Federal Reserve Bulletin, 1969-05
FEDERAL RESERVE BULLETIN BOARD OF GOVERNORS □ THE FEDERAL RESERVE SYSTEM □ WASHINGTON, D.C. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. The Bulletin may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D. C. 20551, and remittance should be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. (Stamps and coupons not accepted) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN NUMBER 5 □ VOLUME 55 □ MAY 1969 CONTENTS 401 * Financial Developments in the First Quarter of 1969 409 1 Changes in Time and Savings Deposits, October 1968-January 1969 419 * Member Bank Income, 1968 425 Statement to Congress 433 Record of Policy Actions of the Federal Open Market Committee 441 Law Department 456 Announcements 458 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 108 Board of Governors and Staff A 109 Open Market Committee and Staff; Federal Advisory Council A 110 Federal Reserve Banks and Branches A 111 Federal Reserve Board Publications A 114 Index to Statistical Tables Map of Federal Reserve System on Inside Back Cover EDITORIAL Charles Molony COMMITTEE Daniel H. Brill 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 First Quarter of 1969 This report, which was sent to the Joint Economic Committee of the U.S. Congress, highlights the important developments in financial markets during the winter and early spring. DURING THE FIRST QUARTER of 1969, the continued constraint on bank reserve positions led to increasing pressures on financial markets, raising the cost and reducing the availability of credit. The volume of nonborrowed reserves at banks was reduced by Federal Reserve open market operations. As a result banks relied more on other sources of funds, such as borrowing at the discount window and in the Euro-dollar market. Nevertheless, the supply of bank credit was sharply curtailed, reflecting substantial bank liquidation of security holdings and also a reduced rate of loan expansion. The money supply grew at an average annual rate of about 2 per cent during the first quarter, considerably slower than in any quarter of the previous year. Most interest rates registered further increases over the first quarter. BANK RESERVES The expansion of bank reserves came nearly to a standstill in the first quarter of 1969. Total bank reserves rose at an annual rate of less than 1 per cent, as compared with 9 per cent in the fourth quarter of 1968. Nonborrowed reserves—those provided through Federal Reserve open market operations—declined slightly, fol lowing a sharply reduced rate of expansion in the fourth quarter. In an effort to offset the decline in nonborrowed reserves, member banks increasingly turned to the discount window at Federal Reserve Banks to obtain reserve funds. By March, mem- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
402 FEDERAL RESERVE BULLETIN □ MAY 1969 ber bank borrowings at the discount window had reached an average level of more than $900 million, as compared with about $750 million in December and approximately $500 million in September. Banks also economized on excess reserves, with the volume of such reserves in March having been reduced to less than one-half of that in December. NET CHANGE IN RESERVES AND RELATED DEPOSITS Percentage annual rates of change, seasonally adjusted 1968 1969 I II III IV I Total reserves.............................. 10.5 .1 9.0 8.8 .9 Nonborrowed reserves................. 4.6 -.2 13.2 3.0 -.5 Total member bank deposits L ... 7.0 1.2 13.1 12.2 -5.4 memo: Total member bank deposits plus Euro-dollar borrowings 2.. 7.4 3.5 14.0 11.7 -2.4 1 Bank credit proxy. 2 Bank credit proxy adjusted to include bank liabilities to foreign branches. In spite of these attempts by banks to alleviate reserve pres sures, total member bank deposits supported by reserves—the bank credit proxy—declined at an annual rate of more than 5 per cent over the first quarter of 1969. Banks were able to moderate this loss of funds to some extent by tapping other sources of funds, such as increasing their borrowing in the Euro-dollar market and making repurchase agreements against securities and loans. INTEREST RATES The pressure on banks was reflected in further increases in most interest rates during the early months of 1969. The Federal funds rate—the rate banks charge for overnight lending of reserve funds, and consequently the rate most immediately affected by changing reserve pressures—reached levels of around 6.85 per cent toward the end of March. This represented an increase of about 60 basis points from the late-December high that followed the increase in the discount rate on December 18. And in view of the sharply reduced availability and increased cost of funds in the face of sustained loan demands, banks raised the prime loan rate to 7 per cent in early January and to IVz per cent in mid-March. While business loan demands on banks were relatively large over the first quarter as a whole, corporate borrowers also continued to rely heavily on the commercial paper market for funds. As a Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FINANCIAL DEVELOPMENTS, QI 1969 403 Monthly averages except FHA (based on quotations for one day each month). Yields: U.S. Treasury bills, market yields on 3-month issues; prime commercial paper, dealer offering rates; FHA, weighted averages of private secondary market prices of new-home 30-year mortgages converted to annual yield (dashed line indicates period of adjustment to change in contractual interest rate); corporate bonds, weighted averages of new publicly offered bonds rated Aaa, Aa, and A by Moody’s Investors Service and adjusted to an Aaa basis; U.S. Govt, bonds, market yields adjusted to 20-year constant maturity by U.S. Treasury; State and local govt, bonds (20 issues, mixed quality), Bond Buyer. result, yields on 4- to 6-month dealer-placed paper rose more than 60 basis points during the first quarter. In contrast to the rise in other short-term rates, yields on Treasury bills and short-term Federal agency issues declined somewhat over the first 3 months of the year. For example, the 3-month Treasury bill yield dropped by about 20 basis points to around 6 per cent. Large sales of Treasury bills by banks were readily absorbed by the market as demand for bills was increased in large part by the shifting of investor funds out of large nego tiable certificates of deposit (CD’s) and into bills, and also by demands for bills by many investors who wished to increase their liquidity because of uncertainties as to future movements of interest rates and stock prices. In capital markets, upward pressures on interest rates were pervasive as banks withdrew from the market because of sharply diminished deposit inflows and as investors generally held back commitments of funds in anticipation of tighter market condi tions to come. By the end of March yields on municipal bonds, Aaa corporate new issues (with 5-year call protection), and Fed eral Housing Administration mortgages in the secondary market all had risen about 45 to 50 basis points above their December highs, to levels of 5.30, 7.37, and 8.05 per cent, respectively. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
404 FEDERAL RESERVE BULLETIN □ MAY 1969 Rates on long-term Government bonds rose by about 20 basis points over the first quarter, to around 6.25 per cent. FUNDS RAISED IN New security issues by State and local governments declined CREDIT MARKETS markedly in the first quarter from their average pace during 1968. Rising market interest rates on such securities—reflecting in part reduced bank purchases—and below-market-rate ceilings in many jurisdictions contributed to the smaller volume of offerings. Announced cancellations and postponements accelerated sharply to more than $800 million in the first quarter. However, the de cline in volume also reflected the absence of large industrial revenue bond issues, which no longer receive Federal tax exemp tion privileges. OFFERINGS OF NEW SECURITY ISSUES Monthly averages in billions of dollars, not seasonally adjusted 1968 1969 I II III IV P State and local bonds................... 1.2 1.3 1.5 1.5 .9 Corporate securities—Total......... 1.7 1.9 1.7 2.0 2.0 Bonds.................................... 1.4 1.6 1.3 1.5 1.5 Stocks................................... .3 .3 .4 .5 .5 ® Estimated. Total corporate security offerings were maintained at the advanced pace of the fourth quarter. Although large industrial firms continued to account for a relatively small share of new bond issues, public utilities and small to medium-sized industrial firms issued debt in volume. Despite the lack of buoyancy in average stock prices, new stock offerings remained at the rela tively high level of the previous quarter and were significantly above that in the first quarter of 1968. Corporate demands for short-term credit, at commercial banks and in the commercial paper market, remained strong. The continuing activity in private construction and other real estate markets was reflected in a further increase in net mortgage debt formation. Commercial bank acquisition of mortgages re mained exceptionally high, Federal National Mortgage Associa tion support increased notably, and net mortgage lending activity of nonbank savings institutions continued at an advanced pace. While savings inflows to all nonbank institutions receded some- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FINANCIAL DEVELOPMENTS, QI 1969 405 what from the fourth-quarter pace, savings and loan associations —the dominant residential lender—provided substantial support to the market as their inflows were unchanged from the previous quarter. NET CHANGE IN MORTGAGE DEBT OUTSTANDING In billions of dollars, seasonally adjusted 1968 1969" I II III IV I Total............................................ 6.8 6.5 6.5 7.5 7.7 Residential............................... 4.6 4.6 4.5 5.2 5.4 Other 1..................................... 2.2 1.9 2.0 2.3 2.3 i Includes farm properties. e Estimated. Federal Government demands on credit markets were sub stantially reduced during the first quarter as the budgetary deficit declined, mainly in response to more-than-seasonally enlarged receipts. Revenue was more than $8 billion higher than in the first quarter of 1968, while expenditures were up less than $1 billion over a year earlier. Consequently Federal net cash borrow ing was only nominal in the first quarter of 1969. FEDERAL GOVERNMENT BORROWING AND CASH BALANCE Quarterly totals in billions of dollars, not seasonally adjusted 1967 1968 1969 IV I II III IV I Budget surplus or deficit. -10.5 -8.7 2.9 -3.2 -7.1 -2.0 Net cash borrowing (+) or repayment (—).... 10.4 6.9 -2.6 17.7 1 3.4 .2 Other means of financing 2.......................... -1.0 1.7 -.4 -1.1 -.2 1.9 Change in cash balance.. -1.1 -.2 -.1 3.3 -3.9 .1 1 Excludes effect on agency debt outstanding of transfers of certain agencies to private ownership. 2 Checks issued less checks paid, and other accrued items. FLOWS OF DEPOSITS Time and savings deposits at banks declined by an annual rate AND MONEY of 6.5 per cent during the first quarter of 1969, in sharp contrast to an increase at an annual rate of more than 17 per cent over the last half of 1968. The reduction in outstanding time and savings deposits in the early months of 1969 reflected for the most part heavy CD attrition at large banks, which had begun in mid- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
406 FEDERAL RESERVE BULLETIN a MAY 1969 December. By that time yields on other short-term market instru ments had risen above offering rates on CD’s, which had been raised by most banks to Regulation Q ceilings by late November and early December. Consequently, banks—particularly large city banks—were unable to roll over a substantial amount of maturing issues as investors began to shift funds from CD’s to other higher-yielding short-term market instruments. SELECTED DEPOSIT FLOWS Percentage annual rates of change, seasonally adjusted 1968 1969 I II III IV I Money stock................................ 4.6 8.7 4.5 7.6 1.9 Time and savings deposits at banks.................................... 7.0 3.2 17.9 15.7 -6.5 Savings accounts at thrift institu BANK CREDIT tions ..................................... 6.1 6.0 6.1 6.5 6.0 COMPONENTS CHANGE. BILLIONS OF DOLLARS U.S. GOVT. SECURITIES From mid-December to the end of March, outstanding CD’s at large banks declined by about $5.5 billion. This run-off was quite heavy during the latter part of December and in January because of the extraordinarily large volume of maturities during those months. But with a reduced amount of CD’s maturing over the balance of the first quarter, attrition moderated somewhat, although it still remained sizable. As might be expected, the run off in CD’s was heavily concentrated at major money market OTHER SECURITIES banks, where depositors are typically more interest sensitive. Large banks in New York and Chicago—which held about 40 per cent of the outstanding CD’s in mid-December—accounted for nearly 60 per cent of the decline in CD’s through the end of March. In response to their large deposit losses, banks with foreign branches borrowed heavily in the Euro-dollar market during the early months of 1969. By the end of March, head-office liabilities to their foreign branches had risen to around $9.9 billion, an in crease of about $2.6 billion over the average level prevailing during December. Given the large demand for these funds, rates on Euro-dollars rose sharply, with yields on 3-month maturities, for example, reaching 8!/2 per cent by early March, or about 120 basis points above their December highs. Inflows of consumer-type time and savings deposits also were Seasonally adjusted. affected to some extent by rising market rates of interest. At large Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FINANCIAL DEVELOPMENTS, QI 1969 407 banks, savings deposit outflows in early January—following endof-year interest crediting—were about twice the usual amount. But after changing little in February, regular savings deposit inflows picked up markedly in March. Inflows of consumer-type time deposits at large banks—time certificates and open accounts —were affected to a much lesser extent and remained fairly well sustained throughout the first quarter. Country banks also ex perienced substantial outflows of savings deposits in January, which turned to moderate inflows in February and to sizable in creases in March. Inflows of savings deposits to nonbank thrift institutions receded slightly, on balance, from their fourth-quarter pace but were little changed as compared with 1968 as a whole. Bank reserve pressures and rising interest rates also had a sub stantial impact on the growth of private demand deposits. Over the first quarter these deposits rose at an annual rate of only about 1 per cent compared with 6 per cent during the second half of 1968. Currency in the hands of the public, however, continued to increase about as rapidly as in 1968, bringing the increase in the money stock—private demand deposits plus currency—to an annual rate of close to 2 per cent in the first quarter, about onethird the pace of 1968. BANK'S USE OF FUNDS With continued pressure on their reserve positions, banks accen tuated adjustments in their portfolios begun in late 1968. They cut back on acquisitions of longer-term securities and drew down liquid assets that had been accumulated earlier. The liquidity position of banks, particularly large banks, was sharply reduced over the first quarter. In order to obtain funds to help accommodate loan demands, banks liquidated more than $4.5 billion in holdings of U.S. Gov ernment securities in the first quarter of 1969, following a reduc tion in their holdings of these securities by about one-half that amount in the fourth quarter of 1968. Net sales of Treasury bills accounted for most of the first-quarter reduction, but banks also reduced holdings of Treasury notes and bonds in a wide range of maturities. In addition, banks cut back sharply on their acquisitions of other securities, chiefly State and local government securities. They took only $ 1 billion of these securities into portfolio during the first quarter, or less than one-third of their takings in the fourth quarter of 1968. Small banks continued to add relatively sizable amounts of these securities to their portfolios. At large Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
banks, where most of the CD attrition took place, holdings of these securities were actually reduced, representing mainly net reductions in holdings of both short- and long-term municipals, although substantial amounts of agency issues and participation certificates were also liquidated. Loans accounted for nearly all of the rise in bank credit during the first quarter, even though the increase in total loans was only BANK LOANS a little more than one-half of that in the fourth quarter of 1968. MAJOR COMPONENTS CHANGE. BILLIONS OF DOLLARS While expansion of total loans slowed, growth in business loans BUSINESS LOANS accelerated further despite a stiffening in lending terms. Business loans rose almost $3.5 billion—about $1 billion more than in the fourth quarter—and demand appeared fairly widespread among industry categories. The heavier demand for bank credit by busi nesses probably was associated in large part with the need to finance increased tax payments, partly as a result of the surcharge. Apart from business loans, most other major loan categories at banks either expanded less rapidly or declined more rapidly during the first quarter. Growth of consumer loans slowed, re flecting the more general moderation in the increase of consumer CONSUMER LOANS credit. Real estate loan growth remained close to the advanced pace of the fourth quarter of 1968 in response to the sustained high levels of housing starts and construction activity. Meanwhile securities loans declined sharply further during the first quarter as dealers continued to reduce their positions in response to the high cost of carrying inventories of securities and to expectations that interest rates would rise further. □ Seasonally adjusted. 408 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Changes in Time and Savings Deposits, October 1968-January 1969 In the 3 months ending January 31, 1969, tem and the Federal Deposit Insurance Cor there was a continued trend toward pay poration as of January 31, 1969. The data ment of ceiling rates on small-denomina as reported by a sample of all insured com tion consumer-type time and savings deposits. mercial banks have been expanded to give Although virtually all large banks and a universe estimates. high proportion of smaller institutions had been paying these rates for some time, an GROWTH OF DEPOSITS BY TYPE appreciable number of the remaining Total time and savings deposits of individ smaller banks adjusted their rates up to the uals, partnerships, and corporations (IPC) ceiling in the most recent reporting period. at all insured commercial banks increased Offering rates on large-denomination time $1.6 billion, or less than 1 per cent, in the deposits—which had been somewhat below 3 months ending January 1969. (See Table the ceiling last October—were pushed up 1.) This was about one-third of the aver to the ceiling between October 1968 and age quarterly increase from January to January 1969 at banks holding most of October 1968. A major part of the slow these deposits. These increases in rates re down reflected the inability of banks to roll flected the continued pressure from high over large negotiable certificates of deposit yields on competing market instruments. In at the ceiling rates. The outstanding volume the 3 months covered by the survey, total of these instruments declined by $1.6 bil time and savings deposits continued to in lion, or nearly 10 per cent, between Octo crease, but the rate of net inflow slowed ber 31 and January 31. These CD holders considerably and some types of deposits de —mainly businesses—are highly sensitive clined. to yields on alternative investments, and Information on changes in interest rates they switched out of CD’s as rates on other paid and on flows into time and savings de money market instruments rose above the posits at insured commercial banks during ceiling rates payable by banks. the 3 months ending in January 1969 was Regular savings deposits also declined, obtained from a quarterly survey1 con but only slightly, between October and Jan ducted jointly by the Federal Reserve Sys- uary—the first decline in these deposits at all banks since the quarterly surveys were Note.—Caroline H. Cagle of the Board’s Division started in January 1967. This decline re of Research and Statistics prepared this article. flected in part transfers of funds to other 1 Previous surveys of time and savings deposits at consumer-type instruments, including the all member banks were conducted by the Board of Governors in late 1965, in early 1966, and quarterly newer 90-day-notice accounts in passbook in 1967. Beginning in 1968 the quarterly surveys were form. This type of deposit increased by 36 expanded to provide figures for all insured commercial banks and were conducted jointly by the Board of per cent in the most recent survey period— Governors and the Federal Deposit Insurance Cor much more rapidly than in other recent poration. The results of earlier surveys have appeared in Bulletins in 1966, 1967, 1968, and 1969, the quarters. Most of the approximately 1,200 most recent being Mar. 1969, p. 189. banks that now offer these deposits pay the Appendix tables for this article appear on pp. 414 18 of this Bulletin. 5 per cent ceiling rate. The relatively at- 409 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
410 FEDERAL RESERVE BULLETIN □ MAY 1969 TABLE 1 TYPES OF TIME AND SAVINGS DEPOSITS OF INDIVIDUALS, PARTNERSHIPS, AND CORPORATIONS HELD BY INSURED COMMERCIAL BANKS ON SURVEY DATES IN 1968 AND 1969 Number of issuing banks Amount (in millions of dollars) Percentage change in deposits 1968 1969 1968 1969 (quarterly rate) Jan. 31, Oct. 31, 1968- 1968- Type of deposit Jan. 31 July 31 Oct. 31 Jan. 31 Jan. 31 July 31 Oct. 31 Jan. 31 Oct. 31, Jan. 31, 1968 1969 Total time and savings deposits......................... 13,241 13,324 13,440 13,467 165,592 173,054 178,613 180,226 2.6 0.9 Savings............................................................ 12,742 12,776 12,629 12,714 92,994 93,166 93,756 93,593 0.3 -0.2 Time deposits in denominations of less than $100,000—total............n....a...............n...a. n.a. n.a. 47,031 52,495 54,830 58,333 5.2 6.4 Issued mainly to consumers—total.... 11,766 12,202 12,264 11,851 40,709 46,700 49,786 52,993 6.9 6.4 Certificates of deposit 1................. 11,689 12,108 12,183 11,684 37,754 41 ,759 44,183 45,355 5.4 2.7 Open account (passbook or state ment form) 2............4..5..2.... 824 966 1,209 2,955 4,941 5,603 7,638 24.0 36.3 Issued mainly (or in large part) to businesses—total.........5..,.7..5..4...... 6,730 7,798 7,236 6,322 5,795 5,043 5,340 -6.7 5.9 Certificates of deposit 3................. 5,098 6,048 7,160 6,610 4,987 4,286 3,690 4,033 -8.9 9.3 Open account 4............................... 1 ,432 1,393 1 ,617 1,600 1,334 1,509 1,354 1,307 0.8 -3.5 Time deposits in denominations of $100,000 or more (issued mainly to businesses)— total.................................................. 2,955 3,517 3,732 4,031 21,290 21,990 24,445 23,388 4.9 -4.3 Negotiable CD’s............................. 1,385 1,638 1,582 1 ,897 15,202 15,293 16,899 15,285 3.9 -9.6 Non-negotiable CD’s..................... 1 ,718 2,040 2,261 2,244 4,437 5,033 5,568 6,042 7.9 8.5 Open account................................... 492 521 571 580 1,651 1,664 1,979 2,061 6.6 4.1 Christmas savings and other special funds. . 7,241 7,907 7,619 7,683 4,278 5,402 5,582 4,912 9.4 -12.0 n.a. Not available,. 4 Includes time deposits, open account, in denominations of less 1 Includes all time certificates of deposit in denominations of less than $100,000, other than those described in footnote 2 above. These than. $100,000 for which, in the judgment of the reporting banks, 50 instruments are issued both to consumers and to businesses. per cent or more of the outstanding volume of deposits was issued to Note.—Data were compiled jointly by the Board of Governors of consumers (nonbusiness holders). the Federal Reserve System and the Federal Deposit Insurance Cor 2 Includes time deposits, open account, issued in passbook, state poration. For Jan. 31, and July 31, 1968, and Jan. 31, 1969, the in ment, or other forms that are direct alternatives for regular savings formation was reported by a probability sample of all insured com accounts. Most of these are believed to be in accounts totaling less mercial banks; for Oct. 31, 1968, the data were reported by virtually than $100,000. all insured commercial banks. 3 Includes all time certificates of deposit in denominations of less Some deposit categories include a small amount of deposits out than $100,000 for which, in the judgment of the reporting bank, 50 standing in a relatively few banks that no longer issue these types of per cent or more of the outstanding volume of deposits was issued to deposits and are not included in the number of issuing banks. Dollar businesses. amounts may not add to totals because of rounding. tractive rate, together with the convenience gory “issued mainly to consumers” in the of this type of account, probably induced October survey to “issued mainly to busi some transfers into these accounts from nesses” in the January survey. This shift small-denomination certificates as well as may be related to seasonal factors, as is the from regular savings accounts and nonbank decline from October to January in Christ instruments. However, the recent rapid mas savings and other special funds. growth also reflects the 25 per cent increase In contrast to slowdowns in most other between October and January in the num categories, nonnegotiable CD’s and open ber of banks offering this instrument. account deposits in denominations of Total small-denomination CD’s (includ $100,000 and over increased in the 3 ing those issued mainly to consumers and months ending January 1969. Most of this those issued mainly to businesses) increased growth was at the smaller banks, where it less rapidly in the most recent survey period is estimated that about half of these de than in earlier quarters. The growth in that posits are held by individuals and nonprofit portion of the CD’s held mainly by busi organizations. Such holders are somewhat nesses is believed to have been caused by less rate sensitive than businesses, and they shifts at some banks of funds from the cate may have found that the higher rates avail- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 411 TABLE 2 TIME AND SAVINGS DEPOSITS, IPC, HELD BY INSURED COMMERCIAL BANKS ON JANUARY 31, 1969, AND OCTOBER 31, 1968, BY TYPE OF DEPOSIT, BY MOST COMMON RATE PAID ON NEW DEPOSITS IN EACH CATEGORY, AND BY SIZE OF BANK Size of bank (total deposits in Size of bank (total deposits in millions of dollars) millions of dollars) All banks All banks Group Less than 100 100 and over Less than 100 100 and over Jan. Oct. Jan. Oct. Jan. Oct. Jan. Oct. Jan. Oct. Jan. Oct. 31 31 31 31 31 31 31 31 31 31 31 31 Amount of deposits (in millions of dollars) Number of banks, or percentage distribution or percentage distribution Savings deposits: Issuing banks....................................... 12,714 12,629 12,243 12,162 471 467 93,593 93,756 38,452 38,548 55,141 55,207 Percentage distribution by most com mon rate paid on new deposits: Total............................................... 100.0 100.0 100,0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 3.50 or less............................... 24.5 26.8 25.2 27.5 7.2 7.7 8.6 8.6 15.8 15.8 3.6 3.6 3.51-4,00.................................. 75.5 73.2 74.8 72.5 92.8 92.3 91.4 91.4 84.2 84.2 96.4 96.4 Time deposits in denominations of less than $100,000: Issued mainly to consumers: Issuing banks................................ 11,851 12,264 11,407 11,814 444 450 52,993 49,785 29,836 28,059 23,157 21,726 Percentage distribution by most common rate paid on new de posits: Total.. ........................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 4 50 or less................................ 10.9 16.3 11.2 16.7 4.3 6.0 2.5 4.3 4.2 7.3 0.3 0,5 4.51-4.75.................................. 0.3 0.5 0.3 0.5 0.2 0.2 0.4 0.2 0.3 0.3 0.2 0.1 4.76—5.00.................................. 88.8 83.2 88.5 82.8 95.5 93.8 97.1 95.5 95.5 92.4 99.5 99.4 Issued mainly to businesses: Issuing banks......................... 7,236 7,798 6,835 7,405 401 393 5,326 5,021 2,974 2,699 2,352 2,322 Percentage distribution by most common rate paid on new de posits: Total............................................... 100.0 100,0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 4.50 or less................................ 17.5 19.8 17.7 20.1 12.5 12.7 5.7 7.4 8.5 11.6 2.3 2.5 4.51-4,75.................................. 0.2 0.6 0.2 0.6 0.5 0.8 0.2 0.3 0.2 0.4 0.2 0.2 4.76-5 00.................................. 82.3 79.6 82.1 79.3 87.0 86.5 94.1 92.3 91.3 88.0 97.5 97.3 Time deposits in denominations of $100, 000 or more Issuing banks..................................... 4,031 3,732 3,570 3,278 461 454 23,387 24,445 3,034 2,630 20,353 21,816 Percentage distribution by most common rate paid on new de posits: Total............................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 4.50 or less................................ 7.6 11.4 8.1 12.4 3,7 5.1 1.0 1.3 3.7 5.4 0.6 0.8 4 51—4.75 ................................. 0.1 0.7 0.1 0.7 0,2 0.5 0.1 O) 0.3 (*) (») 4.76-5.00.................................. 46.5 43.2 50.2 46.6 17.4 18.7 8.3 5.4 39.4 31.1 3.7 2.3 5.01 5.25.................................. 1.8 3.7 1.7 3.4 1.7 5.9 0.4 2.6 .8 3.4 0.4 2.5 5,26-5,50.................................. 13,7 19.0 13,3 17.4 17.1 30.6 9.0 15.1 12.5 24.2 8.4 14.0 5 51 5.75.................................. 3.6 6.7 3.2 4.1 7.2 25,1 9.9 44.1 3.1 9.2 11.0 48.3 5.76-6.00.................................. 14.5 8.8 12.9 8.3 27,3 12.1 27.7 29.6 25.0 14,9 28.0 31.4 6.01-6.25.................................. 12.2 6.5 10.5 7.1 25.4 2.0 43.7 1.8 15.5 11,5 47.9 0.6 ‘Less than 0.05 per cent. While rate ranges of *4 of a percentage point are shown in this and other tables, the most common rate reported by most banks was the Note.—The most common interest rate for each instrument or top rate in the range; for example, 4.00, 4.50, etc. On business-type group of instruments refers to the basic stated rate per annum (before time deposits in denominations of $100,000 and over, however, some compounding) in effect on the survey date that was generating the large banks had rates at intervals of J^ of a percentage point, such largest dollar volume of deposit inflows. If the posted rates were as 5.625 and 5.875. unchanged during the 30-day period just preceding the survey date, For a description of time deposits in denominations of less than the rate reported as the most common rate was the rate in effect on $100,000 issued mainly to consumers and those issued mainly to the largest dollar volume of deposit inflows during that 30-day period. businesses, see notes to Table 1. Time deposits in denominations of If the rate changed during that period, the rate reported was the rate $100,000 and over (issued mainly to businesses) include negotiable prevailing on the largest dollar volume of inflows from the time of and nonnegotiable CD’s and open accounts. Figures may not add to he last rate change to the survey date. totals because of rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
412 FEDERAL RESERVE BULLETIN □ MAY 1969 TABLE 3 AVERAGE OF MOST COMMON INTEREST RATES PAID ON VARIOUS CATEGORIES OF TIME AND SAVINGS DEPOSITS, IPC, AT INSURED COMMERCIAL BANKS ON JANUARY 31, 1969 Per cent per annum Business-type time deposits Consumer-type time deposits in denominations of— All Savings Bank location and size of bank time and and $ 100,000 or more (total deposits in millions of dollars) savings consumer Savings deposits type time Time, Less than deposits Total CD’s open $100,000! Nego account* tiable Other CD’s All banks: All size groups............................. 4. 54 4.31 3.93 4.98 4.98 4.99 4.95 5.98 5.77 Less than 10............................ 4.47 4.43 3.81 4.95 4.95 4.99 4.89 5.34 5.01 10-50......................................... 4.38 4. 32 3.86 4.97 4.97 4.94 4.92 5.68 5.25 50-100......................... 4.45 4. 31 3.94 5.00 5.00 5.00 4.97 5.88 5.59 100-500..................................... 4.45 4.23 3.93 4.99 4.99 4.99 4.97 5.95 5.67 500 and over.......... 4.72 4.30 4.00 5.00 5.00 5.00 4.98 6.01 5.97 Banks in— Selected large SMSA’s2: All size groups................ 4.61 4.28 3.97 4.99 4.99 4.99 4.97 6.00 5.89 Less than 10......................... 4.38 4.31 3.92 4.97 4.97 4.97 4.94 5.47 5.36 10-50..................................... 4. 35 4.25 3.89 4.97 4.98 4. 82 4.93 5.73 5.52 50-100................................... 4.46 4.31 3.96 5.00 5.00 5.00 4.98 5.98 5.78 100-500................................. 4.47 4.22 3.93 5.00 5.00 4.99 4.97 5.98 5.73 500 and over......................... 4.73 4. 30 4. 00 5.00 5.00 5.00 4.98 6.01 5.96 All other SMSA’s: All size groups..................... 4.43 4.29 3.90 4.99 4.99 5.00 4.94 5.88 5.55 Less than 10......................... 4.34 4.28 3.73 4.96 4.96 5.00 4.83 5.85 4.92 10-50..................................... 4.37 4.30 3.88 4.99 4.99 5.00 4.94 5.62 5.20 50-100................................... 4.47 4.33 3.91 4.99 4.99 4.99 4.97 5.79 5.42 100-500................................. 4.41 4.26 3.92 4.99 4.99 5.00 4.96 5.88 5.53 500 and over......................... 4. 64 4.31 3.96 5.00 5.00 5.00 5.00 6.19 6.00 Banks outside SMSA’s: All size groups......................... 4.44 4.40 3.83 4.96 4.96 5.00 4.91 5.56 5.06 Less than 10............................. 4.50 4.47 3.80 4.95 4.95 4.99 4.89 5.16 4.95 10-50....................................... 4.40 4.36 3.82 4.97 4.96 5.00 4.91 5.64 5.02 50-100....................................... 4.37 4.29 3.91 5.00 5.00 5.00 4.94 5.71 5.40 100-500..................................... 4. 34 4.23 3.95 4.99 4.99 4.96 4.98 5.65 5.43 500 and over........................... 4.54 4.52 4.00 5.00 5.00 5.00 5.50 * In passbook or statement form. 1 Includes certificates of deposit and small-denomination time deposits, open account, other than those in passbook or statement form. 2 The selected large Standard Metropolitan Statistical Areas, as defined by the Bureau of the Budget and arranged by size of population in the I960 census, are as follows: New York City Buffalo San Bernardino-Riverside Norfolk-Portsmouth Nashville Los Angeles Houston Tampa-St. Petersburg Gary-Hammond-E. Chicago Salt Lake City Chicago Milwaukee Louisville Ft. Worth Flint Philadelphia Paterson-Clifton-Passaic Indianapolis Syracuse Wichita Detroit Seattle Dayton Hartford Ft. Lauderdale-Hollywood San Francisco-Oakland Dallas San Antonio Akron Orlando Boston Cincinnati Columbus Oklahoma City Charlotte Pittsburgh Kansas City Phoenix Youngstown-Warren Des Moines St. Louis San Diego Albany-Schenectady-Troy Sacramento Ft. Wayne Washington, D.C. Atlanta San Jose Honolulu Baton Rouge Cleveland Miami Birmingham Omaha West Palm Beach Baltimore Denver Memphis Jacksonville Rockford Newark New Orleans Jersey City Tulsa Jackson, Miss. Minneapolis-St. Paul Portland, Ore. Rochester Richmond Note.—The average rates were calculated by weighting the most common rate reported on each type of deposit at each bank by the amount of that type of deposit outstanding. Christmas savings and other special funds, for which no rate information was collected, were excluded. able on these large-denomination deposits mercial banks on January 31, 1969. An since the ceilings were raised in April 1968 appreciable number of the smaller banks are quite attractive. reported increasing their rates on these de posits in the most recent survey period. (See RATE STRUCTURE Appendix Table 9.) On small-denomina Offering rates on consumer-type time de tion time deposits issued mainly to con posits were at the maximum permitted by sumers, almost nine-tenths of the banks, current regulations at most insured com which held virtually all such deposits, re- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 413 ported they were paying the 5 per cent largest dollar volume of deposits in the 30 ceiling on January 31. For such deposits days immediately preceding the survey issued mainly to businesses the comparable date.2 On January 31 over seven-tenths of figures were almost as high. (See Table 2.) all large denomination time deposits were in On regular savings accounts, payment of banks that reported offering rates of 6 or ceiling rates was somewhat less prevalent: 614 per cent. three-fourths of the banks, holding ninetenths of the deposits, were paying 4 per AVERAGE INTEREST RATES cent. The remainder, or about 3,000 banks —mainly small institutions located prin Weighted average interest rates paid on cipally in the Middle West—were still offer major categories of time and savings depos ing customers less than 4 per cent on regular its as of January 31, 1969, are given in savings. Table 3. As in the October survey, average On time deposits in denominations of rates on consumer- and business-type small $100,000 and over—the bulk of which are denomination time deposits were at or near issued by money market banks with total the regulatory ceiling regardless of bank deposits of $500 million and over—most of size, but such rates tended to vary directly these money market banks were paying with bank size for regular savings deposits the ceiling rates at the end of January. The and for time deposits in large denomina ceilings vary with the maturity of the instru tions. Rates on these two types of deposits ment from 5% per cent for maturities of also were higher for banks located in large less than 60 days to 614 per cent for ma standard metropolitan statistical areas than turities of 180 days and over. Each bank for banks located in smaller places. reporting in the survey quoted rates for the maturity category that brought in the 2 See Note to Table 2. Notes to Appendix Tables IS: Note.—Data were compiled from information reported by a probability sample of all insured commercial banks expanded to 1 Less than $500,000, provide universe estimates. 2 Omitted to avoid individual bank disclosure. ;i Includes all certificates of deposit in denominations of less Figures exclude banks that reported no interest rate paid and than $100,000 of which, in the judgment of the issuing bank, 50 that held no deposits on the survey dates, and they also exclude per cent or more of the total amount outstanding on the survey a few banks that had discontinued issuing these instruments but date was issued to nonbusiness (consumer) holders. still had some deposits outstanding on the survey date. Time 4 Includes all certificates of deposit in denominations of less deposits, open account, exclude Christmas savings and other than $100,000 of which, in the judgment of the reporting bank, special accounts. Dollar amounts may not add to totals because 50 per cent or more of the total amount outstanding on the of rounding. survey date was issued to businesses. In the headings of these tables under “most common rate paid 6 Includes all time deposits, open account, in denominations of (per cent)” the rates shown are those being paid by nearly all less than $100,000 except those in passbook or statement form reporting banks. However, for the relatively few banks that re used as direct alternatives for savings deposits, shown separately ported a rate in between those shown, the bank was included in in Appendix Table 3. the next higher rate. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
414 FEDERAL RESERVE BULLETIN □ MAY 1969 APPENDIX TABLE 1—SAVINGS DEPOSITS Most common interest rates paid by insured commercial banks on new deposits on January 31, 1969 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 3.00 3.00 or less 3.50 4.00 or less 3.50 4.00 NUMBER OF BANKS MILLIONS OF DOLLARS Al] banks.......................................................................... 12,714 2,270 845 9,599 93,593 4,300 3 757 85,53« Size of bank (total deposits in millions of dollars): Less than 10............................................................. 7 816 1,776 448 5 592 8 239 1,088 489 6 662 16-50.......................................................................... 3,968 454 361 3,153 21,422 1,968 1 826 17*628 50-166.......................................................................... ’459 23 19 417 8’789 ’336 *369 8 084 160-566....................................................................... 366 16 16 334 26,200 867 969 18,364 500 and over................................................................ 105 1 1 103 34,942 34 796 Federal Reserve district; Boston........................................................................ 369 13 1 355 4.110 57 3 991 New York................................................................... 458 16 7 435 15.068 705 14,163 Philadelphia................................................................ 499 147 100 252 5,752 768 1 418 3 566 Cleveland..................................................................... 824 129 98 597 9,467 414 584 8,470 Richmond................................................................... 752 54 31 667 6 348 78 141 6,129 Atlanta........................................................................ 1,558 72 60 1,426 7,093 38 260 6,795 Chicago........................................................................ 2,438 664 219 1.555 16,600 1,272 734 14,593 St Louis..................................................................... 1,238 322 53 863 2,699 '356 88 2,256 Minneapolis................................................................ 1^33 565 204 564 1,865 513 246 1,106 Kansas City............................................................. 1,672 262 49 1,361 3,301 86 21 3,194 Dalias........................................................................... 1'176 26 23 1,127 3^215 13 3 3,199 San Francisco............................................................ '397 '397 18,074 18,074 APPENDIX TABLE 2—CERTIFICATES OF DEPOSIT, IPC, IN DENOMINATIONS OF LESS THAN $100,000—ISSUED MAINLY TO CONSUMERS 3 Most common interest rates paid by insured commercial banks on new deposits on January 31, 1969 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 3.50 3.50 or 4.00 4.50 4.75 5.00 or 4.00 4.50 4.75 5.00 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks....................................... 11,684 3 617 706 32 10,326 45,355 (>) 517 759 96 43,982 Size of bank (total deposits in millions of dollars): Less than 10......................... 7,246 433 599 2 6,212 9,780 184 535 (2) 9,059 10-50..................................... 3,582 1 171 96 26 3,288 13,893 (2) 288 160 76 13,369 50-100................................... 425 1 2 4 3 415 3,988 (2) (2) 29 19 3,939 100-500................................. 333 1 9 7 316 6,618 (2) 21 34 6,564 500 and over......................... 98 2 i 95 11,075 (2) (2) 11,052 Federal Reserve district: Boston.......................... 217 3 6 3 205 299 0 5 294 New York............................. 295 1 5 7 282 2,156 (2) 14 2,141 Philadelphia......................... 430 .............. 3 62 365 3,266 3 89 3,174 Cleveland............................. 792 67 115 610 3,298 20 115 3,163 Richmond............................. 575 3 46 526 2,240 11 2,228 Atlanta.................................. 1,347 348 50 5 944 3,636 254 53 3 3,326 Chicago................................. 2,271 2 37 47 I 2,184 10,129 (2) 19 46 (2) 10,050 St. Louis............................... 1,344 100 187 1,057 4,397 210 246 3,941 Minneapolis......................... 1,250 46 1,204 4,229 .............. 68 4,161 Kansas City......................... 1,664 .............. 51 118 1,495 3,240 8 117 3,115 Dallas................................... 1,163 21 23 1,119 2,606 2 74 2,531 San Francisco...................... 336 1 335 5,858 (2) 5,858 For notes to Appendix Tables 1-8, see p. 413. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 415 APPENDIX TABLE 3—TIME DEPOSITS, OPEN ACCOUNT, IPC— CONSUMER-TYPE IN PASSBOOK OR STATEMENT FORM Most common interest rates paid by insured commercial banks on new deposits on January 31, 1969 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 3.50 3.50 or 4.00 4.50 4.75 5.00 or 4.00 4.50 4.75 5.00 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks...................................... 7,636 (9 83 5 (2) 7,529 Size of bank (total deposits in millions of dollars): Less than 10......................... 158 (9 2 156 10-50..................................... 1,175 (9 72 (2) 1,103 50-100................................... 841 (2) (*) (2) 836 100-500................................ 1,450 4 (2) 1,426 500 and over........................ 4,012 (2) (2) 4,008 Federal Reserve district: Boston.................................. 1,137 (2) 1,137 New York............................ 1,285 (2) (0 1,285 Philadelphia......................... 89 (2) 88 Cleveland................ 640 (2) 637 Richmond............................. 548 (l) 548 Atlanta................................. 244 (2) (2) 198 Chicago................................. 2,790 (2) (2) (2) 2,766 St. Louis. ............................. 28 C1) 27 Minneapolis......................... 37 37 Kansas City.......................... 61 (0 61 Dallas................................... 208 26 181 San Francisco...................... 569 (2) 5 (2) 564 APPENDIX TABLE 4—CERTIFICATES OF DEPOSIT, IPC, IN DENOMINATIONS OF LESS THAN $100,000—ISSUED MAINLY TO BUSINESSES4 Most common interest rates paid by insured commercial banks on new deposits on January 31, 1969 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 3.50 3.50 or 4.00 4.50 4.75 5.00 or 4.00 4.50 4.75 5.00 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks..................................... 6,610 72 328 396 9 5,805 4,033 4 104 56 7 3,861 Size of bank (total deposits in millions of dollars): Less than 10......................... 3,642 69 199 281 3,093 758 4 53 21 680 10-50.................................... 2,332 1 112 104 4 2,111 1,223 (2) 31 24 1 1,166 50-100.................................. 298 1 3 6 2 286 411 (2) 2 4 (2) 404 100-500................................ 258 1 12 5 2 238 737 (2) 14 6 (2) 712 500 and over........................ 80 2 1 77 904 (2) (2) 900 Federal Reserve district: Boston.................................. 181 1 3 3 174 104 (2) (■) 2 102 New York............................ 313 14 8 1 290 393 i 2 (2) 389 Philadelphia......................... 243 4 52 1 186 241 (9 9 (2) 231 Cleveland............................. 362 5 35 322 147 1 4 142 Richmond............................ 482 23 28 i 430 345 1 1 (2) 339 Atlanta................................. 787 135 37 3 612 598 44 6 1 548 Chicago................................. 1,230 25 52 6 ............. 1,147 500 3 37 1 .............. 458 St. Louis............................... 649 23 30 143 453 243 G) 5 24 214 Minneapolis......................... 529 ........ 9 23 497 211 12 (l) 119 Kansas City.................. 829 .............. 25 72 732 374 1 6 367 Dallas................................... 716 25 14 677 324 1 3 320 San Francisco...................... 289 1 3 285 553 (2) 1 552 For notes to Appendix Tables 1-8, see p. 413. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
416 FEDERAL RESERVE BULLETIN □ MAY 1969 APPENDIX TABLE 5—TIME DEPOSITS, OPEN ACCOUNT, IPC, IN DENOMINATIONS OF LESS THAN $100,000— BUSINESS-TYPE 5 Most common interest rates paid by insured commercial banks on new deposits on January 31, 1969 Most common rate paid (per cent) Most common rate paid (per cent) Group Total Total 3.50 3.50 or 4.00 4.50 4.75 5.00 or 4.00 4.50 4.75 5.00 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks...................................... 1,600 172 529 135 23 741 1,290 14 97 40 7 1,132 Size of bank (total deposits in millions of dollars): Less than 10......................... 640 75 202 76 1 286 118 2 16 6 (2) 94 10-50..................................... 583 70 249 33 15 216 211 8 52 2 1 148 50-100................................... 146 8 32 7 6 93 254 (‘) 10 12 4 228 100-500................................. 159 14 33 13 1 98 405 2 8 16 (2) 377 500 and over......................... 72 5 13 6 .............. 48 302 1 13 5 284 Federal Reserve district: Boston................................... 86 4 28 9 45 39 (*) 4 2 33 New York............................. 240 10 80 5 1 144 368 1 10 7 (2) 350 Philadelphia......................... 190 85 59 19 3 24 65 3 13 2 5 41 Cleveland............................. 191 24 132 1 34 40 1 22 (2) 15 Richmond............................. 167 5 91 8 63 215 (‘) 37 I 177 Atlanta................................. 197 3 42 29 .............. 123 37 (') 6 1 ............3..0 Chicago................................. 106 24 13 11 8 50 140 (•) 1 12 1 126 St. Louis............................... 45 7 10 28 15 4 1 10 Minneapolis......................... 30 3 27 31 (') 31 Kansas City.......................... 122 4 30 1 87 48 (‘) 1 (2) 47 Dallas................................... 128 34 19 75 139 1 3 135 San Francisco....................... 98 3 10 5 11 69 151 2 2 1 (') 146 APPENDIX TABLE 6—NEGOTIABLE CERTIFICATES OF DEPOSIT, IPC, IN DENOMINATIONS OF $100,000 OR MORE Most common interest rates paid by insured commercia I banks on new deposits on January 31, 1969 Most common rate paid (per cent) Most common rate paid (percent) Group Total 4.50 Total 4.50 or 4.75 5.00 5.25 5.50 5.75 6.00 6.25 or 4.75 5.00 5.25 5.50 5.75 6.00 6.25 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks....................................... 1,897 99 ........ 757 37 256 108 344 29615,285 116 ........ 510 151,4301,6934,3987,123 Size of bank (total deposits in millions of dollars): Less than 10.......................... 536 29 380 8 26 46 47 110 2 67 4 10 18 9 10-50...................................... 838 52 307 33 169 38 119 120 544 12 ........ 121 9 88 25 171 118 50-100.................................... 188 3 39 I 28 15 72 30 574 1 ........ 50 (2) 84 21 292 124 100-500.................................. 237 13 26 3 43 18 76 58 2,525 26 85 5 340 198 883 988 500 and over.......................... 98 2 ........ 5 ........ 8 11 31 41 11,531 (2) ........ 188 ........ 914 1,438 3,034 5,882 Federal Reserve district: Boston................................... 113 14 25 10 53 11 904 11 ..... 156 20 494 223 New York............................ 145 4 ........ 31 ........20 33 32 25 4,671 4 ........ 58 ..... 602 1,048 1,4201,539 Philadelphia........................... 60 ..... 46 ........ 3 1 5 5 479 139 ........ 17 (2) 190 131 Cleveland............................... 106 3 75 1 5 1 9 12 794 (■> 10 (2) 2 (2) 106 667 Richmond.............................. 51 1 16 1 17 4 11 1 321 (2> 15 (2) 45 96 149 14 Atlanta................................... 214 78 ........ 50 ........11 5 21 49 543 23 ........ 23 ........85 61 96 255 Chicago.................................. 294 1 140 79 12 37 25 2,014 (2) 57 98 192 384 1,282 St. Louis................................ 130 5 ........ 57 11 24 8 25 294 83 • • ■ ■ ■ 15 ........9 9 170 8 Minneapolis... ................... 133 75 23 4 4 18 9 295 ........ 6 4 2 13 42 228 Kansas City........................... 114 3 41 2 11 5 28 24 498 1 31 (2) 26 10 222 204 Dallas.................................... 378 4 193 9 29 2 64 77 1,686 2 84 4 60 3 689 844 San Francisco...................... 159 19 1 41 7 58 33 2,785 63 (2) 327 230 436 1,727 For notes to Appendix Tables 1-8, see p. 413. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 417 APPENDIX TABLE 7—NONNEGOTIABLE CERTIFICATES OF DEPOSIT, IPC, IN DENOMINATIONS OF $100,000 OR MORE Most common interest rates paid by insured commercial banks on new deposits on January 31, 1969 Most common rate paid (per cent) Most common rate paid (per cent) Group Total 4.50 Total 4.50 or 4.75 5.00 5.25 5.50 5.75 6.00 6.25 or 4.75 5.00 5.25 5.50 5.75 6.00 6.25 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks 2,244 133 1,187 37 317 44 278 247 6,031 62 (2) 1,339 68 430 241 1,7712,120 Size of bank (total deposits in mil lions of dollars): Less than 10.......................... 515 83 303 3 78 33 14 239 18 182 27 (2) 6 5 10-50...................................... 1,170 37 644 23 153 19 140 154 894 15 585 4 88 14 92 97 50-100.................................... 267 4 128 4 48 12 45 26 507 3 163 6 82 22 129 103 100-500.................................. 224 8 93 6 33 9 39 35 1,189 8 (2) 269 53 208 39 308 304 500 and over......................... 68 19 5 3 21 18 3,201 (2) 141 (2) 25 165 1,236 1,612 Federal Reserve district: Boston.................... 91 39 19 30 2 137 65 (2) 26 33 (2) New York.............. 4 33 6 15 8 27 18 1,336 2 142 3 79 179 781 151 Philadelphia........... 144 9 112 2 6 2 293 2 (2) 161 (2) 66 (2) 18 (2) Cleveland. 150 6 118 4 13 8 202 6 84 15 (2) 37 57 Richmond 250 4 112 6 69 2 33 24 587 244 16 39 (2) 281 3 Atlanta. . . 327 51 192 19 6 22 36 557 18 167 (2) 36 16 96 208 Chicago . . . , 392 195 20 86 12 40 39 674 152 6 69 19 154 275 St. Louis.... 154 56 54 12 21 164 31 37 22 53 21 Minneapolis, 73 2 63 3 4 74 (2) 38 (9 (2) 34 Kansas City.. 166 86 32 33 15 143 34 13 65 30 Dallas............ 275 161 29 7 26 51 393 (2) 189 25 7 86 84 San Francisco 22 2 18 5 33 31 1,472 28 (2) 39 8 131 1,243 APPENDIX TABLE 8—TIME DEPOSITS, OPEN ACCOUNT, IPC, IN DENOMINATIONS OF $100,000 OR MORE Most common interest rates paid by insured commercial banks on new deposits on January 31, 1969 Most common rate paid (per cent) Most common rate paid (per cent) Group Total 4.50 Total 4.50 or 4.75 5.00 5.25 5.50 5.75 6.00 6.25 or 4.75 5.00 5.25 5.50 5.75 6.00 6.25 less less NUMBER OF BANKS MILLIONS OF DOLLARS All banks 580 204 4 241 2 33 11 64 21 2,051 85 193 (2) 649 27 548 544 Size of bank (total deposits in mil lions of dollars); Less than 10.......................... 208 83 3 96 23 3 57 19 (*) 32 4 10-50...................................... 139 58 63 2 16 51 25 21 (2) 4 50-100................................... 63 21 22 7 3 7 2 57 9 14 (2) 5 22 (2) 100-500................................. 108 29 40 14 6 10 7 178 17 (2) 41 (2) 19 9 43 49 500 and over......................... 62 13 20 10 2 8 9 1,707 15 86 624 (2) 474 492 Federal Reserve district: Boston.................... 21 5 2 3 44 2 6 (2) 2 New York.............. 70 19 20 7 3 14 7 1,352 4 58 509 12 500 269 Philadelphia............ 28 5 8 5 5 3 139 2 (2) 14 79 7 (2) Cleveland. 27 12 13 22 13 9 (2) Richmond 22 6 13 2 26 7 13 (2) Atlanta. .. 160 48 3 76 2 5 25 106 26 (9 32 (2) io 18 (2) Chicago. . . . 75 6 64 2 37 4 21 (2) (2) (2) (2) St. Louis... 53 52 21 14 (2) Minneapolis, (2) (2) Kansas City.. 32 30 9 8 (2) (2) Dallas............ 49 18 20 4 7 42 3 16 3 20 San Francisco 42 3 14 6 8 253 3 16 7 216 For notes to Appendix Tables 1-8, see p. 413. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
