markets were maintained, the bank credit proxy would expand at an annual rate of 9 to 12 per cent in November and more slowly in December. The projec tions, which assumed that the Treasury would offer $2.5 billion of tax-anticipation bills for payment in the last week of Novem ber, were subject to revision if the size or timing of the offering were different. It was expected that business loan demand would remain fairly strong in November and that banks would con tinue to acquire municipal securities at a rapid pace. Prospects favored slower growth in the volume of large-denomination CD’s outstanding and in total time and savings deposits at commercial banks, but it appeared likely that the money supply would in crease at a rate equal to or slightly above that estimated for October. The Committee agreed that the current Treasury refunding precluded a change in monetary policy at this time. Some mem bers indicated that in the absence of the Treasury financing they would have favored seeking somewhat firmer money market conditions, on the grounds that recent and prospective rates of bank credit growth were excessive in light of prevailing infla tionary pressures. Some other members expressed the view that an increase in monetary restraint was not warranted at present even apart from the financing. While recognizing the uncer tainties in the outlook, they believed the most likely prospect at the moment was that the economic advance would slow suffi ciently under the current stance of stabilization policies. The Committee concluded that open market operations should be directed at maintaining about the prevailing conditions in money and short-term credit markets, with the proviso that op- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 125 erations should be modified, insofar as the Treasury financing permitted, if bank credit growth appeared to be in excess of current projections. The following current economic policy di rective was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting suggests that over-all economic expansion has moderated somewhat from its very rapid pace earlier in the year, although less than projected, and that upward pressures on prices and costs are persisting. Market interest rates have risen in recent weeks. Bank credit and time and savings deposits have continued to expand rapidly, but savings inflows to thrift institutions have remained moderate. The money supply, after growing little on balance during the summer, has increased in recent weeks. The U.S. foreign trade balance and underlying payments posi tion continue to be matters of serious concern. In this situation, it is the policy of the Federal Open Market Committee to foster financial conditions con ducive to sustainable economic growth, continued resistance to inflationary pressures, and attainment of reasonable equilibrium in the country’s balance of payments. To implement this policy, while taking account of the current Treasury financing, System open market operations until the next meeting of the Com mittee shall be conducted with a view to maintaining about the prevailing conditions in money and short-term credit markets; provided, however, that operations shall be modified, to the extent permitted by the Treasury financ ing, if bank credit expansion appears to be exceeding current projections. Votes for this action: Messrs. Martin, Brimmer, Daane, Galusha, Hickman, Kimbrel, Maisel, Mitch ell, Morris, Robertson, and Sherrill. Vote against this action: Mr. Hayes. In dissenting from this action, Mr. Hayes said he agreed that the current Treasury refunding precluded any substantial change in monetary policy. He thought, however, that the implications of the prevailing inflationary pressures for the domestic economy and the balance of payments were sufficiently serious to warrant seeking whatever degree of firming in money market conditions would be consistent with the Treasury financing—-however slight that might be—in an effort to slow bank credit growth from a rate he considered excessive. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Law Department ♦ Administrative interpretations, new regulations, and similar material REGULATION Z: TRUTH IN LENDING Pursuant to authority conferred by the Truth in terms so that consumers will be able to compare Lending Act (See June 1968 Bulletin page 497), more readily the various credit terms available and the Board of Governors has issued a new Regula avoid the uninformed use of credit. The text of the tion Z, effective July 1, 1969. This regulation is regulation is as follows: designed to assure a meaningful disclosure of credit CONTENTS Page Page Sec. 226.1—Authority, Scope, Purpose, etc. ... 127 (b) Itemized charges excludable.................... 130 (a) Authority, scope, and purpose................ 127 (c) Late payment, delinquency, default, and (b) Administrative enforcement...................... 127 reinstatement charges................. 131 (c) Penalties and liabilities.............................. 128 (d) Overdraft charges..................................... 131 (e) Excludable charges, real property trans Sec. 226.2—Definitions and Rules of Construc actions................................ 131 tion.................................................................... 128 (f) Prohibited offsets............................ 131 (a) Act............................................................... 128 (g) Demand obligations....................... 131 (b) Advertisement............................................ 128 (h) Computation of insurance premiums.... 131 (c) Agricultural purpose................................. 128 (d) Amount financed....................................... 128 Sec. 226.5—Determination of Annual Percent (e) Annual percentage rate............................. 128 age Rate................................................ 131 (f) Arrange for the extension of credit......... 128 (a) General rule—open end credit accounts 131 (g) Billing cycle................................................ 128 (b) General rule—other credit...................... 132 (h) Board.......................................................... 128 (c) Charts and tables..................................... 132 (i) Cash price................................................... 128 (d) Minor irregularities.................................. 133 (j) Comparative Index of Credit Cost.......... 128 (e) Approximation of annual percentage (k) Consumer credit or consumer loan......... 128 rate—other credit........................ 133 (I) Credit.......................................................... 128 (m) Creditor...................................................... 128 Sec. 226.6—General Disclosure Requirements. 133 (a) Disclosures; general rule........................... 133 (n) Credit sale................................................... 129 (b) Inconsistent State requirements............... 134 (o) Customer.................................................... 129 (c) Additional information............................. 134 (p) Dwelling..................................................... 129 (d) Multiple creditors; joint disclosure......... 134 (q) Finance charge........................................... 129 (e) Multiple customers; disclosure to one... 134 (r) Open end credit......................................... 129 (f) Unknown information estimate............... 134 (s) Organization............................................... 129 (g) Effect of subsequent occurrence.............. 134 (t) Period......................................................... 129 (h) Overstatement............................................ 135 (u) Periodic rate............................................... 129 (i) Preservation and inspection of evidence (v) Person......................................................... 129 of compliance............................... 135 (w) Real property............................................. 129 (j) Percentage rate as dollars per hundred... 135 (x) Real property transaction......................... 129 (k) Transition period....................................... 135 (y) Residence................................................... 129 (z) Security interest and security................... 129 Sec. 226.7—Open End Credit Accounts—Spe (aa) State............................................................ 129 cific Disclosures................................................. 135 (bb) Omission of word “consumer”................ 129 (a) Opening new account................................ 135 (cc) Consummation of transaction.................. 129 (b) Periodic statements required.................... 135 (dd) Captions and catchlines............................ 129 (c) Location of disclosures............................. 136 (d) Finance charge imposed at time of trans Sec. 226.3—Exempted Transactions.................... 129 action............................................ 137 (a) Business or governmental credit.............. 129 (e) Change in terms......................................... 137 (b) Certain transactions in security or com (f) Open end credit accounts existing on modities accounts....................... 130 July 1, 1969.................................. 137 (c) Non-real property credit over $25,000.. . 130 (d) Certain public utility bills......................... 130 Sec. 226.8—Credit Other Than Open End— Specific Disclosures........................................... 137 Sec. 226.4—Determination of Finance Charge. 130 (a) General rule............................................... 137 (a) General rule............................................... 130 (b) Disclosures in sale and nonsale credit. .. 137 126 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 127 Page Page (c) Credit sales................................................. 138 (e) Waiver of right of rescission.................... 142 (d) Loans and other nonsale credit................ 138 (f) Joint ownership.......................................... 142 (e) Finance charge payable separately or (g) Exceptions to general rule...................... 142 withheld; required deposit balances... 139 (f) First lien to finance construction of Sec. 226.10—Advertising Credit Terms............. 143 dwelling......................................... 139 (a) General rule............................................... 143 (g) Orders by mail or telephone.................... 139 (b) Catalogs and multi-page advertisements. 143 (h) Series of sales............................................. 139 (c) Advertising of open end credit................. 143 (i) Advances under loan commitments........ 140 (d) Advertising of credit other than open end 143 (j) Refinancing, consolidating or increasing. 140 (k) Assumption of an obligation.................... 140 Sec. 226.11—Comparative Index of Credit Cost (1) Deferrals or extensions.............................. 140 for Open End Credit......................................... 144 (m) Series of single payment obligations........ 140 (a) General rule.......................................... 144 (n) Permissible periodic statements................ 140 (b) Computation of Comparative Index of (o) Discount for prompt payment................. 141 Credit Cost................................... 144 (c) Form of disclosure..................................... 144 Sec. 226.9—Right To Rescind Certain Trans actions................................................................... 141 Sec. 226.12—Exemption of Certain State Regu (a) General rule............................................... 141 lated Transactions............................................ 144 (b) Notice, opportunity to rescind.................. 141 (a) Exemptions for State regulated trans (c) Delay of performance................................ 142 actions........................................... 144 (d) Effect of rescission..................................... 142 (b) Procedures and criteria............................. 145 REGULATION * SECTION 226.1—AUTHORITY, SCOPE, also implements the provision of the Act under PURPOSE, ETC. which a customer has a right in certain circum (a) Authority, scope, and purpose. (I) This Part stances to cancel a credit transaction which in comprises the regulations issued by the Board of volves a lien on his residence. Advertising of Governors of the Federal Reserve System pursuant consumer credit terms must comply with specific to Title I (Truth in Lending Act) and Title V requirements, and certain credit terms may not (General Provisions) of the Consumer Credit Pro be advertised unless the creditor usually and cus tection Act (Public Law 90-321; 82 Stat. 146 et tomarily extends such terms. Neither the Act nor seq.) Except as otherwise provided herein, this this Part is intended to control charges for con Part applies to all persons who in the ordinary sumer credit, or interfere with trade practices ex course of business regularly extend, or offer to cept to the extent that such practices may be in extend, or arranges, or offer to arrange, for the consistent with the purpose of the Act. extension of consumer credit as defined in para (b) Administrative enforcement. (1) As set forth graph (k) of S 226.2. more fully in section 108 of the Act, administra (2) This Part implements the Act, the purpose tive enforcement of the Act and this part with of which is to assure that every customer who has respect to certain creditors is assigned to the need for consumer credit is given meaningful in Comptroller of the Currency, Board of Directors formation with respect to the cost of that credit of the Federal Deposit Insurance Corporation, which, in most cases, must be expressed in the Federal Home Loan Bank Board (acting directly dollar amount of finance charge, and as an an or through the Federal Savings and Loan Insur nual percentage rate computed on the unpaid ance Corporation), Director of the Bureau of Fed balance of the amount financed. Other relevant eral Credit Unions, Interstate Commerce Commis credit information must also be disclosed so that sion, Civil Aeronautics Board, Secretary of Agri the customer may readily compare the various culture, and Board of Governors of the Federal credit terms available to him from different sources Reserve System. and avoid the uninformed use of credit. This Part (2) Except to the extent that administrative en forcement is specifically committed to other author * This text corresponds to the Code of Federal Regu ities, compliance with the requirements imposed lations, Title 12, Chapter II, Part 226, cited as 12 CFR under the Act and this part will be enforced by 226. The words “this Part”, as used herein, mean Regu lation Z. the Federal Trade Commission. 127 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
128 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 (c) Penalties and liabilities. Section 112 of the which is or will be extended by another person Act provides for criminal liability for willful and under a business or other relationship pursuant to knowing failure to comply with any requirement which the person arranging such credit receives imposed under the Act and this Part, and section or will receive a fee, compensation, or other con 130 of the Act provides for civil liability on the sideration for such service or has knowledge of part of any creditor who fails to disclose any in the credit terms and participates in the preparation formation required under Chapter 2 of the Act of the contract documents required in connection and under the corresponding provisions of this with the extension of credit. It does not include Part. Pursuant to section 108 of the Act, viola honoring a credit card or similar device where tions of the Act or this Part constitute violations no finance charge is imposed at the time of that of other Federal laws which may provide further transaction. penalties. (g) “Billing cycle” means the time interval be tween regular periodic billing statement dates. SECTION 226.2—DEFINITIONS AND Such intervals may be considered equal intervals RULES OF CONSTRUCTION of time unless a billing date varies more than For the purposes of this Part, unless the context 4 days from the regular date. indicates otherwise, the following definitions and (h) “Board” refers to the Board of Governors rules of construction apply: of the Federal Reserve System. (a) “Act” refers to the Truth in Lending Act (i) “Cash price” means the price at which the (Title I of the Consumer Credit Protection Act). creditor offers, in the ordinary course of business, (b) “Advertisement” means any commercial to sell for cash the property or services which are message in any newspaper, magazine, leaflet, flyer the subject of a consumer credit transaction. It or catalog, on radio, television or public address may include the cash price of accessories or serv system, in direct mail literature or other printed ices related to the sale such as delivery, installa material, on any interior or exterior sign or dis tion, alterations, modifications, and improvements, play, in any window display, in any point-of-trans- and may include taxes to the extent imposed on action literature or price tag which is delivered or the cash sale, but shall not include any other made available to a customer or prospective cus charges of the types described in § 226.4. tomer in any manner whatsoever. (j) “Comparative Index of Credit Cost” means (c) “Agricultural purpose” means a purpose re the relative measure of the cost of credit under lated to the production, harvest, exhibition, mar an open end credit account, computed in accord keting, transportation, processing, or manufacture ance with § 226.11, and is the expression of the of agricultural products by a natural person who “average effective annual percentage rate of re cultivates, plants, propagates, or nurtures those turn” and the “projected rate of return” which agricultural products. “Agricultural products” in appear in section 127(a)(5) of the Act. cludes agricultural, horticultural, viticultural, and (k) “Consumer credit” means credit offered or dairy products, livestock, wildlife, poultry, bees, extended to a natural person, in which the money, forest products, fish and shellfish, and any products property, or service which is the subject of the thereof, including processed and manufactured transaction is primarily for personal, family, house products, and any and all products raised or pro hold, or agricultural purposes and for which, duced on farms and any processed or manufac either a finance charge is or may be imposed or tured products thereof. which, pursuant to an agreement, is or may be (d) “Amount financed” means the amount of payable in more than 4 instalments. “Consumer credit of which the customer will have the actual loan” is one type of “consumer credit.” use determined in accordance with paragraphs (1) “Credit” means the right granted by a (c)(7) and (d)(1) of § 226.8. creditor to a customer to defer payment of debt, (e) “Annual percentage rate” means the annual incur debt and defer its payment, or purchase percentage rate of finance charge determined in property or services and defer payment therefor. accordance with § 226.5. (See also paragraph (bb) of this section.) (f) “Arrange for the extension of credit” means (m) “Creditor” means a person who in the or to provide or offer to provide consumer credit dinary course of business regularly extends or Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 129 arranges for the extension of consumer credit, or (w) “Real property” means property which is offers to extend or arrange for the extension of real property under the law of the State in which such credit. it is located. (n) “Credit sale” means any sale with respect (x) “Real property transaction” means an ex to which consumer credit is extended or arranged tension of credit in connection with which a secur by the seller. The term includes any contract in ity interest in real property is or will be retained the form of a bailment or lease if the bailee or or acquired. lessee contracts to pay as compensation for use a (y) “Residence” means any real property in sum substantially equivalent to or in excess of which the customer resides or expects to reside. the aggregate value of the property and services The term includes a parcel of land on which the involved and it is agreed that the bailee or lessee customer resides or expects to reside. will become, or for no other or for a nominal (z) “Security interest” and “security” mean any consideration has the option to become, the owner interest in property which secures payment or of the property upon full compliance with his performance of an obligation. The terms include, obligations under the contract. but are not limited to, security interests under the (o) “Customer” means a natural person to Uniform Commercial Code, real property mort whom consumer credit is offered or to whom it gages, deeds of trust, and other consensual or con is or will be extended, and includes a comaker, fessed liens whether or not recorded, mechanic’s, endorser, guarantor, or surety for such natural materialmen’s, artisan’s, and other similar liens, person who is or may be obligated to repay the vendor’s liens in both real and personal property, extension of consumer credit. the interest of a seller in a contract for the sale (p) “Dwelling” means a residential-type struc of real property, any lien on property arising by ture which is real property and contains one or operation of law, and any interest in a lease when more family housing units, or a residential con used to secure payment or performance of an dominium unit wherever situated. obligation. (q) “Finance charge” means the cost of credit (aa) “State” means any State, the District of determined in accordance with § 226.4. Columbia, the Commonwealth of Puerto Rico, and (r) “Open end credit” means consumer credit any territory or possession of the United States. extended on an account pursuant to a plan under (bb) Unless the context indicates otherwise, which (1) the creditor may permit the customer to “credit” shall be construed to mean “consumer make purchases or obtain Joans, from time to time, credit,” “loan” to mean “consumer loan,” and directly from the creditor or indirectly by use of “transaction” to mean “consumer credit trans a credit card, check, or other device, as the plan action.” may provide; (2) the customer has the privilege of (cc) A transaction shall be considered consum paying the balance in full or in instalments; and mated at the time a contractual relationship is (3) a finance charge may be computed by the created between a creditor and a customer ir creditor from time to time on an outstanding respective of the time of performance of either unpaid balance. The term does not include nego party. tiated advances under an open end real estate (dd) Captions and catchlines are intended solely mortgage or a letter of credit. as aids to convenient reference, and no inference (s) “Organization” means a corporation, trust, as to the intent of any provision of this part may estate, partnership, cooperative, association, gov be drawn from them. ernment, or governmental subdivision, agency, or instrumentality. (t) “Period” means a day, week, month, or SECTION 226.3—EXEMPTED other subdivision of a year. TRANSACTIONS (u) “Periodic rate” means a percentage rate of finance charge which, under an open end credit This Part does not apply to the following: plan, is or may be imposed by a creditor against (a) Business or governmental credit. Extensions a balance for a period. (See also § 226.5(a)(3).) of credit to organizations, including governments, (v) “Person” means a natural person or an or or for business or commercial purposes, other ganization. than agricultural purposes. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
130 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 (b) Certain transactions in security or commodi in connection with 3 any credit transaction unless ties accounts. Transactions in securities or com (i) the insurance coverage is not required by modities accounts with a broker-dealer registered the creditor and this fact is clearly and con with the Securities and Exchange Commission. spicuously disclosed in writing to the customer; (c) Non-real property credit over $25,000. and Credit transactions, other than real property trans (ii) any customer desiring such insurance cov actions, in which the amount financed 1 exceeds erage gives specific dated and separately signed $25,000, or in which the transaction is pursuant affirmative written indication of such desire to an express written commitment by the creditor after receiving written disclosure to him of the to extend credit in excess of $25,000. cost of such insurance. (d) Certain public utility bills. Transactions (6) Charges or premiums for insurance, written under public utility tariffs involving services pro in connection with ' any credit transaction, against vided through pipe, wire, or other connected fa loss of or damage to property or against liability cilities, if the charges for such public utility serv arising out of the ownership or use of property, ices, the charges for delayed payment, and any unless a clear, conspicuous, and specific statement discount allowed for early payment are filed with, in writing is furnished by the creditor to the cus reviewed by, or regulated by an agency of the tomer setting forth the cost of the insurance if Federal Government, a State, or a political sub obtained from or through the creditor and stating division thereof. that the customer may choose the person through which the insurance is to be obtained.3 SECTION 226.4—DETERMINATION OF (7) Premium or other charge for any other FINANCE CHARGE guarantee or insurance protecting the creditor (a) General rule. Except as otherwise provided against the customer’s default or other credit loss. in this section, the amount of the finance charge (8) Any charge imposed by a creditor upon in connection with any transaction shall be de another creditor for purchasing or accepting an termined as the sum of all charges, payable di obligation of a customer if the customer is re rectly or indirectly by the customer, and imposed quired to pay any part of that charge in cash, as directly or indirectly by the creditor as an inci an addition to the obligation, or as a deduction dent to or as a condition of the extension of from the proceeds of the obligation. credit, whether paid or payable by the customer, (b) Itemized charges excludable. If itemized and the seller, or any other person on behalf of the disclosed to the customer, any charges of the fol customer to the creditor or to a third party, in lowing types need not be included in the finance cluding any of the following types of charges: charge: (1) Interest, time price differential, and any (1) Fees and charges prescribed by law which amount payable under a discount or other system actually are or will be paid to public officials for of additional charges. determining the existence of or for perfecting or (2) Service, transaction, activity, or carrying releasing or satisfying any security related to the charge.- credit transaction. (3) Loan fee, points, finder’s fee, or similar ■‘A policy of insurance owned by the customer, which charge. is assigned to the creditor or otherwise made payable to (4) Fee for an appraisal, investigation, or the creditor to satisfy a requirement imposed by the creditor, is not insurance “written in connection with” credit report. a credit transaction if the policy was not purchased by the (5) Charges or premiums for credit life, acci customer for the purpose of being used in connection with that extension of credit. dent, health, or loss of income insurance, written 1 A policy of insurance owned by the customer, which is assigned to the creditor or otherwise made payable to 1 For this purpose, the amount financed is the amount the creditor to satisfy a requirement imposed by the which is required to be disclosed under § 226.8 (c)(7), or creditor, is not insurance “written in connection with” a (d)(1), as applicable, or would be so required if the credit transaction if the policy was not purchased by the transaction were subject to this Part. customer for the purpose of being used in connection - These charges include any charges imposed by the with that extension of credit. creditor in connection with a checking account to the ’ A creditor’s reservation or exercise of the right to extent that such charges exceed any charges the customer refuse to accept an insurer offered by the customer, for is required to pay in connection with such an account reasonable cause, does not require inclusion of the pre when it is not being used to extend credit. mium in the finance charge. 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LAW DEPARTMENT 131 (2) The premium payable for any insurance in (g) Demand obligations. Obligations other than lieu of perfecting any security interest otherwise those debited to an open end credit account which required by the creditor in connection with the are payable on demand shall be considered to have transaction, if the premium does not exceed the a maturity of one-half year for the purpose of fees and charges described in subparagraph (1) computing the amount of the finance charge and of this paragraph which would otherwise be pay the annual percentage rate, except that where able. such an obligation is alternatively payable upon (3) Taxes not included in the cash price. a stated maturity, the stated maturity shall be (4) License, certificate of title, and registration used for the purpose of such computations. fees imposed by law. (h) Computation of insurance premiums. If any (c) Late payment, delinquency, default, and insurance premium is required to be included as reinstatement charges. A late payment, delin a part of the finance charge, the amount to be quency, default, reinstatement, or other such included shall be the premium for coverage ex charge is not a finance charge if imposed for actual tending over the period of time the creditor will unanticipated late payment, delinquency, default require the customer to maintain such insurance. or other such occurrence. For this purpose, rates and classifications appli (d) Overdraft charges. A charge imposed by a cable at the time the credit is extended shall be bank for paying checks which overdraw or in applied over the full time during which coverage crease an overdraft in a checking account is not is required, unless the creditor knows or has reason a finance charge unless the payment of such to know that other rates or classifications will be checks and the imposition of such finance charge applicable, in which case such other rates or classi were previously agreed upon in writing. fications shall be used to the extent appropriate. (e) Excludable charges, real property trans SECTION 226.5—DETERMINATION OF actions. The following charges in connection with any real property transaction, provided they are ANNUAL PERCENTAGE RATE bona fide, reasonable in amount, and not for the (a) General rule—open end credit accounts. purpose of circumvention or evasion of this Part, The annual percentage rates for open end credit shall not be included in the finance charge with accounts shall be computed so as to permit dis respect to that transaction: closure with an accuracy at least to the nearest quarter of 1 per cent. Such rate or rates shall be (1) Fees or premiums for title examination, ab determined in accordance with § 226.7(a)(4) for stract of title, title insurance, or similar purposes purposes of disclosure before opening an account, and for required related property surveys. § 226.10(c)(4) for purposes of advertising, and in (2) Fees for preparation of deeds, settlement the following manner for purposes of disclosure statements, or other documents. on periodic statements: (3) Amounts required to be placed or paid into (1) Where the finance charge is exclusively the an escrow or trustee account for future payments product of the application of one or more periodic of taxes, insurance, and water, sewer, and land rates rents. (i) by multiplying each periodic rate by the (4) Fees for notarizing deeds and other docu number of periods in a year; or ments. (ii) at the creditor’s option, if the finance (5) Appraisal fees. charge is the result of the application of two (6) Credit reports. or more periodic rates, by dividing the total (f) Prohibited offsets. Interest, dividends, or finance charge for the billing cycle by the sum other income received or to be received by the of the balances to which the periodic rates were customer on deposits or on investments in real applied and multiplying the quotient (expressed or personal property in which a creditor holds a as a percentage) by the number of billing cycles security interest shall not be deducted from the in a year. amount of the finance charge or taken into con (2) Where the creditor imposes all periodic fi sideration in computing the annual percentage nance charges in amounts based on specified rate. ranges or brackets of balances, the periodic rate Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
132 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 shall be determined by dividing the amount of the if the amount of a payment is insufficient to pay finance charge for the period by the amount of the accumulated finance charge, the unpaid ac the median balance within the range or bracket cumulated finance charge continues to accumulate of balances to which it is applicable, and the an to be paid from the proceeds of subsequent pay nual percentage rate shall be determined by multi ments and is not added to the amount financed. plying that periodic rate (expressed as a percent (c) Charts and tables. (1) The Regulation Z age) by the number of periods in a year. Such Annual Percentage Rate Tables produced by the ranges or brackets of balances shall be subject Board may be used to determine the annual per to the limitations prescribed in subdivision (iv) of centage rate, and any such rate determined from paragraph (c)(2) of this section. these tables in accordance with instructions con (3) Where the finance charge is or includes a tained therein will comply with the requirements of minimum, fixed, or other charge not due to the this section. Volume I contains table FRB—100-M application of a periodic rate, and covering 1 to 60 monthly payments, table FRB— (i) exceeds 50 cents for a monthly or longer 200-M covering 61 to 120 monthly payments, billing cycle, or the pro rata part of 50 cents table FRB—300-M covering 121 to 480 monthly for a billing cycle shorter than monthly, by payments, and table FRB—100-W covering 1 to dividing the total finance charge for the billing 104 weekly payments. Volume I also contains cycle by the amount of the balance to which instructions for use of the tables in regular trans applicable and multiplying the quotient (ex actions and most irregular transactions which in pressed as a percentage) by the number of volve only odd first and final payments and odd billing cycles in a year; or first payment periods. Volume II contains factor (ii) does not exceed 50 cents for a monthly tables and instructions for their use in connection or longer billing cycle, or the pro rata part of 50 with the tables in Volume I in the computation of cents for a billing cycle shorter than monthly, annual percentage rates in any type of irregular by multiplying each applicable periodic rate by payment or payment period transaction and in the number of periods in a year, irrespective of transactions involving multiple advances. Each the imposition of such minimum, fixed, or other volume is available from the Board in Washing charge. ton, D.C., 20551, and the Federal Reserve Banks. (b) General rule—other credit. Except as other (2) Any chart or table other than the Board’s wise provided in this section, the annual percent Regulation Z Annual Percentage Rate Tables also age rate applicable to any extension of credit, may be utilized for the purpose of determining the other than open end credit, shall be that nominal annual percentage rate provided: annual percentage rate determined as follows: (i) It is prepared in accordance with the (1) In accordance with the actuarial method of general rule set forth in paragraph (b)(1) or (2) computation so that it may be disclosed with an of this section; accuracy at least to the nearest quarter of 1 per (ii) It bears the name and address of the per cent. The mathematical equation and technical son responsible for its production, an identifica instructions for determining the annual percentage tion number assigned to it by that person which rate in accordance with the requirements of this shall be the same for each chart or table so paragraph are set forth in Supplement I to Regula produced with like numerical content and con tion Z which is incorporated in this Part by refer figuration and, if prepared for use in connection ence, Supplement I to Regulation Z may be ob with irregular transactions, an identification of tained from any Federal Reserve Bank or from the method of computation (“Actuarial” or the Board in Washington D.C., 20551, upon “U.S. Rule”); * written request. (iii) Except as provided in subdivision (iv) of (2) At the option of the creditor, by applica this subparagraph, it permits determination of tion of the United States Rule so that it may be the annual percentage rate to the nearest onedisclosed with an accuracy at least to the nearest quarter of 1 per cent for the range of rates quarter of 1 per cent. Under this rule, the finance covered by the chart or table; and charge is computed on the unpaid balance for (iv) If applicable to ranges or brackets of the actual time the balance remains unpaid and balances, it discloses the amount of the finance Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 133 charge and the annual percentage rate on the an obligation otherwise payable in weekly in median balance within each range or bracket stalments, not less than 10 days for an obliga of balances where a creditor imposes the same tion otherwise payable in biweekly or semi finance charge for all balances within a speci monthly instalments, or not less than 20 days fied range or bracket of balances, and provided for an obligation otherwise payable in monthly further that if the annual percentage rate deter instalments. mined on the median balance understates the (2) If the period from the date on which the annual percentage rate determined on the lowest finance charge begins to accrue and the date the balance in that range or bracket by more than final payment is due is less than 3 months in the 8 per cent of the rate on the lowest balance, case of weekly payments, 6 months in the case of then the annual percentage rate for that range biweekly or semimonthly payments, or 1 year in or bracket shall be computed upon any balance the case of monthly payments, either or both of lower than the median balance within that range the following: so that any understatement will not exceed (i) The amount of 1 payment other than any 8 per cent of the rate on the lowest balance downpayment is not more than 25 per cent within that range or bracket of balances. greater nor 25 per cent less than the amount of (3) In the event an error in disclosure of the a regular payment; or amount of a finance charge or an annual per (ii) The interval between the date on which centage rate occurs because of a corresponding the finance charge begins to accrue and the error in a chart or table acquired or produced in date the first payment is due is not less than good faith by the creditor, that error in disclosure 6 days for an obligation otherwise payable in shall not, in itself, be considered a violation of weekly instalments, not less than 12 days for this Part provided that upon discovery of the an obligation otherwise payable in biweekly or error, that creditor makes no further disclosure semimonthly instalments, or not less than 25 based on that chart or table and promptly notifies days for an obligation otherwise payable in the Board or a Federal Reserve Bank in writing monthly instalments. of the error and identifies the inaccurate chart or (e) Approximation of annual percentage rate— table by giving the name and address of the person other credit. In an exceptional instance when cir responsible for its production and its identification cumstances may leave a creditor with no alterna number. tive but to determine an annual percentage rate (d) Minor irregularities. In determining the an applicable to an extension of credit other than nual percentage rate a creditor may, at his option, open end credit by a method other than those consider the payment irregularities set forth in prescribed in paragraphs (b) or (c) of this section, this paragraph as if they were regular in amount the creditor may utilize the constant ratio method or time, as applicable, provided that the trans of computation provided such use is limited to the action to which they relate is otherwise payable in exceptional instance and is not for the purpose of circumvention or evasion of the requirements of equal instalments scheduled at equal intervals. this Part. Any provision of State law authorizing or (1) If the period from the date on which the requiring the use of the constant ratio method or finance charge begins to accrue and the date the any method of computing a percentage rate other final payment is due is not less than 3 months in than those prescribed in paragraphs (b) and (c) of the case of weekly payments, 6 months in the case this section does not justify failure of the creditor of biweekly or semimonthly payments, or 1 year to comply with the provisions of those paragraphs, in the case of monthly payments, either or both as applicable. of the following: (i) The amount of 1 payment other than any SECTION 226.6—GENERAL DISCLOSURE downpayment is not more than 50 per cent REQUIREMENTS greater nor 50 per cent less than the amount of a (a) Disclosures; general rule. The disclosures re regular payment; or quired to be given by this Part shall be made (ii) The interval between the date on which clearly, conspicuously, in meaningful sequence, in the finance charge begins to accrue and the date accordance with the further requirements of this the first payment is due is not less than 5 days for section, and at the time and in the terminology Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
134 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 prescribed in applicable sections. Where the terms spicuous heading indicating that the statements “finance charge” and “annual percentage rate” are made thereafter are inconsistent with the dis required to be used, they shall be printed more closure requirements of the Federal Truth in conspicuously than other terminology required by Lending Act. this Part. Except with respect to the requirements (d) Multiple creditors; joint disclosure. If there of § 226.10, all numerical amounts and percent is more than one creditor in a transaction, each ages shall be stated in figures and shall be printed creditor shall be clearly identified and shall be in not less than the equivalent of 10 point type, responsible for making only those disclosures re .075 inch computer type, or elite size typewritten quired by this Part which are within his knowledge numerals, or shall be legibly handwritten. and the purview of his relationship with the cus (b) Inconsistent State requirements. With re tomer. If two or more creditors make a joint dis spect to disclosures required by this Part, State closure, each creditor shall be clearly identified. law is inconsistent with the requirements of the The disclosures required under paragraphs (b) and Act and this Part, within the meaning of section (c) of § 226.8 shall be made by the seller if he 111 (a) of the Act, to the extent that it extends or arranges for the extension of credit. (1) Requires a creditor to make disclosures Otherwise disclosures shall be made as required different from the requirements of this Part with under paragraphs (b) and (d) of § 226.8. respect to form, content, terminology, or time of (e) Multiple customers; disclosure to one. In delivery; any transaction other than a transaction which (2) Requires disclosure of the amount of the may be rescinded under the provisions of § 226.9, finance charge determined in any manner other if there is more than one customer, the creditor than that prescribed in § 226.4; or need furnish a statement of disclosures required (3) Requires disclosure of the annual percent by this Part to only one of them other than an age rate of the finance charge determined in any endorser, comaker, guarantor, or a similar party. manner other than that prescribed in § 226.5. (f) Unknown information estimate. If at the (c) Additional information. At the creditor’s time disclosures must be made, an amount or option, additional information or explanations may other item of information required to be disclosed, be supplied with any disclosure required by this or needed to determine a required disclosure, is Part, but none shall be stated, utilized, or placed unknown or not available to the creditor, and the so as to mislead or confuse the customer or con creditor has made a reasonable effort to ascertain tradict, obscure, or detract attention from the it, the creditor may use an estimated amount or information required by this Part to be disclosed. an approximation of the information, provided Any creditor who elects to make disclosures spec the estimate or approximation is clearly identified ified in any provision of State law which, under as such, is reasonable, is based on the best in paragraph (b) of this section, is inconsistent with formation available to the creditor, and is not the requirements of the Act and this Part may used for the purpose of circumventing or evading the disclosure requirements of this Part. (1) Make such inconsistent disclosures on a (g) Effect of subsequent occurrence. If informa separate paper apart from the disclosures made tion disclosed in accordance with this Part is sub pursuant to this Part, or sequently rendered inaccurate as the result of any (2) Make such inconsistent disclosures on the act, occurrence, or agreement subsequent to the same statement on which disclosures required by delivery of the required disclosures, the inaccuracy this Part are made; provided: resulting therefrom does not constitute a violation (i) All disclosures required by this Part ap of this Part.6 pear separately and above any other disclosures, (ii) Disclosures required by this Part are “ Such acts, occurrences, or agreements include the failure of the customer to perform his obligations under identified by a clear and conspicuous heading the contract and such actions by the creditor as may be indicating that they are made in compliance proper to protect his interests in such circumstances. Such failure may result in the liability of the customer to pay with Federal law, and delinquency charges, collection costs, or expenses of the (iii) All inconsistent disclosures appear sepa creditor for perfection or acquisition of any security in terest or amounts advanced by the creditor on behalf of rately and below a conspicuous demarcation the customer in connection with insurance, repairs to or line, and are identified by a clear and con preservation of collateral. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 135 (h) Overstatement. The disclosure of the amount SECTION 226.7—OPEN END CREDIT of the finance charge or a percentage which is ACCOUNTS—SPECIFIC DISCLOSURES greater than the amount of the finance charge or (a) Opening new account. Before the first trans percentage required to be disclosed under this action is made on any open end credit account, the Part does not in itself constitute a violation of this creditor shall disclose to the customer in a single Part; Provided That the overstatement is not for written statement, which the customer may retain, the purpose of circumvention or evasion of dis in terminology consistent with the requirements of closure requirements. paragraph (b) of this section, each of the follow ing items, to the extent applicable: (i) Preservation and inspection of evidence of (1) The conditions under which a finance charge compliance. Evidence of compliance with the re may be imposed, including an explanation of the quirements imposed under this Part, other than time period, if any, within which any credit extended advertising requirements under § 226.10, shall be may be paid without incurring a finance charge. preserved by the creditor for a period of not less (2) The method of determining the balance than 2 years after the date each disclosure is re upon which a finance charge may be imposed. quired to be made. Each creditor shall, when (3) The method of determining the amount of directed by the appropriate administrative enforce of the finance charge, including the method of ment authority designated in section 108 of the determining any minimum, fixed, check service, Act, permit that authority or its duly authorized transaction, activity, or similar charge, which may representative to inspect its relevant records and be imposed as a finance charge. evidence of compliance with this Part. (4) Where one or more periodic rates may be used to compute the finance charge, each such (j) Percentage rate as dollars per hundred. rate, the range of balances to which it is applica Prior to January 1, 1971, any rate required under ble, and the corresponding annual percentage rate this Part to be disclosed as a percentage rate may, determined by multiplying the periodic rate by at the option of the creditor, be expressed in the the number of periods in a year. form of the corresponding ratio of dollars per (5) If the creditor so elects, the Comparative hundred dollars using the term “dollars finance Index of Credit Cost in accordance with § 226.11. charge per year per $100 of unpaid balance.” (For (6) The conditions under which any other example, an add-on finance charge of 4 per cent charges may be imposed, and the method by which per year on an obligation payable in 36 equal they will be determined. monthly instalments is equivalent to an annual (7) The conditions under which the creditor percentage rate, rounded to the nearest quarter may retain or acquire any security interest in any of 1 per cent, of 7.50 per cent which may be property to secure the payment of any credit ex stated as “$7.50 finance charge per year per $100 tended on the account, and a description or identi of unpaid balance.”) fication of the type of the interest or interests which may be so retained or acquired. (k) Transition period. Any creditor who can (8) The minimum periodic payment required. demonstrate that he has taken bona fide steps, prior (b) Periodic statements required. Except in the to July 1, 1969, to obtain printed forms which are case of an account which the creditor deems to necessary to comply with requirements of this be uncollectable or with respect to which delin Part may, until such forms are received but in no quency collection procedures have been instituted, event later than December 31, 1969, utilize exist the creditor of any open end credit account shall ing supplies of printed forms for the purpose of mail or deliver to the customer, for each billing complying with the disclosure requirements of this cycle at the end of which there is an outstanding Part, other than the requirements of paragraph debit balance in excess of $1 in that account or (b) of § 226.9: Provided, That such forms are with respect to which a finance charge is imposed, altered or supplemented as necessary to assure that a statement or statements which the customer may all of the items of information the creditor is re retain, setting forth in accordance with paragraph quired to disclose to the customer are set forth (c) of this section each of the following items to clearly and conspicuously. the extent applicable: Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
136 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 (1) The outstanding balance in the account at (i) Dividing the sum of all of the finance the beginning of the billing cycle, using the term charges imposed during the billing cycle by “previous balance.” the sum of the balances to which the periodic (2) The amount and date of each extension of rates apply (or by the average of daily bal credit or the date such extension of credit is ances if a daily periodic rate is used), plus debited to the account during the billing cycle and, the sum of the amounts financed to which unless previously furnished, a brief identification 7 the specific transaction charges apply, and of any goods or services purchased or other ex (ii) Multiplying the quotient (expressed as a tension of credit. percentage) by the number of billing cycles (3) The total amounts credited to the account in a year. during the billing cycle for payments, using the (7) If the creditor so elects, the Comparative term “payments,” and for other credits including Index of Credit Cost in accordance with § 226.11. returns, rebates of finance charges, and adjust (8) The balance on which the finance charge ments, using the term “credits,” and unless previ was computed, and a statement of how that bal ously furnished, a brief identification 8 of each of ance was determined. If the balance is determined the items included in such other credits. without first deducting all credits during the billing (4) The amount of any finance charge, using cycle, that fact and the amount of such credits the term “finance charge,” debited to the account shall also be disclosed. during the billing cycle, itemized and identified to (9) The closing date of the billing cycle and show the amounts, if any, due to the application the outstanding balance in the account on that of periodic rates and the amount of any other date, using the term “new balance,” accompanied charge included in the finance charge, such as a by the statement of the date by which, or the minimum, fixed, check service, transaction, ac period, if any, within which, payment must be tivity, or similar charge,0 using appropriate de made to avoid additional finance charges. scriptive terminology. (c) Location of disclosures. The disclosures re (5) Each periodic rate, using the term “periodic quired by paragraph (b) of this section shall be rate” (or “rates”), that may be used to compute made on the face of the periodic statement, on its the finance charge (whether or not applied during reverse side, or on the periodic statement supple the billing cycle), and the range of balances to mented by separate statement forms provided they which it is applicable. are enclosed together and delivered to the cus (6) The annual percentage rate or rates deter tomer at the same time, and further provided that mined under § 226.5(a), using the term “annual (1) The disclosure required by paragraph (b)(1) percentage rate” (or “rates”), and, where there is of this section, the amounts or respective totals of more than one rate, the amount of the balance to the amounts required to be disclosed under para which each rate is applicable. Where the creditor graph (b)(2), (3), and (4) of this section, and the of the open end credit account imposes finance disclosure required under paragraph (b)(6) and (9) charges with respect to specific transactions dur of this section shall appear on the face of the ing the billing cycle, such charges shall be com periodic statement. If the amounts and dates of bined with all other finance charges imposed the charges and credits required to be disclosed during the billing cycle, and the annual percent under paragraph (b)(2) and (3) of this section are age rate to be disclosed shall be determined by: not itemized on the face or reverse side of the periodic statement, they shall be disclosed on a r Identification may be made on an accompanying slip separate statement or separate slips which shall or by symbol relating to an identification list printed on accompany the periodic statement and identify the statement. each charge and credit and show the date and 8 Identification may be made on an accompanying slip or by symbol relating to an identification list printed on amount thereof. If the disclosures required under the statement. paragraph (b)(4) are not itemized on the face or “These charges include any charges imposed by the reverse side of the periodic statement, they shall creditor for the issuance, payment, or handling of checks, for account maintenance or otherwise, to the extent that be disclosed on a separate statement which shall such charges exceed any similar charges the customer is accompany the periodic statement. required to pay when an account is not being used to extend credit. (2) The disclosures required by paragraph (b)(5) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 137 and (6) of this section and a reference to the collection procedures, the items described in para amounts required to be disclosed under paragraph graph (a) of this section, to the extent applicable, (b)(4) and (8) of this section, if not disclosed to shall be disclosed in a notice mailed or delivered gether on the face or the reverse side of the peri to the customer not later than July 31, 1969. If odic statement, shall appear together on the face of a customer subsequently utilizes such an account a single supplemental statement which shall accom in existence on July 1, 1969, in which no balance pany the periodic statement. remained unpaid on that date, and a notice re (3) The face of the periodic statement shall quired by paragraph (a) of this section has not contain one of the following notices, as applicable: previously been furnished that customer, then such “NOTICE: See reverse side for important informa notice shall be mailed or delivered to that customer tion” or “NOTICE: See accompanying statement(s) before or with the next billing on that account. for important information” or “NOTICE: See re verse side and accompanying statement(s) for SECTION 226.8—CREDIT OTHER THAN important information;” and OPEN END—SPECIFIC DISCLOSURES (4) The disclosures shall not be separated so as (a) General rule. Any creditor when extending to confuse or mislead the customer or obscure or credit other than open end credit shall, in accord detract attention from the information required ance with § 226.6 and to the extent applicable, to be disclosed. make the disclosures required by this section with (d) Finance charge imposed at time of trans respect to any transaction consummated on or action. Any creditor, other than the creditor of after July 1, 1969. Except as provided in para the open end credit account, who imposes a fi graphs (g) and (h) of this section, such disclosures nance charge at the time of honoring a customer’s shall be made before the transaction is consum credit card, any other device, or form of identifi mated. At the time disclosures are made, the cation for a purchase of property or services or creditor shall furnish the customer with a dupli for a cash advance to be debited to the customer’s cate of the instrument or a statement by which open end credit account shall make the disclosures the required disclosures are made and on which required under paragraphs (b)(2) and (d) of § 226.8, the creditor is identified. All of the disclosures Credit other than open end—specific disclosures, at shall be made together on either the time of that transaction, and the annual per (1) The note or other instrument evidencing the centage rate to be disclosed shall be determined obligation on the same side of the page and above by dividing the amount of the finance charge by the or adjacent to the place for the customer’s signa amount financed and multiplying the quotient (ex ture; or pressed as a percentage) by 12. If disclosure is (2) One side of a separate statement which made under this paragraph, the creditor of the identifies the transaction. open end credit account need make no further (b) Disclosures in sale and nonsale credit. In disclosure with respect to the finance charge on any transaction subject to this section, the follow that transaction. ing items, as applicable, shall be disclosed: (e) Change in terms. If any change is to be (1) The date on which the finance charge begins made in terms of an open end credit account plan to accrue if different from the date of the trans previously disclosed to the customer, the creditor action. shall mail or deliver to the customer written dis (2) The finance charge expressed as an annual closure of such proposed change not less than 30 percentage rate, using the term “annual percent days prior to the effective date of such change age rate,” except in the case of a finance charge or 30 days prior to the beginning of the billing (i) which does not exceed $5 and is applicable cycle within which such change will become effec to an amount financed not exceeding $75, or tive, whichever is the earlier date. (ii) which does not exceed $7.50 and is ap (f) Open end credit accounts existing on July 1, plicable to an amount financed exceeding $75. 1969. In the case of any open end credit account A creditor may not divide an extension of credit in existence and in which a balance remains un into two or more transactions to avoid the dis paid on July 1, 1969, and which balance is deemed closure of an annual percentage rate, nor may to be collectible and not subject to delinquency any other percentage rate be disclosed if none Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
138 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 is stated in reliance upon subdivisions (i) or (ii) (such as a real estate mortgage) with an explana of this subparagraph. tion of the method of computation of such penalty (3) The number, amount, and due dates or and the conditions under which it may be imposed. periods of payments scheduled to repay the in (7) Identification of the method of computing debtedness and, except in the case of a loan se any unearned portion of the finance charge in the cured by a first lien or equivalent security interest event of prepayment of the obligation and a state on a dwelling made to finance the purchase of ment of the amount or method of computation of that dwelling and except in the case of a sale of any charge that may be deducted from the amount a dwelling, the sum of such payments using the of any rebate of such unearned finance charge that term, “total of payments.” 10 If any payment is will be credited to the obligation or refunded to more than twice the amount of an otherwise regu the customer. larly scheduled equal payment, the creditor shall (c) Credit sales. In the case of a credit sale, in identify the amount of such payment by the term addition to the items required to be disclosed “balloon payment” and shall state the conditions, under paragraph (b) of this section, the following if any, under which that payment may be re items, as applicable, shall be disclosed: financed if not paid when due. (1) The cash price of the property or service (4) The amount, or method of computing the purchased, using the term “cash price.” amount, of any default, delinquency, or similar (2) The amount of the downpayment itemized, charges payable in the event of late payments. as applicable, as downpayment in money, using (5) A description or identification of the type the term “cash downpayment,” downpayment in of any security interest held or to be retained or property, using the term “trade-in” and the sum, acquired by the creditor in connection with the using the term “total downpayment.” extension of credit, and a clear identification of (3) The difference between the amounts de the property to which the security interest relates scribed in subparagraphs (1) and (2) of this para or, if such property is not identifiable, an explana graph, using the term “unpaid balance of cash tion of the manner in which the creditor retains price.” or may acquire a security interest in such property (4) All other charges, individually itemized, which the creditor is unable to identify. In any which are included in the amount financed but such case where a clear identification of such prop which are not part of the finance charge. erty cannot properly be made on the disclosure (5) The sum of the amounts determined under statement due to the length of such identification, subparagraphs (3) and (4) of this paragraph, using the note, other instrument evidencing the obliga the term “unpaid balance.” tion, or separate disclosure statement shall contain (6) Any amounts required to be deducted under reference to a separate pledge agreement, or a fi paragraph (e) of this section using, as applicable, nancing statement, mortgage, deed of trust, or simi the terms “prepaid finance charge” and “required lar document evidencing the security interest, a deposit balance,” and, if both are applicable, the copy of which shall be furnished to the customer total of such items using the term “total prepaid by the creditor as promptly as practicable. If after finance charge and required deposit balance.” acquired property will be subject to the security (7) The difference between the amounts deter interest, or if other or future indebtedness is or mined under subparagraphs (5) and (6) of this may be secured by any such property, this fact paragraph, using the term “amount financed.” shall be clearly set forth in conjunction with the (8) Except in the case of a sale of a dwelling: description or identification of the type of security (i) The total amount of the finance charge, interest held, retained or acquired. with description of each amount included, using (6) A description of any penalty charge that the term “finance charge,” and may be imposed by the creditor or his assignee (ii) The sum of the amounts determined for prepayment of the principal of the obligation under subparagraphs (1), (4), and (8)(i) of this paragraph, using the term “deferred payment 10 The disclosures required by this sentence need not be made with respect to interim student loans made price.” pursuant to federally insured student loan programs (d) Loans and other nonsale credit. In the case under Public Law 89-329, Title IV Part B of the Higher of a loan or extension of credit which is not a Education Act of 1965, as amended. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 139 credit sale, in addition to the items required to (i) An escrow account under paragraph (e)(3) be disclosed under paragraph (b) of this section, of § 226.4, the following items, as applicable, shall be dis (ii) A deposit balance which will be wholly closed: applied toward satisfaction of the customer’s (1) The amount of credit, excluding items set obligation in the transaction, forth in paragraph (e) of this section, which will (iii) A deposit balance or investment which be paid to the customer or for his account or was in existence prior to the extension of credit to another person on his behalf, including all and which is offered by the customer as secur charges, individually itemized, which are included ity for that extension of credit, in the amount of credit extended but which are (iv) A deposit balance or investment which not part of the finance charge, using the term was acquired or established from the proceeds “amount financed.” of an extension of credit made for that purpose (2) Any amount referred to in paragraph (e) upon written request of the customer. of this section required to be excluded from the (f) First lien to finance construction of dwelling. amount in subparagraph (1) of this paragraph, In any case where a first lien or equivalent security using, as applicable, the terms “prepaid finance interest in real property is retained or acquired by charge” and “required deposit balance,” and, if a creditor in connection with the financing of the both are applicable, the total of such items using initial construction of a dwelling, or in connection the term, “total prepaid finance charge and re with a loan to satisfy that construction loan and quired deposit balance.” provide permanent financing of that dwelling, (3) Except in the case of a loan secured by a whether or not the customer previously owned the first lien or equivalent security interest on a dwell land on which that dwelling is to be constructed, ing and made to finance the purchase of that such security interest shall be considered a first dwelling, the total amount of the finance charge,11 lien against that dwelling to finance the purchase with description of each amount included, using of that dwelling. the term “finance charge.” (g) Orders by mail or telephone. If a creditor (e) Finance charge payable separately or with receives a purchase order or a request for an ex held; required deposit balances. The following tension of credit by mail, telephone, or written amounts shall be disclosed and deducted in a communication without personal solicitation, the credit sale in accordance with paragraph (c)(6) of disclosures required under this section may be this section, and in other extensions of credit shall made any time not later than the date the first be excluded from the amount disclosed under payment is due, provided: paragraph (d)(1) of this section, and shall be dis (1) In the case of credit sales, the cash price, closed in accordance with paragraph (d)(2) of this the downpayment, the finance charge, the de section: ferred payment price, the annual percentage rate, (1) Any finance charge paid separately, in cash and the number, frequency, and amount of pay or otherwise, directly or indirectly to the creditor ments are set forth in or are determinable from or with the creditor’s knowledge to another person, the creditor’s catalog or other printed material or withheld by the creditor from the proceeds of distributed to the public; or the credit extended.12 (2) In the case of loans or other extensions of (2) Any deposit balance or any investment credit, the amount of the loan, the finance charge, which the creditor requires the customer to make, the total scheduled payments, the number, fre maintain, or increase in a specified amount or quency, and amount of payments, and the an proportion as a condition to the extension of credit nual percentage rate for representative amounts or except: ranges of credit are set forth in or are determin able from the creditor’s printed material distrib 11 The disclosure required by this subparagraph need not be made with respect to interim student loans made uted to the public, in the contract of loan, or in pursuant to federally insured student loan programs under other printed material delivered or made avail Public Law 89-329, Title IV Part B of the Higher Educa tion Act of 1965, as amended. able to the customer. 12 Finance charges deducted or excluded as provided (h) Series of sales. If a credit sale is one of a by this paragraph shall, nevertheless, be included in deter mining the finance charge under § 226.4. series of transactions made pursuant to an agree- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
140 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 ment providing for the addition of the amount action subject to the disclosure requirements of financed plus the finance charge for the current this section, provided: sale to an existing outstanding balance, then the (1) The maturity of the advance does not exceed disclosures required under this section for the 2 years; current sale may be made at any time not later (2) No increase is made in the annual percent than the date the first payment for that sale is age rate previously disclosed; and due, provided: (3) All disclosures required by this Part were (1) The customer has approved in writing both made at the time the security interest was acquired the annual percentage rate or rates and the method by the creditor or at any time prior to the first of treating any unearned finance charge on an advance made on or following the effective date existing outstanding balance in computing the fi of this part. nance charge or charges; and (k) Assumption of an obligation. Any creditor who accepts a subsequent customer as an obligor (2) The creditor retains no security interest in under an existing obligation shall make the dis any property as to which he has received pay closures required by this part to that customer ments aggregating the amount of the sale price before he becomes so obligated. If the obligation including any finance charges attributable thereto. so assumed is secured by a first lien or equivalent For the purposes of this subparagraph, in the case security interest on a dwelling, and the assumption of items purchased on different dates, the first is made for the subsequent customer to acquire purchased shall be deemed first paid for, and in that dwelling, that obligation shall be considered the case of items purchased on the same date, a loan made to finance the purchase of that dwell the lowest priced shall be deemed first paid for. ing. (i) Advances under loan commitments. If a loan (1) Deferrals or extensions. In the case of an is one of a series of advances made pursuant to obligation other than an obligation upon which a written agreement under which a creditor is or the amount of the finance charge is determined may be committed to extend credit to a customer by the application of a percentage rate to the un up to a specified amount, and the customer has paid balance, if the creditor imposes a charge or approved in writing the annual percentage rate or fee for deferral or extension, the creditor shall rates, the method of computing the finance charge disclose to the customer or charges, and any other terms, the agreement (1) The amount deferred or extended; shall be considered a single transaction, and the (2) The date to which, or the time period for disclosures required under this section at the credi which payment is deferred or extended; and tor’s option need be made only at the time the (3) The amount of the charge or fee for the agreement is executed. deferral or extension. (j) Refinancing, consolidating, or increasing. If (m) Series of single payment obligations. Any any existing extension of credit is refinanced, or extension of credit involving a series of single pay two or more existing extensions of credit are con ment obligations shall be considered a single trans solidated, or an existing obligation is increased, action subject to the disclosure requirements of such transaction shall be considered a new trans this Part. action subject to the disclosure requirements of (n) Permissible periodic statements. If a creditor this Part. For the purpose of such disclosure, any transmits a periodic billing statement13 other than unearned portion of the finance charge which is a delinquency notice, payment coupon book, or not credited to the existing obligation shall be payment passbook, or a statement, billing, or added to the new finance charge and shall not be advice relating exclusively to amounts to be paid included in the new amount financed. Any increase by the customer as escrows for payment of taxes, in an existing obligation to reimburse the creditor insurance, and water, sewer, and land rents, it for undertaking the customer’s obligation in per shall be in a form which the customer may re fecting, protecting or preserving the security shall tain and shall set forth not be considered a new transaction subject to 1:1 Any statement, notice, or reminder of payment due this Part. Any advance for agricultural purposes on any transaction payable in instalments which is mailed made under an open end real estate mortgage or or delivered periodically to the customer in advance of the due date of the instalment shall be a periodic billing similar lien shall not be considered a new trans statement for the purpose of this paragraph. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 141 (1) The annual percentage rate or rates; and summation of that transaction or the date of de (2) The date by which, or the period, if any, livery of the disclosures required under this sec within which payment must be made in order tion and all other material disclosures required to avoid late payment or delinquency charges. under this Part, whichever is later, by notifying (o) Discount for prompt payment. Except as the creditor by mail, telegram, or other writing provided under § 226.3(d), the amount of any of his intention to do so. Notification by mail shall discount allowed for payment of a single pay be considered given at the time mailed; notifica ment obligation on or before a specified date, or tion by telegram shall be considered given at the charge for delaying payment after a specified date, time filed for transmission; and notification by shall be disclosed on the billing statement as a other writing shall be considered given at the finance charge imposed on the least amount pay time delivered to the creditor’s designated place able in satisfaction of the obligation (amount of business. financed) for the period of time between the speci (b) Notice of opportunity to rescind. Whenever fied date and the due date of the obligation, or a customer has the right to rescind a transaction in the absence of a designated due date, the date under paragraph (a) of this section, the creditor the billing cycle ends. Except as provided in para shall give notice of that fact to the customer by graph (b)(2) of this section, each such billing state furnishing the customer with two copies of the ment shall, in addition to stating the amount of notice set out below, one of which may be used that “finance charge,” using that term, state the by the customer to cancel the transaction. Such “annual percentage rate,” using that term, com notice shall be printed in capital and lower case puted so that it may be disclosed with an accuracy letters of not less than 12 point bold-faced type to the nearest quarter of 1 per cent and determined on one side of a separate statement which identi by (1) dividing the amount of the finance charge fies the transaction to which it relates. Such state by the amount financed; (2) dividing the quotient ment shall also set forth the entire paragraph (d) so obtained by the number of days between the of this section, “Effect of rescission.” If such specified date and the due date of the obligation, paragraph appears on the reverse side of the state or in the absence of a designated due date, the ment, the face of the statement shall state: “See date the billing cycle ends; and (3) multiplying reverse side for important information about your the quotient so obtained (expressed as a percent right of rescission.” Before furnishing copies of the age) by 365. (For example, a $1,000 purchase of notice to the customer, the creditor shall complete grain, subject to terms of 2%/10 days, net 30 both copies with the name of the creditor, the days, results in a “finance charge” of $20 and an address of the creditor’s place of business, the amount financed $980 for a period of 20 days. date of consummation of the transaction, and the The “annual percentage rate” is 37.24% which date, not earlier than the third business day fol may be rounded to 37.25% or 37% %.) lowing the date of the transaction, by which the customer may give notice of cancellation. SECTION 226.9—RIGHT TO RESCIND Notice to customer required by Federal law: CERTAIN TRANSACTIONS (a) General rule. Except as otherwise provided You have entered into in this section, in the case of any credit transaction a transaction on (date) in which a security interest is or will be retained which may result in a lien, mortgage, or other or acquired in any real property which is used security interest on your home. You have a legal or is expected to be used as the principal residence right under Federal law to cancel this transaction, of the customer, the customer shall have the right if you desire to do so, without any penalty or ob to rescind that transaction until midnight of the ligation within three business days from the above third business day 11 following the date of condate or any later date on which all material dis closures required under the Truth in Lending Act 14 For the purposes of this section, a business day is any calendar day except Sunday, or the following business have been given to you. If you so cancel the trans holidays: New Year’s Day, Washington’s Birthday, action, any lien, mortgage, or other security in Memorial Day, Independence Day, Labor Day, Veterans’ terest on your home arising from this transaction Day, Thanksgiving, and Christmas. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
142 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 is automatically void. You are also entitled to re this section, the customer shall tender the property ceive a refund of any downpayment or other con to the creditor, except that if return of the prop sideration if you cancel. If you decide to cancel erty in kind would be impracticable or inequi this transaction, you may do so by notifying table, the customer shall tender its reasonable value. Tender shall be made at the location of the (Name of Creditor) property or at the residence of the customer, at at (Address of Creditor’s Place of Business) by the option of the customer. If the creditor does not take possession of the property within 10 days mail or telegram sent not later than midnight of after tender by the customer, ownership of the (Date) . You may also use any property vests in the customer without obligation other form of written notice identifying the trans on his part to pay for it. action if it is delivered to the above address not (e) Waiver of right of rescission. A customer later than that time. This notice may be used for may modify or waive his right to rescind a trans that purpose by dating and signing below. action subject to the provisions of this section I hereby cancel this transaction. provided: (Date) (Customer’s signature) (1) The extension of credit is needed in order to meet a bona fide immediate personal financial emergency of the customer; (c) Delay of performance. Except as provided (2) The customer has determined that a delay in paragraph (e) of this section, the creditor in any of 3 business days in performance of the creditor’s transaction subject to this section shall not per obligation under the transaction will jeopardize form, or cause or permit the performance of, the welfare, health or safety of natural persons any of the following actions until after the rescis or endanger property which the customer owns or sion period has expired and he has reasonably for which he is responsible; and satisfied himself that the customer has not exer (3) The customer furnishes the creditor with cised his right of rescission: a separate dated and signed personal statement de (1) Disburse any money other than in escrow; scribing the situation requiring immediate remedy (2) Make any physical changes in the property and modifying or waiving his right of rescission. of the customer; The use of printed forms for this purpose is pro (3) Perform any work or service for the cus hibited. tomer; or (4) Make any deliveries to the residence of the (f) Joint ownership. For the purpose of this customer if the creditor has retained or will ac section, “customer” shall include two or more cus quire a security interest other than one arising by tomers where joint ownership is involved, and operation of law. the following shall apply: (1) The right of rescission of the transaction may be exercised by any one of them, in which case (d) Effect of rescission. When a customer exer the effect of rescission in accordance with para cises his right to rescind under paragraph (a) of graph (d) of this section applies to all of them; and this section, he is not liable for any finance or (2) Any waiver of the right of rescission pro other charge, and any security interest becomes vided in paragraph (f) of this section is invalid void upon such a rescission. Within 10 days after unless signed by all of them. receipt of a notice of rescission, the creditor shall return to the customer any money or property (g) Exceptions to general rule. This section does given as earnest money, downpayment, or other not apply to: wise, and shall take any action necessary or ap (1) The creation, retention, or assumption of propriate to reflect the termination of any security a first lien or equivalent security interest to finance interest created under the transaction. If the credi the acquisition of a dwelling in which the customer tor has delivered any property to the customer, the resides or expects to reside. customer may retain possession of it. Upon the (2) A security interest which is a first lien re performance of the creditor’s obligations under tained or acquired by a creditor in connection with Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 143 the financing of the initial construction of the appears, unless that statement discloses all of the residence of the customer, or in connection with a credit terms required to be stated under this sec loan committed prior to completion of the con tion. For the purpose of this subparagraph, cash struction of that residence to satisfy that construc price is not a credit term. tion loan and provide permanent financing of (c) Advertising of open end credit. No adver that residence, whether or not the customer previ tisement to aid, promote, or assist directly or in ously owned the land on which that residence is directly the extension of open end credit may set to be constructed. forth any of the terms described in paragraph (a) (3) Any lien by reason of its subordination at of § 226.7, the Comparative Index of Credit Cost, any time subsequent to its creation, if that lien or that no downpayment, a specified downpay was exempt from the provisions of this section ment, or a specified periodic payment is required when it was originally created. or any of the following items unless it also clearly (4) Any advance for agricultural purposes made and conspicuously sets forth all the following pursuant to paragraph (j) of § 226.8 under an open items in terminology prescribed under paragraph end real estate mortgage or similar lien, provided (b) of § 226.7: ' ’ the disclosure required under paragraph (b) of (1) An explanation of the time period, if any, this section, was made at the time the security within which any credit extended may be paid interest was acquired by the creditor or at any without incurring a finance charge. time prior to the first advance made on or follow (2) The method of determining the balance ing the eflective date of this Part. upon which a finance charge may be imposed. (3) The method of determining the amount of SECTION 226.10—ADVERTISING the finance charge, including the determination of CREDIT TERMS any minimum, fixed, check service, transaction, (a) General rule. No advertisement to aid, pro activity, or similar charge, which may be imposed mote, or assist directly or indirectly any extension as a finance charge. of credit may state (4) Where one or more periodic rates may be (1) That a specific amount of credit or instal used to compute the finance charge, each such ment amount can be arranged unless the creditor rate, the range of balances to which it is applica usually and customarily arranges or will arrange ble, and the corresponding annual percentage rate credit amounts or instalments for that period and determined by multiplying the periodic rate by in that amount; or the number of periods in a year. (2) That no downpayment or that a specified (5) The conditions under which any other downpayment will be accepted in connection with charges may be imposed, and the method by which any extension of credit, unless the creditor usually they will be determined. and customarily accepts or will accept downpay (6) The minimum periodic payment required. ments in that amount. (d) Advertising of credit other than open end. (b) Catalogs and multi-page advertisements. If No advertisement to aid, promote, or assist di a catalog or other multiple-page advertisement sets rectly or indirectly any credit sale including the forth or gives information in sufficient detail to sale of residential real estate, loan, or other ex permit determination of the disclosures required tension of credit, other than open end credit, by this section in a table or schedule of credit subject to the provisions of this Part, shall state terms, such catalog or multiple-page advertisement (1) The rate of a finance charge unless it states shall be considered a single advertisement pro the rate of that charge expressed as an “annual vided: percentage rate,” using that term; (1) The table or schedule and the disclosures (2) The amount of the downpayment required made therein are set forth clearly and conspicu or that no downpayment is required, the amount ously, and of any instalment payment, the dollar amount of (2) Any statement of credit terms appearing in any finance charge, the number of instalments or any place other than in that table or schedule of the period of repayment, or that there is no charge credit terms clearly and conspicuously refers to for credit, unless it states all of the following the page or pages on which that table or schedule items in terminology prescribed under § 226.8: Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
144 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 (i) the cash price or the amount of the loan, (2) The creditor imposes all finance charges as applicable. including periodic, fixed, minimum or other (ii) the amount of the downpayment required charges applicable to such account in amounts or that no downpayment is required, as ap and on dates consistent with his policy of impos plicable. ing such charges upon open end credit accounts. (iii) the number, amount, and due dates or (3) The exact amount of the required minimum period of payments scheduled to repay the in periodic payment is paid on the last day of each debtedness if the credit is extended. subsequent and successive billing cycle until the (iv) the amount of the finance charge ex amount of the single transaction, together with pressed as an annual percentage rate. The ex applicable finance charges, is paid in full. emptions from disclosure of an annual percent (4) The Comparative Index of Credit Cost shall age rate permitted in paragraph (b)(2) of § 226.8 be expressed and disclosed as a percentage ac shall not apply to this subdivision. curate to the nearest quarter of 1 per cent and (v) Except in the case of the sale of a dwell shall be determined by dividing the total amount ing or a loan secured by a first lien on a dwell of the finance charges imposed by the sum of the ing to purchase that dwelling, the deferred pay daily balances and multiplying the quotient so ment price or the sum of the payments, as obtained (expressed as a percentage) by 365. applicable. (c) Form of disclosure. Any creditor who elects to disclose the Comparative Index of Credit Cost SECTION 226.11—COMPARATIVE INDEX shall: OF CREDIT COST FOR OPEN END CREDIT (1) Make the disclosure in the form of the fol (a) General rule. Any creditor who elects to lowing statement: “Our Comparative Index of disclose the Comparative Index of Credit Cost on Credit Cost under the terms of our open end open end credit accounts credit account plan is __% per year, computed (1) Shall compute the Comparative Index of on the basis of a single transaction of $100 debited Credit Cost in accordance with paragraph (b) of on the first day of a billing cycle to an account this section. having no previous balance, and paid in required (2) Shall recompute the Comparative Index of minimum consecutive instalments on the last day Credit Cost in accordance with paragraph (b) of of each succeeding billing cycle until the trans this section based upon any new open end credit action and all finance charges are' paid in full. account terms to be adopted and shall disclose The actual percentage cost of credit on your ac the new Comparative Index of Credit Cost in count may be higher or lower depending on the accordance with paragraph (c)(2) of this section dates and amounts of charges and payments.” concurrently with the notice required under para (2) Disclose any newly computed Comparative graph (c) of § 226.7. Index of Credit Cost in the form of the state (3) Shall, when making such disclosure under ment prescribed in subparagraph (1) of this para the provisions of subparagraphs (a)(5) and (b)(7) graph, except that the statement shall be preceded of § 226.7, make the disclosure to all open end by the words “Effective as of (date) ,” credit account customers; and and the words “will be” shall be substituted for (4) Shall not utilize such disclosure so as to the word “is” in the second line of the statement. mislead, or confuse the customer or contradict, obscure, or detract attention from the required SECTION 226.12—EXEMPTION OF CERTAIN disclosures. STATE REGULATED TRANSACTIONS (b) Computation of Comparative Index of Credit Cost. The Comparative Index of Credit (a) Exemption for State regulated transactions. Cost for each open end credit plan shall be com In accordance with the provisions of Supplement puted by applying the creditor’s terms of that II to Regulation Z (§ 226.12—Supplement), any plan to the following hypothetical factors: State may make application to the Board for ex (1) A single transaction in the amount of $100 emption of any class of transactions within that is debited on the first day of a billing cycle to State from the requirements of Chapter 2 of the an open end credit account having no previous Act and the corresponding provisions of this Part: balance. Provided, That Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 145 (1) Under the law of that State, that class of Supplement II to Regulation Z (§ 226.12—Sup transactions is subject to requirements substantially plement) in which will be set forth, as established similar to those imposed under Chapter 2 of the by the Board, the procedures and criteria under Act and the corresponding provisions of this Part; which any State may apply for the determination and provided for in paragraph (a) of this section. Upon (2) There is adequate provision for enforce publication of Supplement II of Regulation Z ap ment. (b) Procedures and criteria. On or before July plication may be made to the Board for such 1, 1969, the Board will promulgate and publish determination. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
146 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 SUPPLEMENT I age is equally near two standard intervals of SECTION 226.5—SUPPLEMENT time, the lower shall be the unit-period. For the General rule and equations for determining the purpose of this subparagraph, a standard interval annual percentage rate pursuant to paragraph of time shall be a day, week, biweek, semimonth, (b) of § 226.5 month, or a multiple of a month up to, but not (a) General rule—other credit. The annual per to exceed 1 year. centage rate shall be that nominal annual percent (5) The unit-period in a single advance single age rate determined by multiplying the unit-period payment transaction shall be the term of the trans rate by the number of unit-periods in a year and action, but not to exceed 1 year. shall be computed so that it may be disclosed with (c) Percentage rate for a fraction of a unit an accuracy at least to the nearest quarter of 1 per period. The percentage rate of finance charge for cent. The unit-period rate shall be determined as a fraction (less than 1) of a unit-period shall, at that percentage rate which will yield a sum equal the option of the creditor, be either to the amount of the finance charge when it is (1) The corresponding fraction of the percentage applied in accordance with the actuarial method rate of finance charge per unit-period, or under which payments made on a debt are allo (2) The corresponding actuarially equivalent cated between the amount of the finance charge fraction of the percentage rate of financed charge and the amount financed, so that each payment is per unit-period. applied first to the accumulated finance charge and (d) Symbols. The symbols used to express the any remainder is subtracted from, or any deficiency terms of a transaction in the equations set forth is added to, the unpaid balance of the amount in paragraph (e) of this Supplement are defined as financed. follows: (b) Unit-period. For the purposes of determining Uk — The amount of credit advanced directly or the unit-period, all calendar months may be con indirectly at the end of the &th period. qi — The number of unit-periods from the date of sidered as equal periods and the following shall be consummation or the date the finance charge applicable: begins to accrue, as applicable, to the fcth (1) The term of the transaction commences on advance. m — The number of advances to be made by the the date of its consummation, except that if the creditor. finance charge begins to accrue on any other date, Pj — The amount of the payment to be made at the end of the jth period. the term of the transaction shall be considered as I, — The number of unit-periods from the date beginning on the date the finance charge begins to the finance charge begins to accrue to the accrue and ending on the date the last payment is Jth payment. n — The number of payments. due. w — The number of unit-periods in a year. (2) Periods are the intervals of time between i — The percentage rate of finance charge per unit-period. advances or between payments and include the R — The nominal annual percentage rate expressed interval of time between the date the finance charge as a decimal number which shall be converted begins to accrue and the date of the first advance into a percentage rate by moving the decimal point two places to the right. thereafter or the date of the first payment there after, as applicable. (e) General equations. (1) The following equa (3) A common period shall be any period which tion sets forth the relationship among the terms of occurs more than once in a transaction. a transaction: (4) The unit-period shall be that common period, F, ! F; | . { U„. Pi | not to exceed 1 year, which occurs most frequently qi qm Ii in the transaction; except that (l+i) (1-H) (1+0 (1+0 (i) If two or more common periods occur with equal frequency, the smaller of such com tn mon periods shall be the unit-period; or (1+0 (1+0 (ii) If there is no common period in the trans (2) The following equation applies in converting action, the unit-period shall be that period which the percentage rate of finance charge per unit is the average of all periods rounded to the near period to a nominal annual percentage rate: est whole standard interval of time. If the aver R=wi Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 147 (f) Adaptation of general equations. The general The equations are adapted as follows: equations set forth in paragraph (e) of this section 1 000 = ^^ + _290_ + ^L+^ shall be adapted as follows: ’ (i+ry^i-HT'a-Hp'a-HT (1) Transactions involving a single advance. w = 6. i = 0.04422. (i) Payments at equal periods in equal amounts: R = wi = 6X0.04422 = 0.2653 or 26.53%. Assume creditor advances $1,000, and customer (iv) Payments at unequal periods in unequal is to make 24 equal monthly payments of $47.50 amounts: starting 1 month from date of consummation. Assume creditor advances $1,000, and customer Unit-period is 1 month. is to make payments as follows: $200 at end of Pi = $1,000 qi = 0 second month, $300 at end of fifth month, $350 Pi = $47.50 h = 1 Pi = $47.50 t2 = 2 at end of eighth month and $300 at end of 12th month. Unit-period is 3 months. Pa = $47.50 In - 24 Pl = $1,000 qi = 0 Pl = $200 h = % The equations are adapted as follows: I\ = $300 h = 1% Pi = $350 h = 2% 1 000 - 47.50 47.50 47.50 Pi = $300 Li — 4 1,000 - (i+i)1 + (i+iP+ "'+(!+,•)» The equations are adapted as follows: w = 12. i = 0.01076. I 000 = 200 l 300 350 300 R = wi = 12 X0.01076 = 0.1291 or 12.91%. ’ (i-HT'^U-H)12'3 (i-H')22/3* 0 +0" * Computed as (1 + i) 2 X (1 + %i) in accordance with (ii) Payments at equal periods in unequal subparagraph (c)(1). amounts: w = 4. Assume creditor advances $1,000, and customer i = 0.06064. is to make 3 payments of $200 each at the end of R = wi = 4X0.06064=0.2426 or 24.26%. the third, sixth, and ninth months and a $600 pay (v) Payment periods greater than 1 year: ment at the end of 1 year from the date of con Assume creditor advances $1,000, and customer summation. is to make 2 payments of $550 each at the end of Unit-period is 3 months. the 18th and 36th months from the date of con Pi = $1,000 qi = 0 summation. Pi = $200 6 = 1 Pi = $200 U = 2 Unit-period is 1 year. Pz = $200 l:l = 3 Ui = $1,000 Pi = $600 it = 4 Pl = $550 P; = $550 The equations are adapted as follows: The equations are adapted as follows: 1Ooo= -^_+^L + J^+^ ' (I-hT H-H')2 1 (i-HTUl+f)4 1,000 = 550 550 w = 4. (l+f)'1'- (1+i)3 i = .06357. w = 1. R = wi = 4X0.06357 = 0.2543 or 25.43%. i = 0.04335. R = wi = l x0.04335 = 0.04335 or 4.34%. (iii) Payments at unequal periods in equal (vi) Single payment with maturity of 12 months amounts: or less: Assume creditor advances $1,000, customer is to Assume creditor advances $1,000, and customer make 4 payments of $290 each at the end of sec agrees to make a single payment of $1,100 eight ond, sixth, eighth, and 12th months after consum mation. months from the date of consummation. Unit-period is 8 months. Unit-period is 2 months. 11 = $1,000 P = $1,100 Pl = $1,000 <71 = 0 Pi = $290 h = 1 The equations are adapted as follows: Pi = $290 t, = 3 P, = $290 t3 = 4 1,000 = 1,100 P, = $290 I, = 6 (1+0 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
148 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 w = 1J^ Uigi~\-UtQt-P • • '-^Umgm i = 0.10000 tA+tA+ • • ' + Um li = tw = l^X0.10000 = 0.1500 or 15.00%. (3) Transactions involving required deposit bal (vii) Single payment with maturity of more than ances. 12 months. (i) Required constant deposit balance: Assume creditor advances $1,000, and customer Assume creditor advances $1,000 and requires is to make one payment of $1,212.42 seventeen that the customer maintain a deposit balance of months from date of consummation. $200 during the 12-month loan. The customer is Unit-period is 1 year. to make 12 equal monthly payments of $90 start U = $1,000 P = $1,212.42 ing 1 month from date of consummation. The The equations are adapted as follows: deposit balance will be released to the customer 1,212.42 upon final payment of the advance. 1,000 = (1+i)1 ‘'‘’ Unit-period is 1 month. w = 1. U\ = $800 = 0 i = 0.14386 . Ui = $200 qi= 12 R = wi = 1X0.14386 =0.14386 or 14.39%. Pi = $90 6 = 1 Pi = $90 t2 = 2 (2) Transaction involving multiple advances. Assume a college loan in which a creditor is to make eight advances to the customer: $1,800 each Pn = $90 tvi — 12 September 1 for 4 years and $1,000 each January 1 The equations are adapted as follows: for 4 years. The customer is to make 50 regular equal monthly payments of $240 beginning July 1, 200 90 90 90 prior to the first advance in September. w = 12. Unit-period is 1 month. i = 0.01852. Cl = $1,800 9i = 2 R =wi = 12X0.01852 = 0.2222 or 22.22%. U U i i = = $ $ 1 1 , , 0 8 0 0 0 0 5 S 2 3 = = 6 14 (ii) Required variable deposit balance: Ut = $1,000 9< = 18 Assume creditor advances $5,000 and requires a Ub = $1,800 9s = 26 $1,000 deposit balance which is to be released in Ub = $1,000 56 = 30 U-, = $1,800 57 = 38 amounts of $500 per quarter beginning at the end Ui = $1,000 5» = 42 of the first quarter immediately following con Pl = $240 6 = 0 summation. Customer is to make 6 equal monthly Pi = $240 ii = 1 Pz = $240 iz = 2 payments of $900 beginning 1 month following consummation. Unit-period is 1 month. Pbn — $240 tza — 49 Ci = $4,000 1/1 = 0 Ui = $500 52 = 3 The equations are adapted as follows: Ui = $500 5:i = 6 1,800 1,000 1,800 1,000 1,800 Pi = $900 h = I (l-H)2+(l-Hy+(l-H’)H+(l+i)I'''r(l +>)!,+ Pi = $900 ti = 2 1,000 1,800 1,000 240 (l+i)3,, + (l+i)3" + (l+i)« H(l+i)1 + 240 240 Pb = $900 (l+^+'" + (l+i)« The equations are adapted as follows: w = 12. i = 0.02522. 4 2 ,O a O a O a + , (1 5 + 00 . )3+ , (1 5 + 00 j. )o (1 9 + 00 i )i+ , (1 9 + 00 i) 2+ , • •' + , ( 9 !+ 00 ;)« R = wi = 12X0.02522 = 0.3026 or 30.26%. w = 12. In case multiple real values of R are obtained, use i = 0.02993. R = wi = 12X0.02993 = 0.3592 or 35.92%. that value of R which is nearest to the value of R obtained by assuming that the number of unit (iii) Transaction where customer is required to periods from the date of consummation or the make periodic deposits into a restricted account: date the finance charge begins to accrue, as appli Assume creditor advances $1,000, and customer cable, to each advance is: is to make 12 equal monthly payments of $110, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 149 $90 of which is to be applied to repayment of the The equations are adapted as follows: advance and the finance charge and $20 of which 240 110 110 110 is to be deposited into an account. The account (1 +i)12 (1 +i)1 + (l +i)2+ " ' + (1 +i)12 will be released to the customer upon final payment of the advance. w = 12. i = 0.01482. Unit-period is 1 month. R = iw = 12X0.01482 = 0.1778 or 17.78%. Ui = $1,000 ?1 = 0 Ui = $240 ?2 = 12 Pi = $110 ii = 1 Pl = $110 <2 = 2 P12 = $110 62 = 12 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
150 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 RULES REGARDING DELEGATION OF AUTHORITY to member banks or other indicated organizations headquartered in its district: The Board of Governors, effective January 27, 1969, amended its Rules Regarding Delegation of ***** Authority to provide a more expeditious means for (15) Under the provisions of §§ 216.5(b), 216.5 performance of certain of its functions under its (d), and 216.6 of this chapter (Regulation P), with Regulation P, “Minimum Security Devices and respect to State member banks only: (i) to require Procedures for Federal Reserve Banks and State reports on security devices; (ii) to require special Member Banks”. The text of the amendments reads reports; and (iii) to determine, in view of the pro as follows: visions of §§ 216.3 and 216.4, whether security devices and procedures are deficient in meeting the AMENDMENT requirements of Part 216, to determine whether such requirements should be varied in the circum Effective January 27, 1969, section 265.2(c) is stances of a particular banking office, and to re amended by adding subparagraph (12); the title of quire corrective action. section 265.2(d) is amended and subparagraph (4) is added thereto; and section 265.2(f) is amended OBLIGATIONS ELIGIBLE AS COLLATERAL by adding subparagraph (15), all to read as follows: FOR ADVANCES The Board of Governors has revised the fourth SECTION 265.2—SPECIFIC FUNCTIONS paragraph of its recent interpretation on this sub DELEGATED TO BOARD EMPLOYEES AND FEDERAL RESERVE BANKS ject (December 1968 Bulletin page 1013) to read as follows: * * * * * “Also eligible for purchase under section 14(b) (c) The Director of the Division of Supervision are ‘bills, notes, revenue bonds, and warrants with and Regulation (or, in his absence, the Acting a maturity from date of purchase of not exceeding Director) is authorized: six months, issued in anticipation of the collection * * * # * of taxes or in anticipation of the receipt of assured revenues by any State, county, district, political (12) To exercise the functions described in sub subdivision, or municipality in the continental paragraphs (15)(i) and (ii) of paragraph (f); and to United States, including irrigation, drainage and exercise the functions described in subparagraph reclamation districts.’1 In determining the eligi (15)(iii) of paragraph (f) in those cases in which bility of such obligations as collateral for advances, the appropriate Federal Reserve Bank concludes compliance with the requirements of Regulation E that, because of unusual considerations, or for other is not necessary; but the Reserve Bank will satisfy good cause, it should not take action. itself that sufficient tax or other assured revenues (d) The Director of the Division of Federal earmarked for payment of such obligations will be Reserve Bank Operations (or, in his absence, the available for that purpose at maturity, or within Acting Director) is authorized: six months from the date of the advance if no * * * * * maturity is stated. Payments due from Federal, State or other governmental units may, in the Re (4) Under the provisions of §§ 216.5(b), 216.5 serve Bank’s discretion, be regarded as ‘other as (d), and 216.6 of this chapter (Regulation P), with sured revenues’; but neither the proceeds of a respect to Federal Reserve Banks and branches: prospective issue of securities nor future tolls, rents (i) to require reports on security devices; (ii) to or similar collections for the voluntary use of gov require special reports; and (iii) to determine, in ernment property for non-governmental purposes view of the provisions of §§ 216.3 and 216.4, will normally be so regarded. Obligations with whether security devices and procedures are defi original maturities exceeding one year would not cient in meeting the requirements of Part 216, to ordinarily be self-liquidating as contemplated by determine whether such requirements should be the statute, unless at the time of issue provision is varied in the circumstances of a particular banking office, and to require corrective action. 1 Paragraph 3 of section 1 of the Federal Reserve Act * * * * * (12 U.S.C. 221) defines “the continental United States” to mean “the States of the United States and the Disrict (f) Each Federal Reserve Bank is authorized, as of Columbia”, thus including Alaska and Hawaii. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 151 made for a redemption or sinking fund that will be prior approval of the merger of that bank with sufficient to pay such obligations at maturity.” Clark State Bank and Trust Company, Clark, New Jersey (“Clark Bank”), which has total deposits of ORDERS UNDER BANK MERGER ACT about $16.5 million.1 The banks would merge SUMMIT AND ELIZABETH TRUST under the charter and name of Summit Bank, COMPANY, SUMMIT, NEW JERSEY which is a member of the Federal Reserve System. As an incident to the merger, the two offices of In the matter of the application of Summit and Clark Bank would become branches of Summit Elizabeth Trust Company for approval of merger Bank, increasing the number of its offices to eight. with Clark State Bank and Trust Company. Competition. Summit Bank operates its main office and two branch offices in the Summit-New Order Approving Merger of Banks Providence area, located in the northwestern cor There has come before the Board of Governors, ner of Union County (1960 population, 504,000). pursuant to the Bank Merger Act (12 U.S.C. The Bank also operates three offices in the Eliza 1828(c)), an application by Summit and Eliza beth area, which adjoins the City of Newark. Eliza beth Trust Company, Summit, New Jersey, a State beth is located about 10 miles east of Summit in member bank of the Federal Reserve System, for the northeastern portion of Union County. the Board’s prior approval of the merger of that Clark Bank operates its main office and one bank with Clark State Bank and Trust Company, branch office in Clark Township (population of Clark, New Jersey, under the charter and title of about 18,000) in the south-central section of Summit and Elizabeth Trust Company. Notice of Union County. The main offices of Summit Bank the proposed merger, in form approved by the and Clark Bank are approximately seven miles Board, has been published pursuant to said Act. apart, and the nearest branches of the two banks Upon consideration of all relevant material in are about six miles apart. the light of the factors set forth in said Act, in In the areas separating Summit, Elizabeth and cluding reports furnished by the Comptroller of Clark Township, there are a number of other bank the Currency, the Federal Deposit Insurance Cor ing offices. Only nominal amounts of deposits and poration, and the Attorney General on the com loans are derived by each of the two banks from petitive factors involved in the proposed merger, the areas served by the other. It is hereby ordered, for the reasons set forth Recently, the Governor of New Jersey signed in the Board’s Statement of this date, that said ap into law a revision of the State’s banking laws plication be and hereby is approved, provided that concerning branch banking and bank mergers. The said merger shall not be consummated (a) before new law, like the old, does not permit a bank to the thirtieth calendar day following the date of this establish a branch office in any community wherein Order or (b) later than three months after the date the home office of another bank is located. Con of this Order unless such period is extended for sequently, the potential for increased competition good cause by the Board or by the Federal Reserve between Summit Bank and Clark Bank is limited. Bank of New York pursuant to delegated authority. However, the new law does, for the first time, per Dated at Washington, D.C. this 6th day of Feb mit a bank to establish a branch office in commu ruary, 1969. nities with populations of 7,500 or more in which By order of the Board of Governors. are located only branch offices of other banks. Since Clark Township has a population in excess Voting for this action: Chairman Martin and Gov ernors Robertson, Mitchell, Maisel, Brimmer, and of 7,500, consummation of the merger, by eliminat Sherrill. Absent and not voting: Governor Daane. ing the only home office located there, would open (Signed) Robert P. Forrestal, the Township to the establishment of branches by Assistant Secretary. other banks of the second of New Jersey’s three [seal] banking districts. In this respect, the consummation Statement of the proposal should eventually result in an in crease in banking competition in the Clark Town Summit and Elizabeth Trust Company, Summit, ship area. New Jersey (“Summit Bank”), with total deposits Although an important competitive effect of the of $119 million, has applied, pursuant to the Bank Merger Act (12 U.S.C. 1828(c)), for the Board’s 1 Deposit figures are as of June 30, 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
152 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 proposal would be in the area served by Clark the proposed merger, in form approved by the Bank, it should be noted that Summit Bank and Board, has been published pursuant to said Act. Clark Bank both operate in the greater Newark Upon consideration of all relevant material in market. The resulting bank, however, would con the light of the factors set forth in said Act, in trol only a small share of the market area deposits. cluding reports furnished by the Comptroller of Summit Bank ranks seventh of the 34 banks in the Currency, the Federal Deposit Insurance Cor the market, but holds only 3.8 per cent of the area poration, and the Attorney General on the com deposits, while Clark Bank ranks 24th, with .5 per petitive factors involved in the proposed merger, cent of the deposits. The resulting bank would hold It is hereby ordered, for the reasons set forth only 4.4 per cent. in the Board’s Statement of this date, that said The overall effect of the proposal on competi application be and hereby is approved, provided tion would be slightly favorable. that said merger shall not be consummated (a) Financial and managerial resources and pros before the thirtieth calendar day following the date pects. The banking factors with respect to Summit of this Order or (b) later than three months after Bank are reasonably satisfactory. Clark Bank’s cap the date of this Order unless such period is ex ital position and earnings have been relatively low tended for good cause by the Board or by the Fed in recent years. Although such problems are being eral Reserve Bank of San Francisco pursuant to resolved to some extent without outside help, the delegated authority. merger would be of further aid in that the bank Dated at Washington, D.C., this 6th day of ing factors with respect to the resulting bank would February, 1969. be reasonably satisfactory. By order of the Board of Governors. Convenience and needs of the community. Clark Voting for this action: Chairman Martin and Gov Township is experiencing substantial residential, ernors Robertson, Mitchell, Daane, Maisel, and Sher commercial, and industrial growth. Banks in the rill. Absent and not voting: Governor Brimmer. area presently offer extensive banking services, but (Signed) Robert P. Forrestal, the resulting bank, with a higher legal lending limit, Assistant Secretary. would be able to satisfy the growing demand for [seal] banking services in Clark Township more readily than could Clark Bank. Statement Summary and conclusion. In the judgment of the Board, the effect of the merger on competition The Oregon Bank, Portland, Oregon (“Oregon would be slightly favorable. The resulting bank Bank”), with total deposits of $66 million, has would be in a better position to serve the conveni applied pursuant to the Bank Merger Act (12 ence and needs of the Clark Township area. U.S.C. 1828(c)), for the Board’s prior approval Accordingly, the Board concludes that the ap of the merger of that bank with Citizens Bank of plication should be approved. Oregon, Lake Oswego, Oregon (“Citizens Bank”), which has total deposits of $23 million.1 The banks CITIZENS BANK OF OREGON, would merge under the charter and name of Ore LAKE OSWEGO, OREGON gon Bank, which is a member of the Federal Re serve System. As an incident to the merger, the four In the matter of the application of the Oregon offices of Citizens Bank would become branches of Bank for approval of merger with Citizens Bank Oregon Bank, increasing the number of its offices of Oregon to 17. Competition. Oregon Bank is headquartered in Order Approving Merger of Banks downtown Portland (estimated population 385,000) There has come before the Board of Governors, and four of its branches are located in the Portland pursuant to the Bank Merger Act (12 U.S.C. metropolitan area, which contains considerable 1828(c)), an application by The Oregon Bank, diversified industry and commerce. The bank’s Portland, Oregon, a State member bank of the eight other offices are located considerable dis Federal Reserve System, for the Board’s prior ap tances from the Portland area. Citizens Bank op proval of the merger of that bank with Citizens erates its main office and one branch in Lake Bank of Oregon, Lake Oswego, Oregon, under the charter and title of The Oregon Bank. Notice of 1 As of June 29, 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 153 Oswego (estimated population 13,200), which is the average for member banks in Oregon, and the a residential community located about seven miles capital of each bank needs to be augmented. Ore south of downtown Portland. The bank’s other two gon Bank, with the addition of the offices and other branches are located in communities to the south resources of Citizens Bank, would have improved east and southwest of Lake Oswego and are 13 prospects. and 16 miles, respectively, from Oregon Bank’s Convenience and needs of the communities. The nearest office. merger would affect banking convenience and The nearest offices of Oregon Bank and Citizens needs only in the communities presently served by Bank are their head offices, which are about seven Citizens Bank. Trust services are not available in miles apart. There are several banking offices in the two of these communities. Oregon Bank would intervening area, mainly those of large banks that provide such services, together with a generally operate branches throughout the State. Many resi wider range of banking services than are conveni dents of the Lake Oswego area commute to work ently available to residents of two of the three in Portland, which gives them the option of bank communities now served by Citizens Bank. ing there. Summary and conclusion. In the judgment of Oregon Bank derives less than three per cent of the Board, the proposed transaction would not have its deposits, and about seven per cent of its loans, a significantly adverse effect on banking competi from the area served by Citizens Bank. Comparable tion; at the same time, it would enhance the pros figures for Citizens Bank arc not in the record, but pects for Oregon Bank, and benefit the banking the available evidence suggests that Citizens Bank convenience and needs of two of the communities probably derives even smaller percentages of its de presently served by Citizens Bank. posits and loans from the area served by Oregon Accordingly, the Board concludes that the ap Bank. While competition between Oregon Bank plication should be approved. and Citizens Bank appears to be minimal, the pro posed merger would, of course, eliminate such ORDERS UNDER SECTION 3 OF competition as does exist. BANK HOLDING COMPANY ACT The potential for the development of significant BANK SECURITIES, INC. (NSL), competition between the two banks is limited. The ALAMOGORDO, NEW MEXICO home-office-protection feature of State law pre cludes Oregon Bank from establishing a de novo In the matter of the application of Bank Securi branch in Lake Oswego. State law would not pre ties, Inc. (NSL), Alamogordo, New Mexico, for clude the bank from establishing de novo branches approval of action to become a bank holding com in the other communities in which Citizens Bank pany through the acquisition of 91.47 per cent or has offices, but the size of those communities in re more of the voting shares of Security Bank and lation to their existing banking offices makes the Trust, Alamogordo, New Mexico, and 74.59 per establishment of such offices unlikely. Citizens Bank cent or more of the voting shares of Citizens State is precluded by State law from establishing a de Bank, Vaughn, New Mexico. novo branch in Portland, until the bank increases its capital stock. Order Approving Application Under Fifteen commercial banks operate 101 offices Bank Holding Company Act in the Portland metropolitan area; Oregon Bank There has come before the Board of Governors, and Citizens Bank rank fifth and seventh, respec pursuant to section 3(a)(1) of the Bank Holding tively, in terms of area deposits held. The com Company Act of 1956 (12 U.S.C. 1842(a)(1)) bined holdings of these two banks, however, equal and section 222.3(a) of Federal Reserve Regula only 3.6 per cent of total area deposits. The two tion Y (12 CFR 222.3(a)), an application by largest banks hold about 80 per cent of total area Bank Securities, Inc. (NSL), Alamogordo, New deposits. Mexico, for the Board’s prior approval of action The effect of the merger on competition would whereby Applicant, which presently owns a major not be significantly adverse. ity of the voting shares of The First State Bank, Financial and managerial resources and pros Cuba, New Mexico, would become a bank hold pects. The banking factors with respect to Oregon ing company through the acquisition of 91.47 per Bank and Citizens Bank arc reasonably satisfac cent or more of the voting shares of Security Bank tory. However, the earnings of each bank are below and Trust, Alamogordo, New Mexico, and 74.59 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
154 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 per cent or more of the voting shares of Citizens voting shares of Citizen’s State Bank, Vaughn, New State Bank, Vaughn, New Mexico. Mexico (“Citizens Bank”). As required by section 3(b) of the Act, the Through First Bank, Applicant presently controls Board notified the New Mexico Commissioner of three banking offices and total deposits of 3.8 mil Banking of receipt of the application and requested lion.1 Security Bank and Citizens Bank, each of his views and recommendation. The Commissioner which has three offices, have total deposits of $15.4 responded that he had no objection to approval of million and $6.5 million, respectively. the application. Views and recommendation of supervisory au Notice of receipt of the application was pub thority. As required by section 3(b) of the Act, lished in the Federal Register on July 10, 1968 (33 notice of receipt of the application was given to, Federal Register 9920), which provided an oppor and views and recommendation requested of, the tunity for interested persons to submit comments New Mexico Commissioner of Banking. The Com and views with respect to the proposed acquisition. missioner responded that he had no objection to A copy of the application was forwarded to the approval of the application. United States Department of Justice for its consid Statutory considerations. Section 3(c) of the Act eration. The time for filing comments and views has provides that the Board shall not approve an ac expired and all those received have been considered quisition that would result in a monopoly or would by the Board. be in furtherance of any combination or conspiracy It is hereby ordered, for the reasons set forth to monopolize or to attempt to monopolize the busi in the Board’s Statement of this date, that said ap ness of banking in any part of the United States. plication be and hereby is approved, provided that Nor may the Board approve a proposed acquisition the action so approved shall not be consummated the effect of which, in any section of the country, (a) before the thirtieth calendar day following the may be substantially to lessen competition, or to date of this Order or (b) later than three months tend to create a monopoly, or which in any other after the date of this Order, unless such period is manner would be in restraint of trade, unless the extended for good cause by the Board or by the Board finds that the anticompetitive effects of the Federal Reserve Bank of Dallas pursuant to dele proposed transaction are clearly outweighed in the gated authority. public interest by the probable effect of the trans Dated at Washington, D.C., this 15th day of action in meeting the convenience and needs of January, 1969. the community to be served. In each case the Board By order of the Board of Governors. is required to take into consideration the financial and managerial resources and future prospects of Voting for this action: Vice Chairman Robertson and Governors Mitchell, Daane, Maisel, Brimmer, the bank holding company and the banks con and Sherrill. Absent and not voting: Chairman Martin. cerned, and the convenience and needs of the com (Signed) Robert P. Forrestal, munity to be served. Assistant Secretary. Competitive effect of proposed transaction. The [seal] three banks which would comprise Applicant’s sys tem are presently affiliated through common owner Statement ship and top-level management. The Bonnell fam Bank Securities, Inc. (NSL), Alamogordo, New ily, which has a long history in the banking industry Mexico (“Applicant”), has filed with the Board, in New Mexico, founded the Security Bank in pursuant to section 3(a)(1) of the Bank Holding 1912, and in 1961 acquired control of Citizens Company Act of 1956, an application for approval Bank. In 1967, family members organized Appli of action to become a bank holding company. Ap cant, which acquired control of First Bank early in plicant, which presently owns a majority of the 1968. Management of the three banks is headed voting shares of The First State Bank, Cuba, New by T. A. Bonnell, President of Applicant, and his Mexico (“First Bank”), would become a bank brother, Kenneth Bonnell. holding company through the acquisition of 91.47 Consummation of Applicant’s proposal would reper cent or more of the voting shares of Security Bank and Trust, Alamogordo, New Mexico (“Se 1 All banking data are as of June 29, 1968, unless other curity Bank”), and 74.59 per cent or more of the wise noted. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 155 suit in Applicant’s becoming the seventh largest a monopoly or be in furtherance of any combina banking organization in the State of New Mexico. tion, conspiracy, or attempt to monopolize the busi The $25.7 million aggregate deposits held by its ness of banking in any relevant area, and will not present and proposed subsidiaries represent 2.2 per substantially lessen competition, tend to create a cent of the total deposits held by banks in the State. monopoly, or restrain trade in any section of the The head offices of Security Bank and Citizens country. Bank are located about 140 miles apart, while First Financial and managerial resources and future Bank’s head office is located about 190 miles from prospects. Applicant is in generally satisfactory fi the head office of Citizens Bank and 330 miles nancial condition, with experienced management from the head office of Security Bank. The shortest and favorable prospects. Acquisition of First Bank distance between branch offices of any two of the by Applicant solved a considerable management subject banks is 45 miles? The three banks are lo problem at that bank, which had several years of cated in different counties and, under State law, operational difficulties immediately preceding the each is precluded from branching into the head acquisition. Since acquiring control of First Bank, office county of the other two. Virtually no compe Applicant has initiated a number of corrective tition exists among the three banks, and, in view of measures which have resulted in significant im the distances which separate them and the restric provements in the condition of the bank, and has tions on branching, there is little probability that increased its capital accounts. Applicant also pro such competition would exist or develop, even in poses to provide additional capital to Security Bank the absence of the earlier-described close relation upon its acquisition. Based on recent experience of ship among them. For the same reasons, it does the banks and the proposals of Applicant for further not appear that consummation of the present pro improvements, the financial condition of each of posal would eliminate existing or potential compe the three banks is regarded as reasonably satisfac tition. tory; management of each appears capable, and Each of the offices of the present and proposed their prospects are favorable. subsidiary banks serves principally the town in Considerations relating to the banking factors which it is located and the immediately surround lend significant weight toward approval of the ing area. Competition is, in most cases, limited by present application. the small number of banks proximately located to Convenience and needs of the communities in such areas. The main office of First Bank, the only volved. The banking services offered in the com bank located in Sandoval County, has no direct munities served by the present and proposed sub competition; its two branches, however, are located sidiary banks appear sufficient to serve customer near Albuquerque, and compete with large hanks needs. Applicant proposes that customers of Citi located in that city. Of Citizens Bank’s three offices, zens Bank and First Bank will be offered trust serv only one has a competing bank located within the ices, which are not presently available, through area which it serves; its main office and its branch the facilities of Security Bank. It is also asserted at Carrizozo are each located over 35 miles from that consummation of the proposed acquisitions will the nearest office of a competing bank. Security permit more efficient use of personnel among the Bank competes with one other bank ($10.4 million three banks, and that automated bookkeeping serv deposits) in Alamogordo. It does not appear that ices now handled by Security Bank will be assumed consummation of the acquisitions proposed would by Applicant and offered to First Bank and Citizens impair the viability or competitive effectiveness of Bank as the need arises. any competing bank. All of the foregoing benefits asserted by Appli On the basis of the foregoing, the Board con cant are or could be made available under the pres cludes that the proposed action will not result in ent affiliation existing among the three banks. The 2 Applicant has indicated that Citizens Bank has re transfer of control to a single corporate entity, how quested from its supervisory authority permission to move ever, should provide somewhat more efficient and its main office from Vaughn to Carrizozo, the present loca economical operations, and that consideration lends tion of one of its branches, which is 45 miles from the Tularoosa branch of Security Bank. The Board has con slight weight toward approval of the application. sidered the present proposal in the light of that possible Summary and conclusion. On tthe basis of all development, and concludes that the essential findings herein would not be affected. relevant facts contained in the record, and in the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
156 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 light of the factors set forth in section 3(c) of the mated (a) before the thirtieth calendar day follow Act, it is the Board’s judgment that the proposed ing the date of this Order or (b) later than three transaction would be in the public interest and that months after the date of the Order, unless such pe the application should be approved. riod is extended for good cause by the Board or by the Federal Reserve Bank of St. Louis pursuant to NORTHLAND BANCSHARES, INC., delegated authority. BRIDGETON, MISSOURI Dated at Washington, D.C., this 21st day of January, 1969. In the matter of the application of Northland By order of the Board of Governors. Bancshares, Inc., Bridgeton, Missouri, for approval Voting for this action: Chairman Martin and Gov of action to become a bank holding company ernors Robertson, Daane, Maisel, and Brimmer. Ab through the acquisition of 80 per cent or more of sent and not voting: Governors Mitchell and Sherrill. the voting shares of Mark Twain State Bank, (Signed) Robert P. Forrestal, Bridgeton, Missouri, and South County Bank, St. Assistant Secretary. Louis County, Missouri. [seal] Order Approving Application Under Statement Bank Holding Company Act Northland Bancshares, Inc., Bridgeton, Missouri There has come before the Board of Governors, (“Applicant”), has filed with the Board pursuant pursuant to section 3(a)(1) of the Bank Holding to section 3(a)(1) of the Bank Holding Company Company Act of 1956 (12 U.S.C. 1842(a)(1)), Act of 1956, an application for approval of action and section 222.3(a) of Federal Reserve Regula to become a bank holding company through the ac tion Y (12 CFR 222.3(a)), an application by quisition of 80 per cent or more of the voting Northland Bancshares, Inc., Bridgeton, Missouri, shares of Mark Twain State Bank, Bridgeton, Mis for the Board’s prior approval of action whereby souri, and of South County Bank, St. Louis County, Applicant, presently the owner of 97.5 per cent of Missouri. Applicant presently owns 97.5 per cent the voting shares of Northland Bank, lennings, Mis of the voting shares of Northland Bank, Jennings, souri, would become a bank holding company Missouri. The three banks named are sometimes through the acquisition of 80 per cent or more of hereafter referred to as the “Banks”. As a part of the voting shares of Mark Twain State Bank, the transaction, Applicant will change its name to Bridgeton, Missouri, and South County Bank, St. “Mark Twain Bancshares, Inc.”. Louis County, Missouri. Mark Twain State Bank ($19 million deposits) 1 As required by section 3(b) of the Act, the and South County Bank ($33 million deposits), Board gave written notice to the Commissioner of the proposed subsidiaries, and Northland Bank Finance of the State of Missouri of receipt of the ($32 million deposits), Applicant’s present sub application and requested his views and recom sidiary, are all located in St. Louis County. The mendation. He recommended approval of the ap laws of Missouri prohibit branch banking, and each plication. of the Banks has only one office. A high degree of Notice of receipt of the application was pub common ownership exists among them—sharehold lished in the Federal Register on July 18, 1968 (33 ers owning 47 per cent of Applicant’s stock own Federal Register 10294), providing an opportunity 85.5 per cent of that of Mark Twain State Bank; for interested persons to submit comments and shareholders owning 51 per cent of Applicant’s views with respect to the proposed transaction. A stock own 41.6 per cent of that of South County copy of the application was forwarded to the De Bank; and shareholders owning 51 per cent of partment of Justice for its consideration. Time for Mark Twain State Bank’s stock own 9.6 per cent filing comments and views has expired and all of that of South County Bank. Views and recommendation of supervisory au those received have been considered by the Board. It is hereby ordered, for the reasons set forth thority. As required by section 3(b) of the Act, in the Board’s Statement of this date, that said notice of receipt of the application was given to, application be and hereby is approved, provided 1 All banking data are as of June 29, 1968, unless other that the action so approved shall not be consum wise noted. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 157 and views and recommendation requested of, the in St. Louis County and only 1.9 per cent of the Commissioner of Finance of the State of Missouri. total deposits in the combined area of that County The Commissioner recommended approval of the and adjoining City of St. Louis. Consummation of application. the transaction would result in slight increases in Statutory considerations. Section 3(c) of the Act the low degree of concentration presently existing provides that the Board shall not approve an ac in the relevant areas. quisition that would result in a monopoly or would In addition to the high degree of common owner be in furtherance of any combination or conspiracy ship of the Banks, their managements interlock to to monopolize or to attempt to monopolize the busi some extent, and the Banks function as a group, ness of banking in any part of the United States. engaging in joint advertising and promotion, and Nor may the Board approve a proposed acquisition sharing loans. Inasmuch as the chief effect of Appli the effect of which, in any section of the country, cant’s proposal would be a change in the form of may be substantially to lessen competition, or to an existing relationship, the extent and nature of create a monopoly, or which is any other manner competition between the Banks and other area would be in restraint of trade, unless the Board banks would not be significantly altered, nor would finds that the anticompetitive effects of the pro there be any reduction in the number of banking posed transaction are clearly outweighed in the alternatives in any of the relevant areas. Moreover, public interest by the probable effect of the trans since the evidence before the Board indicates that action in meeting the convenience and needs of the possibility of discontinuance of the existing re the community to be served. In each case the Board lationships among the Banks is remote regardless is required to take into consideration the financial of Board action on the present application, potential and managerial resources and future prospects of competition among the Banks, or between any of the bank holding company and the banks con them and other area banks, would not be affected cerned, and the convenience and needs of the by consummation of the proposal. community to be served. On the record before it, the Board concludes that Competitive effect of proposed transaction. Upon consummation of the proposed transaction would consummation of the proposed transaction, Appli not result in a monopoly, nor be in furtherance of cant would control .8 per cent of total deposits in any combination, conspiracy or attempt to monop Missouri. Subsidiaries of four registered bank olize the business of banking in any relevant area. holding companies2 in Missouri control 2.5 per Further, there appears to be no reasonable probabil cent of the banking offices, and 9.9 per cent of to ity that consummation of the proposal would sub tal deposits in the State. Applicant’s acquisition of stantially lessen competition, tend to create a mo the Mark Twain and South County Banks would nopoly, or operate in restraint of trade. increase by 1 per cent the banking offices and de posits thus controlled. Financial and managerial resources and future The service areas" of the Banks are all within prospects. Applicant’s financial and managerial re St. Louis County. These areas do not overlap, but sources and its future prospects are dependent upon those of Northland Bank and Mark Twain State its subsidiary Banks. As applied to the Banks, these Bank are contiguous. The Banks’ offices are sepa factors are, except as noted below, considered gen rated from each other by distances ranging from erally satisfactory. The record reflects that Applicant 11 to 35 miles. In their respective service areas, has a high debt position, principally incurred in Northland Bank ranks fourth in size (of eight acquiring Northland Bank, that the capital of South banks), Mark Twain State Bank ranks fifth (of County Bank is less than satisfactory, and that the 11 banks), and South County Bank ranks third capital position of the other two banks could be (of six banks). The aggregate deposits of the improved. Applicant has submitted to the Board a Banks constitute 7 per cent of the total deposits firm proposal with respect to reduction of its debt and improvement of the capital position of each of 2 Giving effect to formation as a bank holding company the Banks. On the basis of the extent to which this of Commerce Bancshares, Inc., Kansas City, Missouri, pursuant to Board approval granted on July 25, 1968. program has now been completed, and the assur ’ The areas from which Applicant estimates that 80 per ances given by Applicant as to its early total com cent of the demand deposits of individuals, partnerships, and corporations of the respective Banks are derived. pletion in 1969, the Board concludes that the bank- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
158 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 ing factors with respect to Applicant and the Banks Board notified the Deputy Bank Commissioner for are consistent with approval of the application. the State of Maine of the application and requested Convenience and needs of the communities in his views and recommendation. He recommended volved. The banking needs of the individuals and approval of the application. businesses located in the areas served by the Banks Notice of receipt of the application was published appear to be adequately served at present by the in the Federal Register on November 15, 1968 (33 Banks and their competitors. It appears that the Federal Register 16692), providing an opportunity proposal will result in expansion of services and for interested persons to submit comments and increased efficiencies, the availability of larger lines views with respect to the proposal. A copy of the of credit at the Banks, and will tend to promote the application was forwarded to the United States success of the above-mentioned program for Department of Justice for its consideration. Time strengthening the Banks’ capital structures. for filing comments and views has expired and all Considerations bearing on this factor lend some those received have been considered by the Board. weight in favor of approval of the application. It is hereby ordered, for the reasons set forth Summary and conclusion. On the basis of all in the Board’s Statement of this date, that said relevant facts contained in the record, and in the application be and hereby is approved, provided light of the factors set forth in section 3(c) of the that the action so approved shall not be consum Act, it is the Board’s judgment that the proposed mated (a) before the thirtieth calendar day follow transaction would be in the public interest and that ing the date of this Order or (b) later than three the application should be approved. months after the date of this Order, unless such time shall be extended by the Board or by the EASTERN TRUST FINANCIAL ASSOCIATES, Federal Reserve Bank of Boston pursuant to dele BANGOR, MAINE gated authority. Dated at Washington, D.C., this 21st day of In the matter of the application of Eastern Trust January, 1969. Financial Associates, Bangor, Maine, for approval By order of the Board of Governors. of action to become a bank holding company Voting for this action: Vice Chairman Robertson through the acquisition of 100 per cent of the vot and Governors Mitchell, Daane, Maisel, Brimmer, ing shares of Eastern Trust and Banking Company, and Sherrill. Absent and not voting: Chairman Martin. Bangor, Maine, and of its three majority owned (Signed) Robert P. Forrestal, subsidiary banks, all located in Maine. Assistant Secretary. [seal] Order Approving Application Under Bank Holding Company Act Statem ent There has come before the Board of Governors, Eastern Trust Financial Associates, Bangor, pursuant to section 3(a)(1) of the Bank Holding Maine (“Applicant”), has filed with the Board, pur Company Act of 1956 (12 U.S.C. 1842(a)(1)) suant to section 3(a)(1) of the Bank Holding Com and section 222.3(a) of Federal Reserve Regula pany Act of 1956, an application for approval of tion Y(12 CFR 222.3(a)), an application by East action to become a bank holding company through ern Trust Financial Associates, Bangor, Maine, for the acquisition of 100 per cent of the voting shares the Board’s prior approval of action whereby Appli of Eastern Trust and Banking Company, Bangor, cant would become a bank holding company Maine (“Eastern Trust”), a registered bank hold through the acquisition of 100 per cent of the ing company, and of its three majority owned sub voting shares of Eastern Trust and Banking Com sidiary banks: Lincoln Trust Company, Lincoln; pany, Bangor, Maine (“Eastern Trust”), a regis Millinocket Trust Company, Millinocket; and Guil tered bank holding company, and of Eastern Trust’s ford Trust Company, Guilford, all located in three majority owned subsidiary banks: Lincoln Maine. As of June 29, 1968,1 Eastern Trust and its Trust Company, Lincoln; Millinocket Trust Com affiliated banks had total deposits of $51,278,000 pany, Millinocket; and Guilford Trust Company, Guilford, all located in Maine. 1 All banking data are as of this date, unless otherwise As required by section 3(b) of the Act, the noted. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 159 and operated 14 offices in central and northeastern plicant’s proposal will have no measurable effect on Maine. In terms of total deposits held, Eastern banking competition with respect either to Appli Trust is the smallest of three bank holding com cant’s proposed subsidiaries, or other institutions panies located in the State.2 with which they compete. As indicated, Eastern Applicant’s proposal represents the initial step Trust is third in size of three holding companies in a long-range plan of reorganization looking to located in Maine, the larger two of which control, removal of Eastern Trust as a registered bank hold respectively, 16 per cent and 8 per cent of the total ing company and to facilitating Applicant’s later deposits held by all insured commercial banks in expansion as a bank holding company through ac the State. Eastern Trust controls, as would Ap quisition of additional banks. Consummation of this plicant, nearly $50 million in total deposits, or 5 proposal will result in Applicant’s indirect owner per cent of the total deposits in the State. Consum ship and control of more than 25 per cent of the mation of the proposal will not change Eastern voting shares of the three banks now controlled di Trust’s size or extent of operations. rectly by Eastern Trust. At a future date, Applicant The sole consideration relevant to this proposal proposes to acquire direct ownership of the three is that relating to the competitive advantage that banks now owned by Eastern Trust, in which event may be afforded Applicant as a result of its pro Eastern Trust would no longer be a registered bank posed reorganization plan. Considering Eastern holding company. Consummation of Applicant’s Trust’s present size, and the corresponding proposed present proposal will not affect Eastern Trust’s sta size of Applicant, the Board concludes that consum tus as a bank holding company. mation of Applicant’s proposal, while likely to af Views and recommendation of supervisory au ford Applicant operating efficiencies not now avail thority. As required by section 3(b) of the Act, no able to Eastern Trust, will not sufficiently enhance tice of receipt of the application was given to, and Applicant’s competitive position, as measured views and recommendation requested of, the De against that now held by Eastern Trust, so as to puty Bank Commissioner of the State of Maine. weigh against approval. He recommended approval of the application. The proposed transaction would not result in a Statutory considerations. Section 3(c) of the Act monopoly or be in furtherance of any combination, provides that the Board shall not approve an ac conspiracy or attempt to monopolize the business quisition that would result in a monopoly or would of banking in any relevant area. Nor would its con be in furtherance of any combination or conspiracy summation substantially lessen competition, tend to to monopolize or to attempt to monopolize the busi create a monopoly, or restrain trade in any section ness of banking in any part of the United States. of the country. Nor may the Board approve a proposed acquisition Financial and managerial resources and future the effect of which, in any section of the country, prospects. The financial condition of Applicant and may be substantially to lessen competition, or to its proposed subsidiary banks is sound and their tend to create a monopoly, or which in any other prospects are favorable. Applicant’s management manner would be in restraint of trade, unless the (the same as that of Eastern Trust), and of the Board finds that the anticompetitive effects of the banks, is satisfactory. Considerations relating to the proposed transaction are clearly outweighed in the banking factors are found to be consistent with ap public interest by the probable effect of the trans proval of the application. action in meeting the convenience and needs of the Convenience and needs of the communities in community to be served. In each case the Board is volved. Applicant’s proposal will have no immediate required to take into consideration the financial and effect on the convenience and needs of the com managerial resources and future prospects of the munities served by the proposed subsidiary banks. bank holding company and the banks concerned, No change in the services presently being provided and the convenience and needs of the community by Eastern Trust and its three subsidiary banks is to be served. contemplated at this time. Considering the extent to Competitive effect of proposed transaction. Ap- which Applicant’s proposed subsidiary banks are presently serving the convenience and needs of their 2 Among the three bank holding companies is included respective communities, this factor, as it relates to Merrill Bankshares Company, Bangor, Maine, the forma the present proposal, is consistent with approval of tion of which was approved by the Board on November 25, 1968. the application. 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160 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 Summary and conclusion. On the basis of all the tion of views be conducted before the Board, in relevant facts contained in the record, and in light order that all interested parties would have an op of the factors set forth in section 3(c) of the Act, portunity to fully state and support their views. it is the Board’s judgment that the proposed trans Notice of the oral presentation was published in the action would be in the public interest and that the Federal Register (33 Federal Register 14091), and, application should be approved. in accordance therewith, an oral presentation was held at the Board’s offices on October 9, 1968. All TENNESSEE FINANCIAL CORPORATION, participants were afforded full opportunity to sup KINGSPORT, TENNESSEE port their positions by oral statement and docu mentary evidence, and were permitted an oppor In the matter of the application of Tennessee tunity, following the oral presentation, for the Financial Corporation, Kingsport, Tennessee, for filing of briefs. approval of action to become a bank holding com Having considered all matters properly before pany through the acquisition of 50.1 per cent or the Board in this proceeding, more of the voting shares of Carter County Bank It is hereby ordered, for the reasons set forth of Elizabethton, Elizabethton, Tennessee. in the Board’s Statement of this date, that said ap plication be and hereby is approved, provided that Order Approving Application Under the action so approved shall not be consummated Bank Holding Company Act (a) before the thirtieth calendar day following the date of this Order or (b) later than three months There has come before the Board of Governors, after the date of the Order, unless such period is pursuant to section 3(a)(1) of the Bank Holding extended for good cause by the Board or by the Company Act of 1956 (12 U.S.C. 1842(a)(1)), Federal Reserve Bank of Atlanta pursuant to dele and section 222.3(a) of Federal Reserve Regula gated authority. tion Y (12 CFR 222.3(a)), an application by Dated at Washington, D. C., this 22nd day of Tennessee Financial Corporation, Kingsport, Ten January, 1969. nessee, for the Board’s prior approval of action By order of the Board of Governors. whereby Applicant would become a bank holding company through the acquisition of 50.1 per cent Voting for this action: Vice Chairman Robertson and Governors Mitchell, Daane, Maisel, Brimmer, and of more of the voting shares of Carter County Bank Sherrill. Absent and not voting: Chairman Martin. of Elizabethton, Elizabethton, Tennessee. Applicant (Signed) Robert P. Forrestal, presently owns 31.98 per cent of the voting shares Assistant Secretary. of First Peoples Bank, Johnson City, Tennessee. [seal] Notice of receipt of the application was pub Statement lished in the Federal Register on July 18, 1968 (33 Federal Register 10294), providing an op Tennessee Financial Corporation, Kingsport, portunity for interested persons to submit com Tennessee (“Applicant”), has filed with the Board, ments and views with respect to the proposed pursuant to section 3(a)(1) of the Bank Holding transaction. A copy of the application was for Company Act of 1956, an application for approval warded to the United States Department of Justice of action to become a bank holding company for its consideration. through the acquisition of 50.1 per cent or more As required by section 3(b) of the Act, the of the voting shares of Carter County Bank of Board gave written notice of receipt of the applica Elizabethton, Elizabethton, Tennessee (“Carter tion to the Tennessee Superintendent of Banks and County Bank”). Applicant now owns 31.98 per requested his views and recommendation thereon. cent of the outstanding voting shares of First Peo In his reply, which was delayed due to illness, the ples Bank, Johnson City, Tennessee (“First Peo Superintendent recommended that the application ples Bank”). not be approved. Although such recommendation Views and recommendation of supervisory au was received after the 30-day period provided by thority. As required by section 3(b) of the Act, section 3(b), making unnecessary the conduct of notice of receipt of the application was given to, and a public hearing on the application, the Board, act views and recommendation requested of, the Su ing in its discretion, ordered that an oral presenta perintendent of Banks. The Superintendent, due to Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 161 illness, was unable to reply to the Board’s notice the Board’s responsibilities in considering an ap within the 30-day period provided for such reply plication to form or expand a bank holding com by section 3(b) but later recommended that the ap pany in the State. In the Matter of the Application plication not be approved. of Farmers and Mechanics Trust Company, Chil Oral presentation. Section 3(b) of the Act pro dress, Texas, 1960 Federal Reserve Bulletin 14, vides that, if the supervisor of a bank that is the 16; In the Matter of the Application of Denver U.S. subject of an application submits a written recom Bancorporation Inc., Denver, Colorado, 1963 Fed mendation of disapproval within 30 days of receipt eral Reserve Bulletin 1518, 1527; In the Matter of notice of the application, the Board shall order of the Application of First Colorado Bankshares, a hearing to be held. Since the recommendation of Inc., Englewood, Colorado, 1963 Federal Reserve the Tennessee Superintendent of Banks was made Bulletin 1646, 1651. The assertions that Appli more than 30 days after his receipt of notice of the cant could eventually monopolize banking in Ten application, section 3(b) did not necessitate the nessee and that approval of the present application conduct of a hearing. could encourage numerous other applications for The Board nevertheless, acting in its discretion, holding company formations fail to take into con ordered that an oral presentation of views be con sideration the fact that each proposal to expand ducted before the Board, in order that all interested Applicant through acquisitions of additional banks, parties would have an opportunity to fully state and each proposal to form an additional holding and support their views. Notice of the oral presen company, must receive prior Board approval and tation was published in the Federal Register (33 must meet statutory standards that are adequate not Federal Register 14091), and, in accordance there only to prevent monopolization of the State’s bank with, an oral presentation was held at the Board’s ing resources by that means, but also to prevent offices on October 9, 1968. Representatives of the any significant tendency toward such a monopoliza Tennessee Bankers Association and six banks, all tion. located in the State of Tennessee, appeared at the Statutory considerations. Section 3(c) of the presentation in opposition to the application. All Act provides that the Board shall not approve an participants were afforded full opportunity to sup acquisition that would result in a monopoly or port their positions by oral statement and documen would be in furtherance of any combination or tary evidence, and were permitted an opportunity, conspiracy to monopolize or to attempt to monop following the oral presentation, for the filing of olize the business of banking in any part of the briefs. United States. Nor may the Board approve a Objections of the State supervisory authority. proposed acquisition the effect of which, in any The Tennessee Superintendent of Banks, in his section of the country, may be substantially to recommendation, indicated that he opposed ap lessen competition, or to tend to create a monopoly, proval of the application for the reasons that the or which in any other manner would be in restraint proposal contravenes the intent of the State branch of trade, unless the Board finds that the anticompet banking laws; that the proposed holding company itive effects of the proposed transaction are clearly could, subsequent to its formation, acquire stock outweighed in the public interest by the probable in other banks, thereby monopolizing the business effect of the transaction in meeting the convenience of banking in Tennessee; and that approval of the and needs of the community to be served. In each present application could impel numerous like case the Board is required to take into consideration applications in the future. the financial and managerial resources and future The Board has considered these views, and finds prospects of the bank holding company and the that none of the reasons advanced in support of banks concerned, and the convenience and needs the Superintendent’s recommendation of disap of the community to be served proval of the application constitutes a bar to its Competitive effect of proposed transaction. First approval. As the Board has held on several oc Peoples Bank, 31.98 per cent of whose stock is casions, the restrictive provisions of a State’s branch now owned by Applicant, operates its main office banking laws do not, in light of the legislative his and two branches in Johnson City (population tory of the act, provide guidance with respect to about 33,000) and one branch in Jonesboro, about Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
162 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 eight miles southwest of Johnson City. First Peoples from becoming effective competitors, and for the Bank has total deposits of $32.3 million.1 further reason that neither bank can, under State Carter County Bank has total deposits of $13.3 law, establish branches in the county in which the million. The bank operates its main office and one other bank is located, the possibility that the banks branch in Elizabethton (population about 13,000) would become effective competitors in the future is and one branch in Roan Mountain, which is about remote. 19 miles southeast of Elizabethton. Concentration of commercial banking resources Elizabethton, in Carter County, is located eight in the State of Tennessee would not be increased to miles east of Johnson City, in Washington County, any significant extent by consummation of the pro both towns being in a mountainous area of Tennes posed acquisition. Applicant’s two subsidiary banks see. Johnson City is the wholesale and retail trad would hold only .8 per cent of the State’s total ing center for a sizable surrounding area, including deposits held by commercial banks. At present, Elizabethton. there is one registered bank holding company head Both First Peoples Bank and Carter County Bank quartered in Tennessee, whose subsidiary banks were organized by the same individuals, a husband hold about two per cent of total deposits in the and wife, who retained working control of both State. banks throughout the years. In a series of transac Approval of the application would have its most tions beginning in 1964, the controlling stock in immediate effect on the concentration of banking terest in Carter County Bank was purchased by the resources in Washington and Carter Counties. Six Greene Investment Company, a company con banks, the largest of which is a subsidiary of the trolled by the Greene family. At or about the same only registered bank holding company in the State, time, the Greene family, along with certain other operate offices in that two-county area. First Peo individuals, formed Applicant, which purchased the ples Bank ranks second in size in the area, and controlling stock interest in First Peoples Bank. Carter County Bank ranks fourth; Applicant would Thus, the two proposed subsidiary banks of Appli be the largest of the area’s banking organizations cant have been affiliated since their formation, and in terms of local deposits. Viewed in the light of the the record indicates that such affiliation will likely long-standing affiliation of the two banks, however, continue regardless of the Board’s action on the the banking structure of the two-county area would present application. not be meaningfully affected by consummation of The evidence of record indicates, and the banks Applicant’s proposal. opposing approval of the application at the oral The proposed transaction would not result in a presentation conducted by the Board recognized, monopoly or be in furtherance of any combination, that First Peoples Bank and Carter County Bank conspiracy or attempt to monopolize the business of do not compete effectively with each other. Each banking in any relevant area. Approval of the ap bank originates only nominal amounts of deposits plication and consummation of the proposal would or loans from the county in which the other bank not substantially lessen competition, tend to create operates, and their long-standing affiliation appears a monopoly, or restrain trade in any section of the to have prevented the banks from becoming effec country. tive competitors, even for such limited amounts of Financial and managerial resources and future business. In the light of all of the evidence, com prospects. Applicant is in sound financial condition, ments by representatives of Applicant indicating and its managerial resources and prospects are satis that the banks do compete are understood by the factory. The financial condition, managerial re Board to refer to the intraorganizational rivalry that sources, and prospects of both First Peoples Bank frequently occurs in large and diverse organizations, and Carter County Bank are generally satisfactory. and not to denote that the subject banks are pres Considerations relating to the banking factors are ently meaningful alternative sources of banking therefore consistent with approval of the applica services. tion. For the same reasons that have in the past pre Convenience and needs of the communities in vented First Peoples Bank and Carter County Bank volved. The proposed holding company formation would have little effect on the convenience and 1 All banking data are as of December 30, 1967, unless otherwise noted. needs of the two-county area. There is no evidence Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 163 of any deficiency in the banking services already the application and requested his views and recom being provided in the area. The principal benefits mendation. The Comptroller recommended ap that Applicant alleges would result from the pro proval of the application. posal—more efficient use of personnel, provision of Notice of receipt of the application was pub auditing and computer services to the banks and lished in the Federal Register on November 19, their customers, and provision of trust services to 1968 (33 Federal Register 17156), which provided customers of Carter County Bank through the facil an opportunity for interested persons to submit ities of First Peoples Bank—are of only indirect comments and views with respect to the proposal. or relatively minor benefit to the community, and A copy of the application was forwarded to the could be, and, in the case of trust services, are, United States Department of Justice for its con made available through the existing affiliation, al sideration. Time for filing comments and views has though perhaps with somewhat less facility and expired and all those received have been considered efficiency than would be the case if Applicant’s pro by the Board. posal were consummated. It is hereby ordered, for the reasons set forth Although considerations under this factor add no in the Board’s Statement of this date, that said ap significant weight toward approval of the applica plication be and hereby is approved, provided that tion, they are consistent therewith. the action so approved shall not be consummated Summary and conclusion. On the basis of all (a) before the thirtieth calendar day following the the relevant facts contained in the record, and in date of this Order or (b) later than three months light of the factors set forth in section 3(c) of the after the date of the Order, unless such period is Act, it is the Board’s judgment that the proposed extended for good cause by the Board or by the transaction would be in the public interest and that Federal Reserve Bank of Richmond pursuant to the application should be approved. delegated authority. Dated at Washington, D. C., this 22nd day of FIDELITY-AMERICAN BANKSHARES, INC., January, 1969. LYNCHBURG, VIRGINIA By order of the Board of Governors. Voting for this action: Vice Chairman Robertson In the matter of the application of Fidelityand Governors Mitchell, Daane, Maisel, Brimmer, and American Bankshares, Inc., Lynchburg, Virginia, Sherrill. Absent and not voting: Chairman Martin. for approval of action to become a bank holding (Signed) Robert P. Forrestal, company through the acquisition of more than 66% Assistant Secretary. per cent of the voting shares of The Fidelity [seal] National Bank, Lynchburg, Virginia, and American Statement National Bank, Portsmouth, Virginia. Fidelity-American Bankshares, Inc., Lynchburg, Order Approving Application Under Virginia (“Applicant”), has filed with the Board, Bank Holding Company Act pursuant to section 3(a)(1) of the Bank Holding Company Act of 1956, an application for approval There has come before the Board of Governors, of action to become a bank holding company pursuant to section 3(a)(1) of the Bank Holding through the acquisition of more than 66% per cent Company Act of 1956 (12 U.S.C. 1842(a)(1)), of the voting shares of The Fidelity National Bank, and section 222.3(a) of Federal Reserve Regula Lynchburg, Virginia (“Fidelity National”), and of tion Y (12 CFR 222.3(a)), an application by American National Bank, Portsmouth, Virginia Fidelity-American Bankshares, Inc., Lynchburg, (“American National”). Fidelity National, with 24 Virginia, for the Board’s prior approval of action offices and total deposits of $162 million,1 is the to become a bank holding company through the seventh largest bank and the ninth largest banking acquisition of more than 66% per cent of the voting organization in Virginia in terms of total deposits. shares of The Fidelity National Bank, Lynchburg, American National, with nine offices, has $53 mil Virginia, and American National Bank, Ports lion in deposits. mouth, Virginia. As required by section 3(b) of the Act, the 1 Unless otherwise noted, banking data are as of June Board notified the Comptroller of the Currency of 29, 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
164 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 Views and recommendation of supervisory au competes in various locations with the four largest thority. As required by section 3(b) of the Act, banking organizations in Virginia, as well as with a notice of receipt of the application was given to, number of smaller banks. Much of its service area and views and recommendation requested of, the is sparsely settled and produces a small dollar Comptroller of the Currency. The Comptroller volume of deposits. recommended approval of the application. American National’s service area includes the Statutory considerations. Section 3(c) of the Act Cities of Portsmouth, Chesapeake and Suffolk, and provides that the Board shall not approve an acqui Nansemond County. While American National is sition that would result in a monopoly or would the largest bank headquartered in this area, the be in furtherance of any combination or con four largest banking organizations in the State spiracy to monopolize or to attempt to monopolize (which control, in the aggregate, more than 40 per the business of banking in any part of the United cent of the area’s deposits) have offices in the area. States. Nor may the Board approve a proposed The area, predominantly of a commercial and in acquisition, the effect of which, in any section of dustrial nature, is also served by several smaller the country, may be substantially to lessen compe banks. tition, or tend to create a monopoly, or which in Consummation of this proposal will not, in the any other manner would be in restraint of trade, Board’s judgment, have any significant competitive unless the Board finds that the anticompetitive ef consequences in the service area of either of Appli fects of the proposed transaction are clearly out cant’s proposed subsidiaries. weighed in the public interest by the probable Neither of the proposed subsidiary banks de effect of the transaction in meeting the convenience rives a significant portion of its loans or deposits and needs of the community to be served. In each from the service area of the other bank. As noted, case the Board is required to take into considera the banks’ service areas differ markedly in char tion the financial and managerial resources and fu acter. While there is little significant variation be ture prospects of the bank holding company and tween the deposit structures of the two banks, there the banks concerned, and the convenience and is a wide difference in the emphasis given to types needs of the community to be served. of loans made by each. Commercial and industrial Competitive effect of proposed transaction. As loans are twice as large a percentage of American suming consummation of the subject proposal, National’s total loan portfolio as they are in the Applicant would be the smallest of six bank hold case of Fidelity National. On the other hand, loans ing companies operating in Virginia. Its control of to farmers constitute a significantly larger portion $215 million of deposits would rank it eighth in of Fidelity National’s total loans than is the case size with respect to all banking organizations in the at American National. The nearest offices of the State. Fidelity National presently ranks ninth two banks arc located more than 100 miles apart, among the nine largest banking organizations, and numerous banks, including affiliates of some of which, in the aggregate, control 64.3 per cent of the State’s largest banking organizations, have of total deposits in Virginia. Fidelity National pres fices in the intervening territory. Although each of ently controls 2.6 per cent of total State deposits, the banks conducts correspondent bank business, and, if the proposed transaction is consummated, neither has a substantial volume of such accounts Applicant would control 3.4 per cent of such and the two banks do not carry balances with each deposits. other, nor do banks located in the service area of Fidelity National operates eight offices in the one have balances with the other institution. The City of Lynchburg and 16 offices in 10 adjacent distinctions in the emphasis that each bank gives to counties in central and south-central Virginia. Its certain types of business, the fundamental differ service area encompasses the City of Lynchburg, ence in the areas served by each, the distance the 10 counties in which it has offices, parts of five separating the two institutions, the presence of counties contiguous thereto, and the independent numerous intervening banks, and the circumstances City of South Boston. With the exception of Lynch that State law prohibits both banks from branching burg, this area is primarily agricultural in nature. de novo into the area served by the other, explain Although Fidelity National is the dominant bank in the negligible present competition between the two five of the 10 counties in which it has offices, it banks and, in the Board’s judgment, make it un- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 165 likely that significant competition would develop transaction would be in the public interest and that between them in the foreseeable future. the application should be approved. Consummation of the proposal would not sig nificantly increase the present degree of State-wide Concurring Statement of Governor concentration and would not increase the present Robertson degree of concentration in the areas which the banks serve. I have concurred in the Board’s approval of The Board concludes, on the basis of the record Fidelity-American Bankshares’ formation for the before it, that consummation of Applicant’s pro sole reason that its entry into the Lynchburgposal would not result in a monopoly, or further Portsmouth areas offers a potential for increased any combination or conspiracy to monopolize or competition for the four much larger banking or attempt to monopolize the business of banking in ganizations operating in these areas. In my judg any relevant area of the State, nor would such con ment, the Board’s action is warranted only in the summation substantially lessen competition, tend to light of the fact that the proposal approved involves create a monopoly, or operate in restraint of trade the formation of a new holding company whose in any relevant area. size, relative to existing bank holding companies in Financial and managerial resources and future the State, is relatively small. prospects. Applicant has no financial or operating Lest my action here be construed as a with history. However, its pro forma financial condition drawal from my previously-published concern over further increase in the already high level of con and its prospects are considered satisfactory in the centration of banking resources in the State of light of the satisfactory financial condition and Virginia and my belief that realistic alternative prospects of Fidelity National and American courses for deconcentration must be preserved, I National. repeat a fact that I recently noted in a statement Applicant’s management will be composed of of dissent from a Board approval of an additional directors and officers of the two proposed sub bank acquisition by an existing bank holding com sidiary banks. The qualifications and experience of pany in Virginia—that from 1966 to 1968 the the banks’ managements offer reasonable assurance percentage of deposits in Virginia controlled by that Applicant’s management will be satisfactory bank holding companies had increased from 27 per and that the banks, under Applicant’s control, will cent to 37 per cent. The Fidelity-American Bank continue their records of sound operations. shares’ formation will increase this concentration On the basis of the foregoing, the Board con to nearly 42 per cent. Given the acute level of cludes that considerations related to the banking concentration of banking resources in Virginia, factors are consistent with approval of the appli approval of further bank acquisitions should be cation. premised in every case upon a clear showing of Convenience and needs of the communities in significant benefit to the communities involved—a volved. The record in this matter supports the showing not made in this case. Had this applica conclusion that the major banking needs of the tion involved either an existing bank holding com Lynchburg and Portsmouth areas are now being pany or the formation of a significantly more siz adequately served. Applicant proposes to expand able organization than Applicant, a far greater certain of the services now offered by American showing of overweighing benefit would have been National and Fidelity National. The resulting bene required to secure my approval. fit to the public through increased competition to the large banking organizations which consumma FIRST FLORIDA BANCORPORATION, tion of this proposal will likely promote, is a result HAINES CITY, FLORIDA lending some weight toward approval of the appli cation. In the matter of the application of First Florida Summary and conclusion. On the basis of all the Bancorporation, Haines City, Florida, for approval relevant facts contained in the record, and in the of acquisition of 80 per cent or more of the voting light of the factors set forth in section 3(c) of the shares of Marine Bank and Trust Company, Act, it is the Board’s judgment that the proposed Tampa, Florida. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
166 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 Order Approving Application Under of acquisition of 80 per cent or more of the voting Bank Holding Company Act shares of Commercial Bank of Tampa, Tampa, Florida. There has come before the Board of Governors, pursuant to section 3(a)(3) of the Banking Hold Order Approving Application Under ing Company Act of 1956 (12 U.S.C. 1842(a) Bank Holding Company Act (3)) and section 222.3(a) of Federal Reserve Regulation Y (12 CFR 222.3(a)), an application There has come before the Board of Governors, by First Florida Bancorporation, Haines City, pursuant to section 3(a)(3) of the Bank Holding Florida, for the Board’s prior approval of the Company Act of 1956 (12 U.S.C. 1842(a)(3)) acquisition of 80 per cent or more of the voting and section 222.3(a) of Federal Reserve Regula shares of Marine Bank and Trust Company, tion Y (12 CFR 222.3(a)), an application by First Tampa, Florida. Florida Bancorporation, Haines City, Florida, for As required by section 3(b) of the Act, the the Board’s prior approval of the acquisition of 80 Board gave written notice of receipt of the appli per cent or more of the voting shares of Commer cation to the Florida Commissioner of Banking cial Bank of Tampa, Tampa, Florida. and requested his views and recommendation. The As required by section 3(b) of the Act, the Deputy Commissioner of Banking recommended Board gave written notice of receipt of the appli approval of the application. cation to the Florida Commissioner of Banking Notice of receipt of the application was pub and requested his views and recommendation. The lished in the Federal Register on October 3, 1968 Deputy Commissioner of Banking recommended (33 Federal Register 14799), providing an oppor approval of the application. tunity for interested persons to submit comments Notice of receipt of the application was pub and views with respect to the proposal. A copy of lished in the Federal Register on October 3, 1968 the application was forwarded to the United States (33 Federal Register 14799), providing an oppor Department of Justice for its consideration. Time tunity for interested persons to submit comments for filing comments and views has expired and all and views with respect to the proposal. A copy of those received have been considered by the Board. the application was forwarded to the United States It is hereby ordered, for the reasons set forth Department of Justice for its consideration. Time in the Board’s Statement of this date, that said ap for filing comments and views has expired and all plication be and hereby is approved, provided that those received have been considered by the Board. the action so approved shall not be consummated It is hereby ordered, for the reasons set forth (a) before the thirtieth calendar day following the in the Board’s Statement of this date, that said ap date of this Order or (b) later than three months plication be and hereby is approved, provided that after the date of this Order unless such time shall the action so approved shall not be consummated be extended by the Board, or by the Federal Re (a) before the thirtieth calendar day following the serve Bank of Atlanta pursuant to delegated date of this Order or (b) later than three months authority. after the date of this Order unless such time shall Dated at Washington, D.C., this 30th day of be extended by the Board, or by the Federal Re January, 1969. serve Bank of Atlanta pursuant to delegated By order of the Board of Governors. authority. Dated at Washington, D.C., this 30th day of Voting for this action: Vice Chairman Robertson and Governors Mitchell, Daane, Maisel, Brimmer, and January, 1969. Sherrill. Absent and not voting: Chairman Martin. By order of the Board of Governors. (Signed) Robert P. Forrestal, Voting for this action: Vice Chairman Robertson Assistant Secretary. and Governors Mitchell, Daane, Maisel, Brimmer, and [seal] Sherrill. Absent and not voting: Chairman Martin. (Signed) Robert P. Forrestal, In the matter of the application of First Florida Assistant Secretary. Bancorporation, Haines City, Florida, for approval [seal] Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 167 Statement The 10 largest banking organizations in Florida control approximately 35 per cent of total bank First Florida Bancorporation, Haines City, deposits in the State. Applicant is not now one of Florida (“Applicant”), a registered bank holding the 10 largest. However, after acquisition of company, has applied to the Board of Governors, Marine, Applicant would rank eighth and would pursuant to section 3(a)(3) of the Bank Holding control 2 per cent of total bank deposits in the Company Act of 1956 (12 U.S.C. 1842(a)(3)), State. Acquisition of Commercial would have only for prior approval of the acquisition of 80 per cent a negligible effect on Applicant’s market share. or more of the voting shares of (1) Marine Bank On the basis of total deposits, Marine is the third and Trust Company (“Marine”) and (2) Commer largest of 24 banks located in Hillsborough County cial Bank of Tampa (“Commercial"), both of and ranks third among the 17 banks in its primary Tampa, Florida. service area,2 which is the City of Tampa. Com Applicant controls 11 banks with aggregate total mercial ranks twenty-first among the 24 banks in deposits of approximately $111.9 million.1 Marine, Hillsborough County and is the only bank in its operating one office in the downtown district of designated primary service area, which is described Tampa, has total deposits of approximately $87.1 as a relatively small geographic section of East million. Commercial, an affiliate of Marine, oper Tampa extending one mile west, two miles north, ates one office, with total deposits of approximately four miles east and eight miles south of the bank’s $5 million, in an industrial district of Tampa, about premises, and containing an estimated 21,000 resi 5 miles east of Marine. dents and an additional 5,000 persons employed Views and recommendation of supervisory au by industry. The bulk of Commercial’s deposits are thority. As required by section 3(b) of the Act, estimated to be derived from local industry in the notice of receipt of the two applications was given bank’s service area and persons employed there. to the Florida Commissioner of Banking, and his Each of the banks proposed to be acquired is 33 views and recommendation were requested. The miles distant from the closest of Applicant’s present Deputy Commissioner recommended approval of subsidiaries, none of which is located in Hills both applications. borough County. Statutory considerations. Section 3(c) of the Act The data presented reflect that Applicant’s acqui provides that the Board shall not approve an acqui sition of the two banks involved would not have a sition that would result in a monopoly or would be substantial impact upon the degree of concentra in furtherance of any combination or conspiracy to tion of banking resources in the State, within Hills monopolize or to attempt to monopolize the busi borough County, or in any of the relevant service ness of banking in any part of the United States. areas. On the record before the Board, it is con Nor may the Board approve a proposed acquisition cluded that the proposed affiliation would not re the effect of which, in any section of the country, sult in a monopoly nor be in furtherance of any may he substantially to lessen competition, or to combination or conspiracy to monopolize or at tend to create a monopoly, or which in any other tempt to monopolize the business of banking in any manner would be in restraint of trade, unless the relevant area. Board finds that the anticompetitive effects of the Considering next the probable effect of con proposed transaction are clearly outweighed in the summation of Applicant’s proposal on existing or public interest by the probable effect of the trans potential competition, the Board finds that these action in meeting the convenience and needs of the considerations present no bar to approval of the community to be served. In each case the Board is application. The record shows that there is no required to take into consideration the financial meaningful competition between any of Applicant’s and managerial resources and future prospects of subsidiaries and either of the banks proposed to be the bank holding company and the banks con acquired. Nor is there any reason to believe that cerned, and the convenience and needs of the any would be likely to develop, if the acquisitions community to be served. Competitive effect of the proposed transaction. 2 The area from which Applicant estimates that Marine derives more than 80 per cent of deposits of individuals, partnerships, and corporations, about 78 per cent of the "■Banking data are as of June 29, 1968, unless otherwise bank’s commercial loans, and almost all of its instalment noted, and refer to insured commercial banks. loans. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
168 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 herein were not consummated. Although Marine bank of the size of Marine would result in many of and Commercial are only a little over 5 miles apart, Marine’s specialized services becoming available to there is no effective competition between them and the smaller communities now served by Applicant’s little prospect of any developing. The record shows current subsidiaries which are shown on the record that Commercial was organized in 1961 by officers to be largely country banks operating in rural and and directors of Marine and the banks are affiliated semi-urban communities. The affiliation would through interlocking stockholder interests. Appli strengthen the smaller subsidiaries and increase cant states that all officers of Commercial have been their competitive vigor. Accordingly, considerations recruited from or through Marine; and Commer under this factor are consistent with and weigh cial relies on Marine for operational support and somewhat in favor of approval. for many services, including trust, travel, interna Summary and conclusion. On the basis of all the tional trade, money order and other services that relevant facts contained in the record, and in the Commercial could not afford to supply by itself. light of the factors set forth in section 3(c) of the Consummation of the proposal herein would not Act, it is the Board’s judgment that the proposed have any significant effect upon the competitive transactions would be in the public interest and position of Marine or Commercial in their respec that the applications should be approved. tive primary service areas. There appears to be no reasonable likelihood that the acquisitions herein AMERICAN BANCORPORATION, INC., would preclude future competition in any relevant COLUMBUS, OHIO area. In the matter of the application of American The Board concludes that consummation of the Bancorporation, Inc., Columbus, Ohio, for approval proposed transactions would not substantially lessen of action to become a bank holding company through competition, tend to create a monopoly, nor in any the acquisition of 95 per cent or more of the voting other manner restrain trade in any relevant section shares of The Harpster Bank, Harpster, Ohio. of the country. Financial and managerial resources and future prospects. The financial condition of Applicant and Order Approving Application Under its present subsidiaries is generally satisfactory. Bank Holding Company Act Management is considered competent and prospects There has come before the Board of Governors, favorable. pursuant to section 3(a)(1) of the Bank Holding The prospects of Marine are also considered fa Company Act of 1956 (12 U.S.C. 1842(a)(1)), vorable and its management is judged to be satis and section 222.3(a) of Federal Reserve Regula factory. The addition of Marine to Applicant’s tion Y (12 CFR 222.3(a)), an application by system will be of benefit to the smaller banks in the American Bancorporation, Inc., Columbus, Ohio, holding company group. Applicant’s stated program for the Board’s prior approval of action whereby for putting additional capital into Marine and cer Applicant, which presently owns a majority of the tain of the present subsidiaries in the system will voting shares of The Adelphi National Bank, add further strength to the holding company group. Adelphi, Ohio, would become a bank holding com The financial condition, management and prospects pany through the acquisition of 95 per cent or of Commercial, particularly in affiliation with more of the voting shares of The Harpster Bank, Marine, are deemed to be satisfactory. In sum, the Harpster, Ohio. banking factors are consistent with and lend some The application, originally filed in September weight toward approval. 1967, was placed in suspense at Applicant’s request Convenience and needs of the community in in order to permit amendment of the proposal, and volved. The needs of Marine's service area are was reactivated in November 1968. As required by adequately served and no new services are planned section 3(b) of the Act, the Board gave written by Applicant. Nor is it anticipated that consum notice of receipt of the application and subse mation of the proposal herein would provide serv quently filed amendments to the Superintendent of ices for Commercial’s service area that are not Banks for the State of Ohio, and requested his already available in that community. views and recommendation thereon. The Superin Acquisition by Applicant of a full service city tendent indicated that he could not recommend Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 169 either approval or disapproval of the application Views and recommendation of supervisory au based upon his limited experience with Applicant. 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 October 3, 1967 and views and recommendation requested of, the (32 Federal Register 13790), providing an oppor Superintendent of Banks for the State of Ohio. The tunity for interested persons to submit comments Superintendent indicated that, based upon his and views with respect to the proposed transaction. limited experience with Applicant and its manage A copy of the application and subsequently filed ment, he could not recommend favorable action amendments was forwarded to the United States on the application, but that he did not recommend Department of Justice for its consideration. Time its disapproval. for filing comments and views has expired and all Statutory considerations. Section 3(c) of the those received have been considered by the Board. Act provides that the Board shall not approve an It is hereby ordered, for the reasons set forth acquisition that would result in a monopoly or in the Board’s Statement of this date, that said ap would be in furtherance of any combination or plication be and hereby is approved, provided that conspiracy to monopolize or to attempt to monop the action so approved shall not be consummated olize the business of banking in any part of the (a) before the thirtieth calendar day following the United States. Nor may the Board approve a pro date of this Order, or (b) later than three months posed acquisition the effect of which, in any section after the date of the Order, unless such period is of the country, may be substantially to lessen com extended for good cause by the Board or by the petition, or to tend to create a monopoly, or which Federal Reserve Bank of Cleveland pursuant to in any other manner would be in restraint of trade, delegated authority. unless the Board finds that the anticompetitive ef Dated at Washington, D. C., this 29th day of fects of the proposed transaction are clearly out January, 1969. weighed in the public interest by the probable ef By order of the Board of Governors. fect of the transaction in meeting the convenience and needs of the community to be served. In each Voting for this action: Chairman Martin and Gov ernors Robertson, Daane, Maisel, Brimmer, and Sher case the Board is required to take into considera rill. Absent and not voting: Governor Mitchell. tion the financial and managerial resources and (Signed) Robert P. Forrestal, future prospects of the bank holding company and Assistant Secretary. the banks concerned, and the convenience and [SEAL] needs of the community to be served. Competitive effect of proposed transaction. Con Statement summation of Applicant’s proposal would have virtually no effect on concentration of banking American Bancorporation, Inc., Columbus, Ohio resources in the State of Ohio. Applicant, whose (“Applicant”), has filed with the Board, pursuant two banking subsidiaries would have a total of two to section 3(a)(1) of the Bank Holding Company offices and hold aggregate deposits of about .$6 Act of 1956, an application for approval of action million, would control about .03 per cent of the to become a bank holding company. Applicant, total deposits in the State, and would rank, by size, which presently owns a majority of the voting among the lower half of the State’s banking or shares of The Adelphi National Bank, Adelphi, ganizations. Ohio (“Adelphi Bank”), would become a bank Adelphi Bank is the only bank in Adelphi, Ohio holding company through the acquisition of 95 per (population 450), which is located about 60 miles cent or more of the voting shares of The Harpster southeast of Columbus. It is the smaller of two Bank, Harpster, Ohio (“Harpster Bank”). banks located in the area which it serves, the Adelphi Bank and Harpster Bank, each of which smallest of 13 banks which compete to some extent has only one office, are located 120 miles apart for business originating in the area, and the sixth and have deposits of $2.3 million and $3.8 million, largest of seven banks in Ross County. respectively.1 Harpster Bank is the only bank in Harpster, Ohio (population 325), which is located about 55 1 All banking data are as of June 29, 1968, unless other wise noted. miles northwest of Columbus. It is the smallest of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
170 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 three banks located in the area which it serves, the Harpster communities, but the immediate effects of eighth largest of nine banks which compete to some the present proposal, while consistent with approval extent for business originating in the area, and the of the application, provide no significant weight in fifth largest of six banks in Wyandot County. favor thereof. Adelphi Bank and Harpster Bank do not pres Summary and conclusion. On the basis of all ently compete with each other, and their size, the relevant facts contained in the record, and in the distance between them, and State law, which re light of the factors set forth in section 3(c) of the stricts branching to a bank’s home office county, Act, it is the Board’s judgment that the proposed preclude any reasonable likelihood of such com transaction would be in the public interest and that petition developing in the future. Further, any in the application should be approved. crease in the competitive ability of either of the subject banks which might result from consumma BARNETT NATIONAL SECURITIES tion of Applicant’s proposal can reasonably be an CORPORATION, JACKSONVILLE, FLORIDA ticipated to improve customer alternatives without In the matter of the application of Barnett Na undue adverse effects on competing banks. tional Securities Corporation, Jacksonville, Florida, On the basis of the foregoing, the Board con for approval of acquisition of 80 per cent or more cludes that the action proposed will not result in of the voting shares of The Tallahassee Bank and a monopoly or be in furtherance of any combina Trust Company, Tallahassee, Florida. tion, conspiracy, or attempt to monopolize the busi ness of banking in any relevant area, and will not substantially lessen competition, tend to create a Order Approving Application Under monopoly, or restrain trade in any section of the Bank Holding Company Act country. There has come before the Board of Governors, Financial and managerial resources and future pursuant to section 3(a)(3) of the Bank Holding prospects. The financial condition and prospects of Company Act of 1956 (12 U.S.C. 1842(a)(3)), Applicant, as well as Adelphi Bank and Harpster and section 222.3(a) of Federal Reserve Regula Bank, are regarded as satisfactory. Management of tion Y (12 CFR 222.3(a)), an application by Applicant is headed by its President, who also Barnett National Securities Corporation, Jackson serves as Vice President of Adelphi Bank and as ville, Florida, a registered bank holding company, President and Chief Executive Officer of Harpster for the Board’s prior approval of the acquisition of Bank, the stock of which is presently owned by 80 per cent or more of the voting shares of The directors of Applicant. This individual, an attorney, Tallahassee Bank and Trust Company, Tallahassee, appears competent despite limited banking experi Florida. ence, and the overall management of Applicant and As required by section 3(b) of the Act, the the two subject banks is regarded as reasonably Board notified the Florida Commissioner of Bank satisfactory. ing of the application and requested his views and Considerations under the banking factors are re recommendation. The Commissioner recommended garded as consistent with approval of the applica approval of the application. tion. Notice of receipt of the application was pub Convenience and needs of the communities in lished in the Federal Register on October 23, 1968 volved. The banking needs of the rural areas served (33 Federal Register 15685), providing an oppor by Adelphi Bank and Harpster Bank appear to be tunity for interested persons to submit comments presently served in an adequate manner. Applicant and views with respect to the proposed transaction. envisions a holding company which, in the future, A copy of the application was forwarded to the will be composed of numerous small rural banks, United States Department of Justice for its con and anticipates building a staff of experts to assist sideration. Time for filing comments and views has such banks in their common problems and to pro expired and all those received have been con vide capability for offering services which other sidered by the Board. wise would be unavailable to the communities It is hereby ordered, for the reasons set forth which they serve. The developments envisioned by in the Board’s Statement of this date, that said ap Applicant could be beneficial to the Adelphi and plication be and hereby is approved, provided that Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 171 the application so approved shall not be consum pects of the bank holding company and the banks mated (a) before the thirtieth calendar day follow concerned, and the convenience and needs of the ing the date of this Order or (b) later than three community to be served. months after the date of this Order, unless such Competitive effect of proposed transaction. Ap period is extended for good cause by the Board or plicant, the fourth largest banking organization and by the Federal Reserve Bank of Atlanta pursuant the fourth largest of 11 bank holding companies in to delegated authority. the State of Florida, presently controls 13 banks Dated at Washington, D. C., this 30th day of with total deposits of $428 million.1 Acquisition of January, 1969. Tallahassee Bank, which has deposits of about $38 By order of the Board of Governors. million, would result in control by Applicant of 4.7 Voting for this action: Chairman Martin and Gov per cent of total deposits in the State, an increase ernors Robertson, Mitchell, Daane, Maisel, and Sher of .4 per cent. Applicant’s ranking relative to other rill. Absent and not voting: Governor Brimmer. holding companies and large banking organizations (Signed) Robert P. Forrestal, in the State would not be affected. Assistant Secretary. Tallahassee Bank is located in the City of Talla [seal] hassee, Leon County, Florida. The closest of Ap plicant’s subsidiary banks to Tallahassee are lo Statement cated 168 miles east, in Jacksonville. There appears to be no significant competition between Talla Barnett National Securities Corporation, Jackson hassee Bank and any of the present subsidiary ville, Florida (“Applicant”), a registered bank holding company, has applied to the Board of banks, and little prospect that such competition would develop in the future in view of the dis Governors, pursuant to section 3(a)(3) of the tances involved, the number of intervening banks, Bank Holding Company Act of 1956 (12 U.S.C. and a State law which prohibits branching. 1842(a)(3)), for prior approval of the acquisition Tallahassee Bank is the largest of seven banks of 80 per cent or more of the voting shares of The in Leon County, all of which are located in Talla Tallahassee Bank and Trust Company, Tallahassee, Florida (“Tallahassee Bank”). hassee. Two of the other banks are only slightly smaller, however, with the overall size superiority Views and recommendation of supervisory au of Tallahassee Bank more than accounted for by thority. As required by section 3(b) of the Act, its larger volume of correspondent bank deposits. the Board notified the Florida Commissioner of In addition, the smaller of these two banks is af Banking of receipt of the application and requested filiated by common ownership with the two smallest his views and recommendation thereon. The Com banks in the city; the aggregate deposits of the missioner recommended approval of the application. three affiliated banks are slightly larger than those Statutory considerations. Section 3(c) of the Act of Tallahassee Bank. It does not appear that con provides that the Board shall not approve an acqui summation of the proposed acquisition would have sition that would result in a monopoly or would be undue adverse effects on the viability or competi in furtherance of any combination or conspiracy to tive effectiveness of any competing bank. monopolize or to attempt to monopolize the busi In light of the foregoing, the Board concludes ness of banking in any part of the United States. that consummation of Applicant’s proposal would Nor may the Board approve a proposed acquisition not result in a monopoly or be in furtherance of the effect of which, in any section of the country, may be substantially to lessen competition, or to any combination, conspiracy, or attempt to monop olize the business of banking in any area. It does tend to create a monopoly, or which in any other not appear that the proposed acquisition would manner would be in restraint of trade, unless the substantially lessen competition, tend to create a Board finds that the anticompetitive effects of the monopoly, or restrain trade in any section of the proposed transaction are clearly outweighed in the country. public interest by the probable effect of the trans action in meeting the convenience and needs of the community to be served. In each case, the ’Unless otherwise noted, all banking data are as of June 29, 1968, adjusted to reflect all holding company Board is required to take into consideration the formations and acquisitions approved by the Board to financial and managerial resources and future pros date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
172 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 Financial and managerial resources and future PAN AMERICAN BANCSHARES, INC., prospects. Applicant’s financial condition is satis MIAMI, FLORIDA factory, its management is experienced and capable, In the matter of the application of Pan American and its prospects appear favorable. Bancshares, Inc., Miami, Florida, for approval of Tallahassee Bank also is in satisfactory financial action to become a bank holding company through condition and has competent management and gen the acquisition of 93.7 per cent of the voting shares erally favorable prospects. Applicant alleges that of Pan A merican Bank of Miami, Miami, Florida; Tallahassee Bank, while not immediately faced 80 per cent or more of the voting shares of Bank with significant problems of management succes of Dade County, North Dade County, Florida; and sion, will shortly face the necessity of finding suit 51 per cent or more of the voting shares of Manu able replacements for its Chairman and President, facturers National Bank of Hialeah, Hialeah, who are presently at or near the usual retirement Florida. age. While Applicant undoubtedly could assist in resolving any such problems of management suc Order Approving Application Under cession as may develop, that consideration pro Bank Holding Company Act vides little weight in favor of approval of the appli cation, since Tallahassee Bank, based upon its size There has come before the Board of Governors, and the attractiveness of its location, would appear pursuant to section 3(a)(1) of the Bank Holding capable of obtaining qualified replacements with Company Act of 1956 (12 U.S.C. 1842(a)(1)) and out such assistance. section 222.3(a) of Federal Reserve Regulation Y Considerations bearing upon the banking factors (12 CFR 222.3(a)), an application by Pan Ameri are regarded as consistent with approval of the can Bancshares, Inc., Miami, Florida, for the application. Board’s prior approval of action whereby Appli Convenience and needs of the communities in cant would become a bank holding company volved. Consummation of the proposed acquisition through the acquisition of 93.7 per cent of the would not affect the convenience or needs of the voting shares of Pan American Bank of Miami, communities served by Applicant’s present sub Miami, Florida; 80 per cent or more of the voting sidiaries. shares of Bank of Dade County, North Dade Tallahassee, which has an estimated population County, Florida; and 51 per cent or more of the of 61,000, is the capital city of Florida. A major voting shares of Manufacturers National Bank of portion of the personal income in Leon County Hialeah, Hialeah, Florida. derives from the State government and two State As required by section 3(b) of the Act, the universities, with industry being primarily of a Board notified the Comptroller of the Currency and service nature. The area is presently provided with the Commissioner of Banking of the State of an adequate level of banking services by the seven Florida of receipt of the application and requested banks located there. Consummation of the present their views and recommendations. Both the Comp proposal will not make available any major new troller and the Commissioner recommended ap services, but will permit some improvements in proval of the application. Tallahassee Bank’s trust service offering and will Notice of receipt of the application was pub provide the area with an alternative charge card lished in the Federal Register on October 26, 1968 plan, a service presently offered by only one bank (33 Federal Register 15892), which provided an in the area. opportunity for interested persons to submit com These considerations, while providing only ments and views with respect to the proposed trans limited supporting weight, are consistent with ap action. A copy of the application was forwarded to proval of the application. the United States Department of Justice for its Summary and conclusion. On the basis of all the consideration. The time for filing comments and relevant facts contained in the record, and in the views has expired and all those received have been light of the factors set forth in section 3(c) of the considered by the Board. Act, it is the Board’s judgment that the proposed It is hereby ordered, for the reasons set forth acquisition would be in the public interest and that in the Board’s Statement of this date, that said ap the application should be approved. plication be and hereby is approved, provided that Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 173 the action so approved shall not be consummated business of banking in any part of the United (a) before the thirtieth calendar day following the States. Nor may the Board approve a proposed date of this Order or (b) later than three months acquisition the effect of which, in any section of after the date of this Order, unless such period is the country, may be substantially to lessen com extended for good cause by the Board or by the petition, or to tend to create a monopoly, or which Federal Reserve Bank of Atlanta pursuant to dele in any other manner would be in restraint of trade, gated authority. unless the Board finds that the anticompetitive ef Dated at Washington, D. C., this 3rd day of fects of the proposed transaction are clearly out February, 1969. weighed in the public interest by the probable ef By order of the Board of Governors. fect of the transaction in meeting the convenience and needs of the community to be served. In each Voting for this action: Vice Chairman Robertson and Governors Mitchell, Daane, Maisel, Brimmer, and case the Board is required to take into considera Sherrill. Absent and not voting: Chairman Martin. tion the financial and managerial resources and fu (Signed) Robert P. Forrestal, ture prospects of the bank holding company and the Assistant Secretary. banks concerned, and the convenience and needs [seal] of the community to be served. Statement Competitive effect of proposed transaction. Con summation of Applicant’s proposal would result in Pan American Bancshares. Inc., Miami, Florida Applicant’s becoming the thirteenth largest bank (“Applicant”), has filed with the Board, pursuant ing organization and the ninth largest of 12 bank to section 3(a) (I) of the Bank Holding Company holding companies in Florida; it would control Act of 1956, an application for approval of action about one per cent of the total deposits in the State. to become a bank holding company. Applicant Applicant would be the sixth largest of the 37 would become a bank holding company through banking organizations located in Dade County and the acquisition of 93.7 per cent of the voting shares would control 4.8 per cent of the total bank de of the Pan American Bank of Miami, Miami, posits held by banks located therein. Miami Bank, Florida (“Miami Bank”); 80 per cent or more of the largest of the proposed subsidiaries, is now the the voting shares of the Bank of Dade County, eighth largest banking organization in the area, and North Dade County, Florida (“Miami Beach controls 3.2 per cent of the deposits in the county. Bank”); and 51 per cent or more of the Manufac turers National Bank of Hialeah, Hialeah, Florida Miami bank is located about nine miles from (“Hialeah Bank”). Hialeah Bank, and 14 miles from Miami Beach Miami Bank, Miami Beach Bank, and Hialeah Bank; Miami Beach Bank is 12 miles from Hialeah Bank, each of which has one office, have total de Bank. Although each of the subject banks derived posits of $71.9 million, $27 million, and $10.2 some business from the areas served by the other million, respectively.' two, the location of a number of competing banks Views and recommendations of supervisory au in the intervening areas serves to limit the extent of thorities. As required by section 3(b) of the Act, competition among them. In addition, Miami Bank notice of receipt of the application was given to, and Miami Beach Bank are presently affiliated as a and views and recommendations requested of, the result of common stockholders, and it is contem Commissioner of Banking of the State of Florida plated that such relationship will continue, and that and the Comptroller of the Currency. Both the owners of the two banks will acquire a controlling Commissioner and the Comptroller recommended interest in Hialeah Bank in the event that Appli approval of the application. cant’s proposal is not consummated. Statutory considerations. Section 3(c) of the Act Because of the number and size of competing provides that the Board shall not approve an acqui banking organizations in the areas involved, the sition that would result in a monopoly or would be urban distances separating the proposed subsidiary in furtherance of any combination or conspiracy banks, and the present and proposed relationship to monopolize or to attempt to monopolize the among the subject banks, it does not appear that consummation of Applicant’s proposal would re 1 All banking data are as of June 29, 1968, unless other wise noted. duce the number of meaningful alternative sources Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
174 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 of banking services, or significantly affect the vigor and lend some weight toward approval of the appli of banking competition in any area. cation as they relate to Hialeah Bank. On the basis of the foregoing, the Board con Convenience and needs of the communities in cludes that the proposed action will not result in a volved. The banking services offered by banks lo monopoly or be in furtherance of any combination, cated in the communities served by the proposed conspiracy, or attempt to monopolize the business subsidiary banks appear sufficient to serve customer of banking in any relevant area, and will not sub needs. Consummation of Applicant’s proposal will stantially lessen competition, tend to create a mo not result in significant additions to the services of nopoly, or restrain trade in any section of the fered by the subject banks, nor docs it appear, par country. ticularly in the light of the present and proposed Financial and managerial resources and future relationships among the banks earlier described, prospects. Applicant is in generally satisfactory that the quality of services offered would be meas financial condition, as are the proposed subsidiary urably affected. banks. Management direction of Miami Bank and Considerations relating to the convenience and Miami Beach Bank is provided by the same indi needs of the communities involved are consistent viduals, who will also constitute the principal man with approval of the application, but add no sig agement of Applicant. These individuals are re nificant weight in support thereof. garded as capable, and their probable influence over the policies of Hialeah Bank is regarded as a favor Summary and conclusion. On the basis of all able consideration with respect to the present appli relevant facts contained in the record, and in light cation. Prospects of Applicant and the three banks of the factors set forth in section 3(c) of the Act, it also appear favorable. is the Board’s judgment that the proposed transac Considerations relating to the banking factors are tion would be in the public interest and that the consistent with approval of Applicant’s proposal, application should be approved. □ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
National Summary of Business Conditions Released for publication February 14 Industrial production and nonfarm employment EMPLOYMENT rose in January, and retail sales about recovered Nonfarm employment advanced briskly again in from the decline in December. The unemployment January. Most nonmanufacturing industries partici rate remained at the low December level. Com pated in the rise, with the largest increase in trade mercial bank credit and the money supply in employment, which had dipped in December. A creased, but at a slower pace than in the previous strong rise in manufacturing was concentrated in 2 months. Time and savings deposits, however, the durable goods sector, where the largest gains declined. Between mid-January and mid-February, occurred in the metal-producing and metal-using yields on most U.S. Government securities changed industries. The average workweek of factory pro little while yields on corporate and municipal bonds duction workers remained at 40.7 hours. The un advanced further. employment rate held at 3.3 per cent, as gains in employment continued to match growth in the INDUSTRIAL PRODUCTION labor force. Industrial production in January was 169.4 per cent of the 1957-59 average, up 0.3 per cent from DISTRIBUTION December and 5.1 per cent above a year earlier. The value of retail sales in January rose about 2 Among consumer products, output of most per cent from the reduced December level, but was household goods rose in January, but production 1 per cent below the August 1968 peak, according of television sets remained at the reduced Decem to the advance report. Sales at both durable and ber level. Auto assemblies declined further to a nondurable stores increased. Unit sales of new seasonally adjusted annual rate of 8.7 million units domestic autos, however, declined somewhat fur from 8.9 million units in December. Output of ther. business equipment generally increased while pro duction of defense equipment was curtailed by COMMODITY PRICES work stoppages. Output of iron and steel and most Wholesale prices of industrial commodities rose an other industrial materials rose. estimated 0.5 per cent further from mid-December to mid-January; sharp increases for lumber and plywood, nonferrous metals, and steel mill products INDUSTRIAL PRODUCTION were major elements in the rise. Since mid-Janu ary, industrial prices have continued to increase though apparently at a somewhat reduced pace. Prices of foods and foodstuffs increased more than seasonally from mid-December to mid-January; subsequently grain prices have declined somewhat but prices of livestock have increased slightly fur ther. BANK CREDIT, DEPOSITS, AND RESERVES Commercial bank credit increased $800 million in January, about one-third the average growth over the previous 2 months. In order to meet loan de mands in the face of net deposit outflows, banks made substantial reductions in their holdings of F.R. indexes, seasonally adjusted. Latest figures: January. U.S. Government securities—even though they 175 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
176 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 underwrote virtually all of the January Treasury Borrowings averaged $715 million, only slightly bill financing—and limited their acquisitions of below the December level. Excess reserves, how other securities to about the sharply reduced De ever, were less than half of those in December. cember pace. Although expansion in total loans moderated slightly further, business loan growth SECURITY MARKETS accelerated markedly. Yields on most U.S. Government securities showed The money supply increased $500 million over only small mixed changes between mid-January the month, about one-half the December rise. and mid-February in relatively light trading ac After declining for three consecutive months, U.S. tivity. The 3-month Treasury bill was bid at around Government deposits increased substantially, largely 6.05 per cent in the middle of February. in response to the midmonth Treasury financing. Between mid-January and mid-February, yields Time and savings deposits declined $1.8 billion in on new and seasoned corporate and municipal January—in contrast to substantial monthly in bonds advanced to new highs. Common stock creases during the second half of 1968—as banks prices fluctuated in a relatively narrow range below experienced large outflows of CD funds as well as their recent highs registered in December. Trading contraseasonal declines in consumer-type time and volume was moderate, averaging about 12 million savings deposits. shares a day. Bureau of Labor Statistics. "Farm products and foods” is BLS Discount rate, range or level for all F.R. Banks. Weekly aver "Farm products, and processed foods and feeds.” Latest figures: age market yields for U.S. Govt, bonds maturing in 10 years Consumer, December; Wholesale, January estimates. or more and for 90-day Treasury bills. Latest figures: week ending Feb. 7. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Financial and Business Statistics CONTENTS A 3 GUIDE TO TABULAR PRESENTATION U.S. STATISTICS: A 4 Member bank reserves, Federal Reserve Bank credit, and related items A 8 Federal funds—Major reserve city banks A 9 Reserve Bank discount rates A 10 Reserve and margin requirements A 11 Maximum interest rates; bank deposits A 12 Federal Reserve Banks A 14 Open market account A 15 Reserve Banks: bank debits A 16 U.S. currency A 17 Money supply; bank reserves A 18 Banks and the monetary system A 19 Commercial and mutual savings banks, by classes A 23 Commercial banks A 26 Weekly reporting banks A 30 Business loans of banks A 31 Interest rates A 33 Security markets A 34 Stock market credit A 35 Open market paper A 35 Savings institutions A 37 Federally sponsored credit agencies A 38 Federal finance A 40 U.S. Government securities A 43 Security issues A 46 Business finance A 48 Real estate credit A 52 Consumer credit A 56 Industrial production A 60 Business activity A 60 Construction Continued on next page A 1 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 2 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 U.S. STATISTICS—Continued A 62 Labor force, employment, and earnings A 64 Consumer prices A 64 Wholesale prices A 66 National product and income A 68 Flow of funds (flows through Q3 1968) INTERNATIONAL STATISTICS: A 70 U.S. balance of payments A 71 Foreign trade A 72 U.S. gold transactions A 73 U.S. gold stock; position in the IMF A 74 International capital transactions of the United States A 86 Gold reserves of central banks and governments A 87 Gold production A 88 Money rates in foreign countries A 89 Arbitrage on Treasury bills A 90 Foreign exchange rates SPECIAL TABLES (other than flow of funds): A 92 Earnings and expenses of Federal Reserve Banks, 1968 Number of banking offices: A 94 Analysis of changes A 95 On, and not on, Federal Reserve Par List A 102 INDEX TO STATISTICAL TABLES Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 3 Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation p Preliminary IPC Individuals, partnerships, and corporations r Revised SMSA Standard metropolitan statistical area rp Revised preliminary A Assets i, n, ' L Liabilities III, IV Quarters S Sources of funds n.a. Not available U Uses of funds n.e.c. Not elsewhere classified Amounts insignificant in terms of the par S.A. Monthly (or quarterly) figures adjusted for ticular unit (e.g., less than 500,000 when seasonal variation 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. TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Annually—Continued Issue Page Quarterly Issue Page Banking and monetary statistics, 1967.. Mar. 1968 A-88—A-98 Flow of funds............................... Feb. 1969 A-68 May 1968 A-89—A-93 Banks and branches, number, by class and state........................................... Apr. 1968 A-87 Semiannually Flow of funds (assets and liabilities): Banking offices: 1966...................................................... Feb. 1968 A-65.10 Analysis of changes in number of. , . Feb. 1969 A-94 1967...................................................... May 1968 A-67.10 On, and not on, Federal Reserve Par List, number............................. Feb.1969 A-95 Income and expenses: Federal Reserve Banks...................... Feb. 1969 A-92 Member banks: Calendar year.................................. May 1968 A-94 Operating ratios............................ Apr. 1968 A-89 Annually Insured commercial banks............ May 1968 A-103 Bank holding companies: List of, Dec. 31, 1967........................ June 1968 A-91 Stock exchange firms, detailed debit Banking offices and deposits of and credit balances: group banks, Dec. 31, 1967............ Aug. 1968 A-93 Original............................................ Sept. 1968 A-92 Corrected......................................... Oct. 1968 A-91 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 4 BANK RESERVES AND RELATED ITEMS □ FEBRUARY 1969 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 r a r i t o e d U To .S ta . l Go B v r o o t i u u , g h g t s e t h c t u R r c a i e h t g i p a r e u e s s e ! e r c v D o a a a u n n d i n s c d e t s s Float 2 t T al o 3 s G to o c ld k T r s o c t e u i r a n u u n r e n g r c t y a y d s r c C t c e u i i i n u o n r l c r n a y T h c i r u n o a e r g l s a y d h s s T u r r e w y as it h r e F F e se i o . g r R r n v . e s B , O an th k e s r2 c O o a F u t c h . n R e t r . s B W F a . n R it k h . s re r C s a e e n n u r c d r v y e s Total ments coin 4 Average! of daily figure! 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 □9 248 11,473 11,473 1941—Dec......... 2,219 2,219 5 170 2,404 22,759 3,239 10,985 2,189 592 1 J'31 292 12,812 12,812 1945—Dec......... 23,708 23,708 381 65224,744 20,047 4,322 28,452 2,269 625 >47 493 16,027 16,027 1950—Dec......... 20,345 20,336 9 142 1,11721,606 22,879 4,629 27,806 1,290 615 920 353 739 17,391 17,391 I960—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 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—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—Dec......... 48,891 48,810 81 238 2,03051,268 12,436 6,777 47,000 1 ,428 902 150 451 -204 20,753 4,507 25,260 1968—Jan.......... 49,046 48,982 64 237 1,90651,287 11,983 6,783 46,389 1 ,393 1,011 157 481 -566 21,188 4,646 25,834 Feb......... 48,930 48,734 196 361 1,515 50,873 11,900 6,791 45,851 1 ,336 1,021 143 457 -512 21,265 4,345 25,610 Mar......... 49,511 49,452 59 682 1,59951,863 11,096 6,798 46,138 1 ,215 916 165 506 -536 21,354 4,226 25,580 Apr......... 50,090 49,943 147 698 1 ,641 52,509 10,484 6,797 46,642 1 ,122 738 167 538 -598 21,181 4,365 25,546 May..... 50.581 50,329 252 759 1,58052,998 10,452 6,794 46,873 1 ,073 1,059 159 483 -581 21,179 4,326 25,505 June........ 51,306 51,160 146 705 1,712 53,813 10,369 6,764 47,486 973 960 181 471 -474 21,350 4,363 25,713 July......... 52,090 52,041 49 538 1 ,87054,573 10,367 6,721 48,089 836 1,026 164 472 -436 21 ,510 4,491 26,001 Aug......... 52,646 52,463 183 568 1,76055,048 10,367 6,733 48,194 811 963 170 459 -102 21,653 4,416 26,069 Sept......... 52,222 52,208 14 515 1 ,981 54,769 10,367 6,737 48,474 791 611 131 450 -151 21,567 4,510 26,077 Oct.......... 53,300 53,252 48 427 1 ,97655,770 10,367 6,757 48,632 781 1 ,054 137 461 -312 22,141 4,512 26,653 Nov......... 53,388 53,322 66 569 2,16056,183 10,367 6,790 49,398 769 798 164 439 -491 22,263 4,522 26,785 Dec.7'.... 52,529 52,454 75 765 3,251 56,610 10,367 6,810 50,609 756 360 225 458-1,105 22,484 4,737 27,221 1969—Jan.p...5..2..,665 52,622 43 700 3,037 56,462 10,367 6,802 49,784 760 602 189 495 -1,174 22,974 5,071 28,045 Week ending— 1968—Jan. 3.. 49,298 49,044 254 495 2,335 52,286 11,982 6,784 47,200 1 ,395 949 147 567 -685 21,480 4,968 26,448 10.. 49,183 49,109 74 180 2,33451,772 11,983 6,781 46,857 1 ,385 1 ,054 161 493 -679 21,265 4,646 25,911 17.. 48,758 48,700 58 224 1,987 51,044 11 ,984 6,781 46,493 1 ,397 1 ,019 156 473 -625 20,896 4,675 25,571 24.. 49,105 49,105 233 1,72651,186 11,982 6,784 46,117 1 ,390 939 149 471 -459 21,346 4,576 25,922 31 .. 48,970 48,936 34 241 1 ,44950,751 11,983 6,786 45,763 1 ,391 1 ,096 161 467 -426 21,069 4,603 25,672 Feb. 7.. 49,344 48,925 415 241 1,451 51,099 11,954 6,788 45,777 1 ,361 912 142 450 -554 21,752 4,169 25,921 14.. 49,210 48,815 395 384 1,267 50,949 11,882 6,788 45,942 1 ,343 1,071 137 462 -608 21,272 4,258 25,530 21 48,443 48,443 405 1,73450,643 11,882 6,792 45,881 1 ,333 1 ,051 140 455 -453 20,911 4,364 25,275 28.. 48,724 48,724 .......... 442 1,556 50,779 11 ,883 6,796 45,817 1 ,319 1 ,022 147 461 -444 21,137 4,499 25,636 Mar. 6.. 49,077 49,019 58 501 1,72951,363 11,883 6,797 45,832 1 ,301 992 152 489 -418 21,695 4,102 25,797 13.. 49,278 49,166 112 787 1 ,473 51,595 11,609 6,795 46,205 1 ,275 1 ,008 122 478 -474 21 ,386 4,162 25,548 20.. 49,840 49,840 748 1,668 52,312 10,872 6,801 46,233 1 ,224 1,059 166 505 -609 21,406 4,266 25,672 27.. 49,621 49,621 597 1 ,53451,855 10,484 6,800 46,153 1 ,129 844 205 465 -597 20,941 4,385 25,326 Apr. 3.. 49,843 49,634 209 711 1 ,44952,103 10,484 6,798 46,358 1,126 537 182 653 -579 21,109 4,354 25,463 10. . 50,153 49,950 203 661 1 ,637 52,570 10,484 6,797 46,647 1,119 521 168 582 -555 21,369 4,065 25,434 17. . 50,219 49,952 267 778 1 ,80452,871 10,484 6,799 46,901 1 ,126 422 148 534 -667 21,691 4,399 26,090 24.. 49,927 49,927 .......... 666 1 ,841 52,490 10,484 6,797 46,608 1,124 1,038 160 487 -594 20,950 4,553 25,503 May 1 .. 50,238 50,103 135 689 1 ,461 52,458 10,484 6,797 46,481 1 ,121 1 ,073 194 490 -601 20,980 4,538 25,518 8.. 50,617 50,200 417 837 1 ,467 53,030 10,484 6,796 46,668 I ,109 935 148 482 -684 21,652 4,046 25,698 15.. 50,521 50,069 452 725 1,493 52,819 10,484 6,794 46,920 1 ,082 1 ,080 132 499 -698 21,083 4,296 25,379 22.. 50,549 50,402 147 682 1,861 53,162 10,470 6,795 46,908 1 ,058 1 ,228 145 486 -462 21,063 4,316 25,379 29.. 50,589 50,589 .......... 777 ! ,501 52,923 10,384 6,794 46,937 1 ,053 1 ,076 165 463 -442 20,849 4,473 25,322 June 5.. 50,619 50,619 772 1 ,54052,985 10,382 6,796 47,254 1 ,042 784 309 477 -742 21,038 4,294 25,332 12.. 50,899 50,609 290 691 1 ,576 53,242 10,367 6,794 47,506 1 ,004 856 157 457 -779 21,203 4,197 25,400 19.. 50,973 50,850 123 677 1 ,81253,537 10,367 6,782 47,574 982 1 ,072 146 451 -715 21,176 4,421 25,597 26.. 52,009 51,797 212 820 1 ,73754,685 10,367 6,766 47,484 947 1,063 161 481 13 21,669 4,548 26,217 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ BANK RESERVES AND RELATED ITEMS A 5 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 r r i t o e d T U o .S ta . l Go B v r o o i t u g , u h t g s t e h c t u R a r c g i e h t r i p a e e u s s e e r i c v D o a a a u n n d is n c d e t s s Float 2 t T al o 3 s G to o c ld k T s r c o u r t e i u a n e u r n r n a y g t c s d y r C c t e c u i u i n i o n r l r c a n y T h c i u n o a r r g e s ld y h a s s T u r w r e y a it s h F r F e . e R i o s g e r . n r B ve a s O n , k th s er2 c O o F u t a h . c n R e t r . s B W F a . n R it k h . s re r C a s e e n u n r d r c v y e s Total ments coin 4 Averages of daily figures Week ending— 1968—July 3.. 52,217 52,217 506 1,831 54,656 10,367 6,720 47,797 880 1,115 185 522 -136 21,380 4,459 25,839 10.. 52,282 52,203 79 425 2,02654,800 10,367 6,724 48,267 837 903 181 490 -392 21,604 4,222 25,826 17.. 51,994 51,890 104 484 1,91454,467 10,367 6,727 48,257 831 1,106 155 470 -662 21,404 4,607 26,011 24.. 51,904 51,904 652 2,023 54,637 10,367 6,714 48,002 838 998 142 448 -420 21,710 4,551 26,261 31.. 52,118 52,084 34 615 1,627 54,466 10,367 6,719 47,851 826 1,033 155 443 -318 21,562 4,624 26,186 Aug. 7.. 52,483 52,160 323 748 1,645 54,971 10,367 6,726 47,976 824 845 204 475 -274 22,014 4,213 26,227 14.. 52,518 52,212 306 580 1 ,63654,820 10,367 6,730 48,289 811 927 189 449 -313 21,565 4,325 25,890 21 .. 52,788 52,604 184 619 1 ,98255,457 10,367 6,734 48,252 808 998 173 467 42 21,816 4,411 26,227 28.. 52,663 52,663 ........3..74 1,721 54,810 10,367 6,740 48,190 808 1 ,084 125 444 51 21,217 4,574 25,791 Sept. 4.. 52,975 52,975 454 1,707 55,188 10,367 6,730 48,431 787 938 140 457 101 21,430 4,451 25,881 11.. 52,341 52,341 634 1 ,90454,930 10,367 6,733 48,685 787 147 134 446 60 21,771 4,421 26,192 18.. 51,630 51 ,630 405 2,203 54,288 10,367 6,735 48,567 790 208 128 465 -292 21,525 4,449 25,974 25. . 51,844 51,844 .......... 475 2,223 54,592 10,367 6,742 48,325 798 866 123 445 -293 21,437 4,418 25,855 Oct. 2.. 52,893 52,829 64 541 1 ,839 55,328 10,367 6,744 48,306 791 1 ,201 145 449 -257 21,803 4,584 26,387 9.. 53,063 53,063 403 1 ,963 55,482 10,367 6,749 48,550 786 1 ,072 156 473 -250 21,812 4,683 26,495 16.. 53,496 53,397 99 516 2,014 56,133 10,367 6,754 48,764 780 980 132 483 -248 22,366 4,609 26,975 23.. 53,289 53,232 57 337 2,183 55,868 10,367 6,759 48,702 772 1 ,043 131 450 -377 22,274 4,199 26,473 30. . 53,402 53,345 57 495 1 ,718 55,671 10,367 6,767 48,556 782 1 ,092 127 438 -382 22,192 4,528 26,720 Nov. 6.. 53,389 53,294 95 392 1 ,66055,498 10,367 6,776 48,806 774 1 ,079 115 460 -357 21,764 4,590 26,354 13. . 53,740 53,555 185 675 2,031 56,533 10,367 6,786 49,314 764 1 ,036 132 432 -331 22,339 4,731 27,070 20. . 53,502 53,502 513 2,678 56,754 10,367 6,792 49,475 765 615 155 443 -189 22,648 4,312 26,960 27. . 52,945 52,945 .......... 583 2,28055,869 10,367 6,801 49,638 776 645 219 420 -839 22,177 4,417 26,594 Dec. 4.. 53,281 53,252 29 531 2,278 56,147 10,367 6,807 50,077 776 583 225 448-1,018 22,231 4,628 26,859 11 .. 52,468 52,468 434 2,627 55,589 10,367 6,809 50,383 755 1911 233 438 -960 21,725 4,736 26,461 18. . 52,072 52,072 575 3,38456,090 10,367 6,807 50,616 749 70 234 444-1,247 22,399 4,689 27,088 25. . 52,232 52,168 64 859 3,735 56,889 10,367 6,812 50,803 754 461 217 445-1 ,153 22,541 4,691 27,232 1969—Jan. 1 .. 52,981 52,744 237 1 ,320 3,761 58,145 10,367 6,809 50,956 740 579 215 560-1 ,148 23,419 4,921 28,340 8. . 53,330 53,142 188 498 3,39257,306 10,367 6,801 50,472 763 579 217 490-1,201 23,153 4,802 27,955 15p. 52,967 52,967 688 3,06656,776 10,367 6,800 50,023 762 563 216 487-1,156 23,049 5,499 28,548 22*. 52,487 52,487 780 3,101 56,419 10,367 6,801 49,537 763 545 201 485-1,232 23,289 5,028 28,317 29 r. 51 ,984 51 ,984 892 2,543 55,468 10,367 6,803 49,153 761 715 132 477-1 ,129 22,529 5,037 27,566 End of month 1968—Nov. 53,350 53,350 471 2,381 56,260 10,367 6,786 49,989 742 478 220 436-I,019 22,567 4,628 27,195 Dec. .... 52,937 52,937 .........1.86 3,443 56,624 10,367 6,795 50,961 695 703 216 747-1 ,353 21 ,818 4,921 26,739 1969—Jan.”..... 52,127 52,127 ........8..62 2,853 55,892 10,367 6,806 48,975 766 517 126 528 -971 23,124 4,822 27,946 Wednesday 1968—Nov. 6.. 53,649 53,475 174 534 1 ,53655,778 10,367 6,782 49,163 777 1 ,044 136 434 -356 21,729 4,590 26,319 13. . 53,728 53,728 156 1 ,861 55,806 10,367 6,788 49,561 754 807 139 440 -496 21 ,756 4,731 26,487 20.. 52,391 S52.391 142 2,49355,087 10,367 6,797 49,558 777 643 155 424 -414 21,108 4,312 25,420 27.. 53,214 53,214 .....1..,.1..95 1 ,99556,464 10,367 6,803 50,034 775 441 252 432-1,029 22,730 4,417 27,147 Dec. 4. . 52,646 552,646 121 2,571 55,398 10,367 6,809 50,294 768 649 225 446 1 ,016 21,207 4,628 25,835 II.. 51,413 551,413 273 2,645 54,391 10,367 6,805 50,657 749 58 212 426-1,062 20,524 4,736 25,260 18. . 51,000 551,000 968 3,838 55,861 10,367 6,810 50,789 752 442 228 448-1,214 21,592 4,691 26,283 25. . 52,606 52,382 224 332 3,557 56,576 10,367 6,814 51 ,023 763 168 226 490-1 ,141 22,228 4,921 27,149 1969—Jan. 1 52,937 52,937 186 3,443 56,624 10,367 6,795 50,961 695 703 216 747-1 ,353 21 ,818 4,921 26,739 8?'. 52,722 552,722 180 3,000 55,959 10,367 6,799 50,340 765 762 216 469-1 ,184 21 ,758 4,813 26,571 15^. 52,187 552,187 957 2,85656,053 10,367 6,801 49,865 767 613 230 511 -1,220 22,454 5,499 27,953 22 p. 52,484 52,484 861 2,608 56,003 10,367 6,804 49,406 768 337 196 496 -1,222 23,193 5,028 28,221 29 p. 52,325 52,325 ........9..26 2,311 55,612 10,367 6,806 49,148 763 498 124 473-1,123 22,902 5,037 27,939 1 U.S. Govt, securities include Federal agency obligations. 4 Part allowed as reserves Dec. 1, 1959-Nov. 23, 1960; all allowed 2 Beginning with 1960 reflects a minor change in concept; see Feb. thereafter. Beginning with Jan. 1963, figures are estimated except for 1961 Bulletin, p. 164. weekly averages. Beginning Sept. 12, 1968, amount is based on close-of- 3 Includes industrial loans and acceptances, when held (industrial business figures for reserve period 2 weeks previous to report date. loan program discontinued Aug. 21, 1959). For holdings of acceptances 5 Reflects securities sold, and scheduled to be bought back, under on Wed. and end-of-month dates, see subsequent tables on F.R. Banks. matched sale-purchase transactions. See also note 2. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 6 BANK RESERVES AND RELATED ITEMS □ FEBRUARY 1969 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor- Reserves Bor- Reserves Bor- T h o e t ld al qu R ir e e d 1 Excess B r F i a o n a . n R w g t k s . - s s F er r r v e e e - e s .— T h - o - e - t l - d a - l - -— qu R ir e e d 1 Excess B r F i a n o a . n R g w t k s . s 1 s F e r r r e v e - e e s T h o e t ld al qui R re e d Excess B r F i a n o a . n R w g t k s . - s s F e r r r e v e - e e s 1929—June............ 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 1933—June............ 2 2,160 1,797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec............. 11,473 6,462 5,011 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 1960—Dec............. 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 -4 1962—Dec............. 20,040 19,468 572 304 268 3,863 3,817 46 108 -62 1,042 1,035 7 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—Dec............. 23,830 23,438 392 557 -165 4,583 4,556 27 122 -95 1,119 1,115 4 54 -50 1967—Dec............. 25,260 24,915 345 238 107 5,052 5,034 18 40 -22 1,225 1,217 8 13 -5 1968—Jan.............. 25,834 25,453 381 237 144 5,170 5,131 39 48 -9 1 ,231 1 ,230 1 3 -2 Feb............. 25,610 25,211 399 361 38 5,060 5,011 49 106 -57 I ,221 1 ,215 6 4 2 Mar............. 25,580 25,224 356 671 -315 5,149 5,063 86 99 -13 1,176 1,169 7 66 -59 Apr............. 25,546 25,276 270 683 -413 4,993 4,985 8 67 -59 1,159 1,160 -t 104 -105 May............ 25,505 25,085 420 746 -326 4,905 4,871 34 68 -34 1,163 1,151 12 76 -64 June............ 25,713 25,362 351 692 -341 5,120 5,029 91 69 22 1 ,145 1,150 -5 38 -43 July............. 26,001 25,702 299 525 -226 5,047 5,060 -13 12 -25 1 ,190 1,181 9 87 -78 Aug............. 26,069 25,694 375 565 -190 4,940 4,912 28 192 -164 1 ,165 1,161 4 2 2 Sept............. 26,077 25,694 383 515 -132 4,886 4,868 18 154 -136 1,147 1,143 4 23 -19 Oct.............. 26,653 26,393 260 427 -167 5,096 5,071 25 65 -40 1,182 1,177 5 9 -4 Nov............. 26,785 26,461 324 569 -245 5,022 4,968 54 72 -18 1 ,153 1,155 -2 7 -9 Dec............. 27,221 26,766 455 752 -297 5,157 5,057 100 230 -130 1,199 1 ,184 15 85 -70 1969—Jan.3'............ 28,044 27,836 208 700 -492 5,393 5,392 1 67 -66 1,285 1,294 -9 48 -57 Week ending— 1968—Jan. 3...,. 26,448 25,795 653 495 158 5,460 5,362 98 166 -68 1,313 1,299 14 54 -40 10........ 25,911 25,347 564 180 384 5,110 5,097 13 69 -56 1 ,221 1 ,226 -5 -5 17........ 25,571 25,414 157 224 -67 5,099 5,079 20 53 -33 1 ,220 1 ,214 6 8 24 25,922 25,546 376 233 143 5,149 5,130 19 19 1 ,231 1 ,226 5 2 3 31........ 25,672 25,336 336 241 95 5,130 5,108 22 32 -10 1 ,226 1 ,223 3 2 Aug. 7 . . . . 26,227 25,885 342 737 -395 5,113 5,093 20 337 -317 1,187 1,182 5 5 14.... 25,890 25,576 314 576 -262 4,866 4,834 32 191 -159 1,153 1,147 6 6 21. 26,227 25,713 514 619 -105 4,906 4,898 8 278 -270 1,167 1,162 5 5 28.... 25,791 25,612 179 374 -195 4,893 4,854 39 39 1,147 1 ,148 -1 10 -11 Sept. 4. . . . 25,881 25,626 255 454 -199 4,818 4,839 -21 111 -132 1,186 1,175 11 11 11.... 26,192 25,636 556 634 -78 4,989 4,854 135 240 -105 1,145 1,123 22 22 18.... 25,974 25,600 374 404 -30 4,860 4,839 21 107 -86 1 ,174 1 ,175 -1 11 -12 25.... 25,855 25,658 197 474 -277 4,836 4,854 -18 90 -108 1,127 1,123 4 86 -82 Oct. 2..., 26,387 26,002 385 541 -156 5,045 4,970 75 154 -79 1 ,135 1,128 7 7 9.... 26,495 26,270 225 403 -178 5,102 5,149 -47 65 -112 1,130 1 ,132 -2 -2 16.... 26,975 26,602 373 516 -143 5,279 5,221 58 173 -115 1 ,251 1 ,246 5 14 -9 23.... 26,473 26,474 -1 337 -338 4,958 5,010 -52 36 -88 1,194 1 ,205 -11 25 -36 30.. . . 26,720 26,368 352 495 -143 4,966 4,957 9 12 -3 1 ,168 1,145 23 ............ 23 Nov. 6........ 26,354 26,162 192 392 -200 4,932 4,903 29 46 -17 1 ,119 1,134 -15 11 -26 13....... 27,070 26,533 537 675 -138 5,140 5,061 79 129 -50 1 ,191 1,173 18 18 20 26,960 26,731 229 513 -284 5,203 5,123 80 43 37 1 ,171 1,157 14 14 27........ 26,594 26,409 185 583 -398 4,766 4,821 -55 57 -112 1 ,128 1 ,153 -25 10 -35 Dec. 4........ 26,859 26,380 479 531 -52 5,038 4,862 176 74 -102 1 ,187 1,155 32 13 19 11........ 26,461 26,409 52 434 -382 4,823 4,937 -114 86 -200 1,157 1,174 -17 -17 18 27,088 26,720 368 575 -207 5,223 5,121 102 104 -2 1,187 1,185 2 45 -43 25........ 27,232 26,812 420 859 -439 5,122 5,017 105 282 -177 1 ,175 1,162 13 149 -136 1969—Jan. 1........ 28,340 27,439 901 1,320 -419 5,571 5,298 273 517 -249 1 ,251 1,242 9 188 -179 8......2..7,955 27,753 202 498 -296 5,365 5,379 -14 -14 1 ,277 1 ,265 12 55 -43 153’.. 28,548 28,334 214 688 -474 5,636 5,662 -26 136 -162 1 ,334 1 ,348 -14 31 -45 22*.... 28,317 28,077 240 780 -540 5,539 5,492 47 86 -39 1 ,309 1 ,311 -2 110 -112 29’’.... 27,566 27,409 157 892 -735 5,140 6,125 14 57 -43 1 ,245 1 ,272 -27 9 -36 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ BANK RESERVES AND RELATED ITEMS A 7 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Reserves Reserves Borrow Borrow Period ings at Free ings at Free F.R. reserves F.R. reserves Banks Banks T h o e t ld al Required1 Excess T h o e t ld al Required1 Excess 761 749 12 409 -397 632 610 22 327 -305 648 528 120 58 62 441 344 96 126 — 30 ...........................1933—June 3,140 1,953 1,188 1,188 1 ,568 897 671 3 668 ...........................1939—Dec. 4,317 3,014 1,303 1 1,302 2,210 1,406 804 4 800 ...........................1941—Dec. 6,394 5 2976 ’418 96 322 4,576 3'566 1,011 46 965 ...........................1945—Dec. 6,861 6,589 271 123 148 4,972 4’375 '597 57 540 ...........................1947—Dec. 6,689 6,458 232 50 182 4^61 4^099 663 29 634 ..........................1950—Dec. 7,950 7,851 100 20 80 6,689 6,066 623 40 583 ...........................1960—Dec. 8,178 8,100 78 130 -52 6,956 6,515 442 48 394 ...........................1962—Dec. 8,393 8,325 68 190 -122 7,347 6,939 408 74 334 ...........................1963—Dec. 8,735 8,713 22 125 -103 7,707 7,337 370 55 315 ...........................1964—Dec. 9,056 8’989 67 228 -161 8,219 7,889 330 92 238 ...........................1965—Dec. 9,509 9,449 61 220 -159 8^619 8^318 301 161 140 ...........................1966—Dec. 10,081 10',031 50 105 -55 8,901 8,634 267 80 187 ...........................1967—Dec. 10,314 10,283 31 111 -80 9,120 8,809 311 75 236 ........................... 1968—Jan. 10,271 10,218 53 126 -73 9'057 8,766 291 125 166 ........................................Feb. 10,247 102212 35 288 -253 9,009 8,780 229 218 11 ........................................Mar. 10^298 10,272 26 283 -257 9,097 8'859 238 229 9 10,268 10'195 73 262 -189 9,169 8,867 302 340 -38 ........................................May 10,275 10,241 34 258 -224 9,172 8,941 231 327 — 96 10,447 10,392 55 152 -97 9,317 9,070 247 274 -27 .......................................July 10,568 10^501 67 161 -94 9'396 9,120 276 210 66 10,534 10373 61 194 -133 9'510 9'210 300 144 156 ........................................Sept. 10,758 10,763 -5 186 -191 9,617 9^82 235 167 68 10^863 10'847 16 274 -258 9,’747 9,491 256 216 40 .................................. .Nov. 10^990 10,900 90 257 -167 9,875 9'625 250 180 70 11,268 11,286 -17 321 -338 10,098 9,864 234 264 -30 .........................1969—Jan. * Week ending— 10,491 10,331 160 216 -56 9,185 8,803 382 59 323 .......................1968—Jan. 3 10,243 10^207 36 59 -23 9'338 8^817 521 52 469 ............................................10 10,357 10,'340 17 97 -80 8,895 8’781 114 65 49 ............................................17 10,352 10^318 34 157 -123 9'189 8,871 318 74 244 ...........................................24 10,276 10,235 41 90 -49 9'040 8’770 270 118 152 ...........................................31 10,538 10,515 23 170 -147 9,390 9,095 295 230 65 ..................................Aug, 7 101534 10357 77 149 -72 91336 9,139 197 236 -39 .......................................^..14 10,578 10,536 42 152 -110 9'576 9,117 459 189 270 ...........................................21 10,530 10,489 41 158 -117 9'221 9,121 100 206 -106 ...........................................28 10.516 10,460 56 178 -122 9,361 9,152 209 165 44 ..................................Sept. 4 10^45 10'444 101 261 -160 9,511 9^215 296 133 163 ......................................'. . .11 10,467 10,461 6 147 -141 9,473 9,125 348 139 209 ............................................18 10’447 10,447 191 -191 9,445 9,234 211 107 104 ...........................................25 10,620 10,572 48 182 -134 9,587 9,332 255 205 50 ....................................Oct. 2 10’647 10'648 -1 232 -233 9’616 9’341 275 106 1 69 .......................................... 9 10^884 10,821 63 205 -142 9,561 9^314 247 124 123 ............................................16 10,742 10’832 -90 107 -197 9'579 9’427 152 169 — 17 ...........................................23 10'904 10^810 94 228 -134 9,682 9,456 226 255 -29 ............................................30 10,645 10,721 -76 150 -226 9,658 9,404 254 185 69 11'054 10,’893 161 334 -173 9,685 9,406 279 212 67 ............................................13 10,838. 10,934 -96 251 -347 9^748 9’517 231 219 12 ....................... 20 10,900 10^846 54 282 -228 9 , 800 9’589 211 234 -23 ...........................................27 10,824 10,788 36 247 -211 9,810 9,575 235 197 38 ..................................Dec. 4 10,745 10^772 -27 199 -226 9'736 9'526 210 149 61 ............................................11 10,878 10^46 32 230 -198 9'800 9’568 232 196 36 ............................................18 10'973 10^942 31 260 — 229 9'961 9,691 270 168 102 ...........................................25 11,405 11 ,138 267 418 -151 10,113 9,761 352 197 155 .......................1969—Jan. 1 11,226 11 '301 -75 220 -295 10,087 9,808 279 223 56 .......................................... 8 11J 440 11'461 -21 264 -285 10’137 9,863 274 257 -17 ............................................15’- 11,371 11,364 7 369 -362 10^097 9,910 187 215 -28 ...........................................22* 11,080 11'115 -35 458 -493 10,102 9; 896 205 368 -163 ...........................................29* 1 Beginning Sept. 12, 1968, amount is based on close-of-business fig weeks ending on Wed. that fall within the month. Beginning with Jan. ures for reserve period 2 weeks previous to report date. 1964, reserves are estimated except for weekly averages. 2 This total excludes, and that in the preceding table includes, $51 Total reserves held: Based on figures at close of business through Nov. million in balances of unlicensed banks. 1959; thereafter on closing figures for balances with F.R. Banks and open ing figures for allowable cash; see also note 3 to preceding table. Note.—Averages of daily figures. Monthly data 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. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 8 MAJOR RESERVE CITY BANKS □ FEBRUARY 1969 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In. millions of dollars unless otherwise noted) Related transactions with Basic reserve position Interbank Federal funds transactions U.S. Govt, securities dealers Less— Net— Gross transactions Net transactions Reporting banks week a e n n d d ing— s E er x r v c e e e s s s 1 r a o t B w F o in r .R gs . F i b e n N d a t n e e e t r r k a l Sur o p r l us r P e e q a r u o v c i g f r e . e n d t ch P a u s r e s Sales a 2 c T tr t - o i a w o t n a n a s y s l - 2 b c o u P h f y a u n i s r n e e g t s s o S e f l a l l n i e n e s g t d L ea o t l a o e n r s s 3 de f r B i a r n o o o l g w e m r s r s 4 lo N a e n t s Banks funds deficit reserves banks banks trans. Total—46 banks 1968—Dec. 4............ 202 221 2,290 -2,309 20.2 4,672 2,382 2,132 2,540 250 1 ,111 108 1,003 11....... -16 200 3,355 -3'571 30.9 5,413 2,058 1,955 3,458 103 1 '388 126 1,262 18 101 360 3,156 -3,416 29.0 5,321 2,165 1 ,969 3,352 195 1 ;838 97 1,741 25............ 168 643 3,220 -3,695 31 .6 5,054 1,834 1 ,680 3,375 155 1 ,301 108 1 ,193 1969—Jan. 1............. 585 916 2,608 -2,940 24.2 4,426 1 ,818 1 ,642 2,784 176 1 ,336 139 1 ,197 8............ 114 186 3,028 -3,101 25.2 5,307 2,279 1 ,924 3,383 355 1 ,374 162 1 ,212 15............ -4 372 3^217 -3,593 28.2 5,568 2,351 1 ,854 3,714 497 1 ,038 134 904 22........... 53 431 2,260 -2,638 21.1 4^607 2,347 1 ,938 2,669 409 1 '092 106 986 29............ 27 260 955 -1J88 10,0 3,907 2,952 2'006 1,901 946 1 ,356 104 1,252 8 in New York City 140 69 395 -324 7.3 1 ,524 1 ,129 999 525 130 724 83 641 11............ -30 86 938 -1,054 23,4 1 ,918 981 979 940 2 877 101 776 18 69 104 1,154 -1,189 25.4 1 ,997 843 843 1,154 1 ,234 83 1 ,151 25............ 148 275 1 ,389 -1 ,515 33.2 1 '966 578 568 1 ,399 10 957 108 848 1969—Jan. 1............. 358 434 1 ,090 -1,165 24.1 1,634 544 513 1,121 30 976 139 837 8............ 65 1 ,403 -1 '338 27.3 2,166 764 762 1 ,404 1 969 141 828 15............ -4 136 1 ,410 -1 '550 30.0 2,333 923 819 1,514 104 847 115 732 22............ 29 86 635 -692 13.9 1,735 1 ,100 968 767 132 810 104 706 29............ 46 -129 175 3.8 I ,353 1 ,481 930 423 551 933 94 839 38 outside New York City 1968—Dec. 4............ 62 152 1 ,896 -1 ,985 28.2 3,149 1.253 1.133 2,016 120 387 25 362 11 14 114 2,417 -2,517 35.6 3,495 1 ,078 976 2,518 101 511 25 486 18............ 32 256 2,003 -2’,227 31 .3 3,324 1 ,322 1 ,127 2,198 195 604 14 590 25............ 20 368 1 ,831 -2,179 30.6 3,088 1,257 1 ,112 1 ,976 145 345 345 1969—Jan 1............. 226 483 1,518 -1,775 24.3 2,792 1,274 1 ,129 1 ,663 145 360 360 8............ 49 186 1 ,626 -1 '762 23.8 3,141 1 ,515 1 ,162 11979 353 405 21 383 15............ 1 237 1 ^807 -2,043 26.9 3,235 1 '428 1 ,035 2,200 393 191 19 172 22............ 24 346 1 625 -1 ,946 25.9 2^872 1 ,247 971 1 ,902 277 282 2 280 29............ -19 260 1 ,083 -1,363 18.7 2,554 1 ,471 1 ,075 1 ,479 395 423 10 414 5 in City of Chicago 1968—Dec. 4............ 23 9 361 -347 33.1 691 330 330 361 33 33 ] 1 3 613 -611 57.3 875 262 262 613 44 44 18........ 4 45 300 -341 31.7 741 440 369 372 72 36 36 25............ 20 149 385 -513 48.7 759 374 374 385 34 34 1969—jan {............. 31 188 269 -426 37.6 609 340 290 318 50 25 25 8 .. 21 55 323 -357 31.0 685 362 325 360 36 23 23 15 — 1 28 584 -612 49.7 811 227 227 584 10 10 22. . . 1 110 371 -480 40 0 651 280 273 377 6 15 15 29............ -1 9 101 -111 9.8 539 439 422 117 16 31 31 33 others 1968—Dec. 4............ 39 142 1 ,535 -1 ,638 27.4 2,458 923 803 1 ,655 120 354 25 329 Il............ 11 114 1 ,804 -1 ,907 31.8 2,620 816 715 1 ,905 101 467 25 442 18 28 212 1 ,702 -1 886 31.3 2,584 881 758 1 ,826 124 569 14 555 25............ — 1 219 1 ,446 -I ,666 27 5 2,329 883 738 1 ,591 145 311 311 195 295 1 ,249 -1 ,349 21,8 2,184 934 839 1 ,345 96 335 335 8............ 28 131 1 ,303 -1 ,406 22,4 2'457 1,154 837 1 J619 317 382 21 361 15............ 1 209 1 ,223 -1 '431 22.5 2,425 1 ;2oi 808 1 ,617 393 180 19 161 22............ 23 236 1 ,254 -1 ,467 23.3 2,222 968 697 1 ,524 271 267 2 264 29............ -19 251 982 — 1,252 20.4 2,015 1 ,032 653 1 ,361 379 392 10 383 1 Based upon reserve balances, including all adjustments applicable to 4 Federal funds borrowed, net funds acquired from each dealer by the reporting period. Prior to Sept. 25,1968, carryover reserve deficiencies, clearing banks, reverse repurchase agreements (sales of securities to if any, were deducted. Excess reserves for later periods are net of all carry dealers subject to repurchase), resale agreements, and borrowings secured over reserves. by Govt, or other issues. 2 Derived from averages for individual banks for entire week. Figure for each bank indicates extent to which its weekly average purchases Note.—Weekly averages of daily figures. For description of series and sales are offsetting, and back data, see Aug. 1964 Bulletin, pp. 944-74, 3 Federal funds loaned, net funds supplied to each dealer by clearing 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
FEBRUARY 1969 □ DISCOUNT RATES A 9 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under Advances and discounts under Advances under last par. Sec. 133 Federal Reserve Bank Secs. 13 and 13a 1 Sec. 10(b)2 Rate on Effective Previous Rate on Effective Previous Rate on Effective Previous Jan. 31 date rate Jan. 31 date rate Jan. 31 date rate Boston............................................. 5’4 Dec. 18, 1968 5’4 6 Dec 18 1968 534 6 Dec 18 1968 New York...................................... 514 Dec 18, 1968 514 6 Dec 18* 1968 534 7 Dec 18’ 1968 P C h le il v a e d la el n p d h . i . a .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . ........ 5 51 ’4 4 D D e e c c . 1 18 8 , 1 1 9 9 6 6 8 8 5 5 % *4 6 6 D D e ec c 1 1 8 8 1 1 9 9 6 6 8 8 5 5 % 34 6 7 iA D De e c c 1 IS 8 * 1 1 9 9 6 6 8 8 6 u 3 Z 4 4 C R A h t ic l i a h c n a m t g a o o . n . . . . d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 5 1 ’ ’4 6 6 D D D e e e c c c . . 1 1 1 8 8 8 , , , 1 1 1 9 9 9 6 6 6 8 8 8 5 5 5 * * 1 4 4 4 6 6 6 D D D e e e c c c . . 1 1 1 8 8 8 * ’ ’ 1 1 1 9 9 9 6 6 6 8 8 8 5 5 5 % 3 3 4 4 6 6 6 1 1 1 4 4 4 D D D e e e c c c 1 1 1 R 8 8 * ’ ’ 1 1 1 9 9 9 6 6 6 8 8 8 u 6 6 u1 1 Z Z 4 4 4 4 St. Louis......................................... 5*6 Dec. 20^ 1968 5’4 6 Dec. 20, 1968 5% 614 Dec. 20’ 1968 6’4 Minneapolis.................................... 5*6 Dec. 18’ 1968 514 6 Dec 18’ 1968 534 6’4 Dec 18 1968 Kansas City..................................... 514 Dec. 20, 1968 514 6 Dec. 20’ 1968 5’4 614 Dec 20 1968 Dallas.............................................. 5*/2 Dec 18, 1968 5*4 6 Dec. 18‘ 1968 534 614 Dec 18’ 1968 614 San Francisco................................. 5‘A Dec. 20,' 1968 5'4 6 Dec. 20, 1968 5’4 614 Dec^ 20^ 1968 6'4 1 Discounts of eligible paper and advances secured by such paper or by 2 Advances secured to the satisfaction of the F.R. Bank. Maximum U.S. Govt, obligations, or any other obligations eligible for Federal maturity: 4 months. Reserve Bank purchase, Rates shown also apply to advances secured 3 Advances to individuals, partnerships, or corporations other than by obligations of Federal intermediate credit banks maturing within 6 member banks secured by direct obligations of, or obligations fully months. Maximum maturity: 90 days except that discounts of certain guaranteed as to principal and interest by, the U.S. Govt, or any bankers’ acceptances and of agricultural paper may have maturities not agency thereof. Maximum maturity: 90 days. over 6 months and 9 months, respectively, and advances secured by FICB obligations are limited to 15 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date all F.R. of date all F.R. of date all F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1941........ 1 -1'4 1 1955—Cont. 1960 Sept. 9 ........................... 2 -2'4 24 June 3 ....................... • • ^ 4 1942 13 2'4 24 10 3*4 Apr. 11. 1 Nov. 18 2'4-24 24 14 34 3& Oct. 15. ;r 1 23 24 24 Aug. 12 3 -34 3 30. t’4 Sept. 9 3 3 1956 A M p a r y . 2 1 5 0. . 1946 t ’4 1 -1 1 1 A A u p g r. . 2 2 3 1 1 4 0 3 2 2 2 4 4 4 3 - - - 3 3 3 2 2 3 3 % % July 2 1 6 7 1963 3 3 - 4 34 1948 Jan. 12. 1 -1'4 14 1957 1964 19. 14 Aug. 9. 3 -34 3 Nov. 24. 34-4 4 Aug. 13. ............................. 14 23. 3’4 3’4 30........................... 4 4 23. 1’4 14 Nov. 15. 3 -314 3 1950 Dec. 2. 3 3 1965 Aug. 2 25 1 . . ........................... 14 1 - '4 14 1 1% 4 Jan. 22 ... 1 . 9 .. 5 .. 8 ................... 2’4-3 3 Dec. 1 6 3. 4 4 - 4 44 4 4' 4 4 24. 24-3 ? 1953 Mar. 7............................ 24-3 1967 Jan. 16. 1'4-2 2 13. 2'4-24 24 Apr. 7. 4 -44 4 23. 2 2 21. 24 24 14............................ 4 4 Apr. 18. 14-24 1’4 Nov. 20. 4 -4’4 ^ 1954 May 9. 1% 1’4 27. 44 Feb. 5 1'4-2 1’4 Aug. 15. 14-2 1’4 A M p a r y . 1 1 2 1 6 4 1 5 . . . . ............................. W 1 1' 4 4 1 1 11 ’4 * S O N e c o p t v . t . . 2 2 1 7 3 4 2 . . . . ........................... 2 1 ’4 2 2 - - 4 2 24 2 2 2 2’4 M Ap a r r . . 2 1 1 2 5 9 . . . 1968 4 5 4 5 - — 5 5 4 4 5 5^ 4 1955 1959 26. 54 54 A A M u p a r g y . . 1 1 4 2 4 5 . . . . 1 1 1 ' 4 4 4 1 - - ’ - 4 1 1 2 ' ' ‘4 4 4 1 1 1 ’ 4 4 4 J M M u a a n r y e . 2 1 1 6 9 2 6 . . . . 2 3 4 3 3 - - 4 3 3 4 3 3 3 3 ! ’4 4 D A e u c g . . 2 3 1 1 0 0 8 6 . . . ............................ 5 5 4 4 5 5 - - 4 4 5 5 4 4 5 5 5 5 4 4 4 4 5. 1’4-24 2 Sept. 11. 34-4 4 12.............................. 2 -24 2 18....................... • • 4 4 In effect Jan. 31............... 5 4 5 4 t Preferential rate of one-half of 1 per cent for advances secured by in the following periods (rates in percentages): 1955—May 4-6, 1.65; U.S. Govt, obligations maturing in 1 year or less. The rate of 1 per cent Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. was continued for discounts of eligible paper and advances secured by 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29, such paper or by U.S. Govt, obligations with maturities beyond 1 year. 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, Note.—Discount rates under Secs. 13 and 13a (as described in table 2.75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24, above). For data before 1942, see Banking and Monetary Statistics, 28, 30, 31,3.875; 1965—Jan. 4-8, 3.875; 1968—Apr. 4, 5,11, 15, 16,5.125; 1943, pp. 4 3 9—42. ' Apr. 30, 5.75; May 1-3, 6, 9, 13-16, 5.75; June 7, 11-13, 19, 21,24,5.75; The rate charged by the F.R. Bank of N.Y. on repurchase contracts July 5, 16, 5.625; Aug. 1 6, 19, 5.25. against U.S. Govt, obligations was the same as its discount rate except Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 10 RESERVE AND MARGIN REQUIREMENTS □ FEBRUARY 1969 RESERVE REQUIREMENTS OF MEMBER BANKS (Per cent of deposits) Dec. 31, 1949, through July 13, 1966 Beginning July 14, 1966 Net demand Net demand Time deposits 4 deposits 2 deposits 2 (all classes of banks) Time depos its Reserve Country Other Effective date 1 b C r a e e c s n n i e k t t r y r s v a e 3 l b s c R a e i r n t e v y k e s C ba t o r n u y k n s b cl a ( a o n a s f l k s l e s s ) Effective date 1 Un c d it e y r ban O k v s er Unde b r a nks Over d S i e n i p a t g s v o s s U t n im de e r d ep O os v i e ts r $5 mil $5 mil $5 mil $5 mil $5 mil $5 mil lion lion lion lion lion lion In effect Dec. 31, 1949........ 22 18 12 5 1966—July 14,21........ 5 16% 5 12 54 34 5 Sept, 8, 15........ 6 1951—Jan. 11,16............... 23 19 13 6 Jan. 25; Feb. 1.... 24 20 14 1967—Mar. 2.............. 3^ 3^ 1953—July 9, 1................. 22 19 13 Mar. 16.............. 3 3 1954—June 24; 16............... 21 5 July 29; Aug. 1.... 20 18 12 1968—Jan. 11,18........ 16% 17 12 12% 1958—Feb. 27, Mar. 1.... 171/z I!* Mar. 20, Apr. 1.... 17 In effect Jan. 31, 1969.. 16% 17 12 12% 3 3 6 11* ........ "i^’ Present legal 17% requirement: Nov. 24..................... 12 Minimum.................. 10 7 3 3 3 Dec. 1..................... 16% Maximum.................. 22 14 10 10 10 1962—July 28..................... G) Oct. 25, Nov. 1.... 4 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 deposits minus cash items in process of collection and demand balances Note.—All required reserves were held on deposit with F.R. Banks due from domestic banks. June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member 3 Authority of the Board of Governors to classify or reclassify cities banks were allowed to count part of their currency and coin as reserves; as central reserve cities was terminated effective July 28, 1962. effective Nov. 24, 1960, they were allowed to count all as reserves. For further details, see Board’s Annual Reports. MARGIN REQUIREMENTS (Per cent of market value) Effective date Regulation Apr. 23, Jan. 16, Aug. 5, Oct. 16, July 28, July 10, Nov. 6, Mar. 11, June 8, 1955 1958 1958 1958 1960 1962 1963 1968 1968 Regulation T: For credit extended by brokers and dealers on— Listed stocks............................................ 70 50 70 90 70 50 70 70 80 Listed bonds convertible into stocks................ 50 60 For short sales....................................................... 70 50 70 90 70 50 70 70 80 Regulation U; For credit extended by banks on— Stocks.............................................................. 70 50 70 90 70 50 70 70 80 Bonds convertible into listed stocks................... 50 60 Regulation G: For credit extended by others than brokers and dealers and banks on— Listed stocks........................................................ 70 80 Bonds convertible into listed stocks................. 50 60 Note,—Regulations G, T, and U, prescribed in accordance with the ing the credit; margin requirements are the difference between the market Securities Exchange Act of 1934, limit the amount of credit to purchase and value (100 per cent) and the maximum loan value. carry registered equity securities that may be extended on certain secu Regulation G and special margin requirements for bonds convertible rities by prescribing a maximum loan value, which is a specified percentage into stocks were adopted by the Board effective Mar. 11, 1968. of the market value at the time of extension of these securities collateraliz Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ MAXIMUM INTEREST RATES; BANK DEPOSITS A 11 MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS (Per cent per annum) Rates Jan. 1, 1962—July 19, 1966 Rates beginning July 20, 1966 Effective date Effective date Type of deposit Type of deposit Jan. 1, July 17, Nov. 24, Dec. 6, July 20, Sept. 26, Apr. 19, 1962 1963 1964 1965 1966 1966 1968 Savings deposits: 1 Savings deposits .............................. 4 4 4 L 12 e s m s o th n a t n h s 1 o 2 r m m o o n r t e h . s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 3 ft 4 3ft } 4 4 Ot M he u r lt t i i p m le e m de a p t o u s r i i t t s y : : 2 3 90 days or more....................... 5 5 5 Other time deposits: 2 T.ess than 90 days.................... 4 4 4 (30-89 days) 12 months or more........................ 4 } 4 | 5ft Single-maturity: 6 months to 12 months................. 314 4ft 5ft 5 5 90 days to 6 months...................... 2ft $100,000 or more: Less than 90 days........................... 1 1 4 30—59 days........................ 5ft (30-89 days) ’ 60-89 days............................ 5ft 90-179 days.............. 5ft 5ft 6 180 days and over............... 6ft 1 Closing date for the Postal Savings System was Mar. 28, 1966. Max Note.—Maximum rates that may be paid by member banks as estab imum rates on postal savings accounts coincided with those on savings lished by the Board of Governors under provisions of Regulation Q; deposits. however, a member bank may not pay a rate in excess of the maximum 2 For exceptions with respect to certain foreign time deposits, see rate payable by State banks or trust companies on like deposits under Bulletins for Oct. 1962, p. 1279; Aug. 1965, p. 1084; and Feb. 1968, the laws of the State in which the member bank is located. Beginning p. 167. Feb. 1, 1936, maximum rates that may be paid by nonmember insured 3 Multiple-maturity time deposits include deposits that are automati commercial banks, as established by the FDIC, have been the same as cally renewable at maturity without action by the depositor and deposits those in effect for member banks. that are payable after written notice of withdrawal. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks All All Item m b e a m n b k e s r Y N o e r w k C o it f y Other C b o a u n n k t s ry Item m b e a m nk b s er Y N o e r w k C o it f y Other C b o a u n n k t s ry City Chicago City Chicago Four weeks ending Dec. 4, 1968 Four weeks ending Jan. 1, 1969 Gross demand—Total.... 172,555 37,692 7,133 61,412 66,318 Gross demand—Total... 178,740 39,435 7,477 63,961 67,867 Interbank................... 20,468 7,795 1 ,377 8,832 2,464 Interbank...................... 20,662 7,875 1 ,358 8,887 2,543 U.S. Govt.................. 3,273 425 129 1,225 1 ,497 U.S. Govt..................... 4,244 654 186 1 ,695 1,710 Other.......................... 148,811 29,471 5,627 51,356 62,357 Other........................... 153,833 30,906 5,934 53,379 63,614 Net demand 1................... 130,050 22,550 5,052 46,915 55,533 Net demand i................. 136,710 24,894 5,563 49,043 57,210 Time................................. 162,579 21,101 6,233 62,104 73,141 Time................................. 163,848 21 ,216 6,252 62,695 73,684 Demand balances due Demand balances due from dom. banks...... 9,671 445 612 2,120 6,494 from dom. banks.... 9,673 430 501 2,277 6,465 Currency and coin........... 4,539 377 80 1 ,413 2,669 Currency and coin.......... 4,759 407 85 1 ,476 2,791 Balances with F.R. Balances with F.R. Banks............................ 22,349 4,666 1 ,092 9,493 7,097 Banks........................... 22,521 4,778 1,107 9,525 7,111 Total reserves held.......... 26,887 5,043 1,172 10,906 9,766 Total reserves held...... 27,280 5,185 1,193 11,000 9,902 Required.. ............... 26,599 5,032 1,167 10,880 9,521 Required................... 26,845 5,093 1,191 10,925 9,636 Excess........................ 287 11 5 26 245 Excess....................... 435 92 2 75 266 1 Demand deposits subject to reserve requirements are gross demand Note.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 12 FEDERAL RESERVE BANKS □ FEBRUARY 1969 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1969 1969 1968 Jan. 29 Jan. 22 Jan.15 Jan. 8 Jan. 1 Jan. 31 Dec. 31 Jan. 31 Assets Gold certificate account................................................. 10,025 10,025 10,025 10,025 10,026 10,025 10,026 11,484 Cash................................................................................ 228 225 214 203 207 236 207 409 Discounts and advances: Member bank borrowings......................................... 926 861 957 180 188 862 188 843 Other.............................7........................................... Acceptances: Bought outright.......................................................... 50 50 53 57 58 50 58 63 Held under repurchase agreements........................... 20 Federal agency obligations—Held under repurchase agreements...................................................... U.S. Govt, securities: Bought outright: Bills......................................................................... 18,144 18,303 18,006 18,541 18,756 17,946 18,756 15,773 Certificates—Special............................................... Other.......................... Notes....................................................................... 28,706 28,706 28,706 28,706 28,706 28,706 28,706 26,952 Bonds....................................................................... 5,475 5,475 5,475 5,475 5,475 5,475 5,475 6,130 Total bought outright............................ 52,325 52,484 52,187 52,722 52,937 52,127 52,937 48,855 Held under repurchase agreements. 237 Total U.S. Govt, securities........................................... 52,325 52,484 52,187 52,722 52,937 52,127 52,937 49,092 Total loans and securities.............................................. 53,301 53,395 53,197 52,959 53,183 53,039 53,183 50,018 Cash items in process of collection................. 8,637 9,568 10,508 9,695 9,462 8,015 9,462 7,105 Bank premises................................................................ 114 113 113 112 113 113 113 112 Other assets: Denominated in foreign currencies................... 1,984 2,083 2,076 2,035 2,061 1 ,883 2,061 1,470 IMF gold deposited2............................................... 231 231 231 231 230 231 230 233 All other...................................................................... 631 597 562 525 603 639 603 462 Total assets..................................................................... 75,151 76,237 76,926 75,785 75,885 74,181 75,885 71,293 Liabilities F.R. notes.................................................................... 42,991 43,253 43,704 44,166 44,726 42,829 44,726 40,277 Deposits: Member bank reserves............................................... 22,902 23,193 22,454 21 ,758 21,818 23,124 21,818 21,838 U.S. Treasurer—General account............................. 498 337 613 762 703 517 703 1,153 Foreign........................................................................ 124 196 230 216 216 126 216 160 Other; IMF gold deposit2.................................................. 231 231 231 231 230 231 230 233 All other.................................................................. 242 265 280 238 517 297 517 230 Total deposits................................................................. 23,997 24,222 23,808 23,205 23,484 24,295 23,484 23,614 Deferred availability cash items.................................... 6,326 6,960 7,652 6,695 6,020 5,162 6,020 5,689 Other liabilities and accrued dividends......................... 358 375 387 399 395 402 395 318 Total liabilities.................................. 73,672 74,810 75,551 74,465 74,625 72,688 74,625 69,898 Capital accounts Capital paid in............................................................... 633 633 633 628 630 635 630 606 Surplus............................................................................ 630 630 630 630 630 630 630 598 Other capital accounts................................................... 216 164 112 62 228 191 Total liabilities and capital accounts............................ 75,151 76,237 76,926 75,785 75,885 74,181 75,885 71,293 Contingent liability on acceptances purchased for foreign correspondents.............................................. 105 107 108 111 109 104 109 141 U.S. Govt, securities held in custody for foreign account................................................................. 7,954 7,924 8,134 8,434 9,120 7,893 9,120 8,861 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)..................... 46,927 47,112 47,311 47,439 47,560 46,854 47,560 43,597 Collateral held against notes outstanding: Gold certificate account........................................ 3,472 3,547 3,547 3,977 4,057 3,507 4,057 6,663 U.S. Govt, securities................................................. 45,171 45,171 45,171 44,781 44,691 45,116 44,691 38,566 Total collateral............................................................... 48,643 48,718 48,718 48,758 48,748 48,623 48,748 45,229 1 Reflects securities sold, and scheduled to be bought back, under matched sale-purchase transactions. 2 See note 1(b) to table at top of p. A-73. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 31, 1969 (In millions of dollars) Phila- Kan San Item Total Boston New del- Cleve- Rich- Atlan- Chi- St. Minne- sas Dallas Fran- York phia land mond ta cago Louis apolis City cisco Assets Gold certificate account.............. 10,025 540 2,397 521 765 981 498 1 ,725 347 183 406 459 1,203 F.R. notes of other banks................... 1 ,341 121 264 88 126 128 157 89 47 26 35 70 190 Other cash............................................ 236 13 23 7 29 18 28 29 25 5 17 13 29 Discounts and advances: Secured by U.S. Govt, securities.... 677 68 137 30 8 53 29 166 49 12 37 15 73 Other................................................. 185 91 50 25 2 17 Acceptances: Bought outright............................... 50 ............50 Held under repurchase agreements.. Federal agency obligations—Held under repurchase agreements.......... U.S. Govt, securities: Bought outright................................ 52,127 2,678 13,477 2,645 3,985 3,754 2,757 8,572 1 ,829 1 ,012 1,921 2,121 7,376 Held under repurchase agreements.. Total loans and securities.................... 53,039 2,746 13,755 2,725 3,993 3,807 2,811 8,738 1 ,880 1 ,024 1 ,975 2,136 7,449 Cash items in process of collection. . . 10,128 583 1 ,898 522 724 752 1 ,024 1 ,688 486 337 748 553 813 Bank premises...................................... 113 3 10 2 5 10 18 17 8 3 19 9 9 Other assets: Denominated in foreign currencies.. I ,883 90 1479 98 168 98 120 279 66 43 81 107 254 IMF gold deposited 2...................... 231 231 All other........................................... 639 33 165 33 50 46 35 101 23 14 24 26 89 Total assets.......................................... 77,635 4,129 19,222 3,996 5,860 5,840 4,691 12,666 2,882 1,635 3,305 3,373 10,036 Liabilities F.R. notes............................................. 44,170 2,564 10,230 2,530 3,603 4,031 2,348 7,877 1 ,633 750 1 ,631 1 ,519 5,454 Deposits: Member bank reserves................. 23,124 967 6,321 989 1 ,567 1 ,091 1 ,406 3,312 840 591 1 ,043 1 ,329 3,668 U.S. Treasurer—General account.. 517 1 507 3 * * 1 1 1 2 Foreign.............................................. 126 5 •M3 6 10 6 7 16 4 3 5 6 15 Other: IMF gold deposit 2 . . .................. 231 231 All other....................................... 297 * 247 1 I 9 1 14 * 2 2 1 19 Total deposits....................................... 24,295 973 7,349 999 1 ,578 1,106 1,415 3,343 845 596 1 ,051 1 ,336 3,704 Deferred availability cash items......... 7,275 499 1,163 369 517 592 815 1 ,156 338 248 546 420 612 Other liabilities and accrued dividends 402 20 103 20 30 28 20 65 14 8 14 16 64 Total liabilities.................................... 76,142 4,056 18,845 3,918 5,728 5,757 4,598 12,441 2,830 1 ,602 3,242 3,291 9,834 Capital accounts Capital paid in.................................... 635 31 161 33 58 33 41 94 22 15 27 36 84 Surplus................................................. 630 31 160 33 56 33 40 93 22 14 27 36 85 Other capital accounts......................... 228 11 56 12 18 17 12 38 8 4 9 10 33 Total liabilities and capital accounts.. 77,635 4,129 19,222 3,996 5,860 5,840 4,691 12,666 2,882 1,635 3,305 3,373 10,036 Contingent liability on acceptances purchased for foreign correspond ents............................. 104 5 426 5 9 5 7 16 4 2 5 6 14 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)................................................ 46,854 2,689 10,871 2,627 3,884 4,226 2,541 8,272 1 ,706 786 1 ,716 1 ,689 5,847 Collateral held against notes out standing: Gold certificate account.................. 3,507 200 500 300 560 585 .......1 ..,.0..00 180 27 ............ 155 ............ U.S. Govt, securities....................... 45,116 2,531 10,600 2,500 3,400 3,675 2,650 7,650 1 ,670 785 1 ,775 1 ,630 6,250 Total collateral..................................... 48,623 2,731 11,100 2,800 3,960 4,260 2,650 8,650 1 ,850 812 1,775 1 ,785 6,250 1 After deducting $1,404 million participations of other F.R. Banks. 3 After deducting $83 million participations of other F.R, Banks. 2 See note 2 to table at bottom of page A-73. 4 After deducting $78 million participations of other F.R. Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 14 OPEN MARKET ACCOUNT □ FEBRUARY 1969 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt, securities by maturity Total Treasury bils 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 t d io e n m s p c G p h r u a o s r s e s s G sa r l o e s s s Re t d io 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 m s a h t o i u r f r t s it , 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 a x t o u c r r h i . t y redemp shifts tions 1967 Dec 622 250 622 250 169 -73 1968 Jan 1,488 1,593 20 1,410 1,593 20 52 Feb,............ 967 770 100 917 770 100 50 7,658 -8,497 Mar ,.. , .. 1,550 567 305 1,212 567 305 51 208 Apr .......... 1 ,761 982 167 1,651 982 167 58 41 May............ 1,168 784 1,098 784 10 -3,566 41 -73 1 ,894 289 1,693 ‘’ 289'' 54 308 88 -308 July. 404 409 65 404 409 65 Aug , ..... 1,111 140 87 1,028 140 87 14 -4,778 24 142 Sept 5,515 5,605 115 5,403 5,605 115 31 31 Ocf 2,736 2,246 2,601 2,246 53 308 27 -308 Noy 3,602 3,430 150 3,602 3,430 150 -6,293 5,586 Dec 6,100 6,334 180 6,100 6,334 180 358 -358 Outright transactions in U.S. Govt, securities—-Continued Repurchase Bankers’ agreements Federal acceptances (U.S. Govt, Net agency 5-10 years Over 10 years securities) change obliga Month in U.S. tions Under Net c G h p r a u o s r s e s s G sa r l o e s s s o E t s r u h x r i m c f it h t y a s . c G h p r a u o s r s e s s G sa r l o e s s s o E t s r u h x r i m c f it h t y a s . c G p h r u a o s r s e s s G sa r l o e s s s G s i e t o i c v e u s t. r p ( m a u n g r e e r c t n e h t r e a s e ) s e r O i n g u e h t t t , a r m c g e h n e p r a e n e u t s e t r e s , change 1 1967 Dec -96 545 736 182 15 16 89 302 1968—Jan....... 21 5 1,136 1,031 -20 -38 -12 -69 -139 Feb.. .. 839 968 1,205 -140 -7 -20 -166 Mar.... 64 15 657 596 739 57 -1 35 830 Apr.. . . 8 3 1 ,832 1,627 815 -45 2 -5 766 May... 18 3,638 1 2,488 2,753 119 -12 -1 -30 75 June... 50 10 1 ,560 1,560 1,605 3 75 1,683 July. .. 1,145 908 166 -2 -32 132 Aug.... 34 4,636 12 2,497 2,734 647 -5 -43 599 Sept.. . . 45 5 440 235 9 -4 39 280 Oct..,.. 50 7 790 1,230 50 -9 9 -39 11 708 980 980 21 2 23 1 ,369 1 ,369 -414 * -414 1 Net change in U.S. Govt, securities, Federal agency obligations, and Note.—Sales, redemptions, and negative figures reduce System hold bankers’ acceptances. ings; all other figures increase such holdings. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) Pounds Belgian Canadian Danish French German Italian Japanese Nether Swiss End of period Total sterling francs dollars kroner francs marks lire yen lands francs guilders 1967—oct................................ 953 898 3 1 46 1 1 3 Nov.........................,.. 1,307 1,140 19 3 1 140 1 1 ♦ 2 Dec............................. 1,604 1,140 45 3 1 413 1 1 ♦ 2 1968 Jan................................ 1,470 1,142 45 253 1 25 1 1 ♦ 3 Feb................................ 1 ,489 1,152 50 253 1 27 1 4 Mar............................. 1 ,542 1,197 50 253 1 33 2 1 2 4 Apr............................... 1 ,536 1,195 50 256 1 26 2 1 2 4 Mpy............................ 1 '926 1,544 50 256 1 67 2 1 2 4 June.......................... • • 1,009 503 52 132 25 101 134 1 57 4 July.............................. 1,217 851 52 8 25 151 69 1 1 57 2 Aug............................... 1 ,055 601 53 4 25 235 75 1 1 57 3 Sept............................. 1 ,281 698 13 4 452 75 1 1 33 3 Oct............................... 1 ,273 694 124 4 ..........3..7..8.. 65 1 1 4 3 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ FEDERAL RESERVE BANKS; BANK DEBITS A 15 MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1969 1969 1968 Jan. 29 Jan. 22 Jan. 15 Jan. 8 Jan. 1 Jan. 31 Dec. 31 Jan. 31 Discounts and advances—Total.................................... 926 861 957 180 188 862 188 843 Within 15 days............................................................ 922 859 950 175 186 857 186 818 16 days to 90 days...................................................... 4 2 7 5 2 5 2 25 91 days to 1 year.................................................... Acceptances—Total........................................................ 50 50 53 57 58 50 58 83 Within 15 days............................................................ 9 11 12 15 16 8 16 32 16 days to 90 days...................................................... 41 39 41 42 42 42 42 51 U.S. Government securities—-Total.............................. 52,325 52,484 52,187 52,722 52,937 52,127 52,937 49,092 Within 15 days........................................................... 2,762 2,664 1 ,427 1 ,570 2,017 10,128 1,341 2,718 16 cays to 90 days...................................................... 16,835 16,958 17,491 17,738 17,567 9,409 18,243 7,662 91 days to 1 year........................................................ 8,294 8,428 8,835 8,980 8,919 8,156 8,919 21,062 Over 1 to 5 years........................................................ 12,880 12,880 12,880 12,880 12,880 12,880 12,880 16,237 Over 5 yeaas to 10 years............................................. 10,943 10,943 10,943 10,943 10,943 10,943 10,943 853 Over 10 years..................................................... 611 611 611 611 611 611 611 560 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 (billions of dollars) Turnover of demand deposits Period T 2 o 3 t 3 a l Leading SMSA’s T S o M ( t e a x S l c A l 2 . 3 ’s 2 o 2 th 2 e 6 r T 2 o 3 t 3 a l Leading SMSA’s T S o ( M t e a x S l c A l 2 . 3 ’s 2 o 2 th 2 e 6 r SMSA’s N.Y. 6 others2 N.Y.) SMSA’s SMSA’s N.Y. 6 others2 N.Y.) SMSA’s 1967 Dec.............................. 7,047.0 3,149.7 1,515.4 3,897.3 2,381.9 58.5 122.1 54.6 41.1 35.3 1968 Jan............................... 7,369.4 3,323.4 1,584.8 4,046.0 2,461.2 60.2 128.5 55.6 41.6 36.0 Feb............................... 7^263.9 3'216.8 1,593.3 4,047.1 2,453.8 59.8 129.2 56.9 42.1 36.1 Mar.............................. 7'218.7 3'197.9 1,601.6 4,'020.8 2.'419.2 59.3 128.2 56.5 41.6 35.7 Apr............................... 7^500.7 3.285.5 1,673.5 4,215.2 2,541.7 59.7 126.7 57,4 42.3 36.2 May............................. 7,614.0 3,370.6 1,722.0 4,243.4 2,521.4 61.0 129.5 58.8 43.0 36.1 7'948.5 3’595.0 1’771.0 4'353.5 2’582.5 62.4 131,4 59.5 43.4 36.6 July............................ 8,163.0 3,726.1 1^807.9 4^436.9 2,629.0 64.3 140.3 59.9 43.7 37.0 Aug........................................ 8,521.8 4,079.6 1,825.2 4'442.2 2,617,0 65.2 147.7 60.8 43.7 36.5 Sept.............................. 8'368.4 3.857.8 1’840.2 4'510.6 2,670.4 64.7 144.7 61.3 43.8 36.7 Oct............................... 8,599.8 3,953.7 1,904.9 4,646,1 2,741.2 66.3 143.1 64.4 45.6 37.7 Nov.............................. 8,540.1 3,925.9 1,904.1 4,614,2 2,710.1 66.5 144,6 63.0 44.9 37.4 Dec............................. 8’752.9 4,076.8 1,902.4 4^676.1 2'773.7 65.9 147.7 61.1 44,5 37.5 1969—Jan............................... 8,733.3 3,896.7 2,007.7 4,836.6 2,828.9 64.9 137.0 65.7 45.7 38.3 1 Excludes interbank and U.S. Govt, demand deposit accounts. Note.—Total SMSA’s includes some cities and counties not designated 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as SMSA’s. Los Angeles-Long Beach. 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
A 16 U.S. CURRENCY n FEBRUARY 1969 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in cir cula tion 1 Total Coin $1 2 $2 $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..................... 11J60 8320 751 695 44 l',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 J68 20^020 1,404 1348 65 2'110 6,275 9,119 8 850 2 J48 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 22321 1 327 1,312 75 2'151 6,617 9.940 9 J36 2'736 5 641 307 438 3 12 1958..................... 32 J93 22356 2 J82 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 1960..................... 32,869 23'521 2'427 1,533 88 2'246 6’691 10,536 9’348 2,815 5,954 249 316 3 10 1961..................... 33'918 24'388 2'582 1 J88 92 2,313 6378 10335 9,531 2369 6,106 242 300 3 10 1962..................... 35'338 25'356 2'782 1,636 97 2'375 7'071 11395 9383 2'990 6,448 240 293 3 10 1963..................... 37'692 26,807 3’030 1,722 103 2'469 7'373 12,109 10,885 3321 7,110 249 298 3 4 1964..................... 39’619 28 J00 3JO5 1,806 Hl 2'517 7’543 12,717 11,519 3'381 7,590 248 293 2 4 1965..................... 42,056 29342 4 027 1 ’908 127 2'618 7'794 13369 12,214 3340 8 135 245 288 3 4 1966..................... 44’663 31’695 4380 2,051 137 2’756 8,070 14,201 12,969 3,700 8 735 241 286 3 4 1967—Nov........... 46,463 32,937 4,865 1,965 136 2,748 8,266 14,95713,524 3,832 9,163 239 283 3 4 47,226 33,468 4 918 2 035 136 2350 8,366 15 16213’758 3 915 9 311 240 285 3 4 1968—Jan............ 45,819 32,232 4,927 1,923 136 2,686 7,977 14,583 13,588 3,835 9,221 240 285 3 4 Feb........... 45 ,'846 32,284 4,'969 1 '895 136 2,665 8,000 14,619 13,563 3 320 9’213 239 284 3 4 46’297 32’,664 5,049 1,857 136 2'676 8394 14,85213332 3'840 9,261 239 285 3 4 46,621 32 938 5 137 1 875 136 2 684 8 104 15 002 13 683 3 857 9 293 240 286 3 4 47,202 33,414 5,231 1 ,883 136 2,727 8,230 15,207 13,787 3,894 9*360 240 286 3 4 47'640 33 745 5 309 1,860 136 2,'728 8,287 15 42413 895 3,932 9 430 240 286 3 4 July........... 47,979 33,963 5,385 1,871 136 720 8,261 15,59014,015 3,971 9 511 240 286 3 4 48,353 34,238 5,449 1,863 136 2,728 8,309 15,753 14'115 3,999 9 581 240 287 3 4 48,340 34 J61 5,498 1,872 136 2’,732 8,269 15 35414,179 4,002 9,641 241 288 3 4 48'719 34'421 5'565 1 ,'900 136 2,763 8,336 15,722 14,299 4,'028 9,734 241 289 3 4 49 J89 35 J89 5 325 1 ',957 136 2,862 8 327 16’282 14 J00 4392 9,869 242 290 3 4 Dec........... 50,961 36 J 63 5 391 2349 136 2393 8,786 16'508 14,798 4,186 10,068 244 292 3 4 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break Note.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 Held by Total out Kind of currency s D ta e 1 n c 9 . d 6 8 i 3 n 1 g , A g a s o g l s d a e i c n a u n s r t d i t y Treasury B F F a . n o R r k , s B F a a n . n R d k . s 1968 1967 silver cash and Agents Dec. 31 Nov. 30 Dec. 31 certificates Agents Gold................................................................................ 10,367 (10,026) 2341 Gold certificates............................................................. (10,026) 310,026 1 Federal Reserve notes....................................... 47,560 73 2,834 44,653 43,750 41,545 Treasury currency—Total........................................... 6,795 281 206 6,308 6,239 5,681 Standard silver dollars................................................... 485 ................. 3 • ................ 482 482 482 Silver certificates............................................................ 371 Fractional coin........................................................ 5,680 269 202 5,209 5,144 4,436 United States notes.................................................... 323 9 4 310 306 306 In process of retirement4.......................................... 308 308 308 86 Total—Dec. 31, 1968.................................................... 564,722 (10,026) 695 10,026 3,041 50,961 Nov. 30, 1968.................................................... 563,562 (10,026) 742 10,024 2,807 49,989 Dec. 31, 1967.................................................... 563,077 (11,854) 1 ,344 11,479 3,028 47,226 1 Outside Treasury and F.R. Banks. Includes any paper currency held 5 Does not include all items shown, as some items represent the security outside the United States and currency and coin held by banks. Esti for other items; gold certificates are secured by gold, and silver certificates mated totals for Wed. dates shown in table on p. A-5. by standard silver dollars and monetized silver bullion. Duplications 2 Includes $230 million gold deposited by and held for the International are shown in parentheses. Monetary Fund. 3 Consists of credits payable in gold certificates, the Gold Certificate Note.—Prepared from Statement of United States Currency and Coin Fund—Board of Governors, FRS. and other data furnished by the Treasury. For explanation of currency 4 Redeemable from the general fund of the Treasury. reserves and security features, see the Circulation Statement or the Aug. 1961 Bulletin, p. 936. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ MONEY SUPPLY; BANK RESERVES A 17 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. deposits deposits Govt, Total c C om ur p r o e n nc e y n t D d e e m po a s n it d jus a t d ed 1 Total c C om ur p r o en n c e y n t D d e e m po a s n it d jus a t d ed i d d e e p m o a s n it d s i component component 1965—Dec................................................... 166.8 36.3 130.5 146.6 172.0 37.1 134.9 145.2 4 6 1966—Dec................................................... 170.4 38 3 132.1 158.1 175.8 39.1 136.7 156 9 3 4 1967—Dec................................................... 181.3 40 4 140 9 183 5 187 1 41.2 145 9 182 0 5 0 1968—’Jan....................... 182.3 40.6 141.7 184.1 187.6 40.5 147.1 183.7 5.0 Feb................................................... 182.7 40 7 141.9 185.2 181.4 40.3 141.1 185 8 7 2 Mar.................................................. 183.4 41 1 142.2 186 7 182.0 40.7 141 2 187 7 6 6 Apr................................................... 184.3 41 4 143.0 187.1 185.6 41.1 144.5 187 9 42 May............................................... 186.1 41.6 144.5 187.6 182.5 41.3 141.1 188.4 6.4 June................................................. 187.4 42 0 145.4 188.2 185.6 41.9 143.6 188.6 5 4 July................................................. 189.4 42 2 147.2 190.4 187.2 42.4 144.8 190.8 5 7 Aug..................................... 190.3 42.6 147.6 193.8 186.9 42.7 144.2 194.4 5.5 Sept.................................................. 189.5 42.7 146.7 196.6 188.6 42.7 145.8 196.2 5.9 Oct................................................... 190.2 42.8 147.4 199.5 190.6 42.9 147.7 199.1 6.1 Nov................................................ 191.9 43 2 148.7 201.9 193.4 43.7 149.7 200 7 4 2 Dec................................................... 193.1 43.4 149.6 204.3 199.2 44.3 154.9 202.5 4.8 1969—Jan................................................... 193.7 43.6 150.1 202.5 199.5 43.5 156.0 202.1 4.2 Week ending— 1968 Dec. 4.......................................... 192.9 43.5 149.4 203.7 195.9 44.1 151.8 201.9 3.3 11......................................... 193.1 43.5 149.6 204.1 197.0 44.4 152.6 202.4 3.2 18.......................................... 192.7 43.4 149.2 204.5 199.2 44.4 154.9 202.6 4.5 25.......................................... 192.7 43.4 149.3 204.6 199.3 44.7 154.6 202.6 6.8 1969—Jan. 1............................................ 193.7 43.4 150.3 204.1 203.7 43.9 159.8 202.7 5.2 8.......................................... 195.4 43.5 151.9 203.3 204.0 44.1 159.9 202.5 4.3 15.......................................... 193.8 43.5 150.3 202.8 201.3 43.6 157.7 202.4 2.7 22p...................................... 193.6 43.6 150.0 202.1 198.4 43.4 155.0 201.9 4.4 29"........................................ 191.8 43.7 148.1 201.5 194.4 43.1 151.3 201.7 6.7 1 At all commercial banks. mercial banks and the U.S. Govt., less cash items in process of collection le N tin o , t e p . p — . F A o - r 9 2 r — ev A is - e 9 d 7 . se F r o ie r s m b o e n gi t n h n ly in g d a J ta a n 1 . 9 1 4 9 7 6 -5 3 8 , , s s e e e e J J u u n n e e 1 1 9 9 6 6 8 4 B B u u l l a r b e n a n d n c k y F s . . o R u . T t s f i i l m d oa e e t ; t d h ( e 2 e p ) T o f s o r i e r t a s e i s g u a n r d y j d , u e s F m te . a R d n . d a B r b a e a n l k a ti n s m , c e e a s n d a d e t p v F o a . s R u it l . s t s B a o a t n f k a a s l l ; l l a c c n o o d m m m ( m 3 e ) e r r c c c u i i a a r l l letin, pp. 679-89; and for data for 1959-62, see Aug. 1967 Bulletin, banks other than those due to domestic commercial banks and the pp. 1303-16. U.S. Govt. Effective June 9, 1966, balances accumulated for payment of Averages of daily figures. Money supply consists of (1) demand personal loans were reclassified for reserve purposes and are excluded from deposits at all commercial banks other than those due to domestic com 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 t t o s 2 Member bank reserves1 re D se e r p v o e s i r t e s q s u u i b re je m ct e n to ts 2 Period Total r N b ow o o r n e d qu R ir e e d Total sa T a v i n m in d e g s de v P m a r t a i e n d d G e U m o . v a S n t . , d Total r N o b w o or n e d qu R ir e e d Total sa T a v i n m in d e g s de v P m a r a t i e n d d G e U m o . a v S n t . , d 1965—Dec....... 22.64 22.15 22.31 236.6 121.2 111.0 4.4 23.23 22.77 22.77 239.0 119.8 115.2 4.0 1966—Dec....... 22.90 22.29 22.60 244.6 129.4 111.7 3.5 23.47 22.91 23.08 247.1 127.9 116.1 3.0 1967—Dec....... 25.15 24.85 24.91 273.2 149.9 118.6 4.6 25.78 25.54 25.44 275.9 148.1 123.3 4.5 1968—Jan........ 25.50 25.19 25.15 274.7 149.9 119.4 5.4 26.04 25.80 25.65 278.3 149.4 124.4 4.4 Feb....... 25.77 25.40 25.39 277.0 150.2 119.7 7.1 25.61 25.25 25.21 276.1 150.9 118.8 6.4 Mar.. .. 25.81 25.14 25.40 278.0 151.2 120.1 6.7 25.58 24.91 25.22 277.1 152.2 119.1 5.8 Apr....... 25.62 24.94 25.28 276.9 151.3 120.4 5.2 25.55 24.86 25.28 277.5 152.0 121.7 3.7 May.... 25.71 24.98 25.24 277.3 151.5 122.1 3.7 25.51 24.76 25.09 276.5 152.3 118.6 5.6 June.... 25.82 25.12 25.44 278.8 151.8 123.2 3.9 25.71 25.02 25.36 278.3 152.2 121.3 4.8 July. ... 25.92 25.43 25.60 280.9 153.8 124.3 2.7 26.00 25.48 25.70 281.7 154.1 122.6 5.0 Aug....... 26.43 25.92 26.05 285.9 156.5 124.6 4.8 26.06 25.50 25.69 283.6 157.2 121.7 4.8 Sept....... 26.40 25.95 26.16 287.9 158.9 123.6 5.3 26.32 25.84 26.03 286.7 158.6 123.0 5.2 Oct........ 26.61 26.21 26.34 290.9 161.5 124.5 5.0 26.64 26.21 26.40 291.2 161.0 124.8 5.4 Nov...... 26.73 26.16 26.52 293.6 163.5 125.4 4.7 26.76 26.19 26.47 292.4 162.3 126.4 3.6 Dec."... 26.98 26.14 26.69 296.7 165.8 126.7 4.2 27.17 26.40 26.77 299.8 163.8 131.9 4.1 1969—Jan."... 27.16 26.41 27.00 295.2 163.2 126.6 5.3 28.03 27.34 27.83 299.0 162.7 132.1 4.2 1 Averages of daily figures. Data reflect percentage reserve requirements cept those due to the U.S. Govt., less cash items in process of collection made effective Jan. 18, 1968. For comparability with past data, September and demand balances due from domestic commercial banks. Effective June figures reflect required reserves based on current deposits, the method of 9, 1966, balances accumulated for repayment of personal loans were elim calculating required reserves that was in effect prior to September 12. inated from time deposits for reserve purposes. Under the revised Regulation D, required reserves henceforth will be based on average deposits with a 2-week lag. Note.—Back data for the period 1947 to date may be obtained from 2 Averages of daily figures. Deposits subject to reserve requirements in the Banking Section, Division of Research and Statistics, Board of Gover clude total time and savings deposits and net demand deposits as defined nors of the Federal Reserve System, Washington, D. C. 20551. by Regulation D. Private demand deposits include all demand deposits ex Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 18 BANKS AND THE MONETARY SYSTEM □ FEBRUARY 1969 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net— Treas Total Date c u u r r y U.S. Government securities li i a ti b e i s l Total C a a n p d it al Gold s r t o e i a n u n n g c t d y Total n L e o t a * n , s , 2 Total s C a a v o n i m n d g l. s R Fe e d se e r r v a e l Other3 O r s i e t t h c ie u e s r 2 ca a n p n e it d t a l, c d u e r a p r n o e d n s i c t y s c m o a n 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 20'778 2,*888 14’741 199,008 184,384 14,624 1967—Dec. 30................... 11,982 6,784 468'943 282,040 117,064 66,752 49,112 1 ’,200 69’839 487'709 444*043 43 670 1968—Jan. 31................... 12,000 6,800 466,300 279,100 116,900 66,600 49,100 1,200 70,400 485,100 439,800 45,300 Feb. 28................... 11’900 6'800 466'300 277,700 117,600 67 J600 48300 1 300 71,100 485*000 439 J00 45,700 Mar. 27.................. 10’500 6,800 468,000 279,300 116,300 65'600 49'500 1 '200 72,300 485,200 439 J00 46^000 10,500 6'800 469 300 282,300 114,400 64'100 49300 1 300 73,200 487,100 440 J 800 46,400 10'400 6'800 472,400 283,100 116,300 64,700 50,500 1,100 72,900 489 J00 441,300 48 200 June 29................... 10,367 6'708 479,667 289,920 115,818 62,809 52 ,’230 779 73,929 496,742 447,839 48,901 July 31.................. 10*400 6,700 484,600 292,300 117,900 64'700 52’400 800 74,400 501,700 451,700 50,000 Aug. 28.................. 10,400 6'700 485'500 291,100 118’400 65'700 52'600 100 76’000 502*600 451 700 50 900 Sept. 25*................. 10300 6'700 492,200 295,400 119,100 66,700 52,400 100 77’,700 509,300 457,600 51 700 Oct. 30*................. 10,400 6'800 497 300 296,300 122,400 68’800 53,600 100 78,900 514,800 463 ,’300 51,500 Nov. 21*................. 10'400 6,800 499'000 299,400 120'000 66,700 53'200 100 79’,700 516’,200 464’,700 51,500 10’400 6,800 512'900 310,500 121'500 68'500 52,900 100 80’900 530'100 482’000 48 100 1969—Jan. 29*................. 10,400 6,800 503,400 303,700 119,000 66,700 52,300 100 80,700 520,600 468,700 51,900 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 4 Not seasonally adjusted Time U.S. Government Date Total o b r u C e a t n u n si c r k d y s e d ju m e s D p a t a o d e e n d s d i t s 5 Total o b r u C e a t n n u si c k r d y s e d ju m e s D p a t a o d e e n d s d i t 5 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 6 S P t a S e o v m y s i s t n a 3 g l s e n F i e g o t n r , 2 T h c i r u n o a e r g l s a d y h s s s b a c a a v o A n n i m n d t k g l s . s B F A a .R n t k . s 1947—Dec. 31.... 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1,336 1,452 870 1950—Dec. 30.... 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1,293 2,989 668 1967—Dec, 30..,. 181,500 39,600 141,900 191,232 41,071 150,161 242,657 182,243 60,414 2,179 1,344 5,508 I 123 1968—Jan. 31 . . ,. 180,600 40,000 140,600 183,000 39,400 143,600 245,200 184,500 60,700 1 ,900 1 400 7 200 1 200 Feb. 28... . 179',300 39 J00 139,400 178,400 39,400 139 300 247’300 186’300 61,100 2,000 1 300 9^400 900 Mar. 27 . . . 182,600 40,200 142 Udo 180^000 39,800 140,200 249'500 187'800 61 300 2300 1,100 5 ,700 1 000 Apr. 24 . . . 182,400 40300 142’,000 182,400 40,000 142'400 249,300 187'600 61,700 2'000 1 100 4,400 1 600 183,200 40,800 142*400 181,400 41,100 140’300 250,500 188'500 62,100 2,100 1,000 5,400 1 000 186,700 40'800 145,900 186,562 42’261 144'301 251 ,'913 189,144 62'769 2,154 838 5 ,298 1 074 July 31 . . . 186,'800 41,300 145,500 186'600 41 '400 145'200 254300 192,100 62’700 2’200 800 6,100 1 J00 Aug. 28 . .. 186'400 41'300 145,100 184'700 41,500 143,200 257'800 194'900 63,000 2’000 800 5 '300 1 000 Sept. 25 . 186,500 41 ,'400 145,100 185,300 41,500 143,800 259,600 196'100 63,500 2,100 800 8 300 1 ,000 Oct. 30*.,. 187'900 41,600 146,300 189'600 41'800 147'800 263,300 199,600 63,700 2,100 800 6.400 1 ’200 Nov. 27^. .. 189'500 42’300 147,200 192,500 43'500 149'000 265,100 201,200 63,900 2,400 800 3'600 '400 198'400 42'600 155,800 206'000 43,500 162'500 266,800 202'200 64,600 2'500 800 5 ',400 700 1969—Jan. 29*... 189,400 42,700 146,700 191,900 42,100 149,800 265,600 200,700 64,900 2,200 800 7,700 500 i Beginning with data for June 30,1966, about $1.1 billion in “Deposits June 1961, also includes certain accounts previously classified as other lia accumulated for payment of personal loans” were excluded from “Time bilities. deposits” and deducted from “Loans” at all commercial banks. These 7 Reclassification of deposits of foreign central banks in May 1961 re changes resulted from a change in Federal Reserve regulations. These hy duced this item by $1,900 million ($1,500 million to time deposits and $400 pothecated deposits are shown in a table on p. A-23. million to demand deposits). 2 See note 2 at bottom of p. A-22. 3 After June 30, 1967, Postal Savings System accounts were eliminated Note.—For back figures and descriptions of the consolidated condition from this Statement. statement and the seasonally adjusted series on currency outside banks 4 Series begin in 1946; data are available only last Wed. of month. and demand deposits adjusted, see “Banks and the Monetary System,” 5 Other than interbank and U.S, Govt., less cash items in process of Section 1 of Supplement to Banking and Monetary Statistics, 1962, and collection. Bulletins for Jan. 1948 and Feb. 1960. Except on call dates, figures 6 Includes relatively small amounts of demand deposits. Beginning with are partly estimated and are rounded to the nearest $100 million. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ COMMERCIAL AND MUTUAL SAVINGS BANKS A 19 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank3 Other lia Bor Total Num Class of bank Cash bilities row capital ber and date assets 3 and Demand ings ac of Total Loans U.S. capital TotaP De Time counts banks Other ac Time Govt. counts4 mand U.S. Other Govt. All 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 1967—Dec. 30. . 424,134287,543 66,75269,83978,924517,374455,501 21,883 1,314 5,240 184,139242,925 5,84639,371 14,223 1968—Jan. 31. . 421,940 284,980 66,570 70,390 67,710 503,580439,74017,470 1,320 6,920 168,580245,450 6,82039,430 14,219 Feb. 28. , 423,280 284,660 67,550 71,070 65,660 502,570437,63016,920 1 ,370 9,060 162,640247,640 7,27039,590 14,219 Mar. 27., 423,870 285,950 65,61072,310 64,860502,940436,29016,710 1 ,280 5,320 163,180249,800 8,15039,670 14,218 Apr. 24., 427,760 290,460 64,140 73,160 64,740 506,710438,83017,340 1 ,230 4,040 166,630249,590 8,93039,870 14,215 May 29., 429,790 292,180 64,69072,920 65,980 509,920439,59017,340 1,100 5,060 165,260250,830 9,70040,220 14,221 June 29. 434,415 297,677 62,809 73,929 76,293 525,856456,87420,638 1,095 4,977 177,930252,234 8,19640,885 14,224 July 31 . 440,760 301,620 64,740 74,400 70,540 526,100454,14019,170 1,310 5,800 172,690255,17010,15040,850 14,219 Aug. 28.. 443,320 301,640 65,680 76,000 67,930 525,720451,330 18,020 1,350 4,970 168,800258,19011,13041,030 14,216 Sept. 25”. 449,800 305,470 66,680 77,650 70,630 535,240459,54019,250 1,410 8,540 170,420259,92011,66041,280 14,209 Oct. 30”, 455,130 307,430 68,760 78,940 72,270 542,480466,410 19,690 1,330 6,070 175,730263,59011,66041,590 14,205 Nov.27”. 457,520 311,120 66,740 79,660 77,130549,860471,29020,500 1,260 3,250 180,900265,380 13,02041,760 14,187 Dec. 31”, 468,550319,140 68,48080,93083,700568,980496,51024,530 1,230 5,020 198,630267,100 8,87042,020 14,179 1969—Jan. 29*’ 462,900315,570 66,65080,68072,850551,270471,590 19,370 1,090 7,380 177,820265,93012,83042,050 14,179 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 9,00637,502 155,377 144,103 12,792 240 1,343 94,367 35,360 65 10,059 14,181 1967—Dec. 30. 359,903235,954 62,47361,47777,928451,012395,00821,883 1,314 5,234 184,066 182,511 5,77734,384 13,722 1968—Jan. 31 356,970 233,010 6^,230 61,730 66,830 436,580378,960 17,470 1,320 6,920 168,490 184,760 6,82034,420 13,717 Feb. 28 357,750 232,420 63,150 62,180 64,760 434,980376,490 16,920 1,370 9,060 162,550 186,590 7,27034,520 13,717 Mar. 27. 357,910 233,570 61,200 63,140 63,950 434,870374,490 16,710 1,280 5,320 163,100 188,080 8,15034,600 13,716 Apr. 24 361,660 237,990 59,840 63,830 63,870 438,550377,080 17,340 1 ,230 4,040 166,550 187,920 8,93034,810 13,714 May 29. 363,110 239,300 60,320 63,490 65,100 441,150377,460 17,340 1,100 5,060 165,180 188,780 9,70035,110 13,720 June 29 367,560 244,580 58,604 64,376 75,334 456,827394,00420,638 1 ,094 4,970 177,837 189,465 8,131 35,774 13,723 July 31.. 373,480248,370 60,530 64,580 69,610 456,670391,330 19,170 1,310 5,800 172,610 192,440 10,15035,740 13,717 Aug. 28.. 375,550 248,050 61 ,480 66,020 67,020 455,820388,280 18,020 1,350 4,970 168,720 195,220 11 ,13035,850 13,714 Sept. 25” 381,840251,680 62,54067,620 69,640 465,040395,960 19,250 1 ,410 8,540 170,320196,440 11,66036,090 13,707 Oct. 30”. 386,950 253,360 64,760 68,830 71,360 472,170402,660 19,690 1,330 6,070 175,630 199,940 11,66036,400 13,703 Nov. 27” 388,930 256,640 62,83069,460 76,220479,090407,290 20,500 1 ,260 3,250 180,800201,480 13,02036,500 13,687 Dec. 31?’ 399,700264,480 64,64070,58082,690497,850431,82024,530 1 ,230 5,020 198,530202,510 8,87036,750 13,679 1969—Jan. 29” 393,510260,560 62,80070,15071 ,810479,540406,580 19,370 1 ,090 7,380177,720201,020 12,83036,790 13,679 Member banks: 1941—Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 6,07029,845 138,304 129,670 13,576 6422,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 8,464 6,923 1967—Dec. 30 293,120 196,849 46,95649,315 68,946373,584326,033 20,811 1 ,169 4,631 151,980 147,442 5,37028,098 6,071 1968—Jan. 31 290,389 194,262 46,579 49,548 59,102 360,773 311 ,534 16,668 1 ,170 6,313 138,263 149,120 6,42728,142 6,064 Feb. 28 290,844 193,582 47,354 49,908 57,129 358,945 309,012 16,112 1 ,223 8,094133,136 150,447 6,825 28,188 6,060 Mar. 27 .. 290,527 194,303 45,510 50,71456,437 358,402 306.703 15,917 1 ,129 4,707 133,587 151,363 7,65528,250 6,049 Apr. 24. . 293,281 197,820 44,285 51,176 56,320 361,004308,15616,534 1 ,083 3,438 136,258 150,843 8,58428,424 6,046 May 29. , 294,364 198,874 44,733 50,757 57,415 363,139 308,378 16,574 955 4,282 135,242151,325 9,073 28,706 6,041 June 29. 297,630 203,016 43,361 51,253 67,130 376,904322,99019,644 934 4,126146,470151,816 7,68429,139 6,039 July 31., 303,009 206,378 45,057 51,57461 ,854376,785 320,310 18,229 1 ,146 4,988 141,559 154,388 9,763 29,160 6,026 Aug. 28. , 304,669 205,850 45,898 52,921 59,497 375,766 317,18617,088 1 ,193 4,181 138,031 156,693 10,68429,240 6,019 Sept. 25”. 309,985 208,917 46,755 54,313 61 ,846 383,685 323,730 18,275 1 ,246 7,468 139,166 157,575 11 ,19229,415 6,010 Oct. 30”. 314,164 210,270 48,704 55,190 63,275 389,598 329,287 18,673 1 ,169 5,226 143,684 160,535 11,15329,687 6,002 Nov. 27”, 315,615 213,092 46,820 55,703 67,675 395,535 333,142 19,462 1 ,098 2,545 148,083 161,95412,45029,739 5,990 Dec. 31”. 324,964220,188 48,18456,59273,305411,899354,92823,320 1 ,069 4,416 163,543 162,580 8,45429,976 5,978 1969—Jan. 29” 319,249216,806 46,46455,97963,826395,585 332,28418,402 927 6,556145,546 160,853 12,00029,966 |5,978 Mutual savings banks: 1941—Dec. 31., 10,379 4,901 3,704 1,774 793 11 804 10 533 6 10,527 1,241 548 1945—Dec. 31., 16,208 4,279 10,682 1,246 609 17 020 15 385 14 15,'371 7 1,592 542 1947—Dec. 31 6. 18,641 4,944 11,978 1,718 886 19’714 17,763 1 3 14 17,745 1,889 533 1967—Dec. 30. 64,231 51,590 4,280 8,362 996 66,362 60,494 1 7 73 60314 69 4,987 501 1968—Jan. 31. . 64,970 51,970 4,340 8,660 880 67 000 60.780 90 60,690 5,010 502 Feb. 28. . 65,530 52,240 4,400 8,890 900 67,590 61’140 90 61,050 5 070 502 Mar. 27. , 65,960 52,380 4,410 9,170 910 68,070 61,800 80 61,720 5,070 502 Apr. 24. 66,100 52,470 4,300 9,330 870 68 160 6i’750 80 61*670 5’060 501 May 29. , 66,680 52,880 4,370 9,430 880 68,770 62,130 80 62,050 5,110 501 June 29. 66,855 53,097 4,205 9,553 959 69,029 62,870 1 7 93 62^69 65 5,111 501 July 31 . . 67,280 53,250 4,210 9,820 930 69,430 62,810 80 62,730 5,110 502 Aug. 28. 67,770 53,590 4,200 9,980 910 69 900 63 050 80 62^970 5,180 502 Sept. 25. . 67,960 53,790 4,140 10,030 990 70 200 63,580 100 63,480 5’190 502 Oct. 30. 68,180 54,070 4,000 10,110 910 70 310 63,750 100 63,650 5,190 502 Nov.27. . 68,590 54,480 3,910 10,200 910 70,770 64,000 100 63'900 5 ’ 2 60 500 Dec. 31 ' 68,850 54,660 3,840 10,350 1 ,010 71,130 64,690 100 64,590 5’270 500 1969—Jan. 29” 69,390 55,010 3,850 10,530 1 ,040 71,730 65,010 .......... 100 64,910 5,260 500 For notes see p. A-22. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 20 COMMERCIAL AND MUTUAL SAVINGS BANKS □ FEBRUARY 1969 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 3 Other Cla a s n s d o d f a b t a e nk Total Lo 1 a , n 2 s U.S. a C ss a e s t h s 3 c b a i a l l p i i n a t i d i t e a s l Total3 De Demand r B in o o g w r s c c T a o a p o u c i t n t a a ts l l b N a b o u n e f r m k s Govt. Oth 2 er co a u c n ts4 mand Time U.S. Other Time1 Govt. Reserve city member banks: New York City:’ 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 1967—Dec, 30................. 52,141 39,059 6,027 7,055 18,797 74,609 60,407 7,238 741 1,084 31,28220,062 1 ,880 5,715 12 1968—Jan. 31.................. 50,898 38,303 5,607 6,988 15,642 70,187 55 544 5,826 719 1,562 27,530 19,907 1,979 5,774 12 Feb. 28............. 50,198 37,325 5,771 7 102 14,125 67,771 53,282 5,371 712 1 ,641 25 854 19,704 1,935 5,729 12 49,973 37^34 5,151 7 488 14,275 67,903 52,675 5 ,484 630 1 258 25,667 19,636 2,283 5,740 12 Apr. 24.................. 50,150 37,842 4,734 7,574 13,961 67,654 52,036 5,696 598 575 26,089 19,078 2,809 5,766 12 May 29.................. 50,800 38,737 5,169 6,894 14,573 68,783 52,747 6,135 530 749 26,506 18,827 2,586 5,944 12 June 29................. 51,361 39,544 5,046 6,771 20,633 75,544 59,329 8,034 513 823 31,125 18,834 2,283 6,022 12 July 31................. 53,429 40,718 5,675 7,036 16,643 73,553 56,095 6,763 606 1,132 28,299 19,295 3,453 6,081 12 Aug. 28 ................ 53,187 39,806 5 ,855 7,526 16,347 72,977 54,043 5,971 673 720 27,137 19,542 4,108 6,088 12 Sept. 25................. 54,905 40,729 6,191 7,985 16,669 75,060 56,259 6,776 691 2,198 27,136 19,458 3,605 6,108 12 Oct. 30.................. 54,882 40,488 6,607 7,787 16 975 75 530 56,825 6,757 660 1 042 28,207 20 159 3,438 6,180 12 Nov. 27................. 55,084 41 ,429 5,881 7,774 18,243 77,069 57,653 7,363 633 ’170 28,675 20 >12 3,914 6,129 12 Dec. 31................. 57,201 43,114 5,978 8,109 19,935 81 ,610 63,923 9,022 608 887 33,31820,088 2,733 6,202 12 1969—Jan. 29................. 55,692 42,544 5,560 7,588 18,452 78,065 58,225 7,401 501 1 ,873 29,314 19,136 3,278 6,119 12 City of Chicago:7’8 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>17 72 4,201 913 426 14 1967—Dec. 30................. 12,744 9,223 1 ,574 1,947 2^947 16,296 13,985 1,434 21 267 6,250 6,013 383 1,346 10 1968—Jan. 31.................. 12,573 8,865 1,752 1 956 2,771 15,931 13,205 1,170 10 427 5,596 6,002 561 1,352 10 Feb. 28................. 12,771 9 042 1,764 1,965 2 713 16,068 13,162 1 177 10 496 5,439 6,040 585 1,339 10 Mar. 27.................. 12 522 8,903 1,746 1,873 2,'815 15,974 12,450 1,128 10 164 5,311 5,837 853 1,323 9 Apr. 24............ 121729 9,041 1,879 1,809 2,606 15,959 12,407 1,185 9 134 5,401 5,678 835 1 337 9 May 29................. 12,534 8,950 1 ,730 1 ,854 2,968 16,143 12,425 1,139 8 169 5,479 5,630 826 1 >46 9 June 29................. 12,848 9,248 1 ,762 1 ,838 2,647 16 168 12,701 1 ,220 20 93 5 768 5,600 811 1 ,362 9 July 31................. 13,371 9,332 2,071 1,968 3,089 17,120 12,935 1 ,256 7 231 5,567 5,874 1 ,271 1,370 9 Aug. 28................. 13,473 9,381 2,061 2,031 3,033 17,179 12,870 1 230 10 149 5,484 5,997 1 ,047 1 ,365 9 Sept. 25................. 13,334 9,297 2,028 2 009 3,185 17,196 12,760 1 ,223 11 181 5,326 6,019 1 ,218 1 ,395 9 Oct. 30................. 13 ;579 9,356 2,222 2,001 3,403 17,666 13,118 1,260 12 253 5,456 6,137 1,134 1,412 9 Nov. 27................. 13,658 9,573 1 ,990 2,095 3,218 17,571 13,311 1 ,287 10 58 5,676 6,280 953 1 ,416 9 Dec. 31.................. 14,280 10,292 1 ,859 2,129 3,007 18,110 14,528 1 ,535 13 257 6,543 6,180 682 1 ,438 9 1969—Jan. 29................. 13,935 10,189 1 ,647 2,099 2,932 17,589 13,376 1,165 18 569 5,722 5,902 885 1 ,424 9 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 J 08 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31................. 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 11,423 1 2,844 353 1967—Dec. 30................. 105,724 73,571 14,667 17,487 26,867 136,626120,485 9 374 310 1 715 53,288 55,798 2 555 10,032 163 1968—jan. 31.................. 105,141 73,002 14,340 17 79922,782 132,083 115 168 7,609 335 2 751 47,681 56,792 3,104 10,069 164 Feb. 28.................. 105,503 72,949 14,700 17 85422;623 132,185 114,952 7’477 395 3,461 46,256 57,363 3,416 10,075 164 Mar. 27.................. 105,064 73,232 13,790 18 04221>20 1.30,999 113,620 7,247 393 1,679 46,687 57 614 3,523 10,087 164 Apr. 24.................. 106,175 74,648 13,383 18,144 22,147 132,442 114,208 7,577 380 1 ,412 47,409 57’,430 4,245 10,152 163 May 29.................. 106,505 74,697 13,49618,312 21 950 132,720 113,758 7,311 321 1,587 46,851 57,688 4,407 10,223 163 June 29.......... 107,654 76,213 13,083 18,358 24’528 136,603 118 123 8,131 300 1 400 50,394 57,898 3,720 10,351 163 July 31................. 109,510 77,553 13,468 18,489 23,601 137,652 118,508 8,065 437 1 881 49,185 58 940 4,267 10,407 162 Aug. 28................. 110,559 77,479 13,97219,108 22 161 136,984 117,523 7 759 414 1 ,612 47,725 60,013 4,638 10,433 162 Sept. 25................. 112,559 78,661 14,211 19,687 23,382 140,294 119,750 8,054 448 2,798 48,12660,324 5,437 10,445 162 Oct. 30.................. 114,861 79,584 15,13520,142 23,605 142,930 122,205 8,351 395 2,128 49,854 61,477 5,554 10,559 162 Nov. 27................. 115,027 80,382 14,291 20,35425,803 145,322 123,321 8,458 353 799 51 ,832 61,879 6,441 10,572 161 Dec. 31.................. 119,133 83,679 114,99420,46027,965 151 ,836 132,159 10,018 346 1 ,980 57,23262 583 4,210 10 701 161 1969—Jan. 29................. 116,456 82,141 14,16720,14823,463 144,460 122,369 7,651 306 2,348 50,14261,922 6,179 10,743 161 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 1967—Dec. 30................. 122,511 74,995 24,68922,82620,334 146,052 131,156 2 766 96 1,564 61,161 65,569 552 11,005 5,886 1968—Jan. 31.................. 121,777 74,092 24,88022,805 17,907 142,572 127,617 2,063 106 1,573 57,45666,419 783 10,947 5,878 Feb. 28.................. 122 372 74,266 25 11922,987 17,668 142,921 127 616 2 087 106 2 496 55 58767 340 88911,045 5,874 Mar. 27.................. 122,968 74,834 24,823 23 311 17 527 143,526 127,958 2,058 96 1 ,606 55,922 68,276 996 11,100 5,864 Apr. 24.................. 124,227 76,289 24,289 23,649 17,606 144,949 129,505 2,076 96 1 ,317 57,359 68,657 695 11,169 5,862 May 29.................. 124 ,'525 76,490 24,338 23,697 17,924 145 493 129,448 1,989 96 1 >77 56,406 69;180 1 ,254 11 ,193 5,857 125,767 78,011 23 46924,287 19,321 148,588 132,837 2,258 102 1 >11 59 183 69,483 870 11,403 5,855 July 31................. 126,699 78,775 23,843 24,081 18,521 148,460 132,772 2 145 96 1 ,744 58,508 70,279 77211,302 5,843 Aug. 28.......... 127,450 79,184 24,010 24,256 17,956 148,626 132,750 2,128 96 1,700 57,685 71,141 891 11 354 5,836 Sept. 25........... 129,187 80,230 24,325 24,632 18,610 151 ,135 134,961 2; 222 96 2,291 58,578 71 ,774 932 11,467 5,827 Oct. 30................. 130,842 80,842 24,750 25,260 19,292 153,472 137,139 2,305 102 1 ,803 60,16772,762 1 ,027 11,536 5,819 Nov. 27................. 131,846 81,708 24,65825,480 20,411 155,573 138,857 2,354 102 1 ,518 61,90072,983 1 14211,622 5,808 134,350 83,103 25;353 25,89422,398 160,343 144,318 2^45 102 1 ,292 66 ,’45073,729 829 11,635 5,796 1969—Jan. 29’’............... 133,166 81,932 25,09026,144 18,979 155,471 138,314 2,185 102 1 ,766 60,368 73 893 1,658 11,680 5,796 For notes see p. A-22. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ COMMERCIAL AND MUTUAL SAVINGS BANKS A 21 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 3 Other b c C a a l n l a l k s d s a a o n te f d Total L 1 oa ,2 ns G U o . v S t . . Oth 2 er as C s a e s ts h 3 c c o b a u i a 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. e mand Ti 1 m . 5 e r B in o o w g r s c c T a o a o p u c t i n a ta t l s l b N a b o u n e f m r k s Other Govt. Insured commercial: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 10 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,$83 23,740 80,27629,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 9,734 13,398 1965—Dec. 31.. 303,593 200,109 59,12044,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146,084 4,325 29,82713,540 1966—Dec. 31.. 321,473217,379 55,78848,307 68,515 401,409 351,438 19,497 881 4,975 166,689 159,366 4,717 31,609 13,533 1967—Dec. 30.. 358,536235,502 62,09460,941 77,348 448,878 394,11821,598 1 ,258 5,219 182,984 183,060 5,531 33,91613,510 1968—June 29.. 365,955 243,993 58,18963,772 74,686 454,398 392,801 20,337 1,019 4,951 176,569 189,926 7,913 35,269 13,512 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 3,117 1945—Dec. 31.. 69,312 13,925 51,250 4,137 20,114 90,220 84,939 9.229 14,013 45,473 16,224 78 4,644 5,017 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1965—Dec. 31.. 176,605 118,537 32,34725,720 36,880 219,744 193,860 12,064 458 3,284 92,533 85,522 2,627 17,434 4,815 1966—Dec. 31.. 187,251 129,182 30,355 27,713 41,690 235,996 206,456 12,588 437 3,035 96,755 93,642 3,120 18,459 4,799 1967—Dec. 30.. 208,971 139,315 34,308 35,348 46,634 263,375 231,374 13,877 652 3,142 106,019 107,684 3,478 19,730 4,758 1968—June 29.. 212,344143,802 31,62736,915 44,788 265,497 229,028 12,383 561 2,821 102,093 111,170 5,097 20,503 4,742 State member: 1941—Dec. 31.. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 1,502 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,41 1 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31.. 32,566 11,200 19,240 2,125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1965—Dec. 31.. 74,972 51,262 12,645 11,065 15,934 93,640 81,657 5,390 382 1,606 39,598 34,680 1,607 7,492 1,406 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 1967—Dec. 30.. 85,128 58,513 12,649 13,966 22,312 111.188 95,637 6,934 516 1,489 45,961 40,736 1 ,892 8,368 1 ,313 1968—June 29.. 86,231 60,159 11,734 14,338 22,342 112,352 94,908 7,261 373 1 ,306 44,3774t,591 2,586 8,636 1,297 Insured nonmember commercial: 1941—Dec. 31.. 5,776 3,241 1,509 1,025 2,668 8,708 7,702 129 53 4,162 3,360 6 959 6,810 1945—Dec. 31.. 14,639 2,992 10,584 1,063 4,448 19,256 18,119 244 1 ,560 10,635 5,680 7 1,083 6,416 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 4 149 12,366 6,558 7 1,271 6,478 1965—Dec. 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—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 1967—Dec. 30.. 64,449 37,675 15,146 11,629 8,403 74,328 67,107 786 89 588 31,00434,640 162 5,830 7,440 1968—June 29.. 67,390 40,033 14,836 12,521 7,557 76,561 68,866 693 85 824 30,09937,164 230 6,142 7,474 Noninsured nonmem ber commercial: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1,872 3:29 1 291 253 13 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 4 279 714 1947—Dec. 31 6. 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 1965—Dec. 31.. 2,455 1,549 418 489 572 3,200 2,113 277 85 17 1,121 612 147 434 263 1966—Dec. 31.. 2,400 1,570 367 463 604 3,171 2,073 274 86 17 1,062 633 142 434 233 1967—Dec. 30.. 2,638 1 ,735 370 533 579 3,404 2,172 285 58 15 1 ,081 733 246 457 211 1968—June 29.. 2,829 1 ,821 407 602 647 3,652 2,438 300 75 20 1 ,268 775 217 493 211 Nonmember commercial: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 457 5,504 3,613 18 1,288 7,662 1945—Dec. 31.. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14 101 6,045 11 1,362 7,130 1947—Dec. 31.. 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 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—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 1967—Dec. 30.. 67,087 39,409 15,516 12,162 8,983 77,732 69,279 1,071 147 603 32,085 35,372 408 6,286 7,651 1968—June 29.. 70,219 41 ,853 15,242 13,124 8,204 80,213 71,304 994 160 844 31,36737,939 447 6,635 7,685 For notes see p, A-22. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 22 COMMERCIAL AND MUTUAL SAVINGS BANKS □ FEBRUARY 1969 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 3 Other b c C a a l n l a l k s d s a a o n te f d Total Lo 1 a > n 2 s G U o .S vt . . Ot 2 her as C s a et s s h 3 c c b o a i u a l a l p i n i n c a t i d i t t e s a s l 2 Total 3 mand Time U. D S. e mand Time r B in o o w g r s c c T a o a o p u c t i n t a a t l s l N b b a o u e n f m r k s Govt. Other 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 1,034 192 1947—Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 .......... 2 12 12,192 1,252 194 1965—Dec. 31.. 48,735 39,964 3,760 5,010 904 50,500 45,887 .......... 7 35945,520 91 3,957 329 1966—Dec. 31.. 51,267 42,591 3,324 5,352 847 53,047 48,254 6 381 47,865 69 4,140 330 1967—Dec. 30.. 55,936 45,489 3,111 7,336 881 57,863 52,910 .......... 6 429 52,474 68 4,237 331 1968—June 29.. 58,178 46,813 3,039 8,325 833 60,128 54,991 .......... 6 49254,491 65 4,349 331 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 2 5,553 637 339 1965—Dec. 31.. 7,526 5,325 1,710 491 113 7,720 6,874 8 6,865 706 177 1966—Dec. 31.. 7,756 5,705 1,429 621 119 7,961 7,096 19 7,076 732 174 1967—Dec. 30.. 8,295 6,100 1,169 1,026 115 8,499 7,584 20 7,563 749 170 1968—June 29.. 8,677 6,283 1,166 1 ,228 126 8,901 7,879 41 7,838 762 170 i See table tf Deposits Accumulated at Commercial Banks for Payment 8 Beginning with May 13, 1965, Toledo, Ohio, reserve city banks with of Personal Loans1' and its notes on p. A-23. total loans and investments of $530 million and total deposits of $576 2 Beginning June 30, 1966, loans to farmers directly guaranteed by million were reclassified as country banks. Beginning Jan. 4, 1968, a CCC were reclassified as securities, and Export-Import Bank portfolio country bank with deposits of $321 million was reclassified as a reserve fund participations were reclassified from loans to securities. This reduced city bank. Beginning Feb, 29, 1968, a reserve city bank in Chicago with ‘‘Total loans” and increased “Other securities” by about $1 billion. total deposits of $190 million was reclassified as a country bank. “Total loans” include Federal funds sold, and beginning with June 1967 securities purchased under resale agreements, figures for which are shown Note.—Data are for all commercial and mutual savings banks in the for commercial banks on pp. A-24 and A-25, United States (including Alaska and Hawaii, beginning with 1959). For 3 Reciprocal balances excluded beginning with 1942. definition of “commercial banks” as used in this table, and for other 4 Includes other assets and liabilities not shown separately. banks that are included under member banks, see Note, p. 643, May 1964 5 Figures for mutual savings banks include relatively small amounts Bulletin. of demand deposits. Beginning with June 1961, also includes certain Comparability of figures for classes of banks is affected somewhat by accounts previously classified as other liabilities. changes in F.R. membership, deposit insurance status, and the reserve 6 Beginning with Dec. 31, 1947, the series was revised; for description, classifications of cities and individual banks, and by mergers, etc. see note 4, p. 587, May 1964 Bulletin. Data for national banks for Dec. 31, 1965, have been adjusted to make 7 Regarding reclassification of New York City and Chicago as reserve them comparable with State bank data. cities, see Aug. 1962 Bulletin, p. 993. For various changes between Figures are partly estimated except on call dates. reserve city and country status in 1960-63, see note 6, p. 587, May 1964 For revisions in series before June 30, 1947, see July 1947 Bulletin, Bulletin. pp. 870-71. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ COMMERCIAL BANKS A 23 LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total 1,2 Loans1,2 Total 1,2 Loans1,2 G U o . v S t . . Other2 G U o .S vt . . Other2 1959-—Dec. 31................................................................ 185.9 107.8 57.7 20.5 189 5 110.0 58.9 20.5 I960—Dec. 31................................................................ 194.5 113.8 59.8 20.8 198.5 116.7 61.0 20.9 1961—Dec. 30................................................................ 209.6 120.4 65.3 23.9 214.4 123.9 66.6 23.9 1962—Dec. 31................................................................ 227.9 134.0 64.6 29.2 233,6 137.9 66.4 29.3 1963—Dec. 31................................................................ 246.2 149.6 61.7 35.0 252.4 153.9 63.4 35.1 1964—Dec. 31................................................................ 267.2 167.7 60.7 38.7 273.9 172.1 63.0 38.8 1965—Dec. 31................................................................ 294.4 192.6 57.1 44.8 301.8 197.4 59.5 44.9 1966—Dec. 31................................................................ 310.5 208.2 53.6 48.7 317.9 213.0 56.2 48.8 1967—bee. 30................................................................ 346.5 225.4 59.7 61,4 354 5 230.5 62.5 61.5 1968 Jan. 31................................................................ 349.9 227.5 60.0 62.4 350 5 226.5 62,2 61.7 Feb. 28............................................................... 353.9 229.2 62.0 62.7 350.9 225,5 63.2 62.2 Mar. 27................................................................ 352.5 229.0 59.9 63.6 351.5 227.2 61.2 63.1 Apr. 24................................................................ 355.2 231.4 60.3 63.4 354.7 231.0 59.8 63.8 357.3 232.6 61.0 63.6 355.4 231.6 60.3 63.5 357.8 233.5 60.4 63.9 361.4 238,4 58.6 64.4 July 31................................................................ 365.9 238.4 63.1 64.4 366.0 240.9 60.5 64.6 Aug. 28................................................................ 370.4 241.1 63.9 65.5 367.9 240.4 61.5 66.0 374.8 243.8 64.0 67.0 374.6 244.5 62.5 67.6 Oct. 30................................................................ 379.6 246.9 64.2 68.5 379.5 245,9 64.8 68.8 Nov. 27............................................................... 381.6 250.4 61.0 70.2 381.1 248.8 62.8 69.5 384,5 252.3 61.7 70.5 393.3 258.1 64.6 70,6 1969—Jan. 29 ».............................................................. 385.3 253.8 60.5 71.0 384.4 251.5 62.8 70.2 1 Adjusted to exclude interbank loans. Note.—For monthly data 1948-68, see Aug. 1968 Bulletin, pp. A-94 2 Beginning June 9, 1966, about $1.1 billion of balances accumulated -—A-97. For a description of the seasonally adjusted series see the follow for payment of personal loans were deducted as a result of a change in ing Bulletins: July 1962, pp. 797-802; July 1966, pp. 950-55; and Sept. Federal Reserve regulations. 1967, pp. 1511-17. Beginning June 30, 1966, CCC certificates of interest and Export Data are for last Wed. of month except for June 30 and Dec. 31; data Import Bank portfolio fund participation certificates totaling an estimated are partly or wholly estimated except when June 30 and Dec. 31 are call $1 billion are included in “Other securities’’ rather than “Other loans.*’ dates. DEPOSITS ACCUMULATED AT COMMERCIAL BANKS FOR PAYMENT OF PERSONAL LOANS (In millions of dollars) Class of bank Dec. 31, June 30, Dec. 30, June 29, Class of bank Dec. 31, June 30, Dec. 30, June 29, 1966 1967 1967 1968 1966 1967 1967 1968 All commercial......................... 1 ,223 1,272 1,283 1,235 All member (cont.)— Insured............................... 1,223 1,271 1 ,283 1 ,235 Other reserve city......... 370 389 362 347 National member.......... 729 '764 '747 ’744 Country....................... 571 591 617 598 State member........................ 212 217 232 201 All nonmember..................... 283 291 304 290 All member............................... 941 981 979 945 Insured ................................ 282 291 304 290 New York City..................... Noninsured................ 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 pp. A-21 and A-22, or from “Loans” and “Time as follows: in the tables on pp. A-19—A-22; in the table at the top of this deposits, I PC” in the tables on pp. A-24 and A-25. page; and in the tables on pp. A-26—A-29 (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 $268,000 of these deposits on Dec. 31, 1966; $244,000 on See June 1966 Bulletin, p. 808. June 30, 1967; $94,000 on Dec. 30, 1967; and $192,000 on June 29, 1968, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 24 COMMERCIAL BANKS □ FEBRUARY 1969 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other Ioans 1 Investments For Class of lo T a o n ta s l t F er e a d l Com o p s r u e r c c c u a h r r a r it y s i i i e n n s g g i _ n f s in ti a T tu n o t c i i . o a n l s Other U.S s . e G cu o r v it e i r e n s m 6 ent State bank and and funds mer Agri- Real to and Other call date invest sold, Total cial cul- es in Othei local secu ments etc.2 3.4 and tur- To tate di 5 govt, rities 5 in al 5 bro vid- Bills secu d tr u ia s l k a e n r d s ot T he o r s Banks Others uals3 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 6,034 53,205 5,2763,729 1965—Dec. 31.. 306,060 2,103199,555 71,437 8,2125,2583,231 2,158 13,291 49,30045,468 5,21559,547 n.a. n.a. n.a. 38,655 6,201 1966—Dec. 31.. 323,885 2,544216,40580,598 8,555 5,821 3,203 2,189 13,30253,95047,943 5,18356,163 n.a. n.a. n.a.41,0037,769 1967—-Dec. 30.. 361,186 4,057233,18088,4439,2706,215 3,780 1,902 12,535 58,525 51,585 5,65962,473 n.a. n.a. n.a.50,006 11,471 1968—June 29.. 368,795 4,813241,001 91,4279,9794,9503,731 1,94412,193 61,409 54,221 5,97658,603 n.a. n.a. n.a. 52,635 11,742 All insured: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4,!05 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,3143,1643,606 49 4,677 2,361 1,13288,912 21,526 16,045 51,342 3,873 3,258 1947—Dec. 31.. 114,274 37,583 18,012 1,610 823 1,190 114 9,266 5,654 91467,941 9,676 5,918 52,347 5,1293,621 1965—Dec. 31.. 303,593 2,064198,04570,887 8,191 5,0883,172 2,093 13,14849,02645,296 5,15559,120 13,13413,23333,85838,4195,945 1966—Dec. 31.. 321,473 2,461214,918 80,0608,5365,643 3,148 2,131 13,14853,68647,770 5,12755,788 12,080 13,43931,53640,761 7,545 1967—Dec. 30.. 358,536 3,919231,583 87,8709,2506,017 3,719 1,848 12,39458,20951,395 5,60662,09413,13418,62431,62349,737 11,204 1968—June 29.. 365,955 4,655239,33890,8739,9584,723 3,668 1,881 12,02961 ,11254,0205,89358,189 n.a. n.a. n.a.52,355 11,417 Member, total: 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,( 53 19,539 971 3,007 15,561 3,0902,871 1945—Dec. 31.. 107,183 22,775 8,949 855 3,133 3,378 47 3,455 1,900 1,057 78,338 19,260 14,271 44,807 3,2542,815 1947—Dec. 31.. 97,846 32,628 16,962 1,046 811 1,065 113 7,130 4,662 83957,914 7,803 4,81545,295 4,199 3,105 1965—Dec. 31.. 251,577 1,861 167,93963,9795,0994,915 2,714 2,008 12,475 38,988 36,418 4,83244,992 9,441 10,10626,367 32,588 4,198 1966—Dec. 31.. 264,627 2,119181,62472,553 5,318 5,3892,660 2,047 12,34942,38437,925 4,75741,924 8,567 9,78924,60933,8005,160 1967—Dec. 30.. 294,098 3,438194,38979,3445,7025,820 3,099 1 ,754 11,58745,52840,4545,19046,956 9,633 13,65724,61441 ,5207,795 1968—June 29.. 298,575 4,041 199,92081,9226,081 4,525 3,057 1,778 11,25947,69742,291 5,46443,361 n.a. n.a. n.a.43,3827,871 New York City: 1941—Dec. 31.. 12,896 4,072 2,807 8 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31.. 26,143 7,334 3,044 2,453 1,172 26 80 287 27217,574 3,910 3,325 10,339 606 629 1947—Dec. 31.. 20,393 7,179 5,361 545 267 93 111 564 23811,972 1,642 558 9,772 638 604 1965—Dec. 31.. 44,763 412 32,713 18,075 202,866 665 1,010 3,471 3,139 2,928 1,340 5,203 1,538 987 2,876 5,879 556 1966—Dec. 31.. 46,536 109 35,83221.214 173,109 598 1,025 3,265 3,465 2,799 1,209 4,920 1,871 942 2,286 4,967 708 1967—Dec. 30.. 52,141 415 38,64423,183 13 3,874 831 914 2,990 3,431 3,099 1,285 6,027 1 ,897 1,962 2,303 6,318 737 1968—June 29.. 51,361 556 38,98824,042 192,976 796 1,015 3,118 3,495 3,197 1,309 5,046 n.a. n.a. n.a. 6,034 736 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 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—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 1967—Dec. 30.. 12,744 266 8,958 5,714 46 459 220 162 951 675 754 241 1 ,574 427 344 853 1 ,487 459 1968-—June 29.. 12,848 192 9,056 5,796 39 355 220 173 1 ,046 693 748 236 I ,762 n.a. n.a. n.a. 1 ,564 274 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 1965—Dec. 31.. 91,997 471 64,64624,784 1,206 954 1,108 635 5,820 15,056 14,305 1,99914,354 2,972 3,281 8,432 11,504 1,022 1966—Dec. 31.. 96,201 817 69,01728,0901,251 1,084 1,079 684 5,748 16,044 14,375 1,968 13,040 2,552 2,673 8,222 12,033 1,294 1967—Dec. 30.. 106,086 1,219 72,713 30,609 1,311 881 1,143 578 5,446 16,969 15,0472,148 14,667 3,140 3,557 8,312 15,3762,110 1968—June 29.. 108,001 1,422 75,138 31,7201,414 758 1,206 513 5,19617,861 15,6252,30413,083 n.a. n.a. n.a. 16,1772,180 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 1965—Dec. 31.. 103,362 905 62,433 16,4783,840 650 698 174 1,983 20,217 18,423 1,17723,735 4,389 5,565 14,098 13,805 2,483 1966—Dec. 31.. 110,089 1,161 68,051 17,9383,986 790 761 157 2,175 22,25320,000 1,30722,419 3,791 5,917 13,096 15,473 2,985 1967—Dec. 30.. 123,127 1 ,538 74,074 19,8394,332 607 906 100 2,200 24,453 21 ,554 1,51624,689 4,168 7,793 13,147 18,338 4,488 1968—June 29.. 126,365 1 ,871 76,738 20,3634,610 436 835 77 1,899 25,64722,721 1,61423,469 n.a. n.a. n.a. 19,607 4,680 Nonmember: 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 2 2,266 1,061 10911,318 2,179 1,219 7,920 1,078 625 1965—Dec. 31.. 54,483 242 31,616 7,458 3,113 343 516 151 817 10,312 9,050 383 4,555 n.a. n.a. n.a. 6,067 2,003 1966—Dec. 31.. 59,257 425 34,781 8,045 3,237 431 543 142 953 11,566 10,018 427 4,239 n.a. n.a. n.a. 7,203 2,609 1967—Dec. 30.. 67,087 618 38,791 9,0993,568 395 681 148 948 2,997 11,131 469 5,516 n.a. n.a. n.a. 8,486 3,676 1968—June 29.. 70,219 772 41,081 9,506 3,898 425 674 166 935 13,712 11 ,929 512 5,242 n.a. n.a. n.a. 9,252|3,871 1 Beginning with June 30, 1948, figures for various loan items are •* Breakdowns of loan investment and deposit classifications are not shown gross (i.e., before deduction of valuation reserves); they do not available before 1947; summary figures for earlier dates appear in the add to the total and are not entirely comparable with prior figures. Total preceding table. loans continue to be shown net. 5 Beginning with June 30, 1966, loans to farmers directly guaranteed 2 Includes securities purchased under resale agreements prior to June by CCC were reclassified as “Other securities,” and Export-Import Bank 30, 1967—they were in loans, for the most part in loans to banks. Prior portfolio fund participations were reclassified from loans to “Other se to Dec. 1965, Federal funds sold were included with total loans and loans curities.” This increased “Other securities” by about $1 billion. to banks. 6 Beginning with Dec. 31, 1965, components shown at par rather than 3 See table (and notes) entitled Deposits Accumulated at Commercial at book value; they do not add to the total (shown at book value) and are Banks for Payment of Personal Loans, p. A-23. not entirely comparable with prior figures. For other notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ COMMERCIAL BANKS A 25 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits b c C a a l n l a l k s d s a a o n te f d s B w F e R a r . i n v R e th k e . s s r C c a e o n n u i c d r n y b m a w a B d n e n i a o c s t k e l t h s i s c ? ju m p D a s o d a t d s e e e n i d t d s 8 m D e I s n o t t i e c r 7 ba e F n ig k o n r 9 G U o . v S t . . S g lo a o t n c a v a d t t e l . c C h c o f a e e i e f n e r r f c d d t i s k i ’ s, IPC I b n a t n er k G P U S a o o a n . s S v v d t t . a , l S g l a o o t n c a v d a t t e l . IPC3 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 6510,059 1965—Dec. 31.... 17.992 4,851 15,300 140,936 16,794 1,632 5,525 14,244 5,978 140,558 1,008 263 12,186 134,247 4,47230,272 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 13,462 146,3294,85932,054 1967—Dec. 30.... 20,275 5,931 17,490 153,253 19,853 2,029 5,234 15,564 8,677 159,825 1,316 267 15,892 167,6345,77734,384 1968—June 29.... 20,846 5,190 15,494147,296 18,632 2,005 4,971 16,284 10,123 151,430 1 ,094 321 16,522 173,8578,13035,774 All insured: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,24823,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1965—Dec. 31.... 17,992 4,833 14,801 139,601 16,620 1,529 5,508 14,152 5,913 139,594 923 263 12,135 133,6864,32529,827 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 13,414145,7444,71731,609 1967—Dec. 30.... 20,275 5,916 16,997 151,948 19,688 1 ,909 5,219 15,471 8,608 158,905 1,258 267 15,836 166,9565,53133,916 1968—June 29.... 20,846 5,170 14,936145,782 18,468 1,869 4,951 16,198 9,890 150,482 1,019 321 16,456173,1487,91335,269 Member, total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 I ,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,24322,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1965—Dec. 31.... 17,992 3,757 8,957112,569 15,977 1 ,477 4,890 10,840 5,386 115,905 840 236 10,041 109,925 4,23424,926 1966—Dec. 31.... 19,069 4,249 9,400112,920 17,051 1,736 4,432 11 ,406 6,396 120,417 794 213 10,983 118,5764,61826,278 1967—Dec. 30.... 20,275 4,646 10,550121,530 18,951 1 ,861 4,631 11 ,857 7,940 132,184 1,169 235 12,856 135,3295,37028,098 1968—June 29. . .. 20,846 3,999 9,218 116,269 17,809 1 ,834 4,127 12,503 9,251 124,716 934 286 13,373 139,1027,68429,139 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 I ,105 6,940 237 1 ,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31 .... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1965—Dec. 31.... 3,788 310 122 18,190 4,191 1,034 1,271 620 2,937 20,708 522 84 807 17,097 1,987 5,114 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 1967—Dec. 30.... 4,786 397 476 20,004 5,900 1 ,337 1 ,084 890 4,748 25,644 741 70 1 ,152 18,8401,880 5,715 1968—June 29.... 5,013 305 558 18,223 6,709 1 ,326 824 1 ,203 6,043 23,879 513 89 1 ,250 17,4962,283 6,022 City of Chicago: 1941—Dec. 31.... 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 ........ 288 1945—Dec. 31.... 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31.... 1,070 30 175 3,737 1,196 21 72 285 63 3,853 ..........2 9 902 ........ 426 1965—Dec. 31.. . . 1,042 73 151 4,571 1,377 59 345 328 126 5,202 39 4 210 4,785 355 1,132 1966—Dec. 31.... 815 92 136 4,502 1 ,362 71 310 286 146 5,575 25 356 4,541 484 1,199 1967—Dec. 30.... 1,105 94 151 4,758 1,357 77 267 283 217 5,751 21 2 602 5,409 383 1,346 1968—June 29.... 926 69 237 4,428 1,160 61 93 277 192 5,300 20 2 509 5,088 811 1,363 Other reserve city: 1941—Dec. 31.... 4,060 425 2,590 11,117 4,302 54 49! 1 ,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1965—Dec. 31.... 7,700 1,139 2,341 37,703 8,091 330 1,773 3,532 1,180 42,380 206 71 4,960 40,510 1,548 9,007 1966—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 1967—Dec. 30.... 8,618 1,452 2,805 39,957 8,985 390 1,715 3,542 1 ,580 48,165 310 80 5,830 50,2502,55510,033 1968—June 29. . .. 8,806 1 ,233 2,117 38,667 7,734 397 1 ,399 3,641 1 ,674 45,079 300 117 6,219 51,9103,72010,351 Country: 1941—Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31 .... 4,993 929 3,900 27,424 1 ,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1965—Dec. 31 . . .. 5,463 2,235 6,344 52,104 2,317 54 1,501 6,360 1,143 47,615 74 77 4,064 47,534 343 9,673 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 30810,309 1967—Dec. 30.. .. 5,767 2,704 7,117 56,812 2,709 57 1,564 7,142 1 ,395 52,624 96 83 5,272 60,830 55211,005 1968—June 29. ... 6,101 2,392 6,305 54,952 2,207 51 1 ,811 7,382 1,343 50,458 102 78 5,395 64,608 871 11,403 Nonmember:3 1947—Dec. 31.... 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1965—Dec. 31 .... 1,093 6,343 28’367 817 155 635 3,404 592 24^53 168 27 2,145 24,322 238 5^45 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 1967—Dec. 30.... 1 ,285 6,939 31,723 903 169 603 3,707 737 27,641 147 32 3,035 32,305 408 6,286 1968—June 29.... .....1..,1..9..1. 6,275 31,027 823 170 844 3,781 872 26,715 160 35 3,149 34,755 447 6,635 7 Beginning with 1942, excludes reciprocal bank balances. that are included under member banks, see Note, p. 589, May 1964 8 Through 1960 demand deposits other than interbank and U.S. Bulletin.) These figures exclude data for banks in U.S. possessions Govt., less cash items in process of collection; beginning with 1961, except for member banks. Comparability of figures for classes of banks demand deposits other than domestic commercial interbank and U.S. is affected somewhat by changes in F.R. membership, deposit insurance Govt., less cash items in process of collection. status, and the reserve classifications of cities and individual banks, and 9 For reclassification of certain deposits in 1961, see note 6, p. 589, by mergers, etc. May 1964 Bulletin. Data for national banks for Dec. 31, 1965, have been adjusted to make them comparable with State bank data. Note.—Data are for all commercial banks in the United States. (For For other notes see opposite page. definition of “commercial banks” as used in this table and for other banks Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 26 WEEKLY REPORTING BANKS □ FEBRUARY 1969 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans 2 For purchasing To financial institutions or carrying securities Loans * Total net of Wednesday lo a a n n d s v t a i l o u n a C m o e m r T an o d b d r e o a k l e e r r s s To other Banks Nonbank Con Valu invest re cial Agri Real sumer For All ation ments 1 serves and cul estate instal eign other re indus tural U.S. U.S. Do Pers, ment govts. serves trial Govt, Other Govt, Other mes and se se se se For tic sales curi curi curi curi eign com finan. Other ties ties ties ties mer cos., cial etc. Large banks— Total 1968 Jan. 3.........210,415 148,597 66,201 1,906 1 ,254 4,519 113 2.454 1,431 4,646 5,877 4,538 29,126 16,387 1,063 12,269 3,187 10......... 208,077 146,690 65,909 I ,898 1 ,814 4,061 96 2,438 1 ,394 3,719 5,542 4,429 29,112 16^342 1,070 12,055 3,189 17.......... 207,161 145,014 65,661 1 ,903 1 ,373 3,850 97 2,421 1 ,360 3,159 5,450 4,416 29,139 16,358 1 ,029 11,986 3,188 24......... 205,291 143,879 64,969 1 ,891 1 ,197 3,758 95 2,419 1 ,399 3,294 5,313 4,286 29,171 16,333 1 ,048 11,894 3,188 31......... 207,221 145,142 64,905 1 ,882 1,971 3,855 103 2,421 1 ,362 3,403 5,371 4,251 29,171 16,418 1,066 12,156 3,193 Dec. 4......... 228,412160,490 71,272 2,020 1 ,948 4,606 101 2,638 1 ,537 4,802 5,327 5,053 31,687 18,351 1,088 13,308 3,248 229,355 160,852 71,682 2,024 2,132 4,495 95 2,678 1 ,577 4,233 5,456 5 ,060 31,793 18,427 1 ,088 13,357 3,245 18......... 233,426 164,639 72,968 2,019 2,245 4,746 103 2,691 1 ,580 4,723 6,304 5,111 31,898 18,489 1 ,088 13,926 3,252 25......... 231,847 163,724 73,033 2,020 895 4,903 105 2,676 1 ,622 4,474 6,455 5,098 31,943 18,565 1,125 14,047 3,237 1969 Jan. 1......... 233,299 164,952 73,988 2,034 1 ,492 5,221 110 2,710 1 ,575 3,128 6,622 5,244 32,051 18,657 1,040 14,448 3,368 8......... 231,170 164,198 73,958 2,023 1 ,648 4,526 133 2,737 1 ,577 4,438 5,741 5,111 32,021 18,624 1 ,045 14,109 3,493 15.......... 229,792 163,377 73,831 2,025 1 ,265 4,168 108 2,727 1 ,630 4,499 5,606 5,117 32,137 18,620 1 ,059 14,081 3,496 22»’........ 228,222 161,827 73,516 2,024 877 3,866 104 2,750 1 ,524 4,331 5,385 5,063 32,214 18,663 1 ,048 13,957 3,495 29*........ 227,925 162,164 72,917 2,013 879 3,664 100 2,751 1 ,562 5,463 5,347 5,046 32,224 18,719 1 ,003 13,973 3,497 New York City 1968 Jan. 3..........49,156 37,366 22,236 12 666 2,826 20 812 698 1 ,340 1 ,490 1 ,058 3,015 1 ,258 742 2,129 936 10...... 48,461 36,842 22,111 17 1 ,042 2,508 17 777 653 1,119 1 ,444 1 ,042 3,002 1 ,251 755 2,041 937 17.......... 47,688 36,099 21,976 18 700 2,354 16 775 643 1 ,023 1 ,445 1 ,114 2,997 1 ,250 723 2,002 937 24......... 47,063 35,733 21,679 20 576 2,316 16 774 687 1 ,208 1 ,371 1 ,056 2,992 1 ,250 736 I ,990 938 31...... 47,795 36,319 21,596 20 1,129 2,364 22 773 647 970 1 ,523 1 ,046 2,982 1,253 739 2,194 939 Dec. 4......... 53,589 40,363 23,575 18 I ,179 2,585 13 862 794 1 ,869 1 ,535 1,325 3,164 1 ,346 696 2,340 938 11.......... 53,985 40,362 23,679 17 1,423 2,375 10 888 840 1 ,601 1 ,612 1,311 3,169 1,348 693 2,334 938 18.......... 54,887 41,292 24,216 18 1 ,416 2,531 10 896 793 1 ,121 1 ,980 1 ,335 3,182 1 ,349 706 2,680 941 25.......... 53,662 40,486 24,265 18 541 2,681 17 886 825 876 2,037 I ,3?9 3,187 1,352 728 2,673 939 1969 Jan. 1.......... 53,810 40,829 24,560 16 781 2,955 14 892 805 692 1 ,771 1 ,304 3,189 1,373 672 2,757 952 8......... 52,829 40,369 24,560 15 926 2,454 37 886 815 966 1 ,597 1,274 3,192 1 ,373 668 2,651 1,045 15.......... 52,702 40,622 24,489 15 1 ,056 2,323 13 881 849 1 ,348 1,516 1,273 3,217 1 ,375 681 2,631 1,045 22*........ 52,045 39,800 24,262 16 651 2,115 12 874 778 1 ,509 1 ,447 1,271 3,223 1 ,454 673 2,560 1,045 29*........ 52,506 40,395 23,997 16 572 1 ,994 10 874 801 2,495 1,503 1 ,271 3,214 1 ,447 637 2,609 1 ,045 Outside New York City 1968 Jan. 3..........161,259 111,231 43,965 1 ,894 588 1 ,693 93 1 ,642 733 3,306 4,387 3,480 26,111 15,129 321 10,140 2,251 10......... 159,616109,848 43,798 1 ,881 772 1 ,553 79 1 ,661 741 2,600 4,098 3,387 26,110 15,091 315 10,014 2,252 17.......... 159,473 108,915 43,685 1 ,885 673 1 ,496 81 1 ,646 717 2,136 4,005 3,302 26,142 15,108 306 9,984 2,251 24......... 158,228 108,146 43,290 1 ,871 621 1 ,442 79 1,645 712 2,086 3,942 3,230 26,179 15,083 312 9,904 2,250 31......... 159,426 108,823 43,309 1 ,862 842 1 ,491 81 1 ,648 715 2,433 3,848 3,205 26,189 15,165 327 9,962 2,254 Dec. 4......... 174,823 120,127 47,697 2,002 769 2,021 88 1 ,776 743 2,933 3,792 3,728 28,523 17,005 392 10,968 2,310 11......... 175,370120,490 48,003 2,007 709 2,120 85 1 ,790 737 2,632 3,844 3,749 28,624 17,079 395 11 ,023 2,307 18......... 178,539 123,347 48,752 2,001 829 2,215 93 I ,795 787 3,602 4,324 3,776 28,716 17,140 382 11,246 2,311 25......... 178,185 123,238 48,768 2,002 354 2,222 88 1 ,790 797 3,598 4,418 3,759 28,756 17,213 397 11,374 2,298 1969 Jan. 1......... 179,489 124,123 49,428 2,018 711 2,266 96 t,818 770 2,436 4,851 3,940 28,862 17,284 368 11,691 2,416 8......... 178,341 123,829 49,398 2,008 722 2,072 96 1 ,851 762 3,472 4,144 3,837 28,829 17,251 377 11,458 2,448 15......... 177,090 122,755 49,342 2,010 209 I ,845 95 I ,846 781 3,151 4,090 3,844 28,920 17,245 378 11,450 2,451 22*... 176,177 122,027 49,254 2,008 226 1 ,751 92 1 ,876 746 2,822 3,938 3,792 28,991 17,209 375 11,397 2,450 29*........ 175,419 121 ,769 48,920 1 ,997 307 1 ,670 90 1 ,877 761 2,968 3,844 3,775 29,010 17,272 366 11,364 2,452 For notes see p. A-29. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ WEEKLY REPORTING BANKS A 27 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments Cash assets U.S. Government securities Other securities Balances with— Obligations of States Other bonds, Cash All Notes and bonds and corp.stocks items Cur Re other Wednesday maturing—• political and in rency serves assets Cer subdiv. securities Total process and with Total Bills tifi of coin F.R. cates collec Do For Banks Certif. tion mestic eign With 1 to After Tax All of Other banks banks in 5 yrs. 5 yrs. war other partici secu 1 yr. rants 3 pation4 rities Large banks— Total 1968 28,371 6,049 4,142 13,878 4,302 3,953 25,285 1 ,333 2,876 51,111 25,859 4,738 254 3,074 17,186 9,284 ..........Jan. 3 27,824 5,576 4,018 13,834 4,396 3,990 25,374 I ,340 2,859 44,729 22,442 4,165 230 2,990 14,902 9,107 ....................10 28,652 6^555 4,015 13,727 4,355 3,937 25^39 1 359 2^860 48,574 23,867 4,206 237 2,888 17,376 8,920 .....................17 27,928 5 '841 4,064 13,686 4*337 3 *901 25,326 1 ,372 2’885 44,075 20,676 3,981 233 2,913 16,272 8,955 ....................24 28 080 6,023 4,076 13,636 4’345 3,*956 25'490 1 '499 3 054 47,067 22,765 4,168 236 2,787 17,111 9,567 . ...................31 29 579 5,145 4,967 12,649 6 818 4,970 28,916 1 ,369 3,088 53,087 29,400 4,794 206 2,940 15,747 10,542 ..........Dec. 4 29,858 5^395 5,002 12,649 6 812 5*036 29'182 1 *350 3 ,’O77 51,747 28,437 4,584 239 3,192 15,295 10,387 ....................11 29 825 5 ,551 5,198 12,253 6 823 5,318 29*193 1 '414 3 *037 53,383 28,925 4,846 227 3,184 16,201 10,475 ....................18 29,160 4,907 5'216 12'257 6,780 5,109 29,410 1 '424 3,020 52,345 27,818 4,669 228 3,033 16,597 10,804 ....................25 1969 29,354 5,314 5,186 12,219 6,635 5,034 29,466 1 ,481 3 012 58,434 32,864 5,535 245 3,352 16,438 11,332 ...... Jan 1 28,101 4'196 5,280 12,074 6,551 5*041 29,397 1 ',417 3’016 55,035 28,430 4,833 244 3,155 16,373 10,934 ................... 8 27^812 3,'962 5'256 12,083 6*511 4,936 29^263 1 ,411 2,’993 55,936 30,943 4,805 237 3,113 16,838 10,844 ....................15 28 051 4 277 5,266 12,069 6*439 4 867 29,132 1 ,415 2*930 52,704 27,346 4,514 239 3,056 17,549 10,607 p22 27,556 3^907 5,250 11,987 6,412 4’810 29,105 1 ,’429 2861 50,971 25,852 4,394 238 3,103 17,384 10,531 ..................f 29 New York City 1968 5 441 1 ,769 788 2,104 780 1 ,392 4,239 63 655 14,767 8,858 320 119 409 5,061 3,457 5,360 1 ,776 796 1 ,944 844 1 358 4*215 61 625 12,990 8,625 268 105 394 3,598 3,361 ....................10 5 411 1 /JI 4 776 1 ,858 863 1 315 4 220 58 585 14,693 9,507 289 104 374 4,419 3,186 ....................17 5’193 1 ,714 805 1 ,819 855 1 ,306 4 J 63 62 606 13,505 8,444 216 108 380 4,357 3,200 ................. .24 5 161 1 ,708 818 1 ‘774 861 1 *327 4'241 88 659 15,251 9,682 259 109 367 4,834 3,525 ....................31 5 985 1 ,773 735 1 ,901 1 576 1,537 4,802 99 803 17,565 13,394 386 90 406 3,289 3,781 ..........Dec. 4 6 188 1 ,962 755 1 '881 1 590 1 ’610 4'927 96 802 17,542 13,369 317 125 431 3,300 3,705 .....................11 6,051 1 ,875 743 1 ^855 1 ,578 1 *781 4*886 101 776 18,148 13,114 374 113 413 4,134 3,791 ....................18 5 637 1 *515 753 1 ;832 1 ,537 I 726 4*943 109 761 16,946 11,799 289 120 387 4,351 4,033 ................. .25 1969 1 ,484 686 1 ,871 1 425 1 757 4 885 122 751 19,463 14,219 372 120 398 4,354 4,317 ......Jan. 1 5 115 1 ,162 704 1 ,850 1 *399 1 ’672 4,829 114 730 17,722 12,350 355 122 418 4,477 4,209 ................... 8 4 914 *990 687 1 ,841 1 ,396 1 545 4,765 114 742 18,894 14,053 404 121 399 3,917 4,187 ...................15 5 232 1 289 694 1 ,848 1 401 1 *530 4,670 113 700 18,433 12,976 294 124 396 4,643 3,983 ?>22 5 100 1 199 679 1 838 1 384 1 506 4 672 116 717 18,062 12,529 334 109 393 4,697 3,802 ..................^29 Outside New York City 1968 22 930 4 280 3,354 11 774 3 522 2 561 21,046 1 ,270 2 221 36,344 17,001 4,418 135 2,665 12,125 5,827 ..........Jan. 3 22*464 3’800 3,222 11,890 3*552 2*632 21,159 1 ,279 2'234 31 ,739 13,817 3,897 125 2,596 11,304 5,746 ....................10 23 241 4,641 3’239 11 ’, 869 3 492 2 622 21’119 1 ^301 2’275 33,881 14,360 3,917 133 2,514 12,957 5,734 ....................17 22 735 4 127 3’259 11'867 3’482 2’595 21’163 1 '310 2’279 30,570 12,232 3,765 125 2,533 11,915 5,755 ....................24 22919 4*315 3 258 11,862 3*484 2’629 21^249 1 411 2 395 31 ,816 13,083 3,909 127 2,420 12,277 6,042 ....................31 23 594 3,372 4,232 10,748 5 242 3 433 24 114 1,270 2 285 35,522 16,006 4,408 116 2,534 12,458 6,761 23*670 3,433 4,’247 10,768 5*222 3 426 24’255 1 *254 2*275 34,205 15,068 4,267 1 14 2,761 11,995 6,682 ............ 11 23 774 3 676 4*455 10 398 5 245 3*537 24'307 1*313 2 261 35,235 15,811 4,472 114 2,771 12,067 6,684 ....................18 23,523 3,392 4 463 10 425 5’243 3*383 24 467 1,315 2’259 35,399 16,019 4,380 108 2,64612,246 6,771 ....................25 1969 23,888 3 830 4 500 10 348 5,210 3 277 24,581 1 359 2 261 38,971 18,645 5,163 125 2,954 12,084 7,015 ..........Jan. 1 22,986 3,034 4’576 10’224 5 ’152 3'369 24*568 1 ,303 2,286 35,313 16,080 4,478 122 2,737 11,896 6,725 ................... 8 22 898 2’972 4*569 10'242 5*115 3 391 24 498 1 297 2,251 37,042 16,890 4,401 116 2,714 12,921 6,657 ....................15 22 819 2'988 4’572 10’221 5 038 3*337 24362 1 '302 2 230 34,271 14,370 4,220 115 2,660 12,906 6,624 ..................^22 22,456 2,708 ......4..,.5...7.1 10 J 49 5,028 3,304 24’433 1,313 2,144 32,909 13,323 4,060 129 2,710 12,687 6,729 ..................^29 For notes see p. A-29. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 28 WEEKLY REPORTING BANKS □ FEBRUARY 1969 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 polit U.S. tic polit mes Total! IPC ical Govt. com Com Total? ical tic Com sub- mer Govt, mer Sav Other sub inter Govt, mer divi cial etc.6 cial ings divi bank etc. cial sions banks banks sions banks Large banks— Total 1968 Jan. 3................... 230,198 127,277 92,380 6,231 3,818 15,752 764 1,816102,921 48,864 38,273 9,509 769 5,037 290 10................... 221,975 118,564 87,821 6,086 1 ,639 14,137 724 1 ,653 103,411 48,711 38,906 9,545 773 5,012 288 17................... 224,395 120,711 87,888 5,787 3,675 14.260 822 1 ,617 103,684 48,591 39,321 9,528 821 4,952 278 24................... 219,012 114,974 84,074 5,335 4,261 12,883 702 1 ,657 104,038 48,531 39,577 9,619 826 5,026 266 31.................. 224,306 120,128 86,053 6,301 5,467 13,298 695 1 ,605 104,178 48,516 39,639 9,635 832 5,066 299 Dec. 4................... 240,996 129,007 91 ,782 6,264 2,823 16,473 844 1 ,901 111,989 48,679 45,876 11,479 762 4,659 284 11.................... 239,627 127,193 93,184 6,213 955 15,930 756 1,899 112,434 48,627 46,058 11,765 766 4,680 286 18................... 244,513 132,551 94,554 5,978 5,049 16,575 730 1 ,991 111 ,962 48,640 45,416 11 ,932 755 4,660 285 25.................... 243,998 131,848 95,736 6,097 4,538 16,180 826 2,108 112,150 48,665 45,568 12,075 741 4,552 283 1969 Jan. 1.................... 256,398 144,295 102,818 7,675 3,437 19,064 854 2,094 112,103 49,161 45,013 12,047 722 4,611 280 8................... 243,333 131 ,759 95,868 6,297 2,122 16,603 689 2,017 111 ,574 48,812 44,971 11,987 644 4,609 268 15................... 243,903 133,179 97,517 6,424 1 ,499 16,124 701 2,017 110,724 48,523 44,678 11,738 633 4,603 264 22"........., 238,999 128,654 92,452 5,891 4,891 14,777 747 1,840 110,345 48,438 44,580 11,585 605 4,594 267 29".................. 237,134 127,002 90,113 6,318 5,434 14,596 671 1 ,894 110,132 48,342 44,504 11 ,530 593 4,624 267 New York City 1968 Jan. 3.................... 52,745 34,004 22,404 425 1 ,138 4,253 606 1 ,285 18,741 4,708 9,214 759 523 3,290 177 10................... 50,448 31 ,517 20,880 395 365 4,041 573 1,130 18,931 4,692 9,436 763 517 3,279 173 17................... 51,498 32,653 20,792 388 854 4,364 663 1,118 18,845 4,688 9,433 717 558 3,197 173 24.................... 49,778 30,970 20,017 302 961 3,942 547 1,146 18,808 4,686 9,397 728 563 3,199 156 31 . .................. 52,362 33,677 21 ,246 468 1 ,377 4,347 545 1 ,097 18,685 4,690 9,221 749 565 3,227 154 Dec. 4................... 56,647 37,003 22,086 506 550 5,646 629 1 ,352 19,644 4,594 10,148 1 ,279 468 2,913 173 11................... 55,687 35,989 22,393 618 57 5,568 585 1,336 19,698 4,598 10,176 1,281 470 2,927 174 18................... 56,742 37,609 23,033 533 1 ,146 5,815 542 1 ,426 19,133 4,596 9,666 1 ,262 458 2,900 177 25................... 55,583 36,391 23,312 510 882 5,685 635 1 ,524 19,192 4,599 9,759 1 ,295 449 2,841 177 1969 Jan. 1.................... 60,622 41,771 25,660 884 870 6,956 686 1 ,460 18.851 4,639 9,398 1 ,274 432 2,859 176 8................... 55,527 36,993 23,507 521 425 5,421 518 1 ,434 18,534 4,637 9,154 1 ,257 381 2,866 160 15................... 56,274 38,117 23,559 627 351 5,514 539 1 ,437 18,157 4,626 8,856 1 ,202 375 2,860 156 22"................. 54,799 36,841 22,495 431 1 ,311 5,176 595 1,282 17,958 4,615 8,765 1,141 350 2,845 162 29"................. 55,182 37,360 22,058 484 1 ,845 5,607 505 1 ,349 17,822 4,611 8,661 1,131 341 2,840 160 Outside New York City 1968 Jan. 3.................... 177,453 93,273 69,976 5,806 2,680 11,499 158 531 84,180 44,156 29,059 8,750 246 1,747 113 10................... 171 ,527 87,047 66,941 5,691 1 ,274 10,096 151 523 84,480 44,019 29,470 8,782 256 1 ,733 115 17................... 172,897 88,058 67,096 5,399 2,821 9,896 159 499 84,839 43,903 29,888 8,811 263 1 ,755 105 24................... 169,234 84,004 64,057 5,033 3,300 8,941 155 511 85,230 43,845 30,180 8,891 263 1 ,827 110 31.................... 171 ,944 86,451 64,807 5,833 4,090 8,951 150 508 85,493 43,826 30,418 8,886 267 1 ,839 145 Dec. 4................... 184,349 92,004 69,696 5,758 2,273 10,827 215 549 92,345 44,085 35,728 10,200 294 1 ,746 111 11.................... 183,940 91,204 70,791 5,595 898 10,362 171 563 92,736 44,029 35,882 10,484 296 1 ,753 112 18................... 187,771 94,942 71 ,521 5,445 3,903 10,760 188 565 92,829 44,044 35,750 10,670 297 1 ,760 108 25.................... 188,415 95,457 72,424 5,587 3,656 10,495 191 584 92,958 44,066 35,809 10,780 292 1 ,711 106 1969 Jan. 1.................... 195,776 102,524 77,158 6,791 2,567 12,108 168 634 93,252 44,522 35,615 10,773 290 1,752 104 8................... 187,806 94,766 72,361 5,776 1,697 11,182 171 583 93,040 44,175 35,817 10,730 263 1 ,743 108 15................... 187,629 95,062 73,958 5,797 1,148 10,610 162 580 92,567 43,897 35,822 10,536 258 1 ,743 108 22"............. 184,200 91 ,813 69,957 5,460 3,580 9,601 152 558 92,387 43,823 35,815 10,444 255 I ,749 105 29".................. 181,952 89,642 68,055 5,834 3,589 8,989 166 545 92,310 43,731 35,843 10,399 252 1,784 107 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ WEEKLY REPORTING BANKS A 29 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Memoranda Total assets— Other Capital total Total Large certificates Liabili liabili ac liabilities loans of deposits10 ties of Wednesday ties counts and Total (net) Demand U.S. From From capital loans ad deposits banks F.R. others accounts (net) justed ad to Banks ad and in justed 9 Total Issued Issued their justed 8 vest issued to to foreign ments 8 IBC’s others branches11 Large banks— Total 1968 151 7,631 12,371 20,459 270,810 143,951 205,769 81,848 20,081 13,102 6,979 4,092 ..................Jan. 3 30 6,986 12,400 20,522 261,913 142,971 204,358 80,346 20,479 13,475 7,004 4,289 ............................10 993 6,412 12,347 20,508 264,655 141,855 204,002 78,909 20,670 13,608 7,062 4,367 ............................17 256 6,000 12,525 20,528 258,321 140,585 201,997 77,154 20,927 13,782 7,145 4,516 ............................24 733 5,357 12,780 20,679 263,855 141,739 203,818 78,598 20,907 13,681 7,226 4,259 ............................31 58 1 I,203 17,912 21,872 292,041 155,688 223,610 80,311 24,326 15,836 8,490 6,960 214 11,355 18,434 21 ,859 291,489 156,619 225,122 81,871 24,260 15,765 8,495 7,439 ............................11 888 11,519 18,566 21,798 297,284 159,916 228,703 82,002 23,513 15,074 8,439 7,290 ............................18 244 11,214 17,702 21 ,838 294,996 159,250 227,373 83,312 23,474 15,111 8,363 6,976 ............................25 1969 149 7,922 16,591 22,005 303,065 161,824 230,171 88,930 22,820 14,537 8,283 6,054 117 11,479 18,296 21,914 295,139 159,760 226,732 84,604 22,374 14,224 8,150 7,489 ........................... 8 860 10,969 18,895 21,945 296,572 158,878 225,293 84,613 21 ,787 13,827 7,960 8,134 ............................15 727 10,509 19,357 21,941 291,533 157,496 223,891 81,640 21,345 13,505 7,840 8,576 ..........................”22 685 10,672 18,996 21,940 289,427 156,701 222,462 81 ,120 21 ,029 13,284 7,745 8,656 ..........................”29 New York City 1968 2,744 6,393 5,498 67,380 36,026 47 816 19,755 6 944 4,815 2,129 3 322 13 2,199 6,669 5,483 64',812 35,723 47,342 18’,486 7,139 5,036 2'103 3,511 ............................10 380 1 ,827 6,386 5,476 65,567 35,076 46,665 17,928 7,113 4,979 2,134 3,551 ............................17 1 ,798 6,710 5,482 63,768 34,525 45,855 17,623 7,099 4,979 2,120 3,652 ............................24 206 1 ,670 6,789 5,544 66,571 35,349 46,825 18,271 6,900 4,767 2,133 3,504 ............................31 3,056 9,296 5,936 74,935 38,494 51 ,720 17,413 7,478 5,153 2,325 5 ,075 3J77 9'828 5; 940 75,232 38'761 52'384 16,995 7,443 5,118 2'325 5 492 ..............11 225 4,120 9,848 5,891 76,826 40,171 53,766 17,534 6,889 4,592 2’297 5,435 ............................18 3,845 9,329 5,884 74,641 39,610 52,786 18,025 6,839 4,593 2,246 5,128 ............................25 1969 60 2,321 8,644 5,943 77,590 40,137 53,118 19,726 6,453 4,242 2,211 4,620 ..................Jan. 1 3,476 9,859 5,898 74,760 39,403 51,863 18,797 6,210 4,069 2,141 5,266 ........................... 8 101 3,346 10,179 5,883 75,783 39,274 51 ,354 18,199 5,933 3,841 2,092 5,754 ...........................15 3,074 10,711 5,877 74,461 38,291 50,536 17,378 5,760 3,753 2,007 6,177 ..........................”22 2,977 10,349 5,862 74,370 37,900 50,011 17,379 5,643 3,662 1 ,981 6,089 ..........................”29 Outside New York City 1968 151 4,887 5,978 14,961 203,430 107,925 157,953 62,093 13,137 8,287 4,850 770 ..................Jan. 3 17 4,787 5,731 15,039 197,101 107,248 157,016 61,860 13,340 8,439 4,901 778 ............................10 613 4,585 5,961 15,032 199,088 106,779 157,337 60,981 13,557 8,629 4,928 816 .................... .17 256 4,202 5,815 15,046 194,553 106,060 156,142 59,531 13,828 8,803 5,025 864 ............................24 527 3,687 5,991 15,135 197,284 106,390 156,993 60,327 14,007 8,914 5,093 755 ............................31 58 8,147 8,616 15,936 217,106 117,194 171,890 62,898 16,848 10,683 6,165 1,885 ..................Dec. 4 214 7,578 8,606 15,919 216,257 117,858 172,738 64,876 16,817 10,647 6,170 1 ,947 ............................11 663 7,399 8,718 15,907 220,458 119,745 174,937 64,468 16,624 10,482 6,142 1 ,855 ............................18 244 7,369 8,373 15,954 220,355 119,640 174,587 65,287 16,635 10,518 6,117 I ,848 ............................25 1969 89 5,601 7,947 16,062 225,475 121,687 177,053 69,204 16,367 10,295 6,072 1 ,434 tl7 8,003 8,437 16,016 220,379 120,357 174,869 65,807 16,164 10,155 6,009 2,223 ........................... 8 759 7,623 8,716 16,062 220,789 119,604 173,939 66,414 15,854 9,986 5,868 2,380 ............................15 727 7,435 8,646 16,064 217,072 119,205 173,355 64,262 15,585 9,752 5,833 2,399 ..........................”22 685 7,695 8,647 16,078 215,057 118,801 172,451 63,741 15,386 9,622 5,764 2,567 ..........................”29 1 After deduction of valuation reserves. 2 Individual items shown gross. 11 Liabilities to branches are reported gross; because of adjustments 3 Includes short-term notes and bills (less than 1 year to maturity) and some differences in coverage, these figures are not directly compa issued by States and political subdivisions. 4 Federal agencies only. rable with the other data in this table. For historical data, see Table 5 Includes certified and officers’ checks, not shown separately. 19, page A-83, 6 Deposits of foreign governments and official institutions, central Note.—Beginning June 29, 1966, coverage of series was changed from banks, and international institutions. Weekly Reporting Member Banks to Weekly Reporting Large Commer 7 Includes U.S. Government and postal savings not shown separately. cial Banks (earlier figures for 1966 are comparable with the new series). 8 Exclusive of Ioans to domestic commercial banks. Also beginning June 29, 1966, detailed breakdown is shown of “All other * All demand deposits except U.S. Government and domestic com loans,’’ of “Other securities,” and of ownership of time certificates of mercial banks, less cash items in process of collection. deposit in denominations of $100,000 or more. For description of revisions, 1 0 Certificates of deposit issued in denominations of $100,000 or more. see Aug. 1966 Bulletin, pp. 1137-40. 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A 30 BUSINESS LOANS OF BANKS □ FEBRUARY 1969 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during— Industry 1969 1969 1968 1968 Jan. Jan. Jan. Jan. Jan. 2nd 1st 29p 22 15 8 1 Jan?’ Dec. Nov. IV HI II half?’ half Durable goods manufacturing: Primary metals............................. 1 ,935 1 ,940 1 ,928 1 ,914 1 ,897 44 -129 -28 -224 168 309 -56 571 Machinery......................................... 4,684 4,708 4,729 4,712 4,650 75 190 72 11 22 46 33 286 Transportation equipment.............. 2,009 2,019 2,047 1 ,981 1 ,928 89 29 -6 109 -45 36 64 44 Other fabricated metal products... 1 ,802 1 ,802 1 ,818 1,799 1,800 -48 15 -17 -67 11 150 -56 210 Other durable goods........................ 2,133 2,119 2,171 2,175 2,169 -50 19 -30 -67 40 194 -27 214 Nondurable goods manufacturing: Food, liquor, and tobacco.......... 2,484 2,668 2,727 2,843 2,882 -493 267 222 570 170 -227 740 -521 Textiles, apparel, and leather.......... 2,146 2,127 2,146 2,124 2,159 -41 -60 -38 -217 128 202 -89 527 Petroleum refining........................... 1 ,900 1 ,907 1 ,911 1 ,836 1 ,585 297 48 79 32 85 45 117 -68 Chemicals and rubber..................... 2,334 2,372 2,377 2,478 2,538 -149 227 -53 204 -233 55 -29 171 Other nondurable goods................. 1 ,714 1 ,744 1,764 1,754 1 ,744 -56 -2 6 -82 52 58 -30 72 Mining, including crude petroleum and natural gas............................. 5,098 5,164 5,175 5,150 5,121 387 263 -25 116 -147 61 -31 558 Trade: Commodity dealers................. 1 ,353 1 ,346 1 ,337 1 ,336 1 ,363 27 -12 174 302 -84 -222 218 -497 Other wholesale....................... 3,328 3,359 3,388 3,403 3,421 -43 25 18 160 54 91 214 too Retail........................................ 3,589 3,622 3,562 3,615 3,776 -447 -24 225 566 -260 232 306 204 Transportation.................................... 5,295 5,288 5.171 5,308 5,287 115 167 76 272 -59 405 213 560 Communication................................... 1,141 1 ,200 1 ,324 1 ,247 1 ,226 -38 91 75 191 -113 174 78 102 Other public utilities........................... 2,812 2,893 2,989 3,025 3,016 -59 159 164 311 351 212 662 -207 Construction........................................ 2,999 2,999 2,963 2,942 2,945 81 -26 51 79 65 221 144 263 Services................................................. 6,291 6,272 6,259 6,220 6,264 315 90 184 432 1 374 433 547 All other domestic loans..................... 7,829 7,905 7,882 7,872 7,829 46 346 125 472 9 459 481 559 Bankers’ acceptances........................... 634 651 674 721 759 -94 -29 8 -30 -53 -272 -83 -392 Foreign commercial and industrial loans............................................... 2,569 2,569 2,584 2,572 2,602 -25 5 44 58 -55 -101 3 -149 Total classified loans........................... 66,079 66,674 66.926 67,027 66,961 -67 1,659 1 ,326 3,198 107 2,502 3,305 3,154 Total commercial and industrial loans. 72,917 73,516 73,831 73,958 73,988 -137 1,855 1 ,476 3,608 185 2,667 3,793 3,362 See Note to table below. “TERM” COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during-—• 1969 ' 1968 1968 1968 Industry Jan. Dec. Nov. Oct. Sept. Aug. July June May 2nd 29 25 27 30 25 28 31 26 29 IV III II I half Durable goods manufactur ing: Primary metals.................. 1,354 1 ,338 1,414 1,417 1,466 1 ,426 1,393 1,339 1,199 -128 127 227 238 -1 Machinery.......................... 2,323 2,261 2,245 2,212 2,338 2,294 2,395 2,279 2,188 -77 59 125 153 -18 Transportation equipment. 1 ,095 1 ,035 969 909 931 910 902 908 944 104 23 19 1 127 Other fabricated metal products...................... 694 738 714 748 801 798 811 759 733 -63 42 67 17 -21 Other durable goods......... 1 ,026 1 ,032 994 991 999 1 ,003 1 ,041 1 ,028 1,003 33 -29 34 -23 4 Nondurable goods manufac turing : Food, liquor, and tobacco. 703 775 779 755 849 823 804 821 817 -74 28 -55 118 -46 Textiles, apparel, and leather......................... 621 629 602 601 588 575 556 566 556 41 22 11 90 63 Petroleum refining............. 1 ,504 1 ,212 1 ,217 1,167 1 ,228 1 ,235 1 ,270 1 ,226 1,176 -16 2 62 -92 -14 Chemicals and rubber....... 1 ,583 1 ,688 1 ,544 1,544 1,538 1 ,462 1,516 1,619 1,583 150 -81 6 81 69 Other nondurable goods. . 1 ,059 1 ,061 1 ,072 1,083 1,087 1 ,074 1,073 1,051 1 ,062 -26 36 -10 -9 10 Mining, including crude pe troleum and natural gas.,. 4,442 4,033 3,828 3,829 3,963 3,984 4,042 4,121 4,152 70 -158 74 476 -88 Trade: Commodity dealers. . 114 118 114 114 112 114 115 113 111 6 -1 -2 8 5 Other wholesale........ 653 643 613 616 585 603 608 634 637 58 -49 49 9 9 Retail......................... 1,124 1 ,135 1,159 1,144 1,114 1,106 1,152 1,144 1,105 21 -30 46 15 -9 Transportation....................... 4,025 3,906 3,744 3,680 3,673 3,688 3,688 3,703 3,610 233 -30 200 160 203 Communication..................... 438 441 459 449 472 452 453 446 432 -31 26 34 -31 -5 Other public utilities............. 1 ,245 1 ,224 1 ,181 1,077 1,071 1 ,001 928 815 749 153 256 105 -5 409 Construction.......................... 863 808 799 782 794 774 779 769 737 14 25 63 24 39 Services................................... 2,675 2,576 2,517 2,386 2,361 2,329 2,324 2,303 2,268 215 58 74 108 273 All other domestic loans .... 987 959 957 940 921 903 942 905 864 38 16 26 6 54 Foreign commercial and in dustrial loans................ 1,901 1,919 1,914 1,876 1 ,881 1,901 1,918 1,934 1 ,953 38 -53 -42 -51 -15 Total loans............................. 30,429 29,531 28,835 28,320 28,772 28,455 28,710 28,483 27,879 759 289 1,113 1,293 1 ,048 Note.—About 161 weekly reporting banks are included in this series; Commercial and industrial “term” loans are all outstanding Joans with these banks classify, by industry, commercial and industrial loans amount an original maturity of more than 1 year and all outstanding loans granted ing to about 90 per cent of such loans held by all weekly reporting banks under a formal agreement—revolving credit or standby—on which the and about 70 per cent of those held by all commercial banks. original maturity of the commitment was in excess of 1 year. For description of series see article “Revised Series on Commercial and Industrial Loans by Industry,” Feb. 1967 Bulletin, p. 209. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ INTEREST RATES A 31 BANK RATES ON SHORT-TERM BUSINESS LOANS Size of loan (in thousands of dollars) All sizes 1-9 10-99 100-499 500-999 1,000 and over Interest rate (per cent per annum) Nov. Aug. Nov. Aug. Nov. Aug. Nov, Aug. Nov. Aug. Nov. Aug. 1968 1968 1968 1968 1968 1968 1968 1968 1968 1968 1968 1968 Percentage distribution of dollar amount Less than 6.25 .............................. 5.6 2.5 2.9 3.4 1.8 2.1 3.3 1.7 3.9 2.1 7.6 2 9 6.25.................................... ... 34.6 0.5 5.4 0.1 10.0 0.1 20.1 0.2 33.2 1.2 47 0 0.6 6,26-6.49...................................... 16.9 0.1 5.6 5.5 0.1 15.3 24.7 0. 3 18 1 6.50.............................................. 6.5 33.9 4.3 6.0 5.7 10,4 7.5 19.4 6.1 31.3 6 5 48.4 6,51-6.99...................................... 13.3 24.5 9.8 11.4 18.3 14.7 19.7 26,2 13.6 29.2 9.7 25.2 7.00.............................................. 4.7 10.6 10.9 13.4 11.5 15.1 7.0 11.8 5.1 9.1 2 1 9.3 7.01-7.49...................................... 8.7 10.5 22.0 20.5 18.2 20.9 11.8 14.8 6,7 9.2 5 7 6.0 7.50.............................................. 2.7 6.5 11.0 13.4 8.5 12.1 4.7 9.6 1.7 7 0 0.6 3.2 Over 7.50.................................... 7.1 10.8 28.0 31.7 20.3 24.1 10,4 16.0 5.3 10.7 3.0 4.4 Total.............................. 100.0 100.0 100,0 100.0 100.0 100.0 100,0 100.0 100,0 100.0 100.0 100.0 Total loans: Dollar (millions)...................... 4,354.4 3,765.1 56,5 56.1 485.0 466.3 922.3 886.8 638.1 524.7 2,252.9 1,831.2 Number (thousands)........... ’ 37.1 36.2 14.6 14.8 15.6 15.1 4.8 4.6 1.1 .9 ' 1.0 .8 Center Weighted average rates (per cent per annum) 35 centers..................................... 6.61 6.89 7.27 7.35 7.14 7.27 6.80 7.07 6.57 6.90 6.40 6.70 New York City........................ 6.40 6.67 7.16 7.30 6.95 7.14 6.59 6.87 6,40 6.69 6.32 6.60 7 Other Northeast................... 6.95 7.16 7.43 7.49 7,42 7.48 7.04 7.28 6.78 7.14 6.59 6.83 8 North Central....................... 6.69 6.96 7.22 7.35 7.14 7.34 6,87 7.21 7.08 6.55 6.78 7 Southeast.............................. 6.44 6.74 6.98 7.09 6.85 6.96 6.62 6.78 6.42 6.61 5.75 6.54 8 Southwest............................. 6.48 6.86 7.14 7.20 6.93 7.08 6.63 6.91 6.48 6.78 6.10 6.72 4 West Coast........................... 6.62 6.86 7.68 7.73 7.33 7.50 6.83 7.11 6.52 6.78 6.40 6.63 Note,—Beginning Feb. 1967 the Quarterly Survey of Interest Rates on 1967—Jan, 26-27 5J4-5% 1968—Apr. 19 6!6 Business Loans was revised. For description of revised series see pp. 721 Mar. 27 5% Sept. 25 6-6'A 27 of the _ May 1967 Bulletin. . Nov. 20 6 Nov. 13 614 Bank prime rate was 6 per cent during the period Jan. 1, 1967-Jan. Dec. 2 6Vi 25, 1967. Changes thereafter to new levels (in per cent) occurred on the Dec, 18 6% following dates: 1969—Jan. 7 7 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance Prime co. Prime Period coml. paper bankers’ Federal 3-month bills 5 6-month bills 5 9- to 12-month issues paper, placed accept funds 3- to 5- 4- to 6- directly, ances, rate 3 year months 1 m 3 o - n to th 6 s - 2 90 days 1 n R ew at e is s o u n e M y a ie r l k d et n R ew at e is s o u 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 1967............................ 5.10 4.89 4.75 4.22 4.321 4.30 4.630 4.61 4.71 4.84 5.07 1968............................ 5.90 5.69 5.75 5.66 5.339 5.33 5.470 5.48 5.45 5.62 5.59 1968—Jan................... 5.60 5.46 5.40 4.60 5.081 4.99 5.386 5.23 5.29 5.39 5.53 Feb.................. 5.50 5.25 5.23 4.72 4.969 4.97 5.144 5.17 5.22 5,37 5.59 Mar................. 5.64 5.40 5,50 5.05 5.144 5.16 5.293 5.33 5.40 5,55 5.77 Apr.................. 5.81 5.60 5.75 5.76 5.365 5.37 5.480 5.49 5.44 5.63 5,69 May................ 6.18 5.99 6.04 6.12 5.621 5.65 5.785 5.83 5.83 6.06 5.95 June................ 6.25 6.04 5.96 6.07 5.544 5.52 5.652 5.64 5.67 6,01 5.71 July.................. 6.19 6.02 5.85 6.02 5.382 5.31 5.480 5.41 5.40 5.68 5.44 Aug................. 5.88 5.74 5.66 6.03 5.095 5.08 5.224 5.23 5.15 5.41 5.32 Sept................. 5.82 5.61 5.63 5.78 5.202 5.20 5.251 5.26 5.19 5.40 5.30 Oct................... 5.80 5.59 5.79 5.92 5.334 5.35 5.401 5.41 5.33 5.44 5.42 Nov................. 5.92 5.75 5.97 5.81 5.492 5.45 5.618 5.59 5.51 5.56 5.47 Dec.................. 6.17 5.86 6.20 6.02 5.916 5.94 6.014 6.05 5.98 6,00 5.99 1969—Jan................... 6.53 6.14 6.46 6.30 6.177 6.13 6.312 6.28 6.05 6.26 6.04 Week ending— 1969—Jan. 4.......... 6.56 6.00 6.50 5.95 6.199 6.15 6.332 6.32 6.24 6.34 6.12 11 6.58 6.13 6.58 6.43 6.227 6.17 6.365 6.35 6. 1 1 6.37 6.18 18.......... 6.53 6.13 6.50 6.36 6.215 6.10 6.375 6.26 5.95 6.22 6.02 25.......... 6.50 6.13 6.38 6.46 6.076 6.10 6.233 6.25 6.05 6.22 5.95 Feb. 1.......... 6.50 6.25 6.38 6.27 6.167 6.16 6.255 6.27 6.07 6.22 6.01 1 Averages of daily offering rates of dealers. * Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance companies, for varying closing bid prices. 5 Bills quoted on bank discount rate basis. maturities in the 90-179 day range. 6 Certificates and selected note and bond issues. 3 Seven-day average for week ending Wednesday. 7 Selected note and bond issues. 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A 32 INTEREST RATES □ FEBRUARY 1969 BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings / Period United and local rating group price ratio price ratio States (long Total i term) TotaU Aaa Baa Aaa Baa In tr d ia u l s R ro a a i d l P u u ti b li l t i y c fe P r r r e e d C m o o m n C m o o m n 1961............................................... 3.90 3.60 3.27 4 01 4.66 4 35 5.08 4 54 4 86 4.57 4.66 2.98 4.76 1962............................................... 3.95 3.30 3.03 3.67 4.62 4.33 5.02 4.47 4.86 4.51 4 50 3.37 6.06 1963............................................... 4.00 3.28 3.06 3 58 4 50 4.26 4 86 4.42 4.65 4 41 4 30 3.17 5.68 1964............................................. 4 15 3.28 3 09 3.54 4 57 4 40 4 83 4 52 4.67 4 53 4.32 3.01 5 54 1965............................................... 4.21 3.34 3.16 3.57 4.64 4 49 4.87 4.61 4.72 4 60 4.33 3 00 5.87 1966............................................. 4 66 3 90 3.67 4.21 5.34 5 13 5.67 5 30 5.37 5.36 4.97 3 40 6.72 1967............................................... 4 85 3 99 3 74 4 30 5 82 5 51 6.23 5.74 5.89 5 81 5 34 3 20 ”5.70 1968............................................. 5 25 4 48 4.20 4 88 651 6 18 6.94 6 41 6.77 6 49 5 78 3 07 1968—Jan..................................... 5 18 4 31 4.06 4.66 6 45 6 17 6 84 6 34 6.65 6 47 5 70 3 13 Feb..................................... 5 16 4.28 4.01 4.69 6 40 6.10 6.80 6.31 6.65 6.36 5 65 3.28 Mar.................................... 5 39 4 54 4.28 4 89 6 42 6.11 6.85 6.33 6.67 6.39 5 80 3 34 6 17 Apr.. ................................. 5 28 4 44 4 13 4 84 6 53 6.21 6.97 6.42 6.79 6.54 5.86 3 12 May................................... 5 40 4.59 4.28 4.96 6 60 6.27 7.03 6.49 6.87 6.60 5 92 3.07 June................................... 5 23 4.59 4.21 5.06 6.63 6.28 7 07 6.54 6.88 6.60 5 90 3 do July.................................... 5 09 4.45 4.12 4.91 6.57 6.24 6.98 6 50 6.82 6.53 5.74 3.00 Aug.................................... 5 04 4.29 4 00 4.72 6.37 6.02 6.82 6.26 6.72 6.30 5 59 3 09 Sept.................................... 5.09 4.45 4.23 4.78 6.35 5.97 6.79 6.24 6.70 6.27 5.63 3.01 Oct..................................... 5 24 4.49 4.21 4 89 6.43 6.09 6.84 6.35 6.72 6 39 5.76 2.94 Nov................................... 5.36 4.60 4.33 4.98 6.56 6.19 7.01 6.47 6.78 6.58 5.82 2.92 Dec..................................... 5 65 4.76 4.50 5.18 6.80 6.45 7.23 6.72 6.97 6.85 5.93 2.93 1969—Jan...................................... 5.74 4.89 4.58 5.34 6.89 6.59 7.32 6.78 6.98 7.02 5.93 3.06 Week ending— 1968—Oct. 5........................... 5 15 4 43 4.14 4 80 6.37 6.02 6.78 6.29 6.70 6.30 5 70 2.96 12............................ 5 25 4 49 4.22 4 90 6 40 6 06 6.79 6.31 6.70 6.33 5 77 2.94 19............................. 5.28 4 49 4.22 4 90 6.43 6.10 6.84 6.36 6.73 6.39 5.75 2.94 26............................. 5 24 4 48 4.21 4 90 6.47 6.13 6.88 6.38 6.74 6.44 5 75 2 92 Nov. 2............................. 5.26 4.54 4.25 4.95 6.49 6.15 6.92 6.39 6.75 6.48 5.81 2.96 9,........................... 5 28 4 54 4.25 4 95 6.52 6.16 6.97 6.41 6.75 6.54 5 81 2.98 16................... 5 33 4 61 4 35 4 97 6.54 6.15 7 00 6 43 6.77 6.57 5 81 2.92 23............................. 5 40 4.61 4.35 4.97 6.57 6.17 7.02 6.46 6.79 6.60 5.82 2.91 30............................. 5 44 4.63 4.35 5 03 6.63 6.28 7.07 6.59 6.82 6.64 5 83 2.88 Dec. 7................... 5.56 4.68 4.40 5.07 6.69 6.33 7.14 6.63 6.86 6.69 5.81 2.87 14............................. 5.55 4.73 4.45 5.15 6.77 6.45 7.18 6.71 6.94 6.87 5.87 2.90 21............................. 5.66 4.82 4.57 5.25 6.82 6.48 7.24 6.73 6.99 6.87 5.92 2.91 28............................ 5.82 4.82 4.57 5.25 6.88 6.53 7.31 6.77 7.05 6.96 6.02 2.96 1969—Jan. 4............................. 5.74 4.82 4.57 5.25 6.91 6.55 7.35 6.79 7.02 7.03 6.01 2.99 11............................. 5.78 4.90 4 58 5.35 6.91 6.58 7.35 6.80 6.98 7.03 5.96 3.08 18............................. 5.72 4.90 4.58 5 35 6 90 6.59 7,34 6.78 6.98 7.03 5.94 3.06 25............................. 5.70 4.90 4.58 5.35 6.89 6.59 7.29 6.75 6.96 7.02 5.91 3.05 Feb. 1. ........................... 5.79 4.95 4.60 5.40 6.87 6.59 7.27 6.74 6.99 6.98 5.89 3.05 ................. Number of issues 2....................... 9-12 20 5 5 108 18 30 38 30 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep Averages of daily figures for bonds maturing or callable in 10 years or arately. Because of a limited number of suitable issues, the number more. State and local govt, bonds: General obligations only, based on of corporate bonds in some groups has varied somewhat. As of Dec. Thurs. figures. Corporate bonds: Averages of daily figures. Both of these 23, 1967, Aaa-rated railroad bonds are no longer a component of the series are from Moody’s Investors Service series. railroad average or the Aaa composite series. Stocks: Standard and Poor’s Corporate series. Dividend/price ratios are based on Wed. figures; earnings/price ratios are as of end of period. 2 Number of issues varies over time; figures shown reflect most recent count. Preferred stock ratio is based on 8 median yields for a sample of noncallable issues—12 industrial and 2 public utility; common stock ratios Note.—Annual yields are averages of monthly or quarterly data. on the 500 stocks in the price index. Quarterly earnings arc seasonally Monthly and weekly yields are computed as follows: U.S. Govt, bonds: adjusted at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ SECURITY MARKETS A 33 SECURITY PRICES Common stock prices Volume of Bond prices New York Stock Exchange trading in (per cent of par) thousands of Amer shares Period Standard and Poor’s index New York Stock Exchange index ican (1941-43= 10) (Dec. 31, 1965 = 50) Stock Ex change U.S. total Govt, State Cor Indus Rail Public Indus Trans index1 (long and porate Total trial road utility Total trial porta nance NYSE AMEX term) local AAA tion 1966......................... 78.63 102.6 86.1 85.26 91.09 46.34 68.21 46.15 46.19 50.28 45.41 44.25 14.67 7,538 2,741 1967......................... 76.55 100 5 81.8 91.93 99.18 46.72 68.10 50.77 51.97 53.51 45.43 49.82 19.67 10,143 4,508 1968......................... 72.33 93.4 76.4 98.70 107.49 48.84 66.42 55.37 58.00 50.58 44.19 65.85 27.72 12,971 6,353 1968—Jan................ 73.09 95.6 77.2 95.04 103.11 43.38 68.02 53.24 55.45 47.90 44.87 55.89 24.95 11,947 7,309 Feb................ 73.30 94.8 77.5 90.75 98.33 42.35 65.61 50.68 52.63 45.15 43.36 53.88 22.43 9,182 4,065 Mar............... 70.98 92.7 76.9 89.09 96.77 41.68 62.62 49.48 51.54 43.29 41.78 52.98 22.21 9,178 3,600 Apr............... 72.06 94 7 76.2 95.67 104.42 44.79 63.66 53.23 56.03 46.85 42.46 57.56 24.39 14,779 6,536 May........ 70.89 92.7 75.3 97.87 107.02 48.00 62.92 54.85 58.04 49.92 42.07 60.43 27.17 13,276 8,142 June.............. 72.58 92.8 75.6 100.53 109.73 51.72 65.21 56.64 59.83 52.86 43.30 64.60 29.20 15,139 7,491 July............... 73.99 95.3 76.1 100.30 109.16 51.01 67.55 56.41 59.12 51.59 44.69 68.90 29.18 14,266 6,600 Aug............... 74.48 95.9 78.1 98.11 106.77 48.80 66.60 55.04 57.59 49.01 44.09 68.19 28.38 10,718 4,778 Sept............... 73.95 93.7 78.4 101.34 110.53 51.11 66.77 56.80 59.57 51.94 44.53 71.77 29.75 13,435 6,542 Oct................ 72.44 92.7 77.0 103.76 113.29 54.26 66.93 58.32 61.07 55.24 45.22 77.50 30.76 15,112 6,376 Nov............... 71.27 91.2 75.7 105.40 114.77 53.74 70.59 59.44 61.97 55.96 47.18 79.55 31.24 14,821 6,789 Dec............... 68.47 89.2 73.0 106.48 116.01 55.19 70.54 60.32 63.21 57.30 46.73 79.00 32.96 14,865 8,075 1969—Jan................ 67.61 88.0 72.3 102.04 110.74 54.11 68.65 57.82 60.32 56.35 45.64 75.58 32.15 12,122 6,781 Week ending— 1969—Jan. 4......... 67.61 89.1 72.0 103.90 113.08 54.08 69.60 58.91 61.68 56.30 45.93 76.26 32.78 11,946 6,756 11____ 67.30 88.3 72.0 101.33 110.21 52.86 68.34 57.39 59.92 55.00 45.40 74.30 31.71 13,423 6,578 18 67.84 88.1 72.6 101.47 110.43 53.06 67.97 57.40 59.89 55.50 45.41 74.68 31.61 11,677 6,189 25....6..8...04 88.3 72.1 102.02 110.98 54.67 68.25 57.85 60.34 57.21 45.41 76.35 32.35 11,804 6,658 Feb. 1........ 67.17 87.3 72.3 102.58 111.39 55.81 69.70 58.18 60.56 57.65 46.20 76.73 32.65 11,921 7,957 t Begins June 30, 1965, at 10.90. On that day the average price of a share yields in table at bottom of preceding page on basis of an assumed 3 per of stock listed on the American Stock Exchange was $10.90. cent, 20-year bond. Municipal and corporate bonds, derived from average yields as computed by Standard and Poor’s Corp., on basis of a 4 per cent, Note.—Annual data are averages of monthly figures. Monthly and 20-year bond; Wed. closing prices. Common stocks, derived from com weekly data are averages of daily figures unless otherwise noted and are ponent common stock prices. Volume of trading, average daily trading in computed as follows: U.S. Govt, bonds, derived from average market stocks on the exchange for a S^-hour trading day. TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period C c t ( r r e p a o a n e t n c t e r t ) c F c h ( e e a p e n r e s t g r ) e & i s M (y a e t a u r r s i ) ty L c p ( o e p r n a i e c t r n e ) / (t d h c o p o P h l r u l u a i a s c r s r . e e s o ) f (t a d h m L o o l u o o la a s u r . n n s o ) t f C c t ( r e p o a n e n c t r t ) c F c h e e ( a p e n r e s t g r ) e & I s M (y a e t a u r r s i ) ty L c p ( o e p r n a i e c t r n e ) / (t d h c o p o P h l r u u l a i a s r c s r . e e s o ) f (t a d h L m o o l o u l o a a s u r . n n s o ) t f 1963....................... 5.84 .64 24.0 73.3 22.5 16.3 5.98 .60 19.2 70.8 17.8 12.6 1964....................... 5.78 .57 24.8 74.1 23.7 17.3 5.92 .55 20.0 71.3 18.9 13.4 1965....................... 5.74 .49 25.0 73.9 25.1 18.5 5.87 .55 21.8 72.7 21.6 15.7 1966....................... 6.14 .71 24.7 73.0 26.6 19.4 6.30 .72 21.7 72.0 22.2 16.1 1967....................... 6.33 .81 25.2 73.6 28.0 20.6 6.40 .76 22.5 72.7 24.1 17.5 1968P 6.83 .89 25.5 73.9 30.7 22.6 6.90 .83 7 73.0 25.6 18.7 1967--Dec............. 6.41 .84 25.4 72.7 29.6 21.5 6.51 .83 23.1 73.1 25.2 18.4 1968--Jan.............. 6.39 .86 25.4 72.9 29.7 21.7 6.57 .82 22.7 73.7 24.9 18.4 Feb............. 6.47 .94 25.5 74.5 29.8 22.2 6.58 .81 22.6 73.6 24.5 18.0 Mar............ 6.50 .88 25.7 74.3 30.2 22.4 6.59 .79 23.0 73.3 25.4 18.6 Apr............. 6.57 .88 25.3 73.4 30.3 22.2 6.64 .80 22.6 72.8 25.1 18.3 May............ 6.69 .95 25.0 73.2 30.2 22.1 6.81 .87 22.5 73.1 25.3 18.5 June............ 6.88 .95 25.4 74.4 30.4 22.6 6.97 .86 22.6 73.1 25.2 18.4 July............ 7.04 .85 25.5 73.7 30.5 22.5 7.10 .83 22.5 72.6 25.7 18.6 Aug............. 7.10 .87 25.5 73.6 31.0 22.8 7.12 .85 22.7 73.0 25.6 18.7 Sept............ 7.10 .87 25.5 74.2 30.3 22.5 7.11 .82 22.6 72.6 25.4 18.4 Oct........ 7.09 .88 25.6 74.5 31.0 23.1 7.09 .84 22.5 72.4 25.5 18.5 Nov........ 7.07 .84 25.4 74.1 30.7 22.7 7.07 .82 22.7 72.9 26.2 19.1 Dec.*.......... 7.09 .89 26.0 74.0 33.8 25.0 7.09 .85 23.4 73.2 28.2 20.6 i Fees and charges—related to principal mortgage amount—include originated by major institutional lender groups (including mortgage loan commissions, fees, discounts, and other charges, which provide companies) for purchase of single-family homes. Data exclude loans for added income to the lender and are paid by the borrower. They exclude refinancing, reconditioning, or modernization; construction loans to any closing costs related solely to transfer of property ownership. homebuilders; and permanent loans that are coupled with construction loans to owner-builders. Series beginning 1965, not strictly comparable Note.—Compiled by Federal Home Loan Bank Board in cooperation with earlier data. See also the table on Home-Mortgage Yields, p. A-51. with Federal Deposit Insurance Corporation. Data are weighted averages based on probability sample survey of characteristics of mortgages Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 34 STOCK MARKET CREDIT □ FEBRUARY 1969 STOCK MARKET CREDIT REGULATORY STATUS OF MARGIN ACCOUNT DEBT AT BROKERS (In millions of dollars) (Per cent of total adjusted debt, unless otherwise indicated) Credit extended to Cus Adjusted debt/collateral value margin customers by— Cus tomers’ Net Total tomers’ net credit ad End of period net free ex Un justed debit credit tended re Restricted debt Brokers Banks Total bal bal by End of stricted (mil 1 2 ances ances brokers period lions of dol 1967—Dec................ 6,300 2,460 8,760 7,948 2,763 5,183 30 per 30-39 40-49 50-59 60 per lars) cent per per per cent 1968—Jan................. 6,170 2,430 8,600 7,797 2,942 4,855 or less cent cent cent or more Feb................. 6,150 2,420 8 ;57O 7,419 2,778 4^41 Mar................ 6,190 2,370 8,560 7,248 2,692 4^556 Apr................ 6,430 2^350 8,780 7^701 2,979 4,722 1967-Dec.... 19.8 47.9 9.1 4.6 18.7 12,020 May............... 6,640 2 J 360 9,000 8^268 3^064 5; 204 June......... 6,690 2,410 9^100 8,728 3^293 5^435 1968-Jan,. .. 5.3 60.3 11.7 4.6 10.2 (1,940 July................ 6,500 2,420 8,920 8,861 3'269 5'592 Feb.... 4.1 56.8 14.4 5.3 19.4 11,870 Aug................ 6,460 2,490 8,950 8,489 2,984 5’,505 Mar.... 5.9 53.3 15.5 6.1 19.2 11,700 Sept................ 6,390 2'520 8'910 8^723 3,126 5’597 Apr.... 19.8 46.1 10.8 4.7 18.7 12,270 Oct.r. ....... 6,250 2,560 8,810 8’859 3*407 5*452 May... 21.9 45,0 9.4 4.9 18.8 12,820 Nov................ 6^200 2,630 8,830 9^029 3'419 5,610 Dec J’............. 6^240 2^710 8,950 9^757 3,717 6,040 20 or 60 or less 20-29 30-39 40-49 50-59 more 1 End of month data. Total amount of credit extended by member firms of the N.Y. Stock Exchange in margin accounts, estimated from reports by a sample of 38 firms. June.. 0.8 22.1 47.3 8.5 4.0 17.3 12,590 2 Figures are for last Wed. of month for large commercial banks re July... 1.2 21.3 43.5 10.4 5.1 18.5 12,060 porting weekly and represent loans made to othersthan brokers or dealers Aug... 2.7 25.9 37.9 10.1 4.9 18.6 11,900 for the purpose of purchasing or carrying securities. Excludes loans col Sept... 5.4 32.4 29.6 8.8 4.1 19.7 11,910 lateralized by obligations of the U.S. Govt. Oct.r.. 4.3 35.9 27.0 8.9 4.2 19.7 11,540 Note.—Customers’ net debit and free credit balances are end-of-month Nov.,. 10.6 36.4 21.4 7.6 3.6 20.4 11,450 ledger balances as reported to the N.Y, Stock Exchange by all member firms Dec.*1. 3.5 38.9 20.2 7.5 3,8 26.3 12,140 that carry margin accounts. They exclude balances carried for other member firms of national securities exchanges as well as balances of the reporting firm and of its general partners. Net debit balances are total Note.—Adjusted debt is computed in accordance with requirements set debt owed by those customers whose combined accounts net to a debit. forth in Regulation T and often differs from the same customer’s net debit Free credit balances are in accounts of customers with no unfulfilled com balance mainly because of the inclusion of special miscellaneous accounts mitments to the broker and are subject to withdrawal on demand. Net in adjusted debt. Collateral in the margin accounts covered by these data credit extended by brokers is the difference between customers’ net debit now consists exclusively of stocks listed on a national securities exchange. and free credit balances since the latter are available for the brokers’ use Unrestricted accounts are those in which adjusted debt does not exceed the until withdrawn. loan value of collateral; accounts in all classes with higher ratios are restricted. EQUITY STATUS OF MARGIN ACCOUNT DEBT AT BROKERS (Per cent of total debt, unless otherwise indicated) Total Equity class (per cent) debt (mil SPECIAL MISCELLANEOUS ACCOUNT BALANCES End of lions AT BROKERS, BY EQUITY STATUS OF ACCOUNTS period of 70 or Under dol more 60-69 50-59 40-49 40 (Per cent of total, unless otherwise indicated) lars)1 Equity class'of accounts 1967—Dec.. 6,300 50.6 25.8 9.0 4.1 10.5 Net in debit status Total End of period credit balance 1968—Jan... 6,170 40.6 35.4 9.5 4.4 10.0 status 60 per cent Less than (millions Feb... 6,150 33.8 38.3 12.0 5.2 10.7 or more 60 per cent of dollars) Mar.. 6,190 32.1 37.6 14.1 5.3 11.0 Apr.. 6,430 48.7 26.4 10.2 4.3 10.4 May.. 6,640 51.0 24.9 8.6 4.4 11.0 1967—Dec....................... 50.0 47.0 3.0 5,850 1968—-Jan........................ 50.8 45.6 3.6 6,060 80 or Under Feb....................... 51.1 45.0 3.8 6,080 more 70-79 60-69 50-59 4049 40 Mar..................... 52.5 42.9 4.5 5,820 Apr....................... 46.3 47.9 5.8 6,030 May..................... 49.6 46.2 4.1 5,370 June. 6,690 14.9 33.2 28.8 8.2 4.3 10.6 June..................... 50.0 45.7 4.2 61150 July.. 6,500 15.4 28.1 30.6 9.5 4.9 11.6 July...................... 51.7 44.4 3.9 6,000 Aug.. 6,460 17.3 28.8 28.2 9.1 4.8 11.8 Aug................... 49.8 46.4 3.8 5^80 Sept.. 6,390 20.0 31.1 25.0 8.1 4.4 11.5 Sept...................... 51.0 45.3 3.6 5,840 Oct.r. 6,250 20.9 31.3 23.3 8.7 4.0 11.8 Oct. r.................... 52.9 40.3 5.2 5,640 Nov.. 6,200 25.5 31.4 19.4 7.4 3.9 12.5 Nov...................... 53.2 43.3 3.5 5^50 Dec.” 6,240 24.0 30.2 19.3 8.0 4.2 14.2 Dec.?1................. . 54.4 40.3 5.2 5,720 Note.—Special miscellaneous accounts contain credit balances that 1 See footnote I to table above. may be used by customers as the margin deposit required for additional Note.—Each customer’s equity in his collateral (market value of col purchases. Balances may arise as transfers based on loan values of other lateral less net debit balance) is expressed as a percentage of current col collateral in the customer’s margin account or deposits of cash (usually lateral value. sales proceeds) occur. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ OPEN MARKET PAPER; SAVINGS INSTITUTIONS A 35 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 Placed Placed Total Banks Others p I o m rt s p E o x rt s Dollar shi p p o p i e n d t s b i e n tw — een Total through direct into from ex dealers 1 ly2 Total O bi w ll n s bo B u U g ls h t O ac w ct n . c F e o i o g r r n r . U S n ta it t e e d s U S n ta it t e e d s change U S n ta i t t e e s d c F o o u r n e t i r g i n e s 1962..................... 6,000 2,088 3,912 2,650 1,153 865 288 110 86 1,301 541 778 186 171 974 1963...................... 6 >47 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 1,498 667 999 111 43 1,565 1965...................... 9.058 1,903 7*155 3,392 1,223 1,094 129 187 144 1,837 792 974 27 35 1,564 1966...................... 13,279 3’089 10'190 3,603 1'198 983 215 193 191 2,022 997 829 103 80 1,595 1967—Dec............ 16,635 4,901 11,634 4,317 1,906 1,447 459 164 156 2,090 1,086 989 37 162 2,042 1968—Jan............. 17,701 5,216 12,485 4,312 1 ,797 1,307 490 83 141 2,292 1,055 1,013 49 165 2,030 Feb............ 17*813 5’493 12,320 4,266 1,808 1,329 479 56 117 2,285 1,091 1,029 33 134 1,979 Mar........... 18,’487 5’832 12,655 4,336 1 ,’884 1,395 490 90 100 2,262 1,125 1,032 36 117 2,027 Apr............ 17,509 5'930 11,579 4’430 1,778 1,409 369 87 118 2,447 1,229 1,025 18 116 2,042 May......... 18,417 5 ;?6i 12,656 4; 359 1 >24 I >82 342 56 132 2,547 1,267 1 ,007 17 77 1,992 June.......... 18,798 5,822 12,976 4,286 1,677 1,366 311 134 112 2,364 1,338 944 23 55 1,925 July........... 19,746 6'270 13,476 4,330 1,751 1,410 341 99 128 2,352 1,390 917 42 54 1,927 Aug.......... 20,734 7 >91 13*643 4'418 1 ,'819 1 ,'474 344 51 149 2,399 1,435 932 100 52 1,899 Sept........... 20,264 7,737 12’,527 4'327 1 ,714 1,393 321 86 124 2,403 1,420 945 78 46 1,838 Oct........ 20*839 7,592 13,247 4'420 1 '551 1 '280 271 56 119 2,695 1,479 921 80 53 1 ,887 Nov 22’220 7'758 14,462 4,389 1 ,605 1 '352 253 58 1 14 2,612 1,476 922 68 55 1 ,869 Dec............ 20’497 7’201 13,296 4,428 1 >44 1 >44 200 58 109 2,717 1,423 952 52 68 1 ,934 1 As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their paper directly with other commercial paper sold in the open market. investors. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total Mortgage loan assets—• commitments3 Total General Other liabili Depos Other reserve End of period State Corpo Cash assets ties its2 liabili ac Mort Other U.S. and rate and ties counts Months to maturity gage Govt. local and general govt. other1 reserve accts. 3 or 3 thru Over less 9 9 Total 1941.................... 4,787 89 3,592 1 .786 829 689 11,772 10,503 38 1,231 n.a. n.a. n.a. n.a. 1945.................... 4'202 62 10>50 1 .257 606 185 16,962 15,332 48 1,582 n.a. n.a. n.a. n.a. 1960.................. 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 n.a. n.a. n.a. 1,200 1961.................... 28;902 475 6,160 677 5,040 937 640 42 >29 38,277 781 3,771 n.a. n.a. n.a. 1 >54 1962.................... 32,056 602 6,107 527 5 > 77 956 695 46,121 41 ,336 828 3,957 n.a. n.a. n.a. 2,548 1963 .................... 36,007 607 5 >63 440 5,074 912 799 49 >02 44 >06 943 4,153 n.a. n.a. 2 >49 1964.................... 40,328 739 5,791 391 5 >99 1,004 886 54>38 48,849 989 4,400 n.a. n.a. n.a. 2 >20 1965................... 44 ,*433 862 5 ,485 320 5,170 1 ,017 944 58,232 52,443 1,124 4,665 n.a. n.a. n.a. 2 >97 1966................... 47;193 1 ,078 4>64 251 5>19 953 1,024 60 >82 55,006 1,114 4,863 n.a. n.a. n.a. 2,010 1967—Dec.......... 50,311 1,203 4,319 219 8,183 993 1 ,138 66,365 60,121 1,260 4,984 742 982 799 2,523 1968—Jan.......... 50,705 1 ,260 4,344 218 8,444 877 1,153 67,002 60,581 1,406 5,015 666 932 819 2,416 Feb.......... 50^02 1 ;334 4 >05 220 8 >72 903 1,156 67,592 60,945 1,575 5,071 627 955 818 2,400 51;039 1 ,341 4,412 229 8,937 914 1,198 68,070 61 >15 1 >88 5,067 669 1,036 772 2 >77 51 >99 1 ;267 4 >03 221 9,113 871 1 >90 68,165 61 ,554 1,553 5,058 695 906 961 2>61 May........ 51,402 1,474 4374 421 9>13 877 1 ,215 68,768 61,926 1,732 5,110 650 1 ,069 949 2 >69 June........ 51,621 1 ,387 4,235 206 9,403 951 1 ,230 69,034 62,411 1,503 5,120 640 1 ,051 1 ,018 2,709 July.......... 51,869 1 ,385 4,213 205 9,616 924 1 ,218 69,429 62,607 1,706 5,116 737 1 ,046 996 2,779 Aug......... 52,102 1 >89 4,203 201 9>78 912 1,217 69,902 62,851 1,871 5,180 776 1,094 1 ,058 2,928 Sept......... 52,323 1,468 4>39 204 9,827 990 1 >53 70,203 63,381 1,628 5,194 889 1,067 1,015 2,971 Oct.......... 52,636 1,431 3,999 195 9,913 911 1,227 70,312 63,550 1,567 5,195 835 1 ,144 1 ,090 3 >70 5 2’,946 I >32 3,913 200 10,001 914 1 ,267 70,773 63,800 1,707 5,266 945 1,132 1 125 3,202 Dec J*. ... 53 ,'265 1 >97 3 >40 198 10,156 1,005 1 ,266 71,126 64,493 1,366 5,267 811 1 ,034 1 ,166 3,011 t Also includes securities of foreign governments and international Note.—National Assn, of Mutual Savings Banks data; figures are organizations and nonguaranteed issues of U.S. Govt, agencies. estimates for all savings banks in the United States and differ somewhat 2 See note 5, p. A-18. from those shown elsewhere in the Bulletin; the latter are for call dates 3 Commitments outstanding of banks in N.Y. State as reported to the and are based on reports filed with U.S. Govt, and State bank supervisory Savings Banks Assn, of the State of N.Y. Data include building loans agencies. Loans are shown net of valuation reserves. Figures for Jan. and beginning with Aug. 1967. June 1968 include one savings and loan that converted to a mutual sav ings bank. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 36 SAVINGS INSTITUTIONS □ FEBRUARY 1969 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period T as o s t e a t l s Total United State and Foreign 1 Total Bonds Stocks M ga o g r e t s e R st e a a t l e P lo o a li n c s y O as t s h e e ts r States local Statement value: 1941......................................... 32,731 9,478 6,796 1,995 687 10,174 9,573 601 6,442 1,878 2,919 1,840 1945......................................... 44,797 22,545 20,583 722 1,240 11,059 10,060 999 6,636 857 1,962 1,738 1960......................................... 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 1961......................................... 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962......................................... 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 1963........................................ 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 1964........................................ 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4,528 7,140 6,749 1965......................................... 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7,234 1966........................................ 167,022 10,837 4,823 3,114 2,900 69,816 61,061 8,755 64,609 4,883 9,117 7,760 Book value: 1964........................................ 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........................................ 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........................................ 167,022 10,864 4,824 3,131 2,909 68,677 61,141 7,536 64,661 4,888 9,119 8,813 1967—Nov.r........................... 176,267 10,568 4,624 2,994 2,950 73,929 65,105 8,824 67,098 5,168 9,978 9,526 Dec.............................. 177,201 10,497 4,610 2,973 2,914 73,990 64,992 8,998 67,595 5,185 10,080 9,854 1968—Jan............................... 178,256 10,548 4,582 2,998 2,968 74,876 65,821 9,055 67,770 5,211 10,167 9,684 Feb.............................. 178,762 10,584 4,616 2,997 2,971 75,266 66,095 9,171 67,867 5,244 10,258 9,543 Mar.............................. 179,477 10,562 4,582 3,007 2,973 75,760 66,412 9,348 68,055 5,263 10,362 9,475 Apr.............................. 180,411 10,493 4,496 3,016 2,981 76,087 66,661 9,426 68,123 5,303 10,474 9,931 May............................. 181,234 10,584 4,581 3,018 2,985 76,428 66,838 9,590 68,339 5,337 10,599 9,947 June............................. 182,110 10,360 4,365 3,002 2,993 76,987 67,234 9,753 68,508 5,366 10,729 10,160 July............................. 183,094 10,476 4,400 3,038 3,038 77,602 67,659 9,943 68,708 5,424 10,813 10,071 Aug.............................. 183,840 10,491 4,427 3,023 3,041 77,894 67,850 10,044 68,909 5,474 10,925 10,147 Sept............................. 184,752 10,505 4,443 3,012 3,050 78,176 68,002 10,174 69,024 5,496 11,026 10,525 Oct............................... 185,701 10,574 4,479 3,025 3,070 78,754 68,411 10,343 69,212 5,510 11,117 10,534 Nov.............................. 186,892 10,531 4,415 3,037 3,079 79,304 68,793 10,511 69,407 5,535 11,197 10,918 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and Note.—Institute of Life Insurance data; figures are estimates for al! accrued and for differences between market and book values are not made life insurance companies in the United States. on each item separately but are included in total, in “other assets.” SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E pe n r d i o o d f M ga o g r e t s s G e U c o . u S v r t . i , Cash Other1 a li s a T s b e o i t l t i s 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 e n v r d i v d e e s d B m or o r n o e w y e 3 d L p o r a o n c s e s i s n Other c m o lo m e a n m n ts i ' t 4 ties profits 1941.................... 4,578 107 344 775 6,049 4,682 475 256 6 1945.................... 5,376 2,420 450 356 8^747 7*365 644 336 402 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.................... 110'306 7,414 3*900 7*960 129,580 110,385 8'704 6,444 2,198 1,849 2,751 1966................... 114', 447 7’,771 3',362 8,416 133’,996 114’,009 9J02 7,464 1,272 2J49 1'517 1967—Dec.......... 121,893 9,244 3,408 9,057 143,602 124,562 9,557 4,739 2,281 2,463 3,042 1968—Jan........... 122,095 9,505 2,827 9,101 143,528 124,133 9,571 4,735 2,204 2,885 3,128 Feb.......... 122,637 9’775 2,864 9’263 144,539 124,717 9,567 4,596 2,205 3,454 3,386 Mar.......... 123,426 9*968 2,909 9,334 145,637 125,993 9,557 4,512 2,324 3,251 3,840 124'305 9'824 2^769 9,325 146^223 125,698 9^552 4,807 2,461 3,705 4,051 May......... 125,262 10,164 2,726 9,641 147,793 126,455 9; 547 4,956 2,586 4,249 3,993 June......... 125,988 9,886 2,972 9,533 148,379 127,950 9,860 5,195 2,616 2,758 3,762 July......... 126,707 9,764 2,405 9,472 148,348 127,345 9,851 5,277 2,561 3,314 3,918 Aug.. .... 127,582 9,668 2,365 9,573 149,188 127,733 9,845 5,275 2,465 3,870 3,855 128,391 9'597 2*484 9*567 150*039 128,867 9*845 5'325 2,447 3'555 3'782 Oct........... 129'237 9’,6 69 2',524 9',616 151;046 129,362 9,842 5'336 2',441 4,065 3,856 Nov.r. 129;968 9; 735 2,649 9; 849 152’201 130,010 9^45 5,332 2^417 4,597 3,837 Dec.......... 130,814 9,585 2,956 9,561 152,916 131 ,589 10,294 5,734 2,470 2,829 3,674 1 Includes other loans, stock in the Federal home loan banks, other Note.—Federal Home Loan Bank Board data; figures are estimates for investments, real estate owned and sold on contract, and office buildings all savings and loan assns. in the United States. Data beginning with 1954 and fixtures. are based on monthly reports of insured assns. and annual reports of 2 Before 1958, mortgages are net of mortgage-pledged shares. Asset noninsured assns. Data before 1954 are based entirely on annual reports. items will not add to total assets, which include gross mortgages with no Data for current and preceding year are preliminary even when revised. deductions for mortgage-pledged shares. Beginning with Jan. 1958, no Figures for Jan. and June 1968 reflect conversion of one savings and loan deduction is made for mortgage-pledged shares. These have declined assn, to a mutual savings bank. Figures for June 1968 also reflect exclu consistently in recent years from a total of $42 million at the end of 1957. sion of two savings and loan associations in process of liquidation. 3 Consists of advances from FHLB and other borrowing. ^Commitments data comparable with those shown for mutual savings banks (on preceding page) would include loans in process. 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FEBRUARY 1969 □ FEDERALLY SPONSORED CREDIT AGENCIES A 37 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Banks Federal Federal Mortgage Assn, for intermediate land Assets Liabilities and capital (seco o n p d er a a r t y i o m n a s r ) ket cooperatives credit banks banks End of period v m a b A t n e e o d r m c s e s I m nv en es t t s p C a o d a n s e s i d t h s B n a o o n n t d e d s s M p b o d e s e e m i r t s C s a to p c it k al M l g o ( a A a o g n r ) e t s D n t e a u ( o b L n r t e d e e ) s n s c L a o t ( o o t i A p v a o e n ) e s r s D t e u ( b L re e ) s n c L o a d ( o u A n i a n s d ) n t s s D t e u ( b L re e ) s n M l g o ( a A a o g n r ) e t s B ( o L n ) ds 1961............. 2,662 1,153 159 1,571 1,180 1,107 2,770 2,453 697 435 1,650 1,585 2,828 2,431 1962............. 3379 i;531 173 2,707 1 '214 1,126 2,752 2322 735 505 1'840 1^727 3’052 2'628 1963............. 4,784 1,906 159 4'363 1'151 1’171 2’000 1 '788 840 589 2,099 1 '952 3,310 2’834 1964............. 5,325 1,523 141 4^369 1,199 1,227 1,940 1,601 958 686 2,247 2J12 3,718 3,169 1965............. 5,997 1.640 129 5,221 1 ;045 1'277 2'456 1,884 1 ,055 797 2,516 2'335 4,281 3'710 1966.............. 6'935 2,523 113 6’859 1'037 1369 4'266 3'800 1,290 1,074 2'924 2’786 4,958 4,385 1967............. 4’,386 2’598 127 4 060 1'432 1,395 5 348 4 919 1 ,506 1,253 3’411 3,214 5,609 4,904 1967—Dec... 4,386 2,598 127 4,060 1,432 1,395 5,348 4,919 1,506 1,253 3,411 3,214 5,609 4,904 1968—Jan... 4.442 2,604 88 4,310 1,199 1,401 5,589 5,088 1,565 1,253 3,456 3,236 5,661 4,377 Feb.., 4,348 2,775 95 4,373 1,182 1,412 5,802 5,149 1 ,595 1 ,416 3,529 3,336 5,721 4,990 Mar... 4,269 2,720 75 4,125 1,302 1,417 5,659 5,481 1 ,598 1 ,316 3,615 3,420 5,793 5,120 Apr... 4,545 2,416 91 4,125 1,271 1,422 6,110 5,650 1 ,549 1 ,322 3,728 3,526 5,853 5,120 May.. 4,719 2,337 97 4,151 1,319 1,425 6,251 5,650 1 ,482 1 ,280 3,835 3,640 5,923 5,222 June.. 4,889 2,832 103 4,701 1,400 1,426 6,387 5,887 1 ,454 1 ,207 3,940 3,477 5,973 5,214 July. . 4,988 2,463 86 4,700 1,189 1 ,406 6,465 5,550 1 ,454 1 ,291 4,031 3,862 6,004 5,214 Aug... 4,997 2,264 68 4,501 1,177 1,401 6,502 5,822 1 ,450 1 ,280 3,998 3,871 6,033 5,384 Sept... 5,026 2,283 93 4,501 1 ,253 1,401 6,562 6,032 1 ,479 1 ,280 3,841 3,814 6,064 5,384 Oct.. 5,034 2,300 97 4,501 1 ,287 1 ,401 6,657 5,923 1 ,551 1 ,290 3,753 3,669 6,094 5,423 Nov... 5,040 2,581 81 4,701 1 ,322 1 ,402 6,758 ^6,166 1 ,334 3,636 3,570 6,107 5,423 5,423 Dec... 5,259 2,375 126 4,701 1 ,383 1 ,402 6,872 6,376 1 ,577 1 ,334 3,654 3,570 6,126 5,399 Note.—Data from Federal Home Loan Bank Board, Federal National bonds held within the FHLB System), and are not guaranteed by the U.S. Mortgage Assn., and Farm Credit Admin. Among the omitted balance Govt.; for a listing of these securities, see table below. Loans are gross sheet items are capital accounts of all agencies, except for stock of home of valuation reserves and represent cost for FNMA and unpaid principal loan banks. Bonds, debentures, and notes are valued at par. They in for other agencies. clude only publicly offered securities (excluding, for the home Ioan banks. OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, DECEMBER 31, 1968 Amount Amount Amount Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions of dollars) of dollars) of dollars) Federal home loan banks Federal National Mortgage Federal land banks—Cont. Notes: Association—Cont. Bonds: Feb. 25, 1969.....................5.65 300 Debentures: Mar. 20, 1969.................4% 100 Feb. 25, 1969.....................5.85 400 Sept. 10, 1971......................4/ 96 Apr. 21, 1969....................5.60 250 Apr. 25, 1969.......................6>4 326 Sept. 10, 1971......................5% 350 July 15,1969.....................4'4 130 May 26, 1969........................6 300 Feb. 10, 1972......................5% 98 July 15, 1969.....................4% 60 July 25, 1969.....................5.75 400 June 12, 1972......................4% 100 Sept. 22, 1969......................6 279 June 12, 1973......................4*4 146 Oct. 20, 1969.....................4*4 209 Bonds: Oct. 1, 1973........................6 250 Jan. 20, 1970.....................5*4 209 Jan. 27, 1969.....................5^ 300 Feb. 10, 1977......................4W 198 Feb. 20, 1970....................5% 82 Mar. 25, 1969.....................5% 300 Feb. 20, 1970...................6.30 344 June 25, 1969....................6.30 550 Apr. 1, 1970....................3% 83 Sept. 25, 1969......................6 400 Banks for cooperatives Apr. 20, 1970...................6.20 362 Nov. 25, 1969.......................6 500 Debentures: July 20, 1970....................5% 85 Feb. 25, 1970......................6 200 Jan. 2, 1969....................6.00 233 July 20, 1970.....................6 241 Mar. 25, 1970......................6 200 Feb. 3,1969.....................5.65 350 May 1,1971.....................3’/ 60 Apr. 27, 1970......................6 225 Apr. 1,1969.....................5.55 224 Oct. 20, 1971....................6.00 447 May 25, 1970....................5.80 300 Apr. 1,1969.....................5.80 254 Feb. 15,1972....................5.70 230 Sept. 15, 1972....................3’/, 109 Federal National Mortgage Associa Oct. 23, 1972....................5% 200 tion—Secondary market opera Feb. 20, 1973-78..............4% 148 tions Federal intermediate credit banks Feb. 20, 1974....................4’/ 155 Debentures: Apr. 21, 1975....................4’/, 200 Discount notes................................ 2,226 Jan. 2, 1969....................5.95 452 Feb. 24, 1976......................5 123 Feb. 3, 1969....................6.10 445 July 20, 1976....................5% 150 Mar. 3, 1969....................6.45 428 Apr, 20, 1978....................5’4 150 Debentures: Apr. 1,1969......................6>4 409 Jan. 22,1979.....................5 285 A M p a r y . 1 1 2 0, , 1 1 9 9 6 6 9 9 . . . 4 .4 i^ % o 30 8 0 8 J M u a n y e 1 2 , , 1 1 9 96 6 9 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 5 . . 9 6 5 5 3 3 8 3 7 7 June 10, 1969. .6,10 250 July 1, 1969......................5H 278 July 10, 1969. ■•5% 250 Aug. 4,1969........ 5.80 377 Tennessee Valley Authority Dec. 12, 1969. ..6 550 Short-term notes..................... 325 Apr. 10, 1970. ■.45/8 142 Bonds: June 10, 1970. .6.60 400 Federal land banks Nov. 15, 1985..................4.40 50 Sept. 10, 1970. ..4i/8 119 Bonds: July 1, 1986...................4’/a 50 Oct. 13, 1970. ..5% 400 Feb. 15, 1967-72.............4% 72 Feb. 1, 1987...................4|4 45 Mar. 11, 1971 . .6 350 Oct. 1, 1967-70.............41/ 75 May 15, 1992..................5.70 70 Aug. 10, 1971. ..4% 64 Jan. 20,1969..............4% 341 Nov. 13, 1992...................6’/, 60 Note.—These securities are not guaranteed by the U.S. Govt.; see also note to table above. 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A 38 FEDERAL FINANCE □ FEBRUARY 1969 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing R i e tu ce re ip a t- c e c x o p u e n n t d Borrowings from the public m Le o s n s e : t a C r a y s h a s a se n t d s M N e e m t o: Period B re u c d e g ip e t t s p t e N u e n x r e d e t s i le N in n e g d t B l o u a u d y t g s 1 et s B d u u ( e r o d f - p i r g ) c l u i e . t t s s P e d u t c e i b u e b s r l t i i c A s P e g t c l i u e u e n s s r : c i y m L e e n a s t s c s : c b o I u y n n G v t e s o s v t t, S n L p o e e t c e s i s s a : 2 l b E T o q r i o n u r t g o a a w l l s : o T p s i u e r n r e r g a a y t Other f m O i n n in e t o a e h a g f n t e n , 3 c r s t o p r s w r d a h i t n e n v i o b p s a e f t t 4 r e e r Special balance Issues Other Fiscal year: 1965 ....................... 116,813 117,182 1,249 118,431 -1 ,618 5,561 704 2,023 308 -126 4,060 1,231 1 ,096 -116 1966........................ 130,864 130,822 3,832 134,654 -3’790 2,633 4,042 2,470 773 354 3,077 — 552 160 321 1967 ....................... 149,562 153,299 5,053 158,352 -8,790 6,330 5,079 5 ,035 4,001 -482 2,854 -5,222 303 1 ,017 1968 ....................... 153,676 172,803 6,059 178,862 — 25’187 21 ,352 5,944 3,371 1 ,949 -1 ,1 19 23,095 -397 1 ,700 3,394 Half year: 1967—July-Dec.... '67,181 '84,862 '1,666 '86,527 '-19,346 18,442 '1,650 1 ,079 577 -436 '18,872 -131 '32 '375 1968—Jan.-June,.. '86,495 '87,941 '4,393 '92,335 '-5,841 2,910 '4,294 2,292 1 ,372 -683 '4,223 -266 '1 ,668 '3 ,019 July-Dec.,.. 82,881 92,186 977 93,163 -10,282 10,450 1 ,446 -380 1 ,587 -384 11,076 -598 -105 -1,496 9,853 Month: 1967—Dec............. 12,378 13,103 285 13,386 -1,008 -427 1 ,329 -138 419 -45 671 -551 157 -57 1968—Jan.............. 12,220 14,864 589 15,453 -3,233 1 ,596 1 ,434 -1,303 371 -14 3,976 1 ,677 -69 865 Feb.............. 12,087 13'695 688 14,383 -2,296 5,296 100 1 ’312 224 -220 4'081 1 ,667 -442 -559 Mar........... 11,870 14',311 611 14,922 -3'053 -2,083 287 -530 98 -20 -1 '345 -3^488 564 1 ,473 Apr.............. 19,045 15,199 479 15,678 3 '368 -2’489 1 ,357 245 269 -19 -1 ’, 626 1 '099 928 285 May............ 11,711 15,385 856 16,241 -4’529 5'310 120 2,199 435 -5 2’801 -1 ’226 -925 -423 June............ 19,490 14,371 316 14,687 4 803 -4,721 894 370 -35 -405 -3'757 ' 5 1 ,649 609 July............. 11’706 13,961 313 14,274 -2’567 3,500 68 -641 166 -12 4,055 714 -246 -1,020 Aug............. 13,195 16,161 189 16,349 — 3'155 3,278 1 ,369 I ,184 637 -15 2,841 -1 ,420 329 -777 Sept............. 18,746 16,024 207 16,231 2^515 387 28 -374 31 758 4'003 78 806 5,284 Oct............. 10,733 16,570 286 16,856 -6,122 2,451 300 -858 483 -7 3,132 -2^073 -325 593 Nov............. 12,705 15,038 -55 15,092 -2'387 — 331 -80 209 230 -165 -686 -3^754 338 -342 Dec............ 15,820 14,465 -71 14,394 1 327 1 ,166 -238 100 34 -185 979 1 ,932 -279 -575 4,565 Selected balances Treasury operating balance Federal securities End Memo: of Less: Debt of period F.R. T an a d x Gold Public Agency G In o v v e t s , tm ac e c n o t u s n o t f s Less: E T q o u ta a l l s: s c p o G o r n o p s v s o t . r — .- e d Banks acc lo o a u n n ts balance Total sec d u e r b it t i es securities S n p o e t c e i s a 2 l h b e y ld pr N iv o a w te ^ Special Other public issues Fiscal year: 1964........................ 939 9,180 120 10,238 '311,678 8,632 46,627 12,581 3,581 '257,520 7,195 1965 672 10,689 108 11,469 '317,215 9,335 48,650 12,888 3,455 '261,557 8,309 1966 766 10,050 102 10,917 '319,851 13,377 51 ,120 13,662 3,810 '264,637 10,436 1967 1 ,311 4,272 112 5,695 326,181 18,455 56,155 17,662 3,328 267,491 9,220 1968 ...................... I ,074 4,H3 111 5,298 347,533 24,399 59,526 19,611 2,209 290,586 10,041^ Cal. year: 1967 1 ,123 4,329 112 5,564 344,663 20,206 57,234 '18,223 2,892 '286,520 8,994 1968 ...................... 703 3,885 111 4,700 358,029 15,064 59,146 20,266 1 ,825 291,855 16,287 Month: 1967—Dec.............. 1 ,123 4,329 112 5,564 344,663 20,206 57,234 18,223 2,892 286,520 8,994 1968-—Jan.............. 1 ,153 5,977 111 7,241 346,259 21,640 55,930 18,658 2,878 290,433 9,343 Feb.............. 1 ,197 7,601 110 9,908 351,556 21,741 57,242 18,883 2,658 294,512 9,396 Mar............. 581 4,727 111 5,420 349,473 22,027 56,711 18,982 2,638 293,169 9,279 Apr.............. 1 ,035 5,372 111 6,519 346,984 23,384 56,957 19,250 2,619 291,542 9,274 May............. 956 4,225 HI 5,293 352,294 23,505 59,156 19,684 2,614 294,345 9,065 June............ 1 ,074 4,113 111 5,298 347,578 24,407 59,526 19,611 2,209 290,576 *’10,041 July................. 1,113 4,787 111 6,012 351,078 24,474 58,885 19,840 2,197 294,631 10,004 Aug............. 916 3,564 111 4,592 354,356 25,843 60,069 20,477 2,182 297,472 9,927 Sept............. 1 ,036 7,448 111 8,595 354,743 20,055 59,695 19,975 2,182 292,947 15,948 Oct............... 1 ,086 5,325 111 6,522 357,194 20,355 58,838 20,415 2,175 296,121 15,435 Nov............. 478 2,179 1 11 2,768 356,863 20,267 59,047 20,632 2,010 295,441 16,321 Dec.............. 703 3,885 Hi 4,700 358,029 15,064 59,146 20,266 1,825 291 ,855 16,287 For notes see opposite page. 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FEBRUARY 1969 □ FEDERAL FINANCE A 39 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Excise taxes Social ins. taxes Period Estate Int. Total W I it n h d ividual C r o a r t p e o Total L a b n i a q d c u c t o o o r H w i a g y h Total F R a I n . C R d A . e U m n p - l . a g n if d t t C o u m s s r m e a p e n n a d t y s fu R n e d s Other held Other Fiscal year—1965... 119,699 36,840 16,820 26,131 14,793 5,921 3,782 22,138 17,833 3,817 2,746 1,478 2,097 6,030 2,686 1966... 134,480 42,811 18,486 30,834 13,398 5,888 4,037 25,527 21,243 3,773 3,094 1,811 2,303 7,256 3,472 1967... 153,596 50,521 18,850 34,918 14,114 6,156 4,652 32,857 28,700 3,657 3,014 1,972 2,743 9,582 4,189 ► 1967... 149,662 50,521 18,850 34,918 14,114 6,156 4,652 33,636 28,752 3,666 3,014 1,972 1,805 9,582 3164 1968.. 153,676 57,301 20,951 29,897 14,320 6,409 4,493 34,891 30,187 3,352 3,082 2,113 2,091 11,375 405 Half year: 1967—Jan.-June.. 87,915 25,880 14,867 22,873 7.352 3,051 2,339 19,068 16,731 2,088 1 ,756 955 1 ,250 8,440 2,354 July-Dec... 68,385 27,192 4,150 11,345 7,146 3,344 2,253 14,629 13,056 1,333 1,350 1,034 1,363 1,263 1,439 ► July-Dec... 67,181 27,211 4,150 11,345 7,146 3,344 2,253 15,088 13,101 1 ,337 1 ,350 1 ,034 957 1 ,263 1634 1968—Jan.-June.. 86,495 30,090 16,801 18,552 7,174 3,065 2,240 19,803 17,086 2,015 1 ,732 1 ,079 1,134 10,112 242 July-Dec... 82,881 33,712 5,515 15,494 7,907 n.a. 2,400 17,549 15,526 1 ,292 1 ,438 1 ,248 1 ,286 1 ,393 125 Month: 1967—Dec........ 12,378 4,484 351 4,224 1 ,161 551 339 1,760 1 ,590 65 210 160 168 173 33 1968—Jan............ 12,220 4,352 3,800 940 1,193 470 366 1,829 1,570 119 238 181 180 500 7 Feb............ 12,087 5,801 1,100 650 1 ,081 470 428 4,283 3,378 807 204 158 182 1,403 31 Mar........... 11,870 5,508 697 4,439 1,162 369 311 2,257 2,099 51 235 168 175 2,849 78 Apr........... 19,045 4,045 7,687 4,339 1,211 574 348 3,456 3,192 150 450 191 201 2,561 26 May.......... 11,711 5,566 539 763 1,321 514 420 5,175 4,218 843 363 199 191 2,435 29 June.......... 19,490 4,837 2,978 7,419 1 ,207 668 368 2,804 2,629 45 242 183 205 413 28 July........... 11,706 4,560 605 2,259 1 ,459 n.a. 392 2,412 2,171 115 235 210 204 254 16 Aug........... 13,195 6,200 272 654 1,186 n.a. 491 4,450 3,733 618 232 217 214 250 20 Sept........... 18,746 5,565 3,682 5,133 1 ,234 n.a. 372 2,651 2,462 55 232 210 219 201 21 Oct............ 10,733 4,981 378 1 ,496 1 ,237 n.a. 354 2,258 2,024 109 245 217 210 301 12 Nov........... 12,705 6,339 202 679 1 ,367 n.a. 411 3,661 3,197 346 234 194 218 204 15 Dec............ 15,820 6,068 376 5,273 1 ,423 n.a. 380 2,120 1 ,941 50 260 200 220 182 62 Cash payments to the public Period Total6 t f i N e d o n n e 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 a e a c t l e s t m C r a a o e n n r m d s c p e . H d c in o e o g v m u e & s l l . . l H a w b e e o l a f r l a t , r h e & , E t d io u n ca e V ra e n t s In e t s e t r g G e o r e v a n 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 155,142 71,843 4,413 5,426 4,159 3,522 7,102 -1,723 39,002 3,286 6,978 10,371 2,641 ► 1967........ 158,352 70,081 4,547 5,423 4,376 1 ,860 7,652 2,616 37,605 6,135 6,897 12,588 2,584^ 1968........ 178,862 80,516 4,619 4,721 5,944 1,702 8,076 4,076 43,508 7,012 6,882 13,744 2,632 Half year: 1967-—Jan.-June.... 75,056 37,996 1,955 2,570 523 1,518 2,731 -3,522 20,814 1 ,530 3,506 5,741 1 ,260 July-Dec....... 88,515 39,251 2,856 2,292 3,154 2,037 4,404 2,082 21,713 I ,471 3,487 4,867 1 ,380^ ► July-Dec....... 86,527 ’38,730 1968—Jan.-June..,. 92,335 ’41 ,786 July-Dec....9..3.,163 ’39,967 Month: ► 1967—Dec................ 13,386 '5,977 1968—Jan.............. 15,453 ’7,164 Feb................ 14,383 ’6,412 Mar.............. 14,922 ’6,363 Apr................ 15,678 •7,091 16,241 •7,191 June.............. 14,687 ’7,546 July................ 14,274 ’5,895 16,349 ’6,746 Sept.............. 16,231 ’6,694 Oct ............. 16,856 ’7,082 15.Q92 c6,620 Dec ........ 14,394 ’6,929 ► Data for this and subsequent dates on new budget basis. Data for any 4 Shows conversion of FNMA, FICB, and Banks for Cooperatives to prior entries were derived on basis of cash budget. private ownership, which decreases Federal debt outstanding in bottom panel, but is not shown as a repayment of borrowing in top panel. 1 Equals net expenditures plus net lending. 3 Includes debt of Federal Home Loan Banks, Federal Land Banks, 2 Represents non-interest-bearing public debt securities issued to the D.C. Stadium Fund, and beginning Sept. 1968, Federal National Mortgage International Monetary Fund and international lending organizations. Association. New obligations to these agencies are handled by letters of credit. 6 Includes technical adjustments not allocated by functions. 3 Includes accrued interest payable on public debt securities, deposit funds, miscellaneous liability and asset accounts, and seigniorage. Note.—Based on Treasury Dept, and Bureau of the Budget data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 40 U.S. GOVERNMENT SECURITIES □ FEBRUARY 1969 TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues 3 End of period d T g e r o b o t t s a s l i d d T g e i r o r b o e t t s a c s l t 2 Total Marketable C v ib e o r l n e t Nonmarke S ta a b v l e i S s p su e e c s ia l 6 Total Bills C c e a r t t e i s fi Notes Bonds 4 bonds Total 5 b i o n n g d s s & notes 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 I960—Dec.................................... 290.4 290.2 242.5 189.0 39.4 18.4 51.3 79.8 5.7 47.8 47.2 44.3 1961—Dec.................................... 296.5 296.2 249.2 196.0 43.4 5.5 71.5 75.5 4.6 48.6 47.5 43.5 1962—Dec.................................... 304.0 303.5 255.8 203.0 48.3 22.7 53.7 78.4 4.0 48.8 47.5 43.4 1963—Dec.................................... 310.1 309.3 261.6 207.6 51.5 10.9 58.7 86.4 3.2 50.7 48.8 43.7 1964—Dec.................................... 318.7 317.9 267.5 212.5 56.5 59.0 97.0 3.0 52.0 49.7 46.1 1965—Dec.................................... 321.4 320.9 270.3 214.6 60.2 50.2 104.2 2.8 52.9 50.3 46.3 1966—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—Dec.................................... 345.2 344.7 284.0 226.5 69.9 61.4 95.2 2,6 54.9 51.7 57.2 1968—Jan..................................... 346.8 346.3 286.9 229.3 72.7 61.4 95.2 2.6 55.0 51.7 55,9 Feb.................................... 352.1 351.6 291.1 233.3 72.9 66.7 93.6 2.6 55.3 51.7 57.2 Mar................................... 350.0 349.5 289.4 231.7 71,3 66.7 93.6 2.5 55.2 51.8 56.7 Apr.................................... 347.5 347.0 286.7 228.7 68.6 66.5 93.6 2.5 55.4 51.8 57.0 May.................................. 352.9 352.3 289.7 231.8 69.6 71.1 91.1 2.5 55.5 51.9 59.2 348.1 347.6 284.9 226,6 64.4 71.1 91.1 2.5 55.8 51.9 59.5 July................................... 351.7 351,1 289.1 231.0 68.9 71.1 91.0 2.5 55.6 52.0 58.9 Aug.................................. 354.9 354.4 291.1 233.2 69.4 75.4 88.4 2.5 55.5 52.0 60.1 355.3 354,7 291.9 233.6 69.8 75.4 88.3 2.5 55.8 52.1 59.7 Oct............................ 357.8 357.2 295.2 236.7 73.0 75.3 88.3 2.5 56.1 52.2 58.8 Nov................................... 357.5 356,9 294.8 235.7 73.0 76.5 86.2 2.5 56.7 52.3 59.0 Dec................................. 358.6 358.0 296.0 236.8 75.0 76.5 85.3 2.5 56.7 52.3 59.1 1969—Jan..................................... 360.0 359.4 297.8 238.5 76.8 76.5 85.3 2.5 56.8 52.3 59,8 1 Includes non-interest-bearing debt (of which $638 million on Jan. 31, 5 Includes (not shown separately): depositary bonds, retirement plan 1969, was not subject to statutory debt limitation) and guaranteed secu bonds, foreign currency series, foreign series, and Rural Electrification rities not shown separately. Administration bonds; before 1954, armed forces leave bonds; before 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 $20,195 million on Dec. 31, 1968. 6 Held only by U.S. Govt, agencies and trust funds. 4 Includes Treasury bonds and minor amounts of Panama Canal and postal savings bonds. Note.—Based on Daily Statement of U.S. Treasury. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by— Held by the public E pe n r d i o o d f T g d r o e o t b s a t s l ag G t U a e r o n n u .S v c d s t i t . e , s B F a . n R k . s Total m C b e a o r n m c k ia s l M s b a a v u n i t n u k g a s s l p I c a n a o n s n m u c i e e r s r c O a o t t r i h p o e n o r s g S l a o o t n c v a d a t t s e l . Savi I n n g d s i vidu O a t l h s e 4 r n F a i o t n a i r t o n e e n d i r g a n l 1 O i m n to t v i h r s e s c e s . r 2 funds bonds securities 1941—Dec................ 64.3 9.5 2.3 52.5 21.4 3.7 8.2 4.0 .7 5.4 8.2 .4 .5 1945—Dec............... 278.7 27 0 24.3 227.4 90.8 10.7 24.0 22.2 6.5 42.9 21.2 2.4 6.6 1947—Dec............... 257.0 34,4 22,6 200,1 68.7 12.0 23.9 14.1 7.3 46.2 19.4 2.7 5.7 1960—Dec................ 290.4 55.1 27.4 207.9 62.1 6.3 11.9 18.7 18.7 45.6 20.5 13.0 11.2 1961—Dec................ 296.5 54.5 28.9 213.1 67.2 6.1 11.4 18.5 19.0 46.4 19.5 13,4 11.6 1962—Dec............... 304.0 55.6 30.8 217.6 67.2 6.1 11.5 18,6 20.1 47.0 19. t 15.3 12.7 1963—Dec................ 310.1 58.0 33.6 218.5 64.3 5.8 11.3 18.7 21.1 48.2 20.0 15.9 13,3 1964—Dec................ 318.7 60.6 37.0 221.1 64.0 5.7 11.1 18.2 21.2 49. 1 20.7 16.7 14.5 1965—Dec................ 321.4 61.9 40.8 218.7 60.8 5.4 10.4 15.8 22.9 49.7 22.4 16.7 14.7 1966—Dec............... 329.8 68.8 44.3 216.7 57.5 4.7 9.6 14,9 25.0 50.3 24.4 14.5 16.0 1967—Dec............... 345.2 76,0 49.1 220.1 63.9 4.2 8.7 12.2 25.1 51 .2 22.9 15.8 16,2 1968—Jan................ 346.8 74.7 49.1 223.0 63.1 4.1 8.6 13.4 25.6 51.1 23.4 15.4 18,3 Feb................ 352.1 76.4 49.0 226.7 63.9 4.2 8.5 14.8 26.4 51.2 24.0 15.2 18.5 Mar............... 350.0 75.9 49.7 224.5 62.2 4.2 8.6 14.2 27.0 51 .2 24.0 14.7 18.5 347.5 75.8 50.5 221.3 60,0 4.1 8.4 13,7 26.8 51 .2 24.0 14.7 18.5 352.9 78,3 50.6 224.0 60.9 4.1 8.5 15.8 26.7 51.3 24.1 14.0 18.6 June.............. 348.1 79.1 52.2 216.8 59.2 4.0 8.2 13.2 26.5 51.3 23.0 12.9 17.8 July............... 351,7 78.3 52.4 220.9 60.6 3.9 8.2 14.4 26.6 51.3 23.4 13.1 18.6 Aug............. 354.9 79.4 53.0 222.5 61.5 3.9 8.2 14.6 26.8 51.4 23.6 13.3 18.5 Sept............... 355.3 79.1 53.3 223.0 62.9 3.8 8.2 13.0 26.7 51.3 23.9 13.4 18.8 Oct.......... 357.8 78.8 53.3 225.7 65.4 3.7 8.2 14.0 26.9 51.4 23.6 13.8 18.7 357.5 79.5 53.4 224.7 64.0 3.7 8.2 14.8 26.9 51.5 23.5 14.8 17.4 Dec................ 358,6 79.4 52.9 226.3 65.6 3.6 8.1 14.7 26.8 51.5 23.7 14.3 17.8 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
FEBRUARY 1969 □ U.S. GOVERNMENT SECURITIES A 41 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 All holders: 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—Dec. 31........................................................ 226,476 104,363 69,870 34,493 78,159 18,859 8,417 16,679 1968—Nov. 30........................................................ 235,653 104,938 73,003 31,935 70,751 35,130 8,398 16,435 Dec. 31......................................................... 236,812 108,611 75,012 33,599 68,260 35,130 8,396 16,415 U.S Govt, agencies and trust funds: 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—Dec. 31................................................ 16,601 3,580 2,436 1,144 5,202 2,194 2,115 3,513 1968—Nov. 30................................................. 18,236 4,442 2,882 1,560 5,090 3,065 2,116 3,523 Dec. 31................................................. 18,098 4,447 2,710 1 ,737 4,978 3,010 2,124 3,538 Federal Reserve Banks: 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—Dec. 31................................................ 49,112 31,484 16,041 15,443 16,215 858 178 377 1968—Nov. 30................................................. 53,350 28,559 19,170 9,389 13,238 10,943 203 408 Dec. 31............................................... 52,937 28,503 18,756 9,747 12,880 10,943 203 408 Held by public: 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—Dec. 31................................................. 160,763 69,299 51,393 17,906 56,742 15,807 6,124 12,789 1968—Nov. 30................................................. 164,067 71 ,937 50,951 20,986 52,426 21,122 6,079 12,504 Dec. 31................................................. 165,777 75,661 53,546 22,115 50,402 21,177 6,069 12,469 Commercial banks: 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—Dec. 31......................................... 52,194 18,451 10,415 8,036 26,370 6,386 485 502 1968—Nov. 30......................................... 51,961 16,696 7,438 9,258 24,169 9,992 589 515 Dec. 31.......................................... 53,174 18,894 9,040 9,854 23,157 10,035 611 477 Mutual savings banks: 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—Dec. 31......................................... 4,033 716 440 276 1,476 707 267 867 1968—Nov. 30......................................... 3,551 661 298 363 1,173 702 235 781 Dec. 31......................................... 3,524 696 334 362 1 ,117 709 229 773 Insurance companies: 1965—Dec. 31......................................... 8,824 993 548 445 1,938 2,094 1 ,096 2,703 1966—Dec. 31...................................... 8,158 847 508 339 1,978 1,581 1,074 2,678 1967—Dec. 31......................................... 7,360 815 440 375 2,056 914 1,175 2,400 1968—Nov. 30......................................... 6,899 789 400 389 1 ,977 745 1 ,108 2,280 Dec. 31......................................... 6,857 903 498 405 1 ,892 721 1 ,120 2,221 Nonfinancial corporations: 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—Dec. 31......................................... 4,936 3,966 2,897 1,069 898 61 3 9 1968—Nov. 30......................................... 6,073 4,011 2,848 1,163 I ,385 641 1 1 26 Dec. 31......................................... 5,915 4,146 2,848 1 ,298 1 ,163 568 12 27 Savings and loan associations: 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—Dec. 31.................................. 4,575 1,255 718 537 1,767 811 281 461 1968—Nov. 30......................................... 4,754 1,15! 674 477 1,756 1 ,083 315 449 Dec. 31................................. . . . . 4,724 1,184 680 504 1 ,675 1 ,069 346 450 State and local governments: 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—Dec. 31......................................... 14,689 5,975 4,855 1,120 2,224 937 1,557 3,995 1968—Nov. 30......................................... 13,632 5,507 4,417 1,090 2,374 808 1 ,386 3,557 Dec. 31......................................... 13,426 5,323 4,231 I ,092 2,347 805 1 ,404 3,546 All others: 1965—Dec. 31......................................... 68,675 35,356 29,089 6,267 15,784 11,386 2,187 3,962 1966—Dec. 31......................................... 73,690 38,685 32,646 6,039 18,896 9,619 2,215 4,275 1967—Dec. 31......................................... 72,976 38,121 31,628 6,493 21,951 5,991 2,356 4,555 1968—Nov. 30......................................... 77,197 43,122 34,876 8,246 19,592 7,151 2,435 4,896 Dec. 31......................................... 78,157 44,515 35,915 8,600 19,051 7,270 2,347 4,975 Note.—Direct public issues only. Based on Treasury Survey of about 90 per cent by the 5,824 commercial banks, 500 mutual savings Ownership. banks, and 755 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 504 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
A 42 U.S. GOVERNMENT SECURITIES □ FEBRUARY 1969 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt, period agency Total Dealers and brokers securities Within 1-5 5-10 Over Com All 1 year years years 10 years U.S. Govt, Other m b e a r n c k ia s l other securities 1967—Dec.............................. 2,798 2,352 291 94 63 1,079 90 1,028 601 213 1968—Jan............................... 2,919 2,545 263 64 48 1,160 91 1,051 618 304 Feb.............................. 2,679 2,207 295 150 27 1,019 82 969 609 223 Mar.............................. 2,467 2,132 236 74 25 919 77 863 608 289 Apr.............................. 2,246 1,972 185 60 28 759 75 827 586 227 May............................. 2,247 1 ^756 295 174 22 719 75 831 622 262 June............................. 2,400 2,006 258 103 33 912 76 847 565 311 July............................. 2,448 2,087 244 75 42 949 87 908 504 280 Aug........................... 2,214 1,705 228 261 20 849 90 790 485 258 Sept.............................. 2,133 1,820 180 111 22 824 63 762 484 233 Oct............................... 2,011 1,714 165 108 22 732 72 737 470 290 Nov........... 2,506 2,242 152 77 35 859 83 890 674 243 Dec.............................. 2,974 2,318 391 196 70 1 ,096 111 1 ,125 642 298 Week ending— 1968—Dec. 4..................... 2,195 1 ,789 251 111 44 793 77 796 529 238 II................... 2'145 1 ,672 ^244 157 73 683 97 741 625 176 18 r................... 2,842 2,309 365 130 38 1 ,181 108 936 616 302 25 r................... 3,263 2,486 504 209 64 1 ,135 107 1 ,320 701 366 1969—Jan. 1..................... 4,383 3,339 554 362 128 1 ,632 158 1,880 713 393 8..................... 3,072 2,703 219 107 43 1 ,251 115 1 ,115 590 263 15..................... 3,102 2,764 214 83 40 1 ,188 109 1,174 630 367 22..................... 2,918 2,436 331 103 48 1 ,133 125 1,040 621 387 29 p.................. 2,117 1 ,904 121 55 38 357 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 mat A ur ll i ties W 1 y it e h a i r n y 1 ea -5 r s 5 O y v e e a r rs s a e G c g u e o r n v i c t t y i , e s Period sou A r l c l es Y N o e r w k w E h ls e e r e C t o i r o p n o s r 1 a ot A h l e l r City 1967—Dec.......... 2,410 2,375 35 1 363 1967—Dec........... 2,549 556 482 1,144 367 1968—Jan........... 3,404 3,310 114 -20 393 Feb.......... 3,762 3,500 108 153 369 1968-—Jan............. 3,209 1,003 816 944 446 Mar......... 2,438 2,211 124 103 361 Feb............ 3,799 1 '072 1 ,008 1 ,071 648 2,981 21601 236 142 403 Mar 2,651 678 643 829 501 May........ 3; 204 2,585 306 312 382 Apr............ 3,073 794 832 937 510 June........ 3,308 2,826 222 261 576 May......... 3,162 699 923 844 696 July......... 4,420 3,972 159 288 644 June.......... 3,’458 867 879 1 ,010 702 5'262 4,097 283 881 732 July............ 4,341 1,193 1 ,032 1 ,415 701 5’098 4,043 198 857 687 Aug....... 5’465 1 ,431 1,372 1 ’710 952 Oct....... 4,137 3,427 130 580 751 Sept........... 5 519 1 596 1 '894 1,254 775 3,766 2,948 160 659 652 Oct............. 4,518 i 163 1 ,664 903 788 Dec......... 4’093 3,'606 136 352 615 Nov........... 4 191 877 1 199 1 ,325 791 Dec............ 4,431 1 ,212 886 1 '461 871 Week ending— Week ending—• 1968—Nov. 6... 4,186 3,202 257 727 669 13. 3,739 2,850 190 700 624 Nov. 6...... 5,012 1 ,355 I ,747 1 ,069 841 20. . . 3,573 2,782 138 653 637 13 .... 4,487 983 1 ,178 1 ,358 967 27. .. 3,694 2,972 113 608 674 20. 4,059 825 1 ,229 1 ,367 638 27.... 3,534 554 869 1 ,413 698 Dec. 4.. , 4,235 3,592 106 537 666 11. 4,178 3,666 82 429 609 Dec. 4 . . .. 4,193 849 987 1 ,487 870 18. . . 4,190 3,712 163 315 617 4,594 1 ,123 914 1 ,656 902 25. . . 4,206 3,740 192 274 610 18.... 4,774 1 ,455 927 1 ,479 913 25. . .. 4,343 1,252 856 1 ,417 819 Note.—The figures include all securities sold by dealers under repur chase contracts regardless of the maturity date of the contract, unless the 1 All business corporations, except commercial banks and insurance contract is matched by a reverse repurchase (resale) agreement or delayed companies. delivery sale with the same maturity and involving the same amount of securities. Included in the repurchase contracts are some that more Note.—Averages of daily figures based on the number of calendar days clearly represent investments by the holders of the securities rather than in the period. Both bank and nonbank dealers are included. See also dealer trading positions. Note to the opposite table on this page. Average of daily figures based on number of trading days in the period. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ GOVERNMENT SECURITIES A 43 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, JANUARY 31, 1969 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cent. Treasury notes—Cont. Treasury bonds—Cont. Feb. 6, 1969............... 2.704 June 26, 1969................ 1,105 Oct. 1,1971...........DA 72 Feb. 15, 1972...........4 2,344 Feb. 13; 1969............... 2j 704 June 301969................ 1,502 Nov. 15; 1971..........5% 1,734 Aug. 15, 1972...........4 2.579 Feb. 20,’ 1969............... 2’703 July 3' 1969............... 1 ’ 103 Feb. 15' 1972..........4^ 2,006 Aug. 15’ 1973...........4 3'894 Feb. 27, 1969............... 2'704 July 10' 1969............... 1 ,102 Apr. 1972..........DA 34 Nov. 15J973...........4% 4,350 Feb. 28’ 1969............... 1,502 July 17' 1969................ 1 JOI May 15,’ 1972..........4^ 5,310 Feb. 15i 1974..........4% 3,129 Mar, 6, 1969................ 2’703 July 24^ 1969................ 1 ,097 Oct’ 1' 1972...........DA ’ 33 May 15' 1974...........4% 3’587 Mar. 13' 1969............... 2,701 July 31’, 1969................ 2,606 Apr, 1’1973...........DA 34 Nov. 15, 1974...........3% 2,241 Mar. 20; 1969............... 2,701 Aug. 31' 1969................ 1 506 Aug. 15,’ 1974..........5% 10,284 May 15' 1975-85.. .4^ 1,215 Mar. 24', 1969f............. 2,015 Sept. 30 J 1969................ 1 ,501 Oct. 1,1973 ..........DA ' 12 June 15’ 1978-83.. .3% 1.565 Mar. 27' 1969^............. 2'709 Oct. 31' 1969............... 1 502 Nov. 15’ 1974..........5% 3,980 Feb. 15, 1980...........4' 2^600 Mar. 31', 1969............... 1 '500 Nov. 30 ’ 1969................ 1 001 Feb. 15’ 1975..........5% 5,148 Nov. 15' 1980...........3A 1,907 Apr. 3' 1969................ 2^704 Dec. 31’ 1969................ 999 May 15’ 1975..........6" 6,760 May 15’ 1985.......... 1,108 Apr. 10^ 1969................ 2^708 Jan. 31’ 1970................ 1 ,000 Aug. 15; 1987-92... 4U 3,'816 Apr. 17’ 1969................ 2’703 Feb. 15', 1988-93.. .4' ’ ’249 Apr. 22' 1969|.............. 2’003 June’15, 1964-69...2JA 2,541 May 15; 1989-94. ..4 A 1 ,559 Apr. 24,’ 1969^............. 2,704 Feb. ’15, 1969........5% 10,738 Dec. 15, 1964-69...2A 2.486 Feb. 15, 1990..........3 A 4,872 Apr. 30' 1969................ 1 ’,501 Apr. 1' 1969.........1# ' 61 Mar. 15 1965-70.. .2# 2,282 Feb. 15,1995...........3' 1,586 May 1 1969............... 2,701 May 15^ 1969........5% 4,277 Mar. 15^ 1966-71.2^A 1,222 Nov. 153998..........3‘A 4,301 May 8’ 1969............... 1 ,101 Aug. 15' 1969........6 ’ 3’,366 June 15, 1967-72... 2A 1 .246 May 15^ 1969............... 1 J 03 Oct 1’ 1969........D/i 159 Sept. 15^ 1967-72,. .2(4 1,952 May 22; 1969.............. 1,102 Apr. 1’ 1970........li/i 88 Dec, 15,1967-72.. .2 A 2,601 May 29^ 1969............... 1,100 May 15' 1970........5% 7,794 Feb. 15’ 1969..........4 " 3,728 May 3D 1969............... 1 ,503 Oct 1 ’ 1970.........114 113 Oct. K 1969..........4 6,243 June 5, 1969................ 1 J00 Nov. 15' 1970.........5 7,675 Feb. 15^ 1970..........4 4.381 June 12' 1969................ 1 J01 Feb. 15', 1971........5% 2^509 Aug. 15’ 1970..........4 4J29 Convertible bonds June 19; 1969................ 1 J01 Apr. 1,' 1971.........114 ’ 35 Aug. 15,’ 1971...........4 2,806 Investment Series B June 23; 1969................ 6’771 May 15; 1971.........5l/< 4,265 Nov. 15; 1971..........3% 2; 760 Apr. 1,1975-80... 2% 2,483 t Tax anticipation series. Note.—Direct public issues only. Based on Daily Statement of U.S. Treasury. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Use of proceeds Total Period amount deliv Total G g o a e b t a n i l l o e i r n s R n e u v e e HAA1 G l U o o a .S v n t . s , State S d p i s a s t e n t a r c d t i i , c a t l Other 2 ered 3 Total c E a d ti u on b R r a o id n a d g d e s s i U tie t s i ' l * H in o g u s s V a a e n i t d s e ' r O p p o t u s h e r e s r auth. 1962. 8,845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2,963 1,114 1,668 521 125 2,177 1963. 10,538 5,855 4,180 254 249 1,620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,369 1964. 10,847 6,417 3,585 637 208 1,628 3,812 5,407 10,069 10.201 3,392 688 2,437 727 120 2,838 1965. 11,329 7 J77 3,517 464 170 2,401 3,784 5,144 11,538 10,471 3,619 900 1 ,965 626 50 3,311 1966. 11,405 6,804 3,955 325 312 2,590 4,110 4,695 n.a. 11,303 3,738 1,476 1 ,880 533 3,667 1967. 14,766 8,985 5,013 477 334 2,842 4,810 7,115 n.a. 14,643 4,473 1,254 2,404 645 5,867 1968 J’ ............. 16,571 9,253 6,507 528 282 2,773 5,939 7,837 n.a. 16,465 4,815 1 ,525 2,828 787 .....6..,.5..0..8 1967--Dec..... 1,182 484 539 138 22 153 507 521 n.a. 1,182 277 43 129 152 ........5..8..0 1968--Jan........ 1 ,178 843 306 29 450 300 430 n.a. 1 ,138 429 206 174 * 329 Feb....... 1 J55 689 452 14 152 386 618 n.a. 1 ,156 478 109 128 7 434 Mar...... 1 ,404 593 652 144 15 110 518 777 n.a. 1 ,394 373 9 132 190 690 Apr....... 1 ,318 798 502 18 80 581 657 n.a. 1,314 299 128 324 112 451 May... . 1,143 686 251 144 61 222 314 609 n.a. 1 ,140 402 52 204 161 321 June... . 1 ,395 694 669 32 87 547 764 n.a. 1 ,396 374 185 259 8 570 July. . . . 1 ,469 813 637 20 257 597 615 n.a. 1 ,466 396 114 282 4 670 Aug...... 1 ,699 791 755 129 23 264 792 643 n.a. 1 ,688 488 126 412 133 529 Sept...... 1 ,444 1 ,003 419 22 292 353 801 n.a. 1 ,435 409 152 200 3 671 Oct........ 2,230 1 ,437 773 20 617 819 791 n.a. 2,227 732 374 407 28 686 Nov...... 1 ,021 585 320 111 6 223 324 473 n.a. 997 271 25 115 121 465 Dec..... 1,115 321 771 ............ 22 19 408 689 n.a. 1 J12 164 45 191 20 .........6.9..2 1 Only bonds sold pursuant to 1949 Housing Act, which are secured 5 Includes urban redevelopment loans. by contract requiring the Housing Assistance Administration to make annual contributions to the local authority. Note.—The figures in the first column differ from those shown on the 2 Municipalities, counties, townships, school districts. following page, which are based on Bond Buyer data. The principal 3 Excludes U.S. Govt, loans. Based on date of delivery to purchaser difference is in the treatment of U.S. Govt, loans. and payment to issuer, which occurs after date of sale. Investment Bankers Assn, data; par amounts of long-term issues 4 Water, sewer, and other utilities. based on date of sale unless otherwise indicated. Components may not add to totals due to rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 44 SECURITY ISSUES □ FEBRUARY 1969 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues 1 Proposed use of net proceeds, all corporate issues 6 Noncorporate Corporate New capital Period Re Bonds Stock tire Total U.S. U.S. Total ment G U o . v S t . .2 G a c g y o e v n 3 t , l S o a t c n a a d t l e 4 Other s Total Total of P l f i u e c r l b y e d p v l a P a t r c e i e l y d fe P rr r e e d C m o o m n 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 1960................... 27,541 7,906 1,672 7,230 579 10,154 8,081 4,806 3,275 409 1,664 9,924 9,653 8,758 895 271 1961................... 35,527 12,253 1 ^448 8,360 303 13J65 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 101656 1 ,'205 10,544 760 13^57 10,865 3; 623 7; 243 412 2,679 131792 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 1967................... 68'514 19’431 8'180 14'288 1 ,817 24,798 21 ^954 14,990 6,964 885 1 '959 24’409 24,097 22,233 1,867 312 1967—Nov........ 8,732 5,054 710 1,320 147 1,500 1 ,196 645 551 81 222 1,470 1 ,467 1 ,305 163 3 Dec......... 4,483 371 612 1,093 22 2,385 2,107 1,087 1,020 42 235 2,343 2,336 2,113 223 8 1968—Jan......... 4,556 481 999 1,162 144 1,771 1,449 903 546 46 276 1,732 1,705 1,588 117 27 Feb......... 8'072 4,719 550 1,134 61 1,608 1,382 796 585 58 169 1,585 1,568 1,447 121 16 Mar..... 5,069 418 1 ,370 1 J63 118 1 J99 1 359 766 593 145 295 1 '765 1,740 1,592 149 24 Apr......... 3,423 404 225 1,277 88 1,428 1,157 719 438 49 221 1,397 1,385 1,210 175 12 May....... 7,702 3,805 744 1,134 153 1 ,866 1 ,566 1 ,046 521 51 249 1,829 1,825 1 ,647 177 4 June....... 4,984 383 779 1,360 52 2,411 2,025 1 ,340 685 24 361 2,367 2,334 1,944 389 33 July........ 4,913 417 800 1 ,422 130 2,143 1 ,771 1 ,244 528 85 286 2,097 2,091 1,985 106 6 Aug........ 9,821 5,850 580 1 ,729 230 1 ,432 1 ,037 637 400 93 303 1 ,397 1 ,394 1 ,074 320 3 Sept........ 3,819 361 250 1 ,423 228 1 ,557 1 ,159 726 433 1 397 1 ,513 1 ,497 1,281 216 15 Oct......... 6,060 430 I ,147 2,260 123 2,099 1 ,591 1 ,016 574 25 483 n.a. n.a. n.a. n.a. n.a. Nov........ 3,257 379 1 ,037 112 1 ,729 1 ;294 939 355 41 395 n.a. n.a. n.a. n.a. n.a. Proposed uses of net proceeds, major groups of corporate issuers Manufacturing C m om is m ce e ll r a c n ia e l o a u n s d Transportation Public utility Communication a R nd ea f l i n e a st n a c t i e a l Period Retire Retire Retire Retire Retire Retire New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu capital8 secu capital® secu capital8 secu capital8 secu capital8 secu rities rities rities rities rities rities 1960. 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 1967, 10,774 111 2,211 47 2,016 22 4,741 127 1 ,955 1 2,399 5 1967-—Nov.................................. 512 1 207 2 88 .............. 404 82 174 * Dec.................................... 1 ,109 6 409 I 198 .............. 278 68 ♦ 273 1968-—Jan..................................... 537 15 208 11 91 417 186 267 Feb.................................... 556 5 142 1 118 546 8 147 61 2 Mar................................... 761 1 175 * 192 431 17 78 6 102 Apr................................... 353 11 317 203.. 178 189 1 146 May................................... 550 1 175 1 106 2 549 103 * 341 1 June.................................. 750 5 394 1 154 474 27 237 326 1 July................................... 818 5 401 2 204 236 235 195 Aug................................... 349 212 1 110 438 92 2 193 Sept.................................... 432 3 208 108 469 155 125 12 Oct.................................... n.a. n,a. n.a, n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. Nov................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1 Gross proceeds are derived by multiplying principal amounts or 6 Estimated gross proceeds less cost of Rotation. 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. 4 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
FEBRUARY 1969 ° SECURITY ISSUES A 45 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire Net New Retire Net issues ments change issues ments change Invest. Other Invest, Other Invest. Other COS.1 cos J cos.1 1963........................ 15,641 8,711 6,930 10,556 4,979 5,577 3,138 1,948 1 ,536 2,197 1,602 -249 1964........................ 18,826 8,290 10,536 10,715 4,077 6,637 4,363 3,748 1,895 2,317 2,468 1,431 1965....................... 21,535 10,025 11,511 12,747 4,649 8,098 5,583 3,205 2,134 3,242 3,450 -37 1966....................... 26,327 9,567 16,761 15,629 4,542 11,088 6,529 4,169 2,025 3,000 4,504 1,169 1967........................ 33,303 10,496 22,537 21,299 5,340 15,960 6,987 4,664 2,761 2,397 4,226 2,267 1967—III............... 8,868 2,690 6,178 6,248 1,394 4,854 1,412 1,232 721 576 691 656 IV................ 9,414 2,863 6,551 5,349 1 ,426 3,924 2,446 1,605 747 690 1,699 915 1968—1.................. 7,682 3,049 4,663 3,997 1 ,286 2,711 2,454 1 ,230 821 912 1 ,633 319 II................ 8,364 3,933 4,431 5,124 1,308 3,816 1 ,815 1 ,424 1,053 1,572 762 -147 HIP............. 8,203 4,112 4,091 4,732 1 ,250 3,482 2,051 1 ,424 949 -493 1 ,102 -493 Type of issuer Manu Commercial Transpor Public Communi Real estate Period facturing and other 2 tation 3 utility cation and financial * & B n on o d te s s Stocks & B o n n o d te s s Stocks & B n on o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 1963....................... 1,804 -664 339 -352 316 -19 876 245 438 447 1,806 1,696 1964........................ 1,303 -516 507 -483 317 -30 1,408 476 458 1,699 2,644 2,753 1965....................... 2,606 -570 614 -70 185 -1 1,342 96 644 518 2,707 3,440 1966....................... 4,324 32 616 -598 956 718 2,659 533 1,668 575 864 4,414 1967....................... 7,237 832 1 ,104 282 1 ,158 165 3,444 652 1,716 467 1 ,302 4,178 1967—III............... 2,253 403 422 29 374 45 867 168 594 92 345 587 IV................ 1,637 270 399 207 214 54 846 277 291 120 537 1,698 1968—1.................. 991 -60 191 112 170 -26 956 309 295 31 109 1,587 II................ 1,520 -556 375 371 260 10 848 214 524 33 288 543 IIP............. 1,210 -484 716 -123 300 -62 585 187 491 6 181 1,085 1 Open-end and closed-end companies. exclude foreign and include offerings of open-end investment cos., sales of 2 Extractive and commercial and misc, companies. securities held by affiliated cos. or RFC, special offerings to employees, 3 Railroad and other transportation companies. and also new stock issues and cash proceeds connected with conversions 4 Includes investment companies. of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for Note.—Securities and Exchange Commission estimates of cash trans that purpose shown on opposite page. actions only. As contrasted with data shown on opposite page, new issues OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales I Re t d io e n m s p s N al e e t s Total 2 po C si a ti s o h n 3 Other Sales 1 Re t d io e n m s p s N al e e t s Total a po C si a t s i h o n3 Other 1956.............. 1,347 433 914 9,046 492 8,554 1967—Dec... 501 242 259 44,701 2,566 42,135 1957.............. 1'391 406 984 8'714 523 8,191 1958.............. 1,620 511 1,109 13,242 634 12,608 1968—Jan.... 556 316 240 42,466 2,679 39,787 Feb.. . 451 260 191 41,533 3'409 38,124 1959.............. 2,280 786 1,494 15,818 860 14,958 Mar... 557 243 314 42,412 3,919 38,493 I960.............. 2’097 842 1,255 17’026 973 16’053 Apr,. . 618 309 309 46;179 3,923 42,256 1961.............. 2’951 1,160 1'791 22^789 980 21^809 May. . 502 366 136 48,054 3,495 44^59 1962.............. 2,699 1,123 1,576 21;271 1,315 19,956 June. . 535 374 161 48,426 3,273 45;153 July. . 582 344 237 47,342 3,113 44,229 1963.............. 2,460 1,504 952 25,214 1,341 23,873 Aug... 531 309 222 48,470 3,459 45,011 1964.............. 3'404 1 '875 1,528 29'116 1,329 27,787 Sept... 494 292 202 51,030 3,747 47^283 1965.............. 4'359 1,962 2,395 35,220 1'803 33,417 Oct.... 653 396 257 51,633 3,384 48 ,'249 1966.............. 4'671 2,005 2'665 34,829 2’971 31.858 Nov... 688 313 375 54,860 3,413 51,447 1967.............. 4,670 2’, 745 1,927 44,701 2,566 42,135 Dec.. . 653 319 354 52 ,'677 3,187 49,490 1 Includes contractual and regular single purchase sales, voluntary 3 Cash and deposits, receivables, all U.S. Govt, securities, and other and contractual accumulation plan sales, and reinvestment of invest short-term debt securities, less current liabilities. ment income dividends; excludes reinvestment of realized capital gains dividends. Note.—Investment Company Institute data based on reports of mem 2 Market value at end of period less current liabilities. bers, which comprise substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect newly formed companies after their initial offering of securities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 46 BUSINESS FINANCE □ FEBRUARY 1969 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1966 1967 19681 Industry 1963 1964 1965 1966 1967 IV I II in IV Ir IP III Manufacturing Total (177 corps.): Sales....................................... 147,380158,253 177,237 195,738201,399 51,991 48,585 51,679 48,317 52,818 53,546 57,780 51,493 Profits before taxes............... 17,337 18,734 22,046 23,487 20,898 6,126 5,153 5,608 4,232 5,867 6,257 6,937 5,831 Profits after taxes................. 9,138 10,462 12,461 13,307 12,664 3,466 2,918 3,190 2,381 3,268 3,290 3,425 2,941 Dividends............................... 5,444 5,933 6,527 6,920 6,989 1,965 1,670 1,701 1,721 1 ,897 1,710 1 ;734 1 ,'729 Nondurable goods industries (78 corps.): 2 Sales...................................... 55,372 59,770 64,897 73,643 77,969 19,129 18,743 19,535 19,695 19,996 20,225 21,619 21,243 Profits before taxes............... 6,333 6,881 7,846 9,181 9,039 2,232 2,153 2,250 2,209 2,427 2,674 2,680 2,823 Profits after taxes................. 3,646 4,121 4,786 5,473 5,379 1 ,352 1 ,319 1,343 1,313 1 ,431 1 ,420 1,286 1,459 Dividends...................................... 2,265 2,408 2,527 2,729 3,027 723 720 756 770 781 742 741 '752 Durable goods industries (99 corps.):3 Sales...................................... 92,008 98,482112,341 122,094 123,429 32,861 29,842 32,144 28,622 32,821 33,322 36,161 30,250 Profits before taxes............... 11,004 11,853 14,200 14,307 11,822 3,895 3,000 3,358 2,024 3,440 3,583 4,256 3,009 Profits after taxes................. 5,492 6,341 7,675 7,834 6,352 2,115 1,599 1,847 1,068 1,838 1 ,870 2,139 1 382 Dividends.............................. 3,179 3,525 4,000 4,191 3,964 1,242 950 945 952 1,117 968 973 '977 Selected industries: Foods and kindred products (25 corps.): Sales...................................... 14,301 15,284 16,427 19,038 20,134 5,011 4,963 5,060 5,131 4,980 5,142 5,313 5,289 Profits before taxes............... 1,546 1,579 1,710 1,916 1,967 485 447 482 526 512 496 562 606 Profits after taxes................. 747 802 896 1,008 1,041 259 236 253 284 268 254 259 313 Dividends...................................... 448 481 509 564 583 146 148 144 146 145 150 146 146 Chemical and allied products (20 corps.): Sales....................................... 14,623 16,469 18,158 20,007 20,561 5,072 4,998 5,163 5,116 5,284 5,436 5,702 5,777 Profits before taxes............... 2,286 2,597 2,891 3,073 2,731 650 694 700 636 701 761 634 708 Profits after taxes................. 1,182 1,400 1,630 1,737 1,579 386 396 404 363 416 392 325 379 Dividends.............................. 904 924 926 948 960 269 238 235 235 252 236 236 243 Petroleum refining (16 corps.): Sales...................................... 16,043 16,589 17,828 20,887 23,258 5,530 5,390 5,808 5,985 6,075 6,011 6,677 6,234 Profits before taxes............. 1,487 1,560 1,962 2,681 3,004 726 684 741 744 835 1 ,071 1 ,056 1,085 Profits after taxes................. 1,204 1,309 1,541 1,898 2,038 495 505 504 489 540 592 485 548 Dividends...................................... 608 672 737 817 1 ,079 209 232 280 286 281 253 255 257 Primary metals and products (34 corps.): Sales...................................... 22,116 24,195 26,548 28,558 26,532 7,225 6,801 7,040 6,525 6,166 7,150 7,684 5,467 Profits before taxes............... 2,178 2,556 2,931 3,277 2,487 810 693 670 477 647 663 846 574 Profits after taxes................. 1,183 1,475 1,689 1 ,903 1 ,506 475 395 411 290 410 375 509 336 Dividends.............................. 734 763 818 924 892 260 222 214 228 228 224 229 231 Machinery (24 corps.): Sales...................................... 21,144 22,558 25,364 29,512 32,721 8,100 7,704 7,933 8,090 8,994 8,213 9,022 8,907 Profits before taxes............... 2,394 2,704 3,107 3,612 3,482 952 868 807 837 970 916 982 1,103 Profits after taxes................. 1,177 1,372 1 ,626 1,875 1,789 495 421 417 438 513 443 492 498 Dividends.............................. 577 673 774 912 921 244 232 233 227 229 244 244 244 Automobiles and equipment (14 corps.): Sales...................................... 32,927 35,338 42,712 43,641 42,306 12,149 10,413 11,875 8,354 11,664 12,344 13,582 9,686 Profits before taxes............... 5,004 4,989 6,253 5,274 3,906 1,567 1,050 1,436 216 1 ,204 1,515 1 ,823 649 Profits after taxes................. 2,387 2,626 3,294 2,877 1,999 826 583 782 62 572 785 842 321 Dividends.............................. 1,447 1,629 1,890 1,775 1,567 551 363 365 362 477 362 364 364 Public utility Railroad: Operating revenue................ 9,560 9,778 10,208 10,654 10,366 2,718 2,536 2,628 2,529 2,673 2,610 2,757 2,707 Profits before taxes............... 816 829 980 1,088 391 268 145 163 83 1 125 205 115 Profits after taxes................. 651 694 816 902 325 244 121 143 78 -17 110 174 108 Dividends.............................. 383 438 468 496 539 161 124 156 103 155 114 136 98 Electric power: Operating revenue........ 14,294 15,156 15,816 16,908 17,894 4,246 4,697 4,280 4,406 4,511 5,138 4,580 4,884 Profits before taxes............... 3,735 3,926 4,213 4,395 4,564 1,041 1,279 1,026 1,161 1 ,099 1 ,284 1 ,018 1 ,271 Profits after taxes................. 2,187 2,375 2,586 2,764 2,911 673 799 666 717 729 863 641 764 Dividends.............................. 1,567 1,682 1,838 1,932 2,071 505 518 510 509 534 539 555 542 Telephone: Operating revenue............... 9,796 10,550 11,320 12,420 13,311 3,202 3,229 3,312 3,341 3,429 3,486 3,544 3,629 Profits before taxes............... 2,815 3,069 3,185 3,537 3,694 868 869 923 953 949 971 989 990 Profits after taxes................ 1,417 1,590 1,718 1,903 1,997 468 472 497 515 513 525 441 493 Dividends.............................. 988 1,065 1,153 1,248 1,363 320 334 337 341 351 351 318 396 1 Manufacturing profits after taxes are partly estimated to reflect a 10 Telephone: Data obtained from Federal Communications Commis per cent surcharge each quarter. sion on revenues and profits for telephone operations of the Bell System 2 Includes 17 corporations in groups not shown separately. Consolidated (including the 20 operating subsidiaries and the Long 3 Includes 27 corporations in groups not shown separately. Lines and General Depts, of American Telephone and Telegraph Co.) and for 2 affiliated telephone companies. Dividends are for the 20 operat Notes—Manufacturing corporations: Data are obtained primarily from ing subsidiaries and the 2 affiliates. published reports of companies. _ All series: Profits before taxes are income after all charges and before, Railroads: Interstate Commerce Commission data for Class I line Federal income taxes and dividends. haul railroads. Back data available from the Division of Research and Statistics. Electric power: Federal Power Commission data for Class A and B electric utilities, except that quarterly figures on operating revenue and 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
FEBRUARY 1969 n BUSINESS FINANCE A 47 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a f o 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 t s d C d e i a n v s d i h s t U p ri r n b o u d fi t i t e s s d co c a n a t l s l i p o o u i w n t m a l p Quarter P b t r e a o f x o f e i r s t e s c ta o I x n m e e s P t a r a f o x te f e i r s t s d C d e i a n v s d i h s t U p ri r b n o u d f t i i t e s s d co c a n t a l i s o l p o u n i w t m a l p ances 1 ances 1 1961.............. 50.3 23.1 27.2 13,8 13.5 26.2 1966—in... 86.7 35.0 51.6 21.9 29.7 40.1 IV... 85,0 34.4 50.7 21.6 29.1 41.0 1962.............. 55.4 24.2 31.2 15,2 16.0 30.1 1963.............. 59.4 26.3 33.1 16.5 16.6 31.8 1967—1. . .. 79.9 32.8 47.1 22.5 24.6 41.9 1964.............. 66.8 28.3 38.4 17.8 20.6 33.9 II.... 80.3 33.0 47.3 23.2 24.1 42.9 III... 80.8 33.2 47.6 23.5 24.1 44.1 1965.............. 77.8 31.3 46.5 19.8 26.7 36.4 IV... 85.4 35,1 50.3 22.5 27.9 44.9 1966............. 85.6 34.6 51.0 21.7 29.3 39.7 1967.............. 81.6 33.5 48.1 22.9 25.2 43.4 1968—1. . .. 88.9 39.8 49.1 23.6 25.5 45.7 II.... 91.8 41.1 50.7 24.4 26.3 46.7 III... 92.7 41,5 51.2 25.2 26.0 47,6 1 Includes depreciation, capital outlays charged to current accounts, and Note.—Dept, of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts, Notes and accts, End of period working U. S. receivable payable Accrued capital Total Cash Govt, Inven Other Total Federal Other securi tories income ties G U o . v S t . .1 Other G U o . v S t . .1 Other taxes 1962.............................. 155.6 326.5 43.7 19.6 3.7 144.2 100.7 14.7 170.9 2.0 119.1 15,2 34 5 1963............................. 163.5 351.7 46.5 20.2 3.6 156.8 107.0 17.8 188.2 2 5 130.4 16 5 38 7 1964.............................. 170.0 372,2 47.3 18.6 3.4 169.9 113.5 19.6 202.2 2.7 140.3 17.0 42 2 1965.............................. 180.7 410,2 50.0 17.0 3.9 190.2 126.9 22.3 229.6 3.1 160.4 19.1 46 9 1966—III..................... 189.0 433.4 47.6 14,8 4.2 203.5 139.5 23 8 244.4 4.0 170.2 18.0 52 3 IV..................... 190.2 443.4 50.1 15.7 4.5 205.1 144.5 23.6 253,2 4.4 176.2 19.1 53,6 1967—1......................... 192.6 443.9 47.3 14.4 4.4 205.1 148.1 24.8 251.4 4.9 173,5 18.6 54,3 II....................... 193.8 444.9 47.7 11.5 4.6 207.5 149.2 24.3 251.1 5.4 177.0 12.7 55 9 Ill...................... 197.2 452.7 49.1 10.8 4.7 211.5 151.2 25.4 255.4 5.7 178.6 13.5 57.6 IV..................... 201.1 464.0 52,3 12.4 5.1 214.5 153.8 25.9 262.9 5.8 183.6 15,2 58 3 1968—1...................... 206.0 471.4 50.1 14.6 4.8 216.6 156.6 28.7 265.4 6.1 181.9 17.3 60.2 II....................... 209.8 481.9 51.4 13.3 4.7 223.6 159.9 29.1 272.1 6.2 188.0 15.4 62.5 HI..................... 210.9 492.2 52.8 12.9 4,8 229.5 163.7 28.6 281.3 6.3 193.8 15,6 65.5 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 t u il b it l i i e c s C ni o c m at m ion u s Other 1 a ( r n S a n . t u A e) a . l 1962......................................... 37.31 7.03 7.65 1.08 .85 2.07 5.48 3.63 9.52 1963......................................... 39.22 7.85 7.84 1.04 1.10 1.92 5.65 3.79 10.03 1964......................................... 44.90 9.43 9,16 1.19 1.41 2.38 6.22 4.30 10.83 1965......................................... 51.96 11.40 11.05 1.30 1.73 2.81 6.94 4.94 11.79 1966......................................... 60.63 13.99 13.00 1.47 1.98 3.44 8.41 5.62 12.74 1967......................................... 61.66 13.70 13.00 1.42 1.53 3.88 9.88 5.91 12.34 19682....................................... 64.53 13.58 13,19 1.49 1 51 4.46 11,38 6.26 12.65 1967—1................................... 13.59 3.08 3.02 .32 .41 .70 1.84 1.35 2.87 61.65 II.................................. 15.61 3.46 3.34 .34 .41 1.12 2.46 1.49 2.99 61.50 HI................................. 15.40 3.33 3.15 .37 .35 .98 2.66 1.46 3.09 60.90 IV................................. 17.05 3.82 3.48 .39 .36 1,07 2.92 1.62 3.39 62.70 1968—1................................... 14,25 2.96 2.82 .36 .37 .98 2.33 1.48 2.93 64,75 II............................... 15.87 3.22 3.28 .36 . 38 1.04 2.97 1.51 3.11 62.65 Ill................................. 16.08 3.37 3.25 .34 .36 1,12 2,96 1.50 3.18 63.45 IV2............................... 18.33 4.03 3,83 .42 .40 1.32 3.13 5.20 67.25 1969—I2............................... 15.62 3.28 3.22 .36 .41 .96 2,64 4.74 71.15 1 Includes trade, service, finance, and construction. Note.—Dept, of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corporate and noncorporate business, excluding agriculture. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 48 REAL ESTATE CREDIT n FEBRUARY 1969 MORTGAGE DEBT OUTSTANDING (In billions of dollars) AU properties Farm Nonfarm E pe n r d i o o d f h A e o r l l s d l t F u i t n i c n i i s o a a t n l i n s 1 a U c g i . e e h S n s o . O l t d h e e v o r r I i t s a d n h 2 n u d e d a r i l s s h A e o r l l s d l t F u in t i c n i i s o a a t n l i n s 1 O h e o t r h l s d e 3 r h A e o r l l s d l T 1- o t t a o l 4- t f F u a in m i t n i s o a i t n l i n y s , 1 hou O h s e o t e r h s l s d ' e * r c T o o m t M a m l u er lt t c i F u i f i a a n t in l i m s o a t p n i i n l r s y , o ! p a e n O h r d e o t t r i h l e s d e s r 3 w u F V n r H i d M A t A t e e - t o r y - n r p tg e a t 6 C g v io e 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 ?S 9 1945........... 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18,6 12.2 6.4 12.2 7 4 4 7 4 3 26 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 3 734 184 0 1964........... 300.1 241.0 11.4 47.7 18.9 7.0 11.9 281.2 197,6 170.3 27.3 83.6 63.7 19 9 77 2 204 0 1965........... 325.8 264.6 12.4 48.7 21.2 7.8 13.4 304.6 212.9 184.3 28.7 91.6 72 5 191 81 2 223 4 1966p............ 347.0 280.8 15.8 50.4 23.3 8.4 14.9 323.6 223.6 192.2 31.5 100.0 80.2 19 8 84 1 239 s 1967”......... 369.8 298.9 18.4 52.4 25.5 9.1 16.3 344.3 236.1 201.9 34.2 108.3 87.9 20 4 88 2 256 1 1966—III*.. 343.3 278.2 15.2 50.0 23.0 8.4 14.6 320.3 221.9 191.1 30.8 98.5 78.7 19.8 83.4 236.9 I VP. 347.0 280.8 15.8 50.4 23.3 8.4 14.9 323.6 223.6 192.2 31.5 100.0 80.2 19.8 84.1 239.5 1967—1.... 350.1 282.9 16.4 50.8 23.8 8.5 15.3 326.3 224.9 192.8 32.0 101 .5 81.6 19.9 84.4 241 .9 IP.. 355.8 287.7 16.7 51.4 24.3 8.7 15.6 331.4 227.8 195.4 32,4 103.6 83.6 20.0 85.3 246.1 IIP.. 362.8 293.4 17.5 52.0 24.9 8.9 16.0 337.9 232.0 198.7 33,2 105.9 85.7 20.2 86.4 251.5 I VP. 369.8 298.9 18.4 52.4 25.5 9.1 16.3 344.3 236.1 201.9 34.2 108.3 87.9 20.4 88.2 256.1 1968—IP. . . 375.3 302.7 19.6 53.0 26.0 9.3 16.7 349.3 239.3 203.9 35.3 110.0 89.5 20.5 89.4 259.9 IP.. 382.5 308.2 20.6 53.8 26.8 9.6 17.1 355.8 243.3 206.9 36,5 112.4 91.7 20.7 90.8 265.0 HIP.. 389.4 313.6 21.1 54.7 27.3 9.8 17.5 362.1 247.3 209.9 37.3 114.8 93.9 21 .0 92.0 270.1 IVp.. 396.6 1 Commercial banks (including nondeposit trust companies but not 5 Derived figures; includes small amounts of farm loans held by savings trust depts.), mutual savings banks, life insurance companies, and savings and Joan assns. ' and loan assns. 6 Data by type of mortgage on nonfarm 1- to 4-family properties alone 2 U.S. agencies arc FNMA, FHA, VA, PHA, Farmers Home Admin,, are shown on second page following. and Federal land banks, and in earlier years, RFC, HOLC, and FFMC. Other U.S agencies (amounts small or current separate data not readily Note,-—Based on data from Federal Deposit Insurance Corp., Federal available) included with “individuals and others.” Home Loan Bank Board, Institute of Life Insurance, Depts, of Agricul ture and Commerce, Federal National Mortgage Assn., Federal Housing 3 Derived figures; includes debt held by Federal land banks and farm Admin., Public Housing Admin., Veterans Admin., and Comptroller debt held by Farmers Home Admin. of the Currency. 4 For multifamily and total residential properties, see p. A-50, 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 Other Total Total FH in A - g V u A ar - C ve o n n n fa o r n m Farm Total Total FH in A - g V u A ar - C ve o n n O f n a t o 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 3'395 '856 521 4,208 3,387 797 24 1961.............................. 30,442 21,225 5,975 2,627 12,623 7,470 1,747 29,145 26,341 8,045 9,267 9,029 2,753 51 1962............................... 34,476 23^482 6,520 2,654 14^308 8,972 2^022 32,320 29,181 9,238 9'787 10J56 3'088 51 1963.............................. 39'414 26'476 7,105 2,862 16,509 10'611 2'327 36,224 32,718 10,684 10,490 11'544 3,454 52 1964.............................. 43,976 28,933 7,315 2,742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 1965.............................. 49,675 32', 387 7,702 2,688 21,997 14,377 2,911 44,617 40,096 13,791 11,408 14’, 897 4,469 52' 1966.......................... 54,380 34*876 7’544 2,599 24'733 16,366 3'138 47'337 42,242 14'500 11,471 16'272 5,041 53 1967.............................. 59,019 37^642 7; 709 2,696 27;237 17,'931 3^446 50 ,’490 44,641 15 ,'074 11,795 171772 5,732 117 1966—11........................ 52,306 33,800 7,769 2,654 23,377 15,478 3,028 45,883 41,083 14,047 11,346 15,690 4,747 53 HI...................... 53,606 34’469 7'687 2,620 24 J 62 16,028 3'109 46,622 41'673 14,274 11'413 15,986 4'896 53 IV....................... 54.380 34,876 7,544 2,599 24',733 16,366 3,138 47,337 42,242 14’500 11'471 16,272 5,041 53 1967—1......................... 54,531 34,890 7,444 2,547 24,899 16,468 3,173 48,107 42,879 14,723 11,619 16,537 5,176 52 ii....................... 55'731 35’487 7,396 2; 495 25’596 16,970 3,274 48,893 43,526 14,947 11,768 16,811 5,316 51 HI...................... 57,482 36'639 7,584 2,601 26'454 17'475 3,368 49,732 44’094 15,016 11,785 17,293 5,526 112 IV....................... 59,019 37,642 7*709 2,696 27,237 17*931 3’446 50,490 44'641 15,074 11,795 17,772 5^732 117 1968—1......................... 60,119 38,157 7,694 2,674 27,789 18,396 3,566 51,218 45,171 15,179 11,872 18,120 5,931 116 ii....................... 61,967 39,113 7'678 2,648 28^787 19,'098 3,756 51,793 45,570 15,246 11’918 18'406 6’108 115 in...................... c63'767 •:52,496 1 Includes loans held by nondeposit trust companies, but not bank States and possessions. First and third quarters, estimates based on FDIC trust depts. data for insured banks for 1962 and part of 1963 and on special F.R. inter 2 Data for 1941 and 1945, except for totals, are special F.R. estimates. polations thereafter. For earlier years, the basis for first- and third-quarter estimates included F.R. commercial bank call report data and data from Note.—Second and fourth quarters, Federal Deposit Insurance Corpo the National Assn, of Mutual Savings Banks. 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
FEBRUARY 1969 □ REAL ESTATE CREDIT A 49 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total in F s H ur A e - d a g n V u t A a ee r - d Other 1 Farm 1 Total Total in F s H ur A e - d a g n V u t A a ee r - d Other Farm 1945.............................................. 976 6,637 5,860 1,394 4,466 766 1961.............................................. 6,785 6,233 1,388 220 4 625 552 44,203 41,033 9,665 6,553 24,815 3,170 1962.............................................. 7,478 6,859 1,355 469 5,035 619 46,902 43,502 10,176 6,395 26,931 3,400 1963.............................................. 9’172 8,306 1 398 678 6 030 866 50'544 46'752 10,756 6,401 29 395 3,792 1964.............................................. 10,433 9,386 1,812 674 6,900 1,047 55'152 50,848 11,484 6,403 32'961 41304 1965.............................................. 11,137 9,988 1,738 553 7,697 1,149 60,013 55,190 12,068 6,286 36,836 4,823 1966.............................................. 10 217 9,223 1 300 467 7,456 994 64,609 59369 12 351 6,201 40,817 5,240 1967.............................................. 8 470 7,633 757 444 6 432 837 671516 61,947 12,161 6,122 43*664 51569 1967—Nov.r................................ 667 607 50 32 525 60 67,098 61,590 12,217 6,140 43,233 5 ,508 Dec.................................... 1,077 953 58 33 862 124 67,595 62,038 12,192 6,104 43'742 51557 1968—Jan..................................... 632 558 62 37 459 74 67,770 62,223 12,192 6,106 43,925 5,547 Feb.................................... 527 431 45 25 361 96 67^867 62^292 121164 6,'097 44,031 5,575 Mar.................................... 640 531 52 28 451 109 68,055 62^421 12,137 6386 44'198 51634 Apr.................................... 521 435 40 20 375 86 68,123 62348 12,103 6,067 44,278 51675 May........................... 648 583 55 23 505 65 68'339 62,634 12,075 6’,047 44'512 51705 June................................... 568 519 53 20 446 49 68,508 62,777 12'047 6'022 44,708 51731 July................................... 664 612 59 41 512 52 68,708 62,969 12,036 6346 441887 5,739 Aug.................................... 616 575 71 30 474 41 68 J 909 63,154 12,029 6,034 451091 51755 Sept................................... 542 497 58 25 414 45 69,024 63,248 12,003 6,012 451233 51776 Oct.................................... 615 578 84 30 464 37 69',212 63,434 12^003 6'002 451429 5,778 Nov.................................... 623 589 62 29 498 34 69 ,'407 63 ,'627 11,999 5; 993 45,635 5,780 i Certain mortgage loans secured by land on which oil drilling or monthly figures may not add to annual totals and for loans outstanding, extracting operations in process were classified with farm through June the end-of-Dec. figures may differ from end-of-year figures, because (1) 1959 and with “other” nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets whereas year-end million on July 31, 1959. figures represent annual statement asset values, and (2) data for year-end adjustments are more complete. Note.—Institute of Life Insurance data. For loans acquired, the MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Loans made Loans outstanding (end of period) Advances outstanding (end of period) New Period va A n d c es R m e e p n a ts y M de e p m o b si e t r s s’ Period Total 1 h c o o m n e H p o u m r e Total 2 F i H n A - g V u A ar - C ve o n n Total t S e h rm or t * t L er o m n g 2 struc chase sured anteed tional 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 1962....................... 4’111 3,294 3,479 2,005 1,474 1,213 1961............. 17,364 5,081 7,207 68,834 4,167 7,152 57,515 1963....................... 5,601 4; 296 4j 784 2,863 1,921 1,151 1962............. 201754 51979 81524 781770 41476 71010 671284 1964....................... 5^565 5,025 5J325 2,846 2,479 1,199 1963............. 24,735 7,039 9’920 90*944 4 696 6*960 79'288 1964............. 241505 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 1966....................... 3,804 2,866 61935 5,006 1,929 1,036 1965............. 23,847 5,922 10,697 110,306 5,145 6,398 98,763 1967....................... 1 ’527 4,076 41386 31985 401 1,432 1966............. 16,720 31606 7,746 1141447 5,270 6,158 1031619 1968....................... 2'734 1,861 5,259 41867 392 1,382 1967.............. 19',891 4 190 9 505 121,893 5*794 6 356109 743 1968”............ 21,730 4 863 11 082 130 814 6 631 6,986117 197 1967—Dec............ 252 54 4,386 3,985 401 1,432 1967—Dec... 1,759 380 780 121,893 5,794 6,356109,743 1968—J F a e n b . . . . . . . . . . . . . . . . . . . . . . . . . 3 10 0 1 8 2 1 5 9 1 5 4 4 , , 3 4 4 4 8 2 3 3 , , 9 8 6 0 3 6 4 54 7 2 9 1 1 , , 1 1 8 9 2 8 1968—Jan.... 1,389 291 665 122,095 5,787 6,405 109,903 Mar........... 87 166 4,269 3,733 536 1,302 Feb.. . 1,456 305 704 122,637 5,853 6,447 110,337 Apr............ 386 111 4,545 4,026 519 1,270 Mar... 1,766 409 840 123,426 5,903 6,482 111,041 May........... 282 108 41719 4,197 522 1,293 J J A S O A M u u e u p c a l p n y g t r y e t . . . . . . . . . . . . . . . . . . . . 2 1 1 1 1 1 1 , , , , , , , 0 9 8 9 8 9 9 6 8 2 7 4 3 5 5 3 7 7 4 0 2 4 4 4 5 4 3 3 6 0 7 0 9 2 9 1 5 5 9 2 6 6 1 1 1 1 , , , , 0 0 1 0 9 9 9 4 3 4 6 7 8 3 1 1 5 6 6 6 4 1 1 1 1 1 1 1 2 2 2 2 2 2 2 8 5 6 7 4 9 5 , , , , , , , 3 9 3 2 7 5 2 9 8 0 3 0 8 6 1 5 7 8 7 2 2 6 6 5 6 6 6 6 , , , , , , , 1 4 3 0 2 9 0 8 6 7 8 8 2 6 1 3 4 2 2 9 4 6 6 6 6 6 6 6 , , , , , , , 8 6 7 5 6 5 5 5 3 5 2 9 9 6 1 7 9 8 9 4 4 1 1 1 1 1 1 1 1 1 1 1 1 1 1 4 5 3 3 5 2 1 , , , , , , , 2 3 8 9 6 8 6 5 0 8 2 1 0 6 8 7 9 3 3 6 9 J J S D A O N u u e e c o u p n l c t v y g t . e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 3 1 1 1 1 0 4 6 7 3 9 5 1 5 3 5 8 5 4 2 1 1 1 1 3 7 8 3 6 8 5 1 5 5 8 6 4 0 4 5 5 5 4 4 5 1 1 1 1 1 1 ,0 0 2 9 9 8 0 2 3 5 8 9 8 4 5 6 9 8 7 9 0 4 4 4 4 4 4 4 1 1 , , , , , 5 5 6 4 6 6 8 6 3 0 0 2 6 4 1 5 3 8 7 7 3 4 4 4 4 4 3 3 8 5 2 0 3 9 9 1 3 3 7 7 2 7 1 1 1 1 1 1 1 , , , , , , , 3 2 3 2 1 3 1 2 3 8 8 8 8 7 1 1 5 2 4 2 4 Nov... 1 ,707 387 860 129,968 6,533 6,925 116,510 Dec.”. 1 ,834 406 834 130,814 6,631 6,986 117,197 i Secured or unsecured loans maturing in 1 year or less. 2 Secured loans, amortized quarterly, having maturities of more than 1 Includes loans for repairs, additions and alterations, refinancing, etc., 1 year but not more than 10 yean. not shown separately. 2 Beginning with 1958, includes shares pledged against mortgage loans; Note.—Federal Home Loan Bank Board data. beginning with 1966, includes junior liens and real estate sold on contract; and beginning with 1967, includes downward structural adjustment for change in universe. Note.—Federal Home Loan Bank Board data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 50 REAL ESTATE CREDIT □ FEBRUARY 1969 MORTGAGE DEBT OUTSTANDING MORTGAGE DEBT OUTSTANDING ON ON RESIDENTIAL PROPERTIES NONFARM 1- to 4-FAMILY PROPERTIES (In billions of dollars) (In billions of dollars) All residential Multifamily 1 Governmentunderwritten E pe n r d io o d f 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 Total F in i c n i s a a t l i n h O ol t d h e e r r s E p n er d i o 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 tutions tutions sured anteed 1 1941............... 24.2 14.9 9.4 5.8 3.6 2.2 1945................ 18.6 4.3 4.1 .2 14.3 1945............... 24.3 15.7 8.6 5.7 3.5 2.2 1961................ 153.1 59.1 29.5 29.6 93.9 1961............... 176.0 143.0 33.0 23.0 14.8 8.2 1962................ 166.5 62.2 32.3 29.9 104.3 1962............... 192.5 157.9 34.6 25.8 17.5 8.3 1963................ 182.2 65.9 35.0 30.9 116.3 1963............... 211.2 176.7 34.5 29.0 20.7 8.3 1964................ 197.6 69.2 38.3 30.9 128.3 1964.............. 231.1 195.4 35.7 33.6 25.1 8.5 1965................ 212.9 73.1 42,0 31.1 139.8 1965.............. 250.1 213.2 36.9 37.2 29.0 8.2 1966................ 223.6 76.1 44.8 31.3 147.6 1966*............ 263.8 223.7 40.1 40.1 31.5 8.6 1967*.............. 236.1 79.9 47.4 32,5 156.1 1967*’............ 279.8 236.7 43.1 43.7 34.7 9.0 1966—if......... 219.6 74.7 43.7 31.0 145.2 1966—IP.... 258.6 220.1 38.5 39.0 30.5 8.5 Ill........ 221.9 75.4 44.4 31.0 146.5 III*... 261.5 222.1 39.4 39.6 31.0 8.6 IV........ 223.6 76.1 44.8 31.3 147.6 IV*... 263.8 223.7 40.1 40.1 31.5 8.6 1967—1*........ 224.9 76.4 45.2 31.2 148.4 1967—1”....... 265.7 225.0 40.7 40.8 32.2 8.6 II*........ 227.8 77.2 45.7 31.5 150.6 II*.... 269.5 228.3 41.2 41.7 32,9 8.8 III*.. . . 232.0 78.3 46.6 31.7 153.7 IIP... 274.6 232.5 42.1 42.6 33.8 8.8 IV*.... 236.1 79.9 47.4 32.5 156.1 III*... 279.8 236.7 43.1 43.7 34.7 9.0 1968—1*. .... 239.3 81.0 48.1 32.9 158.3 1968—1”.... 283.5 239.1 44.4 44.2 35,1 9.1 II*....... 243.3 82.1 48.7 33.4 161.2 II*... 288.5 242.9 45.6 45.2 36.0 9.2 III*.... 247.3 83.2 49.6 33.6 164.1 HI”... 293.3 246.7 46.6 46.1 36.8 9.3 1 Includes outstanding amount of VA vendee 1 Structures of 5 or more units. For 1- to 4-family mortgage debt see accounts held by private investors under repurchase second preceding page. agreement. Note.—Based on data from same source as for “Mortgage Debt Out Note.—For total debt outstanding, figures are standing” table (second preceding page). FHLBB and F.R. estimates. For conventional, figures are derived. Based on data from Federal Home Loan Bank Board, Federal Housing Admin., and Veterans Admin. GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE DELINQUENCY RATES ON HOME MORTGAGES (In millions of dollars) (Per 100 mortgages held or serviced) FHA-insured VA-guaranteed Loans not in foreclosure but delinquent for— Loans in Mortgages Mortgages End of period fore Period Prop closure Proj erty 90 days Total Ex ects1 im Total 3 Ex Total 30 days 60 days or more New isting prove New isting homes homes ments2 homes homes 1961............... 3.10 2.27 .50 .33 .29 1962............... 3.04 2.26 .50 .29 .30 1945............ 665 257 217 20 171 192 1963............... 3.30 2.32 .60 .38 .34 1964............... 3.21 2.35 .55 .31 .38 1961............ 6,546 1,783 2,982 926 855 1,829 1,170 656 1965............... 3.29 2.40 .55 .34 .40 1962........... 7,184 1,849 3,421 1,079 834 2,652 1,357 1,292 1966............... 3.40 2.54 .54 .32 .36 1963............ 7,216 1,664 3,905 '843 804 3,045 1,272 1,770 1967............... 3.47 2.66 .54 .27 .32 1964............ 8,130 1,608 4,965 895 663 2,846 1,023 1,821 1965............ 8,689 1,705 5^760 591 634 2,652 876 1,774 1965—II........ 3.00 2.18 .52 .30 .38 1966............ 7’320 1,729 4'366 583 641 2,600 980 1 ,618 Ill.... 3.20 2.30 .56 .34 .38 1967............ 7,150 1,369 4,516 642 623 3; 405 1,143 2,259 IV. . . . 3.29 2.40 .55 .34 .40 1968.....8..,.2..7.5 1,572 4'924 1,123 656 3,774 1 ,430 2,343 1966—1.......... 3.02 2.13 .55 .34 .38 1967—Dec.. .594 124 334 90 47 340 124 217 II........ 2.95 2.16 .49 .30 .38 in.. 3.09 2.25 .52 .32 .36 1968—Jan... 693 147 431 70 45 349 135 213 IV. . . . 3.40 2.54 .54 .32 .36 Feb... 573 124 312 100 36 280 111 169 Mar,. 535 120 314 62 39 267 115 152 1967—I.......... 3.04 2.17 .56 .31 .38 Apr.. 603 131 340 80 53 265 110 156 II........ 2.85 2.14 .45 .26 .34 May. 686 121 374 131 60 280 112 168 III. . 3.15 2.36 .52 .27 .31 June. 674 123 371 122 58 241 98 143 IV.... 3.47 2.66 .54 .27 .32 July.. 712 135 438 72 66 327 120 207 Aug.. 752 135 460 94 63 341 122 218 1968—1.......... 2.84 2.11 .49 .24 .32 Sept.. 727 135 453 78 61 322 111 211 II........ 2.89 2.23 .44 .22 .28 Oct... 869 158 549 95 67 360 122 237 III. . .. 2.93 2.23 .48 .22 .26 Nov,, 749 126 473 101 49 377 138 239 Dec.. 702 117 409 118 58 365 136 229 Note.—Mortgage Bankers Association of America data from reports on 1- to 4-family FHA-insured, VA-guaranteed, and con 1 Monthly figures do not reflect mortgage amendments included in annual ventional mortgages held by more than 400 respondents, including totals. mortgage bankers (chiefly), commercial banks, savings banks, and 2 Not ordinarily secured by mortgages. savings and loan associations. 3 Includes a small amount of alteration and repair loans, not shown separ ately; Only such loans in amounts of more than $1,000 need be secured. Note.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans closed. Figures do not take into account principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ REAL ESTATE CREDIT A 51 GOVERNMENT NATIONAL MORTGAGE FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY ASSOCIATION ACTIVITY (In millions of dollars) (In millions of dollars) Mortgage Mortgage Mortgage holdings transactions Com Mortgage holdings transactions Com (during mit (during mit End of period) ments End of period) ments period FHA- VA- un period FHA- VA- un Total in guar dis Total in guar dis sured anteed Pur Sales bursed sured anteed Pur Sales bursed chases chases 1963........................... 2,589 1,644 944 107 334 183 1963.......................... 2,062 1,372 689 181 780 9 1964........................... 2,415 1,610 805 227 174 274 1964.......................... 1 ^997 1,386 611 198 78 39 1965........................... 2’212 1 ’540 671 156 154 332 1965.......................... 2,519 1 '864 656 757 47 462 1966........................... 2'667 2,062 604 620 491 1966.......................... 4,396 3,345 1,051 2,081 214 1967........................... 3 '348 2,756 592 860 1,171 1967.......................... 5,522 4’048 1,474 1,400 12 501 1968.......................... 4,220 3,569 651 1 089 i 1 ,266 1968.......................... 7,167 5,121 2'046 1 *944 1,287 1967—Dec................ 3,348 2,756 592 98 1,171 1967—Dec................ 5,522 4,048 1 ,474 200 501 1968—Jan................. 3,445 2,841 604 112 1,160 1968—Jan.......... 5,775 4,211 1,564 275 428 Feb................. 3'526 2'913 613 97 1 1,159 Feb................ 5’999 4’356 1 ’643 245 335 Mar................ 3,635 3^010 626 127 1,118 Mar............... 6,165 4,465 1,700 189 332 Apr................ 3,721 3,087 633 103 1’126 Apr.......... 6,325 4,570 1 J 755 186 328 May............... 3'805 3,166 639 103 1,135 May............... 6^477 4,671 1*806 177 477 June............... 3,880 3,235 646 95 1,158 June............... 6,623 4,767 1,856 173 601 July................ 3'949 3,298 652 86 1,170 July............... 6^707 4,820 1,887 108 842 Aug......... 4,018 3,361 656 86 1,205 Aug................ 6,780 4,867 1 ,913 99 1,014 Sept................ 4,063 3,406 657 66 1 ,215 Sept.. ............ 6,844 4,909 1,935 89 1 J 085 Oct................ 4,125 3,468 657 82 1 ,225 Oct............... 6'943 4,975 1,968 126 1,150 Nov................ 4,166 3,511 655 58 1 ^248 Nov................ 7,048 5,045 2,003 132 1,236 Dec.......... 4,220 3^69 651 73 .....1. .,.2..6..6 Dec................ 7,167 5 J21 2*046 146 .....1..,2..8..7. Note.—Government National Mortgage Assn. data. Data prior to Note.—Federal National Mortgage Assn. data. Data prior to Sept. Sept. 1968 relate to Special Assistance and Management and Liquidating 1968 relate to secondary market portfolio of former FNMA. portfolios of former FNMA and include mortgages subject to participation pool of Government Mortgage Liquidation Trust, but exclude conven tional mortgage loans acquired by former FNMA from the RFC Mortgage Co., the Defense Homes Corp., the Public Housing Admin., and Com munity Facilities Admin. HOME-MORTGAGE YIELDS FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY UNDER FREE MARKET SYSTEM (Per cent) Primary Market Secondary Mortgage amounts Implicit yield market (in millions of dollars) (per cent) FHA series Accepted FHLBB series Yield Auction Period (effective rate) on FHA- date New insured Offered By co p m er m io i d tment d 9 a 0 y s mon 6 ths ye 1 a r Total U.S. 90 6 1 New Existing average New days months year 1963....................... 5,81 5.46 1968 1964....................... 5.80 5.45 1965....................... 5.81 5.95 5.83 5.47 Oct. 7........ 98.9 35.1 2.2 22.9 10.0 7.19 7.16 7,09 1966....................... 6.25 6.41 6.40 6.38 14........ 119.2 41.6 2.5 30.0 9.1 7.20 7.18 7.12 1967....................... 6,46 6.52 6.53 6.55 21........ 132.8 44.0 2.7 30.7 10.7 7.21 7.20 7.13 1968....................... ”6.97 ”7.03 7.12 7.21 28........ 131.9 49.1 3.0 31.3 14.7 7.24 7.23 7.17 1967—Dec............ 6.54 6.64 6.70 6.81 Nov. 4........ 125.1 53.8 4.9 29.5 19.4 7.26 7.26 7.19 12 144.4 48.1 8.4 29.3 10.3 7.29 7.30 7.23 1968—Jan............. 6.52 6.70 6.75 6.81 18........ 167.0 50.3 10.3 28.8 11.1 7.33 7.35 7.26 Feb............ 6.62 6.71 6.75 6.78 25....... 161.4 59.7 11.1 33.7 15.0 7.37 7.40 7.30 Mar............ 6.64 6.72 6.80 6.83 Apr............. 6.71 6.77 6,90 6.94 119.9 57.9 17.5 25.8 14.6 7.43 7.46 7.35 May........... 6.84 6.95 7.15 9......... 105.1 56.1 18,4 23.5 14.1 7.47 7.51 7.42 June........... 7.03 7.12 7.25 7.52 16......... 93.7 56.6 15.1 32.6 8.9 7,52 7.57 7.46 July............ 7.17 7.23 7.30 7.42 23......... 123.3 56.3 15.3 31.6 9.4 7.55 7.60 7.48 Aug.. 7.24 7.26 7.30 7.35 30......... 104.4 62.4 20.4 32.2 9.8 7.61 7.65 7.49 Sept............ 7.24 7.25 7.30 7.28 Oct............. 7.23 7.22 7.25 7.29 1969 Nov............ 7.21 7.21 7.30 7.36 Dec............. ”7.23 ”7.23 7.40 7.50 82.1 59,8 16.9 28,4 14.5 7.63 7.66 7.48 1969—Jan............. 7.55 13......... 127.5 57.9 8.1 36.7 13.0 7.67 7.68 7.52 21......... 124.3 61.4 9.8 39.1 12.5 7.69 7.72 7.54 27......... 232.9 61.0 8.4 38.6 14.1 7.82 7.86 7.66 Note.'—Annual data are averages of monthly figures. The FHA data are based on opinion reports submitted by field offices Feb. 3......... 320.9 80.0 5.3 36.0 38.8 7.98 7.99 7.82 on prevailing local conditions as of the first of the succeeding 10......... (100.0) month, Yields on FHA-insured mortgages are derived from weighted averages of private secondary market prices for Sec. 203, 30-year mortgages with minimum downpayment and an Note.—Implicit secondary market yields are gross—before deduction of 50assumed prepayment at the end of 15 years. Gaps in the data basis-point fee paid for mortgage servicing. They reflect the average accepted bid are due to periods of adjustment to changes in maximum per price for Government-underwritten mortgages after adjustment by Federal Reserve missible contract interest' rates. The FHA series on average Board to allow for FNMA commitment fees and FNMA stock purchase and hold contract interest rates on conventional first mortgages in primary ing requirements, assuming a prepayment period of 15 years for 30-year loans. markets are unweighted and are rounded to the nearest 5 basis One-year commitments are for new homes only. points. The FHLBB effective rate series reflects fees and charges Total accepted shown in parenthesis for most recent week indicates FNMA as well as contract rates (as shown in the table on conventional announced limit before the “auction” date. first mortgage terms, p. A-33) and an assumed prepayment at end of 10 years. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 52 CONSUMER CREDIT □ FEBRUARY 1969 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Other Repair Auto consumer and mod Personal Single Charge Service Total mobile goods ernization loans Total payment accounts credit paper paper loans 1 loans 1939......................................... 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941......................................... 9.172 6,085 2,458 1,929 376 1 ,322 3,087 845 1 ,’645 597 1945......................................... 5,665 2 462 ’455 816 182 1 ;oo9 3,203 746 1 ’612 845 1962......................................... 63,821 48,720 19,381 12,627 3,298 13,414 15,101 5,456 5,684 3 961 1963......................................... 71^739 55,486 22,254 14*177 3,437 15318 16,253 6,101 5 ,903 4,249 1964......................................... 80,268 62,692 24’934 16,333 3’577 17*848 17’576 6,874 6,195 4 507 1965......................................... 90,314 71 324 28,619 18,565 3,728 20,412 18,990 7,671 6 430 4 889 1966......................................... 97,543 77,539 30^556 20378 3,818 22,187 20,004 7372 6,686 5 346 1967......................................... 102’132 80’926 30*724 22,395 3 ,789 24,018 2i ’,206 8’428 6 968 5 810 ......................................... 113 191 89 890 34’130 24*899 3 925 26 936 23 301 9,138 7 755 6 408 1967-—Dec.............................. 102 132 80 926 30,724 22 395 3,789 24,018 21 ,206 8 428 6,968 5 810 1968-—Jan............................... 101,260 80,379 30,579 22,117 3,734 23,949 20,881 8 449 6 424 6 008 Feb............................... 100,771 80,233 30,682 21.767 3,708 24,076 20338 8 484 5 859 6’195 Mar............................. 100,981 80,474 30,942 21 344 3388 24,200 20 ,’507 8 529 5,710 6 268 Apr............................... 102,257 81^328 31,331 21,841 3,697 24,’459 20'929 8 636 6’026 6 267 May............................. 103 311 82’312 31,818 22,011 3,746 24’737 21 399 8*663 6’276 6 160 June............................. 104^620 83*433 32,364 22,248 3 ,769 25*,052 21,187 8 674 6 368 6 145 July.............................. 105,680 84,448 32,874 22 ,’452 3 ,808 25,314 21'232 8,695 6 457 6*,080 Aug.............................. 107 390 85,684 33,325 22’777 3'857 25 '725 21 306 8,774 6 574 6 058 Sept.............................. 107,636 86,184 33,336 22’988 3’881 25’979 21,452 8,868 6,550 6,034 Oct............................... 108,643 87,058 33’698 23,248 3'910 26’202 21'585 8,943 6,692 5,950 Nov............................. 110,035 87,953 33 325 23368 3’,931 26329 22 382 9*024 6,964 6’094 Dec.............................. 113,191 89,890 34,130 24,899 3 325 26336 23,301 9,138 7,755 6,408 1 Holdings of financial institutions; holdings of retail outlets are in- loans. For back figures and description of the data, see‘‘Consumer Credit” eluded in “other consumer goods paper.” Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965, Note.—Consumer credit estimates cover loans to individuals for house- and December 1968 Bulletin, pp. 983-1003. hold, family, and other personal expenditures, except real estate mortgage INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Com Sales Con Auto Other Total mercial finance Credit sumer Other1 Total mobile retail banks cos. unions finance1 dealers2 outlets 1939. 4,503 3,065 1,079 1,197 132 657 1,438 123 1,315 1941. 6,085 4,480 1,726 1 ,797 198 759 1,605 188 1,417 1943. 2,462 1,776 745 300 102 629 686 28 658 1962. 48,720 41,878 19,005 11,405 4,875 4,765 1 ,828 6,842 345 6,497 1963. 55,486 47,819 22,023 12,630 5,526 5,582 2,058 7,667 351 7,316 1964. 62,692 53,898 25,094 13,605 6,340 6,492 2,367 8,794 329 8,465 1965. 71,324 61,533 28,962 15,279 7,324 7,329 2,639 9,791 315 9,476 1966. 77,539 66,724 31,319 16,697 8,255 7,663 2,790 10,815 277 10,538 1967. 80,926 69,490 32,700 16,838 8,972 8,103 2,877 11,436 285 11,151 1968. 89,890 77,457 36,952 18,219 10,178 8,913 3,195. 12,433 320 12,113 1967--Dec............................... 80,926 69,490 32,700 16,838 8,972 8,103 2,877 11,436 285 11,151 1968--Jan................................ 80,379 69,238 32,710 16,726 8,868 8,050 2,884 11,141 285 10,856 Feb............................... 80,233 69,439 32,839 16,713 8,899 8,071 2,917 10,794 286 10,508 Mar.............................. 80,474 69,840 33,082 16,759 8,975 8,091 2,933 10,634 289 10,345 Apr............................... 81,328 70,600 33,562 16,868 9,109 8,144 2,917 10,728 293 10,435 May............................. 82,312 71,560 34,079 17,010 9,271 8,175 3,025 10,752 298 10,454 June............................. 83,433 72,610 34,585 17,239 9,461 8,302 3,023 10,823 303 10,520 July.............................. 84,448 73,573 35,103 17,448 9,574 8,397 3,051 10,875 308 10,567 Aug.............................. 85,684 74,690 35,672 17,670 9,739 8,490 3,119 10,994 313 10,681 Sept.............................. 86,184 75,114 35,923 17,680 9,851 8,530 3,130 11,070 313 10,757 Oct............................... 87,058 75,871 36,352 17,823 9,962 8,588 3,146 11,187 317 10,870 Nov.............................. 87,953 76,446 36,560 17,960 10,049 8,685 3,192 11,507 319 11,188 Dec.............................. 89,890 77,457 36,952 18,219 10,178 8,913 3,195 12,433 320 12,113 1 Consumer finance companies included with “other” financial insti dealers is included with “other retail outlets.” tutions until 1950. See also Note to table above. 2 Automobile paper only; other instalment credit held by automobile Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 o CONSUMER CREDIT A 53 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) Automobile Repair paper Other and Other Repair con mod Per Auto con and Per End of period Total sumer eri nza- sonal End of period Total mobile sumer modern sonal Pur goods tion loans paper goods ization loans chased Direct paper loans paper loans 1939......................... 1,079 237 178 166 135 363 1939 1,197 878 115 148 56 1941......................... 1 ,726 447 338 309 161 471 1941 1 /97 1 363 167 201 66 1945......................... '745 66 143 114 110 312 1945 300 164 24 58 54 1962......................... 19,005 6,184 3,451 2,824 2,261 4,285 1962 11/05 7/51 2/65 213 1/76 1963......................... 22,023 7,381 4,102 3,213 2,377 4*950 1963 12.630 7,922 2/99 214 1 ,795 1964......................... 25,094 8'691 4*734 3/70 2/57 5*542 1964 13,605] 8/85 3/22 207 2,091 1965......................... 28,962 10,209 5,659 4,166 2,571 6,357 1965 15/79 9,068 3/56 185 2/70 1966......................... 31'319 11,024 5*956 4,681 2,647 7,011 1966 16/97 9/72 4/56 151 2,718 1967......................... 32,700 10,927 6,267 5,126 2*629 7,751 1967 16/38 9/52 4/18 114 2,954 1968......................... 36'952 12,213 7'105 6*060 2,719 8,855 1968 18/19 9’986 4,849 74 3,310 1967—Dec.............. 32,700 10,927 6,267 5,126 2,629 7,751 1967-—Dec..................... 16 838 9 252 4/18 114 2,954 1968—Jan............... 32,710 10,892 6 295 5,157 2,586 7,780 1968-—Jan............ 16,726 9/60 4/10 109 2,947 Feb............... 32*839 10,927 6,345 5,173 2,563 7 ,’831 Feb..................... 16,713 9/62 4/83 104 2*964 Mar.............. 33,082 11 ,013 6337 5,199 2,547 7,886 Mar..................... 16/59 9/08 4/79 99 2,973 Apr.............. 33,562 11,161 6,537 5,278 2,562 8,024 Apr..................... 16,868 9/92 4/92 93 2,991 May........ 34,079 11,351 6/58 5.358 2'585 8,127 May.................... 17,010 9,388 4/28 88 3/06 June............. 34*585 H ,545 6/72 5,443 2’608 8,217 June.................... 17,239 9/44 4/82 84 3/29 July.............. 35,103 11 ,744 6/63 5,559 2,639 8/98 July..................... 17/48 9,709 4/96 82 3/61 Aug............. 35*672 11*953 6,924 5,668 2,675 8,452 Aug..................... 17/70 9,812 4/63 73 3/22 Sept............ 35*923 11,980 6/16 5/43 2*697 8,587 Sept..................... 17/80 9'758 4/95 69 3/58 Oct.............. 36*352 12,143 7,000 5/12 2,716 8/81 Oct.................... 17,823 9,823 4,737 74 3,189 Nov............ 36,560 12,190 7,063 5*855 2’723 8 ’,729 Nov..................... 17,960 9,898 4,778 74 3/10 Dec.............. 36/52 12,213 7,105 6,060 2,719 8,855 Dec..................... 18/19 9,986 4,849 74 3,310 See Note to first table on previous page. See Note to first table on previous page. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL INSTITUTIONS (In millions of dollars) (In millions of dollars) Single Other Repair payment Charge accounts Auto con and Per loans End of period Total mobile sumer modern sonal paper goods ization loans Total Service paper loans End of period Other credit Com- finan mer- cial Retail Credit 1939 789 81 24 15 669 banks insti outlets cards1 1941 957 122 36 14 785 tutions 1945 731 54 20 14 643 1962 11,468 2,150 841 824 7,653 1939............... 2,719 625 162 1 ,414 518 1963 13*166 2,*498 949 846 8,873 1941............... 3,087 693 152 1 ,645 597 1964 ............................. 15/99 2,895 1 ,176 913 10,215 1945 ............. 3 203 674 72 1 /12 845 1965 17,292 3,368 1,367 972 11 ,585 1962............... 15/01 4/90 766 5,179 505 3/61 1966 18,708 3,727 1,503 1,020 12,458 1963............... 16,253 5/05 896 5,344 559 4,249 1967 19 952 3 ,993 1 600 1 046 13,313 1964............... 17/76 5/50 924 5/87 608 4/07 1968 22,286 4,506 1 ,877 1 ,1 32 14/71 1965............... 18,990 6/90 981 5,724 706 4/89 1967-—Dec.................... 19,952 3,993 1,600 1 ,046 13,313 1966.............. 20,004 6/46 1 ,026 5/12 874 5/46 1967............... 21,206 7*340 1 /88 5/39 1 ,029 5/10 1968-—Jan...................... 19,802 3,947 1 ,594 1 ,039 13/22 1968............... 23,301 7/75 1,163 6/50 1 ,305 6/08 Feb..................... 19,887 3,962 1 ,603 1,041 13,281 Mar..................... 19,999 3,995 1 ,621 1 ,042 13'341 1967—Dec.... 21,206 7,340 1 ,088 5/39 1 ,029 5/10 Apr..................... 20,170 4,048 1 ,636 1,042 13’444 May.................... 20*471 4'123 1 ,671 1 '073 13*604 1968—Jan... . 20,881 7,352 1 ,097 5,377 1 ,047 6/08 June.................... 20,786 4,200 1 ,703 1 ,’077 13'806 Feb.... 20/38 7,375 1/09 4/42 1 ,017 6/95 July..................... 21,022 4,250 1 ,730 1 '087 13'955 Mar.. . 20/07 7/16 1/13 4/98 1 ,012 6,268 Aug..................... 21*348 4,323 1 ,765 1 '109 14/51 Apr... . 20,929 7/26 1 ,110 5/05 1 ,021 6/67 Sept.................... 21 /Il 4'369 1,793 1,115 14/34 May... 21 ,099 7/26 1/37 5/54 1,022 6,160 Oct............... 21,696 4,415 1 ,829 1,120 14/32 June.,. 21 .187 7/46 1,128 5/78 1 ,090 6/45 Nov................ 21 ',926 4'455 1 ’,847 1/34 14/90 July.. . 21,232 7/65 1/30 5,297 1,160 6/80 Dec..................... 22,286 4,506 1 /77 1/32 14,771 Aug... . 21 /06 7/27 1 ,147 5/29 1 ,245 6/58 Sept.. . 21,452 7,719 1 ,149 5,283 1 .267 6/34 Oct... . 21 ,585 7,794 1,149 5/24 1 ,268 5,950 Note.—Institutions represented are consumer finance companies, credit Nov.... 22/82 7,857 1 ,167 5/70 1 ,294 6/94 unions, industrial loan companies, mutual savings banks, savings and Dec.... 23,301 7/75 1 ,163 6/50 1 ,305 6,408 loan assns., and other lending institutions holding consumer instalment credit. See also Note to first table on previous page. i Service station and miscellaneous credit-card accounts and home heating-oil accounts. Bank credit card accounts outstanding are included in estimates of instalment credit outstanding. See also Note to first table on previous page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 54 CONSUMER CREDIT n FEBRUARY 1969 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Other consumer Repair and Total Automobile paper goods paper modernization loans Personal loans Period S.A.i N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.A.* N.S.A. S.AJ N.S.A. Extensions 1962 56,191 19,694 15,701 2,084 18,710 1963 63,591 22,126 17,920 ........2..,..1..8..6. .................. 21,359 1964 70,670 24,046 20,821 2,225 23,578 1965 ....................................... 78,586 27,227 22,750 2,266 26,343 1966 82,335 27,341 25,591 2,200 ......2..7..,.2...0..3.. 1967 84,693 26,667 26,952 2,113 28,961 1968 97,053 31,424 .......3..0..,.5..9..3.. 2,268 32,768 1967-—Dec.............................. 7,360 8,378 2,233 2,074 2,383 3,265 170 140 2,574 2,899 1968-—Jan............................... 7,453 6,782 2,385 2,157 2,339 2,156 169 132 2,560 2,337 Feb.............................. 7,847 6,716 2,559 2,296 2,458 1,925 184 140 2,646 2,355 Mar.............................. 7,903 7,501 2,605 2,565 2,531 2,295 183 161 2,584 2,480 Apr.............................. 7,863 8,219 2,509 2,764 2,597 2,533 189 189 2,568 2,733 May............................. 8,033 8,377 2,590 2,853 2,535 2,520 197 236 2,711 2,768 June............................. 8,003 8,115 2,570 2,735 2,536 2,441 179 194 2,718 2,745 July.............................. 8,247 8,738 2,673 2,974 2,622 2,631 195 228 2,757 2,905 Aug.............................. 8,187 8,502 2,684 2,774 2,483 2,531 185 225 2,835 2,972 Sept.............................. 8,416 7,682 2,783 2,354 2,560 2,462 196 199 2,877 2,667 Oct............................... 8,533 8,687 2,782 2,917 2,645 2,752 202 211 2,904 2,807 Nov.............................. 8,288 8,166 2,681 2,546 2,640 2,739 191 190 2,776 2,691 Dec................. 8,277 9,568 2,592 2,489 2,656 3,608 192 163 2,837 3,308 Repayments 1962. 51,360 17,447 14,935 2,010 16,969 1963. 56,825 19,254 16,3 69 2,046 19,156 1964. 63,470 ......2..1..,..3..6..9. .......1..8..,.6..6..6.. 2,086 ................. 21,349 1965. 69,957 23,543 20,518 2,116 23,780 1966. 76,120 25,404 23,178 2,110 25,428 1967. 81,306 26,499 25,535 2,142 27,130 1968. 88,089 28,018 28,089 2,132 29,850 1967--Dec.............................. 7,001 6,937 2,205 2,068 2,255 2,193 171 161 2,370 2,515 1968--Jan............................... 7,054 7,329 2,254 2,302 2,223 2,434 182 187 2,395 2,406 Feb.............................. 7,111 6,862 2,275 2,193 2,269 2,275 173 166 2,394 2,228 Mar.............................. 7,281 7,260 2,316 2,305 2,372 2,418 185 181 2,408 2,356 Apr.............................. 7,222 7,365 2,297 2,375 2,340 2,336 176 180 2,409 2,474 May............................ 7,301 7,393 2,327 2,366 2,312 2,350 184 187 2,478 2,490 June............................. 7,287 6,994 2,289 2,189 2,324 2,204 175 171 2,499 2,430 July............................. 7,390 7,723 2,352 2,464 2,374 2,427 181 189 2,483 2,643 Aug............................ 7,253 7,266 2,327 2,323 2,209 2,206 170 176 2,547 2,561 Sept.............................. 7,701 7,182 2,482 2,343 2,428 2,251 179 175 2,612 2,413 Oct......................... 7,586 7,813 2,391 2,555 2,451 2,492 177 182 2,567 2,584 Nov.............................. 7,454 7,271 2,363 2,319 2,388 2,319 175 169 2,528 2,464 Dec.............................. 7,502 7,631 2,357 2,284 2,422 2,377 175 169 2,548 2,801 Net change in credit outstanding 2 1962........................................ 4,831 ................. 2,247 .................. 766 ..............7..4.. .................. 1 ,741 1963. 6,766 2,872 1 ,551 140 2,203 1964. 7,200 2,677 2,155 139 2,229 1965. 8,629 3,684 2,232 150 2,563 1966. 6,215 1,937 2,413 90 1,775 1967. 3,387 168 1 ,417 -29 1 ,831 1968. 8,964 3,406 2,504 136 2,918 1967--Dec.............................. 359 1,441 28 6 128 1,072 -1 -21 204 384 1968--Jan............................... 399 -547 131 -145 116 -278 -13 -55 165 -69 Feb............................... 736 -146 284 103 189 -350 11 -26 252 127 Mar..................... 622 241 289 260 159 -123 -2 -20 176 124 Apr.............................. 641 854 212 389 257 197 13 9 159 259 May............................. 732 984 263 487 223 170 13 49 233 278 June............................. 716 1,121 281 546 212 237 4 23 219 315 July.............................. 857 1,015 321 510 248 204 14 39 274 262 Aug.............................. 934 1,236 357 451 274 325 15 49 288 411 Sept.............................. 715 500 301 11 132 211 17 24 265 254 Oct............................... 947 874 391 362 194 260 25 29 337 223 Nov.............................. 834 895 318 227 252 420 16 21 248 227 Dec.............................. 775 1,937 235 205 234 1 ,231 17 -6 289 507 1 Includes adjustments for differences in trading days. purchases and sales of instalment paper, and certain other transac- 2 Net changes in credit outstanding are equal to extensions less tions may increase the amount of extensions and repayments repayments, without affecting the amount outstanding. For back figures and description of the data, see “Consumer Note.—Estimates are based on accounting records and often Credit,” Section 16 (New) of Supplement to Banking and Moneinclude financing charges. Renewals and refinancing of loans, tary Statistics, 1965, and pp, 983-1003 of this Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ CONSUMER CREDIT A 55 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.AJ N.S.A. S.AJ N.S.A. S.AJ N.S.A. Extensions 1962......................................... 56,191 20,474 11,269 14 787 9 659 1963......................................... 63,591 23 344 12 152 16*768 11*327 1964......................................... 70,670 25,950 12,613 18*797 13*310 1965......................................... 78,586 29,528 13,722 20 906 14 430 1966......................................... 82,335 30,073 14 278 21 490 16*494 1967......................................... 84,693 30350 13 833 22 574 17 436 1968........................................ 97,053 36,332 15 909 25'777 19 035 1967-—Dec.............................. 7,360 8,378 2,685 2,546 1,189 1,303 1 ,966 2,222 1,520 2,307 1968—Jan............................... 7,453 6,782 2,766 2,595 1,197 1 ,078 1 ,984 1,757 1 ,506 1,352 Feb............................... 7'847 6,716 2,918 2'617 1 ,282 1,117 2,085 1 ,835 1,562 1,147 Mar.............. 7 >03 7’501 2'950 2'845 1 ,337 1 ,251 2,025 1 >64 1,591 1 ,441 Apr............................... 7,863 8,219 2>10 3’194 1 '290 1 '355 2’021 2 099 1,642 1 571 May.................... 8,033 8 377 2,980 3,233 1 ,332 1 ,369 2,157 2*241 1 ’,564 1 534 June............................. 8 >03 8,115 2,938 3,030 1 302 1 ’358 2’177 2’231 1 ,586 1 >96 July.............................. 8’247 8’738 3,018 3'343 1,366 1 ’495 2'190 2’307 1 ,673 1,593 Aug,............................. 8'187 8'502 3,066 3,245 1 ,289 1 ,329 2,248 2>44 1 '584 1 ’584 Sept.............................. 8'416 7,682 3,284 2,953 1 '349 1 ,’217 2’236 2,043 1 '547 1 >69 Oct............................... 8 >33 8 >87 3,252 3'306 1 '367 1 ',437 2’309 2’246 1 >05 1 >98 Nov.............................. 8,288 8,166 3,111 2’877 1 >11 1,368 2,139 2’139 1 ,627 1 ,782 Dec............................... 8,277 9^68 3,139 3 394 1 >62 1 ,535 2’208 2,571 1 ,568 2,368 Repayments 1962. 51,360 18,468 10,200 13,455 9,237 1963. 56,825 20,326 10,927 15,070 10,502 1964. 63,470 ...............2..2,971 11,638 .......1..6..,.7..6..4.. 12,097 1965........................................ 69,957 25,663 12,048 18,813 13,433 1966. 76,120 27,716 12,860 20,074 15,470 1967. 81 ,306 29,469 13,692 21,330 16,815 1968. 88,089 32,080 14,528 23,443 .......1..8..,.0..3..8. 1967--Dec............................ 7 001 6,937 2,527 2,393 1,172 1,190 1,836 1,943 1,466 1,411 1968--Jan................................ 7 054 7,329 2,512 2,585 1,184 1,190 1 ,887 1 ,907 1 ,471 1 ,647 Feb............................... 7 111 6,862 2,572 2,488 1,169 1,130 1 ,888 1 ,750 1 ,482 1,494 Mar.............................. 7 281 7,260 2,641 2,602 1 ,192 1,205 1 ,885 1 ,852 1 ,563 1,601 Apr.............................. 7 222 7,365 2,643 2,714 1,174 1,246 1 ,887 1 ,928 1 ,518 1,477 May............................. 7 301 7,393 2,653 2,716 1,222 1,227 1 ,939 1,940 1 ,487 1,510 June............................. 7 287 6,994 2,666 2,524 1,164 1,129 1,957 1,916 1,500 1 ,425 July.............................. 7 390 7,723 2,662 2,825 1 ,258 1 ,286 1,942 2,071 1 ,528 1,541 Aug.............................. 7 253 7,266 2,610 2,676 1,156 1,107 2,023 2,018 1 ,464 1 ,465 Sept.............................. 7 701 7,182 2,849 2,702 1 ,323 1 ,207 2,026 1 ,880 1 ,503 1 ,393 Oct............................... 7 586 7,813 2,764 2,877 1 ,230 1 ,294 2,052 2,061 1,540 1 ,581 Nov.............................. 7 454 7,271 2,769 2,669 1 ,254 1 ,231 1 ,950 1 ,909 1 ,481 1 ,462 Dec............................... 7 502 7,631 2,761 2,702 1 ,215 1 ,276 2,019 2,211 1 ,507 1 ,442 Net change in credit outstanding 2 1962......................................... 4 831 1,997 1,078 1,332 422 1963......................................... 6,766 3,018 1,225 1 698 825 1964......................................... 7 200 3 065 975 2 033 1,127 1965......................................... 8,629 3,865 1,674 2 093 997 1966......................................... 6,215 2 357 1 ,418 1,416 1 ,024 1967........................................ 3 387 1,381 141 1 >44 621 1968........................................ 8 964 4’252 1 ,38! 2,334 997 1967—Dec.............................. 359 1 ,441 158 153 17 113 130 279 54 896 1968—Jan............................... 399 — 547 254 10 13 -112 97 -150 35 -295 Feb,.............................. 736 -146 346 129 113 -13 197 85 80 -347 Mar............................ 622 241 309 243 145 46 140 112 28 -160 Apr.............................. 641 854 267 480 116 109 134 171 124 94 May........................... 732 984 327 517 110 142 218 301 77 24 June............................. 716 1 121 272 506 138 229 220 315 86 71 July.............................. 857 1 015 356 518 108 209 248 236 145 52 Aug..................... 934 1 ,236 456 569 133 222 225 326 120 119 Sept.............................. 715 500 435 251 26 10 210 163 44 76 Oct............................... 947 874 488 429 137 143 257 185 65 117 Nov.............................. 834 895 342 208 157 137 189 230 146 320 Dec............................... 775 1 ,937 378 392 147 259 189 360 61 926 1 Includes adjustments for differences in trading days. tween extensions and repayments for some particular holders do 2 Net changes in credit outstanding are equal to extensions less not equal the changes in their outstanding credit. Such transfers, do repayments, except in certain months when data for extensions and not affect total instalment credit extended, repaid, or outstanding. repayments have been adjusted to eliminate duplication resulting See also Note to previous table. from large transfers of paper. In those months the differences be Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 56 INDUSTRIAL PRODUCTION: S.A. □ FEBRUARY 1969 MARKET GROUPINGS (1957-59 = 100) 1957-59 1967 1967 1968 pro aver Grouping por age tion Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.r Nov.r Dec,r Total index..................................... 100.00 158.1 162,1 161.2 162.0 163,0 162.5 164.2 165.8 166.0 164.6 165.1 166,0 167.4 168.9 Final products, total.................... 47.35 158.3 162.1 160.8 162.0 163.5 161,7 163.0 165.2 164.7 164.8 165.7 167.0 167.9 168.4 Consumer goods...................... 32.31 148.5 153.0 151.3 152.9 155.0 153.5 154.6 156.8 156.4 156.8 157.3 159.6 159.3 160.0 Equipment^including defense. . . . 15.04 179,4 181.5 181.4 181.6 181.8 179.4 181,1 183.2 182.6 181.9 183,6 183,0 186,6 186,4 Materials............................................ 52.65 157.8 162.0 161.7 161.8 162.8 163.1 165,2 166,7 167.4 164.2 165.1 165.7 167.6 169.7 Consumer goods Automotive products......................... 3.2] 149.1 170.0 164.2 162.7 173.4 168.7 178.1 180.7 180.4 177.1 175.6 178 9 181.2 178.2 Autos............................................. 1.82 145.7 175.1 163.2 158,0 172.7 166,8 182.3 183.5 183,7 182.4 177.4 180,3 180.6 174.5 Auto parts and allied products........ 1.39 153.6 163.3 165.4 168.8 174.4 171.2 172.6 177.1 176,1 170.2 173.2 177.0 182.1 183,0 Home goods and apparel............ 10.00 149.9 152.6 152.6 151.4 153.8 153.7 149.9 155,7 154,1 155.8 156.3 158.1 158. 7 158.5 Home goods...................................... 4.59 166.0 168,3 169.1 171.5 172.9 170,1 170.4 173.4 171.5 174,6 175.9 176 7 178,3 178,0 Appliances, TV, and radios.......... 1.81 159.6 158.7 159.3 162.6 164.8 156,8 156.7 161.6 161.8 168,0 170.4 171.8 171.8 167 2 Appliances.................................. 1,33 163.2 160,8 165.1 165.9 168.4 158.9 158,5 165.2 166.5 172.8 175.5 175,1 177,1 173 4 TV and home radios.................. .47 149.2 152.7 142.7 153.1 154.8 151.0 151.7 151.3 148,5 154.5 156.2 162.5 156.9 149^4 Furniture and rugs................... 1.26 159.6 166.5 166.4 169.2 169.9 170.1 174.6 174,8 174.5 174.0 175.5 174.2 177,0 180.7 Miscellaneous home goods........... 1.52 178.9 181.3 182.9 184.0 185.0 185.9 183.1 186.2 180.5 182.9 182.8 184.7 187 0 188,7 Apparel, knit goods, and shoes........ 5.41 136.2 139.2 136.5 137.3 140.3 139.9 139.5 140.8 139.4 139,8 139.6 142.3 142,1 Consumer staples............................. 19.10 147.6 150.4 149.0 151.2 151.7 150.7 151.2 153.4 153.5 153.9 154.9 157.1 155.9 157.8 Processed foods................................. 8.43 130.0 130.4 129.5 130.6 131.3 131.2 131.0 132,2 132,9 132.5 132.5 133.2 132.0 134,5 Beverages and tobacco..................... 2.43 137.4 143.7 136.8 141.8 141.7 139.4 136.6 142.9 139.6 144.7 145,2 145.9 142.3 Drugs, soap, and toiletries......... 2.97 182.7 184.3 184.2 185.9 187.5 186.1 190.0 192.0 192.6 190.6 193.6 199 8 200 4 201 0 Newspapers^ magazines, and books. 1.47 140.1 138.5 138.4 141.5 142.1 142.1 145,3 143.6 144,2 143.6 140.7 145.8 146,0 147.5 Consumer fuel and lighting.............. 3.67 168.9 177,5 176.9 179.6 179,4 177,3 177.0 180.8 180,8 182.6 186.0 188.7 186,4 Fuel oil and gasoline..................... 1.20 132.4 137.8 131.8 135.4 136.2 136.3 140.2 142,8 140.3 138.3 142.6 141 4 140.6 140.7 Residential utilities........................ 2.46 186.7 196.8 198.8 201.2 200,4 197.2 194.9 199.3 200,6 204.2 207.2 211.8 208.8 Electricity................................... 1.72 199.9 213.0 215.4 218.4 217.3 212.5 209.0 218.0 219.0 224.0 228.0 233 6 228.6 Gas................................... 74 156,2 Equipment Business equipment........................... 11.63 182.8 183.4 183.3 182.9 183,3 180.9 182.5 184.3 183.4 182.4 185.2 186.8 191.4 191.0 Industrial equipment......................... 6.85 170.2 168.9 168,0 165.8 167.0 165,9 165.8 168.0 167.5 164,7 167.8 170.2 174 0 174,3 Commercial equipment..................... 2.42 200,9 204.7 204.2 206.1 205.4 204.4 203.6 204.6 202.4 204.6 205.9 207.3 208.7 206.3 Freight and passenger equipment... 1.76 215.4 228.4 226.4 230.1 227,8 220.8 231.5 234,0 234.3 233,2 235.6 234.3 247.4 247.0 Farm equipment................................ .61 158.7 131,2 148.3 146,4 150.6 140.3 145.1 144.2 139.6 145,8 152.9 155.3 155.7 Defense equipment.................... 3.41 Materials Durable goods materials............ 26.73 151.9 155.1 154.9 155.4 156.7 157.1 159.4 160.4 159.8 153.3 153.3 155.4 157. 7 159.9 Consumer durable............................. 3.43 143.9 159.4 162.3 162.2 160.1 154.6 163.0 166.2 167.7 153,5 166.1 166,5 169.6 164.9 Equipment......................................... 7.84 184.5 184.9 183.9 186.7 185.1 181.9 183.6 184.8 185.8 185.3 185 1 184.7 187.7 188 7 Construction..................................... 9.17 139.6 142.1 142,8 144,8 145.8 144.4 145.3 145,6 143.7 143 3 145,5 146.3 148,5 149.0 Metal materials n.e.c....................... 6.29 133.5 139.4 137.3 141.4 140.7 144.5 145,0 143,3 146.6 127.4 122.3 126,6 132,1 142 4 Nondurable materials......................... 25.92 163.9 169.2 168.7 168.3 169.1 169.3 171.2 173.9 175.3 175.5 177.2 176.4 177. 7 179 9 Business supplies............................... 9.11 152.9 154.7 154.1 154.1 150.1 152.0 154.5 159.0 157.9 158.4 161.1 162.3 164.5 163,9 Containers................................ 3.03 148.5 152.0 154.3 144.5 142,8 150.9 155.6 158.9 156,0 154,2 163.4 167,4 169.2 165.4 General business supplies............. 6.07 155.1 156.0 154.5 154.4 153.8 152.6 154.0 159.0 158,8 160.5 1 60.0 159.8 162.1 163.2 Nondurable materials n.e.c,.. .......... 7.40 202,2 216.2 213.5 213.9 215.7 214.9 216.4 218.5 223.8 223.6 227.3 228.2 226.1 233 9 Business fuel and power................... 9.41 144,3 146,2 147.2 149.1 150.8 150.2 151.7 153.2 154,1 154.3 153.3 149.3 152.6 152 8 Mineral fuels................................ 6.07 129.2 129.3 128,9 131.4 134.3 1 32.6 133.7 136.4 136,9 136.6 134.1 126.0 131 4 131 .0 Nonresidential utilities.................. 2.86 183.3 188.9 193.4 194.4 193.6 194.6 197.0 196.7 198.2 200.3 202 8 206.3 206.1 Electricity......................... 2.32 185.8 191.8 197.7 199.0 198.3 199,2 202.0 198.9 200.2 202,2 204.8 208.6 207.9 General industrial.......... 1.03 182.6 188,0 192.0 193.0 191.8 195.4 197.4 193.7 195.1 197.0 199 3 203.6 202.5 Commercial and other........... 1.21 197.0 204.1 212.0 213.8 213.4 212.1 215.7 213,0 214.8 216.9 220.0 223.6 223.1 Gas................................... .54 172.4 Supplementary groups of consumer goods Automotive and home goods........... 7.80 159,0 169.0 167.0 167.9 173,1 169.5 173.6 176.4 175.2 175.6 175.8 177.6 179.5 178,1 Apparel and staples........................... 24.51 145.1 147.9 146,2 148.1 142.9 148.3 148.6 150.6 150.4 150.7 151 .5 153.9 152.8 For footnotes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 n INDUSTRIAL PRODUCTION: S.A. A 57 INDUSTRY GROUPINGS (1957-59 = 100) 1957-59 1967 1968 Grouping pro 1967 por aver tion age Dec. Jan. Feb. Mar. Apr. May June July Aug, Sept. Oct.r Nov.r Dec.r Total index..................................... 100.00 158.1 162,1 161.2 162.0 163.0 162.5 164.2 165.8 166,0 164.6 165.1 166,0 167.4 168.9 Manufacturing, total........................ 86.45 159.7 164.1 162.7 163.6 164.6 163.7 165.8 167.3 167.4 165.7 166.3 167.8 168.9 170.4 Durable.......................................... 48,07 163.7 168,1 167.2 167.6 168.2 167.2 169 8 171.0 170.8 167.8 168.7 169.3 171.5 172 8 Nondurable..................................... 38.38 154.6 159,0 157.1 158.6 160.0 159.5 160.8 162.7 163,0 163.0 163.3 165.9 165.6 167.4 Mining................................................ 8.23 123.8 122.8 121.6 123.9 126.2 127.1 126 9 129.2 130.0 129.4 127.0 120.7 126.4 127.7 Utilities................... 5.32 184.9 192.6 196.7 199.0 198.0 196.5 196.1 197.9 199.3 202,1 204.8 208.9 207.3 209,5 Durable manufactures Primary and fabricated metals.......... 12.32 145.3 150.3 148.3 150.8 151.7 151.2 155.7 156.2 154.7 141.8 141.1 144.5 148.7 153.2 Primary metals................................... 6.95 132.5 140.9 136.3 139.3 140.2 143.3 148.5 148.6 145.8 122.8 120.6 123.1 129.5 137.1 Iron and steel................................. 5.45 126.8 140.9 134.2 137.8 140.8 134.1 146.4 148.4 146,6 112.9 107,3 108,1 1 15.7 126.6 Nonferrous metals and products.. 1.50 153.2 145.2 145.6 154.1 151.3 145,5 150.4 150.4 153.6 153.9 166.2 174,0 175.2 181.7 Fabricated metal products............... 5.37 161.9 162.4 163.9 165.7 166.6 161.4 165.0 166.1 166.2 166.3 167.6 172.2 173,5 174.0 Structural metal parts........... 2.86 158.1 160.0 159.4 160.9 162.7 156.9 159 8 161.8 159.7 159 1 161.1 165.1 168.3 170 9 Machinery and related products........ 27.98 177.5 181.7 181.6 181.5 182.3 179.2 181.4 183.5 184.0 184.4 185.6 185.0 186.5 186.5 Machinery.......................................... 14,80 183.4 182.2 183.4 183.2 183.3 179.4 179.9 181.7 182.7 183.8 186.4 186.1 188.0 189.2 Nonelectrical machinery......... 8.43 183.4 179.5 180.7 180.6 180.2 176.6 176.9 178.8 179.8 179.1 182.6 183,7 185.5 187.2 Electrical machinery............. 6.37 183.3 185.8 186.9 186,6 187.3 182,8 184,2 185.5 186.5 190.1 191.4 189.3 191.3 191.8 Transportation equipment................ 10.19 165.7 177.5 175.5 175,1 177.6 175.3 180.4 182.6 183.2 181.7 180.5 180.4 180.2 178.2 Motor vehicles and parts........ 4.68 146.5 166.9 162,2 161.1 167.8 164.8 173.6 174.2 174.3 175.4 173.5 177,0 177.7 174,5 Aircraft and other equipment. . . . 5.26 182.1 186.3 186.8 186.5 185.4 183,5 185.4 188.6 189.3 185.7 184.7 181.0 179.6 178.5 Instruments and related products. .. 1 .71 184.8 186,3 186,7 184.7 183.8 181.4 181 .2 181.3 179.2 182.6 184.3 185.8 188,5 189.6 Ordnance and accessories................. 1 28 Clay, glass, and lumber. .................... 4.72 130.7 137.0 132.5 130.7 128.8 138.0 137.7 137.1 136.2 135.5 138.8 139.9 141.4 141.9 Clayi glass,' and stone products........ 2.99 138.7 143.6 140.8 137.3 131.0 146.1 145.4 145.1 145.2 147.5 150.0 151.8 150.4 151.1 Lumber and products....................... 1.73 116.9 125.7 118.1 119.3 125.0 123.9 122.7 123.4 120.6 114,7 119.4 119.4 126,0 126.0 Furniture and miscellaneous............... 3.05 162.6 163.3 165.2 166.9 166.9 166.5 169 8 169.5 169.5 170,1 170.9 171.3 172.2 173.9 Furniture and fixtures...................... 1.54 167.7 170.7 171.3 173.0 173.7 174.1 178 9 178.0 177.8 178.6 179.7 180.4 181 .7 182.9 Miscellaneous manufactures............ 1 .51 157.3 155.7 158.9 160.7 159.9 158.8 160/6 160.9 161.1 161 4 162.0 162.1 162.5 164.8 Nondurable manufactures Textiles, apparel, and leather....... 7.60 139.4 146.0 141.0 141.9 143.9 142.9 144,1 145.2 144.2 144.1 144.8 146.8 147.5 148.4 Textile mill products................ 2.90 142.0 151.9 147.6 148.8 149.9 146.3 147.2 148.8 150.9 151.4 152.0 153.3 155.0 156.0 Apparel products.................. 3.59 147.6 150.9 145.2 146.4 148.5 148.9 149.6 151.4 150.4 149.0 149.9 152.1 152.6 Leather and products....................... 1.11 106.3 114 8 110 4 109.7 113.7 114.6 118 0 115.8 107.0 109 5 109.3 113.0 111.6 Paper and printing..................... 8.17 149.6 149.7 148.6 150.6 152.0 151.6 154.5 155,2 155.6 156,5 156.8 157.7 159.8 160.5 Paper and products........................... 3.43 153.6 157.4 155 9 157.1 159.2 159.5 161.1 162.9 164.1 164.1 166.1 166.7 170.1 171.8 Printing and publishing..................... 4.74 146.8 144.1 143.3 145.9 146.8 145.8 149.8 149.6 149.5 151.1 150.0 151 .2 152.3 152.3 Newspapers.................................... 1.53 134.2 129.9 129.9 131.4 133.7 130.8 134.4 134.7 134.7 137.7 140.9 138.4 140.8 139,5 Chemicals, petroleum, and rubber.... 11.54 190.0 199.5 197.7 200.2 201.6 200.9 203.1 206.6 208.2 207.6 207.9 212.8 211.1 214.7 Chemicals and products........... 7,58 203.8 211.4 211.8 213.8 215.0 215.2 216.6 219.3 222.4 221.0 222.4 227.8 224.8 229.8 Industrial chemicals...................... 3 84 236,0 249 4 250 9 251 8 252.7 256.2 255 5 258.0 264.4 262.7 263.2 268.2 260.3 Petroleum products............... 1 97 133 4 137.9 134 8 135.7 136.1 137.3 139 9 140.6 139.5 140.7 141 .9 142.2 142.2 142.2 Rubber and plastics products........... 1 99 193 5 215 4 206.7 212 3 215.7 209,4 214 3 218.0 222.4 223.1 223.4 225.8 227.5 Foods, beverages, and tobacco....... 11,07 131.7 133.4 132.0 133.1 133.7 133.6 132.9 134.5 134.2 134.4 134.5 136. J 134.9 136.4 Foods and beverages......................... 10.25 132.6 134,4 133,5 133.2 134.5 135,3 134.0 135.5 135.1 135.3 135.4 137.3 136.1 137.7 Food manufactures............... 8,64 130.1 130,5 130.7 130.7 131 .4 131,9 131.9 132.2 132.7 131 .5 131.5 133,3 132.8 134.5 Beverages........................................ 1.61 146 0 155 5 148 2 146.7 151.2 153.3 145.0 153.1 147.9 155.7 156.0 158.6 153.7 Tobacco products.............................. .82 120.3 120,5 114,4 132.1 122.9 112.1 120,0 122. 8 123.4 123.1 124.0 120.8 119.9 Mining Coal, oil, and gas................... 6 80 122.7 122.7 121.9 123.2 126.0 124.7 125 6 128.1 128,7 127.9 125.8 118.9 124.6 124.5 Coal........................................... 116 120,4 119 2 113 4 116,8 126.0 124.4 120.4 126.7 126.6 121.3 120,8 86.6 115.9 118.3 Crude oil and natural gas................. 5 64 123 1 123 5 123 6 124.5 126.0 124.8 126.6 128.4 129.2 129.3 126,8 125.5 126.3 125.7 Oil and gas extraction................... 4 91 131.3 131.7 132 5 134.8 136.2 134.5 136.8 138.7 139.3 140.2 137.3 135.3 135,1 134.0 Crude oil..................................... 425 126 3 126.4 127.4 129.7 130.9 128.7 131.2 132.4 134.0 134.8 131.2 129.1 128,6 127.8 Gas and gas liquids................... 66 163'5 165.3 Oil and gas drilling........................ 73 67 9 68 0 66 5 55.0 56.7 59.1 57 7 59.1 60.7 55.9 55,8 59.5 67.3 Metal, stone, and earth minerals..... 1.43 128,9 123.3 120.3 127.0 J 27.4 138.3 133,5 134.3 135.8 136.2 132.8 129.2 135.3 142.9 Metal mining...................................... 61 120.3 97.1 100.0 102.8 108.7 139.9 131 .4 130.8 134.1 134.5 127,7 125.1 135.1 138.2 Stone and earth minerals.................. .82 135.4 142,7 135.3 145.0 141.2 137.1 135.0 136.9 137.1 137.5 136,5 132.2 135,5 146.4 Utilities Electric.......................... 4 04 191.8 200,8 205 2 207.3 206.4 204.9 205.0 207.0 208.2 211.5 214.7 219.3 216.7 Gas,......................................... 1/28 163.0 166,8 169.8 172.8 171.8 170.0 168.4 169.2 171,3 172.6 NotE>—Published groupings include some series and subtotals not Industrial Production—1957-59 Base. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 58 INDUSTRIAL PRODUCTION: N.S.A. □ FEBRUARY 1969 MARKET GROUPINGS (1957-59 = 100) 1957-59 1967 1968 Grouping pro 1967 por aver tion age Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.r Nov.r Dec.r Total index..................................... 100.00 158.1 160,8 159.1 162.7 164.6 163.2 165,2 169.4 160,3 163.3 169.5 170,7 169.0 167.2 Final productst total........................... 47.35 158.3 161.1 159.1 162.4 164.8 160.8 162.6 168.8 159.1 162.0 171.9 172.6 169.4 166.8 (Consumer goods.................................. . 32.31 148.5 150.5 148.9 153.4 156.2 151.7 153.7 161.2 149,6 154 2 165.9 167 5 161.7 157.0 Equipment, including defense.. .. 15.04 179.4 183.9 181.0 181.7 183.4 180.4 181.6 185.1 179.6 178.6 184.6 183.6 185.9 188,0 Materials......................................... 52.65 157.8 160.5 159.1 162.8 164.5 165.4 167.6 169.9 161 .3 164.5 167.5 169.0 169.0 168.2 Consumer goods /tutamative products........................... 3.2 J 149.1 177.7 173.0 171.2 183.7 178.7 189.5 194.7 148.4 101.1 170.8 197.2 198.3 185 8 Autos.................................................. 1.82 145.7 192.6 179.5 173.8 193.4 183.5 202.4 208.3 134.1 45.6 165,0 207.4 212,2 192^0 Auto parts and allied products..... 1.39 153.6 158.1 164.5 167.9 170,8 172,3 172.7 176.7 167.4 174.1 178.4 183.8 180.1 177.5 Home goods and apparel................... 10.00 149.9 148.1 145.5 159.0 160.6 154.9 153.1 161.0 140.4 155.8 162.2 167.4 162.7 154.1 Home goods............................. 4.59 166.0 172.6 164.9 177.2 177.1 172,5 170.8 177,4 157,1 169.8 183.9 189.5 186.2 179.3 Appliances TV, and radios.......... 1.81 159.6 160,6 159.1 180.9 176.9 168.7 163.3 171.7 139.8 151.6 180.5 187.5 180.0 161 9 Appliances.................................. 1.33 163.2 163.4 168.7 187.9 185.3 180.3 167.4 180.4 149.5 147.8 183.5 186.1 180,7 172.7 TV and home radios........... .47 149.2 152.7 131.9 161.1 153.1 135.9 151.7 147.5 112.4 162.2 171,8 191.7 178.2 131 5 Furniture and rugs......................... 1 .26 159.6 172.7 162.7 167.2 167.9 165.3 168.0 174.8 166.1 178.0 180,4 183.3 1 83.5 187 4 Miscellaneous home goods........... 1.52 178.9 186.7 173.8 181.2 184.8 183.1 182.0 186.2 170.2 184.7 191,0 196.9 195.6 193.4 Apparel, knit goods, and shoes........ 5.41 136.2 127.4 129.0 143.5 146.6 139,9 138.1 147.1 126.2 144.0 143.8 148.7 142.8 Consumer staples................. 19.10 147.6 146.6 146.7 147.4 149.2 145.5 148.1 155.8 154.6 162.3 167.0 162.6 155.1 153. 7 Processed foods................................. 8.43 130.0 128.2 123.0 122.1 123.8 122.8 125.1 132.2 132,2 140.2 152,6 147.9 137.0 132.2 Beverages and tobacco............ 2.43 137.4 124.3 120.1 129.8 138.5 141 .0 146.7 163,7 146,4 156.7 148.9 150.0 135.0 Drugs, soap, and toiletries............... 2.97 182.7 181.4 182.9 185.9 198.4 183.7 192.8 198.7 187.8 196.9 199.4 204.6 201 .4 196,4 Newspapers,' magazines, and books. 1.47 140.1 138.2 137.2 140.9 144.2 142.7 144.9 143.0 142,8 145.3 142.0 145.7 144,1 147.2 Consumer fuel and lighting.............. 3.67 168.9 178.5 192.2 187.6 183.2 169.3 165.7 174.1 188.8 195.5 195.9 176.5 175 .3 Fuel oil and gasoline..................... 1 .20 132.4 141.0 137.5 139.1 134.9 129,3 135.6 141.3 142.8 142.5 142.7 137.7 139.7 144.0 Residential utilities................................ 2.46 186.7 Electricity................................... 1.72 199.9 213.0 244.1 232.8 226.4 200.4 188.1 204.9 234.3 248,6 249.1 210,2 205.5 Gas.. ......................................... .74 156.2 Equipment Rusiness equipment..................... 11.63 182.8 184.9 182.1 183.0 185.7 182.7 183.6 187.4 180.2 178.6 186.6 187.0 189.0 191.5 Industrial equipment............... 6.85 170.2 170.8 166.7 165.0 167.2 165.9 166,0 169.7 165,8 164.2 169.3 169.2 172.4 175.2 Commercial equipment..................... 2.42 200.9 209.2 204.4 204.7 203.6 200.5 201.2 205,2 198.4 204,6 209.0 209.4 211 .2 210.8 Freight and passenger equipment. .. 1.76 215.4 226.1 221.9 230.1 238.1 232.9 238.4 243,4 229,6 219.2 238.0 240.2 240.0 242.1 Farm equipment................................ .61 158.7 128.0 151.0 162.6 170.4 156.7 153.6 152.9 126,8 119.1 143.4 145.7 140,2 Defense equipment............................. 3.41 Materials Durable goods materials.................... 26.73 151.9 154.2 151.7 156.1 157.7 158.8 162.4 164.8 155.1 153,1 157.4 158.9 159.7 159.7 Consumer durable............................. 3.43 143.9 167.4 168.0 164.6 164.9 159.2 167,9 169.5 153.4 145.8 164.4 169.0 174,7 173.1 Equipment...................................................... 7.84 184.5 187.7 185.6 188.4 187.1 183.9 184,9 186.6 180,0 179.7 183 2 184,1 187,9 191.5 Construction............................. 9.17 139.6 135,0 129.0 134.7 139.2 143,0 147.5 155.1 149,4 153.3 154,2 153.6 148,2 143,7 Metal materials n.e.c......................... 6.29 133,5 133.3 133.7 142.7 144.1 150.3 153,0 149.3 133.4 123.7 126.0 129.6 133,2 136.1 Nondurable materials............. 25.92 163.9 167.0 166.7 169.7 171.5 172.2 173.0 175.1 167.6 176.3 177.9 179.3 178.6 176.1 Business supplies............................. 9.11 152.9 151.6 149.0 150.6 152.9 156.4 1571. 160.6 148.1 158.8 163.0 168.9 165.6 159.5 Containers...................................... 3.03 148.5 141.4 146.6 142.8 143,5 156,3 157.2 163,8 152,1 165,0 169.0 175.9 161 .1 150.5 General business supplies............. 6.07 155.1 156,8 150.2 154.4 157.6 156.4 157,1 159,0 146.1 155,7 160.0 165.4 167.8 164.0 Nondurable materials n.e.c.......... 7.40 202,2 211.9 212.4 218.2 220,0 221.3 221,8 222,9 211.0 221.4 225.0 230.5 228.4 229.2 Business fuel and power.................. 9.41 144.3 146.4 147.9 150.1 151.2 148.9 150.1 151.6 152.4 157.7 155,2 149,2 152.0 153.0 Mineral fuels................................. 6.07 129.2 130.8 130.9 135.6 137.2 134.3 133.8 132.8 130.1 134.9 132,6 126.1 132,7 132.6 Nonresidential utilities................. 2.86 183.3 Electricity............................. 2.32 185.8 187.8 194.4 190.8 191,8 189.8 195.3 202,9 212,2 220.7 216.7 208.3 202.0 Genera! industrial................. 1 .03 182.6 186.1 191.0 187.0 190.8 192,9 198,4 197,6 198.0 202,9 202,3 204.0 202.5 Commercial and other..... .. 1.21 197.0 198,0 206.7 203.1 201.9 196.2 202.1 217.3 235.2 247.3 240.2 222,7 211.9 Gas............................................ .54 172.4 Supplementaiy groups of consumer goods Automotive and home goods............ 7.80 159.0 174.7 168.3 174.7 179.8 175.1 178.5 184,5 153.5 141.5 178.5 192.7 191 .2 182.0 Apparel and staples......................... 24.51 145.1 142,8 142.8 146.6 148.7 144.2 145.9 153,8 148.3 158.3 161.9 159.5 152.3 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ INDUSTRIAL PRODUCTION: N.S.A. A 59 INDUSTRY GROUPINGS (1957-59= 100) 1957-59 1967 1968 Grouping pro 1967 por aver tion age Dec. Jan. Feb. Mar. Apr. May June; July Aug. Sept. Oct.r Nov,r Dec.r Total index..................................... 100 00 158.1 160 8 159 1 162.7 164 6 163 2 165 2 169.4 160.3 163.3 169 5 170.7 169 0 167 2 Manufacturing, total................ 86.45 159.7 162.6 160.1 164.2 166.4 165.1 167 4 171.6 160.4 163.0 170.5 173.4 171 2 168 6 Durable...................................... 48 07 163.7 169 3 166 1 168 9 170 5 169 4 172 1 175 4 164,1 160 5 170.6 173 5 174 4 173 6 Nondurable.................................... 38*38 154.6 154*3 152 5 158*3 161*2 159*8 161*6 167 0 155.7 166.3 170 5 173 3 167 2 162 3 Mining................................................ 8^23 123.8 122^0 120^2 123^7 125:3 127^3 128^6 128.9 127.1 130.7 128.6 122.8 126^8 126^5 Utilities............................................... 5,32 184.9 Durable manufactures Primary and fabricated metals.......... 12.32 145.3 149,3 147.8 152.9 154.9 154.8 158.3 159. 7 146.2 140.5 143.9 147.5 149.9 152.4 Primary metals................................... 6 95 132 5 136 7 138 3 147 2 148 9 151 5 153 7 150 8 132.7 117.9 119.4 124.3 129 5 133 0 Iron and steel................................. 5*45 126 8 137* 4 136*9 144 7 147*8 148*8 149*3 148 4 131.2 108 4 106,2 109.7 116 9 123 4 Nonferrous metals and products.. 1.50 153.2 134^2 143 j 156,'4 153^0 16U3 169^7 159.7 138.2 152,4 167.4 177.3 175,2 167^9 Fabricated metal products................ 5 37 161.9 165 6 160 0 160.2 162 6 159.0 164 2 171.1 163.7 169.6 175.6 177.4 176 3 177 5 Structural metal parts................... 2.86 158 1 1 61 6 156 2 154 5 156 4 152.2 1590 165 0 159.7 163 1 167.5 170.1 170 8 172 6 Machinery and related products..... 27.98 177.5 185.7 182.9 184.4 185.9 182.0 184.4 187.6 175.7 169.8 185.3 188.4 190.5 189.8 Machinery.......................................... 14 80 183 4 184 1 182 7 185 6 185 8 182 4 182 4 185 8 176 0 177 9 187.0 188.1 189 6 189 8 Nonelectrical machinery......... 8.43 183 4 1808 180*7 183 J 185.2 182.2 181 *0 183 8 175,3 172.5 180.2 180. 4 183.6 1 87.2 Electrical machinery...................... 6.37 183.3 188.3 185.3 188.8 186.6 182.6 184* 1 188 5 176.9 185 0 196.1 198.3 197,6 193 1 Transportation equipment............... 10.19 165.7 185 0 180.4 179 8 183 9 179 0 185.3 188.0 170.5 150.1 178.3 186.4 188.3 185.6 Motor vehicles and parts.............. 4.68 146.5 176.1 117.1 168.6 178.1 171.3 184.1 188.3 152,0 110.5 170.0 188.9 192.6 183.8 Aircraft and other equipment. . . . 5.26 182.1 192.8 188.7 189.3 188.2 184.4 184.7 186.0 184,8 182.4 184.0 181.9 182.3 184,7 Instruments and related products. .. 1 .71 184.8 188.5 184.5 183.8 182.9 178.7 179.4 183.1 177.4 184.1 186,3 187.8 190.0 191.9 Ordnance and accessories................. 1 28 Clay, glass, and lumber. ........... 4.72 130.7 125.6 119.0 122.1 124.8 137.6 139,2 146.6 142.0 147.6 148.6 148.3 139.4 131.0 Clay, glass, and stone products........ 2.99 138.7 134.6 126.7 125.6 126.4 145.5 148.7 155.1 154,4 159.3 158.6 160.1 150.4 143.0 Lumber and products....................... 1.73 116 9 110 0 105 7 116 3 121 9 123 9 122.7 132 0 120.6 127 3 131,3 127.8 120 3 110 3 Furniture and miscellaneous............... 3.05 162.6 167.3 158.7 162.9 163.8 162.2 165.9 170.6 164.1 175.0 177.3 180.5 180.0 177.4 Furniture and fixtures....................... 1.54 167.7 177.2 167 9 171 3 171.6 173 5 169 4 179.4 173.4 183,6 185.1 1 87.3 186 8 189.9 Miscellaneous manufactures........ 1.51 157.3 157.3 149.4 154.3 155.9 154.8 158.2 161.7 154.7 166.2 169.3 173.5 173.1 164 8 Nondurable manufactures Textiles, apparel, and leather............ 7.60 139.4 136.3 137.9 149.7 152.4 145.8 144.3 151.1 129.0 146.9 147.6 151.6 148.0 139. 7 Textile mill products............. 2.90 142.0 144.3 146.9 152 5 155.1 149.2 151.6 156.2 136,6 152,2 155.0 156.4 157.3 149.0 Apparel products............................... 3.59 147.6 138 8 139.4 157.4 160 4 153 4 148 9 158.2 133.1 152.0 152.9 158.9 152.6 Leather and products........................ 1.11 106.3 107.1 109 8 117 3 119.4 112 3 110.9 115.2 96.3 116,6 110.9 1 15.8 109,4 Paper and printing................ 8.17 149.6 146.3 146.3 151.2 155.4 156.0 156.4 156.2 146.3 155.1 158.9 165.4 163.1 156. 7 Paper and products........................... 3.43 153.6 144.8 155.1 161.0 164.0 165.9 163.5 166.6 151.0 164,1 168.6 178.4 171 .0 158.1 Printing and publishing.................... 4.74 146.8 147.3 139.9 144.2 149.2 148.8 151.2 148.8 142.9 148.6 151.9 156.1 157.4 155.7 Newspapers.................................... 1 .53 134 2 133.1 119 5 126 1 137.0 139 3 143 3 135.4 117,2 128.8 140.2 148.5 154.9 143.0 Chemicals, petroleum, and rubber.... 11.54 190.0 196.4 195.1 201.9 203.7 203.5 206.8 211.8 199.8 208.9 212.4 216.9 211.8 211.6 Chemicals and products................... 7.58 203.8 209.5 208 2 215 4 217.7 218 9 222.0 224,1 214.7 222.1 225,9 230.4 226.9 228.1 Industrial chemicals....................... 3.84 236.0 251 .9 247.1 255.6 255.2 261.3 260.7 259.3 253.8 261,4 265,8 270,9 266.8 Petroleum products........................... 1 .97 133.4 134.6 130 8 133 0 131 3 131 8 139.9 144.8 146,9 148.2 147.6 143.6 140.4 138.8 Rubber and plastics products....... 1 .99 193.5 207.9 208.8 218.7 222.4 215.9 215.4 225.7 195.7 216.4 230,8 238.2 225.2 Foods, beverages, and tobacco........... 11.07 131.7 127.6 122.7 124.2 127.2 126.8 130.0 139.1 135.1 J43.4 151.1 148.5 136.9 130.6 Foods and beverages......................... 10.25 132.6 130.0 123.5 123.6 127.7 128 0 130.5 139,7 137.2 144.2 152,9 149.8 138.1 133.2 Food manufactures...................... 8.64 130.1 128.5 123.5 122.6 124.0 122.9 125.3 132.2 131.9 139,7 151,8 148.0 137.4 1 32.5 Beverages........................................ 1.61 146.0 137.6 123.6 129 1 147 4 155 8 158 1 180.1 165.3 168,6 159,1 159.4 141.4 Tobacco products.............................. .82 120.3 98.1 113 1 131.4 121.1 111.9 124.3 131.4 109.2 133.2 128.8 131.6 122.3 Mining Coal, oil, and gas............................... 6.80 122.7 124.1 123.8 126.9 128.2 125.9 125.4 124.8 122.7 126.9 124.8 119.1 125. 7 125.9 Coal.............................................. 1 16 120.4 117 1 111 1 118 2 127 0 125 3 121.6 118.3 105,2 127,6 127 8 94.4 120,6 116.2 Crude oil and natural gas................. 5.64 123.1 125.6 126.4 128^7 128^5 126.0 126.2 126.1 126.3 126.7 1242 124.2 126.7 127.9 Oil and gas extraction.................. 4.91 131.3 134.1 135.6 139.8 139.5 136.4 136.6 1 36,2 136.0 136.7 133 8 133 .5 135.5 1 36.5 Crude oil.................................... 4.25 126.3 127.7 129.3 133.6 133 5 130.8 131.9 131.1 131.3 132.1 128,6 127.8 128,6 129.1 Gas and gas liquids.................. .66 163.5 Oil and gas drilling...................... .73 67.9 67.9 64.5 54 2 53.7 65.0 55.7 57.9 6i, 1 59.4 59 2 61.0 67.0 70.0 Metal, stone, and earth minerals....... 1.43 128.9 111.8 103.2 108.4 111.6 134.1 143.7 148.4 147.7 149.1 146.9 140.2 132.1 129.5 Metal mining..................................... .61 120 3 87.4 88 0 92 5 96 7 130.1 144.5 147.8 143,5 145.3 144 3 133.9 125.6 124.4 Stone and earth minerals.................. .82 135.4 129.9 114.5 120.2 122.6 137.1 143.1 148,8 150.9 151.9 148,8 144.8 136.9 133.2 Utilities Electric................................................ 4.04 191.8 198.5 215.6 208.7 206.6 194.3 192.3 203.7 221.6 232.6 230,5 209.1 203.5 Gas...................................................... 1.28 163.0 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
A 60 BUSINESS ACTIVITY; CONSTRUCTION □ FEBRUARY 1969 SELECTED BUSINESS INDEXES (1957-59 = 100, unless otherwise noted) Industrial production Manu Prices 4 facturing 2 Period Total M F a in jo a r l m pr a o r d k u e c t t g s roupi M ng a s te Ma g j r o o r u i p n i d n u g s s try i u p n ( t c t C a p i i e m o c l e a n i n i r z t f t a y g ) . s C t t t c i r r o o o u a n n n c c t T N m r p o t i e o u e c t l m n o r a n u a a y l t l l — - g - 1 - p m E l e m o n y t - P ro a l y ls T s r a e o t l t e a a s i l l 3 s C um on e r W m c s o o a h m d l o e i l t e y Total g s C o u o o m n d e s r E m q e u n ip t rials Mfg. M in i g n u it u ie i s - 1951. 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 94,0 63 91.1 106.1 80.2 76 90.5 96.7 1952. 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 91,3 67 93.0 106.1 84.5 79 92.5 94.0 1953. 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 94,2 70 95.6 111.6 93.6 83 93.2 92.7 1954. 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 83.5 76 93.3 101.8 85.4 82 93.6 92.9 1955. 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 90,0 91 96.5 105.5 94.8 89 93.3 93.2 1956. 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 87.7 92 99.8 106.7 100.2 92 94.7 96.2 1957. 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 83.6 93 100.7 104.7 101.4 97 98.0 99.0 1958. 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 74.0 102 97.8 95.2 93.5 98 100.7 100.4 1959. 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 81.5 105 101.5 100.1 105.1 105 101.5 100.6 1960. 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 80.6 105 103.3 99.9 106.7 106 103.1 100.7 1961. 109.7 111,2 112.6 108.3 108.4 109.6 102.6 122.3 78.5 108 102.9 95.9 105.4 107 104.2 100.3 1962. 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 82,1 120 105.9 99.1 113.8 115 105.4 100.6 1963. 124.3 124.9 125.2 124.2 123.7 124.9 107.9 140.0 83.3 132 108.0 99.7 117.9 120 106.7 100.3 1964. 132.3 131.8 131.7 132.0 132.8 133.1 111.5 151.3 85.7 137 111.1 101.5 124.3 128 108.1 100,5 1965. 143.4 142,5 140.3 147.0 144.2 145.0 114.8 160.9 88.5 143 115.8 106.7 136.6 138 109.9 102.5 1966. 156.3 155.5 147.5 172,6 157.0 158.6 120.5 173.9 90.5 145 121.9 113.5 151.7 148 113.1 105.9 1967. 158.1 158.3 148.5 179.4 157.8 159.7 123.8 184.9 85.3 153 125,7 113.5 155.0 153 116.3 106.1 1968. 173 1967-—Dec........... 162.1 162.1 153.0 181.5 162.0 164.1 122.8 192.6 584.8 166 127.7 114.3 161.2 154 118.2 106.8 1968-—Jan........... 161.2 160.8 151.3 181.4 161.7 162.7 121.6 195.9 | »84.9 166 127.7 114,4 161.2 158 118.6 107.2 Feb........... 162.0 162.0 152.9 181.6 161.8 163.6 123.9 197,5 152 128.7 114.3 162.8 161 119.0 108.0 Mar.......... 163.0 163.5 155.0 181.8 162.8 164.6 126,2 196.8 169 128.8 114,2 163.8 165 119.5 108.2 Apr....... 162.5 161.7 153,5 179.4 163.1 163.7 127.1 195.8 164 129.0 114.6 161.4 162 119,9 108.3 May.......... 164.2 163.0 154.6 181.1 165.2 165.8 126.9 196.1 *84.8 172 129.1 114.7 166.1 165 120.3 108.5 June......... 165.8 165.2 156.8 183.2 166.7 167.3 129.2 197.9 160 129,5 115.3 167.7 167 120.9 108.7 July.......... 166.0 164.7 156.4 182.6 167.4 167,4 130.0 199.3 187 129.8 115.2 167.2 168 121.5 109.1 Aug.......... 164.6 164.8 156.8 181.9 164.2 165.7 129.4 202.1 ''84.0 192 130.1 114.9 167.8 170 121.9 108.7 Sept.......... 165,1 165.7 157,3 183.6 165.1 166,3 127.0 204.8 183 130.2 114.9 171.2 169 122.2 109.1 Oct.r........ 166.0 167.0 159.6 183.0 165.7 167.8 120.7 208.9 200 130.8 115.3 172.2 168 122.9 109.1 Nov. r. . .. 167.4 167.9 159.3 186.6 167.6 168.9 126.4 207.3 ’'84.2 183 131.3 115.7 173.8 168 123.4 109.6 Dec........... 168.9 168.4 160.0 186.4 169.7 170.4 127.7 209.5 179 131.9 116.4 175.6 164 123.7 109.8 1969-—Jan.5'........ 169.4 168.9 160.6 186.5 170.1 170.7 126.9 211.0 ............ 132.4 116.7 176.0 168 .....1..1..0....7 i Employees only; excludes personnel in the armed forces. value of total construction contracts, including residential, nonresidential, 2 Production workers only. and heavy engineering; does not include data for Alaska and Hawaii. 3 F.R. index based on Census Bureau figures. Employment and payrolls: Based on Bureau of Labor Statistics data; 4 Prices are not seasonally adjusted. includes data for Alaska and Hawaii beginning with 1959. 5 Figure is for 4th quarter 1967. Prices: Bureau of Labor Statistics data. Note.—Data are seasonally adjusted unless otherwise noted. Capacity utilization: Based on data from Federal Reserve, McGraw- Construction contracts: F. W. Dodge Co. monthly index of dollar Hill Economics Department, and Department of Commerce. CONSTRUCTION CONTRACTS (In millions of dollars) 1967 1968 Ty ty p p e e o o f f o c w on n s e t r r s u h c ip ti o a n nd 1967 1968 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Total construction I......................... *•54,514 61,732 *4,092 3,714 3,704 5,417 4,878 6,170 5,589 5,956 6,318 5,170 6,171 4,863 4,543 By type of ownership: Public.......................................... 19,039 19,597 1,507 1,300 1,041 1,698 1,554 2,036 1,860 2,256 1,924 1,549 1 ,728 1,558 1,278 Private '....•.............................. *•35,475 42,135 *•2,586 2,414 2,664 3,719 3,324 4,135 3,730 3,700 4,394 3,621 4,443 3,305 3,265 By tyPe °f construction: Residential building ‘................. r21,155 *1,500 1 ,462 1 ,495 2,220 2,312 2,543 2,243 2,287 2,295 2,125 2,408 2,043 20139 1,550 1 ’347 1 ,251 1,835 1,522 2'227 2,030 2,414 2,128 1 ^815 2^370 1 ,992 Nonbuilding................................ 13,220 ............ 1 ,042 905 '958 1’362 1,044 1 300 1'316 1,255 1 ;895 l,'23O 1,393 '828 .......... 1 Because of improved collection procedures, data for 1-family homes Note.—Dollar value of total contracts as reported by the F. W. Dodge beginning Jan. 1968 are not strictly comparable with those, for earlier Co. does not include data for Alaska or Hawaii. Totals of monthly periods. To improve comparability, earlier levels may be raised by ap data exceed annual totals because adjustments—negative—are made to proximately 3 per cent for total and private construction, in each case accumulated monthly data after original figures have been published. and by 8 per cent for residential building. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ CONSTRUCTION A 61 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Period Total Noil Conser Total f r a e r s m i Buildings Total M ta i r l y i H w ig ay h vat & io n Other 2 dential Total Indus Com Other Other de m ve e l n o t p build trial mercial ings 1 19593............................ 55,305 39,235 24,251 14,984 2,106 3,930 2,823 6,125 16,070 1,465 5,761 1,121 7,723 1960.............................. 53,941 38,078 21,706 16,372 2,851 4,180 3,118 6,223 15,863 1,366 5,437 1,175 7,885 1961.............................. 55,447 38,299 21,680 16,619 2,780 4,674 3,280 5,885 17,148 1,371 5,854 1,384 8,539 1962*........................... 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 1963 5 ............................ 63,423 44,057 26,187 17,870 2,906 4,995 3,745 6,224 19,366 1,189 7,084 1,690 9,403 1964.............................. 66,200 45,810 26,258 19,552 3,565 5,396 3,994 6,597 20,390 938 7,133 1,729 10,590 1965............................... 72,319 50,253 26,268 23,985 5,118 6,739 4,735 7,393 22,066 852 7,550 2,019 11,645 1966.............................. 75,120 51,120 23,971 27,149 6,679 6,879 5,037 8,554 24,000 769 8,355 2,195 12,681 1967.............................. 76,160 50,587 23,736 26,851 6,131 6,982 4,993 8,745 25.573 721 8,538 2,196 14,118 1968.............................. 84,709 57,103 28,901 28,202 5,627 8,322 4,899 9,354 27,606 1967—Dec.................... 81,207 53,965 27,635 26,330 5,822 6,688 4,885 8,935 27,242 865 9,172 2,226 14,979 1968—Jan..................... 82,873 55,316 26,988 28,328 6,330 7,721 5,274 9,003 27,557 862 9,346 2,117 15,232 Feb.................... 83,884 55,380 26,754 28,626 5,740 8,328 5,417 9,141 28,504 859 9,839 2,304 15,502 Mar................... 83,572 56,055 27,698 28,357 5,528 8,258 5,412 9,159 27,517 734 9,151 2,197 15,435 Apr.............. 85,299 57,403 29,320 28,083 5,484 8,512 5,100 8,987 27,896 708 9,777 2,085 15,326 May................... 85,707 57,260 29,628 27,632 5,275 8,111 5,121 9,125 28,447 767 9,895 2,054 15,731 June.................. 82,050 54,981 28,187 26,794 4,852 8,122 4,678 9,142 27,069 660 9,168 2,026 15,215 July.................... '81,658 '54,988 '27,770 27,218 4,752 8,272 4,623 9,571 26,670 679 9,103 1,763 15,125 Aug.................. '83,736 '56,682 '28,325 28,357 5,575 8,641 4,772 9,369 27,054 812 9,181 1 ,894 15,167 Sept................... '84,706 '57,444 '29,350 28,094 5,492 8,534 4,539 9,529 27,262 787 Oct,.................. 87,151 59,455 30,019 29,436 6,096 8,939 4,680 9,721 27,696 1 ,028 Nov................... 87,264 59,325 30,583 28,742 6,271 8,262 4,716 9,493 27,939 853 Dec.f................ 88,293 59,717 31,285 28,432 6,274 7,919 4,767 9,472 28,576 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.” 3 Beginning with 1959, includes data for Alaska and Hawaii. * Beginning July 1962, reflects inclusion of new series affecting most Note.—Monthly data are at seasonally adjusted annual rates. Figures private nonresidential groups. for period shown are Census Bureau estimates. NEW HOUSING 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 fam 2- i ly M fam ul i t l i y Public Total FHA VA 1959............................. 1,554 1,077 477 1,517 1,234 56 227 37 458 349 109 I960.............................. 1,296 889 407 1,252 995 44 213 44 336 261 75 1961............................. 1,365 948 417 1,313 974 44 295 52 328 244 83 1962............................. 1,492 1,054 439 1,463 991 49 422 30 339 261 78 1963............................. 1,642 1,152 490 1,610 1 021 53 536 32 292 221 71 1964.............................. 1,562 1,093 470 1,529 972 54 505 32 264 205 59 1965.............................. 1,510 1,035 475 1373 964 51 458 37 246 197 49 1966.............................. 1,196 808 388 1’165 779 35 351 31 195 158 37 1967............................. 1 322 920 402 1,292 844 41 406 30 232 180 53 1............................. fl 543 1,114 429 fl 503 897 46 560 f40 283 227 56 1967-—Dec.................... 1,250 1,235 83 64 20 80 47 3 30 3 19 16 4 1968-—Jan..................... 1,456 1,430 83 64 19 81 45 3 33 2 17 14 3 Feb.................... 1,537 1 399 87 62 26 85 55 3 26 3 21 17 4 Mar................... 1 ,511 1,479 129 92 37 127 79 4 43 2 24 20 5 Apr.......... 11591 1 ’562 165 119 47 162 98 4 60 3 28 23 5 May.................. 1 ,’364 1,345 145 101 44 141 87 4 50 4 26 20 6 June.................. 1,365 1,348 143 104 39 138 81 5 51 5 25 20 5 July.................... 1 ',531 1,507 143 101 42 140 86 4 50 3 24 19 • 5 Aug.................. 1 ,*518 1 ^496 141 101 40 137 83 4 50 4 26 21 5 Sept................... 1 ^592 1 ^570 140 103 37 134 80 4 50 6 23 19 5 Oct.................... 1 J570 1 ,541 143 101 42 141 86 5 50 3 27 21 5 Nov................... fl,717 fl'689 fl 28 96 32 fl26 64 3 59 f2 22 18 4 Dec.................... fl '454 fl,439 »96 72 25 f93 52 3 38 f3 21 16 4 Note.—Census Bureau series for period shown except in the case of and Veterans Admin, and represent units started, based on field office Government-underwritten data which are from Federal Housing Admin. reports of first compliance inspections. 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A 62 EMPLOYMENT o FEBRUARY 1969 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force, S.A. Total non- Total Unemploy Period i p n o s N t p it u .S u la . t A i t o i . o n n a l l N ab N o o t . r S i n . f A o t r . h c e e l f a S o b . r A o ce r . Total Employed1 Unem (pe m r r a e t c n e e 2 t n t) In nonagri- ployed S.A. Total cultural industries agriculture 1963........................... 125,154 50,583 74,571 71,833 67,762 63,076 4,687 4 070 5.7 1964.......................... 127,224 51'394 75^30 73^091 69 J 305 64,782 4,523 3,786 5.2 1965.......................... 129,236 52^058 77,178 74^55 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 1967.......................... 1331319 52,527 80^793 77^347 741371 70,527 3,844 2 975 3.8 1968.......................... 135,562 53,291 82,272 78,'737 75 ,'920 72 J 03 3,817 2 817 3.6 19673-Dec................ 134,405 52,879 81,942 78,473 75,577 71,361 4,216 2,896 3.7 1968—Jan................. 134,576 54,765 81,386 77,923 75,167 71,164 4,003 2,756 3.5 Feb................. 134,744 53'876 82,138 78,672 751731 711604 4,127 2’941 3.7 Mar................ 134,904 53,965 82,150 78’658 751802 71,788 4,014 2,856 3.6 Apr................ 135,059 53,919 81,849 78;343 751636 711656 3’,980 21707 3.5 May......... 135'249 53,479 82J49 78^613 751829 711936 3,893 21784 3.5 135^440 50,986 82'585 79,018 761048 72,197 3 851 2 970 3.8 July,........ 135,639 51,088 82,572 78^85 76,038 72,202 3,836 2,947 3.7 Aug. .. 135,839 52,047 82,279 78;690 75,929 72,196 31733 2,761 3.5 Sept................ 136,036 53,900 82;422 78,831 751957 721355 31602 2,874 3.6 Oct................. 136,221 53,744 82;407 78;804 75,952 72,471 31481 21852 3.6 Nov......... 136,420 53,718 82;549 79;032 761389 72,713 3,676 2,643 3.3 Dec................ 136,619 54^01 82;956 79^56 76,867 721993 3,874 2^589 3.3 1 Includes self-employed, unpaid family, and domestic service workers. Note.—Bureau of Labor Statistics. Information relating to persons 16 2 Per cent of civilian labor force. years of age and over is obtained on a sample basis. Monthly data relate 3 Beginning Jan. 1967 data not strictly comparable with previous data. to the calendar week that contains the 12th day; annual data are averages Description of changes available from Bureau of Labor Statistics. of monthly figures. Seasonally adjusted data to be revised in a'forthcoming issue. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Contract Transporta Period Total M t a u n r u in f g ac Mining con ti s o t n ruc t l i i o c n u & ti li p ti u e b s Trade Finance Service G m ov e e n r t n 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 31951 12,160 21957 81709 9,596 1965......................................................... 601832 181062 632 3,186 4,036 12,716 3,023 9,087 10,091 1966......................................................... 64,034 19,214 627 3,275 4,151 13,245 3,100 9,551 10'871 1967......................................................... 661030 191434 616 31203 4,271 13,613 3,217 10,060 11,616 1968*....................................................... 68,144 19,740 625 3,258 4 ,’347 14,’110 3,357 101505 12,202 SEASONALLY ADJUSTED 1968—Jan............................................... 67,058 19,612 604 3,107 4,317 13,818 3,291 10,331 11,978 Feb............................................... 671600 19,612 608 3,388 4,342 13,920 3,304 10 ,'405 12,021 Mar............................................. 67,656 19,607 609 3,330 41332 13,999 3,311 101415 12,053 Apr............................................. 671755 191657 632 31313 41331 14,009 3,323 10,402 12,088 May.............................................. 67,792 191693 631 31245 4,281 14,049 3,334 10,425 12,134 June.............................................. 68 ,'039 19,777 632 3,174 4,336 141086 3 ,'335 10,467 12,232 July............................................... 68,170 19,776 638 31189 41346 14,117 3,350 10,498 12,256 Auc............................................ 681314 19,748 638 31195 4,358 14,181 3,376 10,548 12,270 Sept.............................................. 68,382 19,755 639 3,252 4,365 14,222 3,387 10,545 12,217 Oct .................................. 681701 19,807 591 3',285 41374 14,298 3,411 10,610 12,325 Nov.............................................. 681955 191871 637 3,279 4,392 14,326 3,426 10,702 12,322 Dec *......................................... ■ 691280 191973 637 31378 4139! 14,260 3,441 10,757 12,443 69,538 19,986 640 3,346 4,380 14,425 3,454 10,810 12,497 NOT SEASONALLY ADJUSTED 1968—Jan................................................ 66,017 19,398 590 2,771 4,252 13,602 3,252 10,124 12,028 Feb............................................... 66,393 19,425 591 21893 4,264 13,585 3,271 10,228 12,136 Mar.............................................. 66,713 19,447 594 21967 41276 13,658 3,288 10,290 12,193 Apr............................................... 67,422 19,507 626 3J57 41296 13,910 3,310 10,402 12,214 May.............................................. 67,724 19,569 631 3,255 41268 131959 3,327 10,488 12,227 June.............................................. 68,724 19,897 647 3,387 4,375 14,139 3,365 10,634 12,280 July.............................................. 68,327 19,729 652 3,498 4,394 14,112 3,407 10,687 11,848 Aug.............................................. 681508 19,884 653 3,553 4,410 14,141 3,430 10,675 11,762 Sept............................................. 68,923 20,023 646 3,515 4,417 14,208 3,397 10,587 12,130 ' Oct.................. . .......................... 69,292 19,999 593 3,498 4,400 14,328 3,404 10,631 12,439 Nov............................................ 69,585 20,015 639 3,374 4,414 14,561 3,412 10,648 12,522 Dec *........................................ 70,095 19,990 636 3,233 4,400 15,113 3,420 10,660 12,643 1969—Jan.>-............................................ 68,446 19,765 625 2,985 4,314 14,200 3,413 10,594 j 12,550 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
FEBRUARY 1969 o EMPLOYMENT AND EARNINGS A 63 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1968 1969 1968 1969 Jan. Nov. Dec J’ Jan.p Jan. Nov. Dec.’’ Jan.’’ Total............................................................................... 14,405 14 568 14 667 14 695 14 213 14 725 14 695 14 495 Durable goods.................................................................. 8,420 8 475 8 541 8 604 8 346 8 559 8 577 8 523 Ordnance and accessories....................................... 190 ’199 198 200 ’192 *201 201 203 Lumber and wood products................................... 527 521 531 536 499 522 520 508 Furniture and fixtures.......................................... 385 400 403 406 382 406 406 403 Stone, clay, and glass products................ 511 525 533 533 489 528 523 509 Primary metal industries...................................... 1 ,042 1 020 1 041 1 045 1 033 1 004 1 028 1 034 Fabricated metal products.................................... 1 '062 1 093 I 103 1’112 1 *054 1 ’ 108 1’111 1 ’ 104 Machinery................................................................ 1 ,343 1 357 I 342 1 *365 1 *343 1 ’344 1 ’343 1 365 Electrical equipment and supplies,................ I ^319 1 311 1 323 1 *330 1 324 1 334 1 *343 1 334 Transportation equipment..................................... 1 ,420 1 323 1 ’434 1 '436 1 437 1 361 1 ’472 1 451 Instruments and related products......................... ’279 280 281 ’281 278 282 ’283 280 Miscellaneous manufacturing industries............... 342 346 352 360 315 369 347 332 Nondurable goods............................................................ 5,985 6,093 6,126 6 091 5,867 6,166 6,118 5,972 Food and kindred products................................... 1 ',181 1 ,188 1 ',203 1 208 1 J18 1 '219 1 187 1 143 Tobacco manufactures........................................... 73 69 ’ 70 * 73 ' 72 79 76 72 Textile-mill products............................................... 861 877 881 878 850 883 880 866 Apparel ana related products................................ 1 ,233 1,252 1,256 1 255 1 ,214 1 ,265 1,253 1,236 Paper and allied products................................. 534 550 ’554 '556 528 554 556 550 Printing, publishing, and allied industries............ 660 669 671 670 656 673 676 666 Chemicals and allied products.................... 605 620 622 623 597 616 616 615 Petroleum refining and related industries............. 117 119 119 76 113 119 117 73 Rubber and misc. plastic products........................ 415 440 444 448 415 447 449 448 Leather and leather products................................. 306 309 306 304 304 311 308 303 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 hour; N.S.A.) (dollars per week; N.S.A.) Industry group 1968 1969 1968 1969 1968 1969 Jan. Nov. Dec.’’ Jan.’’ Jan. Nov. Dec.’’ Jan.’’ Jan. Nov. Dec.’’ Jan.’’ Total................................................ 40,2 40,8 40.7 40 7 117.60 125 97 127 41 126.36 2.94 3.08 3.10 3 12 Durable goods..................................................... 40.9 41 .7 41 4 41 4 127.70 136 78 137 85 136.70 3.13 3.28 3.29 3.31 Ordnance and accessories.......................... 40.2 41 .5 41.2 41 .0 132 03 13886 140 87 139,59 3.26 3.33 3.37 3.38 Lumber and wood products...................... 38.6 40.4 41 2 40.2 93 21 105.32 107 16 104.28 2.44 2.62 2.62 2.62 Furniture and fixtures............................... 39.6 40 4 40 5 40 9 93 36 103 22 105 16 102.11 2,40 2.53 2.54 2.54 Stone, clay, and glass products................. 40 8 41 7 41 9 41 6 116 29 127 91 12833 125.15 2.90 3.06 3.07 3.06 Primary metal industries............................ 41 5 41 4 41.6 41 5 144 35 149.56 152.62 153.09 3.47 3.63 3.66 3.68 Fabricated metal products........................ 41 5 42.3 41 8 41.6 126.69 137 80 137 57 134.72 3.09 3.25 3.26 3.27 Machinery................................................... 41,8 42.3 42.5 42.3 137.10 146.36 149.29 147.63 3.28 3.46 3.48 3.49 Electrical equipment and supplies........ 40.1 40.6 40.2 40 5 115.20 122 81 123.62 122.51 2.88 3.01 3.03 3.04 Transportation equipment......................... 41.8 42.5 42.4 42.8 151.68 165.02 166,66 164.78 3.62 3.82 3.84 3.85 Instruments and related products........ 40.6 40 6 40 7 40 4 117.97 124 85 126 28 123.41 2.92 3.06 3.08 3.07 Miscellaneous manufacturing industries... 39.2 39.3 38.7 38.6 95.06 100.04 100.62 99.58 2.45 2.52 2.58 2.60 Nondurable goods............................................... 39,2 39.7 39.9 39.6 103.86 112.12 113.08 111,22 2.67 2.81 2.82 2.83 Food and kindred products....................... 40.5 40.6 40.8 40.5 109.87 116.69 118.08 116.29 2.74 2.86 2.88 2.90 Tobacco manufactures...................... 37.5 37.6 36.3 36.3 86.01 94.13 96.51 91.59 2.35 2.51 2.56 2.58 Textile-mill products.................................. 39.9 41 ?0 41,3 40.7 84.74 93.98 94.43 92.11 2.14 2.27 2.27 2.28 Apparel and related products.................... 35.1 35.9 36.2 36.0 73.01 81 .36 81.00 81,30 2.11 2.26 2.25 2.29 Paper and allied products.......................... 42.6 42.9 43.2 43.4 124.91 134.78 136.59 135,45 2.96 3.12 3.14 3.15 Printing, publishing, and allied industries. 37.8 38.4 38.4 38.2 126.00 136.70 139.65 136.06 3.36 3.56 3.59 3.59 Chemicals and allied products................... 41.7 41 .9 41 .9 42.0 132,48 139.86 140,70 139.70 3.20 2.33 3.35 3.35 Petroleum refining and related industries . 42.9 42.6 42.3 41.2 157.36 161.88 160,02 151.00 3.72 3.80 3,81 3.71 Rubber and misc. plastic products....... 41.2 41 .5 41.4 41.5 117.55 124.68 125,70 124.61 2.86 2.99 3.00 3.01 Leather and leather products..................... 37.8 37.9 37.5 37.0 81.92 86.03 88.09 85.79 2.15 2.27 2.30 2.30 Note.—Bureau of Labor Statistics; data are for production and related workers only. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 64 PRICES □ FEBRUARY 1969 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period it A em U s Food Total Rent o H w o n m e e r F a o u n i e d l l e G a l n e a c d s n F i a n i u n s g h d r s A u p p a p k n a e d e r p el T p t o r i a r o n t n a s Total M ic e a d l s P o e n r a l R a i e n n a g d d O g a o t n o h d d e r s ship coal tricity opera care care recrea serv tion tion ices 1929......................... 59.7 55.6 85.4 1933......................... 45.1 35.3 60.8 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 1967......................... 116,3 115.2 114.3 112.4 120.2 111.6 108,5 108,2 114.0 115,9 123,8 136,7 115,5 120.1 118 2 1967—Dec............... 118.2 116.2 116.0 113.5 122.6 113.1 108,7 109.7 116.8 117,9 126.6 140.4 117.2 122.2 121.4 1968—Jan................ 118.6 117.0 116.4 113.7 122.9 113.7 108.9 110.6 115.9 118.7 127.1 141.2 117.6 122.7 121.9 Feb................ 119.0 117.4 116.9 113.9 123.5 113.8 109.3 111.2 116.6 118,6 127.5 141.9 117.6 123.0 122.1 Mar......... 119.5 117.9 117.2 114.2 123,8 113,9 109.3 111.8 117.6 119.0 128.3 142.9 118.4 124.2 122,4 119.9 118.3 117.5 114.4 124.0 114.0 109.5 112.2 118.4 119.0 128.8 143.5 119.0 124.9 122.5 120,3 118.8 117,8 114.6 124,3 115,3 109.5 112,5 119,5 119.1 129.2 144.0 119.6 125.3 122,6 June.............. 120.9 119.1 118.7 114.9 126.1 115.4 109.4 112,9 119.9 119.7 129,7 144.4 120.1 125.6 123.5 July............... 121.5 120.0 119.5 115.1 127.8 115.7 109.5 113.1 119.7 119.8 130.2 145.1 120.4 125.9 123.9 Aug............... 121.9 120.5 120,1 115.4 128.8 115.7 109.7 113,3 120.3 120,0 130.5 145.5 120.9 126.3 124.2 Sept............... 122.2 120.4 120.4 115,7 129,1 115.8 109.3 113.9 122.2 119.5 131.1 146.4 121.5 126.7 124.4 Oct................. 122.9 120.9 120.9 116.0 130.0 115.9 109.1 114.2 123.3 120.6 131.9 147.4 122.1 127.5 125,1 123.4 120.5 121.7 116.3 131.1 115.9 109.9 114,8 124.0 121.2 132.4 148.2 122.8 128.0 125.4 Dec................. 123.7 121.2 122.3 116.7 132.0 116.2 110.0 115.1 124.3 120.2 132.8 149.1 123.4 128.2 125.6 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1957-59=100) Industrial commodities Proc All Farm essed Ma Period m c t o o ie m d s i p u r c o t d s f f o a e o e n d d d s s Total t T e il t e 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 et u e c r b . , L b e u t e c m r . , P e a t p c e . r, M e a t l e c s t . , e c q a e h n r u i y n d ip F t e u u t r r c e n . , i N t m m a o l i e l n n i c - T e p t q r o io u a r n n t ip a s n c M e e l o i l u s a s ment erals ment 1958............................. 100.4 103.6 102.5 99.5 98.9 96.0 98.7 100,4 100.1 97.4 100.1 99.1 100.0 100.2 99.9 n.a, 100,6 1959............................. 100.6 97.2 99.9 101.3 100.4 109.1 98.7 100.0 99.7 104.1 101,0 101.2 102.1 100.4 101.2 n.a. 100.8 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 10! .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 1967............................. 106.1 99.7 111.7 106,3 102.1 115,8 103,6 98.4 97.0 105.4 104.0 109.5 111,8 101 .0 104.3 n.a. 109,2 1967—Dec.,................ 106,8 98.9 111.5 107.4 103,8 116.0 102,6 98.4 99.2 107.6 104.8 111.4 113.2 102.1 105.3 n.a. 110,7 1968—Jan.................... 107.2 99.0 112.4 107.8 104.3 116,5 101,8 98.2 99.5 108.6 105.2 112.2 113.9 103.0 106.0 n.a. 111.0 Feb................... 108.0 101,3 113.3 108,3 104,6 116.7 102.5 98.1 99.5 111.6 105.7 113.3 114.1 103.3 106.9 n.a. 111.3 Mar.................. 108.2 102.1 112,9 108.6 104.6 117.9 102,0 98.6 99.7 113.9 105,2 113.8 114,3 103,6 107.3 n.a. 111.5 108.3 102.1 112.8 108,8 104.7 118.3 102.4 98.8 99.7 115.8 105.2 113.3 114.8 103.8 107.4 n.a. 111.8 108.5 103.6 113.6 108.6 104.8 118.8 102.4 98.7 99.8 117.0 105.5 111.7 115.0 104.0 107.8 n.a. 111.8 108.7 102,5 114.6 108.8 105.2 118.7 103.7 98.5 99.9 117,2 104.7 111.7 115.0 103.9 108.3 n.a. 111.8 July................... 109.1 103.9 115.9 108,8 105,8 119.5 103.3 98.2 100.7 119,2 104.9 111.4 115,2 104,1 108.4 n.a. 111.5 Aug................... 108.7 101.4 114.9 108.9 106.0 119,5 102.6 98.1 100.6 120.5 104.9 111.3 115,4 104.2 108.7 n.a. 111.6 Sept.................. 109.1 102.8 115.3 109.2 106,5 120.7 102.5 97.9 100.7 122,6 105,1 112.2 115,8 104.4 108.7 n.a. 111,9 Oct.. ................ 109.1 101,2 114.4 109.7 107,0 122.3 101.9 97.8 101.0 124.9 105.2 112,5 116,1 104,5 108.9 n.a. 112.0 Nov................. 109.6 103,1 114.7 109.9 107.2 122.4 102.0 97.8 101.1 126.8 105.2 112,4 116,6 104.7 109.2 n.a. 112.5 Dec................... 109.8 103,3 114.7 110.3 107,1 122.8 102.2 97.7 101.1 133.5 105.2 112,8 116.7 105.0 109.3 n.a. 112.5 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ PRICES A 65 WHOLESALE PRICES: DETAIL (1957-59= 100) 1967 1968 1967 1968 Group Group Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Farm products: Pulp, paper, and allied products: Fresh and dried produce...................... 105.0 99. 8 109,4 109.3 Pulp, paper, and products, excluding Grains.................................................... 85.4 78.7 82.0 80.4 building paper and board........... 105.3 105.6 105.7 105.6 Livestock............................................... 97.6 104.1 103.9 104.2 Woodpulp............................................. 98.0 98.0 98.0 98.0 Live poultry.......................................... 68.2 79.3 87.6 82.9 Wastepaper.......................................... 78.1 114.8 112.8 109.6 Plant and animal fibers....................... 80.8 74,2 71.2 69.0 Paper.......................................... 111.2 113.1 113.4 113.4 Fluid milk............................................. 124.3 132.2 132.4 132.3 Paperboard........................................... 97.3 91.0 91.0 91.4 Eggs....................................................... 90.9 106.5 107.6 117.8 Converted paper and paperboard.... 105 8 105.4 105.4 105.4 Hay and seeds....................................... 112.7 105.3 107.3 108.8 Building paper and board.................. 92.1 93.7 93.8 94.8 Other farm products............................ 101.3 104.1 106.9 107.7 Processed foods and feeds: Metals and metal products: Cereal and bakery products............ 116,9 119.4 119,3 119 3 Iron and steel....................................... 104.6 106.7 106.0 106.1 Meat, poultry and fish......................... 103.2 106.9 107.7 107.3 Steelmill products................................ 106.8 110.5 109.1 109.1 Dairy products..................................... 124.1 130.1 130,0 130.4 Nonferrous metals............................... 125 7 121.9 122.4 123.5 Processed fruits and vegetables........... 113.1 114.0 114,1 113.3 Metal containers.................................. 112.9 117 3 117.3 117.0 Sugar and confectionery...................... 112.7 118.2 117.9 118.8 Hardware.............................................. 116.1 117.3 117.6 117.7 Beverages and beverage materials.... 107.7 110.5 110.6 110.6 Plumbing equipment........................... 110 6 114.6 115.0 115.3 Animal fats and oils........................... 73 5 73.5 78.2 74.1 Heating equipment.............................. 93 4 95 6 95.8 96.0 Crude vegetable oils............................. 83.9 72.1 76.2 78.0 Fabricated structural metal products. 106.1 108.8 108.8 109.0 Refined vegetable oils.......................... 87.0 84.6 90.0 90.0 Miscellaneous metal products............ 114.4 117,5 117.7 118.3 Vegetable oil end products.................. 100.2 98.8 99,9 100.5 Miscellaneous processed foods............ 113.7 118.4 118,5 118.2 Manufactured animal feeds................. 119.6 117.5 117.3 118.2 Machinery and equipment: Textile products and apparel: Agricultural machinery and equip.... 124.9 127.8 129.3 130.1 Construction machinery and equip... 126.3 131.5 132.1 132.7 Cotton products................................... 104.2 105.3 105.4 105.1 Metalworking machinery and equip.. 125.8 130.0 130.4 130.5 Wool products...................................... 102.2 104.7 104.6 104.6 General purpose machinery and Man-made fiber textile products........ 88.6 92.7 93 0 92.9 equipment. ................................ 115,2 118.2 118.3 118.3 Silk yarns.............................................. 189.7 175.5 172.0 165.2 Special industry machinery and Apparel.................................................. 108.1 111.7 111.8 111.9 equipment (Jan. 1961= 100^....... 118.3 123.5 124.8 125.0 Textile housefurnishings..................... 109.8 109.8 110.1 110.2 Electrical machinery and equip.......... 102.3 103.2 103.6 103.5 Miscellaneous textile products............ 114.0 121.3 125.2 125.3 Miscellaneous machinery.................... 110.8 115.0 115.2 115.6 Hides, skins, leather, and products: Furniture and household durables: Hides and skins.................................... 89.7 105.6 107.0 106.8 Leather..................................... 109.1 115.1 113.8 115.8 Household furniture........................... 114.3 118.5 118.9 119.2 Footwear............................................. • 124.3 131.3 131.7 131,7 Commercial furniture......................... 112.6 116.5 11 6.7 117.0 Other leather products.. 111.5 113.4 113.3 113.8 Floor coverings.............................. 95.2 94.8 94.8 94.8 Household appliances..................... 90.9 92.7 92.7 92.9 Fuels and related products, and power: Home electronic equipment................ 81.8 80.2 80.2 79.8 Other household durable goods........ 119.5 125,6 125.9 127.3 Coal....................................................... 104.9 108.3 111.0 112.7 Coke...................................................... 112.0 117.0 117.0 120.3 Gas fuels (Jan. 1958= 100).................. 133.1 120.4 120.4 120.9 NonmetalUc mineral products: Electric power (Jan. 1958= 100)......... 100.9 101.9 102.0 102.1 Crude petroleum................... 99.0 99.7 99.7 99.7 Flat glass.............................................. 107.5 110,0 110.0 110.0 Petroleum products refined 99.9 99.3 99.2 99.0 Concrete ingredients........................... 106 5 109.6 110.2 110.2 Concrete products............... 105 8 109.1 109.2 109.5 Chemicals and allied products: Structural clay products excluding refractories............................... 111 6 114,2 115 2 115.4 98,3 98.0 97.9 97.9 Refractories......................................... 106.0 112.6 112.6 112.6 Prepared paint......................... 112.2 115.2 115.9 115.9 Asphalt roofing................................... 99.3 96.8 96.8 96.8 Paint materials........................ 91.3 91.9 91.9 91.9 Gypsum products................................ 103,9 106.2 106.2 106.2 Drugs and pharmaceuticals 93.8 93.3 93,5 93,6 Glass containers................................... 101.1 110.0 110.3 110.3 Fats and oils, inedible.............. 77.2 69.9 73.4 69.8 Other nonmetallic minerals................ 102.3 106.8 106.8 106.8 Agricultural chemicals and products.. 102,2 98.1 96.7 96.4 Plastic resins and materials................. 86.6 80.9 80.8 80.5 Other chemicals and products............ 108,5 110/2 110.2 110.3 Transportation equipment: Rubber and products: Motor vehicles and equipment........... 104.0 106,5 106.6 106.6 Railroad equipment (Jan*. 1961 = 100). 104.8 108,5 108.5 108.5 Crude rubber........................................ 83.7 85.8 86.7 86.8 Tires and tubes..................................... 98.7 99.5 99.5 99.5 Miscellaneous rubber products.......... 105.9 108.3 108.3 108.3 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition........................ 106,4 109,1 109.2 109.3 Lumber................................................ 111.8 133.4 136,2 142.2 Tobacco products.............................. 114 8 115.0 116.5 116.5 Millwork............................................... 113.7 121.4 122.5 123.8 Notions................................................. 102.2 100.7 100.7 100.7 Plywood................................................. 90.2 111.8 112.6 128 9 Photographic equipment and supplies 113 6 113.0 113,0 113.2 Other wood products (Dec. 1966= 100) 101.5 108.0 109.2 110.3 Other miscellaneous products............ 109.2 111.9 111.9 112.0 Note.—Bureau of Labor Statistics indexes as revised in Mar. 1967 to classification changes. Back data not yet available for some new classiincorporate (1) new weights beginning with Jan. 1967 data and (2) various fications. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 66 NATIONAL PRODUCT AND INCOME □ FEBRUARY 1969 GROSS NATIONAL PRODUCT (In billions of dollars) 1967 1968 Item 1929 1933 1941 1950 1964 1965 1966 1967 1968» IV I II III IV* Gross national product..................................... 103.1 55.6 124.5 284.8 632.4 684.9 747.6 789.7 860.7 811.0 831.2 852.9 871.0 887.8 Final purchases................................................ JOI.4 57.2 120.1 278.0 626.6 675.3 732.8 783.6 853.1 802.7 829.1 842.1 863.5 877.8 Personal consumption expenditures.......... 77.2 45.8 80.6 191,0 401.2 432.8 465.5 492.2 533.7 502.2 519.4 527.9 541.1 546.3 Durable goods.............................................. 9.2 3.5 9.6 30.5 59.2 66.3 70.5 72.6 82 5 74.2 79.0 81.0 85.1 84.8 Nondurable goods........................................ 37.7 22.3 42.9 98.1 178.7 191.1 206.7 215.8 230.2 218.4 226.5 228.2 232.7 233.5 Services........................................................ 30.3 20.1 28.1 62.4 163.3 175.5 188.3 203.8 221.0 209.6 213.9 218.7 223.4 228.0 Gross private domestic investment................... 16.2 1.4 17.9 54.1 94.0 108.1 120.8 114.3 127.5 121.8 119.7 127.3 127.1 136.1 Fixed investment........................................... 14.5 3.0 13.4 47.3 88,2 98.5 106.1 108.2 120.0 113.5 117.6 116.5 119.6 126.0 Nonresidential....................................... 10.6 2.4 9.5 27.9 61.1 71.3 81.3 83.6 90.0 85.0 88.6 87.0 90.1 94.2 Structures.............................................. 5.0 .9 2.9 9.2 21,2 25.5 28.5 27.9 29.2 27.7 29.6 28.5 28,8 29.8 Producers’ durable equipment............ 5.6 1.5 6.6 18.7 39.9 45.8 52.8 55.7 60.8 57.3 59.0 58.5 61.3 64 4 Residential structures............................... 4.0 .6 3.9 19.4 27.1 27.2 24.8 24.6 30,0 28.5 29.1 29.5 29.5 31 8 Nonfarm................................................ 3.8 .5 3.7 18.6 26.6 26.7 24.3 24.0 29.4 27.9 28.5 28.9 28.9 31 2 Change in business inventories.. ................ 1.7 -1.6 4.5 6.8 5.8 9.6 14.7 6.1 7.6 8.3 2.1 10.8 7.5 ib’o Nonfarm................................................... 1.8 -1.4 4.0 6.0 6.4 8.6 14.9 5.6 7.2 7.1 1.6 10.4 7.3 9.2 Net exports of goods and services................... 1.1 .4 1.3 1.8 8.5 6.9 5.1 4.8 2.4 3.4 1.5 2.0 3.3 3.0 Exports.......................................................... 7.0 2.4 5.9 13.8 37.1 39.2 43.1 45.8 50.6 46.0 47.5 49.9 52.6 52.4 Imports.......................................................... 5.9 2.0 4.6 12.0 28.6 32.3 38.1 41.0 48.2 42.6 46.0 47.9 49.4 49.5 Government purchases of goods and services.. 8.5 8.0 24.8 37.9 128.7 137.0 156.2 178.4 197.1 183.5 190.5 195.7 199.6 202.5 Federal............................................. 1.3 2.0 16.9 18.4 65.2 66.9 77.4 90.6 100.0 93.5 97.1 100.0 101.2 101.6 National defense...................................... 13.8 14.1 50.0 50.1 60.6 72,4 78.9 74.6 76.8 79.0 19.6 80.0 Other.................................................. . 3.1 4.3 15.2 . 16.8 16.8 18.2 21.1 19.0 20.3 21.0 21.5 21 6 State and local............................. 7.2 6.0 7.9 19.5 63.5 70.1 78.8 87.8 97.1 90.0 93.4 95.6 98.4 100 .'8 Gross national product in constant (1958) dollars........................................................ 203.6 141.5 263.7 355.3 581.1 617.8 657.1 673.1 706.9 681.8 692.7 703.4 712.3 719.1 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. For back data and explanation of scries, see the Survey of Current Business, July 1968, and Supplement, Aug. 1966. NATIONAL INCOME (In billions of dollars) 1967 1968 Item 1929 1933 1941 1950 1964 1965 1966 1967 1968* IV I II III IV” National income................................................ 86.8 40.3 104.2 241.1 518.1 564.3 620.8 652.9 712 8 670.9 688.1 705.4 722 5 Compensation of employees............................. 51.1 29.5 64,8 154.6 365.7 393.8 435.6 468.2 513.6 482.7 496.8 507.1 519.7 530 7 Wages and salaries....................................... 50.4 29.0 62.1 146.8 333.7 358.9 394.6 423.4 463 5 436.4 448.3 457.6 469.0 479 o Private....................................................... 45.5 23,9 51.9 124.4 269.4 289.6 316.9 337.1 367 1 346.0 355.7 362.8 370.9 379 1 Military...................................................... .3 .3 1.9 5.0 11.7 12.1 14.6 16.3 18 3 17.1 17.5 17.8 18 9 18 8 Government civilian................................. 4.6 4.9 8.3 17.4 52.6 57.1 63.1 70.0 78 1 73.3 75.2 77.0 79.1 81 1 Supplements to wages and salaries.............. .7 .5 2.7 7.8 32.0 35.0 41.1 44.8 50.1 46.2 48.4 49.4 50.7 51 7 Employer contributions for social insurance .................................................. ,1 . 1 2.0 4.0 15.4 16.2 20.2 21.5 23 9 22.1 23.5 23.7 24.2 24 4 Other labor income.................................. .6 .4 .7 3.8 16.6 18.7 20.8 23.3 26.1 24.2 25.0 25.7 26.5 27 3 Proprietors* income.......................................... 15.1 5.9 17.5 37.5 52.3 57.3 60.7 60.7 62.9 61.1 61.8 62.6 63.4 63 7 Business and professional............................ 9.0 3.3 11.1 24,0 40.2 42.4 44.8 46.3 47 8 46.8 47.2 47.8 48.0 48 2 Farm.............................................................. 6.2 2.6 6.4 13.5 12.1 14.8 15.9 14.4 15 1 14.3 14.6 14.8 15.4 15 5 Rental income of persons................................. 5.4 2.0 3.5 9.4 18.0 19.0 19.8 20.3 21.0 20.5 20.7 20.9 21.0 21 2 Corporate profits and inventory valuation adjustment..................................................... 10.5 -1.2 15.2 37.7 66.3 76.1 83.9 80.4 89.2 82.3 83.8 89.2 91.6 Profits before tax......................................... 10.0 1.0 17.7 42.6 66.8 77.8 85.6 81.6 92.3 85.4 88.9 91.8 92. 7 Profits tax liability................................. 1.4 .5 7.6 17,8 28.3 31.3 34.6 33.5 41 .3 35.1 39.8 41.1 41.5 Profits after tax........................................ 8.6 .4 10.1 24.9 38.4 46.5 51.0 48.1 51.0 50.3 49.1 50.7 51.2 dividends............................................ 5.8 2.0 4.4 8.8 17,8 19.8 21.7 22.9 24.6 22. 5 23.6 24.4 25.2 25 4 Undistributed profits........................... 2.8 -1.6 5.7 16.0 20.6 26.7 29.3 25.2 26.4 27.9 25.5 26.3 26.0 Inventory valuation adjustment................. .5 -2.1 -2.5 -5.0 -.5 -1.7 - 1.7 -1.2 -3.1 -3.1 -5.1 -2.7 -1.0 -3 7 Net interest....................................................... 4.7 4.1 3.2 2.0 15.8 18.2 20.8 23.3 26.3 24.3 25.0 25.8 26.7 27 6 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also Note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ NATIONAL PRODUCT AND INCOME A 67 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1967 1968 Item 1929 1933 1941 1950 1964 1965 1966 1967 1968» IV I II III IV* Gross national product..................................... 103.1 55.6 124.5 284.8 632.4 684.9 747.6 789.7 860.7 811.0 831.2 852.9 871.0 887.8 Less: Capital consumption allowances......... 7.9 7.0 8.2 18.3 56.1 59.8 64.1 69.2 74.3 71.1 72.3 73.7 74.9 76.2 Indirect business tax and nontax liability.................................................... 7.0 7.1 11.3 23.3 58.4 62.5 65.3 69.6 75.8 71.2 72.8 74.8 76.7 79.0 Business transfer payments.................. .6 .7 .5 .8 2.5 2.7 3.0 3. 1 3.3 3.2 3.2 3.3 3.3 3.3 Statistical discrepancy........................... .7 .6 .4 1.5 -1.3 -3.1 — 3 .3 -3.5 -4.7 -4.2 -4.7 — 3.6 -5.3 Plus: Subsidies less current surplus of goveminent enterprises........................... -.1 J .2 1.3 1.3 2.3 1.6 .7 1.3 5 .7 1.0 .7 Equals: National income.................. 86.8 40.3 104.2 241.1 518.1 564.3 620.8 652.9 712.8 670.9 688.1 705.4 722.5 Less: Corporate profits and inventory valuation adjustment............................... 10.5 -1.2 15.2 37.7 66.3 76.1 83 .9 80.4 89.2 82.3 83.8 89.2 91 6 Contributions for social insurance.... .2 .3 2.8 6.9 27.9 29.6 38.0 41.9 46.9 43.0 45.8 46.5 47^4 47.8 Excess of wage accruals over disbursements.................................................. Plus: Government transfer payments............ .9 1.5 2.6 14.3 34.2 37.2 41.0 48.6 55.3 49.7 52.5 55.0 56.3 57.5 Net interest paid by government and consumer............................................ 2.5 1.6 2.2 7.2 19.1 20.5 22.3 23.6 25.9 24.2 24.9 25.7 26.2 26.7 Dividends............................................... 5.8 2.0 4.4 8.8 17. 8 19.8 21 .7 22.9 24.6 22.5 23.6 24.4 25.2 25.4 Business transfer payments.................. .6 .7 .5 .8 2.5 2.7 3.0 3.1 3.3 3.2 3.2 3.3 3.3 3.3 Equals: Personal income.................................. 85.9 47.0 96.0 227.6 497.5 538.9 586.8 628. 8 685.8 645.2 662.7 678.1 694.3 708.2 Less: Personal tax and nontax payments,... 2.6 1.5 3.3 20.7 59.4 65.7 75.3 82.5 96.9 85.6 88.3 91.9 101.6 105.7 Equals: Disposable personal income............... 83.3 45.5 92.7 206.9 438.1 473.2 511.6 546. 3 589.0 559.6 574.4 586.3 592.7 602.5 Less: Personal outlays.................................... 79.1 46.5 81.7 193.9 411.9 444.8 478.6 506.2 548. 1 516.1 533.5 542.3 555.6 561.1 Personal consumption expenditures.. 77.2 45.8 80.6 191.0 401.2 432.8 465.5 492.2 533.7 502.2 519.4 527.9 541.1 546.3 Consumer interest payments........... 1.5 .5 .9 2.4 10.1 1 1.3 12.5 13. 1 13.7 13.3 13.4 13.6 13.8 14.0 Personal transfer payments to foreigners............................................ .3 .2 .2 .5 .6 ,7 .6 . 8 .7 .7 .7 .8 .7 .7 Equals: Personal saving.................................. 4.2 -.9 11.0 13.1 26.2 28.4 32.9 40.2 40.8 43.4 40.8 44.0 37.1 41.4 Disposable personal income in constant (1958) dollars............................................................ 150.6 112.2 190.3 249.6 407.9 435.0 459.2 478.0 497.4 483.7 491.8 497.1 499.2 501.6 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted quarterly totals at annual rates. See also Note to table opposite. PERSONAL INCOME (In billions of dollars) 1967 1968 Item 1967 1968* Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.* Total personal income.......................... 628.8 685.8 652.6 654.9 663.0 670.0 672.6 678.2 683.7 689.2 694.1 699.7 703.2 708.0 713.4 Wage and salary disbursements.......... 423.4 463.5 444.2 443.0 449.7 452.2 453.2 457.5 462.2 465.4 468.7 472.8 474.9 478.9 483.1 Commodity-producing industries... 166.6 180.5 173.0 173.1 176.6 177.0 176.7 179.3 179.9 180.6 181.1 183.3 184.7 186.1 187.5 Manufacturing only............... 134. J 145.4 139.1 140.0 141.6 142.2 141.6 144.3 145.6 146.0 146.3 147.8 148.8 149.7 150.6 Distributive industries..................... 100.5 109.4 103.8 104.5 105.9 106.5 106.9 107.4 109.7 109.9 111.2 112.1 112.1 113.3 113.7 Service industries............................. 70.0 77.2 73.2 73.6 74.6 75.2 75.5 76.1 77.0 77.5 78.2 78,8 79.1 79.8 80.8 Government..................................... 86.3 96.3 94.2 91.9 92.6 93.4 94.2 94.7 95.5 97.4 98.2 98.6 99.0 99.6 101.0 Other labor income............................. 23.3 26.1 24.4 24.7 25.0 25.2 25.5 25.7 26.0 26.3 26.5 26.8 27.0 27.3 27.6 Proprietors’ income............................. 60.7 62.9 61.3 61.5 61.8 62.3 62.4 62.6 62.7 63.1 63.4 63.7 63.7 63.7 63.8 Business and professional............... 46.3 47.8 47.0 47.1 47.2 47.5 47.6 47.8 47.9 48.0 48.0 48.0 48.1 48.2 48.3 Farm................................................. 14.4 15.1 14.3 14.4 14.6 14.8 14.8 14.8 14.8 15.1 15.4 15.7 15.6 15.5 15.5 Rental income...................................... 20.3 21.0 20.6 20.6 20.7 20.7 20.8 20.9 20.9 21.0 21.0 21.1 21.2 21.2 21.3 Dividends............................................. 22.9 24.6 21.1 23.2 23.6 23.9 24.3 24.7 24.3 25.0 25.2 25.3 25.3 25.4 25.5 Personal interest income..................... 46.8 52.1 49.0 49.4 49.8 50.2 50.8 51.3 51.9 52.4 52.9 53.4 54.0 54.3 54.6 Transfer payments............................... 51.7 58.6 53.2 54.5 54.9 57.8 58.1 58.2 58.5 59.1 59.6 59,9 60.4 60.8 61.1 Lew .‘Personal contributions for social insurance................................... 20.4 22.9 21.2 22.1 22.4 22.4 22.6 22.8 22.9 23.1 23.2 23,3 23.4 23.5 23.5 Nonagricultural income...................... 609.3 665.4 633-0 635.1 643.1 649.9 652.5 658.1 663.4 668.7 673.3 678.6 682.2 687.0 692.5 Agriculture income............................... 19.5 20.5 19.6 19.8 20.0 20.1 20.1 20.2 20.2 20.5 20.8 21.1 21.0 21.0 20.9 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
1. SUMMARY OF FLOW OF FUNOS FOR THIRD QUARTER, 1968—SEASONALLY ADJUSTED ANNUAL RATES (In billions of dollars) Private domestic nonfinancial sectors Financial sectors Rest of Sector H h o o u ld s s e B n u es s s i an g S d o t v a lo t t s e c . al Total G U o K vt . Total Mo a n u e th ta . ry C ba o n m k l s . N f o in n a b n a c n e k w t o h r e ld se A ct l o l rs Di a s n cr cy ep an s d N a i y a n i U n v . g e st ment Transaction category u s u s u s u s U 8 u s u s u s u s u s u s U 1 Gross saving............................ .. 139.8 .. 84.0 . —5 3 218.5 —3.4 2.9 * 3.0 . -.1 ......... —.5......... 217.5 ..,.218.0.... 1 2 Capital consumption.......... ......... 76 4 ......... 63 8 ........ 140 2 ......... 1.3 ...................7 ...................6 ......... 141.5 ....141.5.... 2 3 Net saving (1 —2).............. ........ 63.4 ......... 20.2 ......... -5.3 ......... 78.3 ......... -3.4 ......... 1.6 • ......... 2.3 ......... -.7 ......... -.5......... 76.0 .......76.4... 3 4 Gross investment (5 + 10)........ 128.9 ......... 78.7......... -5.1......... 201.5 ......... -2.8........ .9........ * 2.2......... -1.4.....-..2..1......... 197.5 ......... .. 20.0 ....214.2.. .. 4 5 Private cap. expend., net........ 110.2 ......... 100.6 ....... 210.9 ......... 1.2........ .6......... .6......... 212.1 ......... 5.3 ...212.1... 5 6 Consumer durables............ 85 1 • • 85 i .. 85.1......... .......85.1.... 6 7 Residential constr............... 21 5......... 8 0.. 29 5 ......... 29.5......... 29,5.... 7 8 Plant and equipment.......... 3 7......... 85 1 .. 88 9 ......... 12......... 6........ .6........ 90.1......... .......90.1.... 8 9 Inventory change................ 7 5... 7.5......... 7 5......... .........7 5.. 9 10 Net financial invest. (11—12). 17.7......... -22.0......... —5.1......... -9.4......... -2.8........ — .3........ * 1.6......... -2.0......... -2.1......... -14.6......... 14.6 2.1 10 11 Financial uses, net.................. 55.1......... 33.1......... 12.5......... 100.6 ........ 32.3........ 132.4 ........ 3.9......... 72.4......... 50.0........ 0.9......... 272.2 ......... .........9.0.... 11 12 Financial sources..................... ......... 37.4 ......... 55.0 ......... 17.6 .. 110.0 ......... 35.2 ......... 132.7 ... 3.9 . . 70.7 ....... 58.1 ......... 9.0 . . 280.8 6.0 12 13 Gold & off. U.S. fgn. exch.. 12... 11.. 11.. -.3 2.0 2.0 2.0 13 14 Treasury currency.............. ......... 2 .1......... 1 .1 .2 ♦ - 14 15 Dem. dep. and currency... ......... 31 9 —1.1 ......... 33 0 32.5 31.9 15 16 Private domestic.............. 15.7......... -6 3. —2.0 . .. 7 5......... 2.4 8.3 1 6 6.7 2.4 9.8 8.3 -1 6 16 17 U.S. Govt......................... 24.4........ ......... 25.5......... -2.8 ......... 28.3 24.4 25.5 1 0 ..................... 17 18 Foreign............................ .... —18 . 1 ......... —19 — 18 . . —1 8 18 19 Time and svgs. accounts... 31.9........ 46.8......... -.3 47.6 — .3......... ......... 47.6 ... 19 20 At coml. banks. ............ 18.3........ 9.9......... 33.2......... .1......... ......... 34.4 ......... 34.4 1.0........ ......... 34.4 ..................... 20 21 At svgs. instit................... 13.6........ 13 6........ -.3 13.3 -.3 13.3 ........ 13 3 . 21 22 Life insur. reserves.............. 4.8......... 4 8......... ...................1 47 4.7 4 8 22 23 Pension fund reserves.......... 15.9........ ......... 4.0 15.9 4.0 ...................6 ......... 11.2 ........ 11.2 ......... 15 9 23 24 Consol, bank items 1........... .2 2 -4.6 4.8 4.8 -4.6 .2 .2 . 24 25 Credit mkt. instr................ -6.0 34.8 7.8 36.1 9.4 13.0 11.2 84.0 6.9 32.4 110.9 10.9 7.3......... 51.3 .2 52.3 10.7 1.5 3.2 130.6 130.5 ..................... ..................... 25 26 U.S. Govt, securities.... 1.7......... — .6........ 3.8........ 4.9......... ......... 32.4 27.9........ 7.5......... 13.6......... 6.8......... — .4......... ......... 32.4 ..................... 26 27 State and local oblig........ 1.9 . .2...... -.4 12.8 1.8 12.8 11.0........ 9.4......... 1.6........ ......... 12 8 ..................... 27 28 Corp, and foreign bonds. -.6........ ........ 13.7 5.3......... 4.7 13.7 10.0 .3 .2 .3 9.8 * .4 1.0 .. .. 15 6 . 28 29 Corp, stocks............... — 10.0......... ......... -1.9 -10.0 -1.9 12.3 5.9 ......... — 1 12.3 6.1 1.8 * .... 4 1 . . 29 30 1- to 4-family mortgages. 1.0 15.2 ......... -.1 .7......... 1.7 15.1 1.6........ 11.5 -.3 3 2......... 8.4 -.3 ........ 14.8 ..................... 30 31 Other mortgages. .......... ...................8 ........ 9.2 ......... 10.0 .6........ 9.4......... 3.0......... 6.4........ ......... 10.0 ..................... 31 32 Consumer credit.............. ......... 12.9 3.0........ 3.0 12.9 9.9........ 6.0......... 3.9........ ........ 12 9 ..................... 32 33 Bank loans n.e.c.............. ......... 4.6......... 5.7 ........ 10 3 15.0 4.9 — .1......... 15 1......... ........ 4 9 ......... —.1 ....... 15 0 33 34 Other loans...................... ........ 1.4 5.2 9.5 ...................3 5.2 11.1 4.7......... 3.9 .1 -.2......... .8......... 3.3 .1 -.2 2.3 13.6 13.5 .......-.1.... ..................... 34 35 Open market paper... 5.2 5.6 5.2 5.6 .3 -.1 — .2......... .8........ -.3 -.1 -.2 -.2 ......... 5 3 ............ 35 36 Federal loans............... ...................2 ......... 1.6 ...................3 ......... 2.0 4.7......... ...................1 ......... 1 ......... 2 6 ....... 4 7 .. 36 37 Security credit..................... -.9 1.9 -.9 1.9 15.1 12.3 15.2......... -.2 12.3 .2 .2 ......... 14 3 .. .. 37 38 To brkrs. and dealers.... -.9......... — 9......... 13.0 12.3 13 2 ... -.1 12.3 2 ■ -. . 12 3 38 39 To others.......................... ......... 1.9 ......... 19 2.1........ 2.1......... * ...................2 - 2 1 39 40 Taxes payable..................... ......... -.6 * -.6 -1.0........ ......... — 4 * ......... — 5 ....... 1 -1.0 -1.0 .......-.1... ..................... 40 41 Trade credit......................... ...................4 11.8 13.0...................5 11.8 13.9 .2 .3 .3......... 3........ 12.3 14.2 1 a 41 42 Equity in noncorp, business. -8.0____ ......... -8.0 -8.0 -8.0 ......... —8 0 42 43 Misc. financial trans............ 1.7 .3 9.8 14.6 11.5 14.9 .4 1.5 2.6 14.2 ...................3 1.0 8.2 1.6 5.7 6.2 3.6 20.7 34.2 .......13.4... ..................... 43 44 Sector discrepancies (1—4)... 11.8 ..... 5.3........ -.2......... 16.9........ -.6........ 2.0........ .7......... 1.3........ 1.6........ 20.0......... .......20.0.... .........3.8.... 44 1 Claims between commercial banks and monetary authorities: member bank reserves, vault cash, F.R. loans to banks. F.R. float, and stock at F.R. Banks. A 68 FLOW OF FUNDS □ FEBRUARY 1969 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ FLOW OF FUNDS A 69.1 2. SAVINGS, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1966 1967 1968 Transaction category. or sector 1963 1964 1965 1966 1967 III IV 3 I II III IV I II III I. Saving and investment 1 Gross national saving........................ 144.5 160.3 181.6 196.7 192.1 196.7 202.5 188.2 185.8 193.2 200.2 202.4 211.1 218.0 1 2 Households.................................... 85.8 98.3 108.9 118.6 129.6 118.5 125.3 125.3 125.4 129.6 137.1 138.1 144.3 139.8 2 3 Farm and noncorp, business........ 13.5 14.5 15.2 15.9 16.8 15.7 17,0 17.1 17.0 17.0 16,2 17.4 17,6 18.0 3 4 Corporate nonfin. business...... 43.9 50.5 56,6 61.1 61.5 61.0 63.9 60.2 60.6 61.8 63,5 60,2 64.4 66.0 4 5 U.S. Government......................... -.6 -4.3 -.1 -.6 -14.1 -1.4 -4.0 -12.7 -15.3 -14.1 -14.3 -9.8 -12,2 -3.4 5 6 State and local govt...................... -1.5 -1.4 -2.4 -2.7 -5.6 -2.3 -3.7 -5.7 -6.7 -5.3 -4.6 -5.6 -5.1 -5.3 6 7 Financial sectors........................... 3.5 2.7 3.5 4.5 3,8 5.1 4.1 4.0 4.7 4.3 2.2 2.2 2.0 2.9 7 8 Gross national investment................. 143.8 158.0 178.2 193.1 188.1 193.6 197.8 184.4 179.4 190.7 196.8 195.8 205.6 214.2 8 9 Consumer durable goods............. 53.9 59.2 66.3 70.5 72.6 71.0 71.1 69.8 72.4 73.1 74,2 79,0 81 .0 85.1 9 10 Business inventories..................... 5.9 5.8 9.6 14.7 6.1 12.8 19.8 8.4 2.3 5.3 8.3 2.0 10.8 7.5 10 11 Gross pvt. fixed investment......... 81.3 88.2 98.5 106,1 108.2 107.0 105.9 104.6 105.4 109.3 113.5 117.6 116,5 119.6 11 12 Households................................ 22.4 23,0 22.9 21.5 20.3 21 .5 18,9 17.6 18.4 21.5 23.6 25.0 25.3 25.2 12 13 Nonfinan. business................... 57.9 64.3 74.8 83.6 87.0 84.6 86.0 86.2 86.1 86.7 88.9 91.4 90.0 93,2 13 14 Financial sectors....................... 1 .0 .9 .8 1.0 .9 1 .0 1.0 .8 .8 1.1 .9 1.2 1.2 1.2 14 15 Net financial investment.............. 2.8 4.7 3.7 1.8 1.2 2.8 1.0 1 .6 -.6 2.9 .7 -3.0 -2.7 2.1 15 16 Discrepancy (1-8)............................. .6 2.3 3.5 3.6 4.0 3.0 4.7 3.8 6.4 2.5 3.4 6.7 5.5 3.8 16 II. Financial flows—Summary 17 Net funds raised—Nonfinan. sectors. 58.5 67.0 72.3 69.9 83.1 62.6 49.9 74.3 44.3 104.6 108.9 104.1 74.8 119.6 17 18 Loans and short-term securities.... 19.0 26.4 33.1 27.4 27.2 30.7 29.8 33.8 -16.1 46.8 44.2 51 .0 11 .2 40.3 18 19 Long-term securities and mtgs......... 39.5 40.6 39.2 42.5 55.9 31.9 20.0 40.6 60.4 57.8 64.7 53.0 63.5 79.3 19 By sector 20 U.S. Government............................. 5.0 7.1 3.6 6.3 12.7 4.9 2.9 8.0 -21.3 34.7 29.2 34.3 .6 32.4 20 21 Short-term mkt. securities........... 1 .4 4.0 3.5 2.2 6.4 7.6 10.1 9.9 -35.7 30.9 20.7 29.8 -17.3 3.8 21 22 Other securities............................. 3.6 3.0 .2 4.1 6.2 -2.7 -7.2 -1.9 14,5 3.9 8.5 4.5 17.9 28.6 22 23 Foreign borrowers............................ 3.3 4.4 2.6 1.5 4.0 -.4 1.2 5.5 3.7 3.9 2.8 4.5 2.2 3.2 23 24 Loans............................................. 2.2 3.7 1.9 1.0 2.7 -.4 1 .0 4.5 2.7 2.2 1.4 3.0 1.7 2.2 24 25 Securities........................................ 1.1 .7 .8 .5 1.3 .2 1.0 1.0 1.6 1 .4 1 .5 .5 1.0 25 26 Pvt. domestic nonfin. sectors........... 50,2 55.5 66.0 62.0 66.4 58,0 45.7 60.8 61.9 66.0 76.9 65.2 71 .9 84.0 26 27 Loans............................................. 15.5 18.7 27.7 24.1 18.0 23.4 18,7 19.4 16.9 13,7 22.1 18.3 26.8 34.3 27 28 Consumer credit......................... 7.3 8.0 9.4 6.9 4.4 6.8 4.6 4.1 4.0 4.9 4.8 9.0 9.4 12.9 28 29 Bank loans n.e.c......................... 5.4 6.5 13.6 9.8 9.1 9.0 5.2 6.7 11.7 3.8 14.4 3.6 14.4 10.3 29 30 Other loans................................ 2.7 4.1 4.7 7.4 4.5 7.7 9.0 8.6 1.3 5.1 2.9 5.7 3.0 11.1 30 31 Securities and mortgages............. 34.7 36.9 38.3 37.9 48.4 34.6 27,0 41.4 44.9 52.3 54.8 47,0 45.1 49.7 31 32 State and local obligations........ 6.7 5.9 7.3 6.0 10.1 4.6 6.1 10.3 11.5 7.5 11.2 10.0 6.8 12.8 32 33 Corporate securities................... 3.6 5.4 5.4 JI.4 17.4 11.3 6.6 14.3 15.8 21.4 18.1 12.5 13.1 11.8 33 34 1- to 4-famlly mortgages........... 15.2 15.7 16.2 11.0 11.5 9.1 8.1 8.9 8.3 13.7 15.1 15.4 14.1 15.! 34 35 Other mortgages........................ 9.3 10.0 9.4 9.6 9.4 9.6 6.2 7.9 9.3 9.8 10.4 9.1 11. 1 10.0 35 36 Net sources of credit (= line 17).. .. 58.5 67.0 72.3 69.9 83.1 62.6 49.9 74.3 44.3 104.6 108.9 104.1 74.8 119.6 36 37 Chg. in U.S. Govt, cash balance.. -.4 .2 -1.0 -.4 1 .2 -6.2 1.2 -.5 -14.8 13,4 6.8 -5.5 -19.4 25.6 37 38 U.S. Govt. lending....................... 2.7 3.8 4.7 7.9 4.5 7.8 2.8 6.1 -.8 5.0 8.0 14.0 8.1 6.9 38 39 Foreign funds................................ 1 .9 2.5 .8 -.9 5.4 -5.3 -1 .2 1 .4 8.3 2.4 9.4 -.6 -.3 .8 39 40 Pvt. insur. & pension reserves.... 10.1 11.1 11.6 12.8 13.2 13.1 14.5 12.2 12.4 14,0 14.1 13.1 14.6 16.0 40 41 Sources n.e.c.................................. 4.7 5.7 7.1 7.7 5.8 14.1 -.8 1 .8 6.0 11.5 3.9 14.1 20.9 9.2 41 42 Pvt. domestic nonfin. sectors....... 39.5 43.8 49.0 42.8 53.0 39.0 33,5 53.3 33.1 58.5 66.9 69.0 50.9 61.2 42 43 Liquid assets............................. 37.4 33.0 43.4 23.9 49,1 18.5 22.1 54.4 38.4 58.7 44.8 50.8 32.9 56.5 43 44 Deposits................................. 34.4 35.3 40.4 22.7 50.9 15.8 21.2 61.5 51 .7 56.2 34.1 35.5 32.0 52.7 44 45 Demand dep, and currency 5.9 6.5 7.7 2.9 12.0 -.5 6.5 10.8 10.6 15.2 H.l 2.3 13,0 5.9 45 46 Time and svgs. accounts... 28.5 28.8 32.7 19.8 39.0 16.4 14.6 50.7 41 .0 41 .0 23.0 33,1 19.0 46.8 46 47 At commercial banks.... 13.4 13.0 19.5 12.5 22.4 11.1 5.4 33.8 20.4 23.0 12.3 20.6 5.2 33.2 47 48 At savings instit.............. 15.1 15.8 13.2 7.3 16.6 5.3 9.3 16.9 20.6 18.0 10.7 12.6 13.8 13.6 48 49 Short-term U.S. Govt. sec... 3.0 -2.3 3.0 1.2 — 1.8 2.7 .9 -7.1 -13.3 2.5 10.6 15.3 .9 3.8 49 50 Other U.S. Govt, securities.... 1.7 3.1 . 1 6.8 -1.2 3.3 4.3 -11.2 -3.9 -3.3 13.7 -4.0 9.6 1.2 50 51 Pvt. credit mkt. instruments ... 2.3 7.5 5.9 11.9 7.2 15.4 6.5 9.6 1 .2 6.2 11.9 19.7 11.3 6.3 51 52 Less security debt..................... 2.0 - .2 .3 -.2 2.2 -1.9 -.6 - .5 2.5 3.1 3.5 -2.6 2.8 2.8 52 III. Direct lending in credit markets 53 Total funds raised............................. 58.5 67.0 72.3 69.9 83.1 62.6 49.9 74.3 44.3 104.6 108.9 104.1 74.8 119.6 53 54 Less change in U.S. Govt. cash. . .. -.3 .2 -1.0 -.4 1 .2 -6.1 1.2 -.6 -14.9 13.4 6.7 -5.8 -19.4 25.5 54 55 Total net of U.S. Govt. cash........... 58.8 66.8 73.3 70,3 81 .9 68.7 48.7 74.9 59.1 91.2 102.2 109.8 94,1 94.1 55 56 Funds supplied directly to cr. mkts.. 58.8 66.8 73.3 70.3 81.9 68.7 48.7 74.9 59.1 91.2 102.2 109.8 94.1 94.1 56 57 Federal Reserve System............... 2.6 3.2 3.8 3.3 3.9 6.6 4.2 2.9 -.3 7.9 4.5 8.3 4.0 10. 1 57 58 Total,......................................... 2.9 3.4 3.8 3.5 4.8 5.0 4.3 5.2 2.9 3.7 6.9 5.3 5.7 7.3 58 59 Less change in U.S. Govt. cash. .3 .2 ♦ .2 .9 -1.6 .1 2.4 3.2 -4.2 2.4 -3.0 1 .7 -2.8 59 60 Commercial banks, net................. 19.7 21 .8 29.3 17.9 35,9 14.1 6.8 41 .9 40.3 37.2 24.6 24.5 38.0 38. 1 60 61 Total.......................................... 19.4 22.4 29.1 17.4 36.4 9.6 7.9 39.7 22,3 54.8 28.9 21 .7 17.6 66,5 61 62 Less chg. in U.S. Govt. cash... -.6 * -1.0 -.5 .2 -4.5 1.1 -3.0 -18.1 17.6 4.4 -2.8 -21.1 28.3 62 63 Security issues...................... .3 .6 .8 .1 .2 » * .8 . 1 — .7 .2 63 64 Nonbank finance, net................... 28.0 29.1 26,9 22.5 32,4 21.0 24.2 29.0 35.0 38.1 27.4 28.1 27.7 29.2 64 65 Total.......................................... 34.4 33.5 32.9 25.8 33,6 21.7 27.2 30.9 19.3 51.0 33.0 28.7 30.8 46.1 65 66 Less credit raised....................... 6.4 4.4 5.9 3.3 1.2 .7 2.9 1.9 -15.7 12.9 5.7 .6 3.1 16.9 66 67 U.S. Government......................... 2.7 3.8 4.7 7.9 4.5 7.8 2.8 6.1 -.8 5.0 8.0 14.0 8.1 6.9 67 68 Foreign.......................................... .9 .6 -.1 -1.4 3.2 -4.1 -1.6 3.3 3.6 .9 5.1 1.5 -2.5 1.5 68 69 Pvt. domestic nonfin..................... 5.1 8.5 8.6 20.1 2.0 23.2 12.3 -8.1 -18.6 2.3 32.7 33.6 19,0 8.4 69 70 Households................................ .4 3.2 2.2 10.5 -4.0 11.0 1.9 -13.1 -18.1 -1.3 16.7 13.1 13,1 -6.0 70 71 Business............................. 3.1 1 .5 1 .0 3.2 .4 3.4 2.5 1.2 -5.6 .2 5.9 11.1 5.0 7.8 71 72 State and local govts................. 3.5 3.7 5.8 6.2 7.8 7.0 7.3 3.2 7.7 6.5 13.7 6.7 3.7 9.4 72 73 Less net security credit............. 2.0 -.2 .3 -.2 2.2 -1.9 — . 6 — .5 2.5 3.1 3.5 -2.6 2.8 2.8 73 Note.—Quarterly data are seasonally adjusted totals at annual rates. unrevised before 1968 relative to tables in the May 1968 Bulletin. These tables reflect revisions in income and product accounts for 1965-67 Financial revisions for 1965-67 will be published later. published in the July Survey of Current Business but financial data are Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 69.2 FLOW OF FUNDS □ FEBRUARY 1969 3. PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1966 1967 1968 Transaction category, or sector 1963 1964 1965 1966 1967 III IV I II III IV I II in I. Demand deposits and currency 1 Net incr. in banking system liability.. 5.8 7.4 7.6 2.6 14.7 -8.0 8.8 8.2 -.9 29.4 21.8 -4.9 -1.9 31.9 1 2 U.S. Govt, deposits......................... -.3 .2 -1.0 -.4 1.2 -6.1 1.2 -.6 -14.9 13.4 6.7 -5.8 -19.4 25.5 2 3 Other................................................ 6.1 7.3 8.6 3.0 13.5 -1.9 7.6 8.8 14.0 16.0 15.0 .9 17.5 6.5 3 4 Domestic sectors......................... 6.0 6.8 8.3 3.3 12.7 -.1 8.2 12.0 11.5 15.5 11.5 2.2 14.9 8.3 4 5 Households............................... 4.3 6.4 7.1 1.9 12.4 .5 8.1 13.6 14.2 7.3 14.5 -4.9 15,9 15.7 5 6 Nonfinancial business............. -.8 -2.1 -1.7 .7 -1.5 1.5 -1.3 -4.1 -3.9 4.2 -2.5 8.0 .5 -6.3 6 7 State and local govts............... 2.4 1.2 -.2 .8 .3 -.7 -. 1 3.3 1.0 -2.9 1.2 1.2 -2.0 7 8 Financial sectors..................... .2 .3 .7 .4 .7 .5 1.6 1.3 .9 .4 .4 -.1 1.9 2.4 8 9 Mail float................................. -.1 .9 2.5 -.5 .8 -1.8 -.2 -2.0 .4 2.6 2.1 -1.9 -4.7 -1.6 9 10 Rest of the world........................ .1 .5 .3 -.3 .8 -1.8 -.6 -3.2 2.4 .5 3.5 -1.4 2.5 -1.8 10 II. Time and sayings accounts 11 Net increase—Total............................. 29.5 30.4 33.0 20.3 40.8 16.7 15.5 52.3 45.4 42.0 23.5 32.5 18.9 47.6 11 12 At commercial banks—Total........ 14.3 14.5 20.0 13.3 23.8 11.6 6.2 35.1 23.7 23.7 12.7 20.2 4.9 34.4 12 13 Corporate business..................... 3.9 3.2 3.9 -.7 4.1 -3.9 -4.6 10.0 -.9 3.7 3.7 .5 -3.1 9.9 13 14 State and local govts................... 1.6 1.7 2.4 1.3 2.4 1.9 1.5 5.7 3.4 .6 .1 1.5 1.1 5.0 14 15 Foreign depositors...................... 1.0 1.4 .6 .8 1.3 .6 1.0 1.2 2.3 1.1 .8 -.7 -.4 1.0 15 16 Households.................................. 7.9 8.2 13.3 11.9 15.8 13.0 8.5 18.0 17.9 18.7 8.5 18.5 7.2 18.3 16 17 At savings institutions.................... 15.2 15.9 13.0 7.1 17.0 5.1 9.3 17.2 21.7 18.3 10.7 12.4 14.0 13.3 17 18 Memo: Households total................... 23.0 23.9 26.5 19.2 32.4 18.3 17.8 35.0 38.6 36.7 19.2 31.1 21.1 31.9 18 III. U.S. Govt, securities 19 Total net issues.................................... 5.0 7.1 3.6 6.3 12.7 4.9 2.9 8.0 -21.3 34.7 29.2 34.3 .6 32.4 19 20 Short-term marketable.................... 1.4 4.0 3.5 2.2 6.4 7.6 10. 1 9.9 -35.7 30.9 20.7 29.8 -17.3 3.8 20 21 Other................................................ 3.6 3.0 .2 4.1 6.2 -2.7 -7.2 -1.9 14.5 3.9 8.5 4.5 17.9 28.6 21 22 Net acquisitions, by sector................. 5.9 7.1 3.6 6.3 12.7 4.9 2.9 8.0 -21.3 34.7 29.2 34.3 .7 32.5 22 23 Federal Reserve System................. 2.8 3.5 3.7 3.5 4.8 5.7 3.8 5.5 2.8 3.6 6.9 5.5 5.5 7.5 23 24 Short-term................................... 4.9 2.1 3.7 5.4 1.9 6.7 12.4 -.1 -4.2 2.3 9.3 1.4 -4.9 -12.2 24 25 Commercial banks......................... -2.6 .4 -2.3 -3.5 8.8 -5.7 -4.8 17.9 -.3 23.6 -5.9 7.9 -8.2 13.6 25 26 Short-term marketable................ -3.5 3.9 -1.7 -4.5 4.6 -2.8 -4.4 10.2 -7.2 18.3 -2.7 4.3 -2.4 8.8 26 27 Other direct................................. .5 -4.1 -1.4 1.1 1.4 - .3 -.3 5.5 2.4 2.8 -5.2 2.5 -4.4 2.6 27 28 Nonguaranteed........................... .3 .6 .8 2.8 -2.6 -. 1 2.2 4.4 2.5 2.1 1.1 -1.3 2.3 28 29 Nonbank finance............................. -.5 2.0 -.8 .9 3.4 .8 .2 -8.5 9.6 -1.4 9.8 -2.0 6.8 29 30 Short-term marketable................ -1.3 1.2 -.4 1.5 1.0 3.8 1.4 4.6 -10.7 10.6 -.4 10.3 -3.3 6.8 30 31 Other direct................................. .6 .5 -.7 -1.0 -1.5 -.5 -.9 -5.2 .9 -.7 -1.1 -2.6 .8 -.8 31 32 Nonguaranteed........................... .3 .3 .3 .4 .5 .1 .4 .8 1,4 -.3 .1 2.1 .5 .8 32 33 Foreign............................................ .6 .5 -.1 -2.6 2.1 -4.4 -2.1 2.6 1.9 -1.4 5.2 -.3 -5.2 -.4 33 34 Short-term................................... —. 6 . 1 -.4 -.8 1.6 -2.4 .7 3.1 .7 -2.1 4.8 -1.4 -7.3 -2.5 34 35 Pvt. domestic nonfinan. sector.... 4.7 .8 3.1 8.0 -3.0 6.0 5.2 -18.2 -17.2 -.8 24.4 11.3 10.5 4.9 35 36 Short-term marketable............... 1.8 -3.2 2.4 .7 -2.7 2.3 — 7.9 — 14.4 1.8 9.7 15.1 .6 3.0 36 37 Other direct................................. 1.0 2.8 -1.2 2.2 -1.6 1.8 5.8 -9.6 -3.0 — 1.8 8.1 -6.5 -.9 37 38 Nonguarantecd............................ .7 .4 1.3 4.6 .4 1.5 -1.4 -1.5 -.9 -1.5 5.6 2.5 9.6 2. 1 38 39 Savings bonds—Households.... 1.2 .9 .6 .6 .9 .3 .9 .8 1.1 .7 .9 .2 .3 .8 39 IV. Other securities 40 Total net issues, by sector.................. 13.1 14.6 16.2 18.7 29.6 17.2 12.5 28.1 28.1 31.4 30.8 25.5 21.2 25.8 40 41 State and local govts....................... 6.7 5.9 7.3 6.0 10. 1 4.6 6.1 10.3 11.5 7.5 11.2 10.0 6.8 12.8 41 42 Nonfinancial corporations............. 3.6 5.4 5.4 11.4 17.4 11.3 6.6 14.3 15.8 21.4 18.1 12.5 13.1 11.8 42 43 Commercial banks.......................... .3 .6 .8 . 1 .2 * .8 . 1 ♦ .7 .2 43 44 Finance companies......................... 1.4 2.1 1.9 .8 .6 1.2 -.4 1.7 -.3 1.0 . 1 1.5 . 1 * 44 45 Rest of the world............................ 1.1 .7 .8 .5 1.3 .2 1.0 1.0 1.6 1.4 1.5 .5 1.0 45 46 Net purchases...................................... 13.1 14.6 16.2 18.7 29.6 17.2 12.5 28.1 28.1 31.4 30.8 25.5 21.2 25.8 46 47 Households...................................... -2.9 1.5 2.9 -2.5 3.4 -3.5 -4.0 -6.6 -.9 1.3 11.1 1.4 -8.7 47 48 Nonfinancial corporations............. .9 .2 .7 .8 .7 .7 .8 .7 .7 .8 .7 -.1 . 1 .2 48 49 State and local govts....................... 2.5 2.8 2.8 4.1 6.0 5.6 5.0 7.0 6.9 4.8 5.5 4.0 3.9 4.9 49 50 Commercial banks.......................... 5.2 3.7 5.0 2.4 9.8 -.1 -.7 9.6 14.5 4.8 10.3 4.7 6.3 9.6 50 51 Insurance and pension funds......... 7.6 7.5 9.5 9.5 13.5 9.5 8.6 13.9 11.0 14.6 14.4 15.5 12.9 13.7 51 52 Finance n.e.c................................... -.2 -.8 -1.7 -2.2 -1.1 -2.8 1.5 -1.9 -2.8 2.1 -1.9 -12.5 -6.7 2.3 52 53 Security brokers and dealers.... .2 * -.1 .1 . 1 1.0 2.6 -1.9 -2.9 2.6 2.5 -3.9 -5.5 7.2 53 54 Investment cos., net.................... —. 5 -.8 -1.5 -2.4 -1.2 -3.8 -1.2 -.1 * -.5 -4.4 -8.6 -1.1 -4.9 54 55 Portfolio purchases................. .8 1.1 1.6 1.3 1.6 -1.1 2.5 3.0 1.3 3.1 -1.1 -1.4 3.8 1.1 55 56 Net issues of own shares..... 1.2 1.9 3.1 3.7 2.8 2.8 3.6 3.1 1.3 3.6 3.3 7.3 4.9 6.1 56 57 Rest of the world........................... .3 —. 1 -.4 .9 1.0 .4 .4 .5 1.3 2.2 * .7 1.9 2.2 57 V. Mortgages 58 Total net lending................................. 25.0 25.3 25.5 19.6 21.9 17.0 13.2 17.3 19.0 24.8 26.3 24.8 25.5 24.8 58 59 1-to 4-family................................... 15.7 15.4 16.1 10.0 12.5 7.4 6.9 9.4 9.7 15.0 16.0 15.7 14.5 14.8 59 60 In process............................ .5 -.3 ♦ -.9 1.0 -1.7 -1.2 .5 1.4 1.3 .9 .3 .4 -.3 60 61 Disbursed.................................... 15.2 15.7 16.2 11.0 11.5 9. 1 8.1 8.9 8.3 13.7 15.1 15.4 14.1 15.1 61 62 Other................................................ 9.3 10.0 9.4 9.6 9.4 9.6 6.2 7.9 9.3 9.8 10.4 9.1 11.1 10.0 62 63 Net acquisitions................................... 25-0 25.3 25.5 19.6 21.9 17.0 13.2 17.3 19.0 24.8 26.3 24.8 25.5 24.8 63 64 Households...................................... -.3 -.2 -.9 -.4 —. 6 .6 .5 -.5 -1.7 -.4 .2 1.0 -.5 1.0 64 65 U.S. Government........................... -1.0 .2 1.0 3.4 2.7 3.1 1.8 2.4 1.6 3.1 3.7 4.6 4.3 2.2 65 66 Commercial banks.......................... 4.9 4.5 5.6 4.6 4.6 4.3 3.6 2.0 3.5 6.0 6.7 5.8 6.2 6.2 66 67 Savings institutions......................... 16.1 14.8 13.1 6.6 10.8 3.7 3.7 6.8 10.3 13.1 12.9 10.8 11.7 12.0 67 68 Insurance........................................ 4-0 5. 1 5.5 5.1 3. 1 5.3 3.6 5.2 2.9 2.0 2.3 2.1 2.2 2.7 68 69 Mortgage companies...................... .8 .4 .5 -.6 .4 -.9 -1.1 .3 1.3 -.2 .1 -.2 1.0 * 69 VI. Bank loans n.e.c. 70 Total net borrowing............................. 7-6 8.7 16.4 8.2 6.5 5.2 2.0 1.7 7.7 6.7 9.8 2,7 13.2 15.0 70 71 Nonfinancial business..................... 5-0 5.1 12.2 9.9 7.4 9.6 4.7 5.8 11.0 2.0 10.8 1.6 12.7 5.7 71 72 Nonbank finance............................. 1-7 .5 2.4 -1.4 -2.4 -3.5 -2.7 -4.3 -3.3 2. 1 -4.0 -.8 -1.1 4.9 72 73 Households...-................................ .4 1.4 1.3 -.1 1.7 -.7: .5 .9 .7 1.7 3.5 2.0 1.7 4.6 73 74 Rest of the world............................ .5 1.7 .4 -.2 -.3 -.3 - .5 -.6 - .8 .8 -.5 -.2 -.1 -.1 74 Note.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ FLOW OF FUNDS A 69.3 Notes to Table 2 of deposits and credit market instruments by households, nonfinancial I, Saving and investment. Derived statistically from Commerce Dept, business, and State and local govts. Line 49 includes household savings income and product accounts. Tables showing the relation to those bonds as well as marketable issues; see Table 3, line 39. Line 51 includes accounts are in Nov. 1965 Bulletin. Gross national saving (line I) is the consumer credit and open market paper in addition to private securities sum for domestic sectors of gross-saving entries in Table 4. It is before and mortgages. Line 52 is net of free credit balances at brokers. deduction of capital consumption allowances. Govt, saving is net of III. Direct lending in credit markets. Federal Reserve total is Table public outlays for capital goods as well as current operations. Gross 4(G), lines 5 less 14. Commercial-bank total, line 61, is Table 4(H), line 5; national investment (line 8) is gross private domestic investment in includes security credit. Nonbank finance totals include security credit income-and-product accounts plus consumer durables plus net foreign both in lending and funds raised and exclude investment company shares investment. Net foreign investment differs from corresponding income- on both sides; line 65 is lines 7 and 16 of Table 4(1), less line 5 of 4(1.8), and-product series by amount of errors and omissions in balance of pay and line 66 is line 22 of Table 4(1) plus line 5 of 4(1.7) less line 5 of 4(1.8). ments statement. Line 69 is the net sum of lines 49-52 in Table 2-II. Relation of saving-investment discrepancy to flow of funds matrix is described on p. 1536 of Nov. 1965 Bulletin. Notes to Table 3 II. Financial,(Mows—Summary. This table is described in Nov. 1962 I. Demand deposits and currency. Lines 5-8 are holder record; line 9 Bulletin, p. 1405. Total net funds raised (line 17)i s borrowing through is difference between holder and bank record. credit markets (line 25 of Table 1) by households, nonfinancial business, III. U.S. Govt, securities. All holdings stated in par values; excludes govts., and foreigners. Credit market funds raised by all sectors consists special issues to International Monetary Fund and includes nonguaran of line 17 plus financial-sector borrowing (Table 4(H), line 32, and Table teed issues of Govt, agencies and loan participation certificates. See note 7 4(1), line 22). to Table 4(E) below. Short-term category consists of direct marketable U.S. Govt, short-term securities are direct marketable issues due in less issues due in less than 1 year plus part of those due in less than 2 years. than 1 year plus part of those due in less than 2 years. For further IV. Other securities. Total excludes open-end investment co. shares; detail see Table 4(E), lines 26-30. these are shown as a deduction on line 56, offsetting net purchases of Demand deposits on lines 37 and 45 are on bank-record basis rather such shares included in the other lines (mainly households) under “net than holder records shown in Table 4. Line 37 includes time deposits. purchases.” Net purchases includes small amounts for mutual savings Difference is described in Aug. 1959 Bulletin, p. 852 ff. Foreign funds con banks not shown separately. sist of Jines 9-12 of Table 4(J). Sources n.e.c. (line 41) is mainly financial V. Mortgages. Loans in process at savings and loan associations are institution net sources of funds other than deposits, insurance and pen included in totals outstanding and treated as savings and loan liability. sion reserves, security credit, and credit mkt. funds. Line 63 includes holdings by State and local govts, not shown separately. Private domestic nonfinancial sectors (line 42) consists of acquisition 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (In billions of dollars) 1966 1967 1968 Category 1963 1964 1965 1966 1967 HI IV I II HI IV I 11 III (A) Households J 1 Personal income................................ 465.5 497.5 538.9 586.8 628.8 592.1 604.5 614.8 621.6 633.7 645.2 662.7 678.1 694,3 I 2 Less: Personal taxes & non taxes.. 60.9 59.4 65,7 75.3 82.5 76.8 79.2 80,5 80.1 83.6 85.6 88.3 91 .8 101.6 2 3 Personal outlays............ 384.6 411.9 444.8 478.6 506.2 482.5 487.3 494.6 504.5 509.5 516.1 533,5 542.3 555.6 4 Equals: Personal saving............. 19.9 26.2 28.4 32.9 40.2 32.9 38,1 39.7 37.0 40.5 43.4 40.8 44,0 37.1 4 5 Plus: Credits from Govt, insur.2. 4.0 4.4 4.8 5.1 5.9 5.0 5.2 5.4 6.2 5.5 6.5 5.3 6.0 4.7 5 6 Other adjustments 3............ .5 .6 .9 1.3 1 .7 .9 2.0 1 .4 .7 1.2 3,6 3.4 3.7 3.1 6 7 Net durables in consumpt... 8.9 11.2 14.8 14,9 12,1 15.0 13.7 I 1.2 12.5 12.0 1 1 .7 15,1 15.7 18.4 7 8 Purchases......................... 53.9 59.2 66.3 70.5 72.6 71.0 71.1 69.8 72.4 73.1 74.2 79.0 81 .0 85.1 8 9 Less: Cap. consumpt...... 45.0 48.0 51 .5 55.6 60.6 56.0 57.4 58.7 59.9 61.2 62.6 63.9 65.3 66.7 9 10 Equals: Net saving........................... 33.3 42.4 49.0 54.3 59.8 53.7 59.1 57.6 56.4 59.1 65.2 64.6 69.4 63.4 10 11 Plus: Capital consumpt.4............ 52.4 55.9 59.9 64.3 69.8 64.8 66.2 67.6 69.0 70.4 72.0 73.5 74.9 76.4 1 1 12 Equals: Gross saving....................... 85.8 98.3 108.9 118.6 129.6 118.5 125.3 125.3 125.4 129.6 137,1 138,1 144.3 139.8 12 13 Gross investment (14 + 18)................ 87.2 97.8 107.3 112.9 124.7 114.6 115.1 116.8 120.4 126.1 134.4 126.6 138.9 128.0 13 14 Capital expend, (net of sales).... 76.3 82.2 89.2 92.0 93.0 92.5 90.0 87.4 90.8 94,7 97.9 104,0 106.2 110.2 14 15 Residential construction........... 19,0 19.3 19.1 18.7 16.6 19.1 16,6 14.7 14.8 17.7 19.4 21,5 21.6 21.5 15 16 Consumer durable goods.......... 53.9 59.2 66.3 70.5 72.6 71.0 71.1 69.8 72.4 73.1 74.2 79.0 81 .0 85,1 16 17 Plant and equip, (nonprofit)... 3.4 3.7 3.8 2.8 3.7 2.4 2.2 2.9 3.7 3.8 4.2 3.5 3.7 3.7 17 18 Net finan. investment (19—37)...... 10.9 15.6 18.1 20.9 31.7 22.2 25.1 29.3 29.6 31.4 36.5 22.5 32.6 17.7 18 19 Net acquis, of finan. assets^.......... 37.2 42.9 48.0 42.8 54.2 41.1 43.1 47.2 47.0 56.6 66.0 49.1 65.7 55.1 19 20 Demand dep. and currency.... 4.3 6.4 7.1 1.9 12.4 .5 8.1 13.6 14.2 7.3 14.5 -4.9 15.9 15.7 20 21 Savings accounts....................... 23.0 23.9 26.5 19.2 32.4 18.3 17.8 35.0 38.6 36.7 19.2 31.1 21.1 31.9 21 22 At commercial banks........... 7.9 8.2 13.3 11.9 15.8 13.0 8.5 18.0 17.9 18.7 8.5 18.5 7.2 18.3 22 23 At savings institutions.......... 15.1 15.8 13.2 7.3 16.6 5.3 9.3 16.9 20.6 18.0 10.7 12.6 13.8 13.6 23 24 Life insurance reserves............. 4.2 4.3 4.8 4.7 4.8 4.6 4.6 5.3 3.9 4.6 5.3 4.8 4.8 4.8 24 25 Pension fund reserves............... 9.9 11.2 11.7 13.3 14.3 13.5 15.1 12.4 14.7 14.9 15.2 13.5 15.7 15.9 25 26 Cr. market instr.......................... .4 3.2 2.2 10.5 -4.0 1 1 .0 1.9 -13.1 -18.1 -1.3 16.7 13.1 13.1 -6.0 26 27 U.S. Govt, securities............. 3.5 1.9 2.9 8.0 -.9 7.0 4.9 -8.6 -9.9 * 15,1 1 .0 12.2 1 .7 27 28 Savings bonds.................... 1.2 .9 .6 .6 .9 .3 .9 .8 1.1 .7 .9 .2 .3 .8 28 29 Short-term mkt.................. 2.8 -1.8 3.2 1.8 -3.5 2.9 -.3 -5.2 -5.2 -3.6 .1 5.2 1.6 16.1 29 30 Other direct....................... -.9 2.0 -1.1 1.6 .6 1.2 4.3 -4.2 -6.8 3.3 10.2 -4.5 3.8 -18.6 30 31 Nonguaranteed.................. .4 .8 .2 4.1 1.2 2.5 * -.1 1 .1 -.3 4.0 * 6.5 3.5 31 32 State and local oblig............. .7 2.2 2.1 2.2 4.4 4.8 -.5 -2.4 1.9 1.1 4.1 -1.6 1.9 32 33 Corporate and fgn. bonds... -1.0 -.8 -.3 1.2 1.6 .8 -2.8 -.7 .8 3.5 2.5 3.7 8.4 -.6 33 34 Corporate stock..................... -2.5 . 1 -1.7 -.5 -4.1 — 1.8 -5.5 -2.8 -5.0 -6.3 -2.3 3.3 -5.4 -10.0 34 35 Mortgages.............................. -.3 -.2 -.9 -.4 -.6 .6 .5 -.5 -1.7 -.4 .2 1.0 -.5 1 .0 35 36 Net invest, in noncorp. bus.... -5.3 -7.2 -6.1 -7.9 -8.3 -7.6 -6.3 -9.5 -8.1 -7.8 -7.9 -9.7 -8.9 -8.0 36 37 Net increase in liabilities............... 26.3 27.2 29.9 21.9 22.5 18.9 18.0 17.8 17.4 25,2 29.5 26.5 33.0 37.4 37 38 Credit mkt. instruments............ 24.1 27.2 28.7 21.6 18.7 20.8 17.6 15.7 14.1 21 .0 24.0 28.9 27.3 34.8 38 39 1- to 4-family mtgs................ 14.8 16.0 16.0 11.9 10.4 11.1 9.5 8.2 7.2 12.4 13.7 15.7 13.7 15.2 39 40 Other mortgages................... .9 1 .0 1.1 1.1 1 .0 1.1 1.1 1.1 1 .0 1 .0 1 .0 .8 .8 .8 40 41 Consumer credit.................... 7.3 8.0 9.4 6.9 4.4 6.8 4.6 4.1 4.0 4.9 4.8 9.0 9.4 12.9 41 42 Bank loans n.e.c..................... .4 1 .4 1.3 -.1 1 .7 -.7 .5 .9 .7 1.7 3.5 2.0 1.7 4.6 42 43 Other loans *......................... .6 .8 .8 1.8 1.2 2.5 2.0 1.5 1 .2 1 .0 1 .0 1.5 1.7 1.4 43 44 Security credit.......................... 2.0 -.2 .8 -.2 3.3 -2.4 -.1 1.6 2.8 3.7 5.0 -3.1 5.1 1.9 44 45 Discrepancy (12 — 13)....................... -1.5 .5 1 .6 5.7 4.9 3.8 10.2 8.5 5.0 3.5 2.7 1 1.5 5.5 11.8 45 For notes sec p. A-69.9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 69.4 FLOW OF FUNDS □ FEBRUARY 1969 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1966 1967 1968 Category 1963 1964 1965 1966 1967 III IV I II III IV I II III (B) Nonfinancial business--Total 1 1 Income before taxes 2....................... 106,9 115.3 129.5 139,7 136.0 139.5 140.5 134.8 135.7 136.0 137.5 140.2 145.8 148.3 1 2 Gross saving...................................... 57.3 65.0 71.8 77.0 78.4 76.8 80.9 77.3 77.6 78.8 79.8 77.6 81.9 84.0 2 3 Gross investment............................. 57.3 59,5 70.8 74.6 74.9 74.8 80.8 77.2 75.9 73.3 73.3 78,3 79.2 78,7 3 4 Capital expenditures................... 63.8 70.2 84.4 98.3 93.1 97.4 105.8 94.6 88.4 92.0 97.2 93.5 100.8 100.6 4 5 Fixed investment........................... 57.9 64.3 74.8 83.6 87.0 84.6 86.0 86.2 86.1 86.7 88,9 91.4 90.0 93,2 5 6 Business plant & equipment... 49.9 56.5 66.7 77.5 79.1 79.3 80.9 79.8 78.2 78.4 79.9 83,8 82.1 85.1 6 7 1-4 family residential const, 3... 1 .0 .1 .7 -.6 2.0 -1.5 -1.2 .4 2.6 2.6 2.4 .2 .4 7 8 Other residential....................... 7.0 7.7 7.4 6.7 5.9 6.7 6.3 6.0 5.3 5.7 6.7 7.4 7.6 8.0 8 9 Change in inventories 4............... 5.9 5.8 9.6 14.7 6.1 12,8 19.8 8.4 2.3 5.3 8.3 2.0 10.8 7.5 9 10 Net financial investment.................... -6.5 -10.7 -13.6 -23.7 -18.1 -22.6 -25.0 -17.3 -12.4 -18.7 -24.0 -15.2 -21.6 -22.0 10 11 Net acquis, offinan. assets........... 19.8 14.1 24.3 17.8 J7.6 15.6 7.6 14.1 6.6 22.9 26.6 34.9 26.8 33.1 11 12 Net increase in liabilities $........... 26.4 24.7 37.9 41.5 35.7 38.2 32.6 31.4 19.1 41.6 50.6 50.1 48.4 55.0 12 13 Credit mkt. instruments............ 19.1 22.1 29.5 33,6 37.2 31 .0 21.2 34.5 35.9 37.0 41.5 25.9 37,6 36,1 13 14 Securities................................ 3.6 5.4 5.4 11.4 17.4 11,3 6.6 14.3 15.8 21.4 18,1 12,5 13,1 11,8 14 15 1-4 family mortgages............. .4 -.3 .2 -1.0 1 .1 -2.0 -1.5 .7 1.1 1.3 1.4 -.2 .5 -.1 15 16 Other mortgages................... 8.4 9.0 8.3 8.5 8.4 8.4 5.1 6.9 8.3 8.8 9.4 8.3 10.2 9.2 16 17 Bank loans n.e.c.................... 5.0 5.1 12.2 9.9 7.4 9.6 4.7 5.8 11.0 2.0 10.8 1.6 12.7 5.7 17 18 Other loans 5......................... 1.8 3.0 3.4 4.8 3.0 3.6 6.2 6.9 -.2 3.5 1.7 3.7 1.1 9.5 18 19 Trade debt................................. 7.0 5.8 8.2 9.1 5.5 5.3 7.6 4.7 6.2 4.0 6.9 16.2 17.4 13.0 19 20 Other liabilities......................... .2 -3.2 ,1 -1.1 -7.0 1.9 3.9 -7.8 -23.1 .6 2.1 8.1 -6.6 5.9 20 21 Discrepancy...................................... .1 5.5 1.1 2.3 3.4 2.0 * .1 1.6 5.4 6.5 -.7 2.7 5.3 21 (C) Farm and noncorporate nonfinancial business 6 1 Net income 2..................................... 58.4 60.1 65.6 69.5 69.8 69.1 69,2 69,1 69,6 70,3 70.3 71.1 72.0 72.9 1 2 Gross saving 7................................. 13.5 14.5 15.2 15.9 16.8 15.7 17.0 17.1 17.0 17.0 16.2 17.4 17.6 18.0 2 3 Gross investment.............................. 13.5 14.5 15.2 15,9 16.8 15.7 17.0 17.1 17.0 17,0 16.2 17.4 17.6 18,0 3 4 Capital expenditures................... 17.1 16.6 19.5 18.5 19.0 16.4 19.9 16.7 18.3 20.0 21.0 18.4 20.9 20.2 4 5 Fixed investment........................... 15.6 16.6 17.8 17.8 18.4 17.2 18.3 17.8 18.5 18.4 19.0 18,6 19.1 19.1 5 6 Change in inventories 4............... 1.5 * 1.7 .7 .6 -.8 1.6 -1.1 -.2 1.6 2.0 -.3 1.8 1 .0 6 7 Net financial investment.................... -3.6 -2.1 -4.3 -2.6 -2.2 -.7 -3.0 .4 -1.3 -3.0 -4.8 -.9 -3.4 -2.1 7 8 Net acquis, offinan. assets............ .7 1.0 .9 .9 1.0 .8 1.1 1.1 1.6 .9 .6 1.1 1.8 8 9 Net increase in liabilities $............ 4.4 3.2 5.2 3.5 3.2 1.5 4.1 .6 1.8 4.6 5.6 1.5 4.5 3.9 9 10 Credit mkt. instruments........... 8.6 8.6 10.5 10.1 9.1 7.3 10.2 6.0 8.5 9.3 12.7 7.1 12.5 9.6 10 11 Mortgages,............................ 5.2 5.4 5.3 4.8 5.7 4.3 2.8 4.5 5.4 6.2 6.5 5.2 6.5 5.8 11 12 Bank loans n.e.c.................... 2.1 1.5 3.1 3.0 2,2 1.4 4.6 -.1 4.0 .7 4.1 .6 5.0 1.1 12 13 Other loans 5,8...................... 1.3 1.7 2.1 2.3 1.3 1.6 3.8 1.6 -.9 2.4 2.1 1.3 1 .0 2.7 13 14 Trade debt, net......................... 1.1 1.8 .8 1.3 2.4 1 .7 .1 4,2 1 .5 3.1 .8 4.1 .9 2.3 14 15 Proprietors’ net investment ’... -5.3 -7.2 -6.1 -7.9 -8.3 -7.6 -6.3 -9.5 -8.1 -7.8 -7.9 -9.7 -8.9 -8.0 15 (D) Corporate nonfinancial business 1 o 1 Pro fits+IVA..................................... 48.6 55.2 64.0 70.2 66.2 70.4 71,3 65.7 66.1 65.7 67.2 69.1 73.7 75.3 1 2 Profits tax accruals....................-.,.. 22.8 24.2 27.5 30,3 38.7 30.6 30.0 28.0 28,2 28.3 30.1 34.3 35.5 35.6 2 3 Net dividend payments 11........ . 12.7 13.2 15.0 17.2 18.0 17.5 17.0 18.0 18,7 18.2 17.0 18.7 19.2 19.6 3 4 Net savings+IVA (1-2-3)................. 13.1 17.8 21 .4 22.7 19,6 22.2 24.3 19.7 19.1 19.2 20.2 16.0 19.1 20.2 4 5 Capital consumption........................ 30.8 32.8 35.2 38.4 42.0 38.8 39.6 40.5 41 .4 42.6 43.4 44.1 45.3 45,8 5 6 Current surp.= gross saving (4 + 5).. 43,9 50.5 56.6 61.1 61 .5 61.0 63.9 60.2 60.6 61.8 63.5 60.2 64.4 66.0 6 7 Gross investment............................. 43,8 45.0 55.5 58,7 58.1 59,0 63.9 60.1 58.9 56.3 57.0 60.8 61.6 60,7 7 8 Capital expenditures........ 46.7 53.6 64.9 79.8 74.1 81.0 85.9 77.9 70.1 72.1 76.2 75.1 79.9 80.5 8 9 Fixed investment,................. 42.3 47.7 57.0 65.8 68.6 67.4 67.7 68.4 67.6 68.3 69.9 72.8 71,0 74,0 9 10 Plant and equipment................. 38.6 44.1 53.2 63.0 64,9 65.0 65,5 65.5 64.0 64.5 65.7 69.3 67.3 70.3 10 11 Residential construction........... 3.7 3.6 3.8 2.8 3.7 2.4 2.2 2.9 3.7 3.8 4.2 3.5 3.7 3.7 11 12 Change in inventories 4................ 4.3 5.9 7.9 14.1 5.5 13,6 18,2 9.5 2.4 3.8 6.3 2.3 9.0 6.5 12 13 Net financial investment................... -2.9 -8.6 -9.4 -21.1 -15.9 -21.9 -22.0 -17.8 -11.1 -15.7-19.2 -14.3 -18.3 -19.8 13 14 Net acquis, of finan. assets........... 19.1 13.0 23.3 16.9 16.5 14.8 6.5 13.0 6.1 21.3 25.8 34.3 25.7 31.3 14 15 Liquid assets............................. 4.3 .8 .8 1.0 .9 -.8 -4.7 4.4 -12.2 5.7 5.5 17.6 .2 8.3 15 16 Demand dep. and curr.......... -.8 -2.3 -1.8 .7 -1.7 1 .5 -1,3 -4.1 -4.1 4.1 -2.6 7.9 .6 -6.2 16 17 Time deposits........................ 3.9 3.2 3.9 -.7 4.1 -.39 -4.6 10,0 -.9 3.7 3.7 .5 -3.1 9.9 17 18 U.S. Govt, securities............. .5 -1.5 -2.1 -1.2 -3.0 -1.6 -1.1 -4.9 -7.1 — 1.5 1.4 8.3 -.8 —. 6 18 19 Open market paper............... .7 1.4 .8 2.3 1 .4 3.2 2.4 3.4 -.1 -.7 3.0 .9 3.6 5.2 19 20 State and local oblig................. .9 .2 .7 .8 .7 .7 .8 .7 .7 .8 .7 -.1 . 1 .2 20 21 Consumer credit....................... .7 1.0 1.2 .11 1 .0 .8 -.1 1 .6 1.1 . 6 .7 2.1 1.6 1.9 21 22 Trade credit............................... 8.5 8.3 12.8 10.8 8.7 9.6 6.0 3.8 9.7 6.5 14,7 12.4 19.5 11.8 22 23 Other financial assets 12............ 4.8 2.8 7.9 3.3 5.3 4.5 4.5 2.5 6.8 7.7 4.2 2.2 4.2 9.1 23 24 Net increase in liabilities............... 22.0 21.6 32.7 38.0 32.5 36.7 28.5 30.8 17.2 37.0 44.9 48.6 43.9 51.1 24 25 Credit mkt. instruments........... 10.5 13.5 19.1 23.5 28.1 23.7 11.0 28.6 27.5 27.7 28.8 18.8 25.1 26.5 25 26 Corporate bonds................... 3.9 4.0 5.4 10.2 15,1 10.5 8.1 13.3 13.9 18,6 14.5 11.2 13,7 13,7 26 27 Corporate stock..................... -.3 1.4 1.2 2.3 .9 -1 .5 .9 1.9 2.8 3.7 1,3 — .6 -1.9 27 28 Mortgages.............................. 3.5 3.3 3.1 2.7 3.8 2.1 .9 3.1 4.0 3.9 4.3 2.9 4,3 3.3 28 29 Bank loans n.e.c.............. 2.9 3.6 9.2 6.9 5.2 8.2 .1 5.9 7.0 I .4 6.7 1,0 7.7 4.6 29 30 Other loans 13........................ .5 1.3 1.3 2,5 1 .7 2.1 3.3 5.2 .7 1 .1 -.4 2.4 ,1 6.7 30 31 Profits tax liability 14............... 1.5 .7 1.9 .2 -3.8 2.7 1.8 1 .5 -20.8 .3 3.8 14.2 -7.0 —. 6 31 32 Trade debt................................. 6.0 4.0 7.4 7.8 3.1 3.6 7.4 .5 4.8 .9 6.1 12.1 16.5 10.7 32 33 Other liabilities.......................... 4.0 3.3 4.3 6.6 5.1 6.7 8.3 .2 5.8 8.1 6.3 3.6 9.3 14,6 33 34 Discrepancy....................................... . 1 5.5 1.1 2,3 3.4 2.0 * . 1 1.6 5.4 6.5 -.7 2.7 5.3 34 35 Memo: Net trade credit................... 2.5 4.3 5.3 3.0 5.6 6.0 -1.4 3.3 4.9 5.5 8.6 .3 2.9 1.1 35 36 Profits tax payments i4..................... 20,8 23,4 25.6 30.5 32.4 28.6 27.2 27.3 50.1 26.6 25.8 19.2 41.5 36.1 36 For notes see p. A-69.9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ FLOW OF FUNDS A 69.5 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1966 1967 1968 Category 1963 1964 1965 1966 1967 HI IV I II III IV I II in (E) U.S. Government i 1 Tax receipts (net of refunds)............ 91.4 91,2 99.6 109.9 114.4 111.7 113.2 112.2 111.7 115.2 118.6 126.0 130,6 140.0 1 2 Individual income......................... 51.5 48.6 53.8 61.7 67.3 62,9 64.9 66.0 65.1 68.2 69.7 72.0 74.9 83.7 2 3 Corp, profits tax accruals............. 24.6 26.4 29.3 32.4 30.9 32.8 32.2 30.3 30.5 30.6 32.4 37.0 38.2 38.6 3 4 Other............................................ 15.3 16.1 16.5 15.8 16.2 16.0 16.1 15.9 16.1 16.3 16.4 17.0 17,5 17.8 4 Social insurance programs 2 5 Premiums received........................ 21.0 21.6 22.8 30.6 34.1 31.2 31.9 33.1 33.9 34.3 35.1 37,4 38.1 38.7 5 6 Benefits paid.................................. 18.2 18.7 20.3 22,6 27.8 22.9 25.0 26.6 27.9 28.3 28.5 28.7 29.2 29.4 6 Life insur. & retirement programs 3 7 Premiums received........................ 2.1 2.2 2.3 2.5 2.7 2.6 2.6 2.7 2.6 2.7 2.7 3.1 3.1 3.4 7 8 Benefits paid.................................. 3.2 3.2 3.3 3.8 4.2 3.8 3.8 4.8 3.9 3.9 4.0 4.1 4.1 4.2 8 9 Net grants and donations paid 4,,,. 20.5 22,8 24.2 29.0 30.8 29.7 30.1 30.2 29.7 31.4 31.9 34.0 36.8 38.0 9 10 Net interest paid............................... 7.7 8.3 8.7 9.5 10.3 9.5 10.0 10.2 9.9 10.2 10.7 11.3 11.8 12.1 10 11 Net purchases of goods & services.. 64.2 65.2 66.9 77.4 90.6 79.9 .81.5 87.4 90.0 91.3 93.5 97,1 100.0 101,2 11 12 Net surplus........................................ .7 -3.0 1.2 .7 -12.4 -.3 -2.8 -11.4 -13.2 -12.9 -12.1 -8.6 -10.2 -2.8 12 13 Insurance and retirement credits 5.. 1.3 1.4 1 .4 1.4 1.8 1.2 1.3 1 .4 2.1 1.3 2.2 1.3 2.0 .7 13 14 Gross saving...................................... -.6 -4.3 -.1 -.6 -14.1 -1.4 -4.0 -12.7 -15.3 -14.1 -14.3 -9.8 -12.2 -3.4 14 15 Net finan. investment (16 — 23)......... -1.3 -2.5 -.8 —. 1 -12.9 -.1 -2.5 -8.3 -18.2-14.5 -10.6 -9.6 -11.1 -2.8 15 16 Net acquis, of finan. assets........... 4.7 5.6 4.9 8.7 3.1 7.2 4.6 5.2 -34. J 20.5 20.9 27.7 -10.1 32.3 16 17 Demand deposits & currency... -.4 .6 -1.4 -.1 1.0 -4.2 -2.7 -.9 -13.4 11 .6 6.7 -5.6 -16,7 24.4 17 18 Credit market instruments....... 2.7 3.8 4.7 7.9 4.5 7.8 2.8 6.1 -.8 5.0 8.0 14.0 8.1 6.9 18 19 Mortgages.............................. -1.0 .2 1 .0 3.4 2.7 3.1 1.8 2.4 1.6 3.1 3.7 4.6 4.3 2.2 19 20 Other loans............................ 3.7 3.5 3.7 4.6 1.8 4.7 .9 3.7 -2.5 1 .9 4.3 9.4 3.8 4.7 20 21 Excess of tax accruals over receipts. ................................. 1 .8 1.1 1 .2 -.4 -4.2 2.0 2,5 .9 -22.8 1.4 3.7 15.9 -5.7 -1.0 21 22 Other financial assets 6............. .6 .1 .5 1.3 1.8 1.7 2.0 -1.0 3.0 2.5 2.6 3.4 4.1 1.9 22 23 Net increase in liabilities......... 6.0 8.1 5.7 8.8 16.0 7.3 7.2 13.5 -15.9 35.0 31.6 37.3 1.0 35.2 23 24 Life insurance and retirement reserves.......................... 1.3 1.4 1.4 1.4 1.8 1.2 1.3 1 .4 2.1 1.3 2.2 1.3 2.0 .7 24 25 U.S. Govt, securities 7............. 5.0 7.1 3.6 6.3 12.7 4.9 2.9 8.0 -21.3 34.7 29.2 34.3 .6 32,4 25 26 Svgs. bonds ®......................... 1.2 .9 .6 .6 .9 .3 .9 .8 l.l .7 .9 .2 .3 .8 26 27 Short-term marketable 9.... 1.4 4.0 3.5 2.2 6.4 7.6 10,1 9.9 -35.7 30.9 20.7 29.8 -17.3 3.8 27 28 Other direct........................... 1.1 .9 -2.9 -1.4 1.6 -2.0 -6.9 -4.2 8.5 2.5 -.3 -1.4 8.9 22.7 28 29 Nonguaranteed agency issues 1.5 .4 2.0 3.8 -.3 1.2 .2 -4.2 -2.2 .8 4.4 4.3 6.1 1 .9 29 30 Loan participations............... -.2 .8 .4 1.3 4.0 -2.2 -1.3 5.7 7. 1 -.1 3.5 1.3 2.7 3.2 30 31 Other liabilities....................... -.3 - .4 .6 1.1 1.6 1.2 2.9 4.1 3.2 -1.0 .2 1.7 -1.6 2.0 31 32 Discrepancy (14 — 15)....................... .7 -1.8 .6 -.5 -1.2 -1.3 -1.5 -4,5 3.0 .5 -3.7 -.2 -1.0 -.6 32 33 Memo: Corp, tax receipts, net........ 22.8 25.3 28.1 32.8 35.1 30.8 29.6 29.4 53.3 29.2 28.7 21.1 43.9 39.5 33 (F) State and local governments 10 I Tax receipts....................................... 50.5 54.9 59,8 65.4 71.1 66.1 67.9 69.1 70.3 71.7 73.3 74.8 77.2 79.8 1 2 Social ins. and grants rec................. 12.9 14.5 15.6 19.2 20.7 19.8 20.0 20.1 19.7 21 .0 22.2 22.9 23.6 23.8 2 3 Purch, of goods and services........... 58.2 63.5 70.1 78.8 87.8 79.7 82.7 85,8 87.2 88.3 90.0 93.4 95.6 98.4 3 4 Net interest & transfers paid 11.... 4.0 4.3 4.4 4.7 5.5 4.8 4.9 5.2 5.4 5.5 5.8 6.1 6.2 6.5 4 5 Net surplus...................................... 1.2 1 .7 1.0 1.1 -1.4 1.5 .2 -1.7 -2.6 -1.1 -.4 -1.7 -1.1 -1.3 5 6 Less retirement credit to households 2.7 3.1 3.4 3.7 4.1 3.8 3.9 4.0 4.1 4.2 4.3 3.9 4.0 4.0 6 7 Equals: Gross saving...................... -1.5 -1.4 -2.4 -2.7 -5.6 -2.3 -3.7 -5.7 -6.7 -5.3 -4.6 -5.6 -5.1 -5.3 7 8 Net financial investment (9 —17). . .. -2.1 -2.6 -3.1 -2.2 -4.2 -1.6 -2.2 -2.5 -5.1 -4.6 -4.6 -5.5 -5.1 -5.1 8 9 Net acquis, of finan. assets............ 7.7 6.9 8.1 8.5 10.5 8.4 8.8 12.1 10.9 7.8 11.1 9.4 6.4 12.5 9 10 Liquid assets..................... 4.1 2.4 3.3 2.4 4.0 1.9 1.4 9.0 .8 4.9 1.5 4.8 -2.3 5.3 10 11 Demand deposits and cur.... 2.4 1.2 -.2 .8 .3 -.7 -.1 3.3 ♦ 1 .0 -2.9 1.2 1.2 -2.0 11 12 Time deposits......................... 1.6 1.7 2.4 1.3 2.4 1 .9 1.5 5.7 3.4 .6 .1 1.5 l.l 5.0 12 13 Short-term U.S. Govt. sec... .1 -.5 1.1 .3 1.3 .7 .1 . 1 -2.6 3.3 4.3 2.0 -4.6 2.2 13 14 Other U.S. Govt, securities.... .6 1 .0 1.2 .9 -.4 -.1 1.4 -4.8 2.4 -2.7 3.5 * 3.8 1.6 14 15 State and local obligations....... -.7 -.5 -.3 -.3 -.5 -.2 -.3 -.5 -.5 -.4 -.5 - .4 -.5 -.4 15 16 Other 12..................................... 3.5 3.7 3.8 5.2 7.4 6.7 6.2 8.4 8.4 6.2 6.4 5.1 5.0 5.9 16 17 Net increase in liabilities......... 9.8 9.4 11.2 10.7 14.7 10.0 10.9 14.6 16.0 12.4 15.8 14.8 11.5 17.6 17 18 Credit market borrowing......... 7.0 6.2 7.8 6.8 10.5 6.1 6.9 10.5 11.8 8.1 11.4 10.4 7.0 13.0 18 19 State and local obligations... 6.7 5.9 7.3 6.0 10.1 4.6 6.1 10.3 11.5 7.5 11 .2 10.0 6.8 12.8 19 20 Short-term......................... .5 .5 1.3 .4 1.3 -.3 .3 1.8 2.2 1.6 -.3 1.5 -2.0 20 21 Other................................... 6.2 5.4 6.1 5.5 8.8 4.9 5.8 8.5 9.3 5.9 11.5 8.5 8.8 12.8 21 22 U.S. Govt, loans................... .3 .4 .4 .8 .3 1.6 .9 .2 .3 .6 .2 .4 .2 .3 22 23 Employee retirement reserves., 2.7 3.1 3.4 3.7 4.1 3.8 3.9 4.0 4.1 4.2 4.3 3.9 4.0 4.0 23 24 Trade debt............................... .1 . 1 ,1 .1 .1 .1 .1 .1 . I .1 . 1 .5 .5 .5 24 25 Discrepancy....................................... .6 1.1 .7 -.5 -1.4 -.7 -1.5 -3.2 -.15 -.7 -.2 -.2 25 26 Memo: Total U.S. Govt, sec........... .7 .5 2.3 1.3 .9 . 6 1.5 -4.7 -.2 . 6 7.8 2.0 - .8 3.8 26 For notes see p. A-69,9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 69.6 FLOW OF FUNDS □ FEBRUARY 1969 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1966 1967 1968 Category 1963 1964 1965 1966 1967 III IV I II III IV I II III (G) Monetary authorities1 1 Current surplus.......................... .1 -.5 * * * * * * ♦ * * * .1 * 1 2 Net acquis, of financial assets.......... 2.2 3.4 2.3 4.2 4.8 5.7 3.2 4.2 2.5 4.4 7.5 4.1 -.3 3.9 2 3 Gold and foreign exchange?........ -.4 * -1.3 -.3 -.5 .4 .1 -3.1 1.7 .4 -.8 -6.2 -2.6 1.1 3 4 Treasury currency......................... -.2 .2 .7 .5 .5 .8 .7 .5 .5 .2 .7 -.3 .1 4 5 Credit mkt. instruments.......... 2.9 3.4 3.8 3.5 4.8 5.0 4.3 5.2 2.9 3.7 6.9 5.3 5.7 7.3 5 6 U.S. Govt, securities................ 2.8 3.5 3.7 3.5 4.8 5.7 3.8 5.5 2.8 3.6 6.9 5.5 5.5 7.5 6 7 Short-term marketable.......... 4.9 2.1 3.7 5.4 1 .9 6.7 12.4 -.1 -4.2 2.3 9.3 1.4 -4.9 -12.2 7 8 Other...................................... -2.2 1.3 .1 -1.9 2.9 -1.0 -8.6 5.6 7.0 1.4 -2.4 4.1 10.4 19.8 8 9 F.R. float....................................... -.3 -.4 .3 -1.7 -.4 1 .9 -2.3 .4 -.1 2.8 -.7 -5.1 9 10 F.R. loans to domestic banks.. .. ♦ .1 -.1 .1 * 1.5 -1.7 - .5 -.4 -.6 1.3 1.6 -2.4 .5 10 11 Net increase in liabilities................... 2.1 3.8 2.2 4.2 4.7 5.7 3.2 4.2 2.5 4.4 7.4 4.1 -.4 3.9 11 12 Member bank reserves................. -.4 1.0 .4 1.3 1.2 5.7 .2 -1.0 -1 .5 6.4 .9 1.3 -2.1 1.9 12 13 Vault cash of coml. banks}.......... .6 -.4 .3 .6 .5 .2 1.7 -.5 -1.0 .9 1.9 -.1 -.1 2.9 13 Demand deposits and currency... 14 Due to U.S. Govt................ .3 .2 .2 .9 -1.6 .1 2.4 3.2 -4.2 2.4 -3.0 1.7 -2.8 14 15 Due to rest of the world4........ -.1 .1 -.1 .2 * -.5 ♦ -.1 .1 -.1 .4 -.2 .1 15 16 Currency outside banks............ 1 .7 2.4 2.1 2.0 2.1 2.0 l.l 3.3 1.5 1.6 2.1 3.9 1,2 1.6 16 17 Other.............................................. .6 -.5 -.1 * -.2 .1 .1 .1 -.2 .1 1.6 -.9 .2 17 (H) Commercial banks 5 1 Current surplus................................. 1.7 1.9 2.1 2.6 2.6 2.6 2.9 2.6 2.5 2.5 2.7 2.7 2.7 3.0 1 2 Net acquisition of financial assets. .. 20.0 23.6 30.5 20.5 39.3 14.8 12.2 37.3 22.1 61.3 35.9 24.2 17.1 72.4 2 3 Member bank reserves6................ -.4 1.0 .4 1.3 1.2 5.7 .2 -1.0 -1.5 6.4 .9 1.3 -2.1 1.9 3 4 Vault cash...................................... .6 -.4 .3 .6 .5 .2 1.7 -.5 -1.0 .9 1.9 -.1 -.1 2.9 4 5 Total loans and investments........ 19.4 22,4 29.1 17.4 36.4 9.6 7.9 39.7 22.3 54.8 28.9 21 .7 17.6 66.5 5 6 Credit market instruments..... 18.8 21.9 29.0 16.9 34,8 8.1 7.0 37.6 28.9 45.8 27,2 26.0 20.7 51 .3 6 7 U.S. Govt, securities?............ -2.6 .4 -2.3 -3.5 8.8 -5.7 -4.8 17.9 -.3 23.6 -5.9 7.9 -8.2 13.6 7 8 Short-term marketable. . . . -3.5 3.9 -1.7 -4.5 4.6 -2.8 -4.4 10.2 -7.2 18.3 -2.7 4.3 -2.4 8.8 8 9 Other direct....................... .5 -4.1 -1.4 1.1 1.4 -.3 -.3 5.5 2.4 2.8 -5.2 2.5 -4.4 2.6 9 10 Agency issues..................... .5 * 1.1 .5 -1.2 .8 -.9 .6 1.8 .3 1.0 -1.0 1 .4 10 11 Loan participations........... -.2 .6 -.3 -.1 2.3 -1.5 -.9 3.1 3.8 .6 1 .7 .1 -.4 .8 11 12 Other securities & mortgages. 10.1 8.2 10,6 7.1 14.3 4.2 2.9 11.6 18.0 10.8 17,0 10.5 12.5 15,8 12 13 State and local oblig.......... 5.2 3.6 5.1 2.4 9.0 -.2 -.8 8.4 13.3 4.4 9.9 4.4 6.1 9.4 13 14 Corporate bonds............... .1 -.1 .1 .8 .1 .1 1.1 1.1 .4 .4 .3 .3 .2 14 15 1- to 4-family mortgages... 2.7 2.3 3.1 2.4 2.5 1.9 1.9 1.0 1 .4 3.4 4.0 2.9 2.9 3.2 15 16 Other mortgages................ 2.2 2.2 2.5 2.3 2.1 2.4 1.7 1 .0 2.1 2.6 2.7 2.9 3.3 3.0 16 17 Other credit exc. security.. . . 11.3 13.4 20.7 13,3 11 .7 9.7 8.9 8.1 11.3 11.3 16.1 7.5 16.4 21.8 17 18 Consumer credit................ 3.5 3.8 4.7 3.1 2.2 3.4 2.4 1.3 2.0 3.1 2.4 4.0 3.6 6.0 18 19 Bank loans n.e.c................. 7.6 8.7 16.4 8.2 6.5 5.2 2.0 1.7 7.6 6.7 9.8 2,6 13.2 15.1 19 20 Other loans 8....................... .2 .8 -.5 2.0 3.1 1.1 4.5 5.1 1.7 1.5 3.9 .9 -.4 .8 20 21 Security credit.......................... .6 .5 .1 .5 1 .5 1 .5 .9 2.1 -6.7 9.0 1 .7 -4.2 -3.2 15,2 21 22 Mise, assets.................................... .4 .6 .7 1.1 1 .2 -.8 2.4 -.9 2.3 -.8 4.2 1.2 1.7 1.0 22 23 Net increase in liabilities................... 19.3 22.0 29.2 19.3 37.5 13.3 11.0 35.9 20.6 60.2 33.0 23.2 15.2 70.7 23 24 Demand deposits, net.................. 3.8 4.8 5.6 .3 1 1.6 -7.9 7.5 2.6 -5.7 32.1 17,3 -6.1 -4.7 33.0 24 25 U.S. Govt.9............................... -.6 -1.0 -.5 .2 -4.5 1.1 -3.0 -18.1 17.6 4.4 -2.8 -21.1 28.3 25 26 Foreign1 o................................... .1 .4 .4 -.5 .8 -1.4 -.6 -3.1 2.3 .5 3.4 -1.7 2.7 -1.9 26 27 Other, net11............................... 4.3 4.4 6.2 1.3 10.6 -2.0 7.1 8.7 10.0 13.9 9.5 -1.6 13.7 6.1 27 28 Time deposits................................. 14.3 14.5 20.0 13.3 23.8 11.6 6.2 35.1 23.7 23.7 12.7 20.2 4.9 34.4 28 29 F.R. float....................................... -.3 -.4 .3 -1.7 -.4 1.9 -2.3 .4 -.1 2.8 -.7 -5.1 29 30 Borrowing at F.R. Banks............ .1 -.1 .1 1 .5 -1.7 -.5 -.4 —. 6 1.3 1.6 -2.4 .5 30 31 Other liabilities.............................. 1.4 2.5 4.0 5.4 2.1 9.7 -.7 -3.2 5.3 4.6 1.8 4.7 18,0 7.9 33 32 Security issues.......................... .3 .6 .8 .1 ,2 .8 .1 .— .7 .2 32 .5 * .4 .9 .5 .7 1.2 1.0 .7 .8 -.7 1.1 . 1 .7 33 33 Discrepancy...................................... 34 Memo: Total Ioans exc. mortgages.. 11.9 13.9 20.8 13.9 13.2 11 .1 9.8 10.2 4.6 20,3 17.8 3.3 13.2 37.1 34 For notes see p. A-69.9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ FLOW OF FUNDS A 69.7 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1966 1967 1968 Category 1963 1964 1965 1966 1967 III IV I II III IV I II III (I) Nonbank financial institutions! 1 Current surplus.................................. 1.7 1.2 1.4 1.9 1.2 2.4 1.2 1.4 2.2 1.8 -.6 -.5 -.7 -.1 1 2 Physical investment (Life ins.)........ .5 . 5 ,4 5 .5 5 5 6 6 6 4 6 6 .6 2 3 Net acquis, of financial assets........... 37.0 37.2 37.8 31.0 39.3 26.5 33.6 40.7 25.1 54.5 36.7 37.7 38.6 56.0 3 4 Demand deposits and currency... .2 .3 ,7 .4 .7 .5 1.6 1.3 .9 .4 .4 -.1 1 .9 2.4 4 5 Time deposits (Mut. svgs. bks.)... .1 * -.1 -.1 .8 -.3 -.3 .2 — 5 6 Svgs. and loan shares (Cr. unions) .1 -.2 -.2 .4 -.2 — .3 1,1 .3 -.2 .2 -.3 6 7 Cr. mkt. instr................................. 33.7 35.9 35.8 29.6 33.5 26.4 30.1 32.5 18.9 51.3 31 .5 38.7 29,5 52.3 7 8 U.S. Govt, securities................. -.5 2.0 -.8 .9 3.4 .8 .2 -8.5 9.6 -1.4 9.8 -2.0 6.8 8 9 State and local obligations....... .6 .4 -.2 1 .0 .9 -.1 1.7 2.2 .4 .8 .1 1.9 2.8 1.6 9 10 Corporate bonds........................ 4.4 4.4 5.7 4.9 8.2 4.7 4.6 8.2 4.6 11.3 8.5 6.0 1.9 9.8 10 11 Corporate stock......................... 3.4 3.7 5.4 5.4 8.4 5.2 7.9 7.1 7.5 11.2 7.7 4.3 7.8 12.3 11 12 1- to 4-family mortgages.......... 14.1 13.0 12.8 4.8 7.9 1 .9 2.1 6.3 8.1 8.6 8.6 7.6 8.2 8.4 12 13 Other mortgages....................... 6.9 7,3 6.3 6.4 6.4 6.4 4.2 6.1 6.4 6.5 6.7 5.1 6.7 6.4 13 14 Consumer credit....................... 2.8 2.8 3.1 2.3 .9 2.3 1.7 ,8 1.1 .3 1.6 2.9 3.8 3.9 14 15 Other loans................................ 2 1 2.4 3.3 4.0 .9 2.7 7.1 1 .7 -.8 3.1 -.3 1 .0 .4 3.3 15 16 Security credit............................... 1.9 -.5 .2 -.1 2.8 -2.0 .7 1.5 1.7 3.3 4.8 -2.7 6.3 -.2 16 17 Trade credit................................... .2 .2 .2 .2 .3 .3 .3 .3 .3 .3 .3 .3 .3 .3 17 18 Miscellaneous assets..................... 1.1 1.2 1 .2 1.1 1 .5 1.6 1.0 5.0 1.5 -.6 * 1.6 .3 1.6 18 19 Net increase in liabilities.................. 35.5 36.3 36.3 29.7 39.0 24.3 33.2 40.9 23,3 53.1 38.8 38.9 41.3 58.1 19 20 Time and savings acct................... 15.2 15.9 13.0 7.1 17.0 5.1 9.3 17.2 21 .7 18.3 10.7 12.4 14.0 13.3 20 21 Ins. and pension reserves.............. 10.1 11.1 11.6 12.8 13.2 13.1 14.5 12.2 12,4 14.0 14.1 13.1 14.6 16.0 21 22 Cr. mkt. instr.2............................. 7.1 6.2 9.1 6.4 1.9 2.1 4.2 1.0 - 6.9 7.4 6.1 12.0 7.8 10.7 22 23 Finance company bonds.......... 1 .4 2,1 1.9 .8 .6 1 .2 -.4 1.7 -.3 1.0 ,1 1 .5 .1 23 24 Investment company shares.... 1 .2 1.9 3.1 3.7 2.8 2.8 3.6 3.1 1.3 3.6 3.3 7.3 4.9 6.1 24 25 Mtg. loans in process................ .5 -.3 -.9 1 .0 -1.7 -1.2 .5 1.4 1.3 .9 .3 .4 -.3 25 26 Bank loans n.e.c........................ 1.7 .5 2.4 -1.4 -2.4 -3.5 -2.7 -4.3 -3.3 2.1 -4.0 -.8 -1.1 4.9 26 27 Other loans................................ 2.3 2,0 1.7 4.3 -.2 3.3 4.9 -6.0 -.5 5.9 3.7 3.5 .1 27 28 Finance co. paper................. 1.0 1.5 1 .0 3.4 2.4 2.2 6.9 2.9 .3 .6 5.8 -.2 4.1 -. 1 28 29 FHLB loans........................... 1.3 ,5 .7 .9 -2.5 1.1 -2.0 -2.8 -6.3 -l.l .1 3.9 -.6 .1 29 30 Security credit............................... .5 .1 * .6 2.1 1.3 2.3 4.1 -7,5 9.1 2.9 -4.1 .3 12.3 30 31 Taxes payable................................ .1 * .1 -.2 .2 * .2 -.9 .1 -.2 .5 -.1 .1 31 32 Miscellaneous liabilities............... 2.5 3.1 2.6 2.8 5.1 2.6 2.8 6.3 4.6 4.3 5.2 5.2 4.8 5.7 32 33 Discrepancy.............................. -.3 -.2 -.4 * .4 -.3 .2 1.0 -.1 -.2 1.0 .2 1 .3 1.3 33 (1.1) Savings and loan associations 1 Net acquis, of financial assets.......... 14.0 11.8 10.2 4.3 9.8 1.3 2.2 8.3 10.2 12.6 8.3 11.9 9.9 9.0 I 2 Demand deposits and currency 3. -.5 -.3 -1.0 -. 1 — .5 -1.0 -.2 -.1 -.6 2 3 Cr. mkt. instr. 4............................ 13.3 11.1 9.6 4.3 9.3 1.5 1.8 4.2 9.5 14.0 9.6 1 1 .4 10.6 8.8 3 4 U.S. Govt, securities................. 1 .0 .6 .5 .5 1.7 .8 1.0 .6 2.2 4.2 -.3 2,9 1.1 -.4 4 5 1- to 4-family mortgages.......... 9.3 8.0 7.7 2.7 5.9 . 1 .6 3.1 5.2 7.6 7.8 6.7 6.8 6.8 5 6 Other mortgages....................... 2.9 2.4 I .2 1.1 1.7 .7 .2 .5 1.9 2.2 2.1 1 .8 2.6 2.3 6 7 Misc. financial transactions......... .5 .7 .6 .5 .8 .9 .5 4.0 .6 -1.0 -.3 .7 -.5 .8 7 8 Net increase in liabilities.............. 13.3 11.1 9.4 3.7 9.3 .8 1.9 7.7 9.8 12.1 7.7 11.3 9.2 8.6 8 9 Savings shares............................... 11.1 10,6 8.5 3.6 10.7 1.4 4.6 10.7 14.0 12.4 5.7 6.9 8.4 9.2 9 10 Mtg. Ioans in process................... .5 -.3 -.9 I .0 -1.7 -1.2 .5 1.4 1.3 .9 .3 .4 — .3 10 11 Borrowing from FHLB................ 1.3 .5 .7 .9 -2.5 1.1 -2.0 -2.8 -6.3 -1.1 . 1 3.9 -.6 . 1 1 1 12 Memo: FHLB loans less deposits... 1.4 .5 .8 .9 -2.9 1.3 -2.5 -5.3 -7.1 .3 .3 3.7 * -.3 12 (1.2) Mutual savings banks 1 Net acquis, of financial assets 5........ 3.6 4.5 4.0 2.8 5.4 3.7 3.0 5.6 6.6 5.7 3.7 4.6 4.7 4.6 1 2 U.S. Govt, securities..................... -.2 -.3 -.5 -.3 -.1 -.3 -1.6 -.3 .5 -.4 .5 -.7 2 3 Corporate bonds.......................... -.3 -.2 —. I .3 2. 1 .4 .4 2.2 2.8 2.8 .4 1 .7 1.2 1.3 3 4 1- to 4-family mortgages.............. 2.6 2.7 2.7 1.6 1.8 1.8 1 .7 1.9 1 .9 1.7 1.6 1 .0 1 .2 1 .7 4 5 Other mortgages........................... 1.3 1 .7 1 .6 1 .1 1 .4 1.2 1 . 1 1 .2 1.2 1.7 1.4 1.2 1.1 1. 1 5 6 Savings deposits................................ 3.3 4.2 3.6 2.6 5.1 3.0 3,5 5.5 6.1 4.9 4.0 4.6 4.1 3.2 6 (1.3) Life insurance companies 1 Current surplus................................ 1.1 1.1 1.0 1.1 .9 1.2 1.2 .9 .9 1.0 ,9 1.0 1.0 1.0 1 2 Net acquis, of financial assets 5....... 7.0 7.8 8.7 8.3 9.4 7.7 7.7 11.1 8.2 9.1 9.2 10.2 8.9 8.4 2 3 Cr. mkt. instr................................. 6.7 7.4 8.2 7.8 8.9 7.3 6.5 I0.7 7.6 8.6 8.6 10.1 8.1 7.3 3 4 U.S. Govt, securities................. -.4 -.3 -.4 -.3 -.2 -.7 -.1 -.4 -.1 -.1 .2 -.5 -.2 4 5 State and local obligations....... -.2 -.1 -.3 -.4 -.2 -.4 . -2 -.3 -.1 -.4 . 1 .2 .1 -.3 5 6 Corporate bonds....................... 2.8 2.3 2.8 2.2 4.3 2.0 .4 4.3 2.0 5.1 5.7 4.9 3.0 3.5 6 7 Corporate stock......................... .2 .5 .7 .2 1.0 .3 .4 .8 .9 1.2 1.4 1.3 1.5 .7 7 8 1- to 4-family mortgages.......... .9 1.4 1 .2 .5 -.4 .4 -.1 .5 -.3 -.9 -.9 -.7 - .3 8 9 Other mortgages....................... 2.7 3.2 3.7 4.1 3.3 4.4 2.9 4.3 3.2 2.6 3.1 2.1 3.0 3.0 9 10 Other loans...................... .5 .4 .5 1 .5 1.0 1.3 3.1 1 .2 2.4 1. 1 -.7 1.5 1.7 .9 10 11 Net increase in liabilities,................. 6.4 7.1 7.9 7.2 8.2 7.0 6.4 10.0 6.8 7.5 8.3 9. 1 9.0 8.9 1 1 12 Life insurance reserves................. 4.0 4.2 4.7 4.5 4.6 4.5 4.5 5.1 3.8 4.5 5.2 4.7 4.7 4.7 12 13 Pension fund reserves................... 1 .7 2.0 2.1 2.1 2.2 2.1 2.1 2.2 2.2 2.2 2.2 2.6 2.6 2.6 13 14 Other.............................................. .7 .8 1 .2 .4 1.4 . 1 - .4 2.6 1.4 .8 .9 1 .7 1 .7 1.6 14 For notes see p. A-69.9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 69.8 FLOW OF FUNDS □ FEBRUARY 1969 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1966 1967 1968 Category 1963 1964 1965 1966 1967 III IV I II III IV I II III (1.4) Noninsured pension plans 1 Net acquis, of financial assets 5........ 4.4 4.9 4.9 6.2 6.3 6.5 7.9 5.0 6.4 7.3 6.6 5.7 7.2 8.6 1 2 Credit mkt. instr 6.......................... 4.3 4.8 4.9 6.2 6. 1 6.8 7.1 4.9 6.2 7.0 6.1 6.2 6.6 8.0 2 3 U.S. Govt, securities................. .4 .4 -.3 .2 -.2 .7 .4 -1.8 .3 .1 .6 -.3 .9 .6 3 4 Corporate bonds....................... 1.5 1.6 1.5 1.9 1.0 1.8 1.9 1.7 .4 1.6 .2 1.4 1.0 4 5 Corporate stock........................ 2.2 2.2 3.1 3.7 5.2 3.8 4.1 4.8 5.6 5.0 5.3 5.0 5.9 6.4 5 (1.5) Other insurance companies 1 Net acquis, of financial assets 3........ 1.4 1.1 1.8 1.9 1.8 1.9 1.8 1.6 1.9 2.0 1.7 2.8 2.7 2.6 1 2 Demand deposits and currency... -.1 ♦ * 2 3 Credit mkt. instr.6......................... 1.3 1.0 1.7 1.6 1.5 1.6 1.6 1.3 1.6 1.7 1.4 2.5 2.4 2.2 3 4 U.S. Govt, securities................. .2 .1 -.4 -.7 -.4 -.5 -1.3 -.6 -.5 -.3 -.3 -.2 4 5 State and local obligations....... .8 .4 .4 1.4 1.0 1.6 1.3 1.2 1.1 1.0 .7 1.9 1.9 1.9 5 6 Corporate bonds....................... .1 .3 1.1 . 1 .8 -.1 1.0 .7 .7 .7 .4 -.2 -.1 6 7 Corporate stock........................ .2 .2 .2 .5 .5 .6 .7 .4 .5 .4 .4 .5 .6 .6 7 (1.6) Finance companies 1 Net acquis, of financial assets 5..... 4.0 4.0 5.4 3.2 .7 .9 4.4 1.0 -3.1 3.4 1.6 1.0 2.1 4.9 1 2 1- to 4-family mortgages.............. .8 .4 .5 -.6 .4 -.9 -1.1 .3 1.3 -.2 . 1 -.2 1.0 2 3 Consumer credit........................... 1.8 1.8 1.9 1.2 .2 1.5 .6 .2 .5 -.3 .6 1.8 2.4 2.5 3 4 Other loans.................................... 1.6 1.8 2.7 2.3 -.1 .1 4.7 .3 -5.1 3.7 .7 -.8 -1.4 2.2 4 5 Net increase in liabilities................... 4.0 4.0 5.1 2.7 .7 .1 3.8 1.1 -3.2 3.7 1.5 1.0 2.8 4.9 5 6 Corporate bonds........................... 1.4 2.1 1.9 .8 .6 1.2 -.4 1.7 -.3 1.0 .1 1.5 . 1 6 7 Bank loans n.e.c.......................... 1.6 .4 2.2 -1.5 -2.3 -3.4 -2.7 -3.5 -3.2 2.1 -4.4 -.3 -1.3 4.9 7 8 Open mkt. paper........................... 1.0 1.5 1.0 3.4 2.4 2.2 6.9 2.9 .3 .6 5.8 -.2 4.1 -.1 8 (1.7) Security brokers and dealers I Net acquis, of financial assets.......... .6 .2 .1 .7 2.3 1.5 2.4 4.3 -7.5 9.3 3.0 -3.8 .3 12.5 1 2 U.S. Govt, securities..................... -1.3 .7 -.3 .7 -.8 2.1 -.3 4.2 -6.4 3.2 -4.1 2.7 -1.1 4.8 2 3 Other securities............................. .2 -.1 .1 1.0 2.6 -1.9 -2.9 2.6 2.5 -3.9 -5.5 7.2 3 4 Security credit............................... 1.5 -.5 .5 -.2 2.8 -1.8 -.1 1.8 1.7 3.3 4.4 -3.1 6.5 * 4 5 Net incr. in liab.— Security credit... .5 .1 .6 2.1 1.3 2.3 4.1 -7.5 9.1 2.9 -4.1 .3 12.3 5 6 From banks.................................. .2 .2 -.3 .6 .9 2.1 1.0 2.2 -8.0 8.4 .9 -4.2 -2.1 13.2 6 7 From agencies of fgn. banks........ .4 -.3 .1 -— -.3 .8 -.3 .4 .3 -.2 -.1 7 8 Customer credit balances............. .5 1.2 -.6 .5 2.2 .5 .7 1.6 -.3 2.6 -.7 8 (1.8) Open-end investment companies 1 Net financial investment.................... -.4 -.8 -1.1 -1.2 -1.6 -.7 -1.9 -1.3 -.5 -1.0 -3.4 -3.2 -3.5 -2.9 1 2 Net acquis, of financial assets5... .8 1.1 2.0 2.5 1.2 2.0 1.8 1.9 .8 2.5 -.2 4.0 1.4 3.1 2 3 Credit mkt. instr................ .8 1.1 1.6 1.9 1.1 .3 2.1 2.2 2.7 -.3 3.6 1.0 2.6 3 4 Corporate stock..................... .6 .7 1.2 .9 1.4 -.6 1.6 2.5 1.4 3.1 -1.2 -.9 2.8 .7 4 5 Net stock issues?.................. 1.2 1.9 3.1 3.7 2.8 2.8 3.6 3.1 1.3 3.6 3.3 7.3 4.9 6.1 5 (J) Rest of the world 1 Net purcb. of goods and serv. (2-3).. 5.9 8.5 6.9 5.1 4.8 4.5 4.5 5.2 5.1 5.4 3.4 1.5 2.0 3.3 1 2 Purch. of goods and services 1... 32.3 37. 1 39.2 43.1 45.8 43.6 44.2 45.5 45.5 46. 1 46.0 47.5 49.9 52.6 2 3 Sales of goods and services 1..... 26.4 28.6 32.3 38.1 41.0 39.1 39.7 40.3 40.4 40.6 42.6 46.0 47.9 49.4 4 Net unilateral receipts from Govt.1. 2.8 2.8 2.8 2.9 3.1 2.8 2.6 2.9 3.4 3.4 2.6 2.6 2.8 2.8 4 5 Current surplus (4-1) 2.................... -3.1 -5.7 -4. 1 -2.2 -1.7 -1.7 -1.9 -2.3 -1.6 -2. 1 -.8 1.1 .8 -.5 5 6 Net financial investment (7-14)........ -2.8 -4.7 -3.7 -1.8 -1.2 -2.8 -1.0 -1.6 .6 -2.9 -.7 3.0 2.7 -2.1 6 7 Net acquis, offinan. assets............ 3.4 3.4 2.1 3.9 7.8 2.6 4.7 2.7 8.4 7.9 12.1 9.8 8.8 6.9 7 8 Gold........................................... .5 .1 1 .7 .6 1.2 .7 .5 .2 .1 .4 4.0 5.4 .1 -.3 8 9 U.S. dem. dep. and currency... .5 .3 -.3 .8 -1.8 -.6 -3.2 2.4 .5 3.5 -1.4 2.5 -1.8 9 10 Time deposits..................... 1.0 1.4 .6 .8 1 .3 .6 1.0 1.2 2.3 1.1 .8 -.7 -.4 1.0 10 11 U.S. Govt, securities................. .6 .5 -.1 -2.6 2.1 -4.4 -2.1 2.6 1 .9 -1.4 5.2 -.3 -5.2 -.4 11 12 Other credit market instr.......... .3 .1 1.2 1.2 .4 .4 .8 1.6 2.3 1.5 2.7 2.0 12 13 Misc. financial assets................ 1.1 .8 -.4 4,2 1.1 7.2 5.5 1.1 -.2 4.9 -1.5 5.1 8.7 6.2 13 14 Net increase in liabilities............... 6.2 8.2 5.8 5.7 8.9 5.4 5.7 4.3 7.7 10.8 12.8 6.8 6.1 9.0 14 15 Official U.S. foreign exchange 3 .4 1.1 .4 .5 -3.9 1.7 1.9 4.8 1.8 .6 2.0 15 16 Securities.................................. 1.1 .7 .8 ,5 1.3 * .2 1 .0 1.0 1.6 1.4 1.5 .5 1.0 16 17 Loans 4................................ 2.2 3.7 1 .9 1 ,0 2.7 -.4 1.0 4.5 2.7 2.2 1.4 3.0 1.7 2.2 17 18 Miscellaneous 5.......................... 2.8 3.9 2.6 4.1 3.7 5.4 4.1 2.6 2.2 4.9 5.1 .6 2.9 3.6 18 19 Discrepancy (5-6) 6........................... -.4 -.9 -.4 -.4 -.5 1.0 -.9 -.6 -2.3 .9 -.1 -1.9 -1.9 1.6 19 U.S. gold and fgn. exchg. held by: 20 Monetary auth............................... -.4 -1.3 - .3 -.5 .4 .1 -3.1 1 .7 .4 -.8 -6.2 -2.6 1.1 20 21 U.S. Treasury............................... * -.2 .1 -.2 .4 -.7 -.1 -1.0 1.1 1.6 2.6 3.2 1.2 21 For notes see following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ FLOW OF FUNDS A 69.9 Notes to Table 4 (A) Households 1 Includes nonprofit organizations serving individuals. 4 Line 9 plus capital consumption on owner-occupied houses and nonprofit plant and equipment. 2 Imputed saving associated with growth of government life 8 Includes net free balances with security brokers and miscel insurance and retirement reserves. From Tables 4(E), line 13, laneous assets not shown separately. and 4(F), line 6. 0 Policy loans, hypothecated deposits, and U.S. Govt, loans 3 Capital gains dividends from open-end investments cos. to nonprofit organizations. (B, C, D) Business 1 Sum of Tables 4(C) and 4(D); for detail see below. 8 Loans from U.S. Govt, and commercial loans from finance 9 Profits and noncorporate income as defined in national cos. income. Excludes imputed rental income of owner-occupied 0 Includes earnings retained in business; see note 7 above. houses, included in Table 4(A). 10 Excludes corporations in Tables 4(C), (G), (H), and (I). 3 Change in work in process. * After inventory valuation adjustment. 11 Includes branch profits paid to foreign parents less branch 8 Excludes C.C.C.-guaranteed loans, treated as Govt, borrow profits received from abroad. ing and included in Table 4(E), line 30. 12 Direct investments abroad, foreign currency holdings, and 6 Includes corporate farms. unallocated current assets, 7 Noncorporate net income is treated as payment in full to proprietors in the household sector. Gross saving consists of 13 Mainly commercial paper and commercial loans from capital consumption allowances plus corporate farm retained finance companies. profits. 14 Includes State and local profit taxes. (E, F) Govts. 1 Lines 1 through 12 are derived from national income data, 8 Govt, life insurance, employee retirement, and R.R. retire while lines 15 through 31 are based on data behind Treasury ment programs. Excludes social security, which is treated as cash budget. Line 21 is a link between the two accounting sys nonfinancial operation. See Table 4(A), line 5. tems on treatment of corporate taxes, and the discrepancy 3 Mainly nonconvertible foreign currencies and official foreign (line 32) represents differences on other matters. exchange position of Treasury. Net cash borrowing in Treasury cash budget corresponds 7 Public debt held by public and Federal Reserve, plus non closely to line 25 less accrual of interest on savings bonds and guaranteed issues of Govt, agencies. Includes interest accruals Treasury bills. Cash surplus is closely indicated by line 17 less on savings bonds and Treasury bills; excludes special notes to net cash borrowing. Lines 18, 22, 30, and 31 are in cash outgo IMF. Loan participations consist of holdings by the domestic in cash budget except for small amounts in receipts. Lines 13 public of C.C.C., FNMA, Export-Import Bank, and all other and 24 are imputations reflected in neither national income nor certificates. In Table 3 they are grouped with nonguaranteed cash budget. issues. Net movements in inventory under C.C.C. guarantee are 2 OASI, disability insurance, and unemployment programs. included in line 11. Loans and mortgages securing other loan Line 5 includes U.S. Govt, employment taxes; line 6, U.S. participations are included in U.S. Govt, financial assets. Govt, benefit payments to households. 8 E and H bonds held by households. 3 Veterans’ life insurance and Govt, employee and R.R. re 0 Marketable issues due in less than 1 year plus part of those tirement funds. Line 7 excludes Govt, contributions to these funds. due in less than 2 years. 4 Transfers other than lines 6 and 8, grants-in-aid to State 10 Includes employee retirement funds. and local govts., subsidies less current surplus of Govt, enter uNet of current surplus of govt, enterprises. prises. 12 Corporate bonds, mortgages, and tax receivables. (G, H) Banking 1 Federal Reserve System plus those Treasury accounts in Reported bank data, as on page A-19, are frequently for last cluded in “Member Bank Reserves, Federal Reserve Bank Wednesday of month or other reporting date. Excludes banks in Credit, and Related Items.” Excludes Exchange Stabilization U.S. possessions. Fund, which is in U.S. Govt, accounts. 0 Deposits with F.R. Banks; vault cash in reserves is in line 4. 2 Includes F.R. holdings of foreign currencies, which are net 7 Net change in par value of holdings. in other F.R. accounts in table mentioned in note 1. 8 Includes consumer loans secured by hypothecated deposits 3 Includes vault cash of nonmember banks. through the second quarter of 1966, not shown separately. 4 Includes deposits of international organizations other than 0 Includes deposits held outside Treasury. IMF; IMF deposits are net in line 3. 10 Bank and nonbank. 6 Based on balance sheet estimates for last day of quarter. 11 Net of F.R. float, shown separately in Jine 29. (I) Nonbank finance 1 In addition to types shown, includes credit unions, agencies laneous, line 7. of foreign banks, and banks in possessions. 4 Includes consumer credit, not shown separately. “Lines 10, 11 of 1.1; lines 6, 7, and 8 of 1.6; and line 5 5 Includes cash and other assets, not shown separately. of 1.8. 0 Includes mortgages, not shown separately. 3 Excludes deposits at FHLB, which are included in Miscel 7 Includes retained capital gains dividends. (J) Rest of the world 1 Lines 2, 3, and 4 are exports, imports, and transfers to 4 Bank loans, acceptances, loans from U.S. Govt., and secu foreigners in income and product accounts. rity credit. op 9 p N os e i t t e fo si r g e n ig . n investment in national income accounts with 6 Direct investment abroad, foreign currencies held by other 3 Official foreign currency holdings and net IMF position of than in line 15, subscriptions to international organizations U.S. IMF position consists of U.S. capital subscription less except IMF, and unidentified liabilities. IMF holdings of special U.S. Govt, notes, deposits with Federal 0 Errors and omissions in U.S. balance of payments state Reserve, and letters of credit. ment. Note.—Quarterly data are seasonally adjusted totals at an nual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 70 U.S. BALANCE OF PAYMENTS □ FEBRUARY 1969 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1967 1968 Item 1966 1967 I II III IV I II HIP Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets—Seasonally adjusted Exports of goods and services—Total 1...................... 43,142 45,756 11,371 11,377 11,513 11,496 11,860 12,557 13,247 Merchandise............................................................ 29,176 30,468 7,661 7,703 7,626 7,478 7,924 8,325 8,840 Military sales........................................................... 829 1,240 335 336 245 323 306 362 405 Transportation........................................................ 2,608 2,701 670 670 680 681 709 704 727 Travel...................................................................... 1,590 1,646 421 384 417 424 442 421 443 Investment income receipts, private....................... 5,659 6,234 1,443 1,391 1,671 1,729 1 ,544 1 ,729 1,841 Investment income receipts, Govt.......................... 593 624 151 165 156 153 198 221 207 Other services.......................................................... 2,687 2,843 690 728 718 708 737 795 784 Imports of goods and services—Total........................ -38,063 -40,989 -10,078 -10,108 -10,154 -10,648 -11,534 -11,965 -12,369 Merchandise............................................................ -25,541 -26,991 -6,686 -6,605 -6,541 -7,159 -7,867 -8,320 -8,578 Military expenditures.............................................. -3,735 -4,340 -1,072 -1,065 -1,098 -1,104 -1,110 -1,123 -1,150 Transportation........................................................ -2,923 -2,982 -767 -745 -720 -750 -805 -748 -805 Travel....................................................................... -2,657 -3,195 -704 -841 -925 -725 -773 -754 -784 Investment income payments................................. -2,074 -2,293 -560 -560 -575 -598 -660 -704 -735 Other services.......................................................... -1,132 -1,189 -289 -292 -295 -312 -319 -316 -317 Balance on goods and services!.................................. 5,080 4,768 1,293 1,269 1,359 848 326 592 878 Remittances and pensions............................................ -1,015 -1,276 -262 -392 -358 -263 -266 -286 -300 1. Balance on goods, services, remittances and pensions....................................................... 4,065 3,492 1,031 877 1,001 585 60 306 578 2. U.S. Govt, grants and capital flow, net.................. -3,444 -4,210 -1,176 -1,039 -988 -1,008 -1,164 -1,072 - 953 Grants,2 loans, and net change in foreign cur rency holdings, and short-term claims....... -4,676 -5,191 -1,394 -1,305 -1,226 -1,266 -1,510 -1,384 -1,261 Scheduled repayments on U.S. Govt, loans... 803 975 218 266 233 258 304 309 253 Nonscheduled repayments and selloffs.............. 429 6 * 5 * 42 3 55 3. U.S. private capital flow, net................................. -4,298 -5,504 -975 -1,104 -1,788 -1,638 -707 -1,448 -1,768 Direct investments............................................. -3,623 -3,020 -653 -651 -902 -815 -374 -1 ,035 -1,102 Foreign securities................................................ -481 -1,266 -259 -199 -476 -332 -385 -83 -313 Other long-term claims: Reported by banks..................................... 337 285 153 188 -72 16 140 49 162 Reported by others......................................... -112 -289 -68 -170 42 -93 45 -23 -44 Short-term claims: Reported by banks.................................... -84 -744 -74 -386 -363 79 163 147 -356 Reported by others........................... -334 -470 -74 114 -17 -493 -296 -503 -115 4. Foreign capital flow, net, excluding change in liquid assets in U.S.............................. 2,532 3,185 866 1,202 766 352 1,367 2,479 1,739 Long-term investments...................................... 2,156 2,344 693 982 359 310 1,176 1 ,433 1,211 Short-term claims................................................ 296 388 94 80 174 40 -21 268 217 Nonliquid claims on U.S. Govt, associated with— Military contracts............................................ 346 64 95 147 -67 -111 -29 -3 -136 U.S. Govt, grants and capital........................ -205 -85 -38 -12 -23 -12 -5 15 Other specific transactions............................. -12 5 22 5 -12 -10 -27 -6 38 Other nonconvertible, nonmarketable, me dium-term U.S. Govt, securities3....... -49 469 * * 335 135 273 772 409 5. Errors and unrecorded transactions....................... -210 -532 -250 -458 207 -34 -243 -429 444 Balances A. Balance on liquidity basis Seasonally adjusted (»= 14'24'3 + 44-5)............ -1,357 -3,571 -505 -522 -802 -1,742 -687 -164 41 Less: Net seasonal adjustments....................... -267 -302 410 159 -428 -236 491 Before seasonal adjustment................................ -1,357 -3,571 -238 -220 -1,212 -1,901 -259 72 -450 B. Balance on basis of official reserve transactions Balance A, seasonally adjusted................ -1,357 -3,571 -505 -522 -802 -1,742 -687 -164 41 Plus: Seasonally adjusted change in liquid assets in the U.S. of: Commercial banks abroad............................. 2,697 1,262 -979 355 1,119 767 412 2,442 851 Other private residents of foreign countries.. 212 413 80 12 96 225 3 97 43 International and regional organizations other than IMF....................................... -525 -218 -36 -78 -55 -49 77 -82 25 Less: Change in certain nonliquid liabilities to foreign central banks and govts............ 761 1,291 324 *573 111 283 36! 765 516 Balance B, seasonally adjusted.......................... 266 -3,405 -1,764 -806 247 -1,082 -556 1,528 444 Less: Net seasonal adjustments....................... -485 -101 272 314 — 646 -35 353 Before seasonal adjustment............................ 266 -3,405 -1,279 -705 -25 -1,396 90 1,563 91 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE A 71 1. U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1967 1968 Item 1966 1967 I II III IV I II IIP Transactions by which balances were settled—Not seasonally adjusted A. To settle balance on liquidity basis....................... 1,357 3,571 238 220 1,212 1,901 259 -72 450 Change in U.S. official reserve assets (in crease, —)......,................................... 568 52 1,027 -419 -375 -181 904 -137 -571 Gold................................................................ 571 1,170 51 15 92 1,012 1,362 22 -74 Convertible currencies................................... -540 -1,024 1,007 -424 -462 -1,145 -401 267 -474 IMF gold tranche position.......................... 537 -94 -31 -10 -5 -48 -57 -426 -23 Change In liquid liabilities to all foreign accounts 789 3,519 -789 639 1,587 2,082 -645 65 1,021 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. securities'*.........-..9..4..5................4.5..5............. 72 46 125 212 100 -49 Marketable U.S. Govt, bonds and notes4. -245 48 5 52 -6 -3 -359 -3 -26 Deposits, short-term U.S. Govt, securi ties, etc........-..5..8...2...........1..,.5..3..7............-..1.74 441 162 1,108 -1,112 -2,184 31 IMF (gold deposits)....................................... 177 22 17 5 8 — 11 Commercial banks abroad............................ 2,697 1,262 -753 161 1,265 589 638 2,248 997 Other private residents of foreign countries. 212 413 80 12 96 225 3 97 43 International and regional organizations other than IMF.................................... -525 -218 -36 -78 -55 -49 77 -82 25 B. Official reserve transactions................................... -266 3,405 1,279 705 25 1,396 -90 -1,563 -91 Change in U.S. official reserve assets (in crease, —)................................................... 568 52 1,027 -419 -375 -181 904 -137 -571 Change in liquid liabilities to foreign central banks and govts, and IMF (see detail above under A.).................................................... -1,595 2,062 -80 544 281 1,317 -1,363 -2,198 -44 Change in certain nonliquid liabilities to foreign central banks and govts.: Of U.S. private organizations................... 793 839 304 587 -212 160 122 145 118 Of U.S. Govt.............................................. -32 452 28 -7 331 100 J 247 627 406 1 Excludes transfers under military grants. Note.—Dept, of Commerce data. Minus sign indicates net payments 2 Excludes military grants. (debits); absence of sign indicates net receipts (credits). Details may not 3 Includes certificates sold abroad by Export-Import Bank. add to totals because of rounding. 4 With original maturities over 1 year. 2. MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Exports 1 Imports 2 Export surplus Period 1965 1966 1967 1968 ’ 1965 1966 1967 1968’ 1965 1966 1967 1968’ Month: Jan..................... 3 1,228 2,264 2,617 2,783 31,199 1 ,918 2,256 2,609 328 347 361 174 Feb..................... 31,623 2,376 2,605 2,773 31,606 2,024 2,229 2,602 3 17 352 376 171 Mar.................... 3 2,739 2,554 2,549 2,454 31,861 2,080 2,200 2,612 3 878 474 349 -158 Apr..................... 3 2,406 2,354 2,653 2,886 31,811 2,113 2,226 2,632 3 595 241 427 254 May................... 3 2,299 2,416 2,547 2,719 3 1,797 2,082 2,137 2,764 3 503 334 410 -45 June................... 3 2,235 2,487 2,577 2,823 31,848 2,142 2,227 2,839 3 386 346 350 -80 July.................... 2,300 2,455 2,585 2,803 •* 1,742 2,178 2,209 2,664 4 558 277 376 139 Aug.................... 2,329 2,444 2,549 2,916 1,825 2,119 2,125 2,827 504 324 424 89 Sept.................... 2,291 2,540 2,638 33,246 1,858 2,295 2,209 32,964 433 244 429 282 Oct..................... 2,349 2,588 2,394 32,594 1,885 2,250 2,198 32,657 464 338 196 -63 Nov.................... 2,378 2,503 2,691 2,989 1,941 2,186 2,382 2,818 438 317 310 171 Dec.................... 2,362 2,409 2,603 2,866 1,911 2,225 2,525 2,947 451 184 78 -81 Quarter: I.......................... 35,589 7,195 7,770 8,010 3 4,666 6,021 6,684 7,823 3 923 1,173 1 ,086 187 II........................ 3 6,940 7,257 7,777 8,428 3 5,456 6,336 6,590 8,235 3 1,484 921 1 ,187 193 in....................... 6,920 7,439 7,772 8,965 45,425 6,592 6,542 8,455 41,495 846 1,230 510 IV....................... 7,090 7,500 7,689 8,449 5,736 6,661 7,105 8,422 1,353 839 584 27 Years..................... 26,700 29,379 31,007 33,852 421,366 25,542 26,922 32,935 5,334 3,837 4,086 917 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. Details may not add to totals be cause of rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 72 U.S. GOLD TRANSACTIONS □ FEBRUARY 1969 3. U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (Net sales (—) or net acquisitions; in millions of dollars at $35 per fine troy ounce) 1967 1968 Area and country 1959 1960 1961 1962 1963 1964 1965 1966 1967 in IV I II III Western Europe: Austria........................... -83 -1 -143 -82 -55 -100 -25 Belgium.............................. -39 -141 -144 -63 -40 -83 -25 -33 France................................. -266 -173 -456 -518 -405 -884 -601 220 240 Germany, Fed. Rep. of... -34 -23 -225 Ireland................................ -1 -2 -2 -2 * -1 -12 -32 -11 Italy..................................... 100 200 -80 -60 -85 -85 -184 -25 Netherlands....................... -30 -249 —25 -60 -35 -49 30 Spain................................... -114 -156 -146 -130 -32 -180 Switzerland......................... 20 -324 -125 102 -81 -50 -2 -30 -25 -25 United Kingdom............... -350 -550 -306 -387 329 618 150 80 -879 -77 -771 -900 ' 50 Bank for Inti. Settlements. -32 -36 -23 Other.................................. -48 -96 -53 -12 1 -6 -35 -49 16 19 -6 -1 -22 -16 Total........................... -827 -1,718 -754 -1,105 -399 -88 -1,299 -659 -980 -58 -863 -1,195 163 213 Canada................................... 190 200 150 100 50 Latin American republics: Argentina....................... -50 -90 85 -30 -39 -1 ♦ -5 -15 Brazil.................................. -11 -2 -2 57 72 54 25 -3 -1 ♦ * ♦ Colombia........................... -6 38 10 29 7 Venezuela........................... 65 -25 Other.................................. -35 -42 -17 -5 -ii -9 -13 -6 11 6 -7 -28 -7 -3 Total........................... 19 -100 -109 175 32 56 17 -41 9 6 -7 -28 -12 -18 Asia: Iraq................................. -30 -10 -4 -21 -21 -14 -28 Japan.................................. -157 -15 -56 Lebanon............................. -21 -32 -11 -11 -1 -74 -21 Malaysia............................. -1 -10 -24 Saudi Arabia.................... -11 -48 -13 -25 -25 Singapore........................... -30 -23 -28 Other.................................. -28 -57 -32 -47 12 14 -14 -15 -22 -1 -1 -15 -26 -18 Total........................... -186 -113 -101 -93 12 3 -24 -86 -44 -1 -22 -143 -146 -71 All other................................. -5 -38 -6 -1 -36 -7 -16 -22 >-166 -1 1-162 -1 -15 >-51 Total foreign countries.......... -998 -1,969 -970 -833 -392 -36 -1,322 -608 -1,031 -53 -953 -1,317 -10 73 Inti. Monetary Fund ........... 2 -44 3 300 150 4-225 5177 522 5* 5 8 5-11 Grand total................ -1,041 -1,669 -820 -833 -392 -36 -1,547 -431 -1,009 -53 -953 -1,309 -22 73 1 Includes sales to Algeria of $150 million in 1967 and $50 million in repurchase; proceeds from these sales invested by IMF in U.S. Govt, 1968, securities. 2 Payment to the IMF of $344 million increase in U.S. gold sub 4 Payment to the IMF of $259 million increase in U.S. gold subscription, scription, less sale by the IMF of $300 million (see note 3). less gold deposits by the IMF. 3 IMF sold to the United States a total of $800 million of gold ($200 5 Represents gold deposited by the IMF; see note 1(b) to Table 4. In million in 1956, and $300 million in 1959 and in 1960) with the right of June 1968 the IMF withdrew $17 million of these deposits. Note.—Tables 3-22: The tables in this section provide these holdings (arising from U.S. drawings and repay data on U.S. reserve assets and liabilities and other sta ments of foreign currencies, from drawings and repay tistics related to the U.S. balance of payments. ments of dollars by other countries, and from other dollar Beginning with the May 1967 issue of the Bulletin, operations of the IMF) give rise to equal and opposite data on short-term liabilities to foreigners shown in Tables changes in the U.S. gold tranche position in the IMF. 8 and 9 (formerly Tables 1 and 2) have been revised to In the absence of U.S. lending to the IMF, the gold exclude the holdings of dollars by the IMF derived from tranche position is equal to the U.S. reserve position in payments of the U.S. subscription and from the exchange the IMF. Since the reserve position is included in U.S. transactions and other operations of the IMF. (Liabilities reserve assets, it is necessary, in order to avoid double representing the “gold investment” of the IMF continue counting, to exclude the “holdings of dollars” of the to be included). This change in the treatment of the IMF from U.S. liabilities to foreigners. The revised “holdings of dollars” of the IMF is related to the revision presentation conforms to the treatment of these items in at that time of the table on U.S. monetary reserve assets the U.S. balance of payments and the international (Table 4) to include the U.S. reserve position in the IMF. investment position of the United States. The “holdings of dollars” of the IMF do not represent Beginning with the June 1968 issue of the Bulletin, liabilities to foreigners in the same sense as do other Table 19, “Liabilities of U.S. Banks to their Foreign reported liabilities to foreigners. They are more accurately Branches,” has been included in this section. Weekly viewed as contingent liabilities, since they represent data on these liabilities for the period Jan. 1964-Mar. essentially the amount of dollars available for drawings 1968 were included in the May 1968 issue on page A-104. from the IMF by other member countries. Changes in Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ U.S. GOLD STOCK; POSITION IN THE IMF A 73 4. U.S. GOLD STOCK, HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES, AND RESERVE POSITION IN IMF (In millions of dollars) Total Gold stock 1 ve C r o ti n b le p R o e s s i e t r io v n e Total Gold stock 1 ve C r o ti n b le Reserve End of year r a e s s s e e r t v s e Total 2 Treasury cu fo rr r e e n ig c n ie s IM in F 3 End of month r a e s s s e e r t v s e Total 2 Treasury c fo u r r e r i e g n n p I o M s i i n F t i o 3 n cies 3 1956........................ 23,666 22,058 21,949 1,608 1968—Jan.......1..4....6..20 12,003 11 984 2 176 441 1957........................ 24’832 22’857 22,781 1 975 Feb............ 14,790 11,900 11 882 2*235 655 1958........................ 22^540 20^582 20334 1,958 Mar ......... 13,*926 10 703 10 484 2*746 477 1959........................ 21.504 19’507 19*456 1,997 Apr ......... 13^840 10 547 10*484 2*804 489 I960........................ 19’359 17;804 17,767 1,555 May............ 14,348 16’468 10*384 3*386 494 June............ 14,063 10,681 10367 2*479 903 1961........................ 18,753 16,947 16,889 116 1,690 July.......1..4..,.366 10,676 10 367 2 773 917 1962........................ 17'220 16^057 15,978 99 1,064 Aug........ 14'427 10,681 10 367 2*817 929 1963........................ 16^843 15,596 15'513 212 1,035 Sept.......1..4..,634 10,755 10 367 2 953 926 1964........................ 16’672 15,471 15’388 432 769 Oct............. 14,427 10,788 10 367 2*703 936 1965........................ 15350 413,806 <13,733 781 4 863 Nov.......1..5..'.660 10,897 10 367 3 655 1,108 Dec............. 15',710 10,892 10,367 3,528 1 ',290 1966........................ 14,882 13.235 13.159 1,321 326 1967....................... 14,830 12 065 11,982 2345 420 1969—.Tan 1..5..,.4..5.4 10,828 10 367 3 338 1 ,288 1968........................ 15,710 10,892 10,367 3,528 1 ,290 1 Includes (a) gold sold to the United States by the International Mon 4 Reserve position includes, and gold stock excludes, $259 million gold etary Fund with the right of repurchase, and (b) gold deposited by the subscription to the IMF in June 1965 for a U.S. quota increase which IMF to mitigate the impact on the U.S. gold stock of foreign purchases became effective on Feb. 23, 1966. In figures published by the IMF from for the purpose of making gold subscriptions to the IMF under quota June 1965 through Jan. 1966, this gold subscription was included in the increases. For corresponding liabilities, see Table 6. U.S. gold stock and excluded from the reserve position. 2 Includes gold in Exchange Stabilization Fund. 5 For holdings of F.R. Banks only, see pp. A-12 and A-13. 3 In accordance with IMF policies the United States has the right to draw foreign currencies equivalent to its reserve position in the IMF vir Note.—See Table 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. 5. U.S. POSITION IN THE INTERNATIONAL MONETARY FUND (In millions of dollars) Transactions affecting IMF holdings of dollars IMF holdings (during period) of dollars (end of period) U.S. transactions with IMF Transactions by re U se .S rv . e other countries Period with IMF p in o s I i M tio F n P s t u d a io b y o n m s o ll c s a f e r r n i i . s n p t s by s g N I a o M l e l e d t s F 1 T t c f i o r c u o a i r r n e n e r s s i s e g a n 2 i n n c I i d M n o c F i l o n la m n r e e s t D d ra o o l w la f i r n s gs R d m o e e l i p n l n a a t r y s s c T ha o n ta g l e Amount P q e U r u o . o c S f t e . a n t p ( e e r n i d o d o ) f 3 1946—1957............................. 2,063 4 594 —45 — 2,664 827 775 775 28 1,975 1958—1963............................. 1,031 150 60 — 1,666 2,740 2,315 3 090 75 1 035 1964......................................... 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 1,313 4’834 94 326 1967......................................... 20 -114 -94 4,740 92 420 1968......................................... — 84 20 — 806 -870 3’870 75 1 ,290 1968—Jan............................... 3 — 24 —21 4,719 91 441 Feb............................... 2 -216 -214 4,505 87 655 Mar.............................. 200 1 — 23 178 4 683 91 477 Apr............................... 2 -14 -12 4*671 91 489 May............................. 2 —7 — 5 4,666 90 494 June............................. -1 — 408 -409 4,257 83 903 July.............................. 4 —18 -14 4'243 82 917 Aug.............................. -1 -11 -12 4'231 82 929 Sept.............................. 3 3 4,234 82 926 Oct............................. 2 —12 — 10 4 ,'224 82 936 Nov............................. -125 — 1 -46 — 172 4,052 79 1 ,108 Dec.............................. -159 4 -27 -182 3'870 75 1 ,290 1969—Jan............................... 2 2 3,872 75 1 ,288 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 Positive figures represent purchases from the IMF of currencies of 5 Includes $259 million gold subscription to the IMF in June 1965 for other members for equivalent amounts of dollars; negative figures repre a U.S. quota increase, which became effective on Feb. 23, 1966. In figures sent repurchase of dollars, including dollars derived from charges on published by the IMF from June 1965 through Jan. 1966, this gold sub drawings and from other net dollar income of the IMF. The United scription was included in the U.S, gold stock and excluded from the States has a commitment to repay drawings within 3 to 5 years, but only reserve position. to the extent that the holdings of dollars of the IMF exceed 75 per cent of the U.S. quota. Drawings of dollars by other countries reduce the U.S. Note.—The initial U.S. quota in the IMF was $2,750 million. The U.S. commitment to repay by an equivalent amount. quota was increased to $4,125 million in 1959 and to $5,160 million in 3 Represents the U.S. gold tranche position in the IMF (the U.S. Feb. 1966. Under the Articles of Agreement, subscription payments equal quota minus the holdings of dollars of the IMF), which is the amount to the quota have been made 25 per cent in gold and 75 per cent in dollars. that the United States could draw in foreign currencies virtually automati cally if needed. Under appropriate conditions, the United States could draw additional amounts equal to its quota. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 74 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ FEBRUARY 1969 6. U.S. LIQUID LIABILITIES TO FOREIGNERS (In millions of dollars) Liabilities to Inti. Liabilities to foreign countries Liabilities to non Monetary Fund arising monetary inti, and from gold transactions Official institutions3 Banks and other foreigners regional organization5 Non p E e o r n i f d o d Total Total G d o e l d in G v o e l s d t Total i p t S l i i t o h e a e r s o r b t m r i e r l t d e M G U a a o b r . v k S le t e . , t c m o U a n a ib b r v . l S k l e e e e r . t t Total i p t S l i t i o h e a e r s r o b t m r i e r l t d e M G U a a o b r . v S k le t e . , t Total i p t S l i i t o h e a e r s o r b t m r e i r l t d e M G U a a o b r .S v k le t . e , t posit1 ment2 i b n a b U n y k . S s . n b a o o n n te d d s s 1* T b a o r u n e n r a d y d s s in b a b U n y k . S s . n b a o o n n te d d s s 1* in b a U b n y . k S s . 6 n b o a o t n n e d s d ' s * 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 8’665 n.a. n.a. 5,950 n.a. n.a. 552 n.a. 1959.. 19,428 500 500 10,120 9,1-54 966 7,618 7,077 541 1,190 530 660 120,994 800 800 11'078 10,212 866 7,591 7,048 543 1,525 750 775 I960*. 121,027 800 800 11.088 10,212 876 7,598 7,048 550 1,541 750 791 (22,853 800 800 11’830 10'940 890 8,275 7,759 516 1,948 703 1,245 1961«. 122,936 800 800 11,830 10,940 890 8,357 7,841 516 1,949 704 1,245 1962«. I{ (2 2 4 4 , , 0 0 6 6 8 8 8 8 0 0 0 0 8 8 0 0 0 0 1 1 2 2 ; ,7 7 1 4 4 8 1 1 1 1 , , 9 96 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 91 1 1 1 26,361 800 800 14'387 12'467 1,217 703 9,214 8,863 351 1,960 808 1,152 1963«. 26,322 800 800 14^353 12,467 1,183 703 9,204 8,863 341 1,965 808 1,157 28,951 800 800 15328 13,224 1,125 1,079 11,001 10,625 376 1,722 818 904 1964«. 29,002 800 800 15'424 13,220 1,125 1,079 11,056 10,680 376 1,722 818 904 1965.. 29,115 834 34 800 15,372 13,066 1,105 1,201 11.478 11,006 472 1,431 679 752 19668. \ ( 2 2 9 9 , , 7 9 7 0 9 4 1 1 , , 0 0 1 1 1 1 2 2 1 1 1 1 8 8 0 0 0 0 1 1 3 3 , , 6 6 5 0 5 0 1 1 2 2, , 5 4 3 8 9 4 8 8 6 6 0 0 2 2 5 5 6 6 1 14 4 , , 2 3 0 8 8 7 1 1 3 3 , , 8 6 5 8 9 0 5 5 2 2 8 8 9 90 0 5 6 5 5 8 8 1 0 3 3 2 2 5 5 1967-Nov.... 33,840 1,033 233 800 15,940 14,321 908 711 16,111 15,564 547 756 552 204 Dec. 8.. 1 (3 3 3 3 , , 2 1 9 6 7 2 1 1 , , 0 0 3 3 3 3 2 2 3 3 3 3 8 8 0 0 0 0 1 1 5 5 , , 6 6 7 7 9 2 1 1 4 4 , , 0 0 6 5 0 3 9 9 0 0 8 8 7 7 1 1 1 1 1 1 5 5, , 7 8 7 9 1 4 1 1 5 5 , , 3 2 3 1 6 3 5 5 5 5 8 8 6 6 9 8 1 6 4 4 8 8 7 2 2 2 0 0 4 4 1968-Jan.... 33,141 1,033 233 800 15,232 13,804 717 711 16,185 15,615 570 691 487 204 Feb.... 33,344 1,033 233 800 15,352 13,989 652 711 16,323 15,730 593 636 431 205 Mar.... 32,517 1 ,041 241 800 14,301 12,941 549 811 16,412 15,808 604 763 558 205 Apr.... 33,022 1 ,045 245 800 14,397 13,037 549 811 16,749 16,137 612 831 626 205 May.., 33,175 1 ,047 247 800 13,629 12,272 546 811 17,869 17,259 610 630 463 167 June... 32,582 1,030 230 800 12,114 10,757 546 811 18,757 18,144 613 681 515 166 July... 33,148 1 ,030 230 800 12,621 11,263 546 812 18,729 18,102 627 768 608 160 Aug.... 33,609 1 ,030 230 800 12,453 11,182 509 762 19,361 18,725 636 765 605 160 Sept.... 33,564 1,030 230 800 12,054 10,772 520 762 19,774 19,148 626 706 630 76 Oct.. .. 33,974 1 ,030 230 800 12,122 10,840 520 762 20,029 19,409 620 793 725 68 Nov.*’.. 35,631 1 ,030 230 800 13,681 12,401 518 762 20,112 19,488 624 808 740 68 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 • ♦ Derived by applying reported transactions to benchmark data; letters of credit and non-negotiable, non-interest-bearing special United breakdown of transactions by type of holder estimated for 1960-63. States 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 arc 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
FEBRUARY 1969 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 75 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 r s o t p e e r n J Canada A re m L p e u a r t b i i n l c i a c n s Asia Africa cou O n t t h r e ie r s 2 1963......................................................................................... 14,353 8 445 1 789 1 058 2 731 154 176 1964......................................................................................... 15,424 9 220 1 608 11238 3 020 160 17R 1965......................................................................................... 15,372 8,608 1 *528 1 *497 3 300 194 245 1966 3..................................................................................... 113,600 7,488 1,189 i’,134 3,284 277 228 (13,655 7,488 1,189 1,134 3,339 277 228 1967—Nov.............................................................................. 15 940 10 257 901 1 261 3 048 224 249 Dec.............................................................................. 15 672 9 872 996 1 ’131 3’171 249 253 1968'—Jan............................................................................... 15 232 9 373 1 091 1 210 3 082 229 247 Feb.............................................................................. 15,352 9 179 1 *403 1 ’170 3’112 272 216 Mar.............................................................................. 14 301 8 881 ’851 1 174 2 953 230 212 Apr.............................................................................. 14 397 8,624 1 040 1 *371 2*886 247 229 May............................................................................. 13^629 7 908 1 *035 1 ’380 2*820 251 235 June............................................................................ 12 J 14 7,034 ’671 1 197 2 763 259 190 July.............................................................................. 12621 7 041 709 1 528 2 874 284 185 Aug.............................................................................. 12*453 6,838 780 1 *432 2 956 242 205 Sept........................................................................... 12 054 6 951 438 1 196 2 964 293 212 Oct............................................................................... 12,122 6 843 416 1 262 3*116 271 214 Nov.?’........................................................................ 13’681 8^086 574 1 J357 3J63 271 230 1 Includes Bank for International Settlements and European Fund. with those shown for the preceding date; figures on the second line are 2 Includes countries in Oceania and Eastern Europe, and Western Euro comparable with those shown for the following date. pea 3 n D d a e t p a e o n n d e t n h c e i e t s w in o L lin at e i s n s A ho m w e n ri c f a o . r this date differ because of changes of N fo o re t i e g .— n c D o a u t n a t r r ie e s p , r a e s s e r n e t p o sh rt o e r d t - b te y r m ba n li k a s b i i n li t t ie h s e t U o n i t t h e e d o S f t f a ic t i e a s l , a in n s d t i f t o u r t e io ig n n s in reporting coverage. Figures on the first line are comparable in coverage official holdings of marketable and convertible nonmarketable U.S. Govt, securities with an original maturity of more than 1 year. 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 total1 Total 1 IntU 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 r u ie n s 1966 27,599 1 380 1,270 110 26,219 12,539 13 680 13,933 2,502 3,883 5,250 385 266 1697-—Dec.4............ / ( 3 3 0 0 , , 6 5 8 4 3 8 1 1 , , 2 2 8 8 7 2 1 1 , , 1 18 8 1 1 1 10 0 1 6 2 2 9 9 , , 2 3 6 9 6 6 1 14 4 , , 0 0 5 6 3 0 1 1 5 5 , , 2 3 1 3 3 6 1 1 6 6 , , 3 1 7 9 8 9 2 2, , 7 7 0 0 9 6 4 4, , 1 1 3 4 7 0 5 5 , , 5 5 1 6 8 7 3 3 4 4 9 9 3 3 0 0 5 5 1968-—Jan................ 30,706 1 287 1 ,190 97 29,419 13,804 15,615 16 033 3,101 4,194 5,458 326 307 Feb................ 30,950 1 231 1 117 114 29,719 13,989 15 730 16 129 3 201 4,126 5 548 434 281 Mar............... 30,107 1 358 1,266 92 28,749 12,941 15,808 15,861 2,791 4*075 5’401 339 282 Apr................ 30*600 1 426 1 334 92 29,174 13,037 16,137 15,846 2,943 4'299 5 ,430 366 290 May............... 30,794 1 ,263 1,174 89 29'531 12,272 17,259 16,149 3,055 4,289 5,362 371 304 June.............. 30^216 1 315 1 '219 96 28*901 10*757 18J44 15 857 2*842 4'174 5'396 370 262 July............... 30,773 1 408 1 ,302 106 29,365 11,263 18 J02 15,800 2*894 4'486 5’542 397 247 Aug............. . 31 '312 1 ,405 1 ,297 108 29,907 11,182 18,725 16,075 3*140 4*403 5 '669 356 264 Sept............... 31 ,350 1,430 1 '318 112 29,920 10,772 19*148 16,554 2*747 4,263 5,670 405 280 Oct................ 31 ',774 1 ’, 525 1 404 121 30’,249 10,840 19', 409 16,375 3*015 4,405 5,801 369 283 Nov.p.......... 33'429 1 540 1 405 135 31'889 12,401 19,488 17.693 3*081 4*527 5,897 400 292 Dec."............ 31 ,755 1 ,526 1 ,406 120 30,229 11;320 18,909 16,224 2,796 4; 602 5,956 361 290 8a, Europe E pe n r d i o o d f Total Austria B L b e o u l u g x r i e u g m m 5 - m D a e r n k l F a i n n d France m G F a e e n d r 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 1966............... 13,933 196 420 305 58 1,070 2,538 129 1,410 364 283 358 162 656 / 16,378 231 601 243 99 1,326 2,218 170 1,948 589 449 437 150 492 t 16,199 231 632 243 99 1,330 2,217 170 1,948 589 449 437 150 492 1968—Jan.. .. 16,033 165 582 213 116 1,350 1,924 165 1,896 530 367 437 137 516 Feb.... 16,129 177 580 220 126 1 ,245 2,143 159 1 ,786 488 390 426 121 541 Mar.... 15,861 154 539 199 139 1,162 2,351 154 1,573 361 385 388 129 529 Apr.... 15,846 181 513 177 141 1 ,202 2,134 156 1,534 330 399 394 134 565 May .. 16,149 165 530 178 140 959 2,009 154 1 ,364 272 404 381 153 582 June... 15,857 164 420 185 150 1 ,262 1,705 152 988 245 411 338 144 510 July... 15,800 172 373 144 161 881 1,834 173 998 251 427 325 151 514 Aug.... 16,075 150 382 149 156 977 1,779 184 1 ,109 315 485 323 196 543 Sept.... 16,554 131 360 152 155 1,144 I ,931 197 1 ,051 273 438 321 183 536 Oct.. .. 16,375 153 424 130 158 1,170 1 ,865 183 1 ,077 277 395 319 165 534 Nov.”.. 17,693 134 326 123 166 1 ,229 3,564 187 840 261 381 342 167 499 Dec.’’.. 16,224 162 307 146 176 1,383 2,640 183 729 278 448 345 158 453 For notes see following two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 76 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ FEBRUARY 1969 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 it n z d er Turkey 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 t o e e p r r e n 6 U.S.S.R. E E O a u s t r h t o e e p r r n e Total A t r i g n e a n Brazil Chile Co b l i o a m Cuba Mexico 1966................. 1,805 43 3,817 37 234 8 40 3 883 418 299 261 178 8 632 11 ,732 33 4,851 23 736 8 44 4,140 480 237 252 169 9 723 (1,732 33 4,667 23 706 8 44 4,137 479 237 252 169 9 720 1968—Jan........ 1,539 39 5,142 42 834 7 31 4,194 427 277 251 159 9 722 Feb....... 1,511 39 5,431 56 653 6 29 4,126 414 291 239 165 8 747 Mar... . 1,657 29 5,583 52 439 4 35 4,075 430 301 263 157 8 721 Apr.... 1 ,544 28 5,881 60 438 4 31 4,299 444 351 260 163 8 745 May.... 1,553 25 6,841 59 350 4 26 4,289 473 310 241 190 8 813 June.... 1,741 25 7,027 51 297 5 40 4,174 429 258 245 201 8 789 July.. .. 1,863 22 7,053 20 401 6 32 4,486 642 248 254 182 8 817 Aug....... 1,745 18 7,092 29 405 6 34 4,403 502 301 304 186 8 776 Sept...... 1,964 30 7,104 26 511 7 41 4,263 445 250 302 210 8 769 Oct........ 1,741 31 7,244 28 439 4 38 4,405 463 285 287 219 8 849 Nov.”... 2,006 36 6,994 40 358 6 34 4,527 502 312 289 224 8 892 Dec.?... 2,155 29 6,184 34 362 5 48 4,602 477 258 323 249 9 970 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 r t e . h A p e . . r B B e a r h m & am u d a a s A S n u N t r i e i l n l t e h a s . m & A O L m a t e h t r i e n i r ca Total C M la h a n i i n d n a H K o o n n g g India n d I e n o si a Israel 1966................. 150 249 161 707 522 177 104 17 5,250 36 142 179 54 115 /170 274 147 793 523 233 111 18 5.518 36 215 354 34 137 (170 274 147 793 523 233 111 18 5,567 36 217 354 34 137 1968—Jan........ 160 281 143 851 512 276 108 18 5,458 37 228 329 40 125 Feb....... 153 267 152 770 559 252 89 17 5,548 36 226 351 42 146 Mar.. .. 137 259 143 730 579 242 86 19 5,401 37 228 319 39 122 Apr. . .. 136 276 140 814 603 242 90 25 5,430 36 221 342 46 131 May.... 142 272 144 780 579 226 86 25 5,362 36 238 368 41 140 June.... 150 278 138 742 592 220 too 25 5,396 36 243 384 74 139 July.... 151 268 133 797 623 245 91 27 5,542 36 260 376 51 146 Aug...... 147 278 140 792 621 234 86 28 5,669 36 255 394 51 148 Sept...... 156 275 142 723 608 254 92 29 5,670 36 261 393 55 144 Oct........ 165 265 145 777 565 258 88 30 5,801 37 255 370 52 143 Nov.?... 163 272 153 775 576 239 93 31 5,897 36 260 379 49 163 Dec. J*... 154 276 149 792 610 215 88 32 5,956 37 270 281 50 219 8c. Asia—Continued 8d. Africa 8e. Other countries Congo E p n er 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 (Kin r M oc o co A So fr u i t c h a ( U E . g A y . p R t) . A O f t r h i e c r a Total t A ra u l s ia o A th l e l r shasa) 1966................... 2,671 162 285 228 598 119 385 15 31 71 39 229 266 243 22 /2,563 176 289 226 630 858 349 33 18 61 16 221 305 278 27 \2,612 176 289 222 630 859 349 33 18 61 16 221 305 278 27 1968—Jan........... 2,508 195 296 216 655 830 326 30 17 61 18 201 307 280 27 Feb.......... 2^559 181 291 211 661 843 434 30 22 53 15 315 281 249 33 Mar......... 2,551 174 289 209 669 764 339 28 22 57 17 215 282 253 29 Apr......... 2'555 185 285 196 692 740 366 27 14 54 19 252 290 265 25 May..... 2^482 178 265 197 690 729 371 25 10 60 20 257 304 279 25 June........ 2,537 172 268 196 692 655 370 21 21 47 19 261 262 233 29 July.......... 2,661 178 269 206 687 671 397 22 20 51 19 284 247 221 25 Aug......... 2,827 179 262 201 687 627 356 18 19 52 21 246 264 240 24 Sept......... 2’858 168 258 188 672 637 405 16 18 51 20 300 280 255 25 Oct....... 3,'094 166 261 180 648 594 369 13 14 49 20 274 283 256 27 Nov.”.. . . 3^207 173 247 165 646 571 400 13 14 60 20 292 292 265 27 Dec.”.. .. 3,319 172 275 155 551 627 361 12 13 58 18 260 290 262 28 1 Data exclude the “holdings of dollars” of the International Monetary with those shown for the preceding date; figures on the second line are Fund, comparable with those shown for the following date. 2 Latin American, Asian, African, and European regional organiza 5 Through the first line for Dec. 1967 Luxembourg was included in tions, except Bank for International Settlements and European Fund Other Western Europe. which are included in “Europe.” 6 Includes Bank for International Settlements and European Fund; 3 Foreign central banks and foreign central govts, and their agencies, beginning with the second line for Dec. 1967 excludes Luxembourg. and Bank for International Settlements and European Fund. 4 Data on the two lines shown for this date differ because of changes in For Note see end of Table 8. reporting coverage. Figures on the first line are comparable in coverage Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 77 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 8f, Supplementary data ’ (end of period) 1966 1967 1968 1966 1967 1968 Area or country Area or country Dec. Apr. Dec. Apr. Dec. Apr. Dec. Apr. Other Western Europe: Other Asia—Cont.: Cyprus.......................................... 1.7 1.5 1.7 20.9 Jordan......................................... 39.7 45.2 39 8 6 6 Iceland........................................... 6.6 5.7 4.3 3.3 Kuwait............................... 49.2 28.6 36 6 34 0 Ireland, Rep. of............... 8.9 7.4 9.4 14.7 Laos.......................................... 4 6 6.5 3 6 4 0 Luxembourg................................. 25.3 21.7 31.3 (8) Lebanon...................................... 100 J 112.2 113*3 97*2 Malaysia..................................... 38.3 34.9 63'9 52*1 Other Latin American republics: Pakistan....................................... 49.2 45.3 54.8 54.1 Bolivia.......................................... 66.9 57.9 59 9 61.0 Ryukyu Islands (incl Okinawa), 15.9 31.2 14 5 26 4 Costa Rica.................................... 34.6 41.9 42.6 55.0 Saudi Arabia............................... 176.1 96.4 61 *2 70 3 Dominican Republic.................... 53.2 53.9 55,1 60.2 Singapore.................................... 34.6 60.3 159 5 156 9 Ecuador......................................... 86.3 92.4 85,6 64.1 Syria.......................................... 3.4 4.7 6 3 6 5 El Salvador................................... 68.9 96’4 72.8 83.6 Vietnam....................................... 132.0 146.3 148.2 123*0 Guatemala..................................... 64.2 83.9 73.0 96.4 Haiti............................................. 16.3 16.8 15.8 17.4 Other Africa: Honduras...................................... 26.8 28.6 29.7 31.4 Algeria......................................... 11.3 13.4 6 9 7 9 Jamaica......................................... 11.7 19.3 22.4 Ethiopia, (incl. Eritrea)............. 53.5 40.2 23 8 22 5 Nicaragua..................................... 72.8 62.7 45.6 57.9 Ghana......................................... 6.9 5.3 43 13 0 Paraguay....................................... 14.9 16.6 12.7 13.6 Kenya.......................................... 1.2 2.1 16.4 19 8 Trinidad & Tobago..................... 4.7 5.4 6.1 9.2 Liberia......................................... 21.2 21.6 24 9 26 4 Libya........................................... 37.1 76.0 17.9 45 0 Other Latin America: Nigeria......................................... 25,7 36.5 37.9 British West Indies....................... 14.6 14.2 13.8 20.6 Southern Rhodesia..................... 2.7 3.3 2 4 4 2 Sudan.......................................... 3.4 6.7 2,3 2.1 Other Asia: Tanzania............................... 6.5 9.1 20.3 Afghanistan................................... 9.5 7.8 5.5 5.6 Tunisia........................................ 1.1 1.0 10.3 2.0 Burma........................................... 34.4 20.3 10,8 16.6 Uganda....................................... ,7 .7 1 4 10 0 Cambodia..................................... 1.1 1.3 1.9 2.7 Zambia........................................ 34.7 25.9 24.8 21.*3 Ceylon........................................... 3.2 2.7 5.0 4.5 Iran................................................ 36.6 44.0 49,6 38.4 All other: Iraq................................................ 17.6 28.0 34.6 New Zealand.............................. 13.6 16,7 17.5 15 4 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 Table 3. Data 8 Included with Belgium. exclude also U.S. Treasury letters of credit and non-negotiable, non interest-bearing special U.S. notes held by the Inter-American Develop Note.—Short-term liabilities are principally deposits (demand and ment Bank and the International Development Association. time) and U.S. Govt, securities maturing in not more than 1 year from For data on long-term liabilities, see Table 14. 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 1966............................... 27,599 23,266 8,371 4 050 7,464 3,381 3,744 1 ,513 1 ,819 83 329 589 1967—DecJ.................. / ( 3 3 O 0, , 5 6 4 83 8 2 26 6 , , 1 3 9 2 1 6 1 9 0 , , 8 0 8 5 4 4 3 3 , , 7 7 5 4 4 7 9 9, , 0 0 9 9 3 3 3 3 , , 4 4 2 6 5 7 4 4 , , 1 1 2 2 8 8 1 1 , , 6 6 9 9 3 3 2 2 , , 0 05 5 7 2 8 81 1 3 29 0 7 2 2 22 2 9 9 1968—jan..................... 30,706 26,369 10,148 3 672 8,867 3,681 4,046 1 ,576 2,083 103 283 291 Feb..................... 30,950 26'551 10'203 3 594 8,943 3,812 4’091 1 '581 2^090 104 315 308 Mar.................... 30,107 25^699 10^487 3 453 8 098 3,661 4,085 1 '585 2'055 101 344 323 Apr............ 30’,600 26,221 10,750 3’.515 8,047 3^909 4',080 1,607 2’,059 86 327 300 May.................... 301794 26^419 11,963 3^408 7^082 3,967 4,055 1 ^582 2^048 88 337 320 June................... 30,216 25,718 12,313 3,343 6,067 3^996 4,174 1 '694 2’050 88 342 323 July.................... 30,773 26,147 12 .'466 3’426 6,031 4,224 4.114 1,613 2^070 79 352 512 Aug.................... 31 ,312 26,675 12,941 3,484 6,171 4’079 4,129 1 ,581 2,071 81 395 509 Sept.................... 31,350 26,586 12,924 3,437 6,111 4,114 4,203 1 '641 2,116 78 368 561 Oct..................... 31,774 27'025 13'328 3’357 6’328 4,012 4,196 1 '596 2,140 77 383 553 Nov.^................. 33,429 28,514 I33IO 3,289 7,761 4,054 4,342 1 ,674 2', 178 83 408 573 Dec,?’.................. 31 ,755 26,674 12,611 3,326 6,710 4,027 4,442 1 ,796 2,199 86 362 638 1 Data exclude “holdings of dollars” of the International Monetary 4 Data on the two lines shown for this date differ because of changes in Fund. reporting coverage. Figures on the first line are comparable in coverage 2 Excludes negotiable time certificates of deposit, which are included with those shown for the preceding date; figures on the second line are in “Other.” comparable with those shown for the following date. J Principally bankers’ acceptances, commercial paper, and negotiable time certificates of deposit. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 78 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ FEBRUARY 1969 10. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. GOVERNMENT BONDS AND NOTES (End of period; in millions of dollars) 1967 1968 Area and country 1966 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov.p Dec.p Europe: Austria........................... 3 3 3 3 3 3 3 3 3 3 3 3 3 3 Denmark......................... 13 12 12 12 12 12 France............................. 7 7 7 7 7 7 7 7 7 7 7 7 7 7 Germany................... 2 2 2 2 2 2 2 2 Italy..................................... 2 9 9 6 6 6 6 6 6 6 6 6 6 6 Netherlands....................... 5 5 4 4 4 4 4 4 4 4 4 4 4 4 Norway.............................. 51 51 51 49 49 49 46 46 46 27 27 27 27 27 Spain................................ 2 2 2 2 2 Sweden............................... 24 24 24 24 24 26 26 26 26 6 6 6 6 6 Switzerland,.................... 93 91 91 92 91 91 92 91 91 90 90 90 87 87 United Kingdom............... 348 380 390 415 423 431 427 432 445 455 449 444 446 432 Other Western Europe.... 49 51 51 51 38 38 39 38 38 38 38 38 38 38 Eastern Europe................. 7 7 7 7 7 7 7 7 7 6 6 6 6 6 Total 605 643 652 674 669 677 671 674 686 655 649 644 643 630 Canada 692 716 527 463 378 377 377 377 376 374 371 370 375 373 Latin America: Latin American republics.. 8 6 6 6 5 5 5 5 5 5 5 5 5 5 Other Latin America......... 19 18 20 20 20 19 19 19 22 24 24 24 23 23 Total 25 24 25 26 25 24 25 25 27 29 28 28 28 28 Asia: Japan...... 9 9 9 9 9 9 10 10 10 10 10 10 10 10 Other Asia. 42 54 54 54 54 54 54 54 54 52 63 63 63 63 Total 50 63 63 62 63 63 63 63 63 62 73 73 73 73 Africa. 15 19 19 19 19 19 19 19 19 24 24 24 22 22 Other countries Total foreign countries. 1,388 1,466 1,287 1,245 1,153 1,161 1,156 1,159 1,173 1,145 1,146 1,140 1,142 1,127 International and regional: International...................... 250 168 168 168 168 168 129 129 122 122 37 29 29 29 Latin American regional... 75 35 36 36 36 36 37 37 38 38 38 38 39 13 Other regional................... Total 325 204 204 205 205 205 166 167 160 160 76 68 68 43 Grand total 1,713 1,670 1,491 1,450 1,358 1,366 1,323 1,325 1,333 1,305 1,222 1 ,208 1 .210 1,169 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 Bel Can Den Swe Tai Thai Aus Bel Ger Swit Total gium ada1 mark Italy2 Korea den wan land Total tria gium many 3 Italy zerland B.I.S. 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........................... ’695 353 144 184 25 342 25 30 50 125 111 1967........................... 1 ,563 516 314 177 25 1 ,047 50 60 601 125 211 .......... 1968—Jan.................. 1 ,484 312 114 173 25 1,172 50 60 726 125 211 Feb................. 1 ,479 307 114 168 25 1,172 50 60 726 125 211 Mar................ 1 '879 606 414 167 25 1 ,272 50 60 726 125 311 Apr................. 2,002 604 414 165 25 1,398 50 60 852 125 311 May......... 2,302 904 714 165 25 1,398 50 60 852 125 311 June............... 2,506 1 ,108 12 914 10 147 25 1 ,398 50 60 852 125 311 July................. 2^521 1 ,122 12 914 10 146 15 25 1,399 50 60 852 125 311 Aug................. 2^595 1,122 12 914 10 146 15 25 1 ,473 50 60 926 125 311 Sept................ 2,865 1 ,392 12 1,164 20 146 15 25 10 1 ,473 50 60 926 125 31 1 Oct.. .............. 2'996 1 '397 12 1 ,164 20 146 15 25 15 1,598 50 60 1 ,051 125 311 Nov................. 2^969 1 ,370 12 1 J34 20 146 15 25 18 1 ,598 50 60 1,051 125 311 Dec................. 3,330 1 ,692 32 1 ^334 20 146 15 25 20 100 1 ,638 50 .......... 1 ,051 226 311 .......... 1969—Jan.................. 3,455 1 ,692 32 1 ,334 20 146 15 25 20 100 1 ,763 50 .......... 1,176 226 31 1 .......... 1 Includes bonds issued to the Government of Canada in connection 2 Bonds issued to the Government of Italy in connection with mili with transactions under the Columbia River treaty. Amounts outstanding tary purchases in the United States. were $204 million, Sept. 1964 through Oct. 1965; $174 million, Nov. 1965 3 In addition, nonmarketable U.S. Treasury notes amounting to $125 through Oct. 1966; $144 million, Nov. 1966 through Oct. 1967; $114 million equivalent were issued to a group of German commercial banks in million, Nov. 1967 through Oct. 1968; and $84 million, Nov. 1968 through June 1968. latest date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 79 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 t r o a ta n l d I r n e t g i i , o a n n a d l Europe Canada Am La e t r in ic a Asia Africa cou O n th tr e i r e s 1964................................................................................. 7,957 1,230 1 004 2 235 3 294 131 64 1965 1.............................................................................. / 1 7 7 , , 6 7 3 3 2 4 ♦ ♦ 1 1 , , 2 2 0 0 1 8 5 6 9 6 3 9 2 2 , , 2 29 8 3 8 3 3 * ,3 3 5 4 8 3 1 1 3 3 9 9 6 67 7 1966 1............................................................................... /7,819 1 1,366 620 2,489 3,135 147 62 17,853 1 1,374 611 2,453 3,206 147 62 1967-—Dec. i................................................................... J (8 8 , . 6 58 0 3 6 ♦ * 1 1, , 2 2 3 3 8 4 5 5 9 9 7 7 2 2 , , 7 7 0 0 7 7 3 3 , , 8 8 7 9 5 4 1 1 0 02 2 6 6 7 7 1968—Jan........................................................................ 8 434 1 138 540 9 687 3 899 101 70 Feb........................................................................ 8*528 * 1 133 533 2*716 3 *957 117 71 Mar...................................................................... 8*387 1 *060 51 3 9*696 3 944 106 68 Apr....................................................................... 8*395 ♦ 1 * 101 496 9*696 3 932 105 May................................................................. 8 331 1 * 1 56 479 9 * 690 J une..................................................................... 8 ’ 244 1 1 ’ 101 479 2 705 3 *776 120 63 July....................................................................... 8 *182 1 *019 501 2*738 3 *735 124 64 Aug,.............................................................. 8 *232 1 *007 490 2 814 3 *731 120 70 Sept....................................................................... 8*323 1*108 480 2*836 3 708 119 72 Oct......................................................... 8 *428 * 1 *163 513 2*868 3*687 129 69 Nov.3'................................................................... 8 *545 1 *201 503 2*887 3*759 121 74 Dec.»’.................................................................... 8*706 * 1 ,*210 523 2,890 3^872 132 79 12a. Europe Bel End of period Total A tr u ia s L b g o u iu u x r m e g m 2 - - D ma e r n k l F a i n n d France G Fe e d r o . m f R an ep y . , Greece Italy N la e e n r t d h s N w o a r y t P u o g r a l Spain S d w en e 1964, ............................ 1 730 11 48 26 84 81 152 10 114 36 43 23 40 49 1965 1........................... ( 1 1 1 , , 2 2 0 0 1 8 8 8 5 5 2 2 3 37 7 8 8 7 7 7 7 2 2 1 19 9 0 0 1 1 3 3 1 1 1 1 0 0 3 3 8 8 5 51 1 2 2 6 6 5 5 0 0 5 5 2 2 1966 i............................ fl, 366 16 67 62 91 73 215 16 108 40 76 41 67 74 1 ,374 16 67 62 91 74 227 1 6 110 40 76 41 67 75 1967—pec. 1................ (1,234 17 66 37 78 88 176 19 58 35 61 26 54 75 1,238 16 83 37 78 88 179 19 58 35 61 26 54 75 1968—Jan..................... 1 138 9 57 34 78 60 151 19 51 38 61 22 54 65 Feb............... 1 133 9 64 32 77 74 140 19 55 37 55 19 53 58 Mar................ 1 060 7 58 39 77 59 116 14 58 31 55 16 76 59 Apr.................... 1 101 7 57 30 77 66 113 17 65 38 59 16 73 61 May............... 1,156 6 62 38 71 83 100 17 72 42 55 17 50 June......... 1,101 7 61 30 70 58 126 17 87 37 44 15 52 56 July.................... 1 ,019 6 54 31 68 50 108 15 77 35 45 16 50 57 Aug................... 1 ,007 13 49 32 66 51 114 15 71 33 47 16 46 54 Sept........... 1,108 4 54 29 61 70 128 13 89 42 46 16 49 65 Oct..................... 1 .163 5 42 33 64 90 145 12 96 42 44 14 41 67 Nov.". ............... 1 201 6 48 36 62 84 175 1 2 98 34 45 15 49 62 Dec,3’....................... 1 ,210 6 41 36 63 66 176 12 105 39 43 10 46 58 12a. Europe—Continued 12b, Latin America End of period S l w a e n r it d z T k u e r y U K d n i o i n t m e g d Y sla u v g i o a E W O u e r t s o h t p e e r e r n 3 U.S.S.R. E E O u as t r h t o e e p r r e n Total A t r i g n e a n Brazil Chile l C o b m i o a Cuba M ic e o x 1964................................. 111 37 310 16 2( 20 2,235 203 126 176 338 17 644 1965 J............................. J 1 7 73 3 4 4 2 2 2 2 1 1 0 6 2 2 8 8 2 2S $ 6 6 2 27 7 2 2 , , 2 2 8 9 8 3 2 2 3 32 2 9 9 4 4 1 1 7 7 4 4 2 2 7 7 0 0 1 1 6 6 6 66 7 9 4 1966 1............................. | [ 8 8 8 3 5 5 2 2 2 1 1 93 0 1 1 9 9 4 37 0 2 2 1 1 6 6 2 2, , 4 4 5 8 3 9 1 1 9 8 3 7 1 11 1 2 4 1 1 5 58 9 3 3 0 0 8 5 1 16 6 7 7 6 5 7 7 1967—Dec. >.................. /98 38 244 13 30 3 18 2,707 221 173 177 217 16 960 198 38 244 13 13 3 18 2,707 221 173 177 217 16 960 1968 Jan........................ 106 37 232 15 2* 3 21 2,687 218 197 193 201 15 950 Feb....................... 106 37 249 15 1 2 20 2,716 227 221 1 82 193 15 991 Mar.................... 76 28 241 15 1 1 23 2,696 198 213 1 84 190 15 1,007 Apr....................... 93 33 238 17 3 25 2,696 208 233 176 1 88 15 983 May..................... 104 34 279 19 1 31 2,699 210 249 166 190 15 977 June................. 76 41 267 20 26 2,705 195 238 166 202 14 972 July..................... 78 23 249 17 1 * 29 2,738 203 283 169 202 14 988 Aug................. 78 28 241 15 1 23 2,814 206 347 174 195 14 971 Sept............ 93 30 269 17 1 I 20 2,836 211 342 177 195 14 957 Oct...................... 87 27 300 17 17 2 19 2,868 228 348 181 201 14 938 Nov.2’.......... . . .. 109 27 285 17 1 21 2,887 233 333 181 202 14 937 Dec,"......................... 93 38 318 22 15 3 21 2,890 249 338 193 206 14 943 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 80 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ FEBRUARY 1969 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 Other Baha Neth. Other E pe n r d i o o d f Panama Peru U gu r a u y V zu e e n l e a r l e L i p c . s A ub . m B m u & e a d r s a A S n n u a t & i r m l i l es A L m a ic t e a in r Total C M la h a n i i n d n a H K o o n n g g India I n n e d si o a Israel 1964................. 49 108 78 168 224 65 18 21 3 294 2 28 21 7 47 19651............... (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 19661................ (84 211 45 226 272 61 18 17 3,135 1 31 16 6 98 185 212 45 220 261 61 18 16 3,206 1 31 16 6 98 1967 —Dec 1 (47 249 42 226 289 63 10 18 3,875 1 28 10 5 57 147 249 42 226 289 63 10 18 3,894 1 30 10 5 57 1968—Jan........ 52 248 40 225 266 53 10 19 3,899 1 28 14 5 50 Feb....... 52 246 38 228 252 46 10 18 3,957 1 30 12 9 46 Mar...... 53 233 40 221 254 62 9 18 3,944 1 30 12 9 47 Apr....... 52 230 35 215 261 71 10 19 3,932 1 27 15 10 51 May.... 50 229 30 211 265 77 11 19 3,813 1 30 12 10 54 June.... 52 220 31 212 263 109 13 17 3,776 I 33 14 24 56 July.. .. 50 205 36 212 276 73 13 15 3,735 1 29 20 20 54 Aug....... 50 199 45 211 278 93 14 16 3,731 1 27 13 22 56 Sept. ... 50 198 56 220 277 108 14 16 3,708 1 29 19 26 56 Oct....... 57 195 61 211 269 130 19 15 3,687 1 28 17 20 55 Nov.’’... 52 204 57 215 281 142 18 17 3,759 1 29 15 19 56 Dec.’’... 56 207 44 232 282 82 19 25 3,872 1 32 19 23 84 12c. Asia—Continued 12d. Africa 12e. Other countries End of period Japan Korea P p h in il e ip s T w a an i T la h n a d i O A t s h i e a r Total C s ( h K o a n i s n g a o ) 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 o A th ll e r 1964........................ 2,810 21 203 9 65 82 131 I 2 20 42 67 64 48 16 19651 ...................... J 1 2 2 , , 7 7 5 6 1 8 2 2 2 2 2 2 3 3 1 0 1 1 5 5 8 82 2 1 1 0 0 7 8 1 1 3 3 9 9 I 1 2 2 3 3 4 4 4 43 3 6 6 0 0 6 6 7 7 5 5 2 2 1 1 5 5 19661...................... ( ( 2 2 , , 5 5 7 0 2 2 3 31 1 2 2 2 2 0 0 1 1 4 5 8 8 1 1 1 1 3 35 4 1 14 4 7 7 1 1 2 2 5 5 0 0 2 2 5 5 6 69 9 6 62 2 5 5 2 2 1 1 0 0 1967—Dec. 1.......... (3,147 59 295 37 100 137 102 1 2 37 11 52 67 54 13 P,154 59 303 37 100 138 102 1 2 37 11 52 67 54 13 1968—Jan......... 3,181 48 298 41 106 127 101 I 2 37 12 49 70 58 13 Feb.............. 3,213 52 313 44 107 129 117 1 3 39 11 64 71 59 12 Mar............. 3,213 54 313 44 92 130 106 1 2 37 11 55 68 55 13 Apr............. 3,223 54 291 42 91 128 105 2 3 39 14 46 65 53 12 May........... 3’105 51 290 41 93 127 116 4 5 40 16 51 68 54 14 June....... 3'048 53 293 38 90 125 120 4 7 40 15 53 63 51 12 July............. 2^986 48 319 40 88 129 124 5 7 41 14 57 64 51 14 Aug............. 3,007 51 291 40 95 130 120 3 4 42 13 58 70 57 14 Sept............. 2',966 59 300 36 93 123 119 2 3 44 12 59 72 57 15 Oct.............. 2,974 68 249 38 95 142 129 5 3 45 9 67 69 56 13 Nov.’’...... 3,057 67 241 39 93 142 121 2 3 40 8 67 74 58 15 Dec.”.......... 3,113 77 239 38 99 145 132 3 2 45 8 73 79 66 13 1 Data on the two lines shown for this date differ because of changes in Note.—Short-term claims are principally the following items payable reporting coverage. Figures on the first line are comparable in coverage on demand or with a contractual maturity of not more than 1 year: loans with those shown for the preceding date; figures on the second line are made to, and acceptances made for, foreigners; drafts drawn against comparable with those shown for the following date, foreigners, where collection is being made by banks and bankers for 2 Through the first line for Dec. 1967 Luxembourg was included in their own account or for account of their customers in the United States; Other Western Europe. and foreign currency balances held abroad by banks and bankers and 3 Beginning with the second line for Dec. 1967 excludes Luxembourg. 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
FEBRUARY 1969 ° INTL CAPITAL TRANSACTIONS OF THE U.S. A 81 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— Foreign End of period Total Total Official C t o i o o u l n l t e s c f A o m a r c n a c d a c e e c e p s c t t , Other Total D wi e t p h o f s o i r ts c g u c o o r v i m t t , i l e s . s e , Other Total institu Banks Others stand of for eigners and fi tions! ing eigners n p a a n p c e e r 1964............................. 7,957 7,333 2,773 221 1,403 1 ,150 1 135 2,621 803 624 336 187 102 1965 2........................... J7.632 7,158 2,967 271 1,566 1,130 1^68 2’501 422 474 325 54 95 7,243 2,970 271 1,567 1,132 1,272 2,508 492 492 329 68 96 1966 2........................... /7.819 7,399 3,138 256 1,739 1,143 1,367 2,450 443 420 240 70 110 (7,853 7,433 3,141 256 1,739 1,145 1,288 2,540 464 420 241 70 110 1967—Dec.2................ /8,583 8,158 3,137 306 1,603 1 ,228 1 ,511 3,013 498 425 287 74 63 (8,606 8,182 3,150 306 1,616 1,228 1,552 3,013 467 425 287 74 63 1968—Jan.................... 8,434 8,031 3,059 296 1,554 1 ,209 1 ,560 3,025 387 403 261 70 72 Feb.................... 8,528 8 162 3 152 305 1 650 1 198 1 628 2 978 401 366 254 55 57 Mar........... 8,387 8’062 3 031 308 1 525 1 198 1 630 2*991 410 325 219 50 56 Apr................... 8,395 8,048 3,022 280 1,561 1 ’180 1*612 3*016 399 347 240 50 57 May.................. 8,331 8 010 3,076 270 1,619 1 187 1 610 2 886 438 321 220 48 53 June.................. 8,244 7 919 3 041 288 1,604 1 149 1 *615 2*796 467 325 228 43 55 July............... 8,182 7 843 3 004 287 1,569 1 148 1 *586 2*787 467 338 230 51 57 Aug............ 8,232 7,906 3 024 300 1,573 1 152 1 *606 2*824 452 326 225 46 55 Sept................... 8’323 7,977 3,197 302 1,731 1 163 1 621 2 745 415 346 250 36 60 Oct.................... 8*428 8,031 3,150 267 1^705 1,178 1 *657 2*773 451 397 306 38 53 Nov.?.............. 8 ,545 8 149 3,219 220 1,811 1 ,188 1 697 2 747 486 396 277 63 55 Dec.?................ 8,706 8,267 3,182 250 1,698 1,234 IJ32 2*854 498 439 343 37 59 i Includes central banks. 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 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 End of period Inter Total F c o t o r r u i e e n i s g n n re a g a t i 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 A ol l l l a rs P fo a c r y u i e n a r i g b n le U K d n i o n i m t g ed E O u t r h o e p r e Canada Am La e t r i i n c a Japan O A t s h i e a r t c O r o i t e u h s n e r 1 other rencies 1964............... 310 204 106 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 1 506 358 1 ^296 445 391 436 1966............... 1,494 988 506 4 180 3*915 247 18 70 1 143 326 1 ,346 326 409 562 1967—Dec.... 2,517 1,828 689 3,925 3,635 274 15 56 720 427 1 ,556 180 449 537 1968—Jan.... 2,518 1 ,835 683 3,914 3,593 308 12 57 708 430 1 ,519 176 491 533 Feb... . 2,542 1 ,862 679 3,859 3,535 314 10 55 684 414 1 ,477 175 515 539 Mar.... 2,583 1 ,949 634 3,785 3,462 312 11 54 671 415 1,441 172 522 509 Apr.... 2,627 2,002 625 3,849 3,509 330 11 65 661 435 1 ,450 162 553 523 May... 2,725 2,045 680 3,791 3,432 348 11 65 632 429 1 ,442 151 553 518 June... 2,751 2,095 656 3,736 3,377 348 11 65 601 417 1 ,435 152 559 506 July. .. 2,585 1 ,960 625 3,624 3,267 346 11 65 552 414 1 ,408 145 545 495 Aug... . 2,716 2,087 629 3,610 3,256 342 12 70 519 414 1 ,399 138 567 502 Sept.... 2,889 2,259 630 3,571 3,215 345 12 71 506 418 1 ,384 136 558 498 Oct.... 2,964 2,310 655 3,645 3,282 349 13 71 495 416 1 ,418 132 621 492 Nov.?.. 2,996 2,297 699 3,615 3,250 351 14 69 497 420 1 ,385 128 624 493 Dec,?.. 3,117 2,386 731 3,571 3,203 352 16 68 479 428 1,370 122 616 487 1 Includes Africa. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 82 INTL CAPITAL TRANSACTIONS OF THE U.S. □ FEBRUARY 1969 15. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. corporate Marketable U.S. Govt, bonds and notes 1 securities 2 Foreign bonds Foreign stocks Net purchases or sales Period Pur- Net pur- Pur- Net pur- Pur- Net pur- Inti. Foreign chases Sales chases or chases Sales chases or chases Sales chases or Total and sales sales sales regional Total Official Other 1965.. -76 -151 75 -20 95 4,395 4,770 -375 1,198 2,440 -1,242 906 617 290 1966.. -616 -427 -189 -245 56 6,318 5,616 703 1,778 2,692 -914 960 731 229 1967.. -43 -121 78 45 33 10,275 9,205 1,070 2,024 3,187 -1 ,163 880 1 ,037 -157 1968”. -500 -161 -339 -391 51 17,485 13,318 4,166 2,280 3,666 -1 ,386 1 ,245 1 ,562 -316 1967—Dec. 10 * 10 ......... • • 10 1,038 795 243 120 262 -142 94 155 -61 1968—Jan.". -178 1 -179 -191 13 1,198 877 322 81 276 -196 68 79 -11 Feb.", -42 • -42 -65 23 1,076 715 362 160 266 -105 70 80 -10 Mar." -92 -92 -103 11 1,163 848 315 323 415 -92 114 148 -34 Apr.". 8 8 8 1,379 1 ,038 340 161 370 -209 73 79 -6 Mayr. -44 -39 -5 -2 -2 1,852 1 ,375 477 305 185 120 87 110 -22 June". 3 2 -I 3 1,505 1,166 340 105 237 -131 94 113 -19 July". 8 -6 14 14 1,496 1,109 387 167 253 -86 81 83 -2 Aug.r. -28 -28 -36 8 1 ,340 1 ,050 290 141 225 -84 100 187 -87 Sept.r -83 -85 2 11 -9 1,279 960 319 116 225 -110 97 201 -104 Oct... -14 -8 -6 -6 1,853 1 ,454 399 446 687 -241 216 154 62 Nov.” 2 1 -2 3 1 ,562 1 ,265 297 170 361 -191 146 155 -9 Dec.”. -41 -26 -15 .............. -15 1 ,781 1,462 319 104 165 -61 100 174 -74 1 Excludes nonmarketable U.S. Treasury bonds and notes issued to Also includes issues of new debt securities sold abroad by U.S. corpora official institutions of foreign countries; see Table 11. tions organized to finance direct investments abroad. 2 Includes State and local govt, securities, and securities of U.S. Govt, Note.—Statistics include transactions of international and regional agencies and corporations that are not guaranteed by the United States. organizations. 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 Swit United Latin Other Inti, Stocks Bonds France zer King Other Total Canada Amer Asia Africa coun and land dom Europe Europe ica tries regional 1965............. -375 -413 38 14 14 -522 47 -446 42 -13 24 -4 2 21 1966............. 703 -333 1 ,036 37 65 -80 116 140 224 65 18 1 4 251 1967............. 1,070 757 313 182 427 -452 229 385 305 115 79 34 17 136 1968”........... 2,264 1 ,903 354 1 ,317 492 1,121 3,284 453 161 123 2 1 3 1 30 1967—Dec... 243 161 82 12 87 13 32 144 32 44 23 ♦ 3 -4 1968—Jan.r.. 322 178 144 19 113 11 75 219 61 19 5 3 1 14 Feb.". 362 76 286 32 88 118 91 329 22 -3 5 8 Mar.". 315 262 53 16 51 9 277 353 28 -14 5 I -59 Apr.". 340 280 60 23 137 18 22 200 80 36 16 * 7 May", 477 92 385 42 101 165 157 465 21 25 12 * 1 -46 June", 340 199 141 18 126 74 27 244 54 19 19 3 July'. 387 222 164 38 188 12 58 295 62 9 20 * 1 -1 Aug.". 290 79 212 32 76 39 122 269 8 -4 8 -1 * 10 Sept.". 319 150 170 31 88 -1 84 202 29 4 16 -I 69 Oct... 399 211 188 18 129 14 86 246 25 19 -9 * 3 115 Nov.”. 297 282 16 57 117 22 36 233 34 11 17 -3 6 Dec.”. 319 234 85 28 104 11 86 228 29 39 8 * 10 3 Note.-—Statistics include State and local govt, securities, and securities of U.S. Govt, agencies and corporations that are not guaranteed by the United States. Also includes issues of new debt securities sold abroad by U.S. corporations organized to finance direct investments abroad. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 83 17. NET PURCHASES OR SALES BY FOREIGNERS OF 18. DEPOSITS, U.S. GOVT. SECURITIES, LONG-TERM FOREIGN SECURITIES, BY AREA AND GOLD HELD AT F.R. BANKS FOR FOREIGNERS (In millions of dollars) (In millions of dollars) Total Inti, Period Total g a i r o n e n d a l c e t o f r i o u g i r e n n s r E o u p e C a a d n a A L i m a c t a i e n r Asia r A ic f a c O t o r t u i 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 securities1 gold 1965................... -953 -164 -788 108 -659 -55 -131 3 — 54 1966................... -685 -171 -514 214 -726 -9 -7 16 — 2 1965............. 150 8,272 12.896 1967................... —1,320 -393 -927 3 -768 38 -152 -20 -27 1966........ 174 7 036 12,946 1968”................. -1J02 -329 -1,373 2 -933 -301 -109 -39 6 1967.............. 135 9 223 13,253 1967—Dec......... -203 -4 -200 -62 -125 2 -14 * ♦ 1968—Jan.... 160 8,861 13,201 1968—J F a e n b . . . . . . . . . . . . . . . . . . - - 1 2 1 0 5 6 -6 1 4 0 - - 1 1 2 4 5 2 49 3 - - 1 1 1 3 2 2 -5 -1 4 -1 -3 2 — — 5 1 I A F M e p a b r r . . . . . . . . . 1 1 1 4 9 9 0 7 2 8 8 8 , , , 7 9 4 6 1 2 3 8 2 1 1 1 3 3 3 , , , 2 6 4 3 1 6 2 4 6 Mar........ -126 -33 -92 -28 -9 -40 14 -31 2 May.. 422 8,328 13,645 Apr,..... -215 -54 -161 6 -159 -8 -2 2 June.. 153 7,676 13,232 May........ 97 137 -40 -13 -37 -6 18 -4 1 July... 202 7,609 13,281 J Ju u l n y e .. . . . . . . . . . . . . . . -1 -8 5 8 0 -14 2 -1 -7 5 4 2 53 8 -1 -5 0 6 3 - - 2 6 7 0 -2 -7 0 -1 -4 2 2 S A e u p g t . . . . . . 1 1 2 9 7 2 7 7, , 7 5 7 9 7 0 1 1 3 3 , , 3 1 5 8 7 7 S A e u p g t . . . . . . . . . . . . . . . . - - 1 2 7 1 2 4 - - 1 1 3 8 - -1 1 9 5 5 9 - - 5 6 8 9 - -6 9 1 2 -4 -2 4 -2 -8 1 -1 * 2 N O o ct v . . . . .. . 2 1 2 0 0 0 9 7 , , 6 9 7 5 3 6 1 1 3 3, , 1 0 5 5 1 9 Oct......... -179 -218 39 79 -55 6 -7 16 Dec... 216 9,120 13,066 Nov.”. . . -200 -58 -142 40 -101 -60 -26 3 2 Dec..”. .. -135 -6 -130 -68 -15 -5 -35 * -6 1969—Jan.... 126 7,893 13,132 1 U.S. Treasury bills, certificates of indebtedness, notes, and bonds; includes securities payable in foreign 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. 19. LIABILITIES OF U.S. BANKS TO THEIR FOREIGN BRANCHES (In millions of dollars) Wednesday Amount Wednesday Amount Wednesday Amount Wednesday Amount 1964 1966 1967 1968 Jan. 29.,....................... 1 ,040 Apr. 27..................... 1,909 4,480 July 3........................... 6,816 Feb. 26........................... 1,077 May 25........................... 2,003 13........................... 4,634 ' 10........................... 6,959 Mar. 25........................... 1,046 June 29.......................... 1 ,951 20........................... 4,365 17........................... 6,678 27........................... 4,241 24........................... 6,681 J A M u p n a r y e . 2 2 2 9 4 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 , , 1 1 9 4 3 1 6 2 7 S J A u e u p ly g t . . 2 2 3 7 1 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 3 , , , 7 4 1 8 7 3 6 2 4 1968 4,157 “ 3 1 1 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 6 6 , , , 6 8 1 8 8 3 8 3 6 July 29........................... 1 ,008 31......................... 4,092 21.......................... 6,967 1 ,166 Oct 26 3,671 10........................... 4,289 28........................... 7,025 O Se c p t t . . 2 3 8 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 , , 1 1 9 6 8 6 N De o c v . . 2 3 8 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 , , 7 0 8 3 6 6 2 3 1 4 1 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 4 , , , 2 5 3 5 6 1 9 7 6 18........................... 7 7 6 , , , 3 5 9 7 9 8 3 9 4 N De o c v . . 2 3 5 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . ....... . .. . . . ... 1 1 , , 1 3 8 8 3 0 1967 Feb. 1 7 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . 4 4 , , 3 4 5 7 2 4 2 IS 5 1 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 7, , 1 6 3 1 1 0 Jan. 27.... 1 .. 9 .. 6 .. 5 ................. 1,358 J M F a e n a b r , . . 2 2 2 2 5 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 , , , 6 3 4 5 9 1 3 6 2 2 21 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 , , 7 5 3 3 9 0 Oct. 1 9 2 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 7 6 , , , 8 2 9 8 4 1 7 0 4 Feb. 24........................... 1,592 Mar. 6. .............. 4,513 23.................... 7,504 Mar. 31........................... 1,431 Apr. 26........................... 3,047 13........................... 4,805 30........................... 7,080 May 31........................... 2,776 20.......................... 4,430 Apr. 28.. ................. 1,433 June 28........................... 3,166 27............................ 4,920 6,961 May 26.......................... 1,432 13........................... 7,180 A J Ju u u l n y g e , 2 3 2 5 8 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 , , , 4 7 5 3 9 7 6 2 2 J S A u e u p ly g t . , 2 3 2 0 6 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 4 3 , , , 0 9 6 5 6 7 9 0 6 Ap ‘ r. 2 1 1 3 0 4 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 5 4 , , , , 8 0 6 7 4 2 6 0 5 0 8 6 2 27 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 7 6 , , , 3 2 9 8 7 6 8 3 0 Sept. 29.......................... 1 ,611 11........................... 7,439 Oct. 4........................... 4,047 4,784 18........................... 7,290 Oct. 27........................ 1 ,719 11........................... 4,293 ’ 8.......................... 5,235 25........................... 6,976 Nov. 24........................... 1,697 18........................... 4,235 15........................... 5,426 Dec. 29........................... 1 ,345 25........................... 4,322 22............................ 5,968 1969 29............................ 5,888 1966 Nov. 1.......................... 4,320 6,054 8........................... 4,560 6,053 8........................... 7,489 Jan. 26,......................... 1 ,688 15........................... 4,623 12............... ........ 6,285 15........................... 8,134 Feb. 23........................... 1 ,902 22........................... 4,864 19........................... 6,203 22........................... 8,576 Mar. 30........................... 1 ,879 29........................... 4,206 26........................... 6,241 29........................... 8,656 1 Break in series; see Note. have occurred that affect the comparability of the data. Where such changes are known to have been significant, two figures for the same date Note.-—The data represent gross liabilities of reporting banks to their are given; the first is comparable with the data that precede it, and the branches in foreign countries. Certain changes in coverage and definitions second with the data that follow. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 84 INTL. CAPITAL TRANSACTIONS OF THE U.S. n FEBRUARY 1969 20. 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 1967 1968 1967 1968 Dec.r Mar.T June Sept.” Dec,r Mar.r June Sept.” Europe: Austria......................................................... 2 2 3 2 8 20 6 5 Belgium-Luxembourg1............................... 27 29 47 60 42 44 54 68 Denmark...................................................... 7 43 8 8 11 10 9 10 Finland........................................................ 3 4 4 4 6 7 9 9 France.......................................................... 64 68 92 114 111 128 136 157 Germany, Fed. Rep. of.............................. 92 108 126 150 134 128 127 174 Greece.......................................................... 11 12 15 14 20 20 24 26 Italy.............................................................. 61 59 60 64 103 111 119 130 Netherlands................................................. 79 71 84 65 51 78 86 67 Norway...................................................... 4 4 4 5 8 10 10 10 Portugal....................................................... 6 4 6 8 7 6 8 8 Spain............................................................ 31 34 50 48 90 88 72 76 Sweden......................................................... 24 17 24 26 24 26 26 26 Switzerland.................................................. 86 63 70 112 29 31 32 71 Turkey.......................................................... 3 3 3 3 9 9 9 7 United Kingdom......................................... 306 255 274 407 774 1 ,095 1 ,514 1,438 Yugoslavia................................................... * 1 1 4 6 6 4 Other Western Europe 1.. ......................... 4 4 6 5 14 12 13 15 Eastern Europe............................................ 1 1 1 1 8 10 10 6 Total................................................... 810 783 878 1 ,096 1 ,452 I ,840 2,269 2,306 Canada............................................................ 205 191 199 199 547 501 559 501 Latin America: Argentina............................................... 4 5 6 7 28 28 31 36 Brazil............................................................ 9 13 18 19 84 83 87 102 Chile............................................................. 8 10 12 6 34 31 30 38 Colombia..................................................... 9 6 9 7 22 25 25 25 Cuba............................................................ 2 2 2 2 Mexico......................................................... 10 7 9 9 112 109 83 94 Panama........................................................ 4 5 3 5 13 10 12 15 Peru.............................................................. 6 6 5 6 29 28 28 28 Uruguay....................................................... 1 2 1 1 5 4 5 4 Venezuela.................................................... 33 35 35 36 57 62 59 57 Other L.A republics.................................... 24 15 18 23 64 59 63 72 Bahamas and Bermuda.............................. 11 9 12 10 23 35 36 46 Neth. Antilles & Surinam......................... 5 5 4 4 7 5 6 5 Other Latin America.................................. 1 2 2 1 10 9 8 8 Total.................................................... 124 120 133 134 490 490 474 532 Asia: Hong Kong.................................................. 5 4 4 4 9 7 10 10 India............................................................. 12 13 14 10 42 41 37 43 Indonesia.................................................... 4 4 5 3 4 6 6 7 Israel............................................................ 3 4 17 15 6 7 10 9 Japan............................................................ 63 75 78 91 185 178 174 194 Korea........................................................... 1 1 1 1 9 12 14 18 Philippines................................................... 8 8 8 10 33 26 22 21 Taiwan......................................................... 5 6 4 3 9 8 12 12 Thailand...................................................... 5 2 2 2 13 13 15 15 Other Asia............................................... 46 46 45 36 87 86 90 94 Total..................................................... 151 165 176 175 397 383 391 422 Africa: Congo (Kinshasa)....................................... 1 1 1 3 4 5 3 South Africa................................................ 8 7 6 12 14 17 16 19 U.A.R. (Egypt)............................................ 4 4 6 4 7 5 6 6 Other Africa............................................... 12 16 12 8 34 37 37 37 Total.................................................. 23 29 24 25 58 62 64 65 Other countries: Australia.................................................. 61 53 46 43 62 57 62 58 AH other...................................................... 8 7 7 6 10 12 10 9 Total..................................................... 69 60 53 49 72 69 72 68 International and regional....................... * ♦ * * * ♦ 1 1 Grand total.......................................... 1,383 1,348 1,464 1,678 3,016 3,346 3,830 3,894 1 Beginning Dec. 1967 includes Luxembourg; prior to that time Lux Note,—Reported by exporters, importers, and industrial and com embourg was included in Other Western Europe. mercial concerns and other nonbanking institutions in the United States. Data exclude claims held through U.S. banks, and intercompany accounts between U.S. companies and their foreign affiliates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 85 21. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (In millions of dollars) Liabilities Claims Payable in foreign currencies End of period Payable Pay in a ble Payable Total in Total in dollars cu f r o r r e e n ig c n ie s dollars D ba e n p k o s s i a ts b r w o i a t d h Other in reporter’s name 1964—Dec.................................................................................... 700 556 144 2,853 2,338 205 310 1965—Mar................................................................................... 695 531 165 2,612 2,147 189 277 June................................................................................... 740 568 172 2*411 1,966 198 248 Sept.................................................................................... 779 585 195 2 406 1 949 190 267 Dec.................................................................................... 807 600 207 2,397 2,000 167 229 Dec.1................................................................................. 810 600 210 2,299 1 911 166 222 1966—Mar................................................................................... 849 614 235 2,473 2 033 211 229 June................................................................................... 894 657 237 2*469 2 063 191 215 Sept................................................................................... 1,028 785 243 2,539 2,146 166 227 Dec.................................................................................... 1,089 827 262 2,628 2,225 167 236 1967—Mar................................................................................... 1,148 864 285 2 689 2,245 192 252 June ................................................ 1,203 916 287 2 585 2,110 199 275 Sept.................................................................................... 1,349 1,025 324 2 555 2,116 192 246 Dec.................................................................................... 1,367 1^023 343 2,941 2,523 201 216 Dec. *r............................................................................... 1 ,383 1 *035 347 3 016 2*595 203 218 1968—Mar. r. .............................................................................. 1,348 981 367 3,346 2,908 211 226 June................................................................................... 1 '464 1,046 418 3^830 3,378 211 241 Sept.p................................................................................ 1,678 1,271 407 3,894 3,266 422 205 1 Data differ from that shown for Dec. in line above because of changes in reporting coverage. 22. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (In millions of dollars) Claims Country or area End of period Total liabilities Total K U in n g i d te o d m E O u t r h o e p r e Canada Brazil Mexico O La th ti e n r Japan O A t s h i e a r Africa o A th l e l r America 1964—Dec......................... 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 l,*101 31 116 230 217 74 138 89 96 91 18 Dec......................... 136 1,169 31 112 233 209 69 196 98 114 89 17 Dec. 1..................... 147 1,139 31 112 236 209 65 198 98 87 85 18 1966—Mar........................ 176 1,156 27 124 239 208 61 206 98 87 87 19 June....................... 188 l,*207 27 167 251 205 61 217 90 90 86 14 Sept........................ 249 11235 23 174 267 202 64 207 102 91 90 14 Dec........................ 329 1,256 27 198 272 203 56 212 95 93 87 13 1967—Mar........................ 454 1,324 31 232 283 203 58 210 108 98 84 17 June....................... 430 1*488 27 257 303 214 88 290 110 98 85 15 Sept........................ 415 1,452 40 212 309 212 84 283 109 103 87 13 Dec........................ 418 1,546 43 257 311 212 85 288 128 117 89 16 Dec.1 r................... 432 1,570 43 263 312 212 91 284 128 132 89 16 1968—Mar.r..................... 582 1,527 41 264 321 206 61 256 128 145 84 21 June...................... 759 1 ^558 32 288 336 205 67 249 131 134 83 33 Sept.”..................... 785 1,582 43 313 334 198 62 249 128 142 82 32 1 Data differ from that shown for Dec. in line above because of changes in reporting coverage. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 86 GOLD RESERVES □ FEBRUARY 1969 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 it te 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 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 243,230 31,869 13,806 27,285 35 66 223 700 1,558 63 84 1,151 44 1966 43,185 2,652 13,235 27,300 35 84 224 701 1,525 45 84 1,046 45 1967-—Dec................ 41,600 2,682 12,065 26,855 33 84 231 701 1,480 45 84 1 ,015 45 1968--Jan................. 2,684 12,003 33 84 233 701 1,460 45 84 1,025 45 Feb................ 2,699 11,900 33 84 234 701 1,454 45 84 1,026 42 Mar............... 40,240 2,711 10,703 26,825 33 84 233 701 1,418 45 84 976 45 Apr................ 2,727 10,547 "31 84 232 701 1,450 45 84 976 45 May.............. 2,735 10,468 "31 84 235 701 1,450 45 84 926 44 June.............. 40,510 2,210 10,681 27,620 31 89 257 714 1,512 45 84 926 45 July............... 2,212 10,676 31 94 259 714 1 ,518 45 84 926 45 Aug............... 2,230 10,681 31 99 260 714 1,518 45 84 926 45 Sept............... *40,725 2,296 10,755 *27,675 31 104 258 714 1 ,524 45 84 863 45 Oct................ 2,299 10,788 31 109 258 714 1 ,522 45 84 863 45 Nov.............. 2,286 10,897 31 109 257 714 1 ,522 45 84 863 45 Dec.?............ 2,288 10,892 ............3..1 ..........2..5..7 714 1,524 ............8..4 863 46 Ger- E pe n r d i o o d f lo C m o b ia D ma e r n k l F a i n n d France m F a e n d y . , Greece India Iran Iraq l I a r n e d Israel Italy Japan Rep. of 1961. 88 107 47 2,121 3,664 87 247 130 84 18 10 2,225 287 1962. 57 92 61 2,587 3,679 77 247 129 98 18 41 2,243 289 1963. 62 92 61 3.175 3,843 77 247 142 98 18 60 2,343 289 1964. 58 92 85 3,729 4,248 77 247 141 112 19 56 2,107 304 1965. 35 97 84 4,706 4,410 78 281 146 110 21 56 2,404 328 1966......................... 26 108 45 5,238 4,292 120 243 130 106 23 46 2,414 329 1967--Dec............... 31 107 45 5,234 4,228 130 243 144 315 25 46 2,400 338 1968--Jan................. 32 107 45 5,234 4,140 131 243 144 151 25 46 2,364 Feb............... 32 107 45 5,234 4,125 130 243 143 151 25 46 2,368 Mar............... 32 107 45 5,235 3,972 134 243 166 165 37 46 2,376 341 Apr................ 33 107 46 5,235 3,972 138 243 166 193 52 46 2,401 341 May.............. 33 107 46 5,235 3,973 141 243 166 193 62 46 2,452 341 June.............. 33 113 46 4,739 4,312 142 243 166 193 71 46 2,673 355 July............... 33 113 46 4,576 4,350 141 243 166 193 78 46 2,698 355 Aug............... 32 113 45 4,366 4,421 140 243 158 193 81 46 2,730 355 Sept............... 32 113 45 4,166 4,456 140 243 158 193 82 46 2,784 355 Oct................ 32 113 45 4,136 4,456 140 243 158 193 79 46 2,784 355 Nov............... 31 113 45 3,876 4,538 145 243 158 193 79 46 2,846 356 Dec.?............ 31 114 45 3,877 4,539 ..........2..4..3 158 ............7..9 46 2,923 356 E pe n r d io o d f Kuwait a L n e o b n Libya M s a i l a ay M c e o xi Mo c r o oc N l e a t n h d e s r N w o a r y 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 1961 . 43 140 112 29 1,581 30 53 47 27 443 65 1962. 49 172 3 3 95 29 1,581 30 53 47 41 471 78 1963. 48 172 7 8 139 29 1,601 31 53 57 28 497 78 1964. 48 183 17 7 169 34 1,688 31 53 67 23 523 78 1965. 52 182 68 2 158 21 1,756 31 53 67 38 576 73 1966. 67 193 68 1 109 21 1,730 18 53 65 44 643 69 1967--Dec................ 136 193 68 31 166 21 1,711 18 53 20 60 699 69 1968--Jan................. 134 193 68 31 164 21 1 ,682 18 53 20 62 699 69 Feb................ 124 203 75 33 163 21 1,677 18 53 20 63 711 69 Mar............... 125 267 85 42 156 21 1,654 18 54 20 64 711 69 Apr................ 127 267 85 52 156 21 1,654 18 54 20 65 711 69 May.............. 131 267 85 66 156 21 1,655 18 54 20 67 715 69 June......... 133 288 85 66 165 21 1,697 24 54 20 67 716 94 July............... 122 288 85 66 165 21 1 ,697 24 54 20 69 761 94 Aug........... 116 288 85 66 165 21 1,697 24 54 20 61 835 119 Sept............... 110 288 85 66 165 21 1 ,697 24 54 20 62 853 119 Oct............... 112 288 85 66 165 21 1,697 24 54 20 59 853 119 Nov............... 122 288 85 *165 21 1 ,697 24 54 65 856 119 Dec.?............ 122 288 85 .............. 21 1 ,697 24 54 62 119 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ GOLD RESERVES AND PRODUCTION A 87 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 it n z d er Taiwan T la h n a d i Turkey ( U E . g A y . p R t) . U K d n i o i n t m e g d U gu r a u y V zu e e n l e a Y sla u v g i o a S I e f n t o t t r l i . e ments 4 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............................. 637 785 203 2’842 62 92 102 93 1 *940 146 401 21 —424 1967—Dec................... 583 785 203 3,089 81 92 97 93 1,291 140 401 22 -624 1968—Jan..................... 625 785 203 2,978 83 92 97 93 133 401 22 —529 Feb.................... 691 785 203 2,793 83 92 97 93 133 401 21 -406 Mar................... 742 785 203 2^603 81 92 97 93 1,493 133 401 22 -345 847 785 203 2^603 81 91 97 93 133 401 22 -331 May......... 946 785 203 2,628 81 89 97 93 133 401 22 -326 June.................. 975 785 225 2’656 81 89 97 93 1,474 133 403 23 -333 July................... 1 003 785 225 2,600 81 89 97 93 133 403 33 — 274 1 ,’016 785 225 2’629 81 89 97 93 134 403 33 — 269 Sept................... 1,069 785 225 2,628 81 92 97 93 1,486 134 403 r44 -265 Oct................ 1,145 785 225 2,626 81 92 97 93 403 44 -274 Nov................... 1,199 785 225 2,625 81 92 97 93 403 44 -260 Dec,®................ 1,243 785 225 2,624 92 97 403 50 -349 1 Includes reported or estimated gold holdings of international and some member countries in anticipation of increase in Fund quotas, except regional organizations, central banks and govts, of countries listed in those matched by gold mitigation deposits with the United States and this table and also of a number not shown separately here, and gold to be United Kingdom; adjustment is $270 million. distributed by the Tripartite Commission for the Restitution of Monetary 3 Excludes gold subscription payments made by some member countries Gold; excludes holdings of the U.S.S.R., other Eastern European coun in anticipation of increase in Fund quotas: for most of these countries tries, and China Mainland. the increased quotas became effective in Feb. 1966. The figures included for the Bank for International Settlements are 4 Net gold assets of BIS, i.e„ gold in bars and coins and other gold the Bank's gold assets net of gold deposit liabilities. This procedure assets minus gold deposit liabilities. avoids the overstatement of total world gold reserves since most of the gold deposited with the BIS is included in the gold reserves of individual Note.—For back figures and description of the data in this and the countries. following tables on gold (except production), see “Gold,” Section 14 of 2 Adjusted to include gold subscription payments to the IMF made by Supplement to Banking and Monetary Statistics, 1962. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Asia Other World Period produc tion 1 A So fr u i t c h a R de h si o a Ghana C s ( h K o a n i s n g a o ) U St n a i t t e e s d C a a d n a M ic e o x r N a i g c u a a Co b l i o a m India P p h in il e ip s t A ra u l s ia ot A h l e l r I960............................. 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 61.5 1966............................. 1 345.0 1,080.8 19.3 24.0 5.6 63.1 114.6 7.5 7.0 9.8 4.2 15.8 32.1 61.2 1967............................. 1,410.0 1,068.7 18.0 26.7 5.4 53.4 103.7 6.4 6.2 9.0 3.4 17.2 28.4 63.5 1967—Nov.................. 90.0 2.3 8.2 .7 .8 2.5 1.4 2.4 Dec................... 88.5 2.2 8.7 .4 .6 .3 1 .5 2.2 1968—Jan.................... 90.3 2.1 7.7 .6 .9 .3 2.0 Feb................... 90.0 2.2 7.7 .5 .7 .3 2.0 91.8 2.1 8.3 .4 .7 34.1 2.8 91.8 8.2 .7 2.5 May................. 93.1 8.4 .7 2.3 91.5 7.5 .6 July.................. 90.5 7.4 .8 91,5 7.7 .6 Sept.................. 93.7 8.3 .6 92.4 7.7 Nov.................. 87.9 7.5 1 Estimated; excludes U.S.S.R., other Eastern European countries, Note.—Estimated world production based on report of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data based on reports from individual 2 Data for Oct.-Nov, countries and Bureau of Mines. Data for the United States are from 3 Quarterly data. the Bureau of the Mint. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 88 MONEY RATES □ FEBRUARY 1969 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Jan. 31, 1968 Rate Country 1968 1969 Ja a n s . o 3 f 1 , Per Month 1969 cent effective Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Argentina.......................... 6,0 Dec. 1957 6 0 Austria........................... 3.75 Oct. 1967 3 75 Belgium.............. 4.00 Oct. 1967 3.75 4.5 45 Brazil............................... 12.0 Jan. 1965 12 0 Burma............................... 4.0 Feb. 1962 4 0 Canada 1................... 7.0 Jan. 1968 7.5 26.5 6.0 6.5 6 5 Ceylon............................... 5.0 May 1965 5.5 5 5 Chile 3............................... 16.61 Jan' 1968 16 61 Colombia.............................. 8.0 May 1963 8,0 Costa Rica............................ 3.0 Apr. 1939 3 0 Denmark....................... 7.5 Dec. 1967 7.0 6.5 6.0 6 0 Ecuador................................. 5.0 Nov. 1956 50 El Salvador........................... 4.0 Aug. 1964 4.0 Finland................................. 7.0 Apr. 1962 7 0 France............................... 3.5 Apr. 1965 5.0 6.0 6 0 Germany, Fed. Rep. of..... 3.0 May 1967 3.0 (Than®........................... 6.0 May 1967 5.5 5 5 Greece.................................... 4.5 July 1967 5.0 5 0 Honduras 4. ...................... 3.0 Jan. 1962 3 0 Iceland................................... 9.0 Jan. 1966 9 0 India...................................... 6.0 Feb. 1965 5.0 5 0 Indonesia.............................. 9.0 Aug. 1963 9 0 Iran........................................ 5.0 Aug. 1966 7.0 7.0 Ireland.................................. 7.69 Jam 1968 7.62 7.39 7.38 7.31 7.44 7.25 6.86 6.81 7.0 7.17 7,17 Israel................................... 6.0 Feb. 1955 6 0 Italy..................................... 3.5 3.5 Jamaica................................. 6.0 Nov. 1967 5.0 5.0 Japan.................................... 6.21 Jan. 1968 5.84 5.84 Korea......... 28.0 Dec. 1965 28.0 Mexico.................................. 4.5 June 1942 4.5 Netherlands.................. 4.5 Mar. 1967 5.0 5 0 New Zealand................. 7.0 Mar, 1961 7 0 Nicaragua............................. 6.0 Apr. 1954 6 0 Norway................................. 3.5 Feb. 1955 3 5 Pakistan................................ 5.0 5 0 Peru....................................... 9.5 Nov. 1959 9 5 Philippine Republic . . . 6.0 7.5 7.5 Portugal................................. 2.5 Sept. 1965 2.5 South Africa......................... 6.0 July 1966 5.5 5 5 Spain..................................... 4.0 June 1961 4.0 Sweden.................................. 6.0 Dec. 1967 5.5 5.0 5.0 Switzerland........................... 3.0 July 1967 3.0 Taiwan 5............................... 10.8 May 1967 11.9 11.9 Thailand............................... 5.0 Oct 1959 5 0 Tunisia.................................. 5.0 5 0 Turkey................................... 7.5 7.5 United Arab Rep. (Egypt).. 5.0 5 b United Kingdom.......... 8.0 Nov. 1967 7.5 7.0 7.0 Venezuela............................. 4.5 Dec. 1960 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 Effective July 2 the rate was 7.0 per cent. for rediscounts in excess of an individual bank’s quota; 3 Beginning with Apr. 1, 1959, new rediscounts have been granted at Costa Rica—-5 per cent for paper related to commercial transactions the average rate charged by banks in the previous half year. Old redis (rate shown is for agricultural and industrial paper); counts remain subject to old rates provided their amount is reduced by Ecuador—-6 per cent for bank acceptances for commercial purposes; one-eighth eac^ month beginning with May 1, 1959, but the rates are Indonesia—various rates depending on type of paper, collateral, com raised by 1.5 per cent for each month in which the reduction does not modity involved, etc.; occur. Japan—.penalty rates (exceeding the basic rate shown) for borrowings 4 Rate shown is for advances only. from the central bank in excess of an individual bank’s quota; 5 Rediscount rate for export and special production loans. Peru—8 per cent for agriculturalj industrial, and mining paper; Philippines—4 per cent for financing the production, importation, and dis Note.—Rates shown are mainly those at which the central bank either tribution of rice and corn and 5.75 per cent for credits to enterprises en discounts or makes advances against eligible commercial paper and/or gaged in export activities. Preferential rates are also granted on credits to govt, securities for commercial banks or brokers. For countries with rural banks; more than one rate applicable to such discounts or advances, the rate Spain—4.6 per cent for financial paper rediscounted for banks (rate shown shown is the one at which it is understood the central bank transacts is for commercial bills); and the largest proportion of its credit operations. Other rates for some Venezuela—2 per cent for rediscounts of certain agricultural paper (Sept. of these countries follow: 1962), and 4 per cent for advances against govt, bonds, mortgages, or gold, Argentina—3 and 5 per cent for certain rural and industrial paper, de and for rediscounts of certain industrial paper, and 5 per cent on advances pending on type of transaction; against securities of Venezuelan companies. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEBRUARY 1969 □ MONEY RATES; ARBITRAGE A 89 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Fe G d e . r R m e a p n , y o , f Netherlands Sw la i n tz d er Month 3 T m r b e o i a l n s ls u t , h ry s 1 D m a o d y n a - y e t y o 2 3 B a a m a c n n c o c k e n e p e s t r t . h s s ’ 3 T r m b e i a o l s n ls u t , r h y s D m a d o y a n - y e t o y a B d ll a e o p n w o o k a n s e n i . r t c s s e ’ D m a o d y n a - e y t y o 3 Tr 6 d b e 0 a i a - l y s l 9 s s u 0 * , r y D m a o d y n a - y e t y o 5 3 T r m b e i a o ll s n s u t , r h y 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 u e t n e t 1965—Dec............. 4,45 4.03 5.91 5.48 4.79 4.00 4.48 3.88 4.67 4.29 3.47 3.00 1966—Dec............. 5.05 4.71 6.94 6.64 6.00 5.00 5.68 4.75 5.85 4.90 3.68 4.00 1967—Dec............. 5,80 5.67 7.78 7.52 6.83 6.00 4.76 2.75 2.77 4.51 4.05 3.75 1968—Jan.............. 6.01 5.32 7.78 7.48 6.85 6.00 5.00 2.75 2.26 4.33 3.12 3.75 Feb............. 6.69 6.38 7.75 7.45 6.86 6.00 4.77 2.75 2.85 4.19 3.65 3.75 Mar............ 6.93 6.76 7.65 7.25 6,72 5.81 5.07 2.75 2.69 4.34 3.10 3.75 Apr............. 6.91 6.85 7.42 7.08 6.48 5.50 5.12 2.75 2.72 4.33 3.49 3.75 May............ 6.96 6.75 7.42 7.15 6.51 5.50 5.66 2.75 2.99 4.43 4.53 3.75 June............ 6.75 6.35 7.54 7.21 6.42 5.50 5.76 2.75 2.68 4.56 4.69 3.75 July............ 6.21 5.68 7.58 7.15 6.51 5.50 6.00 2.75 2.43 4.57 4.40 3.75 Aug............. 5.75 5.04 7.44 6.95 6.43 5.50 5.92 2.75 3.07 4.47 3.81 3.75 Sept............ 5.62 5.11 7.24 6.74 6.21 5.31 6.76 2.75 2.66 4.39 3.73 3.75 Oct............. 5.63 5.10 6.97 6.51 5.93 5.00 7.08 2.75 3.18 4.47 4.15 3.75 Nov............. 5.64 4.73 7.03 6.67 5.92 5.00 9.16 2.75 1,55 4.50 4.86 3.75 Dec............. 5.96 5,31 7.26 6.80 5.99 5.00 ................ 2.75 1,84 4,65 4.96 3.75 1 Based on average yield of weekly tenders during month 5 Monthly averages based on daily quotations. 2 Based on weekly averages of daily closing rates. Note.—For description and back data, see “International Finance/’ 3 Rate shown is on private securities. Section 15 of Supplement to Banking and Monetary Statistics., 1962. * Rate in effect at end of month. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Premium Premium Date K U in n g i d te o d m Spread d ( i + sc ) o u o n r t i . n ( c f N a en v e o t t i r v e Canada Spread ( d ( + i - s ) c ) o o u o r n n t in ( c f N a en v e t o t i r v e q ( u a b o U d a t j . s a S , i t s . t i ) o o n U S n ta i t t e e s d L ( o f n a o v d f o o r n ) f ( o p M r o w u a n o r d n d Lon o d f on) C q a u A n i o n a t s e d d a qu A b o U d a t j . a s . S t is . t i o o n U S n ta 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 r n w l a la d a r r ia s d n Can o a f d a) 1968 Sept. 6.............. 6.78 5.20 1.58 -2.81 -1.23 5.59 5.44 5.20 H24 -.89 -.65 13.............. 6.69 5.25 1,44 -2.46 -1.02 5.59 5.42 5.25 -.17 - .79 -.62 20............. 6.46 5.13 1.33 -2,03 -.70 5.58 5.43 5.13 -.30 -.97 -.67 27.............. 6.49 5.06 1.43 -1.71 -.28 5.70 5.54 5.06 + 48 -.86 -.38 Oct. 4............. 6.36 5.19 1.17 -1.38 -.21 5.64 5.49 5.19 + .30 -.65 -.35 11............ 6.35 5.25 1.10 -1.39 -.29 5.61 5.46 5.25 + .21 -.41 -.20 18.............. 6.35 5.30 1.05 -1.43 -.38 5.62 5.47 5.30 + .17 -.45 -.28 25.............. 6.38 5.37 1.01 -1.12 -.11 5.66 5.50 5.37 + .13 -.63 -.50 Nov. 1 .............. 6.43 5.42 1.01 -.87 + .14 5.55 5.40 5.42 -.02 -.62 -.64 8............. 6.41 5.41 1.00 -.89 + .11 5.60 5.45 5.41 --.04 -.63 -.59 15............. 6.44 5.38 1.06 -1.65 -.59 5.65 5.50 5,38 -M2 -.48 -.36 22.............. 6.66 5.41 1.25 n.a. n.a. 5.65 5.50 5.41 -H.09 -.54 -.45 29.............. 6.66 5.48 1.18 -3.54 -2.36 5.66 5.50 5.48 -+ 02 -.32 -.30 Dec. 6.............. 6.69 5.62 1.07 -4.80 -3.73 5.70 5.54 5.62 -.08 -.30 -.38 13............. 6.63 5.88 .77 -5.06 -4.29 5.79 5.63 5.86 -.23 -.41 -.64 20.............. 6.63 6.08 .55 -4.13 -3,58 6.14 5.96 6.08 -.12 -.43 -.55 27.............. 6.63 6.15 .48 -3.79 -3.31 6.24 6.06 6.15 -.09 -.45 -.54 1969 Jan. 3.............. 6.63 6.11 .52 -3.29 -2.77 6.33 6.15 6,11 -.04 -.24 -.20 10............. 6.63 6.08 .55 -3.20 -2.65 6.46 6.27 6.08 - .19 -.02 + .17 17.............. 6.66 6,01 .65 -2.99 -2,34 6.37 6.18 6.01 --.17 -.13 + .04 24.............. 6.60 6.12 .48 -2.70 -2.22 6.34 6.16 6.12 --.04 -.13 -.09 31.............. 6.58 6,15 .43 -2.55 -2.12 6.37 6.18 6.15 4-.03 -.09 -.06 Note.—Treasury bills: All rates are on the latest issue of 91-day bills. All series: Based on quotations reported to F.R. Bank of New York U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K. by market sources. rates are Friday opening market offer rates in London. For description of series and for back figures, see Oct. 1964 Bulletin, Premium or discount on forward pound and on forward Canadian dollar: pp. 1241-60. For description of adjustments to U.K. and Canadian Rates per annum computed on basis of midpoint quotations (between Treasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 1260, bid and offer) at 11 a.m. Friday in New York for both spot and forward Oct. 1964 Bulletin. pound sterling and for both spot and forward Canadian dollars. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 90 MONEY RATES □ FEBRUARY 1969 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) 1964............................................................. .71786 222.48 3.8698 2.0099 92.689 20.988 14.460 31.067 1965............................................................. .59517 222.78 3.8704 2.0144 92.743 20.959 14.460 31.070 1966............................................................. .48690 223.41 1111.22 3.8686 2.0067 92.811 20.946 14.475 31.061 1967............................................................. .30545 111.25 3.8688 2.0125 92.689 20.501 14.325 229.553 1968............................................................. .28473 111.25 3.8675 2,0026 92,801 16.678 13.362 23.761 1968—Jan................................................... .28465 111.85 3.8696 2.0138 92,559 16.660 13.404 23.716 Feb................................................... .28469 Mar.................................................. .28468 111.98 3.8648 2.0123 92.181 16.688 13.409 23.745 Apr................................................... .28469 111.98 3.8645 2.0142 91.962 16.688 13.412 23.763 May................................................. .28469 3111.54 3.8635 2.0136 92.171 16.688 13.419 23.763 June................................................. .28470 111.64 3.8655 2,0105 92.568 16.688 13.413 23.763 July................................................. .28474 111.05 3.8670 2.0110 92.760 16.671 13.399 23.763 Aug.................................................. .28469 110.84 3.8683 2.0058 92.846 16.662 13.373 23.763 Sept.................................................. .28469 111.09 3.8706 2.0013 93.123 16.669 13.317 23.763 Oct................................................... .28478 111.14 3,8702 1.9982 93.213 16.673 13.302 23.763 Nov.................................................. .28476 110.97 3,8702 1.9916 93.182 16.674 13.321 23.763 Dec.................................................. .28500 111.08 3.8706 1.9864 93.202 16.678 13.321 23.763 110.89 3,8664 41.9927 93.177 16.675 513.308 S23.757 1969—jan................................................... .28513 110.95 3.8670 1.9921 93.206 16.678 13.317 23.763 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 ( I r n u d p i e a 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 a l a a y r ) M (p e e x s i o c ) o ( e g N r u l i e a l t n d h d e r s ) 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 25.007 616.596 279.30 .16014 .27598 32.538 8.0056 27.630 1967............................................................. 20.323 25.084 13.255 275.04 .16022 .27613 32.519 8.0056 27.759 1968............................................................. 20.191 25.048 13.269 239.35 .16042 .27735 32.591 8.0056 27,626 1968—Jan................................................... 20.307 24.974 13.337 240.91 .16004 .27612 32.712 8.0056 27.747 Feb................................................... 20.315 24,987 13,337 240.92 .16004 .27616 32.721 8.0056 27.719 Mar.................................................. 20.316 25.067 13,319 3239.97 .16023 .27620 32.630 8.0056 27.728 Apr.............................................. 20.290 25.093 13.318 240.18 .16011 .27603 32.654 8.0056 27.632 May................................................. 20.212 25.119 13,268 238.92 .16059 .27604 32.556 8.0056 27.635 June................................................. 20.107 25.032 13.228 238.46 .16048 .27636 32.509 8,0056 27.620 July.................................................. 20.107 24.945 13.240 239.00 .16068 .27740 32.551 8.0056 27.611 Aug.................................................. 20.105 24.919 13.241 239.11 .16090 .27803 32.540 8,0056 27.566 Sept.................................................. 20.106 25.166 13.233 238.74 .16069 .27839 32.518 8.0056 27.504 Oct................................................... 20.104 25.120 13.241 238.97 .16055 .27890 32.551 8,0056 27.484 Nov.................................................. 520.121 725.153 13,230 238.58 4.16037 .27925 32,538 8,0056 527.556 Dec.................................................. 20.199 25.032 13.234 238.42 .16026 .27940 32.614 8.0056 27,710 1969—Jan................................................... 20.199 24.978 13.244 238.70 .16022 .27934 32.640 8,0056 27.636 Period (pou N n e d w ) Zeal ( a d n o d llar) N (k o r r o w n a e y ) (e P s o c g r u a t l d u o ) A ( S r o f a r u n i t c d h a ) (p S e p s a e i t n a ) S (k w r e o d n e a n ) ( S e fr r w a la n i n t c z d ) ( U p K d o n i o u i n m t n g e d d ) 1964............................................................. 276.45 13.972 3.4800 139.09 1.6663 19.414 23.152 279.21 1965............................................................. 276.82 13.985 3.4829 139.27 1.6662 19.386 23.106 279.59 1966............................................................. 276.54 13.984 3.4825 139.13 1.6651 19.358 23.114 279.30 1967............................................................. 276.69 8131.97 13.985 3.4784 139.09 1.6383 19.373 23.104 275.04 1968............................................................. 111.37 14.000 3.4864 139.10 1.4272 19.349 23.169 239.45 1968—Jan................................................... 112.09 13.997 3.4861 140.00 1.4236 19.366 23.017 240.91 Feb................................................... 112.10 14.001 3.4866 140.01 1.4231 19.361 22.994 240.92 Mar.................................................. 3111.66 14.005 3.4854 3139.46 1.4264 19.345 23.085 3239.97 Apr.................................................. 111.75 14.000 3.4891 139.58 1.4283 19.338 23.049 240.18 May................................................. 111.17 14.000 3.4874 138.85 1.4283 19.354 23.118 238.92 June................................................. 110.95 14.000 3.4867 138.58 1.4279 19.352 23.233 238.46 July.................................................. 111.20 14.000 3.4863 138.89 1.4282 19.351 23.265 239.00 Aug.................................................. 111.26 13.999 3.4863 138.96 1.4284 19.369 23.223 239.11 Sept.................................................. 111.08 13.997 3.4846 138.74 1.4282 19.371 23.251 238.74 Oct................................................... 111.19 13.998 3.4844 138.88 1.4282 19.335 23.270 238.97 Nov.................................................. 111.01 513.999 53.4855 138.65 41.4281 719.323 23.256 238.58 Dec.................................................. 110.93 14,000 3.4886 138.56 1.4279 19.323 23.259 238.42 1969—Jan................................................... 111.06 13.988 3.4925 138,72 1.4278 19.340 23.146 238.70 1 Effective Feb. 14, 1966, Australia adopted the decimal currency 8 Effective July 10, 1967, New Zealand adopted the decimal currency system. The new unit, the dollar, replaces the pound and consists of 100 system. The new unit, the dollar, replaces the pound and consists of 100 cents, equivalent to 10 shillings or one-half the former pound. cents, equivalent to 10 shillings or one-half the former pound. 2 Effective Oct. 12, 1967, the Finnish markka was devalued from 3.2 to 4.2 markkaa per U.S. dollar. Note.—After the devaluation of the pound sterling on Nov. 18, 1967, 3 Quotations not available Mar. 15, 1968. the following countries devalued their currency in relation to the U.S. 4 Quotations not available Nov. 20, 1968. dollar: Ceylon, Denmark, Ireland, New Zealand, and Spain. 5 Quotations not available Nov. 20-22, 1968. Averages of certified noon buying rates in New York for cable transfers. « Effective June 6, 1966, the Indian rupee was devalued from 4.76 to For description of rates and back data, see “International Finance,” 7.5 rupees per U.S. dollar. Section 15 of Supplement to Banking and Monetary Statistics, 1962. 7 Quotations not available Nov. 20-21, 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 91 FOR SPECIAL TABLES SEE FOLLOWING PAGE. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 92 FEDERAL RESERVE BANKS, 1968 □ FEBRUARY 1969 EARNINGS AND EXPENSES (In Item Total Boston New York Philadelphia Cleveland Richmond Atlanta Current earnings Discounts and advances...................................... 29,702,022 2,232,084 8,522,694 536,040 878,276 1,128,269 1,715,593 Acceptances......................................................... 4,153,633 4,153,633 U.S. "Govt, securities........................................... 2,653,503,692 138,894,925 663,949,404 136,299,631 203,417,300 195,815,741 142,665,634 Foreign currencies................................................ 76,539,434 3,748,273 19,676,674 4,054,447 6,888,464 3,980,002 4,819,832 All other............................................................... 547,163 17,829 70,765 13,788 33,486 32,809 59,195 Total...................................2...,.7..6..4..,.4...4..5..,.9..4...2... 144,893,111 696,373,170 140,903,906 211,217,526 200,956,821 149,260,254 Current expenses Salaries: Officers .......................................................... 9,965 527 551 112 2 053 518 684 765 655 302 841 449 675 441 Employees................................................... 119 117,557 7,637,329 30 043 570 5,392 314 8,557 885 8 099,685 8 478 208 Retirement and other benefits............................ 20,933,715 1,374,205 4,924,632 987,835 1,505,001 1,459,594 1,484,005 Fees—Directors and others............................... 1 ’,237’972 101'790 253 997 114,147 91,874 84,530 105 685 Traveling expenses.............................................. 2 831 590 184 044 414 476 116'716 184 538 206,251 287 187 Postage and expressage....................................... 28,688,476 1,768,982 3,385,958 1,150,091 2,508,842 3,496,360 2,650,930 Telephone and telegraph.................................... 2 495,618 113,294 565 031 95 181 167;507 198 308 296 715 Printing and supplies......................................... 10 369 493 722,679 1 880 540 541 720 793 363 800 974 926 893 Insurance.............................................................. 426 780 29 858 ’ 50’886 17 042 40 487 32 332 36;640 Taxes on real estate............................................. 6 184’251 641,815 1 080 351 179,904 552', 38 i 230 004 411;081 Depreciation (buildings)...................................... 5 955,960 205,621 737 466 76,596 542,475 160,403 989,035 Light, heat, power, and water............................ 2 400,885 147,350 350 276 91,438 272 ,'359 197,086 228,919 Repairs and alterations......................... 1,657,983 97,941 245,755 299,482 143,669 81,420 160,243 Rent..................................................................... 193,349 51,737 7,012 7,140 39,581 10,004 644 Furniture and equipment: Purchases...................................................... 4 178 220 202,824 1,125 473 185,220 267,564 249,208 514,241 Rentals.......................................................... 10,061,483 629,322 i;ods;iso 384 ,'991 726,146 989,250 804;579 All other.............................................................. 4,017,802 168,816 ’963’527 149,687 441,759 171,664 214,361 Inter-Bank expenses............................................. 84,104 -1,174,456 87,881 148,585 2,239 111,281 Subtotal......................................................... 230,716,663 14,712,823 47,916,192 10,562,150 17,639,318 17,310,761 18,376,088 F.R. currency............................................. 20,474 404 1'286'529 3,322 472 1,384,816 1;035;850 2;402;749 1,981,549 Assessment for expenses of Board of Governors. 14,198,198 688,400 3,647,200 749,900 1,273,000 ’734;000 893,900 Total............................................................ 265,389,265 16,687,752 54,885,864 12,696,866 19,948,168 20,447,510 21,251,537 Less reimbursement for certain fiscal agency and other expenses.......................................... 23,038,895 1,284,592 4,672,299 978,044 2,340,334 1,207,596 1,644,877 Net expenses................................................ 242,350,370 15,403,160 50,213,565 11,718,822 17,607,834 19,239,914 19,606,660 Profit and loss Current net earnings............................................ 2,522,095,572 129,489,950 646,159,605 129,185,084 193,609,692 181,716,906 129,653,594 Additions to current net earnings: Profits on sales of U.S. Govt, securities. .. 792,717 41,727 191,709 40,879 61,657 58,222 43,606 Profits on foreign exchange transactions.... 8,049,430 394,422 2,068,703 426,620 724,449 418,570 507,114 All other........................................................ 154,073 2,348 16,343 13 3,254 572 28,370 Total additions............................................ 8 ,996,220 438,497 2,276,755 467,512 789,360 477,365 579,090 Deductions from current net earnings............... 476,222 5,855 9,856 8,828 17,631 9,942 322,985 Net addition to or deduction from (—) current net earnings...................................................... 8,519,994 432,642 2,266,899 458,683 771,728 467,422 256,104 Net earnings before payments to U.S. Treasury. 2,530,615,568 129,922,592 648,426,504 129,643,768 194,381,420 182,184,329 129,909,698 Dividends paid................................................. 36,959,336 1,784,861 9,472,606 1,933,571 3,296,071 1,909,326 2,348,186 Payments to U.S. Treasury (interest on F.R. notes)................................................................ 2,463,628,983 126,711,431 633,194,098 126,754,047 188,962,249 178,500,503 125,027,463 Transferred to surplus ......................................... 30,027,250 1,426,300 5,759,800 956,150 2,123,100 1,774,500 2,534,050 Surplus, January 1............................................... 599;74h400 29;116;650 154;313;500 31,825,650 53,884,600 31,074,850 37,627,900 Surplus, December 31......................................... 629,768,650 30,542,950 160,073,300 32,781,800 56,007,700 32,849,350 40,161,950 Note.—Details may not add to totals because of rounding. 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FEBRUARY 1969 a FEDERAL RESERVE BANKS, 1968 A 93 OF FEDERAL RESERVE BANKS dollars) Chicago St. Louis Minneapolis K C an it s y as Dallas Fra S n a c n is co Item Current earnings 7,089,127 886,927 1,040,781 1,059,138 1,215,553 3,397,540 Discounts and advances Acceptances 431,041,066 94,130,996 52,687,917 105,217,837 112,264,984 377,118,257 U.S. Govt, securities 11,172,527 2,604,402 1,762,479 3,368,652 4,364,788 10,098,894 Foreign currencies 89,408 27,115 38,837 74,883 34,702 54,346 All other 449,392,128 97,649,439 55,530,014 109,720,510 117,880,026 390,669,037 Total Current expenses Salaries: 977,778 818,119 550,179 722,298 619,594 815,972 Officers 16,804,468 6,814,466 4,255,565 6,698,001 5,235,591 11,100,475 Employees 2,813,325 1,222,359 750,178 1,264,008 980,702 2,167,871 Retirement and other benefits 76,487 78,577 72,721 78,938 63,026 116,200 Fees—Directors and others 318,879 192,898 210,020 175,219 190,848 350,514 Traveling expenses 3,659,671 1,787,520 1,140,328 2,198,344 1,613,926 3,327,524 Postage and expressage 282,025 132,774 98,574 167,564 155,385 223,260 Telephone and telegraph 1,516,722 764,393 347,093 745,952 460,062 869,102 Printing and supplies 35,406 29,652 20,211 32,141 26,974 75,151 Insurance 1,081,148 262,735 350,961 500,925 318,614 574,332 Taxes on real estate 1,363,318 324,711 75,145 496,351 554,599 430,240 Depreciation (buildings) 325,075 167,876 99,660 238,816 130,365 151,665 Light, heat, power, and water 202,946 102,733 35,844 65,782 53,704 168,464 Repairs and alterations 66,443 1,572 1,468 4,579 1,591 1,578 Rent Furniture and equipment: 384,100 176,558 120,031 600,993 85,371 266,637 Purchases 2,086,738 620,336 453,608 739,402 729,645 889,286 Rentals 707,101 204,110 165,735 256,871 343,897 230,274 All other 245,050 60,387 41,250 77,219 97,797 218,665 Inter-Bank expenses 32,946,680 13,761,776 8,788,571 15,063,403 11,661,691 21,977,210 Subtotal 2,898,106 1,015,930 325,330 852,712 985,655 2,982,706 F.R. currency 2,078,400 483,000 332,600 624,000 815,298 1,878,500 Assessment for expenses of Board of Governors 37,923,186 15,260,706 9,446,501 16,540,115 13,462,644 26,838,416 Total Less reimbursement for certain fiscal agency 4,163,684 1,298,691 694,693 1,603,791 905,717 2,244,577 and other expenses 33,759,502 13,962,015 8,751,808 14,936,324 12,556,927 24,593,839 Net expenses Profit and loss 415,632,626 83,687,425 46,778,205 94,784,187 105,323,09? 366,075,199 Current net earnings Additions to current net earnings: 132,340 28,356 15,878 33,201 33,593 111,549 Profits on sales of U.S. Govt, securities 1,175,217 273,681 185,137 354,175 458,817 1,062,525 Profits on foreign exchange transactions 80,615 808 609 1,732 2,697 16,712 All other 1,388,171 302,845 201,624 389,108 495,107 1,190,786 Total additions 6,240 11,620 3,989 6,835 13,040 59,401 Deductions from current net earnings Net addition to or deduction from (—) 1,381,931 291,224 197,636 382,273 482,067 1,131,385 current net earnings 417,014,557 83,978,649 46,975,841 95,166,460 105,805,166 367,206,584 Net earnings before payments to U.S. Treasury 5,462,762 1,273,412 860,423 1,609,966 2,118,480 4,889,672 Dividends paid 405,670,595 81,055,587 45,726,018 92,888,644 102,384,586 356,753,762 Payments to U.S. Treasury (interest on F.R. notes) 5,881,200 1,649,650 389,400 667,850 1,302,100 5,563,150 Transferred to surplus 87,359,800 20,350,300 14,085,300 26,454,700 34,463,650 79,184,500 Surplus, January 1 93,241,000 21,999,950 14,474,700 27,122,550 35,765,750 84,747,650 Surplus, December 31 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 94 BANKING OFFICES □ FEBRUARY 1969 NUMBER OF BANKING OFFICES IN THE UNITED STATES Commercial banks1 Mutual savings banks Type of office and type of change All Member Nonmember banks Total Total Na State* Total Insured Non Insured1 Non tional insured insured Banks (head office): Dec. 31, 1934........................................................... 16,063 15,484 6,442 5,462 980 9,042 7,699 1 ,343 68 511 Dec. 31, 1941............................................................ 14,826 14,278 6,619 5,117 1 ,502 7,662 6,810 852 52 496 Dec. 31, 19472.......................................................... 14,714 14,181 6,923 5,005 1,918 7,261 6,478 783 194 339 Dec. 31, 1951 .......................................................... 14,618 14,089 6,840 4,939 1 ,901 7,252 6,602 650 202 327 Dec. 31, 1958........................................................... 14,020 13,501 6,312 4,578 1 ,734 7,192 6,793 399 241 278 Dec. 31, 1959........................................................... 13,991 13,474 6,233 4,542 1,691 7,244 6,878 366 268 249 Dec. 31, 1960........................................................... 13,986 13,472 6,174 4,530 1 ,644 7,300 6,948 352 325 189 Dec. 31, 1961........................................................... 13,946 13,432 6,113 4,513 1 ,600 7,320 6,997 323 330 184 Dec. 31, 1962............................................................ 13,938 13,427 6,047 4,503 1,544 7,380 7,072 308 331 180 Dec. 31, 1963 ........................................................... 14,078 13,569 6,108 4,615 1 ,493 7,461 7,177 284 330 179 Dec. 31, 1964........................................................... 14,266 13,761 6,225 4,773 1,452 7,536 7,262 274 327 178 Dec. 31; 1965........................................................... 14,309 13,804 6,221 4,815 1,406 7,583 7,320 263 328 177 Dec, 31, 1966........................................................... 14,274 13,770 6,150 4,779 1,351 7,620 7,385 235 330 174 Dec. 31, 1967........................................................... 14,222 13,721 6,071 4,758 1,313 7,650 7,439 211 331 170 Dec. 31, 1968 ........................................................... 14,179 13,679 5,978 4,716 1 ,262 7,701 7,504 197 333 167 Branches, additional offices, and facilities: Dec. 31, 1934........................................................... 3,133 3,007 2,224 1,243 981 783 7S3 126 Dec. 31, 1941........................................................... 3,699 3,564 2,580 1,565 1 ,015 984 932 52 32 103 Dec. 31,19472......................................................... 4,332 4,161 3,051 1 ,870 1,181 1,110 1 ,043 67 124 47 Dec. 31, 1951........................................................... 5,383 5,153 3,837 2,370 1,467 1 ,316 1,275 41 165 65 Dec. 31, 1958 ........................................................... 9,286 8,861 6,924 4,534 2,390 1,937 1 ,898 39 305 120 Dec. 31, 1959........................................................... 10,099 9,652 7,492 4,973 2,519 2,160 2,118 42 318 129 Dec. 31, 1960........................................................... 10,969 10,483 8,133 5,509 2,624 2,350 2,303 47 381 105 Dec. 31, 1961............................................................ 11,896 11,353 8,899 6,044 2,855 2,454 2,410 44 427 116 Dec. 31, 1962........................................................... 12,932 12,345 9,649 6,640 3,009 2,696 2,646 50 466 121 Dec. 31, 1963 .......................................................... 14,122 13,498 10,613 7,420 3,193 2,885 2,835 50 502 122 Dec. 31, 1964........................................................... 15,275 14,601 11,457 8,156 3,301 3,144 3,094 50 549 125 Dec. 31, 1965............................................................ 16,471 15,756 12,298 8,964 3,334 3,458 3,404 54 583 132 Dec. 31, 1966........................................................... 17,665 16,908 13,129 9,611 3,518 3,779 3,717 62 614 143 Dec. 31, 1967............................................................ 18,757 17,928 13,856 10,183 3,673 4,072 4,026 46 669 160 Dec. 31, 1968............................................................ 19,911 19,013 14,553 10,985 3,568 4,460 4,414 46 729 169 Changes Jan.-Dec. 31, 1968 Banks: New Banks3............................................................. 89 87 15 14 1 72 64 8 2 Consolidations and absorptions: Banks converted into branches....................... -122 -120 -61 -54 -7 -59 -56 -3 - 1 -1 Other..................................................................... -11 -10 -4 -3 - 1 —6 -4 -2 -1 Reopening of suspended bank................................ 1 1 t .............. Interclass changes: Nonmember to national...................................... 6 6 -6 -6 Nonmember to State member............................. 3 3 -3 -3 State member to national.................................... 7 -7 State member to nonmember.............................. -40 -40 40 40 ............. National to nonmember...................................... -12 -12 12 12 19 — 19 1 — 1 - 1 1 Net change................................................. -43 -42 -93 -42 -51 51 65 - 14 2 -3 Number of banks, Dec. 31, 1968........................... 14,179 13,679 5,978 4,716 1,262 7,701 7,504 197 333 167 Branches and additional offices:4 De novo.................................................................. 1,105 1,036 684 488 196 352 351 I 60 9 Banks converted....................................................... 122 120 77 66 11 43 43 1 I Discontinued............................................................ -77 -75 -68 -39 -29 -7 -7 -2 Interclass changes: Nonmember to national................................... 40 40 -40 -40 Nonmember to State member............................. 14 14 - 14 - 14 State member to national.................................... 287 -287 • •.......... State member to nonmember.............................. -24 -24 24 24 National to State member................................... —14 14 National to nonmember...................................... -26 -26 26 26 1 — 1 1 — 1 Facilities reclassified as branches........................... 6 6 6 4 2 Net change............................................................ 1,156 1,087 703 806 - 103 384 384 60 9 Number of branches and additional offices, Dec. 31, 1968........................................ 19,675 18,777 14,352 10,797 3,555 4,425 4,379 46 729 169 Banking facilities:5 Established............................................................... 10 10 6 5 1 4 4 Discontinued............................................................ -6 -6 -5 -5 - 1 -1 .............. Interclass changes: State member to national.................................... 1 — 1 National to nonmember.............................. -1 -1 1 1 .............. Facilities reclassified as branches............................ -6 -6 -6 -4 — 2 Net change.............................................................. -2 -2 -6 -4 -2 4 4 Number of facilities, Dec. 31, 1968 ........................ 236 236 201 188 13 35 35 1 Figures for both State member banks and insured mutual savings 4 Excludes facilities. banks include 1 to 3 member mutual savings banks, 1941 to 1962 inclusive, 5 Provided at military and other Govt, establishments through arrange not reflected in total commercial bank figures. State member bank figures ments made by the Treasury Dept. also include 1 or 2 noninsured trust companies, 1954 to date. 2 Series revised as of June 30, 1947. The revision resulted in an addition Note,—Beginning with 1959, figures include all banks in Alaska and of 115 banks and 9 branches. Hawaii, but nonmcmbcr banks in territories and possessions are excluded. 3 Exclusive of new banks organized to succeed operating banks. 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FEBRUARY 1969 □ FEDERAL RESERVE PAR LIST A 95 NUMBER OF PAR AND NONPAR BANKING OFFICES Par Total Nonpar (nonmember) F.R. District, Total Member Nonmember State, or other area Branches Branches Branches Branches Branches Banks and offices Banks and offices Banks and offices Banks and offices Banks and offices Total, including Puerto Rico and Virgin Islands:1 Dec, 31, 1967..................... 13,641 18,080 12,266 17,759 6,071 13,881 6,195 3,878 1 ,375 321 Dec. 31, 1968..................... 13,598 19,186 12,666 18,868 5,977 14,582 6,689 4,286 932 318 F.R. Districts, Dec. 31,1968: Boston................................. 380 1 ,396 380 1 ,396 243 1 ,072 137 324 New York 1....................... 491 3,104 491 3,104 374 2,722 117 382 Philadelphia....................... 492 1 ,303 492 1 ,303 359 953 133 350 Cleveland........................... 816 1,742 816 1 ,742 484 1,476 332 266 Richmond........................... 777 2,566 715 2,502 378 1 ,613 337 889 62 64 Atlanta................................ 1 ,590 1,190 1,164 1 ,069 536 803 628 266 426 121 Chicago............................... 2,550 2,049 2,550 2,049 974 1 ,370 I ,576 679 St. Louis............................. 1 ,506 764 1 ,309 705 474 432 835 273 197 59 Minneapolis........................ 1 ,357 256 1,176 194 489 117 687 77 181 62 Kansas City........................ 1 ,931 250 1 ,931 250 833 156 1 ,098 94 Dallas................................. 1 ,291 267 1 ,226 255 651 150 575 105 65 12 San Francisco..................... 417 4,299 416 4,299 182 3,718 234 581 1 State or area, Dec, 31, 1968: Alabama............................. 268 236 205 221 111 182 94 39 63 15 Alaska................................. 12 55 11 55 5 46 6 9 Arizona............................... 13 278 13 278 4 208 9 70 Arkansas............................. 248 141 170 124 81 97 89 27 78 17 California............................ 156 2,784 156 2,784 82 2,513 74 271 Colorado............................. 218 10 218 10 135 6 83 4 Connecticut......................... 64 376 64 376 35 302 29 74 Delaware............................. 19 78 19 78 7 37 12 41 District of Columbia......... 14 100 14 100 12 93 2 7 Florida................................ 455 24 430 24 212 13 218 11 25 ................. Georgia.............................. 428 246 212 230 74 186 138 44 216 16 Hawaii............................... 7 122 7 122 2 43 5 79 Idaho.................................. 26 142 26 142 16 128 10 14 Illinois................................. 1 ,071 45 I ,071 45 511 36 560 9 Indiana............................... 414 577 414 577 197 373 217 204 Iowa............................... 672 281 672 281 159 73 513 208 Kansas................................ 601 61 601 61 210 37 391 24 Kentucky............................ 346 286 346 286 94 173 252 113 Louisiana............................ 229 329 128 273 58 191 70 82 101 56 Maine................................. 40 197 40 197 27 144 13 53 .................. Maryland............................ 122 469 122 469 55 292 67 177 Massachusetts..................... 157 682 157 682 103 545 54 137 Michigan............................. 338 I ,099 338 1 ,099 208 910 130 189 Minnesota........................... 722 10 722 10 223 6 499 4 0 Mississippi.......................... 185 296 87 224 46 132 41 92 98 72 Missouri............................. 664 85 632 85 174 40 458 45 32 0 Montana............................. 134 5 134 5 88 5 46 .................. Nebraska............................ 436 37 436 37 139 21 297 16 Nevada............................... 9 77 9 77 6 67 3 10 New Hampshire................. 76 41 76 41 53 35 23 6 New Jersey......................... 226 796 226 796 183 694 43 102 New Mexico. ..................... 63 114 63 114 39 66 24 48 New York........................... 316 2,208 316 2,208 254 2,097 62 2111 North Carolina.................. 117 933 79 872 26 458 53 414 38 61 North Dakota.................... 168 69 77 29 46 13 31 16 91 40 Ohio.................................. 525 1 ,130 525 1,130 344 974 181 156 Oklahoma........................... 423 56 423 56 243 45 180 11 Oregon................................ 50 306 50 306 13 248 37 58 Pennsylvania....................... 504 1 ,521 504 I ,521 358 1,173 146 348 Rhode Island..................... 13 158 13 158 5 88 8 70 South Carolina................... 118 350 94 347 30 223 64 124 24 3 South Dakota..................... 165 91 75 69 58 56 17 13 90 22 Tennessee............................ 302 417 249 40! 87 278 162 123 53 16 Texas................................... 1,149 63 1 ,127 63 596 28 531 35 22 Utah.................................... 54 115 54 115 20 85 34 30 Vermont............................. 44 71 44 71 27 41 17 30 Virginia. .............................. 237 711 237 711 152 545 85 166 Washington........................ 94 487 94 487 35 431 59 56 West Virginia..................... 195 4 195 4 1 14 2 81 2 Wisconsin........................... 602 223 602 223 166 66 436 157 Wyoming....................... 70 1 70 1 53 1 17 .................. Puerto Rico1...................... 12 174 12 174 17 12 157 .................. Virgin Islands1................... 7 19 7 19 1 19 6 1 Puerto Rico and the Virgin Islands assigned to the N.Y. District for Note.—Includes all commercial banking offices in the United States, purposes of Regulation J, “Check Clearing and Collection.” Member Puerto Rico, and the Virgin Islands on which checks are drawn, including branches in Puerto Rico and all except 6 in the Virgin Islands are branches 236 banking facilities. Number of banks and branches differs from that of N.Y.C. banks. Certain branches of Canadian banks (2 in Puerto Rico in the preceding table because this table includes banks in Puerto Rico and and 1 in Virgin Islands) are included above as nonmember banks; and the Virgin Islands but excludes banks and trust companies on which no nonmember branches in Puerto Rico include 8 other branches of Canadian checks are drawn. banks. 2 Includes 8 N.Y.C. branches of 2 insured nonmember Puerto Rican banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Wm. McC. Martin, Jr., Chairman J. L. Robertson, Vice Chairman George W. Mitchell J. Dewey Daane Sherman J. Maisel Andrew F. Brimmer William W. Sherrill Robert C. Holland, Secretary of the Board Daniel H. Brill, Senior Adviser to the Board Robert Solomon, Adviser to the Board Merritt Sherman, Assistant to the Board Howard H. Hackley, Assistant to the Board Charles Molony, Assistant to the Board Robert L. Cardon, Assistant to the Board Joseph R. Coyne, Special Assistant to the Board Robert E. Nichols, Special Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF FEDERAL RESERVE BANK Robert C. Holland, Secretary OPERATIONS Kenneth A. Kenyon, Deputy Secretary John R. Farrell, Director Elizabeth L. Carmichael, Assistant Secretary John N. Kiley, Jr., Associate Director Arthur L. Broida, Assistant Secretary James A. McIntosh, Assistant Director Robert P. Forrestal, Assistant Secretary P. D. Ring, Assistant Director Charles C. Walcutt, Assistant Director LEGAL DIVISION Lloyd M. Schaeffer, Chief Federal Reserve David B. Hexter, General Counsel Examiner • Thomas J. O’Connell, Deputy General Counsel DIVISION OF SUPERVISION AND REGULATION Jerome W. Shay, Assistant General Counsel Frederic Solomon, Director Robert F. Sanders, Assistant General Counsel Brenton C. Leavitt, Deputy Director Pauline B. Heller, Adviser Frederick R. Dahl, Assistant Director DIVISION OF RESEARCH AND STATISTICS Jack M. Egertson, Assistant Director Daniel H. Brill, Director Janet O. Hart, Assistant Director John N. Lyon, Assistant Director J. Charles Partee, Associate Director Stephen H. Axilrod, Adviser Thomas A. Sidman, Assistant Director Lyle E. Gramley, Adviser Tynan Smith, Acting Assistant Director Stanley J. Sigel, Adviser DIVISION OF PERSONNEL ADMINISTRATION Tynan Smith, Adviser Kenneth B. Williams, Adviser Edwin J. Johnson, Director Murray S. Wernick, Associate Adviser John J. Hart, Assistant Director James B. Eckert, Assistant Adviser Peter M. Keir, Assistant Adviser DIVISION OF ADMINISTRATIVE SERVICES Bernard Shull, Assistant Adviser Joseph E. Kelleher, Director Louis Weiner, Assistant Adviser Harry E. Kern, Assistant Director DIVISION OF INTERNATIONAL FINANCE OFFICE OF THE CONTROLLER Robert Solomon, Director John Kak alec, Controller * Robert L. Sammons, Associate Director John E. Reynolds, Associate Director OFFICE OF DEFENSE PLANNING John F. L. Ghiardi, Adviser Innis D. Harris, Coordinator A. B. Hersey, Adviser Reed J. Irvine, Adviser DIVISION OF DATA PROCESSING *Samuel I. Katz, Adviser Bernard Norwood, Adviser Lawrence H. Byrne, Jr., Director Ralph C. Wood, Adviser Robert F. Gemmill, Associate Adviser Samuel Pizer, Associate Adviser *On leave of absence. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEDERAL OPEN MARKET COMMITTEE Wm. McC. Martin, Jr., Chairman Alfred Hayes, Vice Chairman Andrew F. Brimmer W. Braddock Hickman Frank E. Morris J. Dewey Daane Monroe Kimbrel J. L. Robertson Hugh D. Galusha, Jr. Sherman J. Maisel William W. Sherrill George W. Mitchell Robert C. Holland, Secretary Merritt Sherman, Assistant Secretary John H. Kareken, Associate Economist Kenneth A. Kenyon, Assistant Secretary Robert G. Link, Associate Economist Arthur L. Broida, Assistant Secretary Maurice Mann, Associate Economist Charles Molony, Assistant Secretary J. Charles Partee, Associate Economist Howard H. Hackley, General Counsel John E. Reynolds, Associate Economist David B. Hexter, Assistant General Counsel Daniel H. Brill, Economist Robert Solomon, Associate Economist Stephen H. Axilrod, Associate Economist Charles T. Taylor, Associate Economist A. B. Hersey, Associate Economist Parker B. Willis, Associate Economist Alan R. Holmes, Manager, System Open Market Account Charles A. Coombs, Special Manager, System Open Market Account FEDERAL ADVISORY COUNCIL John A. Mayer, fourth federal reserve district, President J. Harvie Wilkinson, Jr., fifth federal reserve district, Vice President Mark C. Wheeler, first federal John Fox, eighth federal reserve reserve district district George S. Moore, second federal Philip H. Nason, ninth federal reserve district RESERVE DISTRICT George H. Brown, Jr., third federal Jack T. Conn, tenth federal RESERVE DISTRICT RESERVE DISTRICT George S. Craft, sixth federal John E. Gray, eleventh federal RESERVE DISTRICT RESERVE DISTRICT Donald M. Graham, seventh federal Frederick G. Larkin, Jr., twelfth RESERVE DISTRICT FEDERAL RESERVE DISTRICT Herbert V. Prochnow, Secretary William J. Korsvik, Assistant Secretary A 97 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 98 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank Chairman President Vice President vi Ui anvil Deputy Chairman First Vice President in charge of branch Zip code Boston................ ....02106 Howard W. Johnson Frank E. Morris John M. Fox Earle O. Latham New York........... ....10045 Albert L. Nickerson Alfred Hayes James M. Hester William F. Treiber Buffalo.............. ....14240 Robert S. Bennett A. A. Maclnnes, Jr. Philadelphia........ ....19101 Willis J. Winn Karl R. Bopp Bayard L. England Robert N. Hilkert Cleveland............ ....44101 Albert G. Clay W. Braddock Hickman J. Ward Keener Walter H. MacDonald Cincinnati........ ....45201 Graham E. Marx Fred O. Kiel Pittsburgh........ ....15230 Lawrence E. Walkley Clyde E. Harrell Richmond............ ....23213 Wilson H. Elkins Aubrey N. Heflin Robert W. Lawson, Jr. Robert P. Black Baltimore..............21203 Arnold J. Kleff, Jr. Donald F. Hagner Charlotte.......... ....28201 James A. Morris Edmund F. MacDonald Atlanta................ ....30303 Edwin I. Hatch Monroe Kimbrel John C. Wilson Robert E. Moody, Jr. Birmingham... ....35202 Mays E. Montgomery Jacksonville.... ...32201 Castle W. Jordan Edward C. Rainey Nashville.......... ...37203 James E. Ward Jeffrey J. Wells New Orleans.......70160 Robert H. Radcliff, Jr. Arthur H. Kantner Chicago................. ...60690 Franklin J. Landing Charles J. Scanlon Emerson G. Higdon Hugh J. Helmer Detroit.............. ....48231 Max P. Heavenrich, Jr. Russel A. Swaney St. Louis............. ...63166 Frederic M. Peirce Darryl R. Francis Smith D. Broadbent, Jr. Dale M. Lewis Little Rock.... ...72203 Jake Hartz John F. Breen Louisville.......... ...40201 Harry M. Young, Jr. Donald L. Henry Memphis.......... ...38101 William L. Giles Eugene A. Leonard Minneapolis......... ...55440 Robert F. Leach Hugh D. Galusha, Jr. David M. Lilly M. H. Strothman, Jr. Helena.............. ...59601 Edwin G. Koch Clement A. Van Nice Kansas City......... ...64198 Dolph Simons George H. Clay Willard D. Hosford, Jr. John T. Boysen Denver.............. ...80217 Cris Dobbins John W. Snider Oklahoma City. ...73125 C. W. Flint, Jr. Howard W. Pritz Omaha.............. ...68102 Henry Y. Kleinkauf George C. Rankin Dallas................. ...75222 Carl J. Thomsen Philip E. Coldwell Max Levine T. W. Plant El Paso............... ...79999 C. Robert McNally, Jr. Fredric W. Reed Houston............. ...77001 Geo. T. Morse, Jr. J. Lee Cook San Antonio.......78206 W.A. Belcher Carl H. Moore San Francisco....... ...94120 O. Meredith Wilson Eliot J. Swan S. Alfred Halgren A. B. Merritt Los Angeles....... ...90054 Norman B. Houston Paul W. Cavan Portland.................97208 Frank Anderson William M. Brown Salt Lake City.. ...84110 Royden G. Derrick Arthur L. Price Seattle....................98124 William McGregor William R. Sandstrom Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 99 FEDERAL RESERVE BOARD PUBLICATIONS Available from Publications Services, Division of Administrative Services, Board of Governors of the Federal Re serve System, Washington, D.C., 20551. Where a charge is indicated, remittance should accompany request and be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. For a more complete list, including periodic releases, see pp. A 94-—A 97 of the Decem ber 1968 Bulletin, (Stamps and coupons not accepted) THE FEDERAL RESERVE SYSTEM—PURPOSES AND rency. 1963. 11 pp. $.35. Sec. 12. Money Rates FUNCTIONS. 1963. 298 pp. and Securities Markets. 1966. 182 pp. $.65. ANNUAL REPORT. Sec. 14. Gold. 1963. 24 pp. $.35. Sec. 15. Inter FEDERAL RESERVE BULLETIN. Monthly. $6.00 per national Finance. 1962. 92 pp. $.65. Sec. 16 annum or $.60 a copy in the United States and (New). Consumer Credit. 1965. 103 pp. $.65. its possessions, Bolivia, Canada, Chile, Colom BANK MERGERS & THE REGULATORY AGENCIES: bia, Costa Rica, Cuba, Dominican Republic, APPLICATION OF THE BANK MERGER ACT OF Ecuador, Guatemala, Haiti, Republic of Hon 1960. 1964. 260 pp. $1.00 a copy; 10 or more duras, Mexico, Nicaragua, Panama, Paraguay, sent to one address, $.85 each. Peru, El Salvador, Uruguay, and Venezuela; 10 BANKING MARKET STRUCTURE & PERFORMANCE or more of same issue sent to one address, $5.00 IN METROPOLITAN AREAS: A STATISTICAL per annum or $.50 each. Elsewhere, $7.00 per STUDY OF FACTORS AFFECTING RATES ON annum or $.70 a copy. BANK LOANS. 1965. 73 pp. $.50 a copy; 10 or FEDERAL RESERVE CHART BOOK ON FINANCIAL more sent to one address, $.40 each. AND BUSINESS STATISTICS. Monthly. Annual FARM DEBT. Data from the 1960 Sample Survey subscription includes one issue of Historical of Agriculture. 1964. 221 pp. $1.00 a copy; 10 Chart Book. $6.00 per annum or $.60 a copy in or more sent to one address, $.85 each. the United States and the countries listed above; MERCHANT AND DEALER CREDIT IN AGRICUL 10 or more of same issue sent to one address, TURE. 1966. 109 pp. $1.00 a copy; 10 or more $.50 each. Elsewhere, $7.00 per annum or $.70 sent to one address, $.85 each. a copy. MONETARY THEORY AND POLICY: A BIBLIOGRA HISTORICAL CHART BOOK. Issued annually in Sept. PHY. Part I—Domestic Aspects. 137 pp. $1.00 Subscription to monthly chart book includes a copy; 10 or more sent to one address, $.85 one issue. $.60 a copy in the United States and each. countries listed above; 10 or more sent to one REGULATIONS OF THE BOARD OF GOVERNORS OF address, $.50 each. Elsewhere, $.70 a copy. THE FEDERAL RESERVE SYSTEM. FLOW OF FUNDS IN THE UNITED STATES, 1939 RULES OF ORGANIZATION AND PROCEDURE 53. 1955. 390 pp. $2.75. BOARD OF GOVERNORS OF THE FEDERAL RE DEBITS AND CLEARING STATISTICS AND THEIR SERVE SYSTEM. 1967. 16 pp. USE. 1959. 144 pp. $1.00 a copy; 10 or more PUBLISHED INTERPRETATIONS OF THE BOARD OF sent to one address, $.85 each. GOVERNORS, as of June 30, 1968. $2.50. THE FEDERAL FUNDS MARKET. 1959. Ill pp. TRADING IN FEDERAL FUNDS. 1965. 116 pp. $1.00 $1.00 a copy; 10 or more sent to one address, a copy; 10 or more sent to one address, $.85 $.85 each. INDUSTRIAL PRODUCTION—1957-59 BASE. 1962. each. U.S. TREASURY ADVANCE REFUNDING, JUNE 172 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. 1960-JULY 1964. 1966. 65 pp. $.50 a copy; 10 THE FEDERAL RESERVE ACT, as amended through or more sent to one address, $.40 each. SURVEY OF FINANCIAL CHARACTERISTICS OF Nov. 5, 1966, with an appendix containing pro visions of certain other statutes affecting the CONSUMERS. 1966. 166 pp. $1.00 a copy; 10 or Federal Reserve System. 353 pp. $1.25. more sent to one address, $.85 each. SUPPLEMENT TO BANKING AND MONETARY STA THE PERFORMANCE OF BANK HOLDING COM TISTICS. Sec. 1. Banks and the Monetary Sys PANIES. 1967. 29 pp. $.25 a copy; 10 or more tem. 1962. 35 pp. $.35. Sec. 2. Member Banks. sent to one address, $.20 each. 1967. 59 pp. $.50. Sec. 5. Bank Debits. 1966. 36 BANK CREDIT-CARD AND CHECK-CREDIT PLANS. pp. $.35. Sec. 6. Bank Income. 1966. 29 pp. July 1968. 102 pp. $1.00 a copy; 10 or more $.35. Sec. 9. Federal Reserve Banks. 1965. 36 sent to one address, $.85 each. pp. $.35. Sec. 10. Member Bank Reserves and INTEREST RATE EXPECTATIONS: TESTS ON YIELD Related Items. 1962. 64 pp. $.50. Sec. 11. Cur SPREADS AMONG SHORT-TERM GOVERNMENT Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 100 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 SECURITIES. 1968. 83 pp. $.50 a copy; 10 or INTEREST RATES AND THE DEMAND FOR CON more sent to one address, $.40 each. SUMER DURABLE GOODS, by Michael J. Ham SURVEY OF CHANGES IN FAMILY FINANCES. 1968. burger. Dec. 1967. 321 pp. $1.00 a copy; 10 or more sent to one THE LAGS BETWEEN INVESTMENT DECISIONS AND address, $.85 each. THEIR CAUSES, by Shirley Almon. Feb. 1968. REAPPRAISAL OF THE FEDERAL RESERVE DIS A DISAGGREGATED MODEL OF THE U.S. BALANCE COUNT MECHANISM: OF TRADE, by William H. Branson. May 1968. REPORT OF A SYSTEM COMMITTEE, 1968, 23 pp. THE LABOR MARKET AND POTENTIAL OUTPUT OF $.25 a copy; 10 or more sent to one address, THE FEDERAL RESERVE-MIT ECONOMETRIC $.20 each. MODEL: A PRELIMINARY REPORT, by A. J. Telia REPORT ON RESEARCH UNDERTAKEN IN CON and P. A. Tinsley. Aug. 1968. NECTION WITH A SYSTEM STUDY. 1968. 47 THE REGULATION OF SHORT-TERM CAPITAL MOVE pp. $.25 a copy; 10 or more sent to one MENTS: WESTERN EUROPEAN TECHNIQUES IN address, $.20 each. THE 1960's, by Rodney H. Mills, Jr. Sept. 1968. Limited supply of the following papers relating to A TECHNIQUE FOR FORECASTING DEFENSE EX the Discount Study, in mimeographed or similar PENDITURES, by Harvey Galper and Edward form, available upon request for single copies: Gramlich, Oct. 1968. EVOLUTION OF THE ROLE AND FUNCTIONING Printed in full in the Bulletin. OF THE DISCOUNT MECHANISM. 1968. 65 pp. (Reprints available as shown in following list.) A STUDY OF THE MARKET FOR FEDERAL FUNDS. 1968. 47 pp. REPRINTS THE SECONDARY MARKET FOR NEGOTIABLE (From Federal Reserve Bulletin unless preceded CERTIFICATES OF DEPOSIT. 1968. 89 pp. by an asterisk.) THE DISCOUNT MECHANISM IN LEADING IN ADJUSTMENT FOR SEASONAL VARIATION. Descrip DUSTRIAL COUNTRIES SINCE WORLD WAR tion of method used by Board in adjusting eco II. 1968. 216 pp. nomic data for seasonal variations. June 1941. RESERVE ADJUSTMENTS OF THE EIGHT MAJOR H PP- NEW YORK CITY BANKS DURING 1966. 1968. SEASONAL FACTORS AFFECTING BANK RESERVES. 29 pp. Feb. 1958. 12 pp. DISCOUNT POLICY AND OPEN MARKET OPERA TIONS. 1968. 23 pp. LIQUIDITY AND PUBLIC POLICY, Staff Paper by Stephen H. Axilrod. Oct. 1961. 17 pp. THE REDESIGNED DISCOUNT MECHANISM AND THE MONEY MARKET. 1968. 29 pp. SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. July 1962. 6 pp. SUMMARY OF THE ISSUES RAISED AT THE ACA DEMIC SEMINAR ON DISCOUNTING. 1968. INTEREST RATES AND MONETARY POLICY, Staff 16 pp. Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. A REVIEW OF RECENT ACADEMIC LITERATURE RECENT CHANGES IN LIQUIDITY, Staff Paper by ON THE DISCOUNT MECHANISM. 1968. Daniel H. Brill. June 1963. 10 pp. 40 pp. MEASURES OF MEMBER BANK RESERVES. July DISCOUNT POLICY AND BANK SUPERVISION. 1963. 14 pp. ’ 1968. 72 pp. MEASURING AND ANALYZING ECONOMIC GROWTH, Staff Paper by Clayton Gehman. Aug. 1963. 14 pp. STAFF ECONOMIC STUDIES CHANGES IN BANKING STRUCTURE, 1953-62. Sept. Studies and papers on economic and financial sub 1963. 8 pp. jects that are of general interest in the field of ECONOMIC CHANGE AND ECONOMIC ANALYSIS, economic research. Staff Paper by Frank R. Garfield. Sept. 1963. Summaries only printed in the Bulletin. 17 PP- (Limited supply of mimeographed copies of full THE OPEN MARKET POLICY PROCESS. Oct. 1963. text available upon request for single copies.) 11 PP- MEASURES OF INDUSTRIAL PRODUCTION AND YIELD DIFFERENTIALS IN TREASURY BILLS, 1959 FINAL DEMAND, by Clayton Gehman and Cor 64, Staff Paper by Samuel I. Katz. Oct. 1964. nelia Motheral. Jan. 1967. 20 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD PUBLICATIONS A 101 REVISION OF BANK DEBITS AND DEPOSIT TURN THE PRICE OF GOLD IS NOT THE PROBLEM. Feb. OVER SERIES. Mar. 1965. 4 pp. 1968. 7 pp. TIME DEPOSITS IN MONETARY ANALYSIS, Staff U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN Economic Study by Lyle E. Gramley and Sam 1960-67. Apr. 1968. 23 pp. uel B. Chase, Jr. Oct. 1965. 25 pp. QUARTERLY SURVEY OF CHANGES IN BANK LEND CYCLES AND CYCLICAL IMBALANCES IN A CHANG ING PRACTICES. Apr. 1968. 6 pp. ING WORLD, Staff Paper by Frank R. Garfield. RECENT CAPITAL MARKET DEVELOPMENTS. May Nov. 1965. 15 pp. 1968. 11 pp. RESEARCH ON BANKING STRUCTURE AND PER BANKING AND MONETARY STATISTICS, 1967. FORMANCE, Staff Economic Study by Tynan Selected series of banking and monetary statis Smith. Apr. 1966. 11 pp. tics for 1967 only. Mar. and May 1968. 20 pp. COMMERCIAL BANK LIQUIDITY, Staff Economic CONSUMER INSTALMENT CREDIT. June 1968. Study by James Pierce. Aug. 1966. 9 pp. 13 pp. TOWARD UNDERSTANDING OF THE WHOLE DE MARGIN ACCOUNT CREDIT. June 1968. 12 pp. VELOPING ECONOMIC SITUATION, Staff Eco nomic Study by Frank R. Garfield. Nov. 1966. REVISION OF MONEY SUPPLY SERIES. June 1968. 14 pp. 6 PP- A REVISED INDEX OF MANUFACTURING CAPACITY, RECENT MONETARY AND CREDIT DEVELOP Staff Economic Study by Frank de Leeuw with MENTS. July 1968. 11 pp. Frank E. Hopkins and Michael D. Sherman. MONETARY RESTRAINT AND BORROWING AND Nov. 1966. 11 pp. CAPITAL SPENDING BY LARGE STATE AND THE ROLE OF FINANCIAL INTERMEDIARIES IN LOCAL GOVERNMENTS IN 1966. July 1968. U.S. CAPITAL MARKETS, Staff Economic Study 30 pp. by Daniel H. Brill, with Ann P. Ulrey. Jan. 1967. 14 pp. ' RECENT CHANGES IN STRUCTURE OF TIME AND SAVINGS DEPOSITS. July 1968. 20 pp. REVISED SERIES ON COMMERCIAL AND INDUS TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. REVISED SERIES ON BANK CREDIT. Aug. 1968. AUTO LOAN CHARACTERISTICS AT MAJOR SALES 4 PP- FINANCE COMPANIES. Feb. 1967. 5 pp. FEDERAL FISCAL POLICY IN THE 1960’s. Sept. CONSUMER INSTALMENT CREDIT. Mar. 1967. 12 1968. 18 pp. PP- TREASURY AND FEDERAL RESERVE FOREIGN EX SURVEY OF FINANCE COMPANIES, MID-1965. Apr. CHANGE OPERATIONS. Sept. 1968. 22 pp. 1967. 26 pp. HOW DOES MONETARY POLICY AFFECT THE MONETARY POLICY AND ECONOMIC ACTIVITY: A ECONOMY? Staff Economic Study by Maurice POSTWAR REVIEW. May 1967. 22 pp. Mann. Oct. 1968. 12 pp. MONETARY POLICY AND THE RESIDENTIAL MORT BUSINESS FINANCING BY BUSINESS FINANCE COMPANIES. Oct. 1968. 13 pp. GAGE MARKET. May 1967. 13 pp. BANK FINANCING OF AGRICULTURE. June 1967. ECONOMIC UPSWING IN WESTERN EUROPE. Nov. 23 pp. 1968. 17 pp. EVIDENCE ON CONCENTRATION IN BANKING MANUFACTURING CAPACITY: A COMPARISON OF MARKETS AND INTEREST RATES, Staff Eco TWO SOURCES OF INFORMATION, Staff Eco nomic Study by Almarin Phillips. June 1967. nomic Study by Jared J. Enzler. Nov. 1968. 11 PP- 5 PP- NEW BENCHMARK PRODUCTION MEASURES, 1958 FINANCIAL DEVELOPMENTS IN THE THIRD QUAR AND 1963. June 1967. 4 pp. TER OF 1968. Nov. 1968. 5 pp. REVISED INDEXES OF MANUFACTURING CAPACITY MONETARY RESTRAINT, BORROWING, AND CAP AND CAPACITY UTILIZATION. July 1967. 3 pp. ITAL SPENDING BY SMALL LOCAL GOVERN THE PUBLIC INFORMATION ACT—ITS EFFECT ON MENTS AND STATE COLLEGES IN 1966. Dec. MEMBER BANKS. July 1967. 6 pp. 1968. 30 pp. INTEREST COST EFFECTS OF COMMERCIAL BANK REVISION OF CONSUMER CREDIT STATISTICS. UNDERWRITING OF MUNICIPAL REVENUE Dec. 1968. 21 pp. BONDS. Aug. 1967. 16 pp. THE ECONOMIC PAUSE IN WESTERN EUROPE. BALANCE OF PAYMENTS PROGRAM: REVISED Oct. 1967. 17 pp. GUIDELINES FOR BANKS AND NONBANK FI NANCIAL INSTITUTIONS. Jan. 1969. 10 pp. THE FEDERAL RESERVE-MIT ECONOMETRIC MODEL, Staff Economic Study by Frank de FINANCIAL DEVELOPMENTS IN THE FOURTH Leeuw and Edward Gramlich. Jan. 1968. 30 pp. QUARTER OF 1968. Feb. 1969. 9 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 102 FEDERAL RESERVE BULLETIN □ FEBRUARY 1969 INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page A-3.) )xedni siht ni dettimo si ”A“ xiferp eht hguohtla 59-A hguorht 4-A segap ot era secnerefeR( Acceptances, bankers’, 14, 31, 35 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 24, 26 Accumulated at commercial banks for payment Arbitrage, 89 of personal loans, 23 Assets and liabilities (See also Foreign liab. & claims) : Adjusted, and currency, 18 Banks, by classes, 19, 24, 26, 35 Banks, by classes, 11, 19, 25, 28, 35 Banks and the monetary system, 18 Federal Reserve Banks, 12, 83 Corporate, current, 47 Postal savings, 18 Federal Reserve Banks, 12 Subject to reserve requirements, 17 Automobiles: Discount rates, 9, 88 Consumer instalment credit, 52, 53, 54 Discounts and advances by Reserve Banks, 4, 12, 15 Production index, 56, 57 Dividends, corporate, 46, 47 Dollar assets, foreign, 73, 78 Bankers’ balances, 25, 27 (See also Foreign liabilities and claims) Earnings and expenses, Federal Reserve Banks, 92 Banking offices: Earnings and hours, manufacturing industries, 63 Changes in number, 94 Employment, 60, 62, 63 Par and nonpar offices, number, 95 Banks and the monetary system, 18 Farm mortgage loans, 48, 49 Banks for cooperatives, 37 Federal finance: Bonds (See also U.S. Govt, securities): Cash transactions, 38 New issues, 43, 44, 45 Receipts and expenditures, 39 Yields and prices, 32, 33 Treasurer’s balance, 38 Branch banks, liabilities of U.S. banks to their for Federal funds, 8, 24 eign branches, 29, 83 Federal home loan banks, 37, 49 Business expenditures on new plant and equipment, 47 Federal Housing Administration, 48, 49, 50, 51 Business indexes, 60 Federal intermediate credit banks, 37 Business loans (See Commercial and industrial loans) Federal land banks, 37 Capacity utilization, 60 Federal National Mortgage Assn., 37, 51 Capital accounts: Federal Reserve Banks: Condition statement, 12 Banks, by classes, 19, 25, 29 Earnings and expenses, 92 Federal Reserve Banks, 12 U.S. Govt, securities held, 4, 12, 15, 40, 41 Central banks, foreign, 86, 88 Certificates of deposit, 29 Federal Reserve credit, 4, 12, 15 Federal Reserve notes, 12, 16 Coins, circulation, 16 Federally sponsored credit agencies, 37 Commercial and industrial loans: Finance company paper, 31, 35 Commercial banks, 24 Financial institutions, loans to, 24, 26 Weekly reporting banks, 26, 30 Float, 4 Commercial banks: Flow of funds, 68 Assets and liabilities, 19, 24, 26 Foreign currency operations, 12, 14, 73, 78 Banking offices, changes in number, 94 Foreign deposits in U.S. banks, 4, 12, 18, 25, 28, 83 Consumer loans held, by type, 53 Foreign exchange rates, 90 Deposits at, for payment of personal loans, 23 Foreign liabilities and claims: Number, by classes, 19 Banks, 29, 74, 75, 77, 79, 81, 83 Real estate mortgages held, by type, 48 Nonbanking concerns, 84 Commercial paper, 31, 35 Condition statements (See Assets and liabilities) Foreign trade, 71 Construction, 60, 61 Gold: Consumer credit: Certificates, 12, 16 Instalment credit, 52, 53, 54, 55 Earmarked, 83 Noninstalment credit, by holder, 53 Net purchases by U.S., 72 Consumer price indexes, 60, 64 Production, 87 Consumption expenditures, 66, 67 Reserves of central banks and govts., 86 Corporations: Stock, 4, 18, 73 _ Sales, profits, taxes, and dividends, 46, 47 Government National Mortgage Association, 51 Security issues, 44, 45 Gross national product, 66, 67 Security yields and prices, 32, 33 Cost of living (See Consumer price indexes) Hours and earnings, manufacturing industries, 63 Currency and coin, 4, 10, 25 Housing starts, 61 Currency in circulation, 4, 16, 17 Customer credit, stock market, 34, 91 Income, national and personal, 66, 67 Debits to deposit accounts, 15 Industrial production index, 56, 60 Debt (See specific types of debt or securities) Instalment loans, 52, 53, 54, 55 Demand deposits: Insurance companies, 36, 40, 41, 49 Adjusted, banks and the monetary system, 18 Insured commercial banks, 21, 23, 24, 94 Adjusted, commercial banks, 15, 17, 25 Interbank deposits, 11, 19, 25 Banks, by classes, 11, 19, 25, 28 Interest rates: Subject to reserve requirements, 17 Business loans by banks, 31 Turnover, 15 Federal Reserve Bank discount rates, 9 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 103 Interest rates—Continued Reserve requirements, member banks, 10 Foreign countries, 88, 89 Reserves: Money market rates, 31, 89 Central banks and govts., 86 Mortgage yields, 51 Commercial banks, 25, 27 Time deposits, maximum rates, 11 Federal Reserve Banks, 12 Yields, bond and stock, 32 Member banks, 4, 6, 11, 17, 25 International capital transactions of the U.S., 74 Residential mortgage loans, 33, 48, 49, 50 International institutions, 72, 73, 86, 88 Retail credit, 52 Inventories, 66 Retail sales, 60 Investment companies, issues and assets, 45 Investments (See also specific types of investments): Sales finance companies, loans, 52, 53, 55 Banks, by classes, 19, 24, 27, 35 Saving: Commercial banks, 23 Flow of funds series, 68 Federal Reserve Banks, 12, 15 National income series, 67 Life insurance companies, 36 Savings and loan assns., 36, 41, 49 Savings and loan assns., 36 Savings deposits (See Time deposits) Savings institutions, principal assets, 35, 36 Labor force, 62 Securities (See also U.S. Govt, securities): Loans (See also specific types of loans): Federally sponsored agencies, 37 Banks, by classes, 19, 24, 26, 35 International transactions, 82, 83 Commercial banks, 23, 24, 30 New issues, 43, 44, 45 Federal Reserve Banks, 4, 12, 15 Silver coin and silver certificates, 16 Insurance companies, 36, 49 State and local govts.: Insured or guaranteed by U.S., 48, 49, 50, 51 Deposits, 25, 28 Savings and loan assns., 36, 49 Holdings of U.S. Govt, securities, 40, 41 New security issues, 43, 44 Manufacturers: Ownership of securities of, 24, 27, 35, 36 Capacity utilization, 60 Yields and prices of securities, 32, 33 Production index, 57, 60 State member banks, 21, 23, 94 Margin requirements, 10 Stock market credit, 34, 91 Member banks: Stocks: Assets and liabilities, by classes, 19, 24 New issues, 44, 45 Banking offices, changes in number, 94 Yields and prices, 32, 33 Borrowings at Reserve Banks, 6, 12 Deposits, by classes, 11 Number, by classes, 19 Tax receipts, Federal, 39 Reserve position, basic, 8 Time deposits, 11, 17, 18, 19, 25, 28 Reserve requirements, 10 Treasurer’s account balance, 38 Reserves and related items, 4, 17 Treasury cash, Treasury currency, 4, 16, 18 Mining, production index, 57, 60 Treasury deposits, 4, 12, 38 Money rates (See Interest rates) Money supply and related data, 17 Unemployment, 62 Mutual funds (See Investment companies) U.S. balance of payments, 70 Mutual savings banks, 18, 19, 22, 35, 40, 41, 48, 94 U.S. Govt, balances: Commercial bank holdings, 25, 28 National banks, 21, 23, 94 Consolidated condition statement, 18 National income, 66, 67 Member bank holdings, 17 National security expenditures, 39, 66 Treasury deposits at Federal Reserve Banks, 4, Nonmember banks, 21, 23, 24, 25, 94 12 , 38 U.S. Govt, securities: Open market transactions, 14 Bank holdings, 18, 19, 24, 27, 35, 40, 41 Dealer transactions, positions, and financing, 42 Par and nonpar banking offices, number, 95 Federal Reserve Bank holdings, 4, 12, 15, 40, 41 Foreign and international holdings, 12, 78, 82, 83 Payrolls, manufacturing, index, 60 International transactions, 78, 82 Personal income, 67 New issues, gross proceeds, 44 Postal Savings System, 18 Open market transactions, 14 Prices: Outstanding, by type of security, 40, 41, 43 Consumer and wholesale commodity, 60, 64 Ownership of, 40, 41 Security, 33 Yields and prices, 32, 33, 89 Production, 56, 60 United States notes, 16 Profits, corporate, 46, 47 Utilities, production index, 57, 60 Real estate loans: Banks, by classes, 24, 26, 35, 48 Veterans Administration, 48, 49, 50, 51 Delinquency rates on home mortgages, 50 Mortgage yields, 51 Weekly reporting banks, 26 Type of holder and property mortgaged, 48, 49, ,50> 51 . Reserve position, basic, member banks, 8 Yields (See Interest rates) )xedni siht ni dettimo si”A“ xiferp eht hguohtla 59-A hguorht 4-A segap ot era secnerefeR( Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES ☆ (O THE FEDERAL RESERVE SYSTEM q ) * Legend "“ Boundaries of Federal Reserve Districts -----Boundaries of Federal Reserve Branch Territories O Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1969, January 31). Federal Reserve Bulletin, 1969-02. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_196902
@misc{wtfs_bulletin_196902,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1969-02},
year = {1969},
month = {Jan},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_196902},
note = {Retrieved via When the Fed Speaks corpus}
}