418 FEDERAL RESERVE BULLETIN □ MAY 1969 APPENDIX TABLE 9—INSURED COMMERCIAL BANKS CHANGING THE MOST COMMON RATE PAID ON NEW TIME AND SAVINGS DEPOSITS, IPC, BETWEEN OCTOBER 31, 1968, AND JANUARY 31, 1969 Business-type time Savings Consumer-type time Instruments of less than Instruments of $100,000 $100,000 or more Group Size of bank (total Size of bank (total Size of bank (total Size of bank (total deposits in millions deposits in millions deposits in millions deposits in millions of dollars) of dollars) of dollars) of dollars) All All All All bank bank bank bank sizes Less 10 100 sizes Less 10 100 sizes Less 10 100 sizes Less 10 100 than 100 and than 100 and than 100 and than 100 and 10 over 10 over 10 over 10 over Number of issuing banks January 31, 1969...... 12,681 7,809 4,403 469 11,818 7,270 4,106 442 7,208 3,970 2,837 401 4,024 1,204 2,360 460 PERCENTAGE DISTRIBUTION OF NUMBER OF BANKS IN GROUP* Total 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100,0 100.0 100.0 100.0 No change in rate, Oct. 31, 1968-Jan. 31, 1969.. 95.8 94.4 98.0 99.8 90.7 88.8 93.4 96.4 75.0 70.5 79.0 91.8 48.2 42. 1 54.1 34. 1 Banks raising rate.... 2.8 3.8 1.2 0.2 5.4 7.4 2.1 2.0 6.8 8.1 5.5 3.2 25.2 10.0 26.8 57.2 New most common rate1 (per cent) 3.50 or less.... 0.2 0.3 0.1 (2) (2) 3.51-4.00....... 2.6 3.5 I. 1 0.2 (2) 0.1 0.1 0.1 0.1 4.01-4.50....... 0.7 1.1 1.3 2.3 0.1 0.5 0. 1 ........0...1 (2) (2) 0.1 ........0...1 4.76-5.00.. 4.6 6.2 2.1 2.0 5.3 5.8 5.1 2.7 2.3 3.0 2.2 0.9 5.01-5.25.. 0.7 1.1 0.9 5.26-5.50.. 3.5 0.2 4.9 4.8 5.51-5.75.. 1.6 0.2 1.9 3.0 5.76-6.00.. 9.0 3.6 8.9 23.7 6.01-6.25.. 8.1 2.9 7.6 23.9 Banks reducing rate. . 0.7 0.9 0.3 0.9 0.9 1.2 0.7 3.0 1.7 5.0 2.0 6.7 7.0 6.1 8.5 New most common rate1 (per cent) 3.50 or less, . . 0.7 0.9 0.3 0.3 0.6 0.7 (2) 0.2 3.51-4.00....... 0.5 0.7 0.4 0.2 1.2 0.7 2.1 0.5 0.4 0.5 0.3 0.2 4.01-4.50....... 0.3 0.1 0.6 0.2 1.4 1.0 2.1 0.5 0.4 0.9 0.1 0.2 4.51-4.75........ 0. 1 .......... 0.2 0.2 0.1 ........0...2 0.2 0. 1 0.2 4.76-5.00....... 4.1 4.2 3.9 4.3 5.01-5.25 0.1 (2) 0.2 5.26-5.50....... 0.7 0.4 0.6 2.2 5.51-5.75....... 0.3 0.4 0.7 5.76-6.00....... 0.7 0.7 0.7 0.4 Banks introducing new instrument............0...7 0.9 0.5 3.0 2.9 3.3 0.9 15.2 19.7 10.5 3.0 19.9 40.9 13.0 0.2 Most common rate1 (per cent) 4.00 or less..... 0.7 0.9 0.5 0.2 0.3 (2) 0.2 2.0 3.3 0.5 0.5 2.0 6.1 0.3 4.01-4.50........ (2) .......... (2) ..........0.9 1.4 0.4 ..........0.2 0.7 0.1 4.51-4.75............ 0.1 0.2 4.76-5.00........... 2.8 2.6 3.2 0.7 12.2 15.1 9.5 2.5 14.0 28.2 9.5 5.01-5.25............ 0.1 (2) 5.26-5.50........... 1.2 0.9 1.7 5.51-5.75........... w 0.6 2.0 (2) 5.76-6.00........... 0.9 2.2 0.3 6.01-6.25........... 0.9 0.7 1.1 0.2 ♦Shaded areas indicate that rates shown in the stub are higher than the maximum permissible rate on the various instruments. 1 For description of most common rate, see Note to text Table 2, p. 411. table excludes banks that issued these types of deposits on Oct. 31 but no 2 Less than 0,05 per cent. longer issued them on Jan. 31 and it also excludes banks involved in mergers and other changes during the survey period for which com Note.—This table was compiled by comparing rates as reported by the parable data were not available on both survey dates. Figures may not sample banks that had these types of deposits outstanding on Oct. 31, add to totals because of rounding. 1968, with the rates reported by the same banks on Jan. 31, 1969. The For a description of consumer-type time deposits and business-type time deposits, see Table 1, p. 410. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Member Bank Income, 1968 Growth in member bank earnings in 1968 total operating revenue. Both the volume of reflected the effects of a year of strong securities held and the rate of return were private and government demands for credit higher than in other recent years. as well as of sharply higher interest rates. Expenses rose substantially in all major The dollar rise in net earnings from cur categories. Interest paid on time deposits, rent operations exceeded that in any previ which is the largest cost category, rose at ous year, and the percentage increase was about the same rate as in 1967—reflecting close to the post-World-War-II record set in further growth in these deposits and higher 1959. average interest rates paid. Salaries and However, losses on securities and other wages and other expenses, however, rose nonoperating transactions were near peak faster than in 1967. levels, and they offset much of the growth As a result, net earnings from current op in net earnings from current operations. erations at member banks were $708 mil These losses, together with the increased im lion or 16.3 per cent greater in 1968 than in portance of tax-exempt income from State 1967. This percentage increase was slightly and local government securities in bank oper below the 1959 growth rate of 16.9 per cent. ating revenues, resulted in only a small in TABLE 1 crease in income taxes. FACTORS IN HIGHER NET INCOME Net income after taxes rose half as much In millions of dollars in 1968 as in the preceding year. But because capital accounts increased somewhat less Change Item from rapidly than net income, the rate of return 1967 on bank capital was unchanged at 9.6 per Increase in net income, total................................................ 196 cent. This ratio has been exceeded only twice Factors increasing net income, total......................................... 3,002 in the 23 years since World War II. Increase in operating revenue, total................................. 2,960 On Ioans.................................................................. 2,015 As in other recent years, most of the rise On securities other than U.S. Government............... 368 On miscellaneous operating revenue.......................... 304 in member bank operating revenue was at On U.S. Government securities................................. 274 tributable to earnings on loans. Such earnings Nonoperating transactions................................................ 42 Smaller net losses on loans1....................................... 34 Larger net decline in valuation reserves on securities. 6 increased at almost twice the 1967 rate. The Smaller miscellaneous losses....................................... 2 increase reflected not only a faster growth in Factors decreasing net income, total................................... 2,806 the volume of loans outstanding but also the Increase in operating expenses......................................... 2,251 Of interest on time deposits.................................... 1,017 highest average rate of return on loans in the Of salaries and wages and employee benefits........ 519 Of miscellaneous expenses....................................... 458 past 40 years. Of interest on borrowed money............................ 257 Interest income on securities also rose more Increase in provision for income taxes.......................... 47 Nonoperating transactions, total...................................... 508 rapidly in 1968 than in the preceding year Increase in— Net losses on securities1.......................................... 367 and made up approximately one-fifth of the Valuation reserve on Ioans...................................... 55 Decrease in Profits on securities.............................................. 47 Recoveries on securities...................................... 2 Miscellaneous recoveries.................................... 37 Note.—This article was prepared by Caroline H. Cagle of the Board's Division of Research and Statis 1 Includes recoveries credited and losses charged to undivided tics. profits or to valuation reserves. 419 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
420 FEDERAL RESERVE BULLETIN □ MAY 1969 Net losses on nonoperating transactions of the increase in capital represented retained amounted to nearly one-fourth of net earn earnings. ings from current operations in 1968. Losses OPERATING REVENUES on securities were greater than in any pre vious year except 1959, while actual losses Growth in the operating revenues of member on loans and net additions to valuation re banks accelerated in 1968. Total operating serves on loans were near peak levels. revenues reached a peak of $20.8 billion, Income taxes of member banks in 1968 in nearly $3.0 billion or about 17 per cent creased only slightly, as mentioned earlier, greater than in 1967 (Tables 1 and 2). and as a percentage of profits before taxes Earnings on loans, which accounted for twothey continued to decline. thirds of the increase, amounted to $14.1 Cash dividends declared advanced further billion; this too was 17 per cent more than in 1968 and as in other recent years were in the previous year. about half of net income after taxes. They Loans outstanding showed a substantial amounted to 4.8 per cent of total capital ac rise—nearly $18 billion, or 9 per cent, on counts—the highest ratio since the early the average. Most of the increase was in com 1930’s. " mercial and industrial, real estate, and other Capital ratios of member banks continued loans to individuals (consumer loans), each to decline in 1968. As in other years, most of which expanded at rates close to the over- TABLE 2 MEMBER BANK INCOME, 1957-68 Dollar amounts in millions Item 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 Revenue.................................................... $6,771 $7,127 $8,075 $8,928 $9,217$10,154$11,169$12,386$13,842$16,072$17,859$20,819 On U.S. Govt, securities..................... 1,168 1,266 1,399 1,414 1,537 1,687 1,726 1,742 1,686 1,702 1,934 2,208 On other securities............................... 339 411 445 467 513 629 773 911 1,079 1,265 1,561 1,929 On loans............................................... 4,208 4,326 5,021 5,730 5,870 6,435 7,200 8,111 9,295 11,086 12,128 14,143 Service charges on deposit accounts... 354 389 422 464 495 532 568 607 653 705 757 803 Other revenue....................................... 702 734 788 853 802 870 903 1,015 1,128 1,314 1,479 1,736 Expenses1.......................................... . ■ 4,222 4,617 5,140 5,655 6,074 7,041 7,931 8,895 10,206 11,941 13,507 15,758 Salaries and wages............................... 1,877 1,981 2,118 2,289 2,363 2,501 2,661 2,840 3,024 3,290 3,648 4,097 Officer and employee benefits............ 331 364 393 420 448 507 563 633 Interest on time deposits..................... 927 1,123 1,280 1,434 1,720 2,358 2,858 3,384 4,214 5,213 6,091 7,108 Net occupancy expense....................... 424 459 501 550 598 654 709 783 Other expenses..................................... 1 ,418 1,512 1,742 1,932 1,236 1,360 1,519 1,701 1,922 2,277 2,496 3,136 Net current earnings before income taxes. 2,549 2,510 2,935 3,273 3,143 3,112 3,239 3,491 3,635 4,130 4,353 5,061 Net of profits and recoveries (4-), losses and charge-offs, and changes in valuation reserves........................... 485 +96 904 344 181 308 329 570 653 1,046 737 1,202 Profits and recoveries (4-), losses and charge-offs: On securities2............................ 211 +535 792 +72 + 351 + 152 +81 62 20 416 33 448 On loans2......................................... 59 47 37 179 157 132 197 187 255 332 357 323 Other................................................ 39 49 31 25 29 27 21 33 27 116 19 54 Net increase (or decrease,+) in val uation reserves: On securities..................................... + 10 189 + 140 64 123 26 +9 4-27 4-54 +79 + 14 +20 On loans........................................... 187 153 184 148 224 275 200 315 405 261 341 397 Net income before related taxes............. 2,063 2,606 2,032 2,929 2,962 2,805 2,910 2,921 2,983 3,084 3,616 3,859 Taxes on net income................................ 895 1,148 775 1,241 1,250 1,110 1,079 998 880 876 1,007 1,054 Net income............................................... 1,169 1,457 1,257 1,689 1,712 1,695 1,831 1,923 2,103 2,209 2,609 2,805 Cash dividends declared 3........................ 604 646 690 735 793 832 878 961 1,058 1,145 1,248 1,385 Ratio of net income to average total capital accounts (per cent).................. 8.4 9.7 7.9 10.1 9.6 8.9 9.0 8.8 8.7 8.6 9.6 9.6 Number of banks at end of year........... 6,393 6,312 6,233 6,174 6,113 6,047 6,108 6,225 6,221 6,150 6,071 5,978 1 Expenses were reclassified in 1961 as described on pp. 526-27 vided profits or to valuation reserves and excludes transfers to and of the May 1962 Bulletin. from valuation reserves. 2 Includes recoveries credited and losses charged either to undi- J Includes interest on capital notes and debentures. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MEMBER BANK INCOME 1968 421 TABLE 3 and a rise in the average rate of return on CHANGES IN MEMBER BANK AVERAGE these investments of 31 basis points to 4.79 LOANS AND INVESTMENTS, 1968 per cent. Dollar amounts in millions Earnings from “other” securities advanced Change from even more rapidly—by 24 per cent—-to 1967 average Average $1.9 billion in 1968. More than four-fifths Item amount, 1968 Per of the increase in holdings of “other” securi Amount centage ties was in State and local government obli Total loans and investments........... $306,232 $28,574 10.3 gations, which rose 17 per cent to an average Lo C a o n m s1 m ... e .. r .. c . i .. a . l . . a .. n .. d .. .. i . n .. d .. u ... s . t . r .. i . a .. l . . . . . . . . . . . . . . . . . 2 8 0 3 7 , , 0 6 2 7 8 0 1 7 7 , , 0 8 8 8 9 1 9 9 . . 3 4 of $44.4 billion in 1968. Most of the remain Agricultural...................•........... 5,901 316 5.7 For purchasing and carrying se- ing increase in such holdings represented curities...................................... 9,356 1,137 13.8 To financial institutions............. 17,401 1,109 6.8 obligations of Federal agencies. The average Real estate................................... 47,895 4,214 9.6 Other loans to individuals......... 42,717 3,619 9.3 rate of return on all securities other than U.S. All other...................................... 5,614 755 15.5 Government obligations advanced to 3.67 U.S. Government securities............. 46,066 2,894 6.7 Other securities............................... 52,496 7,799 17.4 per cent, 18 basis points above the average State and local government........ 44,442 6,307 16.5 Other............................................ 8,055 1,493 22.7 of the preceding year. In view of the exemp tion of earnings on State and local govern 1 Totals are net (after deduction of valuation reserves); individual loan items are gross and do not add to totals. ment obligations from Federal income taxes, Note.—Averages are based on amounts reported for 3 call dates— at the beginning, middle, and end of each year—and they reflect the a given increase in interest received on these classification of loans and securities in effect on the particular call date. securities contributes more to net income after taxes than an equivalent rise in gross all average (Table 3). At the same time, earnings from taxable securities. For this interest rates charged on loans rose appre reason the improvement in the average rate ciably further. The prime rate—the rate of return on “other” securities does not re charged by leading banks on loans to their flect the full increment to higher net income most creditworthy customers—was adjusted from this source. upward (except for a temporary dip in the All other earnings of member banks rose autumn) from a level of 6 per cent at the by $304 million, or nearly 14 per cent, in beginning of the year to 6% per cent in late 1968. Such earnings include service charges December. Rates charged other customers on deposit accounts, which were up $46 mil also advanced. The average rate of return on lion, and other charges, fees, and so forth, all bank loans rose 42 basis points above the which were up by $56 million—increases of 1967 average—from 6.39 to 6.81 per cent. about the same size as in the preceding year. This was the highest rate since 1927, when Trust department earnings, on the other comparable data first became available. hand, advanced by $84 million (nearly 11 Income from securities provided one-fifth per cent), and miscellaneous revenues rose of the total operating revenue of member by 118 million (32 per cent)—much greater banks in 1968—about the same proportion increases than in 1967. as in other recent years. Earnings on U.S. OPERATING EXPENSES Government securities amounted to $2.2 billion, or 14 per cent more than in 1967. Total member bank operating expenses of The larger earnings stemmed from an in $15.8 billion were $2.3 billion, or nearly 17 crease in average holdings of Government per cent more than a year earlier. This rate securities of nearly $2.9 billion, most of of growth was almost as fast as in 1966 and which occurred in connection with large was larger than in other recent years. Interest Treasury cash financings in the third quarter, payments on time and savings deposits ac- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
422 FEDERAL RESERVE BULLETIN □ MAY 1969 counted for nearly half of the increase in ex on such borrowings, about double the penses, but the 17 per cent rise in these costs, amount in 1967. Most of the increase in this while about the same as in 1967, was less item was at the largest (reserve city) banks. than in any other year since 1960. The 1968 In addition, some of the largest banks ac growth reflected an increase of about 10.5 quired funds in the Euro-dollar market, but per cent in average holdings of time and sav interest paid on this money was reported as ings deposits and a rise of 24 basis points in “other” expenses rather than as interest on the average rate of interest paid on these de borrowed money. At the few banks for which posits to a new high of 4.56 per cent. separate figures were available, interest paid Time deposits in denominations of $100, on these funds was two and a half times 000 or more, particularly negotiable certifi larger in 1968 than in the preceding year. cates of deposit, were a major contributor NONOPERATING TRANSACTIONS to the rise in interest costs—reflecting not only a further rise in volume outstanding but As credit grantors, banks ordinarily suffer also a substantial rise in the average interest some losses or charge-offs on earnings as rate paid. In response to the shift in monetary sets. While the losses are usually offset in policy from relative ease during much of part by recoveries of previous charge-offs 1967 to restraint in 1968, offering rates on and by profits on securities sold, there has large-denomination time deposits advanced generally been some net loss on nonoperat sharply—from considerably below ceiling ing transactions. This net loss varies consid levels in 1967 to the higher ceiling rates erably from time to time and often has an authorized in April 1968. Some part of the important effect on the net income of banks. increase in interest payments also reflected In 1968 nonoperating transactions of continued expansion in regular savings ac member banks resulted in a net reduction in counts and in small-denomination time de earnings of $1.2 billion, equivalent to nearly posits, accompanied by a slow upward move one-fourth of net earnings from current op ment in rates paid on these deposits. Such in erations.1 This was a larger dollar reduction creases in rates occurred mainly at small than in any previous year, but as a percent banks, since most large banks were already age of net current earnings it was smaller paying ceiling rates at thebeginning of 1968. than in three other postwar years of high-level Salaries and wages and employee benefits business activity—1956, 1959, and 1966. at member banks amounted to $4,730 mil Losses on securities—mainly on sale to ob lion in 1968, an increase of $519 million, or tain funds for loan expansion (or to estab 12 per cent. This reflected a 6 per cent growth lish losses for tax purposes)—accounted for in the number of both officers and employees nearly two-fifths of the total. and a rise of 4 per cent in average annual In recent years, capital gains and losses salaries of officers and of nearly 7 per cent for realized on securities transactions have often those of employees. The growth in average tended to moderate fluctuations in the net salaries was somewhat less than in 1967 but income of banks. This development is asso larger than in other recent years. ciated with cyclical movements in prices of Reflecting a year of heavy loan demand securities, which tend to be high in periods of and considerable monetary and credit re recession and low interest rates and to be low straint, including an irregular advance in the in periods of strong business activity and high discount rate from 4Vi to 51/2 per cent, mem ber banks made increased use of borrowed 1 The summary of over-all results of nonoperating transactions in loans and securities includes the effects funds and paid out $516 million in interest of transactions in valuation reserves. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MEMBER BANK INCOME 1968 423 interest rates. For example, capital gains on INCOME TAXES sales of securities tended to sustain net in Notwithstanding larger earnings from current come during the recession years 1954, 1958, operations and higher Federal tax rates, in and 1961, when net current earnings of banks come taxes of member banks increased by showed little change or receded somewhat; only $47 million to $1,054 million in 1968. and large capital losses in 1956, 1959, 1966, The ratio of income tax payments to net in and 1968 provided some offset to the large come before taxes declined for the eighth increase in current earnings in these years of successive year from 42.4 per cent in 1960 accelerated business activity. In most other to 27.3 per cent in 1968. This downward kinds of business, profits tend to fluctuate movement in the ratio reflected changes in with changes in the level of business activity. tax rates over the period, large security losses Losses and provision for future losses on in some years, large annual additions to tax loans also contributed a major part of the free valuation reserves on loans, and substan large reduction in bank income from non tial expansion in tax-exempt earnings from operating transactions in 1968. Actual net State and local government securities. losses on loans (excluding transfers to and NET INCOME AND CASH DIVIDENDS from valuation reserves) amounted to $323 million—down slightly from 1966 and 1967, The $2,805 million of net income after taxes but still high in relation to other recent years. in 1968 was $196 million, or 7.5 per cent, Member banks also added a near-record higher than in 1967. This represented a re $397 million (net) to valuation reserves on turn of 9.6 per cent (the same percentage loans in 1968. This was the largest addition as in 1967) on total capital accounts and of in the 20 years this information has been re 0.72 per cent on total assets (down slightly ported separately, except for 1965, when the from the preceding year). The proportion of Internal Revenue Service made a change in net income after taxes that was paid as divi the method for calculating the ceiling on tax dends—49.4 per cent in 1968—remained free valuation reserves and this contributed to close to the average for other recent years, the large additions to the reserves in that although it was up somewhat from 1967. As year. At the end of 1968 valuation reserves a proportion of average capital accounts, on loans at all member banks totaled nearly dividends continued to advance, amounting $4.5 billion, or 2.0 per cent of loans out to 4.8 per cent in 1968. Retained earnings standing. This percentage compares with amounted to $1,420 million, or three-fourths actual average annual gross losses on loans of the increase in average capital accounts. over the past two decades of two-tenths of 1 NET INCOME BY CLASS OF BANK per cent and with peak losses that ranged between 2.4 and 3.6 per cent a year in the Net income after taxes rose 12 per cent at depression years 1932-34.2 country banks in 1968, considerably more For the sixth consecutive year member than at reserve city banks as a group. At banks reduced their valuation reserves on se reserve city banks in Chicago, net income curities. In 1968 this reduction was $20 mil declined slightly (Table 4), and at all other lion—only slightly more than in 1967 and reserve city banks it rose less than 6 per cent. considerably less than the reductions in 1964, These differences, which are associated with 1965, and 1966. variations in bank size, stem mainly from a smaller reduction in earnings because of 2 These figures are for operating banks only; they smaller losses on securities at country than exclude losses on loans in member banks that failed at reserve city banks in 1968, as has been during this period. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TABLE 4 MEMBER BANK INCOME, BY CLASS OF BANK, 1968 AND 1967 Dollar amounts in millions Reserve city banks Country Total banks Item New York City City of Chicago Other 1968 1967 1968 1967 1968 1967 1968 1967 1968 1967 Revenue............................................................... $20,819 $17,859 $3,675 $3,080 $889 $763 $7,777 $6,673 $8,479 $7,344 On U.S. Government securities.................... 2,208 1,934 268 245 83 69 686 611 1,170 1,009 On other securities......................................... 1,929 1,561 280 232 72 60 701 578 875 691 On loans......................................................... 14,143 12,128 2,599 2,159 612 527 5 389 4,598 5,543 4,843 All Other......................................................... 2,540 2,236 527 444 121 106 1,000 885 891 800 Expenses............................................................. 15,758 13,507 2,640 2,189 642 558 5,950 5,092 6,525 5,667 Salaries and wages........................................ 4,097 3,648 658 555 135 126 1,534 1,366 1,769 1,602 Officer and employee benefits...................... 633 563 122 112 28 25 235 206 248 220 Interest on time deposits............................... 7,108 6,091 1,175 1,037 327 274 2,708 2,331 2,899 2,449 Net occupancy expense................................ 783 709 138 127 21 20 285 254 340 308 All other................................................. 3,136 2,496 547 358 131 114 1,189 936 1,269 1,088 Net current earnings before income taxes........ 5,061 4,353 1,035 891 246 205 1,827 1,580 1,953 1,676 Net of profits and recoveries (+), losses and charge-offs, and changes in valuation reserves...................................... 1,202 737 301 171 67 16 429 249 406 302 Profits and recoveries (f), losses and charge-offs: On securities1..................................... 448 33 165 24 33 156 19 94 +9 On loans *.................................................. 323 357 33 50 18 15 113 127 160 166 Other.......................................................... 54 19 +3 + 10 35 7 22 22 Net increase (or decrease, 4*) in valuation reserves: On securities.............................................. 4-20 + 14 +2 + 15 + 14 +3 On loans..................................................... 397 341 107 97 13 11 139 110 137 123 Net income before related taxes...................... 3,859 3,616 734 721 179 189 1.398 1,332 1,547 1,375 Taxes on net income......................................... 1,054 1,007 228 237 55 58 374 362 396 351 Net income.......................................................... 2,805 2,609 506 484 124 131 1,024 970 1,151 1,024 Cash dividends declared2.................................. 1,385 1,248 320 284 56 52 546 493 463 420 Ratios (per cent): Net current earnings before income taxes to Average total capital accounts.................. 17.4 16.0 17.4 16.1 17.9 16.3 17.6 16.2 17.1 15.7 Average total assets................................... 1.30 1.24 1.34 1.31 1.46 1.33 1.29 1.22 1.28 1.21 Net income to— Average total capital accounts.............. 9.6 9.6 8.5 8.7 9.0 10. 5 9.9 9.9 10.1 9.6 Average total assets................................... .72 .74 .66 .71 .74 .85 .72 .75 .75 .74 1 Includes recoveries credited and losses charged either to undi from valuation reserves. vided profits or to valuation reserves and excludes transfers to and 2 Includes interest on capital notes and debentures. usual over the postwar period. This pattern a percentage of capital accounts. The return probably reflects a relatively greater liquidity on capital ranged from a low of 8.5 per cent at country banks—making it less necessary for reserve city banks in New York City to a to sell longer-term securities to meet loan high of 10.1 per cent for country member demand—and in part less trading of securi banks in 1968. Moreover, the change in the ties for tax purposes than at reserve city percentage from 1967 to 1968 was upward banks. for country banks (9.6 to 10.1 per cent) Differences in realized losses on securi compared with a slight decline at all reserve ties, as well as somewhat smaller income city banks as a group (9.6 to 9.3 per cent). taxes relative to profits before taxes at coun Detailed figures for income, expenses, and try banks, largely account for the variation related items appear on pages A-95 to by class of bank in net income after taxes as A-103. □ 424 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Statement to Congress Mr. Chairman, I appreciate your invitation initially proclaimed in the Housing Act of to participate in these hearings. I would like 1949 of a decent home and a suitable living to make it clear that the views I present are environment for every American family. my own and not necessarily those of the However, the assignment of numbers of Board of Governors of the Federal Reserve housing units to that goal raises many prob System. lems. Some problems are purely conceptual. The requirement of the 1968 Housing Others involve questions of statistical fact. Act that the President transmit an annual These questions arise with respect to the report on national housing goals seems to estimates of needs. Separate and even more me a very valuable one. Housing has suf difficult issues exist with respect to feasibility fered from a lack of long-term planning, and the general economic conditions within from wide fluctuations, and from too little which priorities to meet the needs will be sustained attention to its many critical prob set. lems. The preparation and presentation of One major area of uncertainty is how to an annual report on recent progress and relate our statistics on housing starts as re future plans plus hearings such as this ported by the Bureau of the Census to the should help fill some of these gaps. 26 million new and rehabilitated housing Today, I would like to speak briefly on units which the Housing Act says should be three issues raised by the report. produced if our national goal is to be met First, I would like to discuss certain tech within the next decade. A key to this ques nical problems of setting housing goals. tion is how many units will be produced Second, I would like to discuss the diffi through rehabilitation and how many from culties of insuring adequate resources—both other production, such as mobile homes, financial and real—to do the required pro which are not reported as housing starts in duction job in this coming fiscal year. the Census Bureau statistics but do provide Finally, I want to explore some longer- shelter. run problems of meeting our national hous As an example, some readers of Tables 1 ing goals. and 3 of the first Annual Report on Na tional Housing Goals have assumed that a CLARIFICATION OF THE TEN-YEAR GOAL total of 24,200,000 new Census starts are The first Annual Report on National Hous called for during the 10 years, or an in ing Goals for the next decade represents a crease from 1,625,000 starts in the fiscal milestone in our attempts to meet the ideal year 1969 to 2,975,000 units in fiscal year 1978. I am not certain whether or not this is a Note.—Statement of Sherman J. Maisel, member, Board of Governors of the Federal Reserve System, proper interpretation of the Report. In stark before the Subcommittee on Housing of the Committee contrast I have seen estimates that our na on Banking and Currency, U.S. House of Representa tives, May 15, 1969. tional housing goal might well be met by a 425 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
426 FEDERAL RESERVE BULLETIN □ MAY 1969 total of less than 19 million Census starts ard housing, no one has the information for the 10-year period. Clearly, the differ needed to make such a report. This informa ence between 19 million and 24.2 million tion could be obtained by an annual sample units is major. One estimate, in effect, sees survey which would permit an estimate of a need for only a moderate expansion in the the required data on a comparable basis and productive capacity of the house-building in a manner similar to that provided by the industry. The other estimate would require “Components of Inventory Change” in the more than an 80 per cent expansion by the 1960 decennial housing census. Progress industry. toward our goal and useful surveys require These major differences arise in part be that we improve our measurement of sub cause of a lack of clarity in the definitions standard housing. Various estimates of exist of “rehabilitation” and “production”. These ing substandard units currently differ by definitional problems are noted on page 18 several millions. of the Report and also on page 12 where the Without annual and timely sample sur significance and potential of mobile housing veys of the components of inventory change, units is discussed. However, nowhere in the we can have only a dim view of whether or Report are rehabilitation and nonstandard not we are making progress toward fulfilling production directly related to the future tar our national housing commitment. As I in get levels. Since these potential problems dicated, the current views as to shelter needs are so large and so critical, both for pro in terms of housing starts differ substantially. jecting goals and measuring results, they Given the social and economic importance should be carefully considered and resolved. of achieving our housing goals, it seems Another part of the difficulty—and one clear at least to me that provision of more which requires major attention by this Com complete and current information as to mittee—is our current inability to measure where we are and where we are going is actual year-to-year changes in our housing required. stock. We have very poor information on annual levels of production, or rehabilita PROSPECTS FOR HOUSING IN tion, or changes in quality of the existing FISCAL 1970 stock of housing. It seems obvious to me Let me now turn to the prospects for hous that if our Nation is to achieve the 10-year ing production next year. I wish I could be housing goal set for it, Congress must in as hopeful as the Report that 1,900,00 hous sure that the necessary data are produced ing units will be started in the next fiscal upon which to judge progress. At the mo year as reflected in the Census series. I be ment, we must rely on uncertain and often lieve that the basic demand for houses will conflicting subjective opinion. We may be be at least that large. However, unless there planning for much too small or much too is a major deceleration in our commitment large a program. in Vietnam and a much larger Federal Although the Housing Act of 1968 re budget surplus than is now projected, I think quires the President to report to the Con housing construction will fall below that gress each year on the number of comple level. The result could be an intensified tions of new or rehabilitated housing units housing shortage and inflationary increases and on the reduction in occupied substand in dwelling prices and rents. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
STATEMENT TO CONGRESS 427 Currently, governmental policy, includ amount of expansion in the pool of credit ing that of the Federal Reserve, aims at is in turn related to the amount of the econ limiting growth of aggregate demand. This omy’s savings. For mortgage funds to be is obviously an appropriate posture for a maintained at an adequate level, either time when widespread inflation has reflected there must be more savings (unused spend an excessive demand pressing against a ing) or a moderation of demands from other limited supply of goods and services. Unfor claimants for funds from this pool. tunately, however, given the current make Currently, the demands from the Govern up of our financial institutions and credit ment sector, and for capital equipment and markets and the fact that housing is inevi consumption, remain exceptionally great in tably financed heavily with borrowed funds, spite of attempts now under way to reduce the impact of monetary restraint is again them. While savings flows to thrift institu likely to fall more heavily on housing during tions have largely been maintained, those fiscal 1970 than on most other types of to commercial banks—an important direct spending. and indirect supporter of the mortgage mar Inflation is caused by too large a demand ket—clearly have not been. Moreover, mort pressing against limited real resources. The gage repayments flows have been limited as Vietnam war, rapid increases in business prepayments have remained moderate and investment in plant and equipment, con there has been increased reliance on assump tinued growth in State and local spending, tions of existing mortgages in transactions plus the consequent increase in consumption on used houses in order to avoid new financ from higher incomes, have combined to ing under current high interest cost condi overtax our economic resources. The short tions. age of productive capacity—including labor This means the greater the surplus the —has led to a rapid acceleration of prices. Federal Government can achieve in fiscal National policy has been set with a view 1970, the greater the potential availability toward bringing demand more in line with of mortgage funds. It also means the greater available resources so as to ease inflationary the success in achieving some moderation pressures. As part of this program, fewer in the present extraordinarily high business monetary reserves are being created. Con plans for plant and equipment expansion sequently, less credit is available in relation and in consumer expenditures, the greater to demand and its price is higher. In these the potential for the mortgage market. circumstances, the ability to raise capital In any case, it does appear that financing funds for housing or other purposes in the for residential construction will be hit more mortgage market is in danger of sharp cur moderately in 1969 than it was in 1966. tailment. This leads to a problem for poten Since 1966 we have achieved a number of tial purchasers of houses and borrowers on institutional and other adjustments. The mortgages. liquidity positions of the thrift institutions The mortgage problem, as has been dem have improved, while the Federal home loan onstrated time and again, is really the oppo banks can make available a firmer support. site side of the resource problem. Housing In addition, ceilings on rates paid on de loans must draw from the general credit posits maintain rate differentials for savings pool, just as housing production must draw which make possible a more stable distribu from the national production pool. The tion of funds between commercial banks Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
428 FEDERAL RESERVE BULLETIN □ MAY 1969 and the thrift institutions. The development pants are in a far stronger position and of savings certificates at higher rates for mood to compete for necessary funds than longer maturities as a substitute for across- was the case in 1966. the-board adjustments on regular accounts, Tn its concern about the disproportionate and the elimination of most “hot” money impact of general credit restraint on the from liability portfolios also have meant housing sector, the Federal Reserve Board that thrift institutions could weather even has recommended on several occasions that such incidents as the recent withdrawal pe consideration be given to ways of shifting riod, when surtax payments were a special more of the burden to other sectors of the factor, with relatively less attrition than had economy. In that connection, I would like been generally expected. to include as part of my testimony a copy Within the Government-assisted sector, of the report which was transmitted recently the market has benefited appreciably from by the Board to the Commission on Mort the freeing of the ceiling rates for Govern gage Interest Rates.1 This report goes into ment-underwritten mortgages to levels more greater detail about the effects of credit re consistent with market requirements. Also, straint on homebuilding, discusses the gen the position and role of the Federal National eral subject of housing goals, and calls at Mortgage Association as a “market-maker” tention to some additional reforms needed have been redefined and considerably im in the mortgage market. proved, and the possibility of a new type of I would also like to point out another mortgage bond, guaranteed by a new agency matter that probably requires legislation. —Government National Mortgage Associa This would be the authorization for inclu tion—appears imminent. sion of variable interest rate clauses in mort In the market for existing houses, con gages insured by the Federal Housing Ad sumers have learned to economize on new ministration, guaranteed by the Veterans mortgage funds through reliance on assump Administration, or issued by federally regu tions of existing mortgages. And in the im lated lending institutions. Variable interest portant multifamily area, builders have in rates should not alter the borrowers’ creasingly resorted to various types of equity monthly payments but rather should increase and nontraditional financing for necessary or decrease the amount of repayments on funds. At the same time, a number of impor principal made each month and, therefore, tant builders have considerably broadened the ultimate term of the mortgage. How their capital base as well as their ability to ever, it is not clear whether existing statutes tap other sources of funds by mergers with limiting the maximum term of a mortgage larger, more diversified materials producers would allow constant payments to be main and other types of companies. tained. Further improvements, including, of While the recent changes and the pro course, a better mix of fiscal and monetary posed ones to improve mortgage market policy as well as implementation of a num operations will be useful, I think all of us ber of promising provisions included in the should recognize that they will only dampen Housing and Development Act of 1968, can the impact of monetary restraint on housing hopefully be anticipated. Altogether, there is no question that, with the major excep 1 Printed in the Federal Reserve Bulletin for March tion of commercial banks, market partici 1969, pp. 228-34. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
STATEMENT TO CONGRESS 429 finance and construction. A large share of interrelated. The uncertainties and delays fluctuations in the availability of credit will lead to high costs. What is required is better still be felt in the housing sphere. Such a technology, better entrepreneurship, and result follows directly from the choices that better programming. If policies are reshaped must be made in establishing national priori it is quite possible that needed improvements ties. If monetary policy is used for restraint can be achieved simultaneously. purposes, the attainment of a given housing The history of the past 20 years has shown goal will be more difficult. This means that that through Government aid to the private the question of priorities must be faced up market, major improvements in efficiency to directly. Over the next several years, for and operations have been possible for example, if military or related expenditures middle- and upper-income housing. The stay large, Congress may well have to make question is whether a similar range of pro certain that funds are available for needed grams can be made available to that part housing by specific legislation. This could of the housing market left behind by exist be done either by voting the necessary funds ing programs. in the budget; or, if present indirect systems I believe, contrary to many, that our sub of mortgage aid are maintained, by increas urban, single-family, mass market for new ing the size of the Federal surplus sufficiently homes is relatively efficient. People who to insure a credit pool adequate to meet the can afford to pay $20,000 or more for a needs of housing borrowers. house have had their needs met quite adeaquately—although in this market, too, HOUSING FOR MODERATE- AND rapidly accelerating costs have been de LOW-INCOME FAMILIES cidedly harmful. In the lower cost area, Finally, I must say that I am even less san however, far less progress seems to have guine that the goals for low- and moderate been made. Housing units built in central income housing will be met than I am about cities, particularly those of a multifamily next year’s level of starts. Even though the type, show fewer improvements in produc Housing Act of 1968 made major and im tivity and efficiency. It is because of this portant improvements, I believe that our development that I am pessimistic about ability to achieve either the short- or long- meeting the 6 million “new and rehabili run goals of public policy will depend tated” portion of our national housing goals. heavily on further major progress by the While the achievement of real mass pro Congress and the administration in this duction in multifamily housing has been a sphere. chimera over the years, given the determina What is the basis for my conclusion? tion of the Congress to meet our housing Under present procedures, low- and mod goals, perhaps this need no longer be the erate-income housing is likely to be so costly case over the next decade. Cities are devel that too little may be built. The procedures oping more open land in their centers. Con entail so many delays that production is gressional action ought to be able to guaran likely to grow more slowly than needs. The tee a sufficient market to make it worthwhile programs’ size and availability of land and for large firms—whether such as those en financing are so uncertain that progress can tering the national housing partnership or be difficult. others—to be willing to make the neces Moreover, these deficiencies are all closely sary commitment to large-scale production, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
430 FEDERAL RESERVE BULLETIN □ MAY 1969 These firms will require sizable contracts, that it is the needs of the lower income considerably larger than in the past, and households that presumably merit the most perhaps a different tax or subsidy treatment. attention. Indeed, present tax incentives may I also believe that some of the stress on operate in exactly the contrary fashion. nonprofit organizations in the development As the Douglas Commission and others of moderate- and low-income housing may have pointed out, present tax laws and regu be self-defeating. Just as our housing pro lations give no preferential treatment for grams should draw upon the widest possible investment in lower-income housing relative variety of financing techniques and institu to other types of rental housing. Moreover, tions to provide funds for housing, so should incentives for homeownership actually work they make the greatest possible use of the in favor of higher- rather than lower-income physical resources and technical know-how groups. of private developers, operators, and build It is the higher-income homeowner, for ers. All aided housing programs should, in instance, who is most likely to benefit be my opinion, be open under proper safe cause the imputed rent value of his home guards to profit-oriented organizations as is not considered part of his gross income well as to nonprofit, cooperative, or limited subject to taxation. Also, higher-income dividend corporations to which certain groups undoubtedly benefit more from per programs are now restricted. Restrictions missible homeowner deductions for property against normal corporations—which arbi taxes and mortgage interest, owing to the trarily exclude the majority of all housing progressive nature of the income tax rate producers—shrink rather than expand our schedule and the wider use of itemized de production horizons. ductions by higher-income groups. The profit motive, particularly in an ac Nor is it clear that lower-income groups tivity as localized as housing, can serve as may obtain even a proportionate—not to an incentive to improved efficiency and pro mention preferential—-share of total housing ductivity as well as to the dynamic institu tax benefits coming from other sources. tional changes required for expanded out These include provisions for rapid deprecia put. We have recently seen a few large, tion, related capital gains, and other special profit-making industrial organizations drawn features affecting rental properties. They into the housing field, backed by established also encompass the special tax treatment of access to varied sources of credit and with a thrift institutions primarily related to their potential for realizing economies of larger function as home mortgage lenders. scale production. This is the kind of struc While traditionally we have thought of tural change that improves the chances of special subsidies as the way to channel aid achieving our annual housing goals. toward those most in need of assistance, in As I have said frequently in the past, I actuality, our tax programs may be direct would also urge your Committee to re ing the largest share of Government rev examine ways of improving our direct, enues spent or foregone toward aiding those credit, and tax subsidy programs to housing. least in need of help. Further clarification— In striving toward our longer-run housing and where appropriate, resolution—of this goals, the general scheme of tax incentives issue along with a clearer distinction be for real estate, housing, and homeowner tween the role of the public in aiding occu ship seems far from ideal if it is recognized pancy in contrast to aiding production could Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
STATEMENT TO CONGRESS 431 help to focus policy more effectively on ful about the near-term future. An increase of filling our over-all housing goals. one-fifth in Census housing starts next year as projected in the Report would put us CONCLUSION solidly on the road toward meeting our In conclusion, may I congratulate this com national housing goals. To reach that level mittee again on the fact that a Report on of production would, however, require a National Housing Goals has now become considerable reorientation of our current part of our programming process. It should national priorities. Without such a change, lead to a clearer view of national needs and we are likely to see housing production fall priorities. I wish I could be more optimistic farther behind needs. □ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Record of Policy Actions of the Federal Open Market Committee Records of policy actions taken by the Federal Open Market Com mittee at each meeting, in the form in which they will appear in the Board’s Annual Report, are released approximately 90 days following the date of the meeting and are subsequently published in the Feder al Reserve Bulletin. The record for each meeting includes the votes on the policy de cisions made at the meeting as well as a resume of the basis for the decisions. The summary descriptions of economic and financial con ditions are based on the information that was available to the Com mittee at the time of the meeting, rather than on data as they may have been revised since then. Policy directives of the Federal Open Market Committee are issued to the Federal Reserve Bank of New York—the Bank selected by the Committee to execute transactions for the System Open Market Account. Records of policy actions for the meetings held in 1967 were pub lished in the Bulletins for July 1967 through March 1968. Records for the meetings held in 1968 were published in the Bulle tins for April 1968 through March 1969. The record for the first meeting held in 1969 was published in the Bulletin for April, pages 345-52. The record for the meeting held on February 4, 1969, follows: 433 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
434 FEDERAL RESERVE BULLETIN □ MAY 1969 MEETING HELD ON FEBRUARY 4, 1969 Authority to effect transactions in System Account. According to the information reviewed at this meeting, expansion in real economic activity had been moderating but upward pressures on prices and costs were persisting. Staff projections continued to suggest that the rate of expansion in economic activity would slow further in the first half of 1969. Available weekly figures indicated that retail sales, which had de clined in December, rose in January to about the November level. Tentative estimates implied that industrial production increased further in January but at a slower rate than in late 1968. The labor market continued tight, and the number of persons receiving unemployment compensation remained small. There were widespread increases in wholesale prices of industrial commodities from mid-December to mid-January, and the average of such prices rose considerably further. The rate of advance in the consumer price index slowed somewhat in December, partly for seasonal reasons, but the index for that month was 4.7 per cent above its year-earlier level. Growth in real GNP had moderated to an annual rate of 3.8 per cent in the fourth quarter of 1968 from 5.0 per cent in the third quarter. Expansion in consumer and Federal Government expendi tures on goods and services slowed, but there were substantial increases in business capital outlays, residential construction activity, and inventory accumulation. The staff projections for the first half of 1969 suggested that consumer spending would expand only mod erately faster than in the fourth quarter, partly because growth in disposable income would be limited by higher social security taxes and retroactive income tax payments. In line with the recently released Federal budget figures, Government purchases of goods and services were projected to remain at the fourth-quarter level. The projections also implied that residential construction activity would be increas ingly restricted by the reduced availability of mortgage funds; that the current surge in business capital outlays would slow by the second Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 435 quarter; and that the rate of inventory accumulation would level off in the first quarter and then decline. Longer-range staff projections prepared for this meeting suggested that in the second half of 1969 growth in real GNP would remain at a reduced rate and inflationary pressures would diminish. These pro jections incorporated the budget estimates of Federal expenditures and assumed that the income tax surcharge, which under existing legisla tion was scheduled to expire on June 30, 1969, would be continued at least through the end of the year. They also assumed that a sub stantial degree of monetary restraint would be maintained. It was noted that the budget estimates implied that fiscal policy would be come less restrictive after midyear even if the surtax were continued. Preliminary data indicated that the U. S. balance of payments on the liquidity basis had reverted to deficit in January, following the substan tial surplus recorded in the fourth quarter of 1968. Although little detailed information was available, it appeared likely that the strike of longshoremen, which had begun with the expiration of the Taft-Hartley Act injunction on December 20, was one factor affecting the January balance adversely. In December the balance on merchandise trade was in deficit, and for 1968 as a whole there was a trade surplus of only about $100 million, compared with about $3.5 billion in 1967. Exports were 10 per cent higher in 1968 than in 1967, but imports increased by nearly 25 per cent. The over-all payments balance on the official settlements basis was in substantial surplus in January as a result of a sharp increase in lia bilities of U.S. banks to their foreign branches, which more than offset the marked decline that had occurred just before the year-end. To a large extent this heavy inflow of liquid funds through the Euro-dollar market reflected outflows from Germany that were encouraged by the policies of the German Federal Bank and by the ebbing of speculation on a revaluation of the mark. On January 29 the Treasury announced that in exchange for securities maturing in mid-February, of which about $5.4 billion were held by the public, it would offer two new issues—a 15-month, 6% per cent note and a 7-year, 6'A per cent note, priced to yield 6.42 and 6.29 per cent, respectively. The initial market reaction to the offering was mixed and trading activity associated with the new issues was relatively limited. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
436 FEDERAL RESERVE BULLETIN □ MAY 1969 System open market operations since the January 14 meeting of the Committee had been directed toward maintaining the firmer conditions achieved in money and short-term credit markets following the mid December increase in Federal Reserve discount rates. Federal funds continued to trade mostly in a range of 614 to 6% per cent. Borrowings by large banks in the major money centers were relatively light in the 3 weeks ending January 29, both because seasonal forces tended to shift reserves toward these centers and because the sizable inflows of Euro dollars were concentrated at such banks. For all member banks borrow ings averaged about $790 million, not much changed from the $810 million average of the previous 4 weeks. Average excess reserves fell sharply, however, and net borrowed reserves increased considerably. Interest rates on various types of short-term securities, which had declined somewhat from their late-December highs in the first half of January, subsequently changed little on balance. The market rate on 3-month Treasury bills moved down from 6.13 per cent on the day before the previous meeting to 6.01 per cent a week later and then advanced to 6.19 per cent on the day before this meeting. Yields on long-term securities fluctuated near their recent highs during most of the period, although lately they had come under renewed upward pres sure as a result of limited investor interest in new corporate and munici pal bond offerings. The volume of new bond issues was relatively large in January, but a smaller volume appeared to be in prospect for February. Yields on home mortgages in the secondary market rose further in January and late in the month exceeded the high that had been recorded in the preceding June. Average contract interest rates on conventional mortgages had reached postwar record levels in December, the latest month for which data were available. Effective January 24 the regula tory maximum contract rate on federally underwritten home mortgages was increased from 6% to 714 per cent. Net inflows of deposits to nonbank financial intermediaries had moderated further in December, and withdrawals during the turn-of-the-year interest-crediting period were somewhat larger than a year earlier. The volume of large-denomination CD’s outstanding at banks con tinued to decline sharply in January as short-term market interest rates remained at levels relative to the Regulation Q ceilings that placed Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 437 banks at a competitive disadvantage in their efforts to replace maturing CD’s. The CD attrition was heaviest at large money market banks. Net inflows of other time and savings deposits weakened, partly because of withdrawals after the year-end interest-crediting date, and total time and savings deposits declined at an annual rate of about 10.5 per cent from December to January. Expansion in private demand deposits and the money stock moderated—the latter to an annual rate of about 4.5 per cent from 7.5 per cent in the previous month—as U.S. Government deposits rose. Business loans at banks increased markedly in January. However, other loans declined slightly, net acquisitions of municipal securities remained at a reduced rate, and holdings of Treasury securities declined considerably. Total bank credit, as measured by the proxy series— daily-average member bank deposits—was estimated to have declined at an annual rate of 4.5 per cent from December to January, compared with growth at about a 13 per cent rate in the previous month and also over the second half of 1968 as a whole. After adjustment for changes in the daily average of U.S. bank liabilities to foreign branches—which, as noted earlier, increased substantially in January—the proxy series declined at an annual rate of about 1.5 per cent. Some slowing of the growth of business loans from the rapid January pace was expected in February. Staff projections suggested that if exist ing Regulation Q ceilings and prevailing money market conditions were maintained, the run-off of CD’s outstanding would continue at a rapid rate—although not so rapid as in January, mainly because it appeared that the volume of CD’s maturing would be smaller than in that month —and that inflows of other time and savings deposits would improve only moderately from January. The projections for February implied that U.S. Government deposits would rise substantially further and that private demand deposits and the money stock would decline some what. The bank credit proxy was projected to decline from January to February at an annual rate of 3 to 6 per cent. After adjustment for the increase in U.S. bank liabilities to foreign branches that had occurred over the course of January, the decline in the proxy series was projected to fall in a range of zero to 3 per cent. The Committee agreed that current and prospective economic condi tions did not call for a change in monetary policy at this time, and that Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
438 FEDERAL RESERVE BULLETIN □ MAY 1969 in any case the Treasury refunding now under way militated against a change in policy. Some members, noting the decline in the bank credit proxy experienced in January and the small further decline projected for February, expressed concern about the risk that the current stance of policy might have unduly restrictive consequences and thus might have to be reversed shortly. While others thought that current bank credit developments were not unduly restrictive, particularly in light of the rapid expansion in the latter part of 1968, there was general agree ment that a resumption of bank credit growth, although at a moderate rate, would be desirable before long. The Committee decided that open market operations should be di rected at maintaining the prevailing firm conditions in money and short term credit markets. The proviso was added that operations should be modified, to the extent permitted by the Treasury refunding, if bank credit appeared to be deviating significantly from current projections. It was suggested that the allowable deviation in bank credit before the proviso was to be implemented should be smaller if the deviation were in a downward direction than in the opposite case. It also was suggested that, if the proviso clause were implemented in the direction of less firm money market conditions, care should be taken to avoid giving mis leading signals about the basic stance of monetary policy. The following current economic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting suggests that expansion in real economic activity has been moderating, but that upward pressures on prices and costs are persisting. Prospects are for some further slowing in economic expansion in the period ahead. Market interest rates recently have fluctuated near the highs reached around the turn of the year. Bank credit contracted slightly in January on average, as the outstanding volume of large-denomination CD’s con tinued to decline sharply, inflows of other time and savings deposits slowed, and growth in the money supply moderated. The U.S. balance of payments on the liquidity basis appears to have reverted to deficit in early 1969, but large inflows of Euro-dollars have had the effect of keeping the official settlements balance in surplus. In this situation, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to the reduction of inflationary pres sures, with a view to encouraging a more sustainable rate of economic Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 439 growth and attaining reasonable equilibrium in the country’s balance of payments. To implement this policy, while taking account of the current Treasury refunding, System open market operations until the next meeting of the Committee shall be conducted with a view to main taining the prevailing firm conditions in money and short-term credit markets; provided, however, that operations shall be modified, to the extent permitted by the Treasury refunding, if bank credit appears to be deviating significantly from current projections. Votes for this action: Messrs. Martin, Hayes, Brimmer, Daane, Galusha, Hickman, Kimbrel, Maisel, Mitchell, Morris, Robertson, and Sherrill. Votes against this action: None. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Law Department Statutes, regulations, interpretations, and decisions MARGIN REQUIREMENTS circumstances described, such a lending of credit INTERPRETATION OF REGULATIONS G AND U must be considered an “extension of credit” under Regulation G in order to prevent circumvention of CORPORATE GUARANTY OF BANK LOAN AS the regulation’s limitation on the amount of credit EXTENSION OF CREDIT IN THE ORDINARY that can be extended on the security of registered COURSE OF BUSINESS stock. The Board recently considered the questions Under section 207.2(b) of the regulation, “the whether (1) the guaranty by a corporation of an term ‘in the ordinary course of his business’ means “unsecured” bank loan to exercise an option to . . . in the case of a person other than an in purchase stock of the corporation is an “extension dividual, carrying out or in furtherance of any of credit” for the purpose of Regulation G, “Credit business purpose.” In general, stock option plans by Persons other than Banks, Brokers, or Dealers are designed to provide a company’s employees with for Purpose of Purchasing or Carrying Registered a proprietary interest in the company in the form of Equity Securities”, (2) such a guaranty is given ownership of the company’s stock. Such plans in “in the ordinary course of business” of the cor crease the company’s ability to attract and retain poration, as defined in section 207.2(b) of the able personnel and, accordingly, promote the in regulation, and (3) the bank involved took part in terest of the company and its stockholders, while arranging for such credit on better terms than it at the same time providing the company’s em could extend under the provisions of Regulation ployees with additional incentive to work toward the U, “Credit by Banks for the Purpose of Purchas company’s future success. An arrangement whereby ing or Carrying Registered Stocks.” participating employees may finance the exercise of The Board understood that any officer or emtheir options through an unsecured bank loan employee included under the corporation’s stock op guaranteed by the company, thereby facilitating the tion plan who wished to exercise his option could employees’ acquisition of company stock, is like obtain a loan for the purchase price of the stock wise designed to promote the company’s interest by executing an unsecured note to the bank. The and is, therefore, in furtherance of a business pur corporation would issue to the bank a guaranty pose. of the loan and hold the purchased shares as For the reasons indicated, the Board concluded collateral to secure it against loss on the guaranty. that under the circumstances described a guaranty Stock of the corporation is registered on a national by the corporation constitutes credit extended in the securities exchange. ordinary course of business under Regulation G, A lender is subject to the registration and other that the corporation is required to register pur requirements of Regulation G if, in the ordinary suant to section 207.2(a), and that such guaranties course of his business, he extends credit on collat may not be given in excess of the maximum loan eral that includes any registered equity securities in value of the collateral pledged to secure the the amount of $50,000 or more in any calendar guaranty, which is 20 per cent under the current quarter, or has such credit outstanding in any supplement to the regulation. calendar quarter in the amount of $100,000 or more. The Board understood that the corporation Section 221.3(u) of Regulation U provides that in question had $100,000 in guaranties outstanding “no bank shall arrange for the extension or main during the applicable calendar quarter. tenance of any credit for the purpose of purchas In the Board’s judgment a person who guarantees ing or carrying any stock registered on a national a loan, and thereby becomes liable for the amount securities exchange, except upon the same terms of the loan in the event the borrower should de and conditions on which the bank itself could ex fault, is lending his credit to the borrower. In the tend or maintain this credit” under the provisions 441 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
442 FEDERAL RESERVE BULLETIN □ MAY 1969 of that regulation. Since the Board concluded that law is inconsistent to the extent that it “requires a the giving of a guaranty by the corporation to se creditor to make disclosures different from the re cure the loan described above constitutes an exten quirements of this part with respect to form, con sion of credit, and since the use of a guaranty in tent, terminology, or time of delivery.” This refers the manner described could not be effectuated with to disclosures of the kinds of information covered out the concurrence of the bank involved, the by Regulation Z, and not to other or collateral Board further concluded that the bank took part information such as a statement telling the customer in “arranging” for the extension of credit in excess that he should read the contract carefully, or that of the maximum loan value of the stock pledged to there should be no blanks in the contract. Similar secure the guaranties. ly, it does not refer to headings that State law may require on a contract such as “Retail Installment TRUTH IN LENDING Contract.” Similarly, a specification in a State law INTERPRETATIONS OF REGULATION Z that certain size type must be used is not necessarily inconsistent with the requirements of Regulation Z. SERVICE CHARGES ON ACCOUNTS NOT PAID WITHIN A GIVEN PERIOD OF TIME LOCATION OF STATEMENT OF HOW THE Some vendors bill their customers for property BALANCE WAS DETERMINED or services purchased under the terms of a credit Section 226.7(b)(8) requires the creditor of an plan which requires that the full amount of each billing be paid within a stipulated period after bill open end credit account to disclose on the periodic ing, with no privilege of paying in instalments. If statement, “the balance on which the finance charge the bill is not paid within that stipulated period of was computed, and a statement of how that balance was determined.” Under § 226.7(c), which relates time, the vendor imposes a service charge periodi to the location of disclosures, there is no specific cally on the unpaid balance until the account is paid in full. The question arises as to whether reference to the placement of the “statement of Regulation Z applies to such transactions. how that balance was determined” when separated When in the ordinary course of business a ven from the balance to which it relates. The question dor’s billings are not paid in full within that stipu arises as to where, under such circumstances, this lated period of time, and under such circumstances required statement shall appear on the periodic the vendor does not, in fact, regard such accounts statement. in default, but continues or will continue to extend If separated from the balance to which it relates, credit and imposes charges periodically for delay the required statement of how the balance was deter ing payment of such accounts from time to time mined may be placed on the face of the periodic until paid, the charge so imposed comes within the statement, the reverse side of the periodic state definitions of a “finance charge” (§ 226.2(q)) ment, or on an enclosed supplement; however, applicable in each case to the amount of the un where such statement and balance do not appear paid balance of the account. Under such circum together, the statement shall make clear the balance stances the credit so extended comes within the to which it refers. definition of “open end credit” in § 226.2(r), the vendor is a creditor as defined in § 226.2(m), and LOCATION OF DISCLOSURES WHEN CONTRACT, the disclosures required for open end credit ac SECURITY AGREEMENT, AND EVIDENCE OF counts under § 226.7 shall be made. TRANSACTION ARE COMBINED IN A SINGLE DOCUMENT INCONSISTENT STATE REQUIREMENTS Some creditors incorporate the terms of a con Section 226.6(b) of Regulation Z indicates types tract, a security agreement, and evidence of a trans of State law requirements that are inconsistent with action in a single document. These documents are Regulation Z, and § 226.6(c) indicates the designed for processing by mechanical and elec methods of dealing with such inconsistent require tronic equipment. If all of the required disclosures ments of State law. under § 226.8 should be placed on the face of such Whether State laws are inconsistent with Regula a document, the creditor will be unable to utilize tion Z necessarily depends on the nature of the conventional accounting and record-keeping equip State laws. Section 226.6(b)(1) provides that State ment because of the size of the resulting document. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 443 The question arises as to whether required dis contain an instruction to include a specified dollar closures may be made on the face and the reverse amount in computing the finance charge by appli side of such a document. cation of a percentage rate on any purchase in ex Where a creditor elects to combine disclosures cess of that level. Tables to show the actual terms with the contract, security agreement, and evidence including annual percentage rates for all purchases of a transaction in a single document, the dis into thousands of dollars would be unwieldy, pre closures required under § 226.8 shall, in accordance sent a formidable appearance, and may be more with § 226.6, be made on the face of that docu confusing than helpful to the user. The question ment, on its reverse side, or on both sides, pro arises as to whether a creditor who publishes a cata vided that the amount of the finance charge and log is required to include tables in detailed amounts the annual percentage rate shall appear on the from the minimum up to, for example, $5,000, his face of the document, and, if the reverse side is highest priced cataloged merchandise. used, the printing on both sides of the document Tables or schedules of terms in catalogs must shall be equally clear and conspicuous, both sides include all amounts up to a level of the more com shall contain the statement, “NOTICE: See other monly sold higher priced property or services which side for important information,” and the place for are offered for sale, but in no event greater than the customer’s signature shall be provided following $1,000 unless the creditor elects to do so. If the the full content of the document. creditor offers property or service for sale at prices higher than the uppermost level covered by his ADVERTISING OF CREDIT TERMS IN OTHER table, he shall state the method by which the fi THAN OPEN-END CREDIT nance charge is computed on larger amounts, how the amount of payments and the number and pe The statement of certain credit terms in adver riods of payments are determined and state, for tisements such as “no downpayment”, the amount each representative amount in increments of not of any installment payments, dollar amount of more than $500 up to the highest priced property finance charge, number of payments, etc., as pro or service offered, the annual percentage rate. Any vided in § 226.10(d)(2), requires that certain catalog which contains such a table or schedule of other terms also be stated in the same advertise credit terms will comply with requirements of ment. The question arises as to how a creditor may § 226.10(b), provided all other requirements are advertise credit terms in a meaningful way when met and such catalog shall be considered adequate all of his credit sales or loans are not made on the for the purpose of § 226.8(g)(1). same basis. The advertising of credit terms may be made by giving one or more examples of typical extensions LAY-AWAY PLANS AS EXTENSIONS OF CREDIT of credit and stating all of the terms applicable Many vendors offer Lay-Away Plans under to each example. In any such case, the advertiser which they retain the merchandise for a customer shall set forth one or more examples which are, in until the cash price is paid in full and the customer fact, typical of the type of credit and terms usually has no contractual obligation to make payments and customarily made available by the creditor to and may, at his option, revoke a purchase made present and prospective customers and each shall under the plan and request and receive prompt re be clearly and conspicuously identified as examples fund of any amounts paid toward the cash price of typical transactions. of the merchandise. A purchase under such a Lay-Away Plan shall CATALOGS-TABLES OR SCHEDULE OF CREDIT not be considered an extension of credit subject to TERMS the provisions of Regulation Z. Under § 226.10(b) in order that a catalog may qualify as a single advertisement, among other TERM OF INSURANCE COVERAGE things, it must include a table or schedule of credit terms. It has been the practice of catalog houses to Under § 226.4(a)(5) and (6) certain disclo include such tables in catalogs; however, such tables sures of insurance premium costs, if applicable, are generally state amounts of purchases, amounts of required. The question arises as to whether such finance charges, and number and amount of pay amounts of cost disclosed must include the cost of ments for brackets up to a certain level and then insurance for the full term of the transaction. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
444 FEDERAL RESERVE BULLETIN □ MAY 1969 Linder § 226.4(h) the cost of insurance for the ANNUAL PERCENTAGE RATE full period of insurance coverage which the credi COMPUTATION WHERE TRANSACTION tor will require shall be disclosed if the cost of the CHARGES ARE IMPOSED ON OPEN-END insurance premium is required to be included in the CREDIT ACCOUNTS finance charge. However, if the cost of insurance is Section 226.7(b)(6) prescribes the method by not required to be included in the finance charge, which an annual percentage rate is computed where the cost to be disclosed need only be the cost of the creditor of the open end credit account imposes premiums for the term of the initial policy or poli finance charges with respect to specific transactions cies written in connection with the transaction, ac during the billing cycle. companied by a statement of the type of insurance In determining the denominator of the fraction and the term thereof. under § 226.7(b)(6), no amount will be used more than once when adding the sum of the bal FINANCE CHARGE BASED ON AVERAGE DAILY ances to which periodic rates apply to the sum of BALANCE IN OPEN END CREDIT ACCOUNTS the amounts financed to which specific transaction Section 226.7(b)(8) requires that periodic state charges apply. In every case the full amount of ments for open-end accounts shall disclose, among transactions to which specific transaction charges other things, “The balance on which the finance apply shall be included in the denominator. Other charge was computed, and a statement of how that balances or parts of balances shall be included ac balance was determined.” In some instances, credi cording to the manner in which a periodic rate is tors compute a finance charge on the average daily applied, as illustrated in the following examples of balance by application of a monthly periodic rate. accounts on monthly billing cycles: In such case, this information is adequately dis 1. Previous balance—none. closed if the statement gives the amount of the A specific transaction of $100 occurs on first average daily balance on which the finance charge day of the billing cycle. was computed, and also states how the balance is The average daily balance is $100. determined. In other instances, the finance charge is A specific transaction charge of 3% is ap computed on the balance each day by application plicable to the specific transactions. of a daily periodic rate and such charges are ac The periodic rate is 114 % applicable to the cumulated and debited to the account in a single average daily balance. amount for the billing cycle. The question arises The numerator is the amount of the finance whether the periodic statement must show for each charge, which is $4.50. day of the billing cycle a balance on which a fi The denominator is the amount of the transac nance charge was computed. tion (which is $100), plus the amount by If a daily periodic rate is used, the balance to which the balance to which the periodic rate which it is applicable shall be stated as follows: applies exceeds the amount of specific trans actions (such excess in this case is 0), total (1) A balance for each day in the billing cycle; or ing $100. The annual percentage rate is the quotient (2) The sum of the daily balances during the (which is 4.5%) multiplied by 12 (the num billing cycle, or ber of months in a year), i.e., 54%. (3) The average daily balance during the billing 2. Previous balance—$100. cycle in which case the creditor shall state A specific transaction of $100 occurs at mid on the face of the periodic statement, its point of the billing cycle. reverse side, or on an enclosed supplement The average daily balance is $150. that the average daily balance is multiplied A specific transaction charge of 3% is ap by the number of days in the billing cycle plicable to the specific transaction. and the periodic rate applied to the product The periodic rate is 114% applicable to the to determine the amount of the finance average daily balance. charge. The numerator is the amount of finance In each case the annual percentage rate shall be charge, which is $5.25. determined and disclosed by multiplying the daily The denominator is the amount of the trans periodic rate by 365. action (which is $100), plus the amount by Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 445 which the balance to which the periodic rate any time not later than the date the first payment applies exceeds the amounts of specific trans is due under certain conditions. The question arises actions (such excess in this case is $50), total as to when disclosures shall be made on mail or ing $150. telephone orders where the information outlined As explained in Example 1, the annual per in § 226.8(g)(1) and (2) is not available to the centage rate is 3.5% X 12 = 42%. customer or prospective customer. 3. If, in Example 2, the periodic rate applies Under the circumstances set forth in the above only to the previous balance, the numerator question, the creditor shall make the disclosures re is $4.50 and the denominator is $200 (the quired under Regulation Z as follows: amount of the transaction, $100, plus the 1. With respect to credit sales, not later than at balance to which only the periodic rate is the time of delivery of the property or first applicable, the $100 previous balance). performance of service ordered. As explained in Example 1, the annual per 2. With respect to loans, not later than at the centage rate is 2.25% X 12 = 27%. time proceeds of the loan are disbursed. 4. If, in Example 2, the periodic rate applies 3. Except that if the transaction is subject to the only to an adjusted balance (previous balance provisions of § 226.9, the disclosures shall be less payments and credits) and the customer made before the transaction is consummated. made a payment of ,$50 at midpoint of bill ing cycle, the numerator is $3.75 and the DISCLOSURES WHEN DISCOUNTS APPLY denominator is $150 (the amount of the FOR PROMPT PAYMENT transaction, $100, plus the balance to which only the periodic rate is applicable, the $50 Under § 226.8(o), disclosures shall be made on adjusted balance). As explained in Example the billing statement whereas under § 226.8(a) dis 1, the annual percentage rate is 2.5% X 12 = closures shall be made before the transaction is 30%. consummated. The question arises as to which pro 5. Previous balance—$100. vision prevails. A specific transaction (check) of $100 oc The provisions of § 226.8 (o) prevail under the curs at the midpoint of the billing cycle. conditions set forth in that paragraph unless the The average daily balance is $150. transaction is also subject to the provisions of The specific transaction charge is 25 cents per § 226.9, in which event the disclosures shall be check. The periodic rate is 1 lA % applied to made before the transaction is consummated. the average daily balance. The numerator is the amount of the finance SERIES OF SALES—CONTENT OF charge, which is $2.50, and includes the 25 AGREEMENT cents check charge and the $2.25 resulting Under § 226.8(h), if a credit sale is one of a from the application of the periodic rate. The series of transactions made under an agreement denominator is the full amount of the specific providing for the addition of a current sale to an transaction (which is $100) plus the amount existing outstanding balance and the customer has by which the average daily balance exceeds approved in writing the annual percentage rate or the amount of the specific transaction (which rates and certain other requirements are met, dis in this case is $50), totaling $150. As ex closures may be made at any time not later than plained in example 1, the annual percentage the date the first payment for that sale is due. rate would be 1%% X 12 = 20%. The question arises as to how the annual per (c) Regardless of such method of computation, centage rate or rates should be shown in an agree the annual percentage rate to be disclosed shall be ment where, for example, an 18% annual per not less than the periodic rate multiplied by the centage rate applies to the first $500 of balance, a number of periods in a year or the rate as may 12% annual percentage rate applies to all balances otherwise be determined under § 226.5(a). over $500, and the mix of the two rates on transac tions over $500 will produce a gradually decreas DISCLOSURES ON MAIL OR TELEPHONE ing annual percentage rate as the amount of bal ORDERS ance over $500 increases. Under § 226.8(g), disclosures may be made at In addition to meeting the other requirements of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
446 FEDERAL RESERVE BULLETIN □ MAY 1969 § 226.8( h), if two or more annual percentage rates Statement apply to ranges of balances, the agreement need The Girard Trust Bank, Philadelphia, Pennsyl only state each annual percentage rate and the vania (“Applicant”), with total deposits of about range of balances to which it applies. However, the .$1.3 billion, has applied pursuant to the Bank disclosures which must be made not later than the Merger Act (12 U.S.C. 1828(c)) for the Board’s date the first payment is due must include the ac prior approval of the merger of that bank with tual annual percentage rate applicable to that sale. South Penn Square Bank, Philadelphia, Pennsyl vania (“South Penn”), which is a newly organized ORDER UNDER BANK MERGER ACT bank not in operation. The banks would merge GIRARD TRUST BANK, under the charter of South Penn and name of Ap PHILADELPHIA, PENNSYLVANIA plicant, which is a member of the Federal Reserve System. In the matter of the application of Girard Trust The proposed merger is one step in a plan of Bank for approval of merger with South Penn corporate reorganization whereby The Girard Square Bank. Company, a newly organized Pennsylvania corpora Order Approving Merger of Banks tion, would become a one-bank holding company. The Girard Company presently owns all the stock There has come before the Board of Governors, of South Penn; upon the merger of Applicant with pursuant to the Bank Merger Act (12 U.S.C. South Penn, stock of The Girard Company will be 1828(c)), an application by Girard Trust Bank, Philadelphia, Pennsylvania, a State member bank exchanged for stock of the resulting bank, which of the Federal Reserve System, for the Board’s is to be a member of the Federal Reserve System. prior approval of the merger of that bank with Use of a merger transaction in Applicant’s plan South Penn Square Bank, Philadelphia, Pennsylva to form a one-bank holding company would assure nia, under the charter of the latter and the title of to The Girard Company the ability to acquire, ex Girard Trust Bank. Notice of the proposed merger, cept for directors’ qualifying shares, all the out in form approved by the Board, has been pub standing stock of the banking subsidiary. lished pursuant to said Act. Statutory considerations. From the record before Upon consideration of all relevant material in the Board, the proposed merger of Applicant and the light of the factors set forth in said Act, in South Penn—the latter being a bank with no op cluding reports furnished by the Comptroller of the erating history, formed solely to facilitate the cor Currency, the Federal Deposit Insurance Corpora porate reorganization plan described above—would tion, and the Attorney General on the competitive itself have no effect on either competition or the factors involved in the proposed merger, banking convenience and needs of any relevant It is hereby ordered, for the reasons set forth area. Nor would it appear that the proposal would in the Board’s Statement of this date, that said ap have any adverse consequences relative to the fi plication be and hereby is approved, provided that nancial and managerial resources and prospects of said merger shall not be consummated (a) before Applicant or South Penn. the thirtieth calendar day following the date of this Accordingly, and in light of all of the standards Order or (b) later than three months after the date set forth in the Bank Merger Act, the Board con of this Order unless such period is extended for cludes that the application should be approved. good cause by the Board or by the Federal Re serve Bank of Philadelphia pursuant to delegated ORDERS UNDER SECTION 3 OF authority. BANK HOLDING COMPANY ACT Dated at Washington, D.C., this 5th day of May, 1969. ' ' MARINE MIDLAND BANKS, INC., By order of the Board of Governors. BUFFALO, NEW YORK Voting for this action: Chairman Martin and Gov ernors Mitchell, Maisel, Brimmer, and Sherrill. Absent In the matter of the application of Marine Mid and not voting: Governors Robertson and Daane. land Banks, Inc., Buffalo, New York, for approval (Signed) Robert P. Forrestal, of acquisition of at least 80 per cent of the voting Assistant Secretary. shares of Tinker National Bank, East Setauket, [seal] New York. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 447 Order Approving Acquisition of Bank Stock Statement by Bank Holding Company Marine Midland Banks, Inc., Buffalo, New York There has come before the Board of Governors, (“Applicant”), a registered bank holding company, pursuant to section 3(a)(3) of the Bank Holding has applied to the Board of Governors, pursuant to Company Act of 1956 (12 U.S.C. 1842(a)(3)), section 3(a)(3) of the Bank Holding Company and section 222.3(a) of Federal Reserve Regula Act of 1956 (12 U.S.C. 1842(a)(3)), for prior tion Y (12 CFR 222.3(a)), an application by approval of the acquisition of at least 80 per cent Marine Midland Banks, Inc., Buffalo, New York, of the voting shares of Tinker National Bank, East a registered bank holding company, for the Board’s Setauket, New York (“Tinker National”). prior approval of the acquisition of at least 80 per Views and recommendation of supervisory au cent of the voting shares of Tinker National Bank, thority. As required by section 3(b) of the Act, East Setauket, New York. the Board notified the Comptroller of the Currency As required by section 3(b) of the Act, the of receipt of the application and requested his Board notified the Comptroller of the Currency of views and recommendation thereon. The Comptrol the application and requested his views and recom ler recommended approval of the application. mendation. The Comptroller recommended ap Pursuant to the requirements of Article III-A of proval of the application. the New York Banking Law, Applicant submitted As discussed in the accompanying Statement, the an application involving the same proposal to the New York State Banking Board approved an ap New York State Banking Board. The Banking plication involving the same proposal in accordance Board approved the application on February 6, with the recommendation of the New York State 1969, in accordance with the recommendation of Superintendent of Banks, and advised this Board of the New York State Superintendent of Banks, and its action. transmitted a copy thereof to the Board of Gover Notice of receipt of the application was pub nors. lished in the Federal Register on December 11, Statutory considerations. Section 3(c) of the Act 1968 (33 Federal Register 18414), providing an provides that the Board shall not approve an ac opportunity for interested persons to submit com quisition that would result in a monopoly or would ments and views with respect to the proposed trans be in furtherance of any combination or con action. A copy of the application was forwarded spiracy to monopolize or to attempt to monopolize to the United States Department of Justice for its the business of banking in any part of the United consideration. Time for filing comments and views States. Nor may the Board approve any other has expired and all those received have been con proposed acquisition the effect of which, in any sidered by the Board. section of the country, may be substantially to less It is hereby ordered, for the reasons set forth en competition, or to tend to create a monopoly, in the Board’s Statement of this date, that said ap or which in any other manner would be in restraint plication be and hereby is approved, provided that of trade, unless the Board finds that the anticom the acquisition so approved shall not be consum petitive effects of the proposed transaction are mated (a) before the thirtieth calendar day follow clearly outweighed in the public interest by the ing the date of this Order, or (b) later than three probable effect of the transaction in meeting the months after the date of this Order, unless such convenience and needs of the community to be period is extended for good cause by the Board served. In each case the Board is required to take or by the Federal Reserve Bank of New York pur into consideration the financial and managerial re suant to delegated authority. sources and future prospects of the bank holding Dated at Washington, D.C., this 16th day of April, 1969. company and the banks concerned, and the con By order of the Board of Governors. venience and needs of the community to be served. Competitive effect of proposed transaction. Ap Voting for this action: Chairman Martin and Gov ernors Mitchell, Daane, Maisel, and Sherrill. Voting plicant, one of 12 banking organizations in the against this action: Governors Robertson and Brim State of New York with deposits in excess of $1 mer. (Signed) Robert P. Forrestal, billion, is the seventh largest banking organization Assistant Secretary. and the second largest bank holding company in the [seal] State. Its 11 subsidiary banks hold total deposits of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
448 FEDERAL RESERVE BULLETIN □ MAY 1969 $4.5 billion,1 representing 6 per cent of the total value of its agricultural production, the western deposits held by the State’s insured commercial portion of the county is almost fully integrated into banks. Acquisition of Tinker National would result the New York metropolitan economy and has be in Applicant’s becoming the only holding company come a highly diversified business-industrial-retail with a subsidiary bank in each of New York State’s complex. The central portion of the county, in nine banking districts, but would not change its which Brookhaven and Smithtown are located, is relative position among the State’s largest banking not yet as fully developed as the western area, nor organizations. Its share of the State’s commercial is it as closely oriented towards the metropolitan bank deposits would be increased to 6.1 per cent. area; it is currently undergoing rapid population Tinker National ($85 million deposits) has nine growth and business expansion, however, and it banking offices, all of which are located in Suffolk appears that it will shortly become completely ur County. Its main office and one branch are located banized. The eastern portion of the county, in in East Setauket, a small village situated on the which Southampton is located, is still largely rural north shore of Long Island in the Town of Brook in character, and its urbanization appears to be haven. Five other branches of Tinker National are several years away. located throughout Brookhaven, which is the largest A rapid expansion of banking facilities has ac township in Suffolk County in terms of area (260 companied this population growth and business ex square miles) and the second largest in terms of pansion. Of the 160 banking offices in Suffolk population (200,000); one branch is located in County, 110, or nearly 70 per cent, have been es Smithtown (population 99,000), which adjoins tablished since 1960. Of these, nearly half have Brookhaven on the west, and one is located in been established by banks headquartered in Nassau Southampton (population 33,000), about 35 miles or Queens Counties. Despite the entry of these southeast of Tinker National’s main office. larger organizations, however, local institutions have Suffolk County is in New York’s First Banking also shared in the county’s growth. Tinker National District, which also includes Nassau County and has been the fastest growing of these; without bene the two New York City counties of Kings and fit of merger, it has increased its deposits from Queens. The remaining New York City counties of $5.3 million at year-end 1957 to $85 million at Bronx, New York, and Richmond constitute the present. Second Banking District. In general, State law per Tinker National is presently the second largest mits branching only within the District in which a of 15 banks headquartered in Suffolk County, and bank is headquartered. New York City banks, how the eighth largest of 22 banks with offices in the ever, may branch throughout the City without re county. Its principal competitors are four banks gard to District lines, and, in addition, may branch which range in deposit size from $132 million to into Nassau County in the First District and West $1.9 billion. All four of these banks operate more chester County in the Third District. Banks head offices in Suffolk County than does Tinker Na quartered in the latter two counties may branch tional, despite the fact that only one of them, Secu throughout New York City, as well as within their rity National Bank of Long Island, Huntington own Districts. Banks headquartered in Suffolk ($608 million deposits), is headquartered in the County, however, may branch only within the First county. District, and only First District banks may branch Of Applicant’s 11 subsidiary banks, 10 are into that county. located in upstate New York and do not compete Until relatively recently, Suffolk County was a with Tinker National. Its largest subsidiary bank, predominantly rural area, the banking needs of Marine Midland Grace Trust Company (“Marine which were served primarily by local banks. At Grace”), which has deposits of $1.8 billion, is present, it is one of the fastest growing areas in the located in New York City. Marine Grace provides United States; its population has increased by about a complete line of wholesale and retail banking and 250 per cent since 1950, and is expected to increase trust services. It is the eighth largest bank in New by another 65 per cent by 1980. Although Suffolk York City, and presently operates 18 banking of County still ranks first in the State in terms of the fices. Five of its offices are located in the First Banking District—four in Queens County and one 1 All banking data are as of June 29, 1968, unless other recently opened branch in Nassau County. As a wise noted, adjusted to reflect mergers approved by super visory authorities to date. Second District bank, Marine Grace is not per- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 449 mitted under State law to branch into Suffolk Concentration in the county is not so great, or the County. Its closest office to an office of Tinker Na number of significant potential competitors so tional is the Nassau County branch, which is 23 limited, as to cause critical importance to be at miles from the Smithtown office of Tinker Na tached to Applicant’s ability to enter the market tional. through a smaller acquisition. Finally, the number It does not appear that any significant competi of large banking organizations which are actual arid tion exists between Tinker National and Marine potential competitors in the area, and the success Grace. The amount of business derived from Suf of local institutions in competing with such organi folk County by Marine Grace is equal to only zations in the past, preclude any reasonable infer about 4 and 7 per cent, respectively, of the total ence that entry barriers would be raised significantly deposit and loan business of Tinker National, and by consummation of the proposal or that there is insignificant in relation to the total business of would be undue adverse effects on smaller competi Marine Grace. Tinker National derives only about tors. Under all these circumstances, it is the Board’s 3 per cent of its deposits from New York City and view that Applicant’s proposal would not have sig Nassau County. nificant anticompetitive effects, and that there is With respect to potential competition, State law therefore no reason to require that Applicant pur would permit Tinker National to branch into Nas sue some alternative means of extending its services sau and Queens Counties, which could place it in to the Suffolk County area. competition with offices of Marine Grace. Such a For the foregoing reasons, the Board concludes geographic extension of the branching pattern of that consummation of Applicant’s proposal would Tinker National is not viewed as a likely occurrence not result in a monopoly or be in furtherance of in the foreseeable future, however, because of the any combination, conspiracy or attempt to monop more immediate opportunities presented by the an olize the business of banking in any area, and ticipated continued growth of Suffolk County, and would not substantially lessen competition or tend the elimination of such potential as does exist is of to create a monopoly in any section of the country. minor consequence in view of the number of other Financial and managerial resources and future strong competitors in New York City and Nassau prospects. Applicant’s financial condition and man County. agement are satisfactory, and its prospects are In Suffolk County, potential competition would favorable. depend upon acquisition by Applicant of a smaller Although Tinker National is in generally satis bank in the county.3 There is little doubt that an factory financial condition, the extremely rapid organization of Applicant’s size could effect mean growth of the bank has caused it difficulty in main ingful entry into Suffolk County through acquisition taining adequate capital, despite the fact that its of a less able and sizable competitor than Tinker above-average earnings have been retained in their National, and such entry would have procompeti- entirety in recent years and capital stock has been tive aspects which are not present in the instant sold on four different occasions. Applicant pro application. But that consideration is not in itself poses to increase the bank’s capital by at least $2.5 of compelling significance. Tinker National is million in the event the present application is ap clearly not a dominant competitor in Suffolk proved. Management of the bank is satisfactory, County; its deposits are less than one-seventh as except for a lack of experience in its lending staff, large as those of the largest bank headquartered in a problem that the bank is actively attempting to the county, it ranks fourth in size in terms of de solve. posits originating in the county, sixth in terms of There is no reason to believe that Tinker Na the number of county offices, and eighth in overall tional is incapable of satisfactorily dealing with size among banks competing in the county. The these problems, and prospects of the bank are re four banks which rank immediately behind Tinker garded as favorable regardless of the outcome of National in size have deposits of $52 million to the present proposal. Consummation of the pro $70 million, indicating a rather even distribution of posal, however, would provide the means for the deposits among the medium-sized banks in the area. prompt and certain resolution of both problems, ’ A proposal by Applicant to acquire the largest bank and considerations under the banking factors are in the county, Security National Bank of Long Island, therefore regarded as providing some weight in Huntington, was denied by the Board in 1962 (1962 Fed eral Reserve Bulletin 1957). favor of approval of the application. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
450 FEDERAL RESERVE BULLETIN □ MAY 1969 Convenience and needs of the communities in ing organizations in New York City and in Nassau volved. Consummation of the present proposal County; and Applicant is, in my judgment, the would not affect the convenience or needs of cus most likely and, in many respects, one of the tomers served by Applicant’s present subsidiary strongest and most favorably-positioned, potential banks. entrants into Suffolk County. Its acquisition of one The rapid growth of Suffolk County has been of the most rapidly growing and sizable banks in accompanied by increased demand for banking Suffolk County will foreclose substantial competi services. Although it does not appear, and Appli tion without any resulting countervailing benefits to cant does not contend, that any major banking the communities affected. These are not results that needs are presently going unserved, a full range of are in any respect consistent with approval action. banking services is available only from the largest An additional aspect of this proposal which con banks in the county, all but one of which is head cerns me—as it has in a number of previous bank quartered outside the county. Despite the rapid holding company applications—is the ability of a growth of local banks, including Tinker National, large bank holding company, because of its sizable such banks have not expanded their service offer capital base and large number of shareholders, to ings to fully respond to the area’s demand for such make to the shareholders of a bank which the Ap services. Applicant’s proposal would make Appli plicant wishes to acquire a tender offer so gener cant’s expertise and specialized skills available to ous that the bank’s shareholders cannot reasonably Tinker National, and Applicant proposes to assist afford to reject it. In the present case, Applicant the bank in developing or expanding its municipal has tendered to Tinker National Bank’s sharehold financing services, personal and corporate trust ers a stock exchange offer reflecting a premium services, long-term mortgage loans (including equivalent to 11 per cent of the bank’s deposits F.H.A. and V.A. guaranteed loans, which Tinker based on book values of the stocks to be ex National does not presently offer), construction changed. Such premium will have insignificant ef loans, agricultural banking services, and accounts fect upon the earnings of an organization the size receivable financing. of Applicant, whereas a similar exchange offer by Considerations relating to the convenience and an organization having less capital and fewer share needs of the Suffolk County community provide holders would be out of the question. The ability some support for approval of the application. of a bank holding company to make an offer that Summary and conclusion. On the basis of all the offerees’ shareholders cannot afford to decline relevant facts contained in the record, and in the and that the holding company’s lesser-sized com light of the factors set forth in section 3(c) of the petitors could not afford to make gives such an ap Act, it is the Board’s judgment that the proposed plicant a bidding advantage that could contribute transaction would be in the public interest, and significantly to the continuing trend toward con that the application should be approved. centration of banking resources in a few large or ganizations. Dissenting Statement of Governor Robertson The foregoing adverse features of Applicant’s proposal require that I dissent from the Board’s I can find no feature of this proposal that justi approval of this application. fies the Board’s approval action. On the contrary, every major consideration compels, in my opinion, Dissenting Statement of Governor Brimmer a denial of the application. The Tinker National Bank, with $85 million of In my judgment, Applicant has not provided even deposits, is the second largest of 15 banks head minimum justification for approval of its acquisi quartered in Suffolk County, and holds the fourth tion of the Tinker National Bank. Candidly stated, largest share of country deposits. It is a sound, ag this application involves a market entry by one of gressive, full-service bank, able to serve well, with the State’s largest banking organizations in a man out the proposed affiliation, the banking needs of its ner that will have clear anticompetitive conse present and potential customers. Its excellent quences, while producing minimal benefits to the growth record is evidence of this fact. While Tinker communities in that market. National and Marine Midland’s subsidiaries do not Tinker National Bank, with a record of 50 years presently operate in the same geographic market, of service to Suffolk County, is a vigorous, high- Suffolk County is a natural area for entry by bank earning, rapidly-growing institution. During the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 451 10-year period ending December 30, 1967, its de Order Approving Acquisition of Bank Stock posits increased from $5 million to approximately by Bank Holding Company $77 million; and it is presently the second largest There has come before the Board of Governors, bank domiciled in Suffolk County. Its rate of pursuant to section 3(a)(3) of the Bank Holding growth in this period has been greater than any of Company Act of 1956 (12 U.S.C. 1842(a)(3)), its Suffolk County-based competitors. Applicant as and section 222.3(a) of Federal Reserve Regula serts an ability to aid the Tinker National Bank in tion Y (12 CFR 222.3 (a)), an application by strengthening its somewhat undercapitalized posi Bankers Trust New York Corporation, New York, tion. The record reflects that the bank has increased New York, a registered bank holding company, its capital through public stock offerings on four for the Board’s prior approval of the acquisition of previous occasions, but that because of its ex all of the voting shares (less directors’ qualifying tremely rapid growth, additional capital should shares) of Peoples Bank of Long Island, National again be added. While additions to the bank’s capital Association, Patchogue, New York. commensurate with its deposit growth could more As required by section 3(b) of the Act, the certainly and perhaps more immediately be effected Board notified the Comptroller of the Currency of by Applicant than by the bank on its own, I am the application and requested his views and recom satisfied that the Tinker National Bank could mendation. The Comptroller recommended ap strengthen its capital position adequately without proval of the application. the assistance tendered by Applicant’s proposal. As discussed in the accompanying Statement, the Assuming for argument’s sake that Applicant New York State Banking Board approved an appli would provide in a more assured and immediate cation involving the same proposal in accordance manner the additional capital needed by Tinker with the recommendation of the New York State National Bank, the weight favorable to approval Superintendent of Banks, and advised this Board that is thus accorded the application falls far short of its action. of that required to outweigh the adverse competi Notice of receipt of the application was pub tive effect inherent in the proposal. The record lished in the Federal Register on February 27, makes clear that Applicant is the most likely and 1969 (34 Federal Register 2696), providing an op one of the most able potential entrants into Tinker portunity for interested persons to submit com National Bank’s market. Its acquisition of that ments and views with respect to the proposed trans bank, therefore, will effectively foreclose substantial action. A copy of the application was forwarded competition that, in my judgment, would most likely to the United States Department of Justice for its develop between them. This application should be consideration. Time for filing comments and views approved only upon a showing that the convenience has expired and all those received have been con and needs of the communities now served by sidered by the Board. Tinker National Bank would be so significantly ad It is hereby ordered, for the reasons set vantaged as to outweigh clearly the established forth in the Board’s Statement of this date, that said anticompetitive aspects of the proposal. The record application be and hereby is approved, provided is void of such a showing. The statute under which that the acquisition so approved shall not be this application has been considered contemplates consummated (a) before the thirtieth calendar approval of acquisitions found to be in the public day following the date of this Order, or (b) later interest, not those which merely serve the best in than three months after the date of this Order, terests—competitive and financial—of the applicant unless such period is extended for good cause by organization. I would deny the application. the Board or by the Federal Reserve Bank of New York pursuant to delegated authority. BANKERS TRUST NEW YORK CORPORA Dated at Washington, D.C., this 5th day of May, TION, NEW YORK, NEW YORK 1969. In the matter of the application of Bankers Trust By order of the Board of Governors. New York Corporation, New York, New York Voting for this action: Chairman Martin and Gov ernors Robertson, Daane, Maisel, Brimmer, and for approval of acquisition of all of the voting Sherrill. Absent and not voting: Governor Mitchell. shares (less directors' qualifying shares) of Peoples (Signed) Robert P. Forrestal, Bank of Long Island, National Association, r , Assistant Secretary. Patchogue, New York. [seal] Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
452 FEDERAL RESERVE BULLETIN □ MAY 1969 Statement cent of the deposits held by all commercial banks in the State.1 It is one of 12 banking organizations Bankers Trust New York Corporation, New in the State which control over $1 billion in de York, New York ("Applicant”), a registered bank posits each. Acquisition of Peoples Bank, which holding company, has applied to the Board of controls less than .1 per cent of the deposits held Governors, pursuant to section 3(a)(3) of the by the State’s commercial banks, would not signifi Bank Holding Company Act of 1956 (12 U.S.C. cantly affect the present level of State-wide bank 1842(a)(3)), for prior approval of the acquisition ing concentration. of all of the voting shares (except for director’s Peoples Bank, which has eight offices and de qualifying shares) of Peoples Bank of Long Island, National Association, Patchogue, New York posits of $59 million, is headquartered in Patchogue, a village with a population of 10,000, (“Peoples Bank”). Views and recommendation of supervisory au located in the Town of Brookhaven in Suffolk County. In addition to Peoples Bank, Patchogue thority. As required by section 3(b) of the Act, the Board notified the Comptroller of the Currency is served by a branch of Security National Bank of Long Island ($608 million deposits), the largest of receipt of the application and requested his bank headquartered in Suffolk County; by a branch views and recommendation thereon. The Comp of Tinker National Bank of East Setauket ($85 troller recommended approval of the application. million deposits), acquisition of which by Marine Pursuant to the requirements of Article III-A of Midland Banks, Inc., a registered bank holding the New York Banking Law, Applicant submitted company, was recently approved by the Board; and an application involving the same proposal to the by two offices of Island State Bank ($70 million New York State Banking Board. The Banking deposits), the head office of which, upon consum Board approved the application on February 6, mation of its recently approved merger of First 1969, in accordance with the recommendation of National Bank of Bay Shore, will be located at the New York State Superintendent of Banks, and Bay Shore. Three of Peoples Bank’s offices are transmitted a copy thereof to the Board of Gov located in the Patchogue area, and all are located ernors. in the central and southern portions of Brook Statutory considerations. Section 3(c) of the Act haven. provides that the Board shall not approve an ac quisition that would result in a monopoly or would Peoples Bank is the fourth largest of 15 banks be in furtherance of any combination or conspiracy headquartered in Suffolk County, and the tenth to monopolize or to attempt to monopolize the busi largest of 22 banks with offices in the county. In ness of banking in any part of the United States. Peoples Bank’s service area, which encompasses Nor may the Board approve any other proposed ac most of Brookhaven and parts of Smithtown and quisition the effect of which, in any section of the Islip, there are nine banks, only two of which (with country, may be substantially to lessen competition, deposits of $28 million and $38 million, respective or to tend to create a monopoly, or which in any ly) are smaller than Peoples Bank. Although it is other manner would be in restraint of trade, unless reasonably anticipated that Peoples Bank, under the Board finds that the anticompetitive effects of Applicant’s control, will be a more aggressive com the proposed transaction are clearly outweighed in petitor than it has been in the past, it does not the public interest by the probable effect of the appear that undue adverse effects on competing transaction in meeting the convenience and needs banks will result. Rather, the anticipated increase in of the community to be served. In each case the the bank’s aggressiveness, and the fact that Patch Board is required to take into consideration the ogue, which is presently closed to de novo branch financial and managerial resources and future pros ing because of the “home office protection” feature pects of the bank holding company and the banks of the New York branching law, will be opened concerned, and the convenience and needs of the to such branching, are regarded as favorable con community to be served. siderations with respect to the present application. Competitive effect of proposed transaction. Ap It does not appear that any significant competi plicant, the largest bank holding company and sixth tion would be eliminated by consummation of Aplargest banking organization in the State of New York, controls four banks which have aggregate 1 All banking data are as of June 29, 1968, adjusted to reflect mergers and holding company acquisitions ap deposits of $5.4 billion, representing about 7.2 per proved by supervisory authorities to date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 453 plicant’s proposal. Of Applicant’s present subsidi tomers served by Applicant’s present subsidiary aries, only its New York City subsidiary, Bankers banks. Trust Company, derives any measurable amount of Rapid economic development and population business from the area served by Peoples Bank. growth in Suffolk County during the past decade Such business, equal in amount to only about 1 per has created a demand for a broader range of bank cent of the deposits and 2 per cent of the loans of ing services than Peoples Bank presently provides. Peoples Bank, is insignificant in relation to the The banking needs of the area are presently being total business of Bankers Trust Company. Peoples adequately served by the largest banks in the area; Bank, on the other hand, derives over 90 per cent acquisition of Peoples Bank by Applicant, however, of its deposits from its service area, and less than would provide the area with an additional full 2 per cent of its deposits and loans originate in New service alternative. In particular, consummation of York City and Nassau County. the proposal would enable Peoples Bank to offer With respect to potential competition, none of a full range of trust and investment services, to ex Applicant’s subsidiary banks is located in an area pand its loan and credit services and to respond to from which it may legally branch into Suffolk demands for higher credit lines than it can now County. Although the law would permit Peoples provide, to offer international services, and to par Bank to branch into Nassau County and New York ticipate more fully in municipal bond underwriting City areas within New York’s First Banking Dis and advisory services. trict which are served by Bankers Trust Company, Considerations relating to the convenience and it does not appear likely that it would do so in the needs of the community served by Peoples Bank light of its past branching pattern, its limited re provide some weight in favor of approval of the sources as compared with those of the large banks application. in those areas, and the more immediate opportuni Summary and conclusion. On the basis of all ties likely to be presented by the anticipated con relevant facts contained in the record, and in the tinued growth of Suffolk County. light of the factors set forth in section 3(c) of the For the foregoing reasons, the Board concludes Act, it is the Board’s judgment that the proposed that consummation of Applicant’s proposal would transaction would be in the public interest, and that not result in a monopoly or be in furtherance of the application should be approved. any combination, conspiracy, or attempt to monop olize the business of banking in any area, and FIRST AT ORLANDO CORPORATION, would not substantially lessen competition or tend ORLANDO, FLORIDA to create a monopoly in any section of the country. Financial and managerial resources and future In the matter of the application of First at Or prospects. Applicant’s financial condition and man lando Corporation, Orlando, Florida, for approval agement are satisfactory, and its prospects are con of acquisition of at least 80 per cent of the voting sidered favorable. shares of St. Lucie County Bank, Fort Pierce, Peoples Bank is in good financial condition, with Florida. competent management. In part, it appears, be Order Approving Acquisition of Bank Shares cause of the conservatism of its management, the by Bank Holding Company bank’s rate of growth has been considerably below that experienced by most other banks in the county, There has come before the Board of Governors, the growth of which has been very rapid, as has pursuant to section 3(a)(3) of the Bank Holding that of the population and economy of the county. Company Act of 1956 (12 U.S.C. 1842(a)(3)), Nevertheless, the bank’s growth has been good by and section 222.3(a) of Federal Reserve Regula any normal standards, and, although the prospects tion Y (12 CFR 222.3(a)), an application by of Peoples Bank would be improved as a result of First at Orlando Corporation, Orlando, Florida, a Applicant’s proposal, they would be regarded as registered bank holding company, for the Board’s favorable in any event. prior approval of the acquisition of at least 80 per Considerations under the banking factors are cent of the voting shares of St. Lucie County consistent with approval of the application. Bank, Fort Pierce, Florida. Convenience and needs of the communities in As required by section 3(b) of the Act, the volved. Consummation of the present proposal Board notified the Florida Commissioner of Bank would not affect the convenience or needs of cus ing of receipt of the application and requested his Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
454 FEDERAL RESERVE BULLETIN □ MAY 1969 views and recommendation. The Commissioner the business of banking in any part of the United recommended approval of the application. States. Nor may the Board approve a proposed ac Notice of receipt of the application was pub quisition the effect of which, in any section of the lished in the Federal Register on February 4, 1969 country, may be substantially to lessen competition, (34 Federal Register 1708), providing an oppor or to tend to create a monopoly, or which in any tunity for interested persons to submit comments other manner would be in restraint of trade, unless and views with respect to the proposed transaction. the Board finds that the anticompetitive effects of A copy of the application was forwarded to the the proposed transaction are clearly outweighed in United States Department of Justice for its con the public interest by the probable effect of the trans sideration. Time for filing comments and views has action in meeting the convenience and needs of the expired and all those received have been con community to be served. In each case, the Board sidered by the Board. is required to take into consideration the financial It is hereby ordered, for the reasons set and managerial resources and future prospects of forth in the Board’s Statement of this date, that the bank holding company and the banks con said application be and hereby is approved, pro cerned, and the convenience and needs of the com vided that the acquisition so approved shall not be munity to be served. consummated (a) before the thirtieth calendar day Competitive effect of proposed transaction. The following the date of this Order or (b) later than 10 largest banking organizations in Florida control three months after the date of this Order, unless 36.7 per cent of the deposits held by banks lo such period is extended for good cause by the cated in the State.1 Applicant, the fifth largest bank Board or by the Federal Reserve Bank of Atlanta ing organization in the State, has seven subsidiary pursuant to delegated authority. banks, which hold total deposits of $278 million, Dated at Washington, D.C., this 5th day of representing 2.8 per cent of the deposits held by May, 1969. Florida banks. Acquisition of St. Lucie Bank, which By order of the Board of Governors. accounts for only .3 per cent of such deposits, Voting for this action: Chairman Martin and Gov would not significantly affect State-wide concentra ernors Robertson, Mitchell, Daane, Maisel, Brimmer, tion, and would not change Applicant’s position and Sherrill. among the largest banking organizations in the (Signed) Robert P. Forrestal, State. Assistant Secretary. St. Lucie Bank, which has deposits of $27 mil [seal] lion, is located in Fort Pierce, Florida, about 50 Statement miles north of Palm Beach on Florida’s east coast. It is the largest of three banks in Fort Pierce, and First at Orlando Corporation, Orlando, Florida the third largest of nine banks located in the coastal (“Applicant”), a registered bank holding company, area which it serves. Applicant would become the has applied to the Board of Governors, pursuant to second bank holding company with a subsidiary section 3(a)(3) of the Bank Holding Company bank in the area; the smallest bank in Fort Pierce Act of 1956 (12 U.S.C. 1842(a)(3)), for prior and one of the smaller banks located in the larger approval of the acquisition of at least 80 per cent service area are both subsidiaries of the same bank of the voting shares of St. Lucie County Bank, Fort holding company. It does not appear that consum Pierce, Florida (“St. Lucie Bank”). mation of the proposal would have any undue Views and recommendation of supervisory au adverse effect on the competing banks in Fort thority. As required by section 3(b) of the Act, Pierce or in the larger area. the Board notified the Florida Commissioner of Applicant’s closest subsidiary to Fort Pierce is in Banking of receipt of the application and requested Cocoa, 70 miles north. Five of the present sub his views and recommendation thereon. The Com sidiary banks are located in Orlando, 125 miles missioner recommended approval of the applica northwest of Fort Pierce, and Applicant’s seventh tion. subsidiary is located in Leesburg, 165 miles north Statutory considerations. Section 3(c) of the Act west. No significant competition appears to exist provides that the Board shall not approve an ac between the present subsidiaries and St. Lucie Bank quisition that would result in a monopoly or would be in furtherance of any combination or con 1 All banking data are as of June 29, 1968, unless other wise noted, adjusted to reflect all holding company spiracy to monopolize or to attempt to monopolize acquisitions approved by the Board to date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 455 and, in view of the distances involved and the pro would not affect the convenience or needs of hibition against branching under Florida law, it customers served by Applicant’s present sub does not appear that such competition is likely to sidiary banks. develop in the future. The population of the area served by St. Lucie For the foregoing reasons, the Board concludes Bank is estimated at 81,000. The area’s economy that consummation of Applicant’s proposal would is based on agriculture and related industries, with not result in a monopoly, and would not restrain principal emphasis on the growing and processing trade, substantially lessen competition, or tend to of citrus products. Banking needs of the area ap create a monopoly in any section of the country. pear to be adequately served by the nine banks Financial and managerial resources and future located there, and Applicant does not contend that prospects. Applicant and its present subsidiary banks are in satisfactory financial condition, with any major services are not available in the area. competent management and favorable prospects. However, it is contended that the expertise which St. Lucie Bank is in sound financial condition, Applicant’s Orlando subsidiaries have developed in and senior management of the bank is experienced providing needed services to the citrus industry can and competent. However, the two senior officers of be employed to the advantage of customers in the the bank are approaching the usual retirement age, Fort Pierce area, and it also appears that the avail and a lack of management depth will necessitate ability of Applicant’s automation services would going outside the bank’s staff to find replacements. provide some internal economies to St. Lucie Bank It does not appear that it would be impossible for the bank to obtain competent replacements without which could indirectly benefit the public which it assistance, and therefore St. Lucie Bank’s prospects serves. are regarded as favorable regardless of whether the Considerations bearing on the convenience and present proposal is consummated. Acquisition by needs of customers served by St. Lucie Bank pro Applicant, which has a formal management train vide some support for approval of the application. ing program, would assure satisfactory solution of Summary and conclusion. On the basis of all any management succession problems which might relevant facts contained in the record, and in the develop, however, and this consideration provides light of the factors set forth in section 3(c) of the some weight in favor of approval of the applica tion. Act, it is the Board’s judgment that the proposed Convenience and needs of the communities in transaction would be in the public interest, and volved. Consummation of the present proposal that the application should be approved. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Announcements CHANGES IN THE BOARD’S STAFF and $275 million at other member banks, frequent The Board of Governors has announced the fol ly referred to as “country banks.” lowing appointments to its official staff: The action raised reserve requirements at reserve Harry J. Halley, formerly Chief of Systems city banks from 1616 to 17 per cent on net demand Planning for the Office of Economic Opportunity, deposits under $5 million and from 17 to 1716 was named Assistant Controller effective May 12, per cent on deposits over $5 million. For all other 1969. A graduate of the Navy Postgraduate School, member banks the increase was from 12 to 1216 Monterey, California, Mr. Halley served as a naval per cent on deposits under $5 million and from officer for 22 years before retiring in 1965. 1216 to 13 per cent on those over $5 million. Milton W. Schober was appointed an Assistant Reserve requirements against time deposits remain Director in the Division of Supervision and Regu unchanged. lation effective May 7. He came to the Board as The new top rate of 1716 per cent on net demand the Assistant to the Director in August 1968; for deposits is the highest since 1960. The last previous the 10 previous years he had been engaged in the change in reserve requirements took effect in Janu private practice of law and public accountancy in ary 1968, when they were raised 16 percentage Shreveport, Louisiana. Mr. Schober earned B.S. point on all demand deposits over $5 million. and M.B.A. degrees in accounting from Louisiana The new discount rate was put into effect on State University and a law degree from Centenary April 4, 1969, by the Federal Reserve Banks of College. New York, Philadelphia, Cleveland, Richmond, John D. Smith was made an Assistant Director Atlanta, Chicago, St. Louis, Minneapolis, Kansas in the Division of Administrative Services effective City, Dallas, and San Francisco. The 6 per cent May 7. He had been Assistant to the Director of rate is the highest in 40 years, although the rate that Division since April 1964; previously he had has been as high as 7 per cent, in 1920-21. been with the Division of Bank Operations for 5 (On April 7, 1969, the Board of Governors an years. Mr. Smith graduated from Lehigh Univer nounced its approval of action by the directors of sity and attended the Wharton School, University the Federal Reserve Bank of Boston increasing the of Pennsylvania. discount rate of that Bank from 516 to 6 per cent, effective April 8, 1969.) CHANGES IN RESERVE REQUIREMENTS AND DISCOUNT RATES The seven members of the Board were unani mous on the discount rate action, and all members In a further move against inflation, the Board of of the Board voted in favor of the reserve require Governors of the Federal Reserve System on April ment action except Governor Maisel, who stated: 3, 1969, announced the following: “I have no disagreement with the majority of the 1. An increase in reserve requirements against Board in either the ultimate goal being sought for demand deposits at all member banks by 16 per the economy nor with the view that demand for centage point, effective in the reserve computation output and services is continuing to rise at an in period beginning April 17 and applicable to aver flationary pace. However, current money market age deposits in the period April 3-9 inclusive. relationships have, for the past 5 months, led to 2. Approval of action by the directors of 11 modest growth in most monetary aggregates, a Federal Reserve Banks increasing the discount rate sharp rise in interest rates, and a rapid reduction of at those Banks from 516 to 6 per cent, effective bank liquidity. The existing relationships appear to April 4. me proper to sustain a long period of noninfla- The increase in reserve requirements means that tionary growth of money and credit. I conclude that the nearly 6,000 national and State member banks until evidence arises that the demand for funds must set aside as reserves an additional $650 mil is leading to an undesirable upward shift in the rate lion, approximately $375 million at reserve city of monetary expansion, an increase in reserve re banks—generally the larger banks in larger cities— quirements is not called for.” 456 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
RECIPROCAL CURRENCY ARRANGEMENTS Austrian National Bank ................... 100 National Bank of Belgium............... 300 The Board of Governors of the Federal Reserve Bank of Canada ................................ 1,000 System announced on May 16, 1969, that the Fed National Bank of Denmark............... 100 eral Reserve reciprocal currency “swap” arrange Bank of England ................................ 2,000 ments with the central banks of Belgium and the Netherlands have now been aligned at $300 million Bank of France.................................. 1,000 each. German Federal Bank....................... 1,000 The swap arrangement with the National Bank Bank of Italy...................................... 1,000 of Belgium has been increased from $225 million Bank of Japan .................................... 1,000 to $300 million, and the arrangement with the Bank of Mexico.................................. 130 Netherlands Bank has been reduced from $400 million to $300 million, the Federal Reserve said. Netherlands Bank .............................. 300 The Federal Reserve System’s swap network Bank of Norway ................................ 100 with 14 central banks and the Bank for Interna Bank of Sweden ................................ 250 tional Settlements now totals $10.48 billion. Swiss National Bank ......................... 600 A swap arrangement is a renewable short-term Bank for International Settlements facility under which a central bank agrees to ex Swiss francs/dollars................... 600 change on request its own currency for the cur Other European currencies/dollars 1,000 rency of the other party up to a maximum amount Total.............................10,480 over a limited period of time. The drawing party usually uses the foreign currency it obtains to resist pressure on its own currency. In all reciprocal arrangements the Federal Re ERRATUM serve Bank of New York acts on behalf of the In the March and April 1969 Bulletins, certain Federal Reserve System under the direction of the data were incorrectly shown in the regular table Federal Open Market Committee. The Federal “Reserves and Borrowings of Member Banks,” Reserve reports actual use of the facilities semi pages A-6 and A-7. The same data were pub annually, in March and September. lished in the annual table on pages A-92 and The central banks of Belgium and the Nether A-93 of the March Bulletin. lands were among the nine central banks and the The incorrect figures were for December 1968 BIS in the original Federal Reserve swap network only, and the corrected figures are as follows (in established in 1962. Their swap lines with the U.S. millions of dollars): central bank had been equal from October 1964 until March 1968 when the Netherlands Bank, Borrowings during the gold crisis, increased its swap arrange at F.R. Free ment by $175 million to $400 million. Banks reserves With the changes noted, the Federal Reserve’s reciprocal currency arrangements are now as fol All member banks............. 765 —310 lows (in millions of dollars): Other reserve city banks . . . 270 —180 457 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
National Summary of Business Conditions Released for publication May 16 Industrial production increased somewhat further and passenger and farm equipment changed little. in April. Nonfarm employment rose slightly and Output of iron and steel and some other indus the unemployment rate edged up further. Retail trial durable materials continued to advance, but sales recovered from the March decline and were production of construction materials and parts for a little above the previous high in February. Com consumer durable goods declined. Output of tex mercial bank credit and the money supply in tiles, industrial chemicals, and paper was about creased in April and time and savings deposits unchanged. declined slightly. On balance, yields on Treasury bills changed little between mid-April and mid EMPLOYMENT May. In mid-May yields on corporate and munici Nonfarm payroll employment rose by 34,000 in pal bonds were below earlier highs. April, the smallest monthly rise since January 1968. Slackening of growth was reported in most INDUSTRIAL PRODUCTION industry sectors. Manufacturing and trade employ Industrial production in April was 171.5 per cent ment were virtually unchanged. Employment de of the 1957-59 average—up 0.3 per cent from clined in the service and construction industries, March and 5.5 per cent from a year earlier. Out the latter partially reflecting strikes. The average put of business equipment and some industrial factory workweek edged lower but, at 40.7 hours, materials rose further, but production of consumer remained within the very narrow range prevailing goods declined. since last November. The unemployment rate Auto assemblies were at an annual rate of 7.7 edged up one-tenth of a percentage point to 3.5 million units, down almost one-tenth from March per cent, mainly because of a rise in unemploy mainly because of strikes. Output of television sets ment among nonwhites—particularly nonwhite also declined in April. Production of household adult women. Most other groups continued to ex furniture and consumer staples, however, in perience very low unemployment rates. creased. Output of industrial and commercial equip ment expanded further while production of freight DISTRIBUTION The value of retail sales in April increased nearly 1.5 per cent from the downward revised March INDUSTRIAL PRODUCTION level and was almost 6 per cent above a year earlier. Sales at nondurable goods stores rose about 2 per cent from the preceding month while sales at durable goods stores were up 0.5 per cent. Dealer deliveries of new domestic autos in April were unchanged from the March rate, but sales of foreign-made cars rose about 10 per cent as stocks were replenished following settlement of the dock strikes. COMMODITY PRICES Industrial commodity prices increased only 0.1 per cent from mid-March to mid-April, following sharp increases earlier in the year. Price rises con tinued widespread, with metals, paper, and hides up substantially, but prices of plywood abruptly F.R, indexes, seasonally adjusted. Latest figures: April. 458 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
reversed their earlier sharp advance. Since mid type time deposits increased moderately further. April prices of metals have increased further. Net borrowed reserves of member banks aver Prices of livestock and products continued to ad aged about $850 million over the five weeks end vance in April and early May. ing April 30 compared with $645 million in March. Member bank borrowings increased sub BANK CREDIT, DEPOSITS, AND RESERVES stantially and excess reserves declined somewhat. Commercial bank credit increased $3.1 billion in Total and required reserves declined further. April following an average monthly rise of $700 million over the first quarter of the year. Loan SECURITY MARKETS expansion accounted for all of the April increase, Treasury bill rates fluctuated considerably between as all major loan categories showed substantial mid-April and mid-May, in part responding to growth. The increase in business loans was espe flows of funds associated with developments in cially large due in part to heavy corporate borrow the foreign exchange markets, but showed only ing over the mid-April tax date. Holdings of U.S. small mixed changes on balance. The 3-month bill Government securities rose slightly—after declin was bid at around 6.10 per cent in the middle of ing sharply earlier in the year—reflecting in part May, compared with about 6.15 per cent a month bank participation in the late-March Treasury bill earlier. Intermediate-term Treasury coupon issues financing. Holdings of municipal and Federal advanced in yield over the same period, partly in agency securities declined slightly. adjustment to the offering of a new 7-year note. The money supply—measured on a daily aver Rates on most longer-term Government bonds age basis—increased $1.8 billion in April com rose slightly. pared with an average monthly rise of $300 million During the latter half of April corporate and over the first quarter. The April expansion re municipal bond yields declined significantly from flected a sharp temporary rise in private demand the highs reached during the last weeks of March. deposits around the Easter weekend. U.S. Govern Although yields subsequently rose during the first ment deposits also increased over the month. Time half of May, particularly in the municipal and new and savings deposits at commercial banks declined issue corporate markets, the levels reached re slightly in April after showing little change in mained well below earlier highs; and yields on March. Attrition of large negotiable CD’s con seasoned corporate bonds continued to decline tinued heavy. Savings deposits at large commercial slightly. Stock prices advanced on balance in banks also declined substantially while consumer heavy trading volume. INTEREST RATES 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 or Consumer, March; Wholesale, April. more and for 90-day Treasury bills, Latest figures: week ending May 9. 459 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 □ MAY 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 Q4 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 TABLES PUBLISHED PERIODICALLY (other than flow of funds): Banking and monetary statistics, 1968: A 91 Consolidated condition statement A 92 Principal assets and liabilities of commercial and mutual savings banks and number, by class of bank Member banks, 1968: A 95 Income, expenses, and dividends, by class of bank, by Federal Reserve district, and by size of bank A 100 Income ratios, by class of bank and by Federal Reserve district A 104 Operating ratios, by size of bank and by Federal Reserve district Insured commercial banks, 1965-68: A 107 Income, expenses, and dividends A 114 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, L Liabilities Ill, IV Quarters S Sources of funds n.a. Not available U Uses of funds n.e.c. Not elsewhere classified * Amounts insignificant in terms of the par A.R. Annual rate ticular unit (e.g., less than 500,000 when S.A. Monthly (or quarterly) figures adjusted for the unit is millions) seasonal variation .. (1) Zero, (2) no figure to be expected, or (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. “U.S. Govt, securities” may include guaranteed issues of U.S. Govt, agencies (the flow of funds figures also in clude not fully guaranteed issues) as well as direct obligations of the Treasury. “State and local govt.” also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled Note (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly issue Page Annually—Continued Issue Page Flow of funds......................................... May 1969 A-69.1 Banks and branches, number, by class and State................................... Apr. 1969 A-91 Flow of funds: Semiannually Assets and liabilities: Ba A nk n i a n l g y s o is f f o ic f e s c : hanges in number of.. . Feb. 1969 A-94 1 1 9 9 6 6 6 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . M Fe a b y . 1 1 9 9 6 6 8 8 A A - - 6 6 7 5 . . 1 1 0 0 On P , ar a n L d is t, n n o u t m o b n e , r. F ... e .. d .. e . r .. a .. l . ... R .. e .. s .. e . r .. v .. e . Feb. 1969 A-95 1968................................................. May 1969 A-68 Income and expenses: Federal Reserve Banks....................... Feb. 1969 A-92 Annually Member banks: Calendar year................................. May 1969 A-95 Bank holding companies: Operating ratios............................. May 1969 A-104 List of, Dec. 31, 1967........................ June 1968 A-91 Insured commercial banks................. May 1969 A-107 Banking offices and deposits of group banks, Dec. 31, 1967............ Aug. 1968 A-93 Stock exchange firms, detailed debit and credit balances: Banking and monetary statistics, 1968.. Mar. 1969 A-92—A-102 Original............................................ Sept. 1968 A-92 May 1969 A-91—A-94 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 □ MAY 1969 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Reserve Bank credit outstanding U.S. Govt, securities 1 Treas Period or date ury Dis Gold cur Held counts Other stock rency under and Float 2 F.R. Total ♦ out Bought repur ad assets 3 stand Total out chase vances ing right agree ment Averages of daily figures 1929—June.................................................. 179 179 978 61 1,317 4,024 2,018 1933—June 1,933 1,933 250 12 2,208 4,030 2,295 1939—Dec. 2,510 2,510 8 83 2,612 17,518 2,956 1941—Dec. 2,219 2,219 5 170 2,404 22,759 3,239 1945—Dec. 23,708 23,708 381 652 24,744 20,047 4,322 1950—Dec. 20,345 20,336 9 142 1,117 ...............2..1,606 22,879 4,629 1960—Dec. 27,248 27,170 78 94 1,665 29,060 17,954 5,396 1962—Dec. 30,546 30,474 72 305 2,298 33,218 15,978 5,561 1963—Dec. 33,729 33,626 103 360 2,434 36,610 15,562 5,583 1964—Dec. 37,126 36,895 231 266 2,423 39,873 15,388 5,401 1965—Dec. 40,885 40,772 113 490 2,349 43,853 13,799 5,565 1966—-Dec. 43,760 43,274 486 570 2,383 46,864 13,158 6,284 1967—Dec. 48,891 48,810 81 238 2,030 ................5.1,268 12,436 6,777 1968—Apr. 50,090 49,943 147 698 1,641 52,509 10,484 6,797 May 50,581 50,329 252 759 1,580 52,998 10,452 6,794 June 51,306 51,160 146 705 1,712 53,813 10,369 6,764 July. 52,090 52,041 49 538 1,870 54,573 10,367 6,721 Aug. 52,646 52,463 183 568 1,760 55,048 10,367 6,733 Sept. 52,222 52,208 14 515 1,981 54,769 10,367 6,737 Oct.. 53,300 53,252 48 427 1,976 55,770 10,367 6,757 Nov. 53,388 53,322 66 569 2,160 56,183 10,367 6,790 Dec. 52,529 52,454 75 765 3,251 ............... • 56,610 10,367 6,810 1969—Jan............................................. 52,665 52,622 43 697 3,054 56,476 10,367 6,802 Feb. 52,265 52,074 191 824 2,602 55,786 10,367 6,806 Mar. 52,122 51,987 135 918 2,367 55,477 10,367 6,815 Apr.9............................................... 52,463 52,257 206 996 2,407 2,837 58,799 10,367 6,750 Week ending— 1969—Feb. 5........................................... 52,061 52,053 8 744 2,542 55,397 10,367 6,806 12........................................... 52,220 52,053 167 799 2,610 55,707 10,367 6,807 19............................................ 52,541 52,108 433 1,044 2,630 56,357 10,367 6,809 26............................................ 52,229 52,124 105 757 2,669 ................5.5,759 10,367 6,813 Mar. 5............................................ 52,168 52,055 113 734 2,540 55,511 10,367 6,813 12........................................ 52,074 52,040 34 875 2,423 55,427 10,367 6,818 19............................................ 52,188 51,999 189 776 2,548 55,596 10,367 6,816 26............................................ 52,081 51,901 180 964 2,317 ................5.5,437 10,367 6,821 Apr. 2............................................ 52,194 51,952 242 1,195 2,047 55,525 10,367 6,810 9............................................ 52,331 52,105 226 947 2,278 55,640 10,367 6,741 16............................................ 52,173 52,173 759 2,323 2,807 58,112 10,367 6,746 23»..................................... 52,512 52,269 243 1,134 2,973 2,849 59,576 10,367 6,748 30p.......................................... 52,852 52,549 303 1,117 2,219 2,934 59,255 10,367 6,743 End of month 1969—Feb.. 52,295 52,076 219 744 2,780 55,910 10,367 6,716 Mar. 52,430 52,016 414 1,143 1,476 55,143 10,367 6,828 Apr J 53,192 52,585 607 2,532 2,242 2,965 61,073 10,367 6,726 Wednesday 1969—Feb. 5........................................... 52,062 52,001 61 1,154 2,195 55,460 10,367 6,804 12............................................ 52,062 51,901 161 1,107 2,907 56,162 10,367 6,807 19............................................ 52,327 52,167 160 460 2,345 55,288 10,367 6,812 26............................................ 51,947 51,947 .................. 499 2,592 ...............5...5,089 10,367 6,815 Mar. 5................................ 52,076 52,076 746 2,613 55,486 10,367 6,815 12............................................ 51,997 51,997 734 2,094 54,874 10,367 6,816 19............................................ 52,011 52,011 832 2,482 55,409 10,367 6,821 26............................................ 52,015 51,905 110 997 2,108 ............... • 55,194 10,367 6,826 Apr. 2».......................................... 52,341 52,016 325 1,071 2,050 55,587 10,367 6,828 9”.......................................... 52,485 651,966 519 658 2,075 55,270 10,367 6,747 16*.......................................... 51,907 651,280 627 921 2,579 2,832 58,291 10,367 6,747 23^.......................................... 52,316 52,316 1,230 2,122 2,866 58,636 10,367 6,754 30P.......................................... 53,192 52,585 607 2,532 2,242 2,965 61,073 10,367 6,726 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 1969 □ BANK RESERVES AND RELATED ITEMS A 5 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors absorbing reserve funds Deposits, other than member bank Member bank reserves, reserves Cur with F.R. Banks Other rency Treas Other F.R. in ury F.R. Lia cir cash ac bilities Period or date cula hold counts3 and Cur tion ings Treas For Other2 capital3 With rency ury eign F.R. and Total Banks coin5 Averages of daily figures 4,400 210 30 0 376 2,314 2,314 ........................... 1929—June 5,455 272 81 164 350 2,211 2,211 ..........................1933—June 7,609 2,402 616 739 248 11,473 11,473 ...........................1939—Dec. 10,985 2,189 592 1,531 292 12,812 12,812 ...........................1941—Dec. 28,452 2,269 625 1,247 493 16,027 16,027 ...........................1945—Dec. 27,806 1,290 615 920 353 739 17,391 .......1..7..,.3..9.1... ........................... 1950—Dec. 33,019 408 522 250 495 1,029 16,688 2,595 19,283 ............................1960—Dec. 35,281 398 587 222 290 1,048 16,932 3,108 20,040 ........................... 1962—Dec. 37,603 389 879 160 206 1,215 17,303 3,443 20,746 ...........................1963—Dec. 39,698 595 944 181 186 1,093 17,964 3,645 21,609 ...........................1964—Dec. 42,206 808 683 154 231 389 18,747 3,972 22,719 ...........................1965—Dec. 44,579 1,191 291 164 429 83 19,568 4,262 23,830 ...........................1966—Dec. 47,000 1,428 902 150 451 -204 ......2..0..,.7...5..3.. 4,507 25,260 ...........................1967—Dec. 46,642 1,122 738 167 538 -598 21,181 4,365 25,546 ........................... 1968—Apr. 46,873 1,073 1,059 159 483 -581 21,179 4,326 25,505 ........................................May 47,486 973 960 181 471 -474 21,350 4,363 25,713 ............................. June 48,089 836 1,026 164 472 -436 21,510 4,491 26.001 .........................................July 48,194 811 963 170 459 -102 21,653 4,416 26,069 .......................................Aug. 48,474 791 611 131 450 -151 21,567 4,510 26,077 .......................................Sept. 48,632 781 1,054 137 461 -312 22,141 4,512 26,653 .........................................Oct. 49,398 769 798 164 439 -491 22,263 4,522 26,785 .......................................Nov. 50,609 756 360 225 458 -1,105 22,484 4,737 27,221 ........................................Dec, 49,784 760 602 189 495 -1,174 22,988 5,075 28,063 ................. 1969—Jan. 49,226 762 641 130 488 -932 22,644 4,647 27,291 ........................................Feb. 49,436 728 536 152 463 -902 22,246 4,508 26,754 .......................................Mar. 49,702 709 369 131 510 1,937 22,559 4,497 27,056 ........................................Apr.* Week ending— 49,061 766 490 129 502 -993 22,616 4,821 27,437 .......................1969—Feb. 5 49,307 761 831 133 477 -1,009 22,382 4,878 27,260 ............................................12 49,377 764 669 133 500 -1,014 23,105 4,486 27,591 ............................................19 49,148 763 562 129 483 — 793 .................. 22,647 4,452 27,099 ........................................ .26 49,157 758 531 125 481 -718 22,357 4,628 26,985 ..................................Mar. 5 49,459 732 465 156 468 -733 .......2..2..,.0..6..4.. 4,704 26,768 ........................................12 49,554 725 490 161 486 -978 22,342 4,368 26,710 ............................................19 49,471 721 615 165 436 -1,029 22,247 4,375 26,622 ........................................26 49,514 711 576 140 480 -976 22,257 4,486 26,743 ..................................Apr. 2 49,766 710 377 155 549 -775 21,966 4,633 26,599 ........................................... 9 49,863 704 8 126 514 n.a. 1,937 22,072 4,544 26,616 ........................... 16 49,681 712 429 121 506 n.a. 1,868 23,374 4,201 27,575 ............................................23* 49,502 705 625 119 469 n.a. 1,929 23,016 4,613 27,629 ............................................30* End of month 48,996 725 505 121 482 -691 22,854 4,627 27,481 ...........................1969—Feb. 49,559 715 783 164 498 -950 21,568 4,487 26,055 ........................................Mar.* 49,607 707 950 130 458 n.a. 1,970 24,344 4,613 28,957 ........................................Apr.P Wednesday 49,209 768 414 119 481 -1,004 22,644 4,821 27,465 ..................... 1969—Feb. 5 49,480 765 1,163 133 508 -1,106 22,394 4,881 27,275 ............................................12 49,348 763 449 119 474 -779 22,093 4,485 26,578 ............................................19 49,197 767 615 110 492 — 846 ......2...1..,.9..3..6.. 4,453 26,389 ............................................26 49,370 742 355 149 498 -730 22,284 4,627 26,911 ..................................Mar. 5* 49,590 732 420 137 468 -918 21,628 4,704 26,332 ............................................12* 49,614 724 552 159 462 -986 22,072 4,370 26,442 ............................................19* 49,541 715 502 137 448 -1,022 22,066 4,376 26,442 ...........................................26* 49,723 720 400 145 529 -817 22,082 4,485 26,567 ..................................Apr. 2* 49,979 707 7 152 559 -759 21,739 4,635 26,374 ........................................... 9* 49,869 710 7 130 528 n.a. 1,808 22,353 4,543 26,896 ............................................16* 49,667 709 749 124 455 n.a. 1,880 22,174 4,201 26,375 ...........................................23» 49,607 707 950 130 458 n.a. 1,970 24,344 4,613 28,957 ............................................30* 1 U.S. Govt, securities include Federal agency obligations. ances on Wed. and end-of-month dates, see subsequent tables on F.R. 2 Beginning with 1960 reflects a minor change in concept; see Feb. Banks. See also note 2. 1961 Bulletin, p. 164. 5 Part allowed as reserves Dec. 1, 1959-Nov, 23, 1960; all allowed 3 Beginning Apr. 16, 1969, “Other F.R. assets” and “Other F.R. thereafter. Beginning with Jan. 1963, figures are estimated except for liabilities and capital” are shown separately; formerly, they were weekly averages. Beginning Sept. 12, 1968, amount is based on closenetted together and reported as “Other F.R. accounts.” of-business figures for reserve period 2 weeks previous to report date. 4 Includes industrial loans and acceptances, when held (industrial o Reflects securities sold, and scheduled to be bought back, under loan program discontinued Aug. 21, 1959). For holdings of accept matched sale/purchase transactions. ' Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 6 BANK RESERVES AND RELATED ITEMS □ MAY 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 el t d al qu R ir e e d 1 Excess B F r 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 a d l qu R ir e e d 1 Excess B r F i a o n a . n w R g t k s . s s F e r r r e v e e e s T h o e t l a d l qui R re e d 1 Excess B F r i a o n a . n R g w 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 I 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 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 UI -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—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 -1 104 -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.. 28,063 27,846 217 697 -480 5,397 5,392 5 65 -60 1 ,286 1 ,287 -1 48 49 Feb. 27,291 27,063 228 824 -596 5,190 5,194 -4 63 -67 1,259 1 ,253 6 39 -33 Mar. 26,754 26,537 217 918 -701 5,040 5,019 21 65 -44 1 ,204 1 ,207 -3 98 -101 Apr............. 27,056 26,925 131 996 -865 5,036 5,045 -8 111 -119 1 ,200 1 ,202 -2 116 -118 Week ending—■ 1968—Apr. 3. . . . 25,463 25,132 331 696 -365 5,082 5,044 38 38 1,142 1,140 2 123 -121 10.... 25,434 25,028 406 646 -240 4,992 4,858 134 127 7 1,138 1,126 12 26 -14 17... . 26,090 25,563 527 763 -236 5,085 5,068 17 47 -30 1 ,188 1 ,183 5 255 -250 24.... 25,503 25,377 126 651 -525 5,020 5,023 -3 49 -52 1,165 1,154 11 109 -98 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 I ,162 13 149 -136 1969—Jan. 1........ 28,340 27,439 901 1 ,320 -419 5,571 5,298 273 517 -244 1,251 1 ,242 9 188 -179 8........ 27,955 27,753 202 498 -296 5,365 5,379 -14 -14 1,277 1,265 12 55 -43 15........ 28,567 28,335 232 687 -455 5,638 5,662 -24 136 -160 1 ,335 1 ,348 -13 31 -44 22....... 28,349 28,076 273 782 -509 5,541 5,492 49 86 -37 1,313 1,311 2 110 -108 29....... 27,572 27,384 188 891 -703 5,144 5,126 18 57 -39 1,243 1 ,243 ............9 -9 Feb. 5.... 27,437 27,202 235 744 -509 5,109 5,125 -16 87 -103 1 ,243 1,245 -2 4 -6 12.... 27,260 27,039 221 799 -578 5,130 5,166 -36 91 -127 1 ,281 1 ,270 11 81 -70 19.... 27,591 27,228 363 1 ,044 -681 5,433 5,343 90 64 26 1 ,274 1 ,276 -2 29 -31 26.... 27,099 26,895 204 757 -553 5,191 5,144 47 21 26 1 ,229 1 ,228 33 -32 Mar, 5.... 26,985 26,778 207 734 -527 5,079 5,118 -39 11 1 -150 1,227 1 ,226 1 34 -33 12.... 26,768 26,520 248 875 -627 5,086 5,021 65 65 1,215 1 ,218 -3 118 -121 19.... 26,710 26,625 85 776 -691 4,977 5,071 -94 91 -185 1,233 1 ,227 6 37 -31 26.... 26,622 26,354 268 964 -696 4,992 4,909 83 86 -3 1,172 1,178 -6 55 -61 Apr. 2.... 26,743 26,434 309 1 ,195 -886 5,027 4,999 28 28 1,188 1 ,184 4 312 -308 9. ... 26,599 26,374 225 947 -722 4,903 4,918 -15 75 -90 1,167 1,168 -1 258 -259 16.... 26,616 26,472 144 759 -615 4,969 4,999 -30 105 -135 1 ,237 1 ,221 16 37 -21 23P. 27,575 27,410 165 1 ,134 -969 5,233 5,198 35 212 -177 1,191 1,206 -15 35 -50 30”. .. 27,629 27,579 50 1,117 -1,067 5,043 5,077 84 -118 1,212 1,218 -6 53 -59 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 8 MAJOR RESERVE CITY BANKS □ MAY 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—• Excess Net Per cent Total Pur Loans r B o o w r ser r v e e s 1 r a o B t B w a F o n in . r k R g s . s F f i b e n u d a n t n e e d r k r s a l S d u e r o f p i r c l u it s r r e e q s a e o u v r i g f v r . e e d s c P ha u s r e s Sales ac 2 tr t - i a w o n a n s y s 2 b c o b u h a f a y n n s i k n e e s s g t s b o S e a f l a n l l n i e k n e s s g t dea t l o e rs3 de f i r a n o l g e m s r s 4 lo N a e n t s trans. Total—46 banks 1969—Mar. 5............ 51 215 1 ,339 -1,503 12.7 4,684 3,346 2,083 2,602 1,263 841 228 613 12............ 83 342 2,271 -2,530 21.7 5.123 2.852 2.004 3,118 848 674 201 473 19............ -32 252 1 ,934 -2,218 18.9 5,073 3,139 2,045 3,028 1 ,094 617 267 350 26............ 72 352 1 ,655 -1 ,935 16.9 4,681 3,026 2,027 2,653 999 668 344 324 Apr. 2............ 90 489 1 ,293 -1,693 14.7 4.625 3,332 2,032 2,593 1 ,300 654 309 345 9............80 561 3,090 -3,572 31.1 5,440 2,350 2,070 3,370 280 1 ,229 201 1 ,028 16............ -130 451 3,943 -4,524 38.6 6,012 2,069 1,652 4,360 417 I ,534 305 1 ,228 23............ 31 630 3,637 -4,236 35.5 5,632 1 ,995 1,646 3,986 350 1 ,086 182 904 30............ -16 353 1 ,814 -2,184 18.4 4,605 2,791 2,269 2,336 522 852 201 651 8 in blew York City 1969—Mar. 5............ 17 104 420 -507 10.9 1 ,693 1 ,273 863 830 410 738 200 538 12............ 55 1 ,049 -993 21.8 1 ,960 911 871 1 ,089 40 597 146 451 19............ -48 84 301 -432 9.4 1,631 1 ,330 1,041 589 289 541 134 407 26............ 39 43 469 -473 10,6 1 ,650 1 ,182 985 666 197 595 155 440 Apr. 2............ 56 -159 215 4.7 1 ,332 1,491 964 368 527 581 142 440 9............28 75 888 -935 20.9 1,833 946 946 888 999 51 948 16............ -24 84 1 ,807 -1,915 42.0 2,382 575 571 1,811 4 1,110 100 1 ,010 23............ 17 201 1 ,435 -1,619 34.2 2,202 767 767 1 ,436 838 58 780 30............ -14 63 292 -370 8.0 I ,558 1 ,265 1,176 382 89 720 76 644 38 outside New York City 1969—Mar. 5............ 34 112 918 -996 13.9 2,991 2,073 1,220 1,771 853 103 27 75 12............ 28 342 1 ,222 -1 ,536 21.6 3,163 1 ,941 1,133 2,029 808 77 56 22 19............ 16 168 I ,633 -1,786 25.0 3,442 1 ,808 1,003 2,439 806 76 133 +57 26............ 33 309 1,186 -1,463 20.8 3,030 1 ,845 1,043 1 ,988 802 73 189 + 116 Apr. 2............ 34 489 1 ,452 -1,908 27.3 3,293 1 ,841 1,068 2,225 773 73 167 +95 9............52 486 2,202 -2,637 37.6 3,607 1,405 1,125 2,482 280 230 150 80 16............ -106 367 2,136 -2,609 36.4 3,630 1,494 1,081 2,549 413 423 205 218 23............ 13 429 2,201 -2,617 36.3 3,430 1 ,229 880 2,550 350 249 125 124 30............ -2 290 1 ,522 -1 ,814 24.9 3,048 I ,526 1 ,093 1 ,955 433 132 125 7 5 in City of Chicago 1969—Mar. 5............ 6 24 494 -512 45.9 809 315 287 521 27 4 4 12....... 3 100 716 -813 73.5 957 241 194 763 47 19............ 9 33 935 -959 86.0 1,158 223 198 960 25 17 17 26............ 1 38 812 -849 79.4 1 ,081 270 258 824 12 It ............1..1 Apr. 2............ 6 290 752 -1,036 96.6 1 ,027 275 260 767 14 21 20 9 3 242 873 -1,111 105.3 1,148 275 257 891 17 17 17 16............ 10 32 881 -902 81.3 1,163 283 282 882 I 55 55 23............ 4 28 877 -902 82,5 1,168 291 281 887 10 23 23 30............ 33 527 -560 50.8 805 278 264 541 15 20 20 33 others 1969—Mar. 5............ 29 88 424 -484 8.0 2,182 1 ,758 932 1 ,250 826 99 27 72 12 25 242 506 -723 12.1 2,206 1 ,700 939 1 ,267 761 77 56 22 19............ 7 135 698 -827 13.7 2,284 1 ,585 805 1 ,479 781 59 133 +74 26............ 32 272 374 -614 10.3 1 ,949 1 ,575 785 1 ,164 790 62 189 + 127 Apr. 2............ 28 200 700 -871 14.7 2,266 1,566 808 1,459 759 52 167 + 115 9............48 245 1 ,329 -1,525 25.6 2,459 1,130 868 1,591 262 213 150 63 16............ -116 335 1,256 -1,707 28.2 2,467 1,211 799 1,668 412 368 205 163 23............ 10 400 1,324 -1,715 28.0 2,262 938 599 1 ,664 340 226 125 101 30............ -2 258 995 -1 ,254 20.3 2,243 1 ,248 830 1 ,413 418 112 125 + 13 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 the bank’s weekly average pur Note.-—-Weekly averages of daily figures. For description of series chases 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
MAY 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 last par. Sec. 133 Advances and discounts under Advances under Federal Reserve Bank Secs. 13 and 13a 1 Sec. 10(b)2 Rate on Rate on Rate on Apr. 30, Effective Previous Apr. 30, Effective Previous Apr. 30, Effective Previous 1969 date rate 1969 date rate 1969 date rate Boston............................................ 6 Apr. 8, 1969 5*4 614 Apr. 8, 1969 6 7 Apr. 8, 1969 6*4 New York...................................... 6 Apr. 4, (969 5% 614 Apr. 4, 1969 6 7’4 Apr. 4, 1969 7 Philadelphia..................... . 6 Apr. 4^ 1969 5*4 614 Apr. 4, 1969 6 7 Apr. 4, 1969 6*4 Cleveland........................................ 6 Apr, 4. 1969 5*4 6*4 Apr. 4’ 1969 6 714 Apr. 4, 1969 7 R ichmond....................................... 6 Apr. 4, 1969 514 6*4 Apr. 4, 1969 6 7 Apr. 4, 1969 6’4 A tian tn............................................ 6 Apr. 4’ 1969 5*4 6*4 Apr. 4, 1969 6 7 Apr. 4, 1969 6*4 Chicago.......................................... 6 Apr. 4, 1969 5*4 6’4 Apr. 4,’ 1969 6 7 Apr. 4, 1969 614 St T ,ouis.......................................... 6 Apr. 4, 1969 5*4 6*4 Apr. 4, 1969 6 7 Apr. 4, 1969 6*4 Minneapolis.................................... 6 Apr. 4, 1969 514 614 Apr. 4, 1969 6 7’4 Apr. 4, 1969 6*4 Kansas City............................. 6 Apr. 4, 1969 5*4 6*4 Apr. 4, 1969 6 7 Apr. 4; 1969 6*4 Dallas.............................................. 6 Apr. 4, 1969 514 6’4 Apr. 4; 1969 6 7 Apr. 4, 1969 6*4 San Francisco................................. 6 Apr. 4, 1969 5'4 6>/2 Apr. 4, 1969 6 7 Apr. 4, 1969 6’4 1 Discounts of eligible paper and advances secured by such paper or by 2 Advances secured to the satisfaction of the F.R. Bank. Maximum U.S. Govt, obligations or any other obligations eligible for Federal maturity: 4 months. . Reserve Bank purchase. 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 aU F.R. of date aU F.R. of Banks N.Y. Banks N.Y. Banks N.Y. tn effect Dec. 31, 1941........ 1 -1’4 1 1955—Cont. I960 Sept. 9............................. 2 -2'4 3'4-4 4 1942 * 13............................. 2'4 10............................. 3'4-1 ^ 1 2'4-2'4 14................. 3'4 Oct 15................................. ir 1 23............................. 2'4 3 -3'4 3 30................................. t *4 3 3 1956 1946 24-3 1963 Apr 25.....................t.. ..>..4..-.1.. . 1 ' 20........................... July 17............................. 3 -3’4 ^ 1 1 3 26............................. 3'4 ~ 31............................. 3 3 1948 1964 19... J .. a . n ... .... 1 .. 2 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .......1. ... ’ ..- ’ . 4 1...'4 1957 3 -3'4 3 Nov. 2 30 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3'4 4 -> 4 4 1'4-14 23............................ 3'4 3*4 1965 ’ 23....... 1 .. 9 .. 5 . 0 ..................... 1'4 Nov. 15............................. 3 3 -3'4 3 3 13............................. 4 4 - '4 4’4 ^ 1'4-1’4 1^ 1958 1967 ~ 25................................. 1’4 Jan. 22............................. 3 4 -4'4 4 24............................. 1 14............................. 4 4 t953 Mar. 7............................. Nov. 20............................. 4 -4’4 23............................... 1’4 2 -2 2 2 2 1 1 3............................. 24 2 - '4 2’4 27............................. 4'4 4(4 Apr. 18............................. '^ 1968 1954 May 9............................. Mar 15 4'4-5 4’4 15... F .. e .. b .. . . .... 5 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ................ il A Se u p g t . . 1 12 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 ’ ’4 4 - - 2 2 2 Apr 2 1 2 9 5 5 -5’4 h ‘ 23............................. 2 2 26 5’4 16............................... lit Oct. 24............................. 2 -2'4 2 5 >4-5’4 5'4 May 21............................... Nov. 7............................. 2'4 2*4 30 5*4 5'4 5’4-5’4 5'4 1955 1959 20............................. 5’4 5'4 1'4 Mar. 6................... 2'4-3 3 * 15............................... ! 16..................... 3 3 1969 3 -3'4 ^ 5’4-6 6 June 12............................ 3’4 ‘ 8 ......... 6 6 “ 5............................... 2 3'4-1 4 12............................... 2 * 18............................. 4 4 In effect Apr. 30, 1969. . . 6 6 f Preferential rate of ^4 of 1 per cent for advances secured by U.S. in the following periods (rates in percentages): 1955—May 4~6, 1.65; Govt, obligations maturing in I year or less. The rate of 1 per cent was Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. continued for discounts of eligible paper and advances secured by such 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29, paper or by U.S. Govt, obligations with maturities beyond 1 year. 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.7 5; 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—Ian. 4-8, 3.875; 1968—Apr. 4, 5,11, 15,16,5.125; 1943, pp. 439^2. 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. 16, 19, 5.25. against U.S. Govt, obligations was the same as its discount rate except Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 10 RESERVE AND MARGIN REQUIREMENTS o MAY 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 re a e c s n n i e k t t r y r s v a e l 3 b s c a R e i n r t e v y k e s C ba o tr n u y k n s c b l a a ( o n a s l k s f 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 e in i p a t g s v o s s U ti n m d e 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 6'4 5 2 34 54 5 Sept. 8, 15........ 6 1951—Jan. 11, 16............... 23 19 13 6 Jan. 25, Feb. 1.... 24 20 14 1967—Mar. 2.............. 3ft 3ft 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... . 16ft 17 12 12ft 1958—Feb. 27, Mar. 1.... 19ft 17ft Mar. 20, Apr. 1.... 19 17 1969—Apr. 17............. 17 17’4 12'4 13 Apr. 17........ 18ft Apr. 24..................... 18 16'4 In effect Apr. 30,1969. . 17 17'4 12'4 13 3 3 6 1960—Sept. 1................... 17ft Nov. 24..................... 12 Present legal Dec. 1..................... 16'4 requirement: 1962—July 28...................... P) Minimum............ 10 7 3 3 3 Oct. 25, Nov. 1.... ............ 4 Maximum................2.2 14 10 10 10 i 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.—AU 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 ference between market value (100 per cent) and the maximum Securities Exchange Act of 1934, limit the amount of credit to pur loan value. chase and carry registered equity securities that may be extended Regulation G and special margin requirements for bonds con on securities as collateral by prescribing a maximum loan value, vertible into stocks were adopted by the Board of Governors effective which is a specified percentage of the market value of the collateral Mar. 11, 1968. at the time the credit is extended; margin requirements are the dif Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 1969 □ MAXIMUM INTEREST RATES; BANK DEPOSITS A 11 MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS (Per cent per annum) Rates Jan. 1, 1962—July 19,1966 Rates beginning July 20, 1966 Effective date Effective date Type of deposit Type of deposit Jan. 1, July 17, Nov. 24, Dec. 6, July 20, Sept. 26, Apr. 19, 1962 1963 1964 1965 1966 1966 1968 Savings deposits: 1 Savings deposits.............................. 4 4 4 12 months or more........................ 4 4 }4 4 Other time deposits: 2 Less than 12 months..................... 3% 34 Multiple maturity: 3 90 days or more........5........... 5 5 Other time deposits: 2 Less than 90 days.................... 4 4 4 (30-89 days) 12 months or more....................... 4 t; | 54 Single-maturity: 6 months to 12 months................. 3»4 44 Less than $100,000.............. 54 5 5 90 days to 6 months...................... 24 $100,000 or more: Less than 90 days.......................... 1 4 30-59 days....................... i£ (30-89 days) 60-89 days........................ 90-179 days.......................... 54 54 6 180 days and over............... 64 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 non member insured 3 Multiple-maturity time deposits include deposits that are automati commercial banks, as established by the FDIC, have been the same as cally renewable at maturity without action by the depositor and deposits those in effect for member banks. that are payable after written notice of withdrawal. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks All All Item m b e a m nk b s er Y N o ew rk 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 Feb. 26, 1969 Four weeks ending Mar. 26, 1969 Gross demand—Total..., 172,894 39,635 7,352 60,760 65,147 Gross demand—Total... 170,779 38,771 7,193 60,295 64,520 Interbank.....1..9..,.7..6..8.... 8,005 1 ,255 8,183 2,325 Interbank.................. 19,821 8,012 1 ,287 8,203 2,320 U.S. Govt...................... 6,053 1,437 376 2,305 1,935 U.S. Govt................. 4,126 738 175 1,604 1,609 Other............................. 147,073 30,194 5,720 50,272 60,886 Other........................ 146,833 30,021 5,731 50,489 60,592 Net demand 1................... 132,434 24,526 5,572 47,183 55,154 Net demand 1................ 130,011 23,669 5,347 46,552 54,443 Time.................................. 161,803 19,221 5,893 62,073 74,616 Time................................. 161,608 18,630 5,739 61,830 75,409 Demand balances due Demand balances due from dom. banks...... 9,051 435 453 2,163 6,000 from dom. banks..... 9,037 441 437 2,108 6,051 Currency and coin............ 4,659 390 74 1,446 2,749 Currency and coin.......... 4,519 378 75 1,396 2,670 Balances with F.R. Balances with F.R. Banks............................. 22,688 4,826 1,183 9,536 7,142 Banks........................... 22,253 4,655 1,137 9,403 7,058 Total reserves held.......... 27,347 5,216 1,257 10,982 9,891 Total reserves held.......... 26,771 5,034 1,212 10,799 9,727 Required........................ 27,091 5,195 1,255 10,961 9,680 Required................... 26,569 5,030 1,212 10,787 9,541 Excess.......................... 256 21 2 21 211 Excess..................... 202 4 12 186 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 □ MAY 1969 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1969 1969 1968 Apr. 30 Apr. 23 Apr. 16 Apr. 9 Apr. 2 Apr. 30 Mar. 31 Apr. 30 Assets Gold certificate account................................................. 10,023 10,024 10,024 10,025 10,025 10,023 10,025 10,128 Cash................................................................................. 204 204 205 205 212 204 219 424 Discounts and advances: Member bank borrowings......................................... 2,532 1 ,230 921 658 1 ,071 2,532 1,143 726 Other............................................................................ 15 Acceptances: Bought outright.................................................... 52 52 52 52 52 52 47 57 Held under repurchase agreements........................... 90 50 73 90 47 30 Federal agency obligations—Held under repurchase agreements............................................................... 79 63 79 25 12 U.S. Govt, securities: Bought outright: Bills. .................................................................. 18,152 17,883 16,847 17,533 17,583 18,152 17,583 16,663 Certificates—Special........................................... 627 519 Other................................................. Notes........................................................................ 30,046 30,046 30,046 30,046 30,046 30,046 30,046 27,246 Bonds....................................................................... 4,387 4,387 4,387 4,387 4,387 4,387 4,387 6,333 Total bought outright................................................ 52,585 52,316 51,907 52,485 52,016 52,585 52,016 50,242 Held under repurchase agreements........................... 528 262 528 389 265 Total U.S. Govt, securities............................................ 53,113 52,316 51,907 52,485 52,278 53,113 52,405 50,507 Total loans and securities.............................................. 55,866 53,648 52,880 53,195 53,537 55,866 53,667 51,347 Cash items in process of collection............................... ”9,878 ”9,682 ”10,818 ”8,735 ”8,260 ”9,878 7,959 7,239 Bank premises................................................................ 115 114 114 114 114 115 114 113 Other assets: Denominated in foreign currencies...................... I ,960 1,904 1,903 1,896 1 ,917 1 ,960 2,059 1,536 IMF gold deposited 1................................................ 233 232 232 231 231 233 231 245 All other................................................................... 657 616 583 545 522 657 502 566 Total assets...................................................................... ”78,936 1'76,424 ”76,759 ”74,946 ”74,818 ”78,936 74,776 71,598 Liabilities F.R. notes........................................................................ 43,448 43,482 43,694 43,802 43,485 43,448 43,324 40,968 Deposits: Member bank reserves............................................... ”24,344 ”22,174 ”22,353 ”21,739 ”22,082 ”24,344 21,568 21,221 U.S. Treasurer—General account............................. 950 749 7 7 400 950 783 1 ,035 Foreign........................................................................ 130 124 130 152 145 130 164 140 Other: IMF gold deposit1................................................. 233 232 232 231 231 233 231 245 AH other................................................................. 225 223 296 328 298 225 278 244 Total deposits.................................................................. ”25,882 ”23,502 ”23,018 ”22,457 ”23,156 ”25,882 23,024 22,885 Deferred availability cash items.,................................. 7,636 7,560 8,239 6,660 6,210 7,636 6,472 5,974 Other liabilities and accrued dividends......................... 443 410 399 429 427 443 433 356 Total liabilities................................................................ ”77,409 ”74,954 ”75,350 ”73,348 ”73,278 ”77,409 73,253 70,183 Capital accounts Capital paid in................................................................ 650 649 644 644 643 650 643 614 Surplus............................................................................. 630 630 630 630 630 630 630 598 Other capital accounts................................................... 247 191 135 324 267 247 250 203 Total liabilities and capital accounts............................ ”78,936 ”76,424 ”76,759 ”74,946 ”74,818 ”78,936 74,776 71,598 Contingent liability on acceptances purchased for foreign correspondents........................................... 125 127 125 122 122 125 122 118 U.S. Govt, securities held in custody for foreign account.................................................................... 8,546 8,387 J 8,425 8,458 8,270 8,546 8,012 8,763 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank)..................... 46,383 46,442 46,449 46,368 46,324 46,383 46,480 43,845 Collateral held againsf notes outstanding: Gold certificate account............................................. 3,522 3,522 3,522 3,522 3,522 3,522 3,522 5,604 Eligible paper.............................................................. U.S. Govt, securities.................................................. 45,020 45,020 44,970 44,970 44,970 45,020 44,970 39,606 Total collateral............................................................... 48,542 48,542 48,492 48,492 48,492 48,542 48,492 45,210 1 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
MAY 1969 □ FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON APRIL 30, 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................. 10,023 372 2,763 520 734 888 484 1,921 262 138 309 279 1,353 F.R. notes of other banks................... 748 57 225 46 59 56 110 41 17 10 14 22 91 Other cash........................................... 204 9 24 7 24 14 27 18 21 5 15 11 29 Discounts and advances: Secured by U.S. Govt, securities.... 1,728 162 225 47 99 117 90 347 138 32 84 121 266 Other................................................ 804 12 351 10 10 59 153 40 41 23 1 104 Acceptances: Bought outright............................... 52 52 Hekfunder repurchase agreements.. 90 90 Federal agency obligations—Held under repurchase agreements...... 79 79 U.S. Govt*securities: Bought outright............................ 52,585 2,781 13,137 2,705 4,066 3,927 2,803 8,616 1,807 1,047 2,003 2,215 7 478 Held under repurchase agreements.. 528 528 Total loans and securities................... 55,866 2,955 14,462 2,762 4,165 4,054 2,952 9,116 1 ,985 1,120 2,110 2,337 7 848 Cash items in process of collection... 12,407 773 2,307 894 841 905 1 ,132 1 ,872 551 431 941 686 1 074 Bank premises...................................... 115 3 10 2 5 ll 18 17 8 4 19 9 9 Other assets: Denominated in foreign currencies.. 1 ,960 94 1498 102 174 102 125 290 69 45 84 112 265 IMF gold deposited 2...................... 233 233 All other. . .*..................................... 657 34 163 36 52 50 35 103 22 13 30 27 92 Total assets........................................... 82,213 4,297 20,685 4,369 6,054 6,080 4,883 13,378 2,935 1,766 3,522 3,483 10 761 Liabilities F.R. notes............................................. 44,196 2,566 10,219 2,541 3,593 4,052 2,329 7,901 1 ,647 766 1,657 1,537 5 388 Deposits: Member bank reserves..................... 24,344 879 6,904 1 ,036 I ,556 1,110 1 ,434 3 ,666 780 588 967 1 ,272 4 152 U.S. Treasurer—General account.. 950 942 1 1 1 1 1 2 Foreign.............................................. 130 6 340 6 11 6 8 18 4 3 5 7 16 Other: IMF gold deposit ^...................... 233 233 AH other....................................... 225 ............ 182 1 ............8 2 4 1 3 2 2 20 Total deposits....................................... 25,882 886 8,301 1,043 1,568 1 ,125 1 ,445 3,689 786 594 974 1,281 4,190 Deferred availability cash items......... 10,165 749 1 ,648 685 725 788 991 1 ,488 436 363 811 565 916 Other liabilities and accrued dividends 443 22 123 22 32 31 23 70 14 10 16 17 63 Total liabilities..................................... 80,686 4,223 20,291 4,291 5,918 5,996 4,788 13,148 2,883 1,733 3,458 3,400 10,557 Capital accounts Capital paid in..................................... 650 31 168 33 59 33 42 96 22 15 28 37 86 Surplus.................................................. 630 31 160 33 56 33 40 93 22 14 27 36 85 Other capital accounts......................... 247 12 66 12 21 18 13 41 8 4 9 10 33 Total liabilities and capital accounts.. 82,213 4,297 20,685 4,369 6,054 6,080 4,883 13,378 2,935 1,766 3,522 3,483 10,761 Contingent liability on acceptances purchased for foreign correspond ents................................................ 125 6 432 7 11 7 8 18 4 3 5 7 17 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank.)............................................. 46,383 2,645 10,779 2,623 3,836 4,179 2,491 8,172 1,722 789 1,733 1,696 5,718 Collateral held against notes out standing: Gold certificate account.................. 3,522 200 500 300 560 600 .......1..,.0..00 180 27 ..........1..55 ............ Eligible paper................................... U.S. Govt, securities....................... 45,020 2,531 10,600 2,500 3,400 3,649 2,600 7,650 1 ,650 785 1,775 1,630 6,250 Total collateral.................................... 48,542 2,731 11,100 2,800 3,960 4,249 2,600 8,650 I ,830 812 1,775 1,785 6,250 i After deducting $1,462 million of participations of other Federal serve Banks. Reserve Banks, 4 After deducting $93 million of participations of other Federal Re 2 See note 2 to table at bottom of page A-73. serve Banks. 3 After deducting $90 million of participations of other Federal Re Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 14 OPEN MARKET ACCOUNT □ MAY 1969 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt, securities by maturity Total Treasury bills Others within 1 year 1-5 years Month Exch., c G h p r a u o s r s e s s G sa r l o e s s s Re ti d o e n m s p c G h p r a u o s r s e s s G sa r l o e s s s Re ti d o e n m s p c G h p r a u o s r s e s s G sa r l o e s s s m re s a d h o t e i u f r m r t s i p t , y c G h p r a u o s r s e s s G sa r l o e s s s m E s a h x t o i u c f r r h t s i . t y tions 1968—Mar............ 1,550 567 305 1,212 567 305 51 208 Apr,............ 1,761 982 167 1,651 982 617 58 41 May. 1,168 784 1,098 784 10 -3,566 41 -73 June........... 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 Oct............. 2,736 2,246 2,601 2,246 53 308 27 -308 Nov............. 3,602 3,430 150 3,602 3,430 150 -6,293 5,586 Dec.. 6,100 6,334 180 6,100 6,334 180 358 -358 1969—Jan.............. 4,011 4,590 231 4,011 4,590 231 Feb............. 1,234 I ,110 175 1,149 1,110 175 23 -8,479 33 6,095 Mar.. .. 386 65 381 217 65 381 49 574 73 -574 Outright transactions in U.S. Govt, securities—Continued Repurchase Bankers* agreements Federal acceptances (U.S. Govt, Net agency 5-10 years Over 10 years securities) change obliga Month in U.S. tions Under Net Govt, (net re Out repur change 1 Gross Exch. Gross Exch. Gross secur purchase right, chase ch p a u s r e s G sa r l o e s s s o tu r r m ity a ch p a u s r e s G sa r l o e s s s o t r u r m ity a ch p a u s r e s G sa r l o e s s s ities m ag e r n e t e s ) net a m g e r n e t e s , shifts shifts net 1968—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 Nov.... 708 980 980 21 2 23 Dec.. . , 1 ,369 1 ,369 -414 * -414 1969—-Jan....... 371 371 -810 -8 -818 Feb.. . . 24 2,384 6 2,517 2,318 148 20 40 209 Mar... . 26 20 2,044 1,854 130 5 -4 7 137 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) End of period Total P st o e u rl n in d g s B fr e a lg n i c a s n C d a o n l a l d ar ia s n D kr a o n n i e sh r F fr r a e n n c c s h G m e a rm rk a s n Ita li l r i e an Jap y a e n n ese g N u la e i n l t d h d e e s r r s f S r w an is c s s 1967—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 1 4 Mar............................... 1,542 1,197 50 253 1 33 2 2 4 Apr............................... 1,536 1,195 50 256 1 26 1 2 4 May.............................. 1,926 1,544 50 256 67 2 I 2 4 June.............................. 1'009 503 52 132 25 101 134 1 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 4 378 65 1 1 4 3 Nov............................... 2,211 1 443 Hl 4 571 75 1 1 4 3 Dec............................... 2,061 1 444 8 3 433 165 1 I 4 3 1969—Jan................................ 1,883 1,443 41 2 25 294 67 1 1 4 6 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 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 Apr. 30 Apr. 23 Apr. 16 Apr. 9 Apr. 2 Apr. 30 Mar. 31 Apr. 30 Discounts and advances—Total................................... 2,532 1,230 921 658 1,071 2,532 1,148 741 Within 15 days............................................................ 2,522 1 ,185 917 651 1,064 2,522 1,141 722 16 days to 90 days...................................................... 10 45 4 7 7 10 7 19 91 days to 1 year....................................................... Acceptances—Total....................................................... 142 102 52 52 125 142 94 87 Within 15 days............................................................ 106 61 9 8 80 106 53 41 16 days to 90 days...................................................... 36 41 43 44 45 36 41 46 91 days to 1 year.............................................. U.S. Government securities—Total.............................. 53,192 52,316 51,907 52,485 52,341 53,192 52,430 50,519 Within 15 days1.......................................................... 3,155 2,699 3,202 2,629 2,374 3,155 1 ,833 5,270 16 days to 90 days..................................................... 8,660 8,739 8,426 9,157 9,291 8,660 9,508 8,392 91 days to 1 year........................................................ 8,857 8,358 7,759 8,179 8,156 8,857 8,569 26,527 Over 1 year to 5 years................................................ 18,507 18,507 18,507 18,507 18,507 18,507 18,507 7,988 Over 5 years to 10 years............................................ 13,376 13,376 13,376 13,376 13,376 13,376 13,376 1,765 Over 10 years................................................. 637 637 637 637 637 637 637 577 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (billions of dollars) Period SM T 2 o 3 S t 3 a A l ’s N Le .Y ad . ing S 6 M o S th A e ’s rs2 T S o N ( M e ta . x S Y l c A l 2 . . ) 3 ’s 2 SM o 2 th S 26 e A r ’ s S T M 2 o 3 S t 3 a A l ’s N Le .Y ad . ing S 6 M o S th A e ’s rs2 T S o N ( M t e a . x Y S l c A l . 2 . ) 3 ’s 2 S O M 2 t 2 S h 6 e A r ’s 1968—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 11722.0 4^243.4 2,521.4 61,0 129.5 58.8 43.0 36.1 June............................. 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 21617.0 65.2 147.7 60.8 43.7 36.5 Sept... ....................... 8'368.4 3,'857.8 1,840.2 41510.6 2,670.4 64.7 144.7 61.3 43.8 36.7 Oct............................... 8^99.8 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 66.3 46.1 37.7 Feb............................... 8,832.8 3,929.8 2,047.4 4^903.0 2,855.6 67.8 145.4 67.8 47.4 39.1 Mar............................. 8,723.3 3,882.8 1,974,3 4^840.5 2,866.2 65.8 143.1 64.5 46.1 38.9 Apr.............................. 8,883.9 3,902.0 2,028.9 4,981.9 2^953.0 65.9 138.2 66.1 46.8 39.2 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. The data shown here differ from those shown in the Mar. 1965 Bulletin because they have been revised, as described in the Mar. 1967 Bulletin, p. 389. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 16 U.S. CURRENCY □ MAY 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...................... 11,160 8'120 751 695 44 1,355 2'731 2'545 3,044 724 1,433 261 556 24 46 1945..................... 28,515 20,683 1,274 1,039 73 2^313 6’782 9,201 7,834 2,327 4'220 454 801 7 24 1947...................... 28’868 20’,020 1'404 1,048 65 2,110 6’275 9’119 8*850 2'548 5'070 428 782 5 17 1950...................... 27,741 19’305 1'554 1,113 64 2,’049 5^998 8,529 8,438 2,'422 5,'043 368 588 4 12 1955...................... 31,158 22'021 1^927 1,312 75 2,151 6'617 9'940 9,136 2,736 5'641 307 438 3 12 1958...................... 32,193 22,856 2 J82 1’494 83 2 J86 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 1’588 92 2,313 6’878 10'935 9,531 2’869 6,106 242 300 3 10 1962..................... 35'338 25,356 2,782 1,636 97 2’, 375 7,071 11,395 9,983 2*990 6,448 240 293 3 10 1963..................... 37^692 26'807 3,030 1,722 103 2,469 7373 12,109 10^885 3^221 7,110 249 298 3 4 1964..................... 39^619 28 J00 3,405 1'806 lit 2^517 7'543 12'717 11'519 3,381 7,590 248 293 2 4 1965...................... 42'056 29’842 4,027 1,908 127 2'618 7,794 13'369 12’214 3,540 8'135 245 288 3 4 1966...................... 44'663 31'695 4^480 2,051 137 2,756 8,070 14,201 12,969 3’700 8,’735 241 286 3 4 1967...................... 47'226 33’468 4’918 2 035 136 2 850 8',366 15,162 13,758 3'915 9,311 240 285 3 4 1968—Mar.......... 46,297 32,664 5,049 1,857 136 2,676 8,094 14,85213,632 3,840 9,261 239 285 3 4 Apr............ 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 June.......... 47 ,’640 33 ,’745 5,309 1,860 136 2,728 8,287 15,424 13,895 3,932 9,430 240 286 3 4 July........... 47^979 33,963 5,385 1 ,871 136 2^720 8'261 15,590 14',015 3'971 9'511 240 286 3 4 Aug........... 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 34,161 5.498 1,872 136 2'732 8,269 15’654 14'179 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 Nov........... 49,989 35^489 5,625 1,957 136 2,862 8,627 16'282 14’,500 4,092 9’869 242 290 3 4 Dec............ 50,961 36,163 5,691 2'049 136 2,993 8,786 16'508 14,798 4,186 10,068 244 292 3 4 1969—Jan............. 48.983 34,401 5,673 1 907 1 36 2,779 8,257 15,650 14,582 4,090 9,951 244 291 3 4 Feb............ 48,996 34,421 5,603 1 ,895 136 2’784 8'318 15^685 14^576 4,080 9,955 243 291 4 4 Mar........... 49,475 34,792 5,645 1 ,909 136 2,806 8’383 15,915 14,682 4,102 10’023 244 291 3 19 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break Note.—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 Total out Held by standing As security For F.R. 1969 1968 Kind of currency Mar. 31, against F.R. Banks 1969 gold and Treasury Banks and silver cash and Agents Mar. Feb. Mar. certificates Agents 31 28 31 Gold................................................................................. 10,367 (10,025) 2342 Gold certificates...................................................... (10,025) 310,023 1 Federal Reserve notes.................................................... 46,480 104 3,158 43,218 42,782 40,569 Treasury currency—Total.............................................. 6,713 238 219 6,256 6,214 5,729 Standard silver dollars............................................... 485 .................. 3 .................. 482 482 482 Silver certificates......................................................... 298 Fractional coin.......................................................... 5,599 220 217 5,163 5,121 4,567 United States notes.................................................... 323 15 3 305 304 297 In process of retirement1........................................... 307 1 306 307 85 Total—Mar. 31, 1969.....5..6..3..,.5..6..0..........(.1..0..,.0..2..5..)............... 684 10,023 3,379 49,475 Feb. 28, 1969.....5..6..3..,.4..3..6..........(.1..0....0..2..5..).. 725 10,024 3,691 48,996 Mar. 31, 1968..................................................... 560,643 (10,433) 1,084 10,130 3,131 46,297 1 Outside Treasury and F.R. Banks. Includes any paper currency held s 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 $231 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 * 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
MAY 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 n e c n y t . co D d m e e m p p o o a s n n i e t d n t jus a t d ed 1 Total c C om ur p re o n n c e y n t co D d m e e m p p o o a s n n i e t d n t jus a t d ed 1 d d e e p m os a i n ts d 1 1965—Dec................................................... 166 8 36 3 130 5 146.6 172.0 37.1 134.9 145 2 4 6 1966—Dec................................................... 170 4 383 132.1 158.1 175 8 39 I 136 7 156*9 3 4 1967—Dec................................................... 181 3 40 4 140 9 183 5 187 I 41 2 145 9 182 0 5 0 1968 Apr................................................... 184.3 41.4 143.0 187.1 185.6 41.1 144.5 187 9 4 2 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 1 88 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 7 Dec................................................... 193.1 43 4 1 49.6 204. 3 199.2 44 3 154.9 202 5 4 8 1969—Jan.................................................... 193.7 43.6 150.1 202.5 199.5 43 5 155.9 202 1 4 7 Feb................................................... 193 8 43 9 (49.9 201.0 192.4 43 4 149.0 201 6 6 6 Mar................................................. 194 0 44 2 149.8 201.0 192.6 43 8 1 48.8 202 0 45 AnrP................................................ 195.8 44.3 151.5 200.8 196. 8 43.9 152.9 201 6 5'1 Week ending 1969—Mar. 5........................................... 193.8 43.8 149.9 200.7 192.4 43 6 148 8 201 7 5 0 12........................................... 193 6 44 1 149.5 200.9 192.7 43 9 148 8 202 0 4 0 19........................................... 194 0 44 2 149 9 200. 7 193 3 43 8 149 4 201 9 4 4 26........................................... 194.6 44 3 150 3 200.9 19i 4 43 6 147 9 201 9 5 6 Apr. 2........................................... 195 2 44 3 150.8 201.1 194 0 43 7 150.2 202 3 3 5 9........................................... 197 9 44. 4 153 5 201.2 198.5 44 4 154,1 202 2 3 6 16........................................... (96.4 44. 2 (52 1 200.9 199 4 44 0 155 4 201 7 3 2 23........................................... 194 6 44 3 150 3 200.6 196.0 43 7 152.2 201 2 6 5 30»......................................... 193.6 44.2 149.4 200.3 193.2 43.5 149.7 201.1 7.7 1 At all commercial banks. mercial banks and the U.S. Govt., less cash items in process of collection and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) cur l l p e e p t t . N i i n n o 1 , , t 3 p e 0 p . p 3 — p - . . 1 'F 6 A 6 . o - 7 r 9 9 2 - r — 8 e 9 v A ; i s - e a 9 d n 7 d . s e F f r o o ie r r s d m b a o e ta g n i t n h fo n ly r in g d 1 9 a 5 J ta a 9 n -6 . 1 2 9 . 1 4 s 9 7 e 6 - e 5 3 8 , A , s u s e g e e e . J 1 J u 9 u n 6 n e 7 e 1 B 1 9 9 u 6 6 8 l 4 l e B B t u u in l l , b r b e a a n n n c k k y s s . o o u t T t h s i e i m d r e e t h t d h a e e n p T o t s h r i e o t a s s s e u a r d d y j u , u e s F te . t R d o . d a B o re a m n e k t s i s m t , i c e a n c d d o e m p v o m a s u e i l t r t s c s i a a o l t f b a a a l l l n l k c c s o o m m a m m nd e e r r c c t i h i a a e l l U.S. Govt. Effective June 9, 1966, balances accumulated for payment of Averages of daily figures. Money supply consists of (I) 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 Deposits subject to Member bank reserves1 Deposits subject to reserve requirements 2 reserve requirements2 Period Total r N o b w o o r n e d qu R ir e e d Total sa a T v n i i d m n g e s d v P e a m r t i e a nd d G e U m o .S v a . t n , d Total r N o b w o o r n e d qu R ir e e d Total sa T a v i n m in d e g s de v P m a r a t i e n d d G e U m o .S v an 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—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 26.77 299.7 163.8 131.8 4.1 1969—Jan........ 27.19 26.44 27.01 295.1 163.2 126.6 5.3 28.06 27.37 27.85 299.0 162.7 132.1 4.2 Feb....... 27.21 26.39 27.01 294.8 161.0 127.2 6.7 27.29 26.47 27.06 293.9 161.8 126.2 5.9 Mar. . . . 27.04 26. 11 26.80 292.3 160.5 126.9 4.8 26.71 25.80 26.53 291.4 161.6 125.9 3.9 Apr.p... 26.85 25.85 26.64 293.6 160. 1 127.6 5.9 27.05 26.06 26.92 294.2 160.9 128.7 4.6 1 Averages of daily figures. Data reflect percentage reserve requirements and demand balances due from domestic commercial banks. Effective June made effective Jan. 18, 1968. For comparability with past data, Sept, 9, 1966, balances accumulated for repayment of personal loans were elim figures reflect required reserves based on current deposits, the method of inated from time deposits for reserve purposes. Jan. 1969 data are not calculating required reserves that was in effect prior to Sept. 12. Under comparable with earlier data due to the withdrawal from the system on the revised Regulation D, required reserves henceforth will be based Jan. 2, 1969, of a large member bank. on average deposits with a 2-week lag. 2 Averages of daily figures. Deposits subject to reserve requirements in Note.—Back data for the period 1947 to date may be obtained from clude total time and savings deposits and net demand deposits as defined the Banking Section, Division of Research and Statistics, Board of Gover by Regulation D. Private demand deposits include all demand deposits ex nors of the Federal Reserve System, Washington, D.C. 20551. cept those due to the U.S. Govt., less cash items in process of collection Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 18 BANKS AND THE MONETARY SYSTEM □ MAY 1969 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net— Treas Total Date ury U.S. Government securities liabil Capital cur ities Total and Gold rency Other and deposits mi sc. st o i a n u n g t d Total n L e o t a 1 n , s , 2 Total s C a a v o n i m n d g l. s R F B e e a d s n e e k r r v a s e l Other3 r s i e ti c e u s 2 cap n i e t t al, cur a r n e d n cy co n a u e c n t ts, banks 1947—Dec. 31................... 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3 328 10 723 188,148 175,348 12,800 (950—Dec. 30................... 22,706 4336 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—Apr. 24.................. 10,500 6,800 469,900 282,300 114,400 64,100 49,300 1,000 73,200 487,100 440,800 46,400 May 29............... . 10^00 6,800 472,400 283,100 116’300 64 ,'700 50,500 1 '100 72,900 489,500 441,300 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 52 300 800 74,400 501,700 451,700 50,000 Aug. 28.................. 10,400 6^700 485,500 291,100 118’400 65,700 52 300 100 76,000 502,600 451,700 50,900 Sept. 25.................... 10,400 6'700 492’500 295’700 119’100 66,700 52’400 100 77 700 509,600 458,100 51,500 Oct. 30.................... 10,400 6,800 498’100 296,800 122,400 68,800 53 600 100 78,900 515,300 464,200 51,100 Nov. 27.................... 10,400 6,800 500,100 300,400 120^000 66,700 53 300 100 79,700 517,300 466,300 50,900 Dec. 31................... 10,367 6,’795 514,427 311 334 121’273 68 285 52’937 51 81 820 531,589 484,212 47,379 1969—Jan. 29 ^’................ 10,400 6,800 504,800 304,300 119,500 67,100 52,300 100 81 000 522,000 469,900 52,100 10’400 6,800 503,000 306’000 115,500 63 500 51 ’900 100 81 500 520,200 466,800 53,300 10,400 6,800 504’100 307 300 114,600 62,500 52 000 100 82,300 521,300 466,300 54,900 Apr. 30^................. 10300 6,800 510300 312,200 114,900 61’800 53 J00 100 83,100 527,300 471,900 55,400 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 C u e a t n u n s c i r k d y s e d ju e m s D p a t a o d e e n s d d i t s 5 Total o b r u C e a t n n u s c i k r d y s e d ju e m s D p a t a o d e e n s d d i t s 5 Total b m C a e n o r k c m s ia l 1 b M sa a v n u i k t n u s g a s l 6 S P t a S e o v y m s i s t n a 3 g l s e n F i e g o t n r , 7 T h c i u r n o a e r g s l a y d h s s s b a c a v a o A n n i r n a 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 1 ,123 1968—Apr. 24 . .. 182,400 40,400 142,000 182,400 40,000 142,400 249,300 187,600 61 ,700 2,000 1,100 4,400 1,600 May 29 . .. 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 ,’doo June 29,... 186,700 40,800 145,900 186,562 42,261 144^01 251i913 189;144 62,769 2,154 '838 5 ,298 1 074 July 31 . .. 186,800 41,300 145,500 186,600 4^400 145,200 254; 800 192,100 62,700 2:200 800 6; 100 i ;ioo 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 J 000 Sept. 25. . .. 186,600 41,400 145,200 185^00 41,500 143,900 259,900 196,400 63^00 2; 100 800 8^00 1 '000 Oct. 30. . . . 188,400 41,600 146,800 190,100 41,800 148,300 263,700 200,000 63,700 2,100 800 6,400 1 ’200 Nov. 27. . .. 190,800 42,300 148,500 193^00 43,500 150,300 265:400 201;500 63,900 2^00 800 3,600 ’400 Dec. 31.... 199,600 42,600 157’000 207,347 43,527 163,820 267,627 202,786 64,841 2,455 695 5 385 703 1969—Jan. 29r'<. 190,100 42,800 147,300 192,500 42,200 150,400 266,000 201,200 64,900 2,200 800 7,900 500 Feb. 26 r”.. 191,300 42;800 148,500 190,500 42,300 148', 100 266:700 201,600 65,200 2,100 800 6 200 600 Mar. 26 rP.. 193,500 43;200 150,300 lOOJOO 42^00 147 ,'900 267^00 201;soo 65;900 2:100 700 4,600 500 Apr. 30^. .. 192,000 43,300 148,700 192,000 42,900 149,100 266,600 200;700 65,900 ......2..,.3..0.0 700 9,400 1,000 1 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 $4 00 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
MAY 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 Cla a s n s d o d f a b te ank Total Lo 1 a . n 2 s G U o . v S t . . Other a C ss a e s t h s 3 c b c o a i a l a l u p i n i c t a n i i d t e - t a s s l 4 Total3 m D a e n d Time U.S D . e mand Time B r i o n o w g r s c c T a o a o p u c t i n a t t a l s l b N a b o u n e m f k r s Other Govt. All banks: 1941—Dec. 31 61,126 26,615 25,511 8,99927,344 90,908 81,816 10,982 44 355 26,479 23 8,414 14,826 1945—Dec. 31 140,227 30,361 101,288 8,57735,415 177,332 165,612 14,065 105,935 45,613 227 10,542 14,553 1947—Dec. 316. 134,924 43,002 81,199 10,723 38,388 175,091 161,865 12,793 240 1,346 94,381 53,105 6611,948 14,714 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—Apr. 24, 427,760 290,460 64,140 73,160 64,740 506,710438,830 17,340 1 ,230 4,040 166,630249,590 8,93039,870 14,215 May 29. 429,790 292,180 64,69072,920 65,980 509,920439,590 17,340 1,100 5,060165,260250,830 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 70,540 526,100454,140 19,170 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 4,970 168,800258,190 11,13041,030 14,216 Sept. 25 450,040 305,710 66,680 77,650 70,840 535,690459,990 19,250 1 ,410 8,540 170,580260,210 11,66041,280 14,209 Oct. 30 455,630 307,930 68,760 78,940 72,690 543,410467,330 19,690 1,330 6,070 176,220264,02011,67041,590 14,205 Nov. 27 458,600 312,210 66,730 79,660 77,600 551,410472,83020,500 1 ,260 3,250 182,100265,720 13,02041,770 14,187 Dec. 470,167 320,062 68,285 81,82084,748 571,805 498,94524,747 1 ,213 5,017 199,973 267,995 8,97242,275 14,179 1969—Jan. 464,280 316,140 67,110 81,030 72,680552,490472,730 19,350 1 ,080 7,540 178,370266,390 12,83042,160 14,172 Feb. 26r? 463,440 318,480 63,460 81,500 72,480552,830469,810 19,550 1 ,010 5,830 176,330267,090 13,01042,530 14,172 Mar. 26r?. 465,300 320,540 62,500 82,260 72,990555,460469,630 19,910 990 4,250 176,440268,040 14,36042,720 14,176 Apr. 30?. , 470,050325,240 61,760 83,05082,460570,040482,05021,230 950 9,000 183,970266,900 15,78043,130 14,176 Commercial banks: 1941—Dec. 31 50,746 21,714 21,808 7,22526,551 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. 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 62,473 61,47777,928451,012395,00821 ,883 1,314 5,234184,066182,511 5,11134,384 13,722 1968—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. 373,480 248,370 60,530 64,580 69,610 456,670391,330 19,170 1 ,310 5,800 172,610 192,44010,15035,740 13,717 Aug. 28. 375,550 248,050 61,480 66,02067,020 455,820388,280 18,020 1,350 4,970168,720 195,220 11,13035,850 13,714 Sept. 25 382,080 251,920 62,540 67,620 69,850 465,490396,410 19,250 1 ,410 8,540 170,480 196,730 11,66036,090 13,707 Oct. 30 387,450 253,860 64,760 68,830 71 ,780 473,100403,580 19,690 1 ,330 6,070 176,120200,370 11,67036,400 13,703 Nov. 27 390,010 257,730 62,820 69,460 76,690 480,640408,83020,500 1 ,260 3,250 182,000201,820 13,02036,510 13,687 Dec. 3! 401,262265,259 64,46671,537 83,752500,657434,02324,747 1 ,211 5,010 199,901 203,154 8,89937,006 13,679 1969—Jan. 29r? 394,820261,130 63,(5070,54071,850480,940407,780 19,350 1 ,080 7,540178,270201,540 12,83036,870 13,673 Feb. 26 n> 393,470263,120 59,47070,88071 ,590 480,700404,520 19,550 1 ,010 5,830 176,230201,900 13,01037,180 13,673 Mar. 26r" 394,900264,970 58,51071,42072,090482,870403,670 19,910 990 4,250 176,360202,160 14,36037,360 13,677 Apr. 30?. 399,550269,710 57,87071,97081,610497,400416,11021,230 950 9,000 183,890201,040 15,78037,800 13,677 Member banks: 1941—Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31 107,183 22,775 78,338 6,07029,845 138,304 129,670 13,576 6422,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31 97,846 32,628 57,914 7,30432,845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 8,464 6,923 1967—Dec. 30 293,120 196,849 46,95649,315 68,946373,584326,03320,811 1,169 4,631 151,980 147,442 5,37028,098 6,071 1968—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 4,282 135,242 151,325 9,07328,706 6,041 June 29 297,630 203,016 43,361 51,253 67,130 376,904322,990 19,644 934 4,126 146,470 151 ,816 7,68429,139 6,039 July 31, 303,009 206,378 45,057 51,574 61,854 376,785 320,310 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 59,497 375,766317,186 17,088 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 63,275 389,598329,287 18,673 1,169 5,226 143,684 ’60,535 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 61,95412,45029,739 5,990 Dec. 31 325,086220,285 47,881 56,92073,756412,541 355,41423,519 1 ,061 4,309 163,920 162,605 8,45830,060 5,978 1969—Jan. 29. 319,249216,806 46,46455,97963,826395,585 332,284 18,402 927 6,556 145,546 160,853 12,00029,966 5,972 Feb. 26. 317,925 218,407 43,387 56,131 63,247 394,742329,130 18,593 860 4,907 144,065 160,705 12,17930,190 5,967 Mar. 26., 3(8,742 219,595 42,70956,43863,749396,209327,685 18,950 842 3,374143,989 160,530 13,63630,342 5,962 Apr. 30?, 322,920223,609 42,37256,93972,398409,340339,06220,260 796 7,981 150,719 159,306 14,88830.699 5,978 Mutual savings banks: 1941—Dec. 31 . 10,379 4,901 3,704 1,774 793 11,804 10,533 1 10,527 1,241 548 1945—Dec. 31 . 16,208 4,279 10,682 1,246 609 17,020 15,385 F 15,371 7 1,592 542 1947—Dec. 31« 18,641 4,944 11,978 1,718 886 19,714 17,763 1 3 14 17,745 1,889 533 1967—Dec. 30. 64,231 51,590 4,280 8,362 996 66,362 60,494 .......... 1 7 73 60,414 69 4^87 501 1968—Apr. 24. 66,100 52,470 4,300 9,330 870 68,160 61,750 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 62,769 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 5,260 500 Dec. 31 r, 68,905 54,803 3,819 10,283 996 71,148 64,922 2 7 72 64,841 73 5,269 500 1969—Jan. 29 F 69,460 55,010 3,960 10.490 830 71,550 64,950 100 64,850 5,290 499 Feb. 26. 69,970 55,360 3,990 10,620 890 72,130 65,290 100 65'190 5,350 499 Mar. 26r. 70,400 55,570 3,990 10,840 900 72,590 65,960 80 65’880 5’360 499 Apr. 30? 70,500 55,530 3,890 11,080 850 72,640 65,940 80 65 i860 5,330 499 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 □ MAY 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 te ank Total Lo 1 a > n 2 s G U o .S vt . . Other a C ss a e s t h s 3 c b a i a l a l p i n i c a t i d i t e a s l Total3 m D a e n d Time Demand Time1 r B i o n o w g r s c c T a o a o p u c t i n a ta t l s l b N a b o u n e f m r k s counts4 U.S. Other 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 (947—Dec. 31................. 20,393 7 J79 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—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 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 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 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’,48 8 6,607 7,787 16,975 75,530 56,825 6,757 660 I ,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 20,812 3,914 6,129 12 Dec. 31 r................ 57,047 42,968 5,984 8,094 19,948 81,364 63,900 8,964 622 888 33,351 20,076 2,733 6,137 12 1969—Jan. 29................. 55,692 42,544 5 ,560 7,588 18,452 78,065 58,225 7,401 501 1,873 29,314 19,136 3,278 6,119 12 Feb 26.................. 54 596 42 652 4,495 7,449 17,659 76,545 56,323 7,123 469 924 29,340 18,467 3,299 6,156 12 Mar. 26.................. 53 942 41 875 4,574 7,493 18,680 76,776 55,046 7,588 442 356 28,746 17,914 4,010 6,153 12 55,607 43^37 4,616 7,75422,610 82,395 59,841 8,788 419 2,080 31 ,513 17,041 4,267 6,240 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 1,217 72 4,201 913 426 14 1967—Dec. 30................. 12,744 9^223 1,574 1,947 2,947 16,296 13,985 I ,434 21 267 6,250 6,013 383 1,346 10 1968—Apr. 24.................. 12,729 9,041 1,879 1,809 2,606 15,959 12,407 1,185 9 134 5,401 5,678 835 1,337 9 12,534 8,950 1 ,730 1 ,854 2,968 16,143 12,425 1,139 8 169 5,479 5,630 826 1,346 9 12’848 9 248 1 ,762 1 ,838 2,647 16,168 12,701 1 ,220 20 93 5,768 5,600 811 I ,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 13 473 6:381 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 1,223 181 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 r............... 14,274 10,286 I ,863 2,125 3,008 18,099 14,526 1 ,535 21 257 6,542 6,171 682 1 ,433 9 1969—Jan. 29................. 13 935 10 189 1 ,647 2,099 2,932 17,589 13,376 1,165 18 569 5,722 5,902 885 1,424 9 Feb 26.................. 13 802 10 030 I ,558 2,214 3,128 17,685 13,144 1 ,246 17 238 5,826 5,817 1 ,130 1 ,431 9 14*146 16’313 1 ,634 2,199 2,768 17,696 12,789 1 ,267 92 5,775 5,638 1 ,418 1 ,435 9 14,004 10,218 1 ,592 2,194 2,835 17,635 13,201 1,170 17 615 5,901 5,498 1 ,319 1 ,460 9 Other reserve city:7*8 1941—Dec. 31.................. 15 347 7 105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31................. 40 108 MM 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 2,844 353 1967—bee. 30................. 105 724 73 571 14,667 17,48726,867 136,626 120,485 9,374 310 1,715 53,288 55,798 2,555 10,032 163 1968—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 13,496 18,31221,950 132,720 113,758 321 1 ,587 46,851 57,688 4,407 10,223 163 107 654 76*213 13,083 18,358 24,528 136,603 118,123 8,131 300 I ,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 13,972 19,108 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 48,126 60,324 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.................. 115:627 80 382 14,291 20,354 25,803 145,322 123,321 8,458 353 799 51,832 61,879 6,441 10,572 161 Dec. 31 r................ 119^06 83 634 15,036 20,337 28,136 151,957 132,305 10,181 307 I ,884 57,44962,484 4,239 10,684 161 1969—Jan. 29.................. 116,456 82,141 14,16720,148 23,463 144,460 122,369 7,651 306 2,348 50,142 61,922 6,179 10,743 161 Feb, 26.................. 116,211 83’065 13,151 19,995 23,142 143,969 121,555 8,024 272 2,079 49,549 61,631 6,085 10,773 161 Mar. 26.................. 116'128 83:534 12,738 19,856 23,094 143,928 120,639 7,885 281 1 ,338 49,751 61,384 6,763 10,878 161 117,795 84,932 12,857 20,00625,890 148,544 124,498 8,062 249 3,457 51,735 60,995 7,522 10,982 161 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 2,525 6,476 1947—Dec. 31.................. 36I324 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—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.................. 124^25 76^90 24,338 23,697 17,924 145,493 129,448 1,989 96 1,777 56,406 69,180 1,254 11,193 5,857 June 29.............. 125j767 78;oi1 23,469 24,287 19,321 148,588 132,837 2,258 102 1,811 59,183 69,483 870 11,403 5,855 July 31.................. 126^699 78/75 23,843 24,081 18,521 148,460 132,772 2,145 96 1,744 58,508 70,279 772 11,302 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 J 87 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 60,167 72,762 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 1,142 11,622 5,808 Dec. 31 r.......... 134,759 83J97 24,99826,36422,664161,122 144,682 2,839 I ,281 66,578 73,873 804 11,807 5,796 1969—Jan. 29.................. 133,166 81,932 25,09026,144 18,979 155,471 138,314 2,185 102 1 ,766 60,368 73,893 1 ,658 11,680 5,790 Feb. 26.................. 133’316 82:660 24,18326,473 19,318 156,543 138,108 2,200 102 I ,666 59,350 74,790 1 ,665 11 ,830 5,785 Mar. 26.................. 134^526 83,873 23,76326,890 19,207 157,809 139,211 2,210 102 1 ,588 59,717 75,594 1 ,445 11,876 5,780 Apr. 30'’................ 135,514 85,222 23,30726,985 21,063 160,766 141 ,522 2,240 I ,829 61 ,57075,772 1 ,780 12,017 5,796 For notes see p. A-22. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 1969 □ COMMERCIAL AND MUTUAL SAVINGS BANKS A 21 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— b c C a a l n l a l k s d s a a o n te f d Total L 1 o . a 2 ns G U o S . v S e t c . . uri O tie t s h 2 er as C s a e s ts h 3 c c b o T a i u a l a l o p i i n n c a t t i d i a t t e a s l s l 4 Total 3 m I D n a e t n e d rba T n i k m 3 e U. D S. e ma O O n t t d h h e e r r Ti 1 m .5 e r B i o n o w g r s c c T a o a o p u c t i n a t a t l s l N ba b o u n e f m k r s Govt. Insured commercial; 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10, 554 1,762 41,298 15,699 10 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 29,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 9,734 13,398 1965—Dec. 31.. 303,593 200,109 59,12044,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146,084 4,325 29,827 13,540 1967—Dec. 30.. 358,536235,502 62,09460,941 77,348 448,878 394,118 21,598 1,258 5,219 182,984 183,060 5,531 33,916 13,510 1968—June 29.. 365,955 243,993 58,18963,772 74,686 454,398 392,801 20,337 1 ,019 4,951 176,569 189,926 7,913 35,26913,512 1968—Dec. 31.. 399,566 264,600 64,02870,938 83,061 498,071 432,71224,427 1,155 5,000 198,535 203,602 8,675 36,530 13,481 National member: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 1,088 23,262 8,322 4 3,640 5,117 1945—Dec. 31.. 69,312 13,925 51,250 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 32,347 25,720 36,880 219,744 193,860 12,064 458 3,284 92,533 85,522 2,627 17,434 4,815 1967—Dec. 30.. 208,971 139,315 34,308 35,348 46,634 263,375 231,374 13,877 652 3,142 106,019 107,684 3,478 19,730 4,758 1968—June 29.. 212,344 143,802 31,62736,915 44,788 265,497 229,028 12,383 561 2,821 102,093 111.170 5,09720,503 4,742 1968—Dec. 31.. 236,130 159,257 35,30041 ,572 50,953 296,594 257,884 15,117 657 3,090 116,421 122,597 5,923 21 ,524 4,716 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 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 11,73414,338 22,342 112,352 94,908 7,261 373 1,306 44,37741,591 2,586 8,636 1,297 1968—Dec. 31.. 89,894 61,965 12,581 15,348 22,803 116,885 98,467 8,402 404 1 ,219 47,498 40,945 2,535 8,536 1 ,262 Insured nonmember commercial: 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 1967—Dec. 30.. 64,449 37,675 15,146 11,629 8,403 74,328 67,107 786 89 588 31,00434,640 162 5,830 7,440 1968—June 29.. 67,390 40,033 14,83612,521 7,557 76,561 68,866 693 85 824 30,09937,164 230 6,142 7,474 1968—Dec. 31.. 73,553 43,378 16,155 14,020 9,305 84,605 76,368 908 94 691 34,615 40,060 217 6,482 7,504 Noninsured nonmem ber commercial: 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 <. 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 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 1968—Dec. 31.. 2,901 1,875 429 597 691 3,789 2,519 319 56 10 1 ,366 767 224 464 197 Nonmember commercial: 1941—Dec. 31.. 7,233 3,696 2,270 1,266 3,431 10,992 9,573 4.57 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 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 1968—Dec. 31.. 76,454 45,253, 16,585 14,617 9,997 88,394 78,887 1,227 150 701 35,981 40,827 441 6,945 7,701 For notes see p. A-22. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 22 COMMERCIAL AND MUTUAL SAVINGS BANKS □ MAY 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 Num b c C a a l n l a l k s d s a a o n te f d Total Loans G U o .S vt . . Oth 2 er as C s a e s ts h 3 c c b o a i a u l a l p i n i n c a t i d i t t - e s a s l 4 Total 3 m D a e n d Time U.S D . ema O n t d her T L im 5 e r B i o n o w g r s - c c T a o a o p u c t i n t a a t l s l b b a o n e f r k s Govt. Insured mutual savings: 1941—Dec. 31.. 1,693 642 629 421 151 1,958 1.789 1,789 164 52 1945—Dec. 31.. 10,846 3,081 7,160 606 429 11’424 10,363 12 10'351 1 1,034 192 1947—Dec. 31.. 12,683 3,560 8,165 958 675 13',499 12,207 1 2 1212,192 1,252 194 1965—Dec. 31.. 48,735 39,964 3,760 5,010 904 50,500 45,887 1 7 35945,520 91 3,957 329 1967—Dec. 30.. 55,936 45*489 3’111 7,336 881 57,863 52,910 1 6 42952*474 68 4,237 331 1968—June 29.. 58,178 46,813 3,039 8 325 833 60,128 54,991 1 6 49254,491 65 4,349 331 1968—Dec. 31.. 60^088 48,286 2,855 8,948 883 62,121 56,859 2 6 48456,367 71 4381 333 Noninsured mutual savings: 1941—Dec. 31.. 8,687 4,259 3,075 1,353 642 9,846 8,744 6 8,738 1,077 496 1945—Dec. 31.. 5,361 1,198 3,522 641 180 5,596 5,022 2 5,020 6 558 350 1947—Dec. 316 5^57 1,384 3^13 760 211 6,215 5,556 1 2 5^53 637 339 1965—Dec. 31.. 7,526 5,325 1,710 491 113 7,720 6,874 1 8 6,865 1 706 177 1967—Dec. 30.. 8,295 6 J00 1,169 1 026 115 8 399 7,584 1 20 7,563 1 749 170 1968—June 29.. 8,677 6,283 1,166 1 ’228 126 8,901 7; 879 1 41 7,838 762 170 1968—Dec. 31.. 8,817 6,518 964 1*335 113 9,027 8,062 1 21 8,041 2 788 167 t See table ^Deposits Accumulated at Commercial Banks for Payment 8 Beginning with May 13, 1965, Toledo, Ohio, reserve city banks with of Personal Loans” 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 included Note.—Data are for all commercial and mutual savings banks in the in “Federal funds sold, etc,,” 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 include 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
MAY 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 Loans 1,2 Total 1,2 Loans1,2 U.S. Other2 U.S. Other2 Govt. Govt. 1959—Dec. 31................................................................ 185.9 107.8 57,7 20.5 189.5 110.0 58.9 20,5 I960—Dec. 31................................................................ 194.5 113.8 59.8 20.8 198.5 116.7 61.0 20.9 1961—Dec. 30................................................................ 209.6 120.4 65.3 23.9 214.4 123.9 66.6 23.9 1962—Dec 31............................................................. 227.9 134.0 64.6 29.2 233.6 137.9 66.4 29.3 1963—Dec. 31................................................................ 246.2 149.6 61,7 35.0 252.4 153.9 63,4 35.1 1964—Dec. 31................................................................ 267.2 167,7 60,7 38.7 273.9 172.1 63.0 38.8 1965—Dec. 31................................................................ 294.4 192.6 57.1 44.8 301.8 197.4 59.5 44.9 196$—Dec. 31................................................................ 310.5 208.2 53.6 48.7 317.9 213.0 56.2 48.8 1967—Dec. 30............................................................... 346.5 225.4 59.7 61.4 354.5 230.5 62.5 61.5 1968 Apr. 24................................................................ 355.2 231,4 60,3 63.4 354.7 231.0 59.8 63,8 May 29............................................................... 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 64.6 370.4 241.1 63.9 65.5 367.9 240.4 61.5 66.0 374.6 243.6 64.0 67.0 374.4 244.2 62.5 67.6 Oct. 30r............................................................ 379.4 246.7 64.2 68.5 379.3 245.7 64.8 68.8 Nov. 27 r.............................................................. 381,6 250.4 61.0 70.2 381.1 248.8 62.8 69.5 Dec. 31 r.............................................................. 384.6 251.6 61.5 71.5 393.4 257.4 64.5 71.5 1969—Jan. 29r.............................................................. 385.9 253.7 60.8 71.4 385.0 251.3 63.2 70.5 Feb. 26r.............................................................. 387.9 258.4 58. 1 71.5 384.1 253.7 59.5 70.9 Mar. 26 r.............................................................. 386.8 257.5 57.4 71.9 385.6 255.7 58.5 71.4 Apr. 30*3.............................................................. 389.9 260.6 57.6 71.7 390.7 260.8 57.9 72.0 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, Dec. 30, June 29, Dec. 31, Class of bank Dec. 31, Dec. 30, June 29, Dec. 31, 1966 1967 1968 1968 1966 1967 1968 1968 All commercial......................... 1,223 1.283 1,235 1,216 All member (cont. Insured................................... 1,223 1,283 1,235 1,216 Other reserve ci y.............. 370 362 347 332 National member............ 729 747 744 730 Countrv....... 571 617 598 605 State member........................ 212 232 201 207 All nonmember..........2..8..3........ 304 290 278 A11 member............................... 941 979 945 937 Insured ................................ 282 304 290 278 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, IPC” 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 □ MAY 1969 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments purc F h o a r s ing To U.S. Government Total Fed or carrying financial securities 6 b C a l n a k s s a o nd f lo a a n n d s 1 fu er n a d l s C m o e m r Agri- securities institutions Real Ot t h o e r S a t n a d te Other call date invest sold, Total cial cul- es in Other 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 h o er s Banks Others uals3 Total ce a r n t d if i Notes Bonds rities deal cates ers Total: J 1947—Dec. 31.. 116,284 38,057 18,167 1,660 830 1,220 115 9,393 5,723 94769,221 9,982 6,03453,205 5,276 3,729 1965—Dec. 31..306,060 2,iO3 199,55571,437 8,2125,2583,231 2,15f 13,291 49,30045,468 5,21559,547 n.a. n.a. n.a. 38,6556,201 1967—Dec. 30..361,186 4,057 233,18088,443 9,2706,215 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 4,813 241,001 91,4279,9794,9503,731 1 ,944 12,19361,40954,221 5,97658,603 n.a. n.a. n.a. 52,635 11,742 1968—Dec. 31..402,477 6,747 259,72798,3579,7186,625 4,108 2,206 13,72965,137 58,337 6,72464,466 n.a. n.a. n.a. 58,570 12,967 All insured: 194!—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,3143,1643,606 49 4,677 2,361 1,13288,91221,526 16,04551,342 3,873 3,258 1947—Dec. 31.. 114,274 37,583 18,012 1,610 823 1,190 114 .......... 9,266 5,654 91467,941 9,676 5,918 52,347 5,129 3,621 1965—Dec. 31..303,593 2,064 198,045 70,887 8,191 5,088 3,172 2,093 13,14849,02645,2905,15559,120 13,134 13,233 33,85838,419 5,945 1967—Dec. 30.. 358,536 3,919231,583 87,8709,2506,017 3,719 1 ,848 12,39458,20951,395 5,60662,094 13,13418,62431,623 49,737 11,204 1968—June 29.. 365,955 4,655 239,33890,8739,9584,7233,668 1,881 12,02961,11254,0205,89358,189 7,003 22,49929,95652,355 11,417 1968—Dec. 31..399,566 6,526258,07497,741 9,7006,4094,063 2,144 13,621 64,80458,1426,65564,028 n.a. n.a. n.a. 58,288 12,650 Member, total 1941—Dec. 31.. 43,521 18,021 8,671 972 594 598 39 3,494 3,653 19,539 971 3,007 15,561 3,0902,871 1945—Dec. 31.. 107,183 22,775 8,949 855 3,133 3,378 47 3,455 1,900 1,05778,338 19,260 14,271 44,807 3,2542,815 1947—Dec. 31.. 97,846 32,628 16,962 1,046 811 1,065 113 .......... 7,130 4,662 83957,914 7,803 4,815 45,295 4,1993,105 1965—Dec. 31..251,577 1,861 167,93963,9795,0994,9152,714 2,008 12,47538,98836,418 4,83244,992 9,441 10,106 26,367 32,5884,198 1967—Dec. 30..294,098 3,438 194,38979,3445,7025,8203,099 1,754 11,58745,52840,4545,19046,956 9,633 13,657 24,61441,5207,795 1968—June 29..298,575 4,041 199,92081,9226,081 4,525 3,057 1,778 11,25947,69742,291 5,46443,361 4,415 16,294 23,621 43,3827,871 1968—Dec. 31..326,023 5,551 215,671 87,819 5,921 6,1743,379 2,012 12,79750,461 45,4046,18947,881 n.a. n.a . n.a.48,4238,498 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 1967—Dec. 30.. 52,141 415 38,64423,183 13 3,874 831 914 2,990 3,431 3,099 1,285 6,027 1,897 1,962 2,303 6,318 737 1968—June 29.. 51,361 556 38,988 24,042 192,976 796 1,015 3,118 3,495 3,197 1,309 5,046 847 1 ,860 2,555 6,034 736 1968—Dec. 31.. 57,047 747 42,22225,258 173,803 903 1,099 3,426 3,619 3,485 1 ,694 5,984 n.a. n.a. n.a. 7,233 861 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 1967—Dec. 30.. 12,744 266 8,958 5,714 46 459 220 162 951 675 754 241 1,574 427 344 853 1,487 459 1968—June 29.. 12,848 192 9,056 5,796 39 355 220 173 1,046 693 748 236 1,762 413 508 899 1,564 274 1968—Dec. 31.. 14,274 312 9,974 6,118 49 535 253 205 1,219 738 848 281 1,863 n.a. n.a. n.a. 1,810 315 Other reserve city: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 427 1,503 17 1,459 855 38729,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 .......... 3,147 1,969 35120,196 2,731 1,901 15,563 1,342 1,053 1965—Dec. 31.. 91,997 471 64,64624,784 1,206 954 1,108 635 5,820 15,056 14,305 1,99914,354 2,972 3,281 8,432 11,5041,022 1967—Dec. 30.. 106,086 1,219 72,713 30,609 1,311 881 1,143 578 5,446 16,96915,0472,14814,667 3,140 3,557 8,31215,3762,110 1968—June 29.. 108,001 1,422 75,13831,720 1,414 758 1,206 513 5,196 17,861 15,625 2,30413,083 966 4,329 8,105 16,177 2,180 1968—Dec. 31.. 119,339 2,197 81,769 34,632 1,362 1 ,116 1,254 588 6,005 18,939 16,9162,52015,036 n.a. n.a. n.a. 18,111 2,226 Country: 1941—Dec. 31.. 12,518 5,890 1,676 659 20 183 2 1,823 1,528 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31.. 35,002 5,596 1,484 648 42 471 4 1,881 707 35926,999 5,732 4,54416,722 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 1,98320,217 18,423 1,17723,735 4,389 5,565 14,098 13,805 2,483 1967—Dec. 30.. 123,127 1,538 74,07419,8394,332 607 906 100 2,20024,453 21,554 1,51624,689 4,168 7,793 13,147 18,3384,488 1968—June 29.. 126,365 1,871 76,738 20,363 4,610 436 835 77 1,89925,64722,721 1,61423,469 2,188 9,597 12,06219,6074,680 1968—Dec. 31.. 135,364 2,295 81 ,70621 ,811 4,493 720 969 119 2,147 27,16424,154 1,69424,998 n.a. n.a. n.a.21,2695,095 Nonmember: 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 2 2,266 1,061 10911,318 2,179 1,219 7,920 1,078 625 1965—Dec. 31.. 54,483 242 31,616 7,4583,113 343 516 151 817 10,312 9,050 38314,555 n.a. n.a. n.a. 6,067 2,003 1967—Dec. 30.. 67,087 618 38,791 9,0993,568 395 681 148 948 12,997 11,131 46915,516 n.a. n.a. n.a. 8,4863,676 1968—June 29.. 70,219 772 41,081 9,5063,898 425 674 166 935 13,712 11,929 51215,242 n.a. n.a. n.a. 9,2523,871 1968—Dec. 31.. 76,454 1,196 44,056 10,538 3,797 451 729 194 932 14,676 12,933 53516,585 n.a. n.a. n.a. 10,1474,469 1 Beginning with June 30, 1948, figures for various loan items are 4 Breakdowns of loan, investment, and deposit classifications are not shown gross (i.e., before deduction of valuation reserves); they do not available before 1947; summary figures for earlier dates appear in the add to the total and are not entirely comparable with prior figures. Total preceding table. loans continue to be shown net. 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
MAY 1969 □ COMMERCIAL BANKS A 25 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits Re Bal De b c C a a l n l a l k s d s a a o n te f d s B e w F a r . i v n R t e h k . s s r C c e a o n n u i c d n r y b m a w a d n e n o i c s k t e t h s i s c ? j p u m o s a d a t d s e e n i d t d s 8 m D e I s n o t t i e c? rba e F n i k g o n r 9 G U o .S vt . . S g l a o o t n c a v d a t t e l . c C c h o a f e e i e f n e r f r c d d i s t k i ’ s, IPC I b n a t n e k r G P U S a i o n o a n . g s v S v d t s t . a , l S l g a o o t n c a v d a t t e l . IPC 3 B r i o n o w g r s c C o a t a u a c p l n i t s etc. Total: 3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1965—Dec. 31.... 17.992 4,851 15,300 140,936 16,794 1,632 5,525 14,244 5,978 140,558 1,008 263 12,186 134,2474,47230,272 1967—Dec. 30... . 20,275 5,931 17,490 153,253 19,853 2,029 5,234 15,564 8,677 159,825 1 ,316 267 15,892 167,6345,777 34,384 1968—June 29... . 20,846 5,190 15,494 147,296 18,632 2,005 4,971 16,284 10,123 151,430 1 ,094 321 16,522 173,8578,130 35,774 1968—Dec. 31... . 21,230 7,195 18,910 167,145 22,501 2,245 5,010 16,876 9,684 173,341 1 ,21 1 368 19,110 184,8928,89937,006 AH insured: 1941—Dec. 31... . 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 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 12,135 133,6864,325 29,827 1967—Dec. 30.... 20,275 5,916 16,997 151,948 19,688 1,909 5,219 15,471 8,608 158,905 1,258 267 15,836 166,9565,531 33,916 1968—June 29.... 20,846 5,170 14,936 145,782 18,468 1,869 4,951 16,198 9,890 150,482 1,019 321 16,456173,1487,913 35,269 1968—Dec. 31.... 21,230 7,165 18,343 165,527 22,310 2,117 5,000 16,774 9,442 172,319 1,155 368 19,057 184,1788,675 36,530 Member, total: 1941—Dec. 31.... 12,396 1,087 6,246 33,754 9,714 671 1,709 3,066 1,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31.... 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31.... 17,797 1,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1965—Dec. 31.... 17,992 3,757 8,957 112,569 15,977 1,477 4,890 10,840 5,386 115,905 840 236 10,041 109,9254,23424,926 1967—Dec. 30.... 20,275 4,646 10,550 121,530 18,951 1,861 4,631 11,857 7,940 132,184 1 ,169 235 12,856 135,3295,37028,098 1968—June 29.. . . 20,846 3,999 9,218 116,269 17,809 1,834 4,127 12,503 9,251 124,716 934 286 13,373 139,1027,68429,139 1968—Dec. 31... . 21,230 5,634 11,279 131,491 21,483 2,036 4,309 12,851 8,592 142,476 1 ,061 330 15,668 147,5458,458 30,060 New York City: 1941—Dec. 31 ... . 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31 ... . 4,639 15! 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 4,19t 1,034 1,271 620 2,937 20,708 522 84 807 17,097 1,987 5,114 1967—Dec. 30.... 4,786 397 476 20,004 5,900 1,337 1,084 890 4,748 25,644 741 70 1 ,152 18,8401,880 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 1968—Dec. 31.... 4,506 443 420 20,808 7,532 1,433 888 1 ,068 4,827 27,455 622 73 1 ,623 18,3802,733 6,137 City of Chicago: 1941—Dec. 31.... 1,021 43 298 2,215 1,027 8 127 233 34 2,152 476 288 1945—Dec. 31.... 942 36 200 3,153 1,292 20 1,552 237 66 3,160 719 377 1947—Dec. 31 ... . 1,070 30 175 3,737 1,196 21 72 285 63 3,853 2 9 902 426 1965—Dec. 31.... 1,042 73 151 4,571 1,377 59 345 328 126 5,202 39 4 210 4,785 355 1,132 1967—Dec. 30.... 1,105 94 151 4,758 1 ,357 77 267 283 217 5,751 21 2 602 5,409 383 1,346 1968—June 29.... 926 69 237 4,428 1,160 61 93 277 192 5,300 20 2 509 5,088 811 1,363 1968—Dec. 31 .... 1 ,164 98 281 5,183 1,445 89 257 245 207 6,090 21 2 624 5,545 682 1 ,433 Other reserve city: 1941—Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 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 40,5101,548 9,007 1967—Dec. 30.... 8,618 1,452 2,805 39,957 8,985 390 1 ,715 3,542 1 ,580 48,165 310 80 5,830 50,2502,555 10,033 1968—'June 29.. . . 8,806 1,233 2,117 38,667 7,734 397 1,399 3,641 1,674 45,079 300 117 6,219 51,9103,720 10,351 1968—Dec. 31.... 8,847 1,800 2,986 43,674 9,725 456 1 ,884 3,835 I ,947 51,667 307 168 7,378 55,271 4,239 10,684 Country: 1941—Dec. 31.... 2,210 526 3,216 9,661 790 2 225 1,370 239 8,500 30 31 146 6,082 4 1,982 1945—Dec. 31.... 4,527 796 4,665 23,595 1,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1965—Dec. 31.... 5,463 2,235 6,344 52,104 2,317 54 1,501 6,360 1,143 47,615 74 77 4,064 47,534 343 9,673 1967—Dec. 30.... 5,767 2,704 7,117 56,812 2,709 57 1,564 7,142 1 ,395 52,624 96 83 5,272 60,830 552 11,005 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 1968—Dec. 31.... 6,714 3,293 7,592 61,827 2,781 58 1 ,281 7,703 1 ,612 57,263 111 86 6,043 68,348 804 11,807 Nonmember:3 1947—Dec. 31.... 544 3,947 13,595 385 55 167 1,295 180 12,284 190 6 172 6,858 12 1,596 1965—Dec. 31.... 1,093 6,343 28,367 817 155 635 3'404 592 24,653 168 27 2,145 24,322 238 5,345 1967—Dec. 30.... 1'285 6 939 31 ’,723 903 169 603 3'707 737 27,641 147 32 3^035 32,305 408 6,286 1968—June 29.... 1,191 6,275 31 027 823 170 844 3,781 872 26,715 160 35 3,149 34,755 447 6,635 1968—Dec. 31.... .....1..,.5..6..0 7,631 35^654 1 ,018 209 701 4,025 1,092 30,865 150 38 3,442 37,347 441 6,945 i 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 □ MAY 1969 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans 2 For purchasing or carrying securities To financial institutions Loans1 Total net of loans valua Com To brokers Wednesday and tion mer and dealers To others Banks Nonbank Con Valu invest re cial Agri Real sumer For All ationments 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 Apr. 3.......... 206,810 145,294 66,886 1,917 684 3,446 98 2,350 1,334 3,260 5,291 4,306 29,394 16,518 1,059 11,971 3,220 10......... 209,203 147,466 67,049 1,925 1 ,371 3,412 101 2,349 1,359 4,309 5,36< 4,308 29,455 16,569 1,078 12,030 3,213 17.......... 209,804148,114 67,732 1 ,935 809 3,416 97 2,356 1 ,343 3,924 5,878 4,352 29,581 16,616 1 ,114 12,173 3,212 24.......... 208,402 147,151 67,446 1,939 901 3,475 93 2,346 1 ,339 3,623 5,302 4,392 29,634 16,680 1,071 12,123 3,213 1969 Mar. 5.......... 227,976 164,245 74,204 1 ,954 760 3,883 102 2,802 1 ,605 5,625 5,551 5,136 32,451 18,708 994 13,968 3,498 12.......... 226,453 163,143 74,520 1,956 594 3,533 105 2,784 1 ,675 4,795 5,426 5,136 32,505 18,746 996 13,872 3,500 19.......... 227,124 164,104 75,074 1 ,961 644 3,449 139 2,790 1 ,657 5,077 5,416 5,175 32,563 18,731 996 13,932 3,500 26.......... 226,418 163,487 75,047 1,963 571 3,126 108 2,781 1 ,642 5,143 5,304 5,053 32,590 18,774 1 ,033 13,849 3,497 Apr. 2.......... 229,085 165,019 75,269 1,969 737 3,395 106 2,787 1 ,688 5,379 5,506 5,203 32,627 18,832 1,059 13,992 3,530 9.......... 228,443 164,393 75,337 1 ,971 902 3,330 107 2,782 1 ,678 4,687 5,477 5,103 32,651 18,911 1 ,096 13,883 3,522 16.......... 232,038 168,053 76,568 1 ,999 1 ,719 3,795 106 2,778 1 ,695 4,748 6,129 5,170 32,721 18,959 1 ,037 14,152 3,523 23.......... 228,639 165,631 76,462 1,996 823 3,508 104 2,788 1 ,690 4,013 5,671 5,139 32,808 19,030 1,045 14,076 3,522 30”........ 229,828 166,661 76,693 1,976 766 3,598 106 2,763 1 ,617 4,262 6,131 5,218 32,878 19,126 953 14,098 3,524 New York City 1968 Apr. 3.......... 47,508 35,765 22,513 21 430 2,072 13 721 659 687 1,471 1,145 2,963 1 ,250 726 2,036 942 10.......... 47,639 35,843 22,473 19 679 1 ,973 12 718 680 483 1,554 1,142 2,975 1,251 736 2,090 942 17.......... 48,374 36,895 22,741 20 318 2,056 12 722 667 1 ,307 1,741 1,138 3,002 1,257 766 2,090 942 24.......... 47,248 35,944 22,568 19 434 1 ,934 11 725 669 886 1 ,436 1,137 3,002 1,268 742 2,056 943 1969 Mar. 5.......... 52,227 40,863 24,410 16 496 2,231 12 864 807 2,045 1,733 1 ,342 3,267 1,445 641 2,602 1,048 12.......... 51,261 40,191 24,576 16 492 2,003 12 849 850 1 ,539 1,659 1,338 3,276 1,449 639 2,542 1,049 19.......... 51,554 40,423 24,582 16 511 2,037 45 845 830 1 ,672 1,642 1 ,348 3,287 1,450 635 2,571 1,048 26.......... 50,645 39,550 24,494 15 383 1 ,794 14 843 803 1 ,394 1,606 1 ,278 3,266 1,456 668 2,581 1 ,045 Apr. 2.......... 52,299 40,757 24,501 15 539 1 ,972 12 840 835 1 ,988 1,704 1,365 3,290 1,468 691 2,585 1 ,048 9 51,643 39,811 24,447 15 725 1,917 10 837 778 1,097 1,694 1 ,319 3,295 1,468 692 2,565 1,048 16.......... 53,306 41 ,388 24,741 15 1,159 2,319 10 838 802 1,087 2,085 1,336 3,305 1 ,477 693 2,569 1 ,048 23.......... 51 ,887 40,519 24,693 14 521 2,110 10 844 821 1 ,374 1,785 1 ,340 3,347 1 ,480 695 2,533 1,048 30.......... 52,468 41 ,084 24,736 15 549 2,214 10 845 857 1,434 2,036 1,362 3,377 1,484 664 2,550 1,049 Outside New York City 1968 Apr. 3.......... 159,302 109,529 44,373 1,896 254 1,374 85 1,629 675 2,573 3,820 3,161 26,431 15,268 333 9,935 2,278 10.......... 161,564 111,623 44,576 1,906 692 1,439 89 1 ,631 679 3,826 3,810 3,166 26,480 15,318 342 9,940 2,271 17.......... 161,430 111,219 44,991 1,915 491 1,360 85 1,634 676 2,617 4,137 3,214 26,579 15,359 348 10,083 2,270 24.......... 161,154111,207 44,878 1,920 467 1 ,541 82 1,621 670 2,737 3,866 3,255 26,632 15,412 329 10,067 2,270 1969 Mar. 5.......... 175,749 123,382 49,794 1,938 264 1 ,652 90 1,938 798 3,580 3,818 3,794 29,184 17,263 353 11.366 2,450 12.......... 175,192 122,952 49,944 1,940 102 1 ,530 93 1,935 825 3,256 3,767 3,798 29,229 17,297 357 11,330 2,451 19.......... 175,570 [23,681 50,492 1,945 133 1 ,412 94 1,945 827 3,405 3,774 3,827 29,276 17,281 361 11,361 2,452 26.......... 175,773 123,937 50,553 1,948 188 1 ,332 94 1 ,938 839 3,749 3,698 3,775 29,324 17,318 365 11,268 2,452 Apr. 2.......... 176,786 124,262 50,768 1,954 198 1,423 94 1,947 853 3,391 3,802 3,838 29,337 17,364 368 11,407 2,482 176,800 124,582 50,890 1,956 177 1,413 97 1 ,945 900 3,590 3,783 3,784 29,356 17,443 404 11,318 2,474 16.......... 178,732 26,665 51,827 1 ,984 560 1 ,476 96 1 ,940 893 3,661 4,044 3,834 29,416 17,482 344 11,583 2,475 23.......... 176,752 25,112 51,769 1,982 302 1,398 94 1,944 869 2,639 3,886 3,799 29,461 17,550 350 11,543 2,474 30”........ 177,360 25,577 51,957 1,961 217 1 ,384 96 1,918 760 2,828 4,095 3,856 29,501 17,642 289 11,548 2,475 For notes see p, A-29. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 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 subdivisions 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 27,208 3,785 4,019 14,056 5,348 4,203 25,985 1 ,303 2,817 46,955 23,275 4,259 203 2,667 16,551 9,357 ...........Apr. 3 27,089 3 718 3'963 14,060 5,348 4,295 26,324 1 ,329 2,700 49,372 26,738 4,242 206 2,761 15,425 9,279 .....................10 26'606 3,376 3,896 13 >62 5,372 4,640 26,390 I ,344 2,710 47,770 23,821 4,404 221 2,882 16,442 9,405 ....................17 26J20 2 908 3 >13 13,985 5,314 4,597 26,462 1 ,363 2,709 44,131 21 ,999 4,200 209 2,902 14,821 9,487 .....................24 1969 25,472 2,656 4,877 12,298 5,641 4,843 29,174 1 ,372 2,870 53,245 29,072 4,622 259 2,665 16,627 11,068 ...........Mar. 5 25,105 2,397 4 >61 12,273 5,574 4,793 29,214 1 ,359 2,839 52,331 28,196 4,402 232 2,911 16,590 10,947 .....................12 24,925 2 259 5,010 12,092 5,564 4,796 29,112 1 ,347 2,840 52,494 28,206 4,628 240 2,904 16,516 10,942 .....................19 24'813 2’219 5; 127 11,967 5,500 4,866 29,055 1 ,348 2,849 50,495 26,276 4,305 254 2,974 16,686 10,940 ....................26 26,073 3,521 5,210 11 ,915 5,427 4,714 28,947 1,349 2,983 52,742 28,530 4,534 248 2,767 16,663 11,012 ...........Apr. 2 25,528 3 031 5,379 1 I,723 5,395 5,184 29,106 1 ,315 2,917 51,273 27,152 4,403 258 2,909 16,551 10,887 .................... 9 25,588 3,064 5,'457 11,681 5,386 5,162 29,052 1 ,318 2,865 55,578 30,823 4,798 287 2,908 16,762 10,744 .....................16 24,838 2,322 5’410 1 1 >87 5,419 5,028 28,938 I ,331 2,873 53,224 28,874 4,684 272 3,001 16,393 10,828 ....................23 24,791 2,291 5 >34 11'634 5,432 5,074 28,995 1,359 2,948 58,068 32,130 4,356 246 2,904 18,432 II ,194 ..................."30 b/ew York City 1968 5,134 1,218 655 2,037 1,224 1 ,610 4,303 41 655 14,331 9,195 277 97 375 4,387 3,249 ...........Apr. 3 5,066 1 J 61 644 2,030 1 ,231 1 ,630 4,393 55 652 18,857 13,412 281 94 368 4,702 3,207 .....................10 4,504 726 552 1 .983 1,243 1 ,837 4,438 60 640 13,334 8,489 286 119 369 4,071 3,319 ....................17 4,323 607 520 2,015 1 J 81 1 ,825 4,446 60 650 13,636 8,912 232 108 365 4,019 3,403 ....................24 1969 4,277 611 614 1 ,903 1,149 1 ,512 4,746 108 721 17,858 13,125 356 130 361 3,886 4,162 4,061 459 601 1,851 1,150 1 ,459 4,744 99 707 18,365 13,312 350 112 370 4,221 4,130 .....................12 4,091 471 668 1 ’813 1,139 1 ,558 4,686 98 698 18,040 13,258 375 112 362 3,933 4,113 .....................19 4'151 516 689 1,809 1,137 1 ,511 4,631 104 698 18,303 12,830 293 126 364 4,690 4,023 ....................26 4,620 999 694 1 ,798 1,129 1 ,442 4,590 98 792 18,290 13,202 345 123 359 4,261 4,065 ..........Apr. 2 4'579 1 009 699 1 >77 1,094 1 ,671 4,693 101 788 17,340 12,188 308 138 370 4,336 3,989 ................... 9 4'703 1 102 732 1 >78 1 ,091 1 ,666 4,671 107 771 18,626 13,558 381 150 366 4,171 3,856 .....................16 4,334 '720 725 1 >77 1,112 1,581 4,58t 102 770 18,588 14,117 315 133 361 3,662 3,910 ....................23 4 >09 695 721 1 ,764 I J 29 1 ,583 4,602 118 772 22,156 16,269 389 108 359 5,031 4,028 ....................30 Outside New York City 1968 22,074 2,567 3,364 12,019 4,124 2,593 21,682 1 ,262 2,162 32,624 14,080 3,982 106 2,292 12,164 6,108 ...........Apr. 3 22,023 2 557 3’319 12'030 4'117 2,665 21,931 1 ,274 2,048 30,515 13,326 3,961 112 2,393 10,723 6,072 .....................10 22'102 2 650 3 344 11’979 4 J 29 2,803 21,952 1,284 2,070 34,436 15,332 4,118 102 2,513 12,371 6,086 .....................17 21 ’797 2 301 3 393 11 >70 4 J 33 2,772 22,016 1 ,303 2,059 30,495 13,087 3,968 101 2,537 10,802 6,084 ....................24 1969 21,195 2 045 4,263 10,395 4,492 3,331 24,428 1 ,264 2,149 35,387 15,947 4,266 129 2,304 12,741 6,906 ...........Mar. 5 21,044 1 938 4 260 10'422 4,424 3,334 24,470 1 .260 2,132 33,966 14,884 4,052 120 2,541 12,369 6,817 ....................12 20'834 1 788 4 342 10 >79 4 >25 3,238 24,426 1 ,249 2,142 34,454 14,948 4,253 128 2,542 12,583 6,829 .....................19 20'662 1,703 4’438 10'158 4,363 3,355 24,424 1 ,244 2,151 32,192 13,446 4,012 128 2,61011,996 6,917 ....................26 21,453 2 522 4 516 10,117 4,298 3,272 24,357 1 ,251 2,191 34,452 15,328 4,189 125 2,408 12,402 6,947 20 >49 2 022 4,680 9,946 4,301 3,513 24,413 I >14 2,129 33,933 14,964 4,095 120 2,539 12,215 6,898 ................... 9 20'885 1 962 4’725 9,903 4 >95 3,496 24,381 1 ,211 2,094 36,952 17,265 4,417 137 2,542 12,591 6,888 ....................16 20,504 1 ’ 602 4,685 9,910 4>07 3,447 24,357 1,229 2,103 34,636 14,757 4,369 139 2,640 12,731 6,918 ....................23 20,482 1,596 ..........4,713 9,870 4,303 3,491 24,393 1,241 2,176 35,912 15,861 3,967 138 2,545 13,401 7,166 ................. "30 For notes see p. A-29. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 28 WEEKLY REPORTING BANKS □ MAY 1969 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Time Total Wednesday unad States Do Foreign IPC States Forei gn justed and mes and Do polit U.S. tic polit mes TotaD 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 Apr. 3............... 221,740 117,044 84,721 5,620 3,323 14,202 753 1 ,649 104,696 48,990 39,632 9,912 773 4,880 289 10.. 225,521 121,024 87,431 5,477 1,146 15,354 730 1 ,71! 104,497 48,763 39,558 9,976 780 4,914 285 17.................... 223,607 119,826 88,527 5,660 2,973 14,229 849 1 ,640 103,781 48,485 38,830 10,358 742 4,885 263 24................... 219,183 114,952 84,502 5,656 2,685 13,155 786 1 ,595 104,231 48,420 39,145 10,454 758 4,965 264 1969 Mar. 5.................... 236,726 127,747 90,577 6,307 3,284 16,485 703 1 ,894 108,979 48,445 43,997 10,925 562 4,549 234 12.................... 234,060 125,175 91 ,724 5,848 1 ,671 15,409 669 1 ,884 108,885 48,514 43,907 10,867 563 4,539 234 19.................... 234,427 126,084 90,223 5,750 4,352 15,441 687 I ,808 108,343 48,634 43,483 10,691 538 4,509 226 26................... 231,735 123,327 89,748 6,252 2,328 15,239 651 1 ,817 108,408 48,667 43,468 10,713 544 4,522 231 Apr. 2.................... 237,070 128,683 93,164 6,257 2,003 16,259 691 1,927 108,387 48,650 43,419 10,718 531 4,578 231 9................... 233,618 125,533 91,791 5,878 1 ,286 15,813 670 1 ,893 108,085 48,337 43,402 10,797 525 4,529 235 16.................... 240,947 133,629 95,902 6,031 4,581 16,044 748 I ,911 107,319 47,913 42,966 10,961 494 4,508 219 23.................... 235,829 128,551 91,523 5,747 4,670 15,307 717 1 ,890 107,278 47,809 42,958 11,019 492 4,512 230 30*.................. 241,719 134,766 92,705 7,005 6,946 16,312 789 2,036 106,953 47,738 42,910 10,812 494 4,513 226 New York City 1968 Apr. 3.................... 50,257 32,098 20,162 448 973 4,337 600 1,146 18,159 4,751 8,769 847 475 3,088 146 10................... 54,157 36,071 21,469 404 98 5,616 589 1 ,205 18,086 4,711 8,671 878 477 3,122 144 17.................... 49,836 32,155 20,820 421 1,108 4,392 701 1,139 17,681 4,671 8,356 873 450 3,104 147 24................... 49,202 31,298 20,070 412 562 4,183 609 1 ,089 17,904 4,664 8,504 875 461 3,175 137 1969 Mar. 5.................... 54,110 37,161 22,024 572 928 5,819 552 1 ,353 16,949 4,627 8,118 832 330 2,825 14! 12.................... 52,932 36,004 22,281 459 158 5,626 516 1 ,317 16,928 4,639 8,073 848 330 2,823 142 19.................... 53,147 36,570 22,022 497 1 ,077 5,644 541 1 ,250 16,577 4,652 7,798 784 308 2,826 135 26........... 52,126 35,547 21,986 523 347 5,871 501 1 ,274 16,579 4,660 7,785 777 307 2,841 135 Apr. 2.................... 54,033 37,449 23,192 594 410 5,811 537 1 ,359 16,584 4,667 7,686 852 294 2,880 135 9.................... 51 ,684 35,314 21 ,853 684 88 5,388 523 1 ,339 16,370 4,637 7,575 835 292 2,820 143 16................... 54,008 38,015 22,668 436 1 ,689 5,706 594 1 ,342 15,993 4,588 7,350 790 277 2,787 135 23.................... 53,058 37,149 21 ,764 418 1 ,004 5,797 570 1 ,325 15,909 4,582 7,274 778 278 2,788 143 30.................... 56,933 41 ,188 22,967 758 2,04! 6,879 628 1 ,473 15,745 4,576 7,233 655 275 2,794 144 Outside New York City 1968 Apr. 3.................... 171,483 84,946 64,559 5,172 2,350 9,865 153 503 86,537 44,239 30,863 9,065 298 1,792 143 10.................... 171 ,364 84,953 65,962 5,073 1 ,048 9,738 141 506 86,411 44,052 30,887 9,098 303 1 ,792 141 17.................... 173,771 87,671 67,707 5,239 1 ,865 9,837 148 501 86,100 43,814 30,474 9,485 292 1 ,781 116 24................... 169,981 83,654 64,432 5,244 2,123 8,972 177 506 86,327 43,756 30,64! 9,579 297 1 ,790 127 1969 Mar. 5.................... 182,616 90,586 68,553 5,735 2,356 10,666 151 541 92,030 43,818 35,879 10,093 232 1 ,724 93 12............... 181,128 89,171 69,443 5,389 1 ,513 9,783 153 567 91,957 43,875 35,834 10,019 233 1 ,716 92 19................... 181,280 89,514 68,201 5,253 3,275 9,797 146 558 91,766 43,982 35,685 9,907 230 1 ,683 91 26.................... 179,609 87,780 67,762 5,729 1,981 9,368 150 543 91,829 44,007 35,683 9,936 237 1 ,681 96 Apr. 2.................... 183,037 91,234 69,972 5,663 1,593 10,448 154 568 91,803 43,983 35,733 9,866 237 1,698 96 9.. . .............. 181,934 90,219 69,938 5,194 1,198 10,425 147 554 91,715 43,700 35,827 9,962 233 1 ,709 92 16.................... 186,939 95,614 73,234 5,595 2,892 10,338 154 569 91,326 43,325 35,616 10,171 217 1 ,721 84 23................... 182,771 91,402 69,759 5,329 3,666 9,510 147 565 91,369 43,227 35,684 10,241 214 1,724 87 30*.................. 184,786 93,578 69,738 6,247 4,905 9,433 161 563 91,208 43,162 35,677 10,157 219 1 ,719 82 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 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 deposit 1 o 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 » vest issued to to foreign ments 8 I PC’s others branches11 Large banks—■ Total 1968 514 6,762 13,312 20,794 263,122 142,034 203,550 76,244 20,292 12,895 7,397 4,768 219 8,193 13,114 20,807 267,854 143,157 204,894 77,786 20,182 12,763 7,419 4,606 ...........................10 538 8,575 13,495 20,764 266,979 144,190 205,880 78,803 19,485 12,091 7,394 4,845 . . .......................17 620 7,711 13,738 20,768 262,020 143,528 204,779 77,113 19,775 12,365 7,410 5,020 ..........................24 1969 538 12,772 20,023 22,230 292,289 158,620 222,351 78,906 19,592 12,311 7,281 9,172 557 12,250 20,642 22,222 289,731 158,348 221,658 79,897 19,395 12,131 7,264 9,418 ..........................12 630 12,399 20,943 22,161 290,560 159,027 222,047 78,085 18,809 11,659 7,150 9,738 ...........................19 701 12,296 20,936 22,185 287,853 158,344 221,275 79,484 18,792 11,643 7,149 9,662 ..........................26 833 12,648 19,973 22,315 292,839 159,640 223,706 81,891 18,626 11,451 7,175 9,199 518 13,796 20,342 22,329 290,603 159,706 223,756 81,282 18,494 11,347 7,147 9,534 ......................... 9 789 13,754 20,607 22,262 298,360 163,305 227,290 82,181 17,993 10,973 7,020 9,749 ...........................16 1 ,001 11,996 21,601 22,264 292,691 161,618 224,626 79,700 17,991 11,001 6,990 10,319 ..........................23 2,175 11,749 20,970 22,477 299,090 162,399 225,566 79,378 17,612 10,811 6,801 9,442 ........................P30 New York City 1968 2,478 6,803 5,550 65,088 35,078 46,821 17,593 6,337 4,315 2,022 3,716 .................Apr. 3 3,201 6,797 5,548 69,703 35'360 47,156 16,945 6,308 4,235 2,073 3,730 ...........................10 9 2,901 6,739 5,542 65,027 35,588 47,067 18,166 5,949 3,904 2,045 3,731 ..........................17 199 2,422 6,927 5,537 64,287 35,058 46,362 17,641 6,133 4,050 2,083 3,712 ..........................24 1969 95 3,458 10,642 5,942 74,247 38,818 50,182 17,289 4,802 3,093 1 ,709 6,492 ................Mar. 5 10 3,549 11,320 5,945 73,756 38,652 49,722 16,908 4,745 3,020 1,725 6,801 ..........................12 135 3,145 11,357 5,923 73,707 38,751 49,882 16,591 4,444 2,748 1 ,696 6,942 ..........................19 .............. 3,497 11,455 5,893 72,971 38,156 49,251 16,499 4,417 2,720 1 ,697 6,902 ..........................26 3,343 11,344 5,934 74,654 38,769 50,311 18,026 4,381 2,626 1 ,755 6,825 .................Apr. 2 85 3,987 11,288 5,928 72,972 38,714 50,546 17,650 4,288 2,563 1 ’725 6,803 ............................9 190 4,325 11,360 5,905 75,788 40,301 52,219 17,062 4,053 2,400 1 ,653 6,856 ..........................16 110 3,423 11,899 5,895 74,385 39,145 50,513 16,231 4,020 2,383 1 ,637 7,212 ..........................23 298 3,524 11,923 5,974 78,652 39,650 51,034 15,999 3,820 2,312 1 ,508 7,008 ..........................30 Outside New York City 1968 514 4,284 6,509 15,244 198,034 106,956 156,729 58,651 13,955 8,580 5,375 1 ,052 ................Apr. 3 219 4,992 6,317 15,259 198,151 107,797 157,738 60,841 13,874 8,528 5,346 876 ...........................10 529 5,674 6,756 15,222 201,952 108,602 158,813 60,637 13,536 8,187 5,349 1.114 ...........................17 421 5,289 6,811 15,231 197,733 108,470 158,417 59,472 13,642 8,315 5,327 1 ,308 ..........................24 1969 443 9,314 9,381 16,288 218,042 119,802 172,169 61,617 14,790 9,218 5,572 2,680 .................Mar. 5 547 8,701 9,322 16,277 215,975 119,696 171,936 62,989 14,650 9,111 5,539 2,617 ...........................12 495 9,254 9,586 16,238 216,853 120,276 172,165 61,494 14,365 8,911 5,454 2,796 ..........................19 701 8,799 9,481 16,292 214,882 120,188 172,024 62,985 14,375 8,923 5,452 2,760 ..........................26 833 9,305 8,629 16,381 218,185 120,871 173,395 63,865 14,245 8,825 5,420 2,374 433 9,809 9,054 16,401 217,631 120,992 173,210 63,632 14,206 8,784 5,422 2,731 ......................... 9 599 9,429 9,247 16,357 222,572 123,004 175,071 65,119 13,940 8,573 5,367 2,893 ...........................16 891 8,573 9,702 16,369 218,306 122,473 174,113 63,469 13,971 8,618 5,353 3,107 ..........................23 1,877 8,225 9,047 16,503 220,438 122,749 174,532 63,379 13,792 8,499 5,293 2,434 ........................P30 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. * Federal agencies only. rable with the other data in this table. For historical data, see Table 3 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 loans to domestic commercial banks. Also beginning June 29, 1966, detailed breakdown is shown of “All other 9 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, 10 Issues in denominations of $100,000 or more. see Aug. 1966 Bulletin, pp. 1137-40. 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A 30 BUSINESS LOANS OF BANKS □ MAY 1969 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during Industry 1969 1969 1969 1968 1968 Apr. Apr. Apr. Apr. Apr. 2nd 1st 30 23 16 9 2 Apr. Mar. Feb. I IV III halfp half Durable goods manufacturing: Primary metals................................. 1 ,979 2,001 2,002 1 ,986 1 ,980 1 39 4 87 -224 168 -56 571 Machinery......................................... 5,170 5,194 5,248 5,100 5,096 107 368 11 454 11 22 33 286 Transportation equipment.............. 2,033 2,024 2,063 2,038 2,057 -44 -2 70 157 109 -45 64 44 Other fabricated metal products. . . 2,132 2,099 2,105 2,034 2,026 140 130 60 142 -67 11 -56 210 Other durable goods........................ 2,275 2,266 2,273 2,226 2,230 54 41 47 38 -67 40 -27 214 Nondurable goods manufacturing: Food, liquor, and tobacco.............. 2,361 2,380 2,338 2,369 2,397 -9 -56 -58 -607 570 170 740 -521 Textiles, apparel, and leather......... 2,549 2,539 2,568 2,511 2,450 121 120 162 241 -217 128 -89 527 Petroleum refining........................... 2,016 2,034 1 ,992 1 ,930 1 ,908 98 15 3 315 32 85 117 -68 Chemicals and rubber..................... 2,572 2,587 2,568 2,472 2,488 96 132 10 -7 204 -233 -29 171 Other nondurable goods.............. 1,791 1,809 I ,814 1,772 1 ,773 17 94 -34 4 -82 52 -30 72 Mining, including crude petroleum and natural gas............................. 4,996 5,019 4,931 4,935 4,936 49 -65 -86 236 116 -147 -31 558 Trade: Commodity dealers................. 1,170 1,190 1 ,226 1 ,280 1 ,289 -140 -67 24 -16 302 -84 218 -497 Other wholesale...................... 3,615 3,657 3,620 3,582 3,579 77 106 104 167 160 54 214 100 Retail........................................ 4,300 4,188 4,121 3,850 3,867 443 35 233 -179 566 -260 306 204 Transportation..................................... 5,262 5,222 5,305 5,305 5,335 -62 82 -53 144 272 -59 213 560 Communication................................... 1 ,154 1,170 1 ,191 1,125 1 ,121 79 -87 21 -104 191 -113 78 102 Other public utilities............................ 2,641 2.593 2,624 2,570 2,614 -34 -46 -91 -196 311 351 662 -207 Construction......................................... 3,134 3,140 3,153 3,091 3,106 11 79 45 205 79 65 144 263 Services................................................. 6,654 6,665 6,648 6,573 6,545 133 145 85 545 432 1 433 547 All other domestic loans..................... 8,695 8,535 8,602 8,481 8,402 370 165 347 432 472 9 481 559 Bankers’ acceptances........................... 667 595 585 616 615 94 -7 -54 -155 -30 -53 -83 -392 Foreign commercial and industrial loans.............................................. 2,496 2,504 2,532 2,542 2,522 -55 5 -23 -43 58 -55 3 -149 Total classified loans............................ 69,662 69,411 69,509 68,388 68,336 1,546 1,226 827 1 ,860 3,198 107 3,305 3,154 Total commercial and industrial loans. 76,693 76,462 76,568 75,337 75,269 1 ,646 1 ,334 834 1,922 6,608 185 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 1969 1968 1968 Industry Apr. Mar. Feb. Jan. Dec. Nov. Oct. Sept. Aug. 2nd 30 26 26 29 25 27 30 25 28 I IV III II half Durable goods manufactur ing: Primary metals................... 1,358 1,388 1,356 1 ,354 1 ,338 1,414 1,417 1,466 1 ,426 50 -128 127 227 -1 Machinery.......................... 2,488 2,429 2,238 2,323 2,261 2,245 2,212 2,338 2,294 168 -77 59 125 -18 Transportation equipment. 1,110 1,163 1,127 1,095 1 ,035 969 909 931 910 128 104 23 19 127 Other fabricated metal products...................... 776 714 709 694 738 714 748 801 798 -24 -63 42 67 -21 Other durable goods.......... 1,014 1 ,048 1,051 1 ,026 1 ,032 994 991 999 1,003 16 33 -29 34 4 Nondurable goods manufac turing: Food, liquor, and tobacco. 767 708 681 703 775 779 755 849 823 -67 -74 28 -55 -46 Textiles, apparel, and leather......................... 618 622 633 621 629 602 601 588 575 -7 41 22 11 63 Petroleum refining............. 1,633 1,528 1,536 1 ,504 1,212 1,217 1,167 1,228 1,235 316 -16 2 62 -14 Chemicals and rubber....... 1,587 1,600 1,568 1 ,583 1 ,688 1,544 1,544 1,538 1,462 -88 150 -81 6 69 Other nondurable goods . . 1,012 1 ,025 1 ,025 1 ,059 1 ,061 1 ,072 1 ,083 1 ,087 1 ,074 -36 -26 36 -10 10 Mining, including crude pe troleum and natural gas. 4,302 4,270 4,355 4,442 4,033 3,828 3,829 3,963 3,984 237 70 -158 74 -88 Trade: Commodity dealers. . 112 110 112 114 118 114 114 112 114 -8 6 -1 -2 5 Other wholesale........ 653 674 628 653 643 613 616 585 603 31 58 -49 49 9 Retail......................... 1,163 1,154 1,147 1,124 1 ,135 1,159 1,144 1,114 1,106 19 21 -30 46 -9 Transportation....................... 3,988 4,032 3,972 4,025 3,906 3,744 3,680 3,673 3,688 126 233 -30 200 203 Communication.................... 440 437 429 438 441 459 449 472 452 -4 -31 26 34 -5 Other public utilities............. 1,109 1,230 1 ,228 1 ,245 1,224 1,181 1,077 1,071 1,001 6 153 256 105 409 Construction.......................... 847 874 875 863 808 799 782 794 774 66 14 25 63 39 Services................................... 2,891 2,869 2,816 2,675 2,576 2,517 2,386 2,361 2,329 293 215 58 74 273 All other domestic loans.... 1 ,025 1 ,019 1 ,885 987 959 957 940 921 903 60 38 16 26 54 Foreign commercial and in dustrial loans.......... 1,853 1 ,824 1 ,015 1,901 1 ,919 1,914 1,876 1,881 1,901 -95 38 -53 -42 -15 Total loans............................. 30,746 30,718 30,386 30,429 29,531 28,835 28,320 28,772 28,455 1,187 759 289 1,113 1,048 Note.—About 160 weekly reporting banks are included in this series; Commercial and industrial “term” loans are all outstanding loans with these banks classify, by industry, commercial and industrial loans amount an original maturity of more than 1 year and all outstanding loans granted ing to about 90 per cent of such loans held by all weekly reporting banks under a formal agreement—revolving credit or standby—on which the and about 70 per cent of those held by all commercial banks. original maturity of the commitment was in excess of 1 year. For description of series see article “Revised Series on Commercial and Industrial Loans by Industry,” Feb. 1967 Bulletin, p. 209. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 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) Feb. Nov. Feb. Nov. Feb. Nov. Feb. Nov. Feb. Nov. Feb. Nov. 1969 1968 1969 1968 1969 1968 1969 1968 1969 1968 1969 1968 Percentage distribution of dollar amount Less than 7.00............................. 6.9 76.9 11.7 28.0 10.3 41.3 9.3 65.9 6.6 81.5 5.2 88.9 7.00............................................... 38.4 4.7 4.6 10.9 8.6 11.5 19.1 7.0 31.5 5.1 54.0 2.1 7.01-7.49...................................... 24.4 8.7 13.6 22.0 13.1 18.2 24.8 11.8 33.2 6.7 24.6 5.7 7.50.............................................. 7.6 2.7 12.1 11.0 15.3 8.5 11.5 4.7 7.7 1.7 4.5 0.6 7.51-7.99 ................................. 9.7 2.6 18.7 12.0 20.8 6.7 13.6 3.8 8. 1 2.4 6.2 1 .0 8.00.............................................. 5.1 2.1 14. 1 7.0 H.l 4.9 7.7 2.5 5.3 1.0 2.7 1.5 8.01-8.49...................................... 3.4 0.8 12.7 4.2 8.5 2.9 5.9 1.4 3.5 0.5 1.2 0.2 8.50.............................................. 1 .7 0.5 3.8 1.3 3.3 1 .5 3.0 0.9 1.2 0.6 l.l 0.2 Over 8.50...................................... 2.7 1 .1 8.5 3.5 9.0 4.3 5.3 1.8 2.8 0.8 0.5 0. 1 Total................................. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Total loans: Dollar (millions)...................... 3,880.5 4,354.9 49.3 56.5 421.6 485.0 793.3 922.3 498.2 638.1 2,118.2 2,252.9 Number (thousands)............... ' 32.2 ' 37.1 12.8 14.6 13.6 15.6 4.1 4.8 .8 1.1 .9 1 .0 Center Weighted average rates (per cent per annum) 35 centers..................................... 7.32 6.61 7.73 7.27 7,70 7.14 7.46 6.80 7.29 6.57 7.16 6.40 New York City........................ 7.13 6.40 7.76 7.16 7,65 6.95 7.30 6.59 7.13 6.40 7.06 6.32 7 Ofher Northeast................... 7.59 6.95 7.88 7.43 8.03 7.42 7.76 7.04 7.48 6.78 7.18 6.59 7. 41 6.69 7.79 7.22 7.81 7. 14 7.60 6.87 7.49 6.66 7.26 6.55 7 Southeast.............................. 7.01 6.44 7.37 6,98 7,20 6.85 7,09 6.62 6.79 6.42 6.84 5.75 8 Southwest.............................. 7.25 6.48 7.56 7.14 7.42 6.93 7.21 6.63 7.23 6.48 7.18 6.10 4 West Coast........................... 7.34 6.62 8.09 7.68 7.81 7.33 7.53 6.83 7.26 6.52 7.18 6.40 Note.—Beginning Feb. 1967 the Quarterly Survey of Interest Rates on 1967—Jan. 26-27 5*6-53/4 1968—Nov. 13 6% Business Loans was revised. For description of revised series see pp. 721 Mar. 27 5*6 Dec. 2 6*6 27 of the May 1967 Bulletin. , Nov. 20 6 Dec. 18 61/4 Bank prime rate was 6 per cent during the period Jan. I, 1967-Jan. 1968—Apr. 19 616 1969—Jan. 7 7 25, 1967. Changes thereafter to new levels (in per cent) occurred on the Sept. 25 6-6% Mar. 17 7*6 following dates: MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance Prime co. Prime coml. paper bankers’ Federal 3-month bills 5 6-month bills 5 9- to 12-month issues Period 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 o su n e M y a ie r l k d et n R ew at e is o su n e M y a ie r l k d et B k i e ll t s y ( i m el a d r ) 5 Other « 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—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 Feb.................. 6.62 6.33 6.47 6.64 6.156 6.12 6.309 6.30 6.19 6,21 6.16 Mar................ 6.82 6.38 6.66 6.79 6.080 6.01 6.223 6.16 6.19 6.22 6.33 Apr.................. 7.04 6.38 6.86 6.86 6.150 6.11 6.168 6.13 6.03 6.11 6.15 Week ending— 1969—-Apr. 5.......... 6.88 6.38 6.63 6.66 6.065 6.04 6.136 6.10 6.14 6.18 6.26 12.......... 7,00 6.38 6.75 7,04 6.167 6.15 6.185 6.16 6.09 6.17 6.19 19 7.03 6.38 6.88 7.63 6.195 6.19 6.189 6.20 6.03 6.11 6.10 26.......... 7.13 6.38 7.00 7.48 6.175 6.13 6.164 6.13 5.98 6.07 6.11 May 3........... 7.18 6.43 7.05 7.79 6.053 5.93 6.043 6.03 5.96 5.99 6.17 1 Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance companies, for varying closing bid prices. 5 Bills quoted on bank discount rate basis. maturities in the 90-179 day range. 6 Certificates and selected note and bond issues. 3 Seven-day average for week ending Wednesday. 7 Selected note and bond issues. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 32 INTEREST RATES □ MAY 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 1 term) Total 1 Aaa Baa Aaa Baa In tr d ia u l s R ro a a i d l P u u ti b li l t i y c fe P r r r e e d C m o o m n C m o o m n 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* 42 465 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 34 316 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 34 513 5 67 5'30 5 37 5 36 4 97 3 40 6.72 1967................................. 4.85 3* 99 3 74 4 30 5* 82 5*51 6*23 5*74 5 89 5 81 5 34 3 20 5.71 1968................................... 5 25 448 4 20 4 88 6 51 618 o'94 6*41 6*77 6.49 5.78 3 07 1968—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 27 703 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 3.00 5.80 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 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 78 635 5 97 679 6 24 6 70 6 27 5 63 3 01 5.68 Oct...................................... 5.24 449 4*21 4* 89 6'43 609 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 80 645 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 Feb..................................... 5.86 5.02 4.74 5 44 6.93 6.66 7.30 6*82 6 98 7.05 5.94 3.10 Mar.. ....................... 6.05 5 25 4 97 5.61 7 11 6 85 7 51 7 02 7 16 7.23 6.09 3.17 Apr..................................... 5.84 5 24 5 00 5.57 7.17 6^89 7 54 7.'07 7.* 25 7.26 6.14 3.11 Week ending—• 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 8............................. 5.88 5 03 4 72 5 45 6 90 6.63 7.29 6 78 6 98 7.02 5.88 3.04 15............................. 5.76 5.03 4.72 5.45 6^94 6.66 7.31 6 84 6 99 7.06 5.90 3.03 22............................. 5.86 4 97 4.70 5 38 6 93 6.66 7.28 6 83 6 99 7.05 5.93 3,12 Mar. 1 .. .......................... 5.93 5.06 4.80 5,45 6.94 6.68 7.30 6 85 6.99 7.06 6.03 3.19 8............................. 5.95 5 18 4.90 5.55 7 00 6 72 7 39 688 7.06 7.12 6.07 3.16 15............................. 6.07 5.20 4 92 5,60 7,05 6.75 7,46 6.92 7.13 7.1 8 6.08 3.18 22.............................. 6.11 5.30 5 02 5.65 7.18 6 94 7 57 7 11 7 20 7.27 6.09 3.18 29 . ............................ 6.07 5.30 5 02 5.65 7.23 6 99 7,63 7 16 7 24 7.35 6.12 3.14 Apr. 5 ............................. 6.01 5 27 5 00 5.61 7 23 6 99 7.60 7 13 7 25 7.37 6.08 3.12 12............................. 5.93 5 28 5 05 5.60 7 21 6.97 7 59 712 7 24 7.34 6.15 3.11 19............................. 5.79 5.24 5 00 5 57 7 17 6.88 7 55 7 07 7 23 7.28 6.12 3,13 26............................. 5.75 5.19 4.95 5.50 7 12 6.81 7 50 7 03 7.27 7.19 6.18 3.13 May 3............................. 5.77 5,19 4.95 5.50 7.11 6.80 7.50 7.03 7.29 7.14 6.16 3.05 ................. Number of issues 2...................... 9 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 2 Number of issues varies over time; figures shown reflect most recent based on Wed. figures; earnings/price ratios are as of end of period. count. Preferred stock ratio is based on 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 are seasonally Monthly and weekly yields are computed as follows: U.S. Govt, bonds: adjusted at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 1969 □ SECURITY MARKETS A 33 SECURITY PRICES Common stock prices Volume of Bond prices New York Stock Exchange trading in (per cent of par) stocks in Amer thousands of Period Standard and Poor’s index New York Stock Exchange index ican shares (1941-43= 10) (Dec. 31, 1965 = 50) Stock Exchange U.S. total Govt, State Cor Indus- Rail- Public Indus- Trans- Fi- index1 (long and porate Total trial road utility Total trial porta- Utility 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 93.5 76.4 98.70 107.49 48.84 66.42 55.37 58.00 50.58 44.19 65.85 27.72 12,971 6,353 1968—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 72.3 102.04 111,00 54.11 68.65 57.82 60.32 56.35 45.64 75.58 32,15 12,122 6,781 Feb................ 66.55 86.4 71.8 101.46 110,15 54.78 69.24 57.33 59.61 56.18 45.98 75.26 31.67 11,685 5,801 Mar................ 64.90 83.7 70.6 99.30 108.20 50.46 66.07 55.69 58.30 51.52 44.06 70,60 29.92 9,960 4,401 Apr................ 67.73 84.2 69.5 101.26 110.68 49.53 65.63 56.61 59.41 50.88 44.34 72,38 ?3O.I2 10,683 4,727 Week ending— 1969—Apr. 5........ 65.22 83.4 69.4 100.96 110.27 50.37 65.63 56.51 59.33 51.26 44.02 72.40 30.36 10,928 4,297 12 65,93 83.2 68.9 100.85 110,21 49.92 65.27 56.40 59.25 51.35 43.85 71.94 30.12 10,837 5,032 19 67.22 84.5 69.6 101.15 110.55 49.29 65.65 56.52 59.33 50.90 44.23 71.90 30,10 9,700 4,642 26.....6.7...55 85,0 69.3 101.03 110.40 48.92 65.76 56.43 59. 15 50,17 44.57 72.37 29.90 11,265 4,937 May 3........ 67.35 84.8 70.4 103.20 112.95 49.50 66.12 57,72 60.58 50,85 45.31 74,40 30.62 14,530 7,341 1 Begins June 30,1965, at 10.90. On that day the average price of a share cent, 20-year bond. Municipal and corporate bonds, derived from average of stock listed on the American Stock Exchange was $10.90. yields as computed by Standard and Poor’s Corp., on basis of a 4 per cent, 20-year bond; Wed. closing prices. Common stocks, derived from com Note.—Annual data are averages of monthly figures. Monthly and ponent common stock prices. Volume of trading, average daily trading in weekly data are averages of daily figures unless otherwise noted and are stocks on the exchanges for a SVi-hour trading day; beginning Jan. 1969 a computed as follows: U.S. Govt, bonds, derived from average market 4-hour trading day. yields in table at bottom of preceding page on basis of an assumed 3 per TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period C c t ( r r e p a o a n e t n c e t r t ) c F c h e ( e a p e n r s e g t r ) e & 1 s M (y a e t a u r r s i ) ty L p r c ( a o e p r t i n a e c i n t o r e ) / (t d h c p o o P h r l u u l a i a s c r s r . e e s o ) f (t a d h m L o o l o u o la a s u r n . n s o ) t f C c t r ( r e a P o a n t n c « e t) t c F c h e ( e a p e n r e s g t r ) e & 1 s M (y a e t a u r r s it ) y L c p r ( a o e p ri t n a e c i n t o r e ) / (t d h c o p o P h l r u u l a i a s c s r r . e e s o ) f (t a d h L m o o l u o o l s a a u . r n n s o ) t f 1963....................... 5.84 .64 24.0 73.3 22.5 16.3 5.98 .60 19.2 70.8 17.8 12.6 1964....................... 5.78 .57 24.8 74.1 23.7 17.3 5.92 ,55 20.0 71.3 18.9 13,4 1965....................... 5.74 .49 25.0 73.9 25.1 18.3 5.87 .55 21.8 72,7 21.6 15,6 1966....................... 6.14 .71 24.7 73.0 26.6 19.2 6.30 .72 21.7 72.0 22.2 15.9 1967....................... 6,33 .81 25.2 73.6 28.0 20.4 6.40 .76 22.5 72.7 24.1 17.4 1968...................... 6.83 .89 25.5 73.9 30.7 22.4 6.90 .83 22.7 73.0 25.6 18.5 1968-—Mar........ 6.50 .88 25.7 74.3 30.2 22.2 6.59 .79 23.0 73,3 25.4 18.3 Apr............. 6.57 .88 25.3 73.4 30.3 21.9 6.64 .80 22.6 72,8 25,1 18.1 6.69 .95 25.0 73.2 30.2 21.7 6.81 .87 22.5 73,1 25.3 18.3 June............ 6.88 .95 25.4 74.4 30.4 22.3 6.97 .86 22.6 73.1 25.2 18.2 July............ 7.04 .85 25.5 73.7 30.5 22.2 7.10 .83 22.5 72.6 25.7 18,5 Aug........ 7.10 .87 25.5 73.6 31.0 22.6 7.12 .85 22.7 73.0 25.6 18.6 Sept............. 7.10 .87 25.5 74.2 30.3 22.1 7.11 .82 22.6 72.6 25,4 18.3 Oct.............. 7.09 .88 25.6 74.5 31.0 22.7 7.09 .84 22.5 72,4 25.5 18.3 Nov............ 7.07 .84 25.4 74.1 30.7 22.5 7,07 .82 22.7 72.9 26.2 18.9 Dec.......... 7.09 .89 25.9 74.0 33.7 24.7 7.09 .85 23.3 73.2 28.1 20.4 1969-—Jan,. .......... 7.16 .84 25.6 73.6 33.2 24.1 7.18 .86 22.8 72.6 27.9 20.0 Feb............. 7.26 .81 25.6 73.3 32.4 23.5 7.28 .86 22.9 72.8 27.2 19.6 Mar.p...... 7.31 .92 25.8 73,8 33.1 24.1 7.34 .84 23.0 72.8 28.4 20.3 i Fees and charges—related to principal mortgage amount—include based on probability sample survey of characteristics of mortgages loan commissions, fees, discounts, and other charges, which provide originated by major institutional lender groups (including mortgage added income to the lender and are paid by the borrower. They exclude companies) for purchase of single-family homes. Data exclude loans for any closing costs related solely to transfer of property ownership. refinancing, reconditioning, or modernization; construction loans to homebuilders; and permanent loans that are coupled with construction Note.—Compiled by Federal Home Loan Bank Board in cooperation loans to owner-builders. Series beginning 1965, not strictly comparable with Federal Deposit Insurance Corporation. Data are weighted averages with earlier data. See also the table on Home-Mortgage Yields, p. A-51. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 34 STOCK MARKET CREDIT □ MAY 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 justed debit credit tended End of Unrestricted Restricted debt Brokers Banks Total bal bal by period (mil 1 2 ances ances brokers lions of 30-39 40-49 50-59 60 per dol 1968—'Mar......... 6,190 2 370 8 560 7 248 2 692 4 556 Under 30 per per per cent lars) Apr................. 6,430 2,350 8*780 7'701 2*979 4*722 per cent cent cent cent or more May............... 6^640 2 360 9 000 8*268 3 064 5 204 June............... 6,690 2,410 9 100 8 * 728 3^293 5*435 , July.....6..,.5..0..0.... 2,’420 8 920 8 861 3 ,269 5 592 1968-Mar... .9 53.3 15,5 6.1 19.2 11,700 Aug................ 6,460 2^490 8 950 8 489 2 984 5*505 Apr... 19.8 46.1 10,8 4.7 18.7 12,270 Sept................ 6,390 2’520 8 910 8 723 3 126 5*597 May.. 21.9 45.0 9.4 4.9 18.8 12,820 Oct................ 6,250 2 560 8 810 8*859 3,407 5 *452 Nov................ 6,200 2 630 8 830 9*029 3 419 5 6i6 Dec................ 6,200 2 710 8 900 9*790 3 717 6*073 Under 60 or 20 20-29 30-39 40-49 50-59 more 1969—Jan.r.....5. ..9..3..0.. 2 750 8 680 9 107 3 597 5 510 Feb?.............. 5,760 2*810 8*570 9* 148 3*648 5 501 Mar.”............ 5,680 2,*781 8*461 8,*348 3^294 5^054 June.. 0.8 22.1 47.3 8.5 4.0 17.3 12,590 July.. . 1.2 21.3 43.5 10.4 5.1 18.5 12,060 Aug.. . 2.7 25.9 37,9 10.1 4.9 18.6 11,900 1 End of month data. Total amount of credit extended by member firms Sept... 5.4 32.4 29.6 8.8 4.1 19.7 11,910 of the New York Stock Exchange in margin accounts, estimated from Oct.... 4.3 35.9 27.0 8.9 4.2 19.7 11,540 reports by a sample of 38 firms. Nov.. . 10.6 36.4 21.4 7.6 3.6 20.4 11,460 2 Figures are for last Wed. of month for large commercial banks re Dec.. . 3.8 38.9 20.2 7.5 3.8 26.3 12,060 porting weekly and represent loans made to others than brokers or dealers for the purpose of purchasing or carrying securities. Excludes Ioans col 1969 Jan.’’.. 5.9 40,6 20.9 8.1 4.4 20.1 11,180 lateralized by obligations of the U.S. Govt. Feb.’’. 2.7 38.8 22.9 9.4 5.1 21.1 10,850 Note.—Customers’ net debit and free credit balances are end-of-month Mar.”. 5.5 37.3 21.1 9.3 4.9 21.8 10,860 ledger balances as reported to the New York Stock Exchange by all member firms that carry margin accounts. They exclude balances carried for other member firms of national securities exchanges as well as balances Note.—'Adjusted debt is computed in accordance with requirements set of the reporting firm and of its general partners. Net debit balances are forth in Regulation T and often differs from the same customer’s net debit total debt owed by those customers whose combined accounts net to a balance mainly because of the inclusion of special miscellaneous accounts debit. Free credit balances are in accounts of customers with no unfulfilled in adjusted debt. Collateral in the margin accounts covered by these data commitments to the broker and are subject to withdrawal on demand. Net now consists exclusively of stocks listed on a national securities exchange. credit extended by brokers is the difference between customers' net debit Unrestricted accounts are those in which adjusted debt does not exceed the and free credit balances since the latter are available for the brokers’ use loan value of collateral; accounts in all classes with higher ratios are until withdrawn. restricted. EQUITY STATUS OF MARGIN ACCOUNT DEBT AT BROKERS (Per cent of total debt, unless otherwise indicated) Total Equity class (per cent) debt SPECIAL MISCELLANEOUS ACCOUNT BALANCES (mil AT BROKERS, BY EQUITY STATUS OF ACCOUNTS End of lions period of 70 or Under (Per cent of total, unless otherwise indicated) dol more 60-69 50-59 40-49 40 lars) 1 Equity class of accounts Net in debit status Total 1968—Mar.. 6,190 32.1 37.6 14.1 5.3 11.0 End of period credit balance Apr., 6,430 48.7 26.4 10.2 4.3 10.4 status 60 per cent Less than (millions May.. 6,640 51.0 24.9 8.6 4.4 11.0 or more 60 per cent of dollars) 80 or Under 1968—Mar...................... 52.5 42.9 4.5 5,820 more 70-79 60-69 50-59 40-49 40 Apr....................... 46.3 47.9 5.8 6,030 May..................... 49.6 46.2 4.1 5 370 June..................... 50.0 45.7 4.2 6,150 June . 6,690 14.9 33.2 28.8 8.2 4.3 10.6 July...................... 51.7 44.4 3.9 6 000 July,. 6,500 15.4 28.1 30.6 9.5 4.9 11.6 Aug..................... 49,8 46.4 3.8 780 Aug.. 6,460 17.3 28.8 28.2 9.1 4.8 11.8 Sept...................... 51.0 45.3 3,6 5 840 Sept.. 6,390 20.0 31.1 25,0 8.1 4.4 11.5 Oct................. 52.9 40.3 5.2 5 640 Oct... 6,250 20.9 31.3 23.3 8.7 4.0 11.8 Nov...................... 53.2 43.3 3.5 5 550 Nov.. 6,200 25.5 31.4 19.4 7.4 3.9 12.5 Dec....................... 54.4 40.4 5.2 5,690 Dec.. 6,200 24.0 30.2 19.4 8.0 4.2 14.2 1969—Jan.r.................... 52.7 42.3 5.1 5 700 1969—Jan..’' 5,930 24.4 29.3 20.8 7.9 4.6 13. 1 Feb. r.................... 52.8 41.6 5,6 5^680 Feb. '| 5,760 20.5 28.2 22.6 9.1 5.4 14.1 Mar.”.................. 53.0 40.9 6.1 5,480 Mar.” 5,680 22.1 28.0 20.5 9.5 5.1 14.8 Note.—Special miscellaneous accounts contain credit balances that may be used by customers as the margin deposit required for additional 1 See footnote 1 to table above. purchases. Balances may arise as transfers based on loan values of other Note.—Bach customer’s equity in his collateral (market value of col collateral in the customer’s margin account or deposits of cash (usually lateral less net debit balance) is expressed as a percentage of current col sales proceeds) occur. lateral value. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 1969 □ OPEN MARKET PAPER; SAVINGS INSTITUTIONS A 35 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS’ ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances company paper Held by— Based on—• End of period Accepting banks F.R. Goods stored in or Banks Im Ex shipped between Total th P r la o c u e g d h P di l r a e c c e t d Total Others p i o n r t t o s p fr o o r m ts Do e l x l ar points in— dealers 1 ly 2 Total O bi w ll n s bo B u il g ls h t O ac w ct n . c F e o i o g r r n r . U St n a i t t e e s d U S n ta it t e e d s change U St n a i t t e e s d co F u o n re tr i i g e n s 1963 ..................... 6,747 1,928 4,819 2,890 1,291 1,031 260 162 92 1,345 567 908 56 41 1,317 1964..................... 8'361 2,223 6J38 3385 1371 1,301 370 94 122 1398 667 999 111 43 1 365 1965 ..................... 9'058 1,903 7J55 3,392 l’,223 1,094 129 187 144 1,837 792 974 27 35 1364 1966...................... 13'279 3;O89 10,190 3303 1,198 '983 215 193 191 2322 997 829 103 80 1395 1967...................... 16^35 4,901 11;634 4,317 1,906 I ,447 459 164 156 2390 1,086 989 37 162 2342 1968—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 5330 11,579 4,430 1,778 1,409 369 87 118 2,447 1,229 1 325 18 116 2342 May...... 18,417 5361 12,656 4,359 1324 1,282 342 56 132 2,547 1,267 1 307 17 77 1 ,'992 June.......... 18,798 5322 12,976 4386 L677 1 366 311 134 112 2364 1 338 944 23 55 I 325 July........... 19'746 6370 13,476 4,330 1,751 1,410 341 99 128 2,352 1,390 917 42 54 1,927 Aug........... 20,734 7,091 13,643 4,418 L8I9 1,474 344 51 149 2,399 1,435 932 100 52 1 399 Sept........... 20,264 7,737 12,527 4,327 1,714 1,393 321 86 124 2,403 1 ,420 945 78 46 1 338 Oct............. 20,839 7,592 13 347 4320 1351 1,280 271 56 119 2,695 1 ,479 921 80 53 1,887 Nov........... 22,220 7',758 14’, 462 4389 1305 1,352 253 58 114 2312 1 ,476 922 68 55 I ',869 20;497 7301 13,296 4,428 1 344 1,344 200 58 109 2317 1 323 952 52 68 I 334 1969—Jan............ 21 ,813 7,873 13,940 4,370 1,407 1 ,211 195 50 104 2,809 1 ,405 906 93 111 1 ,854 Feb............ 22,865 8,342 14323 4320 I 373 1,263 210 91 '99 2J57 1,449 859 82 120 ! 310 Mar........... 23J681 9,003 14378 4364 I 399 1 ,233 266 94 122 2,749 1 ,460 872 77 119 1 337 1 As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their paper directly with other commercial paper sold in the open market. investors. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total Mortgage loan assets— commitments3 Total General classified by maturity Other liabili Depos Other reserve (in months) End of period State Corpo Cash assets ties its2 liabili ac Mort Other U.S. and rate and ties counts gage Govt. local and general govt. other1 reserve accts. 3 or Over less 3-9 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 10350 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................... 28 302 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 n.a. n.a. n.a. 1,654 1962................... 32356 602 6,107 527 5,177 956 695 46,121 41,336 828 3 357 n.a. n.a. n.a. 2,548 1963 ................... 36 307 607 5,863 440 5 374 912 799 49 302 44,606 943 4J53 n.a. n.a. n.a. 2,249 1964................... 40328 739 5 391 391 5,099 1,004 886 54338 48,849 989 4; 400 n.a. n.a. n.a. 2,820 1965 .................... 44,433 862 5,485 320 5,170 1 ,017 944 58,232 52,443 1,124 4,665 n.a. n.a. n.a. 2,697 1966.................... 47,193 1,078 4,764 251 5 319 '953 I ,024 60;982 55 306 1 J14 4;863 n.a. n.a. n.a. 2,010 1967................... 50311 1,203 4319 219 8,183 993 1 ,138 66,365 60,121 1,260 4,984 742 982 799 2,523 1968—Mar......... 51,039 1,341 4,412 229 8,937 914 1 ,198 68,070 61,615 1 ,388 5,067 669 1 ,036 772 2,477 Apr.......... 51,199 1,267 4303 221 9J13 871 1 ,190 68,165 61 ,554 1 ,553 5,058 695 906 961 2,561 May........ 51,402 1,474 4,374 421 9,213 877 1 ,215 68,768 61 ,926 1 ,732 5,110 650 1 ,069 949 2,669 June 51,621 1387 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 1,489 4,203 201 9,778 912 1,217 69,902 62,851 1,871 5,180 776 1 ,094 1 ,058 2,928 Sept......... 52,323 1,468 4,139 204 9,827 990 1 353 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 3,070 Nov......... 52 346 1,532 3313 200 10301 914 1,267 70,773 63,800 1,707 5,266 945 1,132 1,125 3,202 Dec...... 53,286 1,407 3,834 194 1OJ80 996 1 356 71,152 64,507 1 ,372 5,273 811 1 ;034 1,166 3,011 1969—Jan........... 53,579 1,426 3,962 195 10,298 835 1 ,256 71,550 64,747 1,507 5,295 760 1 ,073 1,186 3,020 Feb.......... 53 307 1,559 3,989 190 10329 888 1 369 72,132 65,087 1,692 5,353 711 1,165 1,210 3,085 Mar...... 54,005 1 362 3,990 194 10,649 900 1 ,293 72393 65 359 1,476 5,359 778 1 ,266 1,171 3,214 1 Also includes securities of foreign governments and international Note.—National Assn, of Mutual Savings Banks data; figures are organizations and nonguaranteed issues of U.S. Govt, agencies. estimates for all savings banks in the United States and differ somewhat 2 See note 5, p. A-18. from those shown elsewhere in the Bulletin; the latter are for call dates 3 Commitments outstanding of banks in New York State as reported to and are based on reports filed with U.S. Govt, and State bank supervisory the Savings Banks Assn, of the State of New York. Data include building agencies. Loans are shown net of valuation reserves. Figures for Jan. and loans beginning with Aug. 1967. June 1968 include one savings and loan that converted to a mutual sav ings bank, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 36 SAVINGS INSTITUTIONS a MAY 1969 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities Total Mort Real Policy Other assets Total United State and Foreign 1 Total Bonds Stocks gages estate Ioans assets States local Statement value: I960......................................... 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 1961......................................... 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962......................................... 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 1963......................................... 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 1964......................................... 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4,528 7,140 6,749 1965......................................... 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7,234 1966......................................... 167,022 10,837 4,823 3,114 2,900 69,816. 61,061 8,755 64,609 4,883 9,117 7,760 1967......................................... 177,361 10,505 4,587 2,976 2,942 75,707 64,920 10,787 67,516 5,186 10,059 8,388 Book value: 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......................................... 177,361 10,530 4,587 2,993 2,950 73,997 65,015 8,982 67,575 5,188 10,060 10,011 1968~Feb............................... 179,102 10,902 4,706 3,173 3,023 75,305 66,125 9,180 67,834 5,243 10,224 9,594 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 Dec............................... 187,695 10,483 4,365 3,036 3,082 79,403 68,575 10,828 70,071 5,573 11,284 10,881 1969—-Jan............................... 188,972 10,602 4,400 3,048 3,154 80,418 69,350 11,068 70,205 5,620 11,399 10,728 Feb............................... 189,924 10,821 4,448 3,210 3,163 80,968 69,691 11,277 70,355 5,640 11,525 10,615 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and Note.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance companies in the United States. on each item separately but are included in total, in “other assets.” SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets Liabilities Total Mortgage E pe n r d i o o d f M ga o ge rt s s G e U c o . u v S r t . i , Cash Other1 l a i s a T s b e o il t 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 n e v r d i v d e e s d B m or o r n o e w y e 3 d L p o ro an ce s s i s n Other c m o lo m e a n n m t s i 4 t ties profits 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.................... 78370 5,563 3’926 5’346 93’605 80,236 6,520 3 329 l',999 1,221 2'230 1963.................... 90'944 6345 3,979 6391 107359 91308 7309 5,015 2'528 1,499 2314 1964 .................... 101'333 6,966 4,015 7,041 119,355 101,887 7*899 5,601 2,239 1329 2390 1965.................... 110'306 7,414 3,900 7’960 129’,580 110,385 8’704 6'444 2'198 1 349 2,751 1966.................... 114,447 7 771 3 ,362 8,416 133396 114’009 . 9', 102 7’464 1 ’ 272 2’149 1'517 1967”.................. 121,893 9,244 3’408 9,057 143,602 124,562 9'557 4'739 2 381 2’463 3,631 1968—Mar.......... 123,337 9 904 2,943 9,385 145,569 125,960 9,546 4,511 2,300 3,252 3,840 124'216 9,761 2,803 9,375 146,155 125,666 9,541 4,806 2’437 3 305 4351 May......... 125 J73 10,101 2,760 9’691 147 ,’725 126,423 9336 4*955 2362 4349 3,993 June......... 125,900 9,822 3,006 9,583 148,311 127,917 9,849 5,194 2,592 2,759 3,762 July.......... 126,618 9,700 2,449 9,513 148,280 127,312 9,840 5,276 2,536 3,316 3,918 Aug.. 127,492 9 604 2,409 9’615 149,120 127 ,'701 9'834 5,274 2,438 3 373 3,849 128,302 9 533 2'528 9’608 149’971 128'834 9’834 5 324 2'422 3 357 3'782 Oct........... 129'147 9 605 2,568 9 658 150'978 129'329 9,831 5335 2’416 4367 3,856 Nov...... 129379 9,671 2/693 9390 152,133 129377 9,834 5,331 2'392 4399 3337 Dec.......... 130,782 9,531 2,964 9,548 152'825 131,620 10,311 5,672 2,’444 2378 3331 1969—Jan........... 131,404 9 920 2,372 9,527 153,223 131,529 10,318 5,665 2,403 3,308 3,769 Feb."....... 132,075 10,119 2,519 9,712 154’425 132J34 10,303 5387 2,470 3,931 4389 Mar......... 132,981 10,133 2,558 10,026 155,698 133,491 10,301 5,617 2,640 3,649 4,446 1 Includes other loans, stock in the Federal home loan banks, other 4 Commitments data comparable with those shown for mutual savings investments, real estate owned and sold on contract, and office buildings banks (on preceding page) would include loans in process. and fixtures. Note.—Federal Home Loan Bank Board data; figures are estimates for 2 Before 1958 mortgages are net of mortgage-pledged shares. Asset all savings and Ioan assns. in the United States. Data beginning with 1954 items will not add to total assets, which include gross mortgages with no are based on monthly reports of insured assns. and annual reports of deductions for mortgage-pledged shares. Beginning with Jan. 1958, no noninsured assns. Data before 1954 are based.entirely on annual reports. deduction is made for mortgage-pledged shares. These have declined Data for current and preceding year are preliminary even when revised. consistently in recent years from a total of $42 million at the end of 1957. Figures for Jan. and June 1968 reflect conversion of one savings and loan 3 Consists of advances from FHLB and other borrowing. assn, to a mutual savings bank. Figures for June 1968 also reflect exclu sion of two savings and loan assns. in process of liquidation. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 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 F M ed o e rt r g a a l g N e a A tio ss n n a , l B f a o n r k s int F er e m de e r d a i l a te Fe la d n e d r al Assets Liabilities and capital (sec o on p d er a a ry ti o m ns a ) rket cooperatives credit banks banks End of period v m a b A t n e e o d c r m s e s I m nv e e n s ts t p C a o d a n s e s d i t h s B n a o o n n t d e d s s M po b 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 s t D n t a e u ( o L n b r t e e d e ) s s n c L a o t ( o o i t A v a o p e ) n e s s r D t e u (L b re e ) s n c L o a d ( o u A n i a s n d ) n t s s D t e u (L b re e ) s n M l g o ( a A a o g n r ) e s t B ( o L n ) ds 1961.............. 2,662 1,153 159 1,571 1,180 1,107 2,770 2,453 697 435 1,650 1,585 2,828 2,431 1962............. 3'479 1,531 173 2'707 1,214 1,126 2,752 2,422 735 505 1,840 1,727 3,052 2,628 1963............. 4^784 1,906 159 4363 1,151 1,171 2,000 1,788 840 589 2,099 1,952 3,310 2,834 1964............. 5^325 L523 141 4,369 1,199 1,227 1,940 1,601 958 686 2,247 2,112 3,718 3,169 1965.............. 5,997 1.640 129 5,221 1,045 1'277 2,456 1,884 1 ,055 797 2,516 2,335 4,281 3,710 [966.............. 6^935 2,523 113 6,859 1,037 1,369 4,266 3,800 1,290 1,074 2,924 2,786 4^958 4,385 1967............. 4,386 2 ,’598 127 4,060 1,432 1 ,395 5,'348 4,919 1,506 1,253 3,411 3,214 5’609 4,'904 1968—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 I ,454 I ,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 ,583 3,636 3,570 6,107 5,423 5,423 Dec... 5,259 2,375 126 4,701 1,383 1 ,402 6,872 6,376 1 ,577 1 .334 3,654 3,570 6,126 5,399 1969—Jan.. . 5,357 2,049 82 4,701 1,111 1 ,408 7,032 6,604 1,630 1 ,401 3,719 3,576 6,169 5,432 Feb... 5,298 2,069 82 4,601 1,131 1 ,434 7,244 7,193 1 ,680 1 ,425 n.a. 3,668 6,226 5,432 Mar... 5,331 2,181 97 4,674 1,244 1 ,443 7,417 7,193 1 ,663 1 ,425 3,921 3,743 6,317 5,535 Note.—Data from Federal Home Loan Bank Board, Federal National bonds held within the FHLB System), and are not guaranteed by the U.S. Mortgage Assn., and Farm Credit Admin. Among the omitted balance Govt.; for a listing of these securities, see table below. Loans are gross sheet items are capital accounts of all agencies, except for stock of home of valuation reserves and represent cost for FNMA and unpaid principal loan banks. Bonds, debentures, and notes are valued at par. They in for other agencies. clude only publicly offered securities (excluding, for the home loan banks, OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, MARCH 31, 1969 Amount Amount Amount Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions of dollars) of dollars) of dollars) Federal home loan banks Federal National Mortgage Federal land banks—Cont. Notes: Association—Cont. Bonds: Apr. 25, 1969.......................61/4 326 Debentures: July 15, 1969.....................4 4 130 May 26, 1969........................6 300 Sept. 10, 1971.................4U 96 July 15, 1969.....................4% 60 July 25, 1969...................5,75 400 Sept. 10, 1971..................... 350 July 15,1969....................6.70 200 Aug. 25, 1969.....................654 300 Feb. 10,1972.....................5»/8 98 Sept. 22, 1969.....................6’4 279 Oct. 27, 1969.....................6H 400 June 12, 1972.....................4’/8 100 Oct. 20, 1969.....................4% 209 June 12, 1973.....................4’4 146 Jan. 20, 1970..................... 5’4 209 Bonds: Oct. 1, 1973.......................6 250 Feb. 20, 1970....................5*A 82 June 25, 1969...................6.30 550 Feb. 10, 1977.....................4’4 198 Feb. 20, 1970...................6.30 344 Sept. 25, 1969........................6 400 Apr. 1, 1970.....................3i/i 83 Nov, 25, 1969........................6 500 Apr. 20, 1970...................6.20 362 Feb. 25, 1970........................6 200 Banks for cooperatives June 22, 1970...................6.70 174 Mar. 25, 1970........................6 200 Debentures: June 22, 1970.................... 6’4 203 Mar. 25, 1970......................6.85 346 Apr. 1,1969....................5.55 275 July 20, 1970.....................5’4 85 Apr. 27, 1970........................6 225 May 1,1969....................5.80 256 July 20,1970.....................6 241 May 25, 1970...................5.80 300 June 2, 1969....................6.05 296 Oct. 20, 1970.....................6,30 223 Feb. 25, 1971...................6.60 200 July 1,1969....................6.40 246 May 1,1971......................3’4 60 Federal National Mortgage Associa Aug. 4, 1969..................6.60 353 Oct. 20,1971....................6.00 447 tion—Secondary market opera Feb. 15, 1972....................5.70 230 tions Federal intermediate credit banks S O e c p t. t . 2 1 3 5, , 1 1 9 9 7 7 2 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .5 3 % % 2 1 0 09 0 De D J A J M F b u u e e p e n l a b c y r n o y . , . t u 1 1 1 1 1 1 r 2 0 2 e 0 0 0 , , , s , , , 1 1 : 1 1 1 1 9 9 9 9 9 9 6 7 6 6 6 6 9 0 9 9 9 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 . . . . . . . . . . . . . . i . . . . . . H . . . . . . 6 . 6 . . 5 6 o 4 . . W 1 6 ’4 0 0 2,5 2 3 2 5 2 4 5 0 5 5 5 8 3 0 0 0 8 0 0 De J J S N A M A O D b u u e o u e p c l e n a p y c t v g r n y e . t . . , . . t 1 u , 1 r , 1 4 1 2 1 2 3 1 e , , , 1 9 , , , s , 1 1 1 1 : 1 9 6 1 1 9 9 9 9 6 9 9 9 9 6 6 6 6 9 6 . 6 6 . 9 9 . 9 9 . 9 9 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 . . . . . . . . . 1 . 5 5 6 5 6 6 6 , 5 4 . . . . . . . 9 6 0 8 7 3 6 5 5 5 5 5 4 0 0 0 G 4 4 4 4 4 3 3 4 2 0 9 7 0 7 1 9 5 6 7 9 2 8 0 6 0 6 Te S n h n F J A J F F A e o u a s e e e r p p n l s t b b b y r r - e . . . . . . t e e 2 r V m 0 2 2 2 2 2 2 a 0 1 4 0 0 2 , ll n 1 , , , , , , e o 1 1 1 1 1 1 9 y 9 9 9 9 9 9 t 7 e A 7 7 7 7 7 7 s 6 4 5 6 8 9 3 u . . . . . . . . - t . . . . . . . 7 . h . . . . . . . . . . . . 8 . o . . . . . . . . . . . . . . . . . . . r . . . . . . . . . i . . . . . . . . . t . . . . . . . . y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 4 5 5 5 5 .. % % % 4 g G 2 2 1 1 1 1 1 7 8 0 4 5 5 2 5 5 0 8 5 0 3 0 0 Apr. 10, 1970......................454 142 Bonds: June 10, 1970....................6.60 400 Federal land banks Nov. 15, 1985...................4.40 50 Sept. 10, 1970......................4% 119 Bonds: July 1, 1986.....................44 50 Oct. 13, 1970......................5’4 400 Feb. 15, 1967-72............4% 72 Feb. 1, 1987.....................44 45 Mar. 11, 1971......................6 350 Oct. 1, 1967-70...............4’4 75 May 15, 1992....................5.70 70 Aug. 10, 1971......................4% 64 Apr. 21, 1969...................5.60 250 Nov. 13, 1992.....................6% 60 Note.-—-These securities are not guaranteed by the U.S. Govt.; see also note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 38 FEDERAL FINANCE □ MAY 1969 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing R i e tu c r e e ip a t- c e c x o p u e n n t d Borrowings from the public 2 m Le o s n s e : t C ar a y s h a s a s n et d s M N em et o: Period r B e u c d ei g p e t t s p t e u N e n r x e e d t s i le N in n e g d t B l o a u u y d s t g e 1 t s B d u ( u e r o f d p - i r g l ) c u i e t s t s P e d u t c i e b e u b l s r i t i c s A P e g t c l i u e e u n s s r : c i y m L e e n a ss t c s : c o b I u y n n v G ts e o s v t t, S n L p o e e te c ss s ia : 3 l b E o T q i r o n u r t o g a a w l l s : o T p s i u r e n e r r g y a a t Other f m O i n n in e t o e a h a g f t n n e 4 , c s r t p o r s r w d a h i t n e v n o i b s p a e f t t 2 r e e r Special balance Issues Other Fiscal year: 1965........................ 116,813 117,182 1,249118,431 -1,618 5,561 704 2,023 308 -126 4,060 1,231 1,096 -116 1966........................ 130,864 130,822 3,832134,654 -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 ....................... 153,676 172,806 6,057 178,862 -25,187 21 ,352 5,944 3,371 1,949 -1,119 23,095 -397 1 ,700 3,394 ............ Half year: 1967—July-Dec.... 67,181 84,862 1,666 86,527 — 19,340 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: 1968—Mar............. 11,865 ’■14,183 ••677 ’14,861 ’-2,996 -2,083 ’349 -530 ’72 -20 r — l,257 -3,488 ’715 1 ,479 Apr.............. 19,045 15,199 479 15,678 3,368 -2,489 1 ,357 245 273 -19 -1,631 1 ,099 928 290 ....... May............ 11,711 15,385 856 16,241 -4,529 5,310 120 2,199 450 -5 2,786 -1,226 -925 -408 June............ 19,539 14,374 313 14,687 4,852 -4,716 894 370 -35 -405 -3,752 5 1 ,769 674 July............. 11,732 13,986 313 14,299 -2,564 3,500 75 -641 169 -12 4,059 714 -335 -1,116 Aug............. 13,129 16,092 189 16,281 -3,153 3,278 1,369 1,184 639 -15 2,839 -1,420 329 -777 Sept............. 18,775 16,049 207 16,256 2,518 387 28 -374 31 758 4,003 78 806 5,284 Oct............... 10,687 16,524 286 16,810 -6,122 2,451 292 -857 482 -7 3,125 -2,073 -325 593 Nov............. 12,738 15,070 55 15,125 -2,387 -331 -80 209 230 -165 -686 -3,754 338 -343 Dec.............. 15,820 14,465 -71 14,394 1 ,427 1,166 -238 99 35 -185 979 1,932 -279 -753 4,565 1969—Jan............... 15,845 15,798 -37 15,761 84 1 ,383 -33 612 112 -1,000 1,626 2,504 789 1 ,583 Feb............. 14,590 14,361 373 14,734 -144 -648 195 1,159 274 ...-..1..,.8...8.7 -2,304 -126 -399 ............ Mar............. 13,727 15,637 2 15,639 -1,912 782 -91 150 122 418 -114 -171 1,208 Selected balances Treasury operating balance Federal securities End Memo: of Less: Debt of period B F a . n R k . s acc l T a o o n a a u d x n n ts b G al o an ld c e Total se P c d u u e b r b i l t i t i c e s se A c g u e r n it c ie y s G In o v v e t s , t m ac e c n o t u s n o ts f S n L p o e e t c s e s i s a : 3 l E T h q o b e u y l t d a a l l s: s c p p G o o r N i r n o v p o s v a s o w t . t r . — e - e s d 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........................ 1,074 4,113 111 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: 1968—Mar............. 581 4,727 111 5,420 349,473 22,027 56,711 18,924 2,638 293,227 9,279 Apr.............. 1 ,035 5,372 111 6,519 346,984 23,384 56,957 19,196 2,619 291 ,596 9,274 May............ 956 4,225 111 5,293 352,294 23,505 59,156 19,646 2,614 294,383 9,409 June............ 1,074 4,113 111 5,298 347,578 24,399 59,526 19,611 2,209 ’290,631 10,04! July.............. 1,113 4,787 111 6,012 351,078 24,474 58,885 19,780 2,197 294,690 10,044 Aug.............. 916 3,564 111 4,592 354,356 25,843 60,069 20,419 2,182 297,529 9,927 Sept............. 1,036 7,448 HI 8,595 354,743 20,055 59,695 19,919 2,182 293,001 15,948 Oct............... 1,086 5,325 111 6,522 357,194 20,347 58,838 20,401 2,175 296,126 15,882 Nov.............. 478 2,179 111 2,768 356,863 20,267 59,047 20,632 2,010 295,441 16,328 Dec............. 703 3,885 Hl 4,700 358,029 15,064 59,146 20,266 1 ,825 291,855 21,481 1969—Jan............... 517 6,576 111 7,204 359,412 15,031 59,759 20,378 825 293,481 21,840 Feb............... 505 4,284 111 4,900 358,764 15,225 60,918 20,652 825 291,595 22,071 Mar.............. 783 3,891 111 4,786 359,546 15,134 61,068 20,774 825 292,012 n.a. 1 Equals net expenditures plus net lending. 3 Represents non-interest-bearing public debt securities issued to the 2 The decrease in Federal securities resulting from conversion to private International Monetary Fund and international lending organizations. ownership of Govt.-sponsored corporations is shown as a memo item New obligations to these agencies are handled by letters of credit. rather than as a repayment of borrowing from the public in the top panel. 4 Includes accrued interest payable on public debt securities, deposit In the bottom panel, however, these conversions decrease the outstanding funds, miscellaneous liability and asset accounts, and seigniorage. amounts of Federal securities held by the public mainly by reductions in 5 Includes debt of Federal home loan banks, Federal land banks, D. C. agency securities. The Federal National Mortgage Association (FNMA) Stadium Fund, FNMA (beginning Sept, 1968), FICB, and Banks for was converted to private ownership in Sept. 1968 and the Federal Inter Cooperatives (beginning Dec. 1968). mediate Credit Banks (FICB) and Banks for Cooperatives in Dec. 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 1969 □ FEDERAL FINANCE A 39 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Budget receipts Corporation Social insurance taxes Individual income taxes income taxes and contributions Period Employment taxes and Excise Cus Estate Mise, Total contributions1 Other taxes toms and re With Non Re Net Gross Re Un- net Net gift ceipts 3 held with funds total re funds empl. re total held ceipts Pay insur. ceipts2 roll Selftaxes empl. Fiscal year: 1965............... 116,813 36,840 16,820 4,86948,79226,131 670 17,359 3,819 1,07922,256 14,570 1,442 2,716 1,576 1966............... 130,86442,811 18,486 5,851 55,44630,834 761 20,662 3,777 1 ,12725,565 13,062 1 ,767 3,066 1,885 1967............... 149,562 50,521 18,850 7,845 61,52634,918 94626,041 I ,776 3,659 1 ,865 33,347 13,719 1 ,901 2,978 2,120 1968...................153,67657,301 20,951 9,52768,72629,897 1,23227,679 1,544 3,346 2,051 34,620 14,079 2,038 3,051 2,498 Half year: 1967—July-Dec. 67,20427,192 4,150 59730,747 11,345 542 12,678 105 1,335 965 15,082 7,081 993 1,332 1,165 1968—Jan.-June 86,47230,109 16,801 8,93037,979 18,550 690 15,001 1 ,439 2,011 1,08619,536 6,998 1 ,044 1,718 1,333 July-Dec. 82,881 33,712 5,515 475 38,751 15,494 785 14,945 131 1 ,290 1 ,179 17,544 7,834 1 ,213 1 ,417 1 ,413 Month: 1968— Mar........ '11,865 '5,504 698 '2,765 ’’3,436 4,439 r74 I ,919 129 50 158 '2,257 '1,163 161 *■232 '251 Apr........ 19,045 4,045 7,687 2,344 9,388 4,339 97 2,251 859 148 195 3,453 1,101 185 447 229 May........ 11,711 5,566 539 2,300 3,805 763 113 3,979 173 843 180 5,175 1 ,309 191 360 220 June....... 19,539 4,837 2,978 208 7,608 7,419 119 2,499 54 44 206 2,803 1 ,181 176 239 232 July........ rj 1 ,651 4 560 605 151 5,013 2,259 84 2,093 1 14 204 2 411 1 ,448 205 232 r167 Aug........ '13,203 6 200 272 112 6^360 ’654 116 3,664 618 167 4'449 1 ,175 210 229 '242 Sept........ HS,753 5,565 3,682 48 9', 199 5,133 133 2,273 iio 55 213 2^651 1 ;223 205 229 ■247 Oct......... ■•10,716 4,981 378 60 5,299 1,496 218 1 ,939 6 108 204 2,256 1 ,222 212 242 '207 Nov........ '12 737 6 339 202 58 6,483 679 120 3,126 346 187 3,659 1,354 1 86 229 '266 Dec...... 15,820 6,068 376 46 6,397 5,273 114 1 ,850 15 49 204 2,118 1 312 195 256 284 1969—Jan.......... 15,845 5,113 5,184 75 10,222 1,665 62 1,688 110 159 218 2,176 1 ,254 119 277 194 Feb......... 14,590 7,254 1,202 1,169 8,456 784 102 3,796 128 773 183 4,880 1,152 144 230 217 Mar........ 13,727 6,015 843 2,858 3,999 5,189 223 2,470 134 63 198 2,865 1,156 197 308 237 Budget outlays Com- Educa Period Na Nat Com mun. tion Intra Total tional Inti, Space Agri ural merce develop, and Health Vet Inter Gen govt, de affairs re cul re and and man and erans est eral trans fense4 search ture sources transp. housing power welfare govt. ac tions5 Fiscal year: 1965................................. 118,431 49,578 4,340 5,091 4,807 2,063 7,364 288 2.509 27,209 5,722 10,357 2,276 -3,174 1966..................................... 134,654 56,785 4,490 5,933 3,679 2,035 7,135 2,644 4,496 31,320 5,920 11,285 2,360 -3,431 1967.................................... 158,352 70,081 4,547 5,423 4,376 1 ,860 7,652 2,616 6,135 37,605 6,897 12,588 2,584 -4,009 1968..................................... 178,862 80,516 4,619 4,721 5,944 1,702 8,076 4,076 7,012 43,508 6,882 13,744 2,632 -4,570 1969*6................................. 183,701 80,999 3,938 4,247 5,448 1 ,898 8,048 2,313 7,165 48,839 7,692 15,171 2,948 -5,105 1970*6................................. 195,272 81,542 3,755 3,947 5,181 1 ,891 8,969 2,772 7,887 54,966 7,724 15,958 3,275 -5,745 Half year: 1967—July-Dec............. 86,527 *38,739 2,292 1968—Jan.-June............... 92,335 *41,784 2,429 July-Dec................. 93,163 •39,849 2,133 Month: 1968—Mar..................... ■■14,861 '6,218 410 Apr.......................... 15,678 *7,093 377 May......................... 16,241 •7,191 425 June......................... 14,687 *7,550 450 July......................... 14,299 •5,897 277 Aug.......................... 16,281 *6,667 434 Sept......................... 16,256 *6,686 342 Oct........................... 16,810 *7,057 393 Nov......................... 15,125 *6,613 334 Dec.......................... 14,394 *6,929 353 1969—Jan........................... 15,761 *6,895 347 Feb.......................... 14,734 •6,426 335 Mar.......................... 15,639 *6,833 385 1 Old-age, disability, and hospital insurance, and Railroad Retirement tion of fiscal year functional classification using available Monthly Treasury accounts. Statement data. 2 Supplementary Medical Insurance premiums and Federal employee 5 Consists of government contributions for employee retirement and retirement contributions. interest received by trust funds. 3 Deposits of earnings by Federal Reserve Banks and other miscellane 6 Estimates presented in Jan. 1969 Budget Document. Breakdowns do ous receipts. not add to totals because special allowances for contingencies and July 4 Half year and monthly figures represent Federal Reserve approxima 1969 Federal pay increase, totaling $100 million for fiscal 1969 and $3,150 million for fiscal 1970, are not included. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 40 U.S. GOVERNMENT SECURITIES □ MAY 1969 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues End of period p d T g u e r o b b o t t l s a i s c l 1 Total Marketable C v ib e o l r n e t Nonmarkct S a a b v l e i S s p su e e c s ia l 4 Total Bills C c e a r t t e i s fi Notes Bonds 2 bonds Total 3 b i o n n g d s s & notes 1941—'Dec.................................................. 57.9 50,5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1946—Dec..................................................... 259.1 233.1 176.6 17.0 30.0 10.1 119,5 ........5...6...5 49.8 24.6 1961—Dec..................................................... 296.2 249.2 196.0 43.4 5.5 71.5 75,5 4.6 48.6 47.5 43.5 1962—Dec..................................................... 303,5 255.8 203.0 48.3 22.7 53.7 78,4 4.0 48.8 47.5 43.4 1963—Dec..................................................... 309.3 261 .6 207.6 51.5 10.9 58.7 86.4 3.2 50.7 48.8 43.7 1964—Dec.................................................... 317.9 267.5 212.5 56.5 .............. 59.0 97.0 3.0 52.0 49.7 46.1 1965—Dec..................................................... 320.9 270.3 214.6 60.2 50.2 104.2 2.8 52.9 50.3 46.3 1966—Dec..................................................... 329.3 273.0 218.0 64.7 5.9 48.3 99.2 2.7 52,3 50.8 52.0 1967—'Dec.................................................... 344.7 284.0 226.5 69.9 .............. 61.4 95.2 2.6 54.9 51.7 57.2 1968—Apr.................................................... 347.0 286.7 228.7 68.6 66.5 93.6 2.5 55.4 51.8 57.0 May................................................... 352.3 289.7 231.8 69.6 71.1 91.1 2.5 55.5 51.9 59.2 June................................................... 347.6 284.9 226.6 64.4 71.1 91.1 2.5 55.8 51.9 59.5 July.................................................... 351,1 289.1 231.0 68,9 71.1 91.0 2.5 55.6 52.0 58.9 Aug.................................................... 354.4 291.1 233.2 69.4 75.4 88.4 2.5 55.5 52.0 60.1 Sept.................................................... 354,7 291 .9 233,6 69.8 75.4 88.3 2.5 55.8 52,1 59.7 Oct..................................................... 357.2 295.2 236.7 73.0 75.3 88.3 2.5 56.1 52.2 58.8 Nov.................................................... 356.9 294.8 235.7 73.0 76.5 86.2 2.5 56.7 52.3 59.0 Dec.................................................... 358,0 296.0 236.8 75,0 .............. 76.5 85.3 2.5 56.7 52.3 59.1 1969—Jan..................................................... 359.4 297.8 238.5 76.8 76.5 85.3 2.5 56.8 52.3 59.8 Feb..................................................... 358.8 295.9 236.5 76.8 78.2 81.5 2.5 56.9 52.3 60.9 Mar.................................................... 359.5 296.6 237.3 77.5 78.2 81.5 2.5 56.8 52.3 61.1 Apr.................................................... 358.5 294.2 235.0 75.3 ............. 78.2 81.4 2.5 56.8 52.2 62.3 1 Includes non-interest-bearing debt (of which $637 million on Apr. 30, 1956, tax and savings notes; and before Oct. 1965, Series A investment 1969, was not subject to statutory debt limitation). bonds. 2 Includes Treasury bonds and minor amounts of Panama Canal and 4 Held only by U.S. Govt, agencies and trust funds, and the Federal postal saving bonds, home loan banks. 3 Includes (not shown separately): depositary bonds, retirement plan bonds, foreign currency series, foreign series, and Rural Electrification Note.—Based on Daily Statement of U.S. Treasury. See also second Administration bonds; before 1954, armed forces leave bonds; before paragraph in Note to table below. OWNERSHIP OF PUBLIC DEBT (Par value in billions of dollars) Held by— Held by private investors E pe n r d io o d f p T g d u r o e b o t b s l a i t s l c ag G t U e a r o n u n .S v c d s i t t . e , s B F a . n R k . s Total m C b e a o r n c m k ia s l s M b a a v u n i t n u k g s a s l p I c a n a o n n s m c u ie e r s r c O a o t t r i h o p e n o r s g S l a o o t n c v a d a t t e s l . Savi I n n g d s i vidu O al t s her n F a i o t n a i r o n t e e n d i r g a n l 1 O i m t n o t v i h r s e s c e s . r 2 funds bonds securities 1939—Dec............... 41.9 6.1 2 5 33 4 12,7 2 7 s 7 2 0 4 1.9 7 5 .2 3 1946—Dec................ 259.1 27 4 23 4 208 3 74 5 118 24.9 153 6 3 44 2 20 0 2 1 9' 3 1961—Dec................ 296 2 52 4 28 9 214 8 67 2 6' 1 185 190 46 4 19 5 134 13 5 11.3 1962—Dec................ 303 5 53 2 30 8 219 5 67 1 6 0 11 5 1 8 6 20 1 47 0 19 I 15 3 14 8 1963—Dec............... 309 3 55 3 33 6 220 5 64 2 5 6 112 187 21 I 48 2 20 0 159 15 6 1964—Dec............... 317.9 58 4 37 0 222 5 63 9 5'5 110 18 2 21 1 49 1 20.7 167 163 1965—Dec................ 320 9 59,7 40 8 220 5 60 7 5 3 10 3 15 8 22 9 49 7 22 4 16 7 16 7 1966—Dec................ 329.3 65 9 44 3 219 2 57 4 4 6 9'5 149 74* 9 50. 3 24 4 14* 5 18*8 1967—Dec............... 344 7 73.1 49' 1 222 4 63 8 4 1 8 6 12 2 25'1 51.2 22 9 15 8 18 9 1968—Mar............... 349.5 72.9 49.7 226 9 62 0 4 1 8 5 14 1 27 1 51.2 24 0 14 7 21 2 Apr................ 347.0 73.1 50 5 223 4 59 8 40 8 3 13 6 76 9 51 2 24 0 14 7 20 9 May............. 352.3 75.7 50 6 226 0 60 8 4 0 8 4 15 6 26'8 51.3 24 1 14 0 20 9 June.............. 347.6 76 0 52 2 219 2 59 8 3 9 8 1 13 0 26 6 51 3 23 0 12 9 20* 8 July............... 351.1 75.6 52 4 223 1 61 2 3 9 8* 1 143 26 7 51 3 23 4 13 1 21 1 Aug............... 354,4 76.9 530 224^5 62 1 3 8 8 1 14 5 26 9 51.4 23.6 13 3 20 9 Sept............... 354 7 76.6 53 3 224 9 63 5 3 8 8 1 12 9 26 7 51 3 23 9 13*4 21 3 Oct................ 357,2 76 2 53 3 227.7 65 3 3 6 8 1 14 0 26 8 51.4 23.6 13 8 21 *0 Nov,............. 356.9 76 7 53 4 226 9 63 9 3 6 8 0 14 8 26 7 51 5 23.3 150 20.2 Dec............... 358,0 76 6 52 9 228 5 65 5 36 8 0 14 6 27 1 51 5 23.7 14 3 20 1 1969—Jan................ 359.4 77.3 52.1 230,0 64.2 3 6 7 9 16 8 27 8 51.5 24.4 11 9 21 8 Feb................ 358.8 78.7 52 3 227 8 60 8 3 6 7* 8 178 28 4 51 5 24.7 12 0 21 1 Mar......... 359.5 79.0 52.4 228.1 60.6 3^6 7'7 17.'8 28 .'1 51.4 25.0 11.‘8 22.' 1 1 Consists of investment of foreign and international accounts in The debt and ownership concepts were altered beginning with the the United States. Mar. 1969 Bulletin. The new concepts (1) exclude guaranteed se 2 Consists of savings and loan assns., nonprofit institutions, cor curities and (2) remove from U.S. Govt, agencies and trust funds porate pension trust funds, and dealers and brokers. Also included and add to other miscellaneous investors the holdings of certain are certain Govt, deposit accounts and Govt.-sponsored agencies. Govt.-sponsored but privately-owned agencies and certain Govt, Note—Reported data for F.R. Banks and U.S. Govt, agencies deposit accounts. and trust funds; Treasury estimates for other groups. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 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 y 1 e - a 5 rs y 5 e - a 1 r 0 s 1 y 0 e - a 2 r 0 s 20 O y v e e a r rs Total Bills Other All holders: 1966—Dec. 31........................................................ 218,025 105,218 64,684 40,534 59,446 28,005 8 433 16 923 1967—Dec. 31........................................................ 226,476 104'363 69,870 34393 78 J 59 18 859 8 417 16’679 1968—Dec. 31........................................................ 236’812 108,611 75,012 33,599 68 360 35 130 8 396 16 415 1969—Feb. 28........................................................ 236,535 100,282 76,769 23,513 75,778 35,727 8 392 16 354 237,272 103,342 77,547 25,795 73 394 35,726 8391 16,320 U.S. Govt, agencies and trust funds: 1966—Dec. 31................................................ 1967—Dec. 31................................................ 1968—Dec. 31.. ............................................. 15,402 2,438 1 ,034 1,404 4,503 2,964 2,060 3,438 1969—Feb. 28................................................ 15’771 2,503 1’113 1'390 4375 2,998 2 058 3,437 Mar. 31................................................ 15332 2,616 I 331 1,385 4'767 3,054 2 059 3,437 Federal Reserve Banks: 1966—Dec. 31................................................ 44,282 35,360 12,296 23,064 7,502 1 007 153 260 1967—Dec. 31................................................ 49'112 31 ,484 16,041 15,443 16'215 858 178 377 1968—Dec. 31............................................... 52,937 28’503 18,756 9,747 12,880 10,943 203 408 1969—Feb. 28................................................ 52'275 19,288 17,993 1 '295 19’017 13’352 203 414 Mar. 31.............................................. 52'405 19,822 17,892 1,930 18,521 13312 213 437 Held by private investors: 1966—Dec. 31................................................ 1967—Dec. 31................................................ 1968—Dec. 31................................................ 168,473 77,670 55,222 22,448 50,877 2i,223 6,133 12 569 1969—Feb. 28............................................... 168,489 78,491 57'663 20,828 51 '986 19'377 6 131 12 503 Mar. 31................................................ 168,935 80304 58,424 22,480 50;206 19,260 6,119 12,446 Commercial banks: 1966—Dec. 31......................................... 47,182 15 838 8,771 7,067 21,112 9 343 435 454 1967—Dec. 31......................................... 52,194 18 451 10 415 8,036 26^70 6386 485 502 1968—Dec. 31......................................... 53,174 18,894 9,’040 9,854 23'157 10,035 611 477 1969—Feb. 28........................................ 49,025 15,720 6,366 9,354 23'332 8 928 577 468 Mar. 31........................................ 48,890 16,601 6,524 10^077 22,'495 8,770 556 469 Mutual savings banks: 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—Dec. 31......................................... 3,524 696 334 362 1’117 709 229 773 1969—Feb. 28........................................ 3,604 791 468 323 1 ’ 184 222 760 Mar. 31......................................... 3,611 830 496 334 1 J63 642 218 758 Insurance companies: 1966—Dec. 31......................................... 8,158 847 508 339 1 ,978 1,581 1,074 2,678 1967—Dec. 31......................................... 7'360 815 440 375 2356 914 1,175 2,400 1968—Dec. 31......................................... 6,857 903 498 405 1 ’892 721 1,120 2 221 1969—Feb. 28......................................... 6,767 972 576 396 1 '861 600 I 143 2 190 6,682 977 523 454 1,781 602 1,184 2,139 Nonflnancial corporations: 1966—Dec. 31........................ 6,323 4,729 3,396 1 ,333 1,339 200 6 49 1967—Dec. 31......................................... 4,936 3,966 2,897 1 ,069 898 61 3 9 1968—Dec. 31......................................... 5 915 4,146 2'848 1 '298 1,163 568 12 27 1969—Feb. 28......................................... 7,421 5,437 3'862 1 375 1'431 531 13 8 7,218 5,407 3,471 1,936 1307 483 13 8 Savings and loan associations: 1966—Dec. 31........................................ 3,883 782 583 199 1,251 1,104 271 475 1967—Dec. 31......................................... 4,575 1,255 718 537 1,767 811 281 461 1968—Dec. 31......................................... 4’724 1'184 680 504 1,675 1,069 346 450 1969—Feb. 28......................................... 4383 1,365 885 480 1,836 979 343 459 Mar. 31......................................... 4'965 1360 875 485 1 317 985 342 461 State and local governments: 1966—Dec. 31......................................... 15,384 5,545 4,512 1 ,033 2,165 1,499 1 ,910 4,265 1967—Dec. 31......................................... 14,689 5375 4,855 1’120 2324 '937 1,557 3’995 1968—Dec. 31......................................... 13,426 5’323 4,231 1,092 2347 805 1,404 3,546 1969—Feb. 28......................................... 14’533 6'462 5; 442 1,020 2,520 728 1,359 3'465 13'835 6381 4,993 I ,088 2,535 743 1 ,'348 3*129 All others: 1966 Dec. 31................... .. . 1967 Dec. 31............................... 1968—Dec. 31......................................... 80,853 46,524 37,591 8,933 19,526 7,316 2,411 5,075 1969—Feb. 28......................................... 82 J 56 47,744 40'064 7’680 19322 6,965 2,474 5,153 Mar. 31...................................... 83334 49;648 41'542 8,106 19,108 7335 2358 5382 Note.—Direct public issues only. Based on Treasury Survey of ketable issues held by groups, the proportion held on latest date by those Ownership. reporting in the Survey and the number of owners surveyed were: (1) Beginning with pec. 1968, certain Govt.-sponsored but privately-owned about 90 per cent by the 5,814 commercial banks, 499 mutual savings agencies and certain Govt, deposit accounts have been removed from U.S. banks, and 754 insurance companies combined; (2) about 50 per cent by Govt, agencies and trust funds and added to “All others.’’ Comparable data the 469 nonflnancial corporations and 488 savings and loan assns.; and are not available for earlier periods. (3) about 70 per cent by 503 State and local govts. Data complete for U.S. Govt, agencies and trust funds and F.R. Banks “All others,” a residual, includes holdings of all those not reporting but for other groups are based on Treasury Survey data. Of total mar in the Treasury Survey, including investor groups not listed separately. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 42 U.S. GOVERNMENT SECURITIES □ MAY 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 mercial other U.S. Govt, banks securities Other 1968—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............................ 2348 2^87 244 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 1969—Jan............................... 2,781 2,423 225 92 41 1 058 116 1 022 585 337 Feb............................... 2'453 2,095 226 97 37 885 86 *916 565 278 Mar.................... 2354 1 ,’962 180 69 43 829 91 837 496 319 Week ending—■ 1969—Mar. 5 r..................... 2,559 2,246 193 74 47 991 93 940 535 312 12....................... 2'292 2’004 180 63 46 877 103 807 504 r285 19....................... 2J90 1 '888 193 62 49 807 98 770 516 r339 26 r..................... 2’269 1 ,950 200 79 40 801 87 900 481 394 Apr. 2....................... 2,245 1,977 157 70 40 689 81 888 587 304 9....................... 2'432 2,170 163 61 38 772 99 965 596 253 16....................... 2’005 I '698 192 72 42 650 85 757 512 416 23....................... 2’046 1,778 160 72 36 718 88 737 502 467 30....................... 2',360 2,139 136 59 28 401 Note.—The transactions data combine market purchases and sales of sales of securities under repurchase agreement, reverse repurchase (resale), U.S. Govt, securities dealers reporting to the F.R. Bank of New York. or similar contracts. Averages of daily figures based on the number of They do not include allotments of, and exchanges for, new U.S. Govt, trading days in the period. securities, redemptions of called or matured securities, or purchases or DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity U.S. Commercial banks Period All Within 1-5 Over se a G g cu e o n r v i c t t y i . e s Period so A ur l c l es New Else C t o io rp ns o r 1 a o A th l e l r maturities 1 year years 5 years York where City 1968—Mar......... 2,438 2,211 124 103 361 Apr.......... 2^981 2^01 236 142 403 1968—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 3,458 867 879 1 010 702 Aug.. 5.262 4,097 283 881 732 July............ 4 341 1 193 1,032 1 415 701 Sept......... 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 Nov......... 3',766 2^948 160 659 652 Oct............. 4,518 1,163 1,664 903 788 4’093 3’606 136 352 615 Nov........... 4,191 '877 13 99 1,325 791 Dec............ 4,431 1,212 886 1 ,461 871 1969—Jan........... 2,918 2,757 0 (62 508 Feb.......... 2,389 2'193 34 161 449 1969—Jan............ 3,100 737 641 1,310 412 Mar......... 2,230 2,119 -37 149 507 Feb............ 2,660 417 G61 1 ,’311 573 Mar........... 2,322 396 370 1 ,031 526 Week ending—■ Week ending—• 1969—Feb. 5.. 3,365 3,289 -66 142 501 12. . 2,714 2,402 89 224 399 Feb. 5... 3,502 932 670 1,461 439 19. . 1,940 1,742 32 167 418 12. , . 3,033 628 414 1,400 590 26.. 2,112 1,953 34 125 480 19. . . 2,563 202 241 1 ,298 821 26... 1,894 44 233 1,196 422 Mar. 5 . . 2,299 2,115 34 151 486 12. . 2,031 1 ,921 -33 143 458 Mar. 5 . .. 2,413 477 347 1,128 461 19.. 2,108 2,040 -53 122 493 12. .. 2,196 317 356 1,156 367 26. . 2,163 2,061 -49 151 543 19. 2,244 321 373 978 572 26. . . 2,380 429 340 963 648 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
MAY 1969 □ GOVERNMENT SECURITIES A 43 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, APRIL 30, 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—Cont. Treasury notes—Cont. Treasury bonds—Cont. May 1, 1969 2,701 Oct. 2, 1969................. 1,100 Apr. 1,1972...........116 34 Aug. 15, 1973........4 3,894 May 8, 1969 2,702 Oct. 9, 1969................. 1,101 May 15,1972..........414 5,310 Nov. 15, 1973...........41/8 4,349 May 15, 1969 2,699 Oct. 16,1969................. 1,101 Oct. 1, 1972...........114 33 Feb. 15, 1974..........4% 3,129 May 22, 1969 2,705 Oct. 23, 1969................. 1,103 Apr. 1,1973...........1^ 34 May 15, 1974...........4»4 3,586 May 29, 1969 2,702 Oct. 31 , 1969............... 1 ,502 Oct. 1,1973 .........P4 30 Nov. 15, 1974........3 7/g 2,240 May 31, 1969 1 ,503 Nov. 30, 1969................ 1 ,501 Apr. 1,1974..........11/. May 15, 1975-85...4% 1,215 June 5, 1969 2,701 Dec. 31, 1969................ 1 ,500 Aug. 15, 1974..........5 5/s 10,284 June 15, 1978-83...3 V4 1,562 June 12, 1969 2,701 Jan. 31 , 1970............... 1 ,501 Nov. 15, 1974..........5% 3,981 Feb. 15, 1980..........4 2,599 June 19, 1969 2,702 Feb. 28, 1970................ 1,000 Feb. 15, 1975..........51/4 5,148 Nov. 15, 1980..........3U 1,907 June 23, 1969f 6,771 Mar. 31, 1970................ 1,001 May 15, 1975..........6 6,760 May 15, 1985...........3% 1,103 June 26, 1969 Apr. 30, 1970............... 1,001 Feb. 15, 1976..........6% 3,726 Aug. 15, 1987-92... 4V4 3,815 June 30, 1969 ................ 1,502 Feb. 15, 1988-93... 4 249 July 3, 1969 ................ 2,705 Treasury notes Treasury bonds May 15, 1989-94.. .4i/g 1,559 July 10, 1969 ................ 2,704 May 15, 1969.........5% 4,277 June 15, 1964-69... 21/4 2,541 Feb. 15, 1990...........3’4 4,856 July 17, 1969 ................ 2,702 Aug. 15, 1969.........6 3,366 Dec. 15, 1964-69... 2 lA 2,485 Feb. 15,1995...........3 1,529 July 24, 1969 ........... 2,698 Oct. 1, 1969.........1& 159 Mar. 15, 1965-70.. .21/4 2,282 Nov. 15, 1998........3% 4,283 July 31 , 1969 ................ 2,606 Apr. 1, 1970.........1>A 88 Mar. 15, 1966-71.. .21/4 1,222 Aug. 7, 1969 ................ 1,100 May 15, 1970.........5% 7,793 June 15, 1967-72... 21/4 1 ,245 Aug. 14, 1969 ................ 1,100 May 15, 1970.........6% 8,759 Sept. 15, 1967-72... 21/4 1,952 Aug. 21, 1969 ................ 1,104 Oct. 1, 1970.........B/4 113 Dec. 15, 1967-72...21/4 2,597 Aug. 28, 1969 ................ 1,101 Nov. 15, 1970.........5 7,675 Oct. 1, 1969.........4 6,242 Aug. 31, 1969 ................ 1,506 Feb. 15, 1971.........5^ 2,509 Feb. 15,1970.........4 4,381 Sept. 4, 1969 ................ 1,101 Apr. 1971.........11,4 35 Aug. 15, 1970.........4 4,129 Sept. 11 , 1969 ................ 1,100 May 15, 1971.........5% 4,265 Aug. 15, 1971.........4 2,806 Sept. 18, 1969 ................ 1,100 Oct. 1, 1971.........1^ 72 Nov. 15, 1971.........3% 2,760 Convertible bonds Sept. 25, 1969 ......... 1,101 Nov. 15, 1971.........5% 1,734 Feb. 15, 1972.........4 2,344 Investment Series B Sept. 30, 1969................ 1,501 Feb. 15, 1972.........4% 2,006 Aug. 15, 1972.........4 2,579 Apr. 1. 1975-80... 234 2,464 f Tax anticipation series. Note.—Direct public issues only. Based on Daily Statement of U.S. Treasury. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds Period Total G g o a e b t a n i l l o e i n r s R n e u v e e HAAi G l U o o a .S v n t . s , State S d p i s a s t e n t a c r d t i i , c a t l Other^ a d e m e re l o i d v u 3 nt Total c E at d io u n b R r a o id n a g d d e s s i U tie n s 4 H in o g u s s V a a e n i t d e s 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 7,177 3,517 464 170 2,401 3,784 5,144 11,538 10,471 3,619 900 1,965 626 50 3,311 1966................. 11,405 6,804 3,955 325 312 2,590 4,110 4,695 n.a. 11,303 3,738 1,476 1,880 533 3,667 1967................. 14,766 8,985 5,013 477 334 2,842 4,810 7,115 n.a. 14,643 4,473 1 ,254 2,404 645 5,867 1968'............... 16,596 9,269 6,517 528 282 2,774 5,946 7,884 n.a. 16,489 4,820 1 ,526 2,833 787 6,523 1968—Mar...... 1,404 593 652 144 15 HO 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.r... 1,140 337 781 22 20 415 706 n.a. 1,138 169 46 196 20 707 1969—Jan.r. . . 1 ,260 940 310 1 1 546 285 430 n.a. 1 ,258 360 165 168 4 561 Feb'. . . 986 459 378 143 7 144 477 365 n.a. 984 244 222 170 146 202 Mar,J'... 525 320 194 ............ 11 110 145 270 n.a. 526 254 94 70 3 .........1.0..5 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 * 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 □ MAY 1969 TOTAL NEW ISSUES (In millions of dollars) Proposed use of net proceeds, Gross proceeds, all issues 1 all corporate issues 6 Noncorporate Corporate New capital Re Period tire Total G U o . v S t . .2 G a U c g o y e . v S n 3 t . , l S o U a c t n a . a S d t l e . 4 Other 5 Total Total B P li o u c n l b y d s va P t r e i l y fe P r r r e e S d toc C k m o o m n Total Total m N on ew ey 7 O p p o t u h s r e e s r s m ri e t o c e ie f u n s t offered placed 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 13,165 9,420 4,700 4,720 450 3,294 12,885 12,017 10,715 1,302 868 1962 .................. 29,956 8,590 1,188 8,558 915 10,705 8,969 4,440 4,529 422 1,314 10,501 9,747 8,240 1,507 754 1963. 35,199 10,827 1,168 10,107 887 12,211 10,856 4,713 6,143 343 1,011 12,049 10,523 8,898 1,625 1,526 1964. 37,122 10,656 1,205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 13,792 13,038 11,233 1,805 754 1965. 40,108 9,348 2,731 11,148 889 15,992 13,720 5,570 8,150 725 1,547 15,801 14,805 13,063 1,741 996 1966. 45,015 8,231 6,806 11,089 815 18,074 15,561 8,018 7,542 574 1,939 17,841 17,601 15,806 1,795 241 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 1968--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 ,363 (18 1 ,799 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 I ,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 I ,513 1 ,497 1 ,281 216 15 Oct......... 6,111 430 1,147 2,260 146 2,129 1 ,604 1 ,009 595 25 499 n.a. n.a. n.a. n.a. n.a. Nov........ 3,294 379 1 ,037 118 I ,767 1 ,301 939 362 41 425 n.a. n.a. n.a. n.a. n.a. Dec......... 3,812 377 223 1,138 20 2,054 1 ,572 607 965 19 464 n.a. n.a. n.a. n.a. n.a. 1969-—Jan.......... ^4,226 427 424 1 ,244 108 2,023 I ,570 980 590 67 386 n.a. n.a. n.a. n.a. n.a. Feb......... 4,056 443 450 974 168 2,021 1 ,224 842 382 72 725 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 u an s d Transportation Public utility Communication an R d e a f l i n e a s n t c a i t a e l Period Retire Retire Retire Retire Retire Retire New ment of New ment of New ment of New ment of New ment of New ment of capital8 secu capital8 secu capital8 secu capital8 Secu capital8 secu capital8 secu rities rities rities rities rities rities 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 1968--Feb..................................... 556 5 142 1 118 546 8 147 61 2 Mar.................................... 761 175 192 431 17 78 6 102 Apr.................................... 353 11 317 * 203 178 189 1 146 May................................... 550 175 1 106 2 549 103 * 341 1 June................................... 750 5 394 I 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. Dec................................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1969--Jan..................................... n.a. n.a. n.a. n.a. n.a. n.a. ' n.a. n.a. n.a. n.a. n.a. n.a. Feb..................................... 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 flotation. number of units by offering price. i For plant and equipment and working capital. 2 Includes guaranteed issues. 8 All issues other than those for retirement of securities. 3 Issues not guaranteed. * See Note to table at bottom of opposite page. Note.—Securities and Exchange Commission estimates of new issues 5 Foreign governments, International Bank for Reconstruction and maturing in more than 1 year sold for cash in the United States. Development, and domestic nonprofit organizations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 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 I c n o ve s, s 1 t. Other In c v o e s s .1 t. Other I c n o ve s s .1 t. Other 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—IV............... 9,414 2,863 6,551 5,349 1,426 3,924 2,446 1,605 747 690 1,699 915 1968—I.................. 7,719 3,019 4,700 3,997 1,286 2,711 2,491 1 ,230 821 912 1 ,633 319 IE................ 8,395 3,933 4,462 5,124 1,308 3,816 1,846 1 ,424 I ,053 1 ,572 762 -147 HI............... 8,236 4,111 4,125 4,732 1 ,250 3,482 2,084 1,421 949 1 ,914 1,102 -493 IV............... 10,942 5,168 5,774 5,528 1,575 3,953 3,432 1 ,982 1 ,032 2,561 2,400 -579 Type of issuer Manu- Commercial Transpor- Public Comm uni- Real estate Period facturing and other 2 tation 3 utility cation and financial 4 & B n o o nd te s s Stocks & B o n n o d te s s Stocks & B n o o nd te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 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—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 ,624 II................ 1 ,520 -556 375 371 260 10 848 214 524 33 288 574 in............... 1,210 -484 716 -123 300 -62 585 187 491 6 181 1,119 IV............... 667 — 1,171 960 461 257 -71 1,310 152 269 50 491 2,399 1 Open-end and closed-end companies. exclude foreign and include offerings of open-end investment cos., sales of 2 Extractive and commercial and misc. companies. securities held by affiliated cos, or RFC, special offerings to employees, 3 Railroad and other transportation companies. and also new stock issues and cash proceeds connected with conversions 4 Includes investment companies. of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for Note.-—Securities and Exchange Commission estimates of cash trans that purpose shown on opposite page. actions only. As contrasted with data shown on opposite page, new issues OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales 1 Re ti d o e n m s p s N al e e t s Total 2 po C si a t s io h n 3 Other Sales 1 Re t d io e n m s p s N al e e t s Total 2 po C si a t s i h o n3 Other 1957 .............. 1,391 406 984 8,714 523 8,191 1968—-Mar... 557 243 314 42.412 3,919 38,493 1958.............. 1’620 511 1,109 13,242 634 12,608 Apr... 618 309 309 46,179 3,923 42,256 1959.............. 2^80 786 C494 15,818 860 14i958 May.. 502 366 136 48,054 3,495 44,559 June.. 535 374 161 48,426 3,273 45,153 I960.............. 2,097 842 1,255 17,026 973 16,053 July. . 582 344 237 47,342 3,113 44,229 1961.............. 2’951 1,160 1,791 22^789 980 21i809 Aug... 531 309 222 48,470 3,459 45,011 1962.............. 2; 699 1,123 M76 21,271 1,315 19,956 Sept... 494 292 202 51.030 3,747 47,283 Oct.... 653 396 257 51,633 3,384 48,249 1963 .............. 2,460 1,504 952 25,214 1,341 23,873 Nov... 688 313 375 54,860 3,413 51,447 1964.............. 3,404 1'875 1,528 29316 1,329 27,787 Dec... 653 319 354 52,677 3,187 49,490 1965.............. 4,359 1,962 2'395 35,220 1.803 33,’417 1969—Jan.... 876 397 479 53,323 3,831 49,492 1966.............. 4,671 2,005 2,665 34,829 2,971 31,858 Feb... 625 379 246 50,512 •■3,880 r46,632 1967.............. 4,670 2,745 1’927 44,701 2,566 42,135 Mar... 628 285 343 51,663 4,331 47,332 1968.............. 6,820 3,841 2,979 52’677 3,187 49'490 1 Includes contractual and regular single purchase sales, voluntary short-term debt securities, less current liabilities. and contractual accumulation plan sales, and reinvestment of invest ment income dividends; excludes reinvestment of realized capital gains Note.-—Investment Company Institute data based on reports of mem dividends. bers, which comprise substantially all open-end investment companies 2 Market value at end of period less current liabilities. registered with the Securities and Exchange Commission. Data reflect 3 Cash and deposits, receivables, all U.S. Govt, securities, and other 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 □ MAY 1969 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1966 1967 19681 Industry 1963 1964 1965 1966 1967 IV I II HI IV I II III Manufacturing Total (177 corps.): Sales..................................... 147,380 158,253 177,237 195,738 201,399 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 98,482 112,341 122,094 123,429 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 ,482 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 70! 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 profits before taxes are partly estimated by the Federal Reserve to include per cent surcharge each quarter. affiliated nonelectric operations. 2 Includes 17 corporations in groups not shown separately. Telephone: Data obtained from Federal Communications Commis 3 Includes 27 corporations in groups not shown separately. sion on revenues and profits for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long N()tt.~Manufacturing corporations: Data are obtained primarily from Lines and General Depts, of American Telephone and Telegraph Co.) published reports of companies. and for 2 affiliated telephone companies. Dividends are for the 20 operat Railroads: Interstate Commerce Commission data for Class I line ing subsidiaries and the 2 affiliates. haul railroads. All series: Profits before taxes are income after all charges and before, Electric power: Federal Power Commission data for Class A and B Federal income taxes and dividends. electric utilities, except that quarterly figures on operating revenue and Back data available from the Division of Research and Statistics. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 1969 □ BUSINESS FINANCE A 47 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e r a o f x o f e i r s t e s c ta o I x n m e s e 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 tr U p i r b n o u d f t i i e t s s d co c a n a t l i l s p o o u i n w t m a l p Quarter P b t e r a o f x o f e i r s t e s c ta o I x n m e s e 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 tr U p i r b n o u d f t i i e t s s d co c a t n a i l o l s p o u n i w t m a l p ances1 ances 1 1961.............. 50.3 23.1 27,2 13.8 13.5 26.2 1967—1.... 79.9 32.8 47.1 22.5 24.6 41.9 1962.............. 55.4 24.2 31,2 15.2 16.0 30.1 II.... 80.3 33.0 47.3 23.2 24.1 42.9 1963 .............. 59.4 26.3 33.1 16.5 16.6 31.8 III... 80.8 33.2 47.6 23.5 24.1 44.1 1964.............. 66.8 28.3 38.4 17.8 20.6 33.9 IV... 85.4 35.1 50 3 22.5 27.9 44,9 1965.............. 77.8 31.3 46.5 19.8 26.7 36.4 1968—1. . .. 88.9 39.8 49.1 23.6 25.5 45.7 1966.............. 85.6 34.6 51.0 21.7 29.3 39.7 II.. 91.8 41.1 50.7 24.4 26.3 46.7 1967.............. 81.6 33.5 48.1 22.9 25.2 43.4 III. 92.7 41.5 51.2 25.2 26.0 47.6 1968.............. 92.3 41,3 51.0 24.6 26.3 47.1 IV... 95.7 42.8 52.8 25.4 27.5 48.5 1 Includes depreciation, capital outlays charged to current accounts, and Note.—Dept, of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts, Notes and accts, End of period working U.S. receivable payable Accrued capital Total Cash s G ec o u v r t i , I t n o v ri e e n s Other Total F in e c d o e m ra e l Other ties G U o . v S t . .1 Other G U o . v S t . .1 Other taxes 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'............................. 190.2 443.4 50.1 157 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 HI.................... 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 1 3.3 4.7 223.6 159.9 29.1 272.1 6.2 188.0 15.4 62.5 Ill................... 210,9 492.2 52 8 1 2.9 4 8 229.5 163 7 28.6 281.3 6 3 193 8 15.6 65.5 IV..................... 214.4 506’9 56.1 13.9 5.1 235.6 166.2 29.9 292.5 6.4 202^2 17.4 66.4 i Receivables from, and payables to, the U.S. Govt, exclude amounts Note.—Securities and Exchange Commission estimates; excludes offset against each other on corporations’ books. banks, savings and loan assns., insurance companies, and investment companies. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Total Period Total Durable Non Mining Railroad Other u P t u il b it l i i e c s n C i o ca m ti m on u s Other 1 a ( r n S a n t . u A e) a . l durable 1962........................................ 37.31 7,03 7.65 1.08 .85 2.07 5.48 3.63 9.52 1963........................................ 39.22 7.85 7.84 1.04 1.10 1.92 5.65 3.79 10.03 1964........................................ 44.90 9,43 9.16 1.19 1.41 2.38 6.22 4.30 10.83 1965......................................... 51.96 11.40 11.05 1.30 1.73 2.81 6.94 4.94 11.79 1966........................................ 60 63 13.99 13 00 1.47 1.98 3.44 8.41 5.62 12.74 1967........................................ 61.66 13.70 13.00 1.42 1.53 3.88 9.88 5.91 12.34 1968........................................ 64 08 13.51 12 93 1.42 1.34 4.31 1 1.54 6.36 12.67 19692....................................... 72.96 15.48 15.17 1.60 1.73 4.83 13.16 7.44 13.56 1967—j................................... 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 III................................ 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.................................. 15.86 3.22 3.28 .36 .36 1.04 2.97 1,51 3.11 62.60 m................................ 16.02 3.37 3.25 .34 .30 1.12 2.96 1.50 3.18 63.20 IV................................. 17.95 3.95 3.57 .35 .30 1.18 3.28 1.86 3.46 65.90 1969—12,............................... 15.82 3.33 3.17 .38 .34 1.10 2,73 77 71,65 II2............................... 17.90 3.78 3.73 .41 .42 1.14 3.42 5.01 70.85 i 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 □ MAY 1969 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm Other 1- to 4-family houses4 Multifamily and Mortgage holders2 commercial properties5 type6 End of Finan Finan period All cial All cial Other All hold insti Indi hold insti hold hold FHA— ers tutions 1 U.S. viduals ers tutions 1 ers3 ers Finan. Other Finan. Other VA- Con agen and Total insti hold Total insti hold under ven cies others tutions 1 ers tutions 1 ers written tional 1941.......3..7..6 20.7 4.7 1 2.2 6 4 1 5 4 9 31 2 18 4 11 2 7 2 12 9 8 1 4 8 3 0 28 2 1945 .......... 35.5 21 0 2.4 12.1 4' 8 1 3 3 4 30'8 1 R* 6 12 2 6 4 12 2 7 4 4 7 4 3 26 5 1964.....3..0..0..1 241.0 11.4 47.7 1 8 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 2129 184 3 28 7 91 6 725 19 1 81'2 223 4 1966?........ 347 0 280 8 15 8 50 4 23 3 8 4 14 9 323 6 223 6 192 1 31 5 1000 80 7 19 R 84 1 239 5 1967?........ 369 8 298 8 18 4 52 5 2 5 *5 9 1 16 3 344 3 236 1 701 8 34' 7 108 3 87 9 20 4 RR' 2 256 1 1968?......... 396.9 319.9 21.7 55 2 27 5 9 7 178 369'3 251 5 213 5 37 9 117 9 96 7 21 2 92 8 276 5 1966-111".. 343.3 287.2 15.2 49.9 23.0 8.4 14.6 320.3 221.9 191.1 30.8 98.5 78.7 19.8 83.4 236.9 IV?.. 347.0 280.8 15.8 50.4 23,3 8.4 14.9 323,6 223.6 192.1 31.5 100.0 80.2 19.8 84.1 239.5 1967-1?... 350.1 282.9 16,4 50.8 23.7 8.5 15.3 326.3 224.9 192.8 32.1 101.5 81.6 19.9 84.4 241.9 11?.. . 355.8 287.6 16.7 51 .5 24.3 8.7 15.6 331,4 227.8 195.3 32.5 103.6 83.6 20.0 85.3 246.1 HI?.. 362.8 293.3 17.5 52.0 24.9 8.9 16.0 3.37.9 232.0 198.7 33.3 105.9 85.7 20.2 86.4 251.5 IV?.. 369.8 298.8 18.4 52.5 25.5 9. 1 16.3 344.3 236.1 201.8 34,2 108.3 87.9 20.4 88.2 256.1 1968-1?... 375.3 302.6 19.6 53.1 26.0 9.3 16.7 349,3 239.3 203.9 35.4 uo.o 89.5 20.6 89.4 259.9 II?... 382.5 308.1 20.6 53.9 26.8 9.6 17. 1 355.8 243.3 206.8 36.5 112.4 91.7 20.8 90.7 265,1 III?.. 389.4 313.5 21.1 54.8 27.2 9.7 17.5 362.2 247.3 209.9 37.4 115.0 94.0 21.0 92.0 270.2 IV?. . 396.9 319.9 21.7 55.2 27.5 9.7 17,8 369.3 251.5 213.5 37.9 117.9 96.7 21 .2 92.8 276.5 i 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 loan assns. ... and loan assns. 6 Data by type of mortgage on nonfarm 1 - to 4-family properties alone 2 U.S. agencies include former FNMA and, beginning fourth quarter are shown on second page following. 1968, new GNMA as welt as FHA, VA, PHA, Farmers Home Admin., and tn earlier years, RFC, HOLC, and FFMC. They also include U.S. Note.—Based on data from Federal Deposit Insurance Corp., Federal sponsored agencies—-new FNMA and Federal land banks. Other agencies Home Loan Bank Board, Institute of Life Insurance, Depts, of Agricul (amounts small or current separate data not readily available) included ture and Commerce, Federal National Mortgage Assn., Federal Housing with “individuals and others.” Admin., Public Housing Admin., Veterans Admin., and Comptroller of 3 Derived figures; includes debt held by Federal land banks and farm the Currency. debt held by Farmers Home Admin. Figures for first three quarters of each year are F.R. estimates. « For multifamily and total residential properties, see p. A~50. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings 1 Mutual savings bank holdings 2 Residential Residential End of period Other Other Total non Farm Total non Farm FHA- VA- Con farm FHA- VA- Con farm Total in guar ven Total in guar ven sured anteed tional sured anteed tional 1941............................... 4,906 3,292 1 ,048 566 4,812 3,884 900 28 1945............................... 4,772 3,395 856 521 4,208 3,387 797 24 1964............................... 43,976 28,933 7,315 2,742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13,079 4,016 53 1965............................... 49,675 32,387 7,702 2,688 21,997 14,377 2,911 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 17,722 5,732 117 1968............................... 65,696 41,433 7,926 2,708 30,800 20,505 3,758 53,456 46,748 15,569 12,033 19,146 6,592 117 1966—H........................ 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 in...................... 53,606 34,469 7,687 2,620 24,162 16,028 3,109 46,622 41,673 14,274 11,413 15,986 4,896 53 IV....................... 54,380 34,876 7,544 2,599 24,733 16,366 3,138 47,337 42,242 14,500 11,471 16,272 5,041 53 1967—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 in...................... 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 Ill....................... 63,779 40,251 7,768 2,657 29,826 19,771 3,757 52,496 46,051 15,367 11,945 18,739 6,329 116 IV....................... 65,696 41,433 7,926 2,708 30,800 20,505 3,758 53,456 46,748 15,569 12,033 19,146 6,592 117 1 Includes loans held by nondeposit trust companies, but not bank States and possessions. First and third quarters, estimates based on FDIC trust depts. data for insured banks for 1962 and part of 1963 and on special F.R. inter 2 Data for 1941 and 1945, except for totals, are special F.R. estimates. polations thereafter. For earlier years, the basis for first- and third-quarter estimates included F.R. commercial bank call report data and data from NoTE.-^Second and fourth quarters, Federal Deposit Insurance Corpo the National Assn, of Mutual Savings Banks. ration series for all commercial and mutual savings banks in the United Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 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 u A re - d a g n V u t A e a e r - d Other 1 Farm 1 Total Total in F s H ur A e - d a g n V u t A e a e r - d Other Farm 1945 ............................................. 976 6,637 5,860 1,394 4,466 766 1961.............................................. 6,785 6,233 1,388 220 4,625 552 44,203 41,033 9.665 6,553 24,815 3,170 1962.............................................. 7'478 6,'859 1'355 469 5,035 619 46,902 43 ,'502 10,176 6 >95 26,931 3’400 1963.............................................. 9’172 8,306 1 >98 678 6,030 866 50^544 46,752 10,756 6,401 29,595 3,792 1964.............................................. 10’433 9,386 M12 674 6,900 1,047 55,152 50,848 11,484 6,403 32,961 4’304 1965.............................................. 11,137 9,988 1 ,738 553 7,697 1,149 60,013 55,190 12,068 6,286 36,836 4,823 1966.............................................. 10>17 9,223 11300 467 7 >56 994 64.609 59,369 12’351 6,201 40,817 5,240 1967.............................................. 8’470 7,633 757 444 6,432 837 67,516 61,947 12,161 6,122 43’664 5,569 1968.............................................. 7,803 7,031 725 337 5,969 772 70,071 64 >68 12,015 5,982 46 >71 5 >03 1969--Feb.r................................. 512 419 41 23 355 93 67,834 62.247 12.174 6,123 43,950 5 587 Mar................................... 640 531 52 28 451 109 68,055 62i421 12,137 6,086 44'198 5,634 Apr.................................... 521 435 40 20 375 86 68’,123 62,448 12,103 6,067 44,278 5 >75 May................................... 648 583 55 23 505 65 68,339 62,634 12,075 6,047 44'512 5'705 June................................... 563 519 53 20 446 49 68,508 62,777 12,047 6,022 44,708 5,731 July.................................... 664 612 59 41 512 52 68,708 62 >69 12,036 6',046 44,887 5,>39 Aug.................................... 616 575 71 30 474 41 68 >09 63,154 12 >29 6,034 45,091 5,755 Sept.................................... 542 497 58 25 414 45 69.024 63,248 12,003 6,012 45 >33 5>76 Oct.................................... 615 578 84 30 464 37 69,212 63,434 12>O3 6,002 45'429 5,778 Nov,................................... 623 589 62 29 498 34 69,407 63,627 11 ,999 5 >93 45,635 5 ,780 Dec.................................... 1 ,207 1,123 84 29 1 ,010 84 70,071 64,268 12,015 5 >82 46 >71 5 803 1969-—Jan.. ................................ 641 589 59 28 502 52 70,205 64,437 12,003 5,974 46,460 5,768 Feb..................................... 558 497 64 29 404 61 70,355 64,584 11,983 5,973 46,628 5,771 1 Certain mortgage loans secured by land on which oil drilling or monthly figures may not add to annual totals; and for loans outstanding extracting operations in process were classified with farm through June the end-of-Dec. figures may differ from end-of-year figures because (1) 1959 and with “other” nonfarm thereafter. These loans totaled $38 monthly figures represent book value of ledger assets, whereas year-end million on July 31, 1959. figures represent annual statement asset values, and (2) data for year-end adjustments are more complete. Note.—Institute of Life Insurance data. For loans acquired, the MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Loans made Loans outstanding (end of period) Advances outstanding (end of period) Period Ad Repay Members’ New vances ments deposits Period Total 1 h c o o m n e H p o u m r e Total 3 FH in A - g V u A ar - C ve o n n Total t S er h m or t 1 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............. 17,733 5,212 7,317 68,834 4,167 7,152 57,515 1963....................... 5 ,601 4 296 4,784 2 >63 1 >21 1’151 1962............. 21,153 6,115 8 '650 78,770 4,476 7,010 67,284 1964....................... 5 565 5 025 5 325 2,846 2 479 1'199 1 1 9 9 6 6 3 4 . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 5 4 ' ’ 1 9 7 1 3 3 7 6, ’ 6 1 3 8 8 5 1 1 0 0 0 5 5 3 5 8 1 9 0 O 1’ > 3 4 3 4 3 4 4 , > 8 9 9 6 4 6 6 , ,6 9 8 6 3 0 7 8 9 9 , , 2 7 8 5 8 6 1965....................... 5,007 4 335 5 997 3 074 2 923 1 043 1966....................... 3,804 2,866 6,935 5,006 1,929 1*036 1965 ............. 24,192 6,013 10,830 110,306 5,145 6,398 98,763 1967..................... 1 527 4 076 4 386 3 985 401 I 432 1966.............. 16'924 3 >53 7,828 114'427 5,269 6,157 103,001 1968....................... 2'734 1*861 5 ,259 4,867 392 I *382 1 1 9 9 6 6 7 8 . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 1 0 ' > 1 8 2 3 2 4 4 , > 2 1 43 6 1 9 1 , , ’ 2 6 1 0 5 4 1 1 2 3 1 0 ^ > 7 0 8 5 2 5 6 > > 9 5 1 8 7 6, > 3 1 51 21 1 1 0 7 9, , 6 1 6 1 3 2 1968—Mar............ 87 166 4 269 3,733 536 1 302 Apr............. 386 111 4,545 4,026 519 1*270 1968—Mar... 1,787 414 850 123,337 5,900 6,476110,961 May........... 282 108 4,719 4>97 522 1 293 A M p a r. y . . . . 2 1 , , 1 9 0 73 6 4 5 8 12 0 1 ,0 9 5 45 0 1 1 2 2 4 5 , , 2 1 1 7 6 3 5 6 , , 9 0 6 2 1 6 6 6, , 5 5 2 5 2 9 1 1 1 1 1 2 , , 7 5 3 8 3 8 J J u u n ly e. . . . . . . . . . . . . . . . . . . . . . 2 3 4 3 5 4 23 7 5 5 4 4, , 9 8 8 8 8 9 4 4 , , 5 4 3 0 5 8 4 4 5 81 3 1 1 3 1 8 8 2 4 June.. 1,983 430 1 ,075 125,900 6,079 6,593 113,228 Aug............ 198 188 4,997 4 561 437 1 174 July... 1,859 400 I ,038 126,618 6,177 6,631 113,810 Sept............ 165 136 5,026 4 >03 423 1 >51 Aug... 1,995 414 1,156 127,492 6,279 6,689 114,524 Oct............. 173 164 5,035 4 >27 407 1 285 Sept... 1,840 396 984 128,302 6,370 6,753 115,179 Nov............ 155 150 5,040 4,643 397 1 321 Oct.... 1,949 466 995 129,147 6,459 6,845 115,843 Dec............ 301 81 5 ,259 4>67 392 1 382 Nov... 1,724 392 868 129,879 6,529 6,919116,431 Dec... 1,886 407 869 130,782 6,658 7,012117,112 1969—Jan............. 277 179 5,357 4,975 382 I 110 Feb............. 120 178 5 >98 4,940 358 1’130 1969—Jan... . 1,592 348 783 131,404 6,748 7,074117,582 Mar......... . 155 122 5,331 4,983 349 1,243 Feb... 1,580 364 767 132,075 6,857 7,129118,089 Mar.?, I ,863 443 899 132,981 6,972 7,194118,815 i Secured or unsecured loans maturing in 1 year or less. 2 Secured Ioans, amortized quarterly, having maturities of more than 1 Includes loans for repairs, additions and alterations, refinancing, etc., I year but not more than 10 years. 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 □ MAY 1969 MORTGAGE DEBT OUTSTANDING MORTGAGE DEBT OUTSTANDING ON ON RESIDENTIAL PROPERTIES NONFARM 1- to 4-FAMILY PROPERTIES (In biHtons of dollars) (In billions of dollars) All residential Multifamfly 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 pe n r 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 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*.....2..7..9....8. 236.6 43.2 43.7 34.7 9 0 1968* 251.5 83.8 50.6 33.2 167.6 1968*............. 298.5 251.2 47.3 47.0 37 6 9 4 1966—11. 219.6 74.7 43.7 31.0 '145.0 1966—II*.... 2S3.6 220.1 38.5 39.0 30.5 8.5 Ill 221.9 75.4 44.4 31.0 146.5 in*... 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 IK.... 269.5 228.3 41.2 41.7 32.9 8.8 III*. 232.0 78.3 46.6 31.7 153.7 III*... 274.6 232.5 42.1 42.6 33.8 8.8 IV*. 236. 1 79.9 47.4 32.5 156.1 in*... 279.8 236.6 43.2 43,7 34.7 9.0 1968—1*. . 239.3 81.0 48.1 32.9 158.3 1968—1*. . . . 283.5 239.0 44.5 44.2 35.1 9.1 II*. 243.3 82.1 48.7 33.4 161,2 II* . . . 288,5 242,8 45.7 45.2 36.0 9.2 Ill*, 247.3 83.2 49.6 33.6 164.1 III*... 293.3 246.6 46.7 46.1 36.7 9.3 IV*. 251.5 83.8 50.6 33.2 167.6 IV*. . . 298.5 251.2 47.3 47,0 37.6 9.4 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 arc 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 V A- guaranteed Loans not in foreclosure but delinquent for— Loans in Mortgages Mortgages End of period fore Period Prop closure Pro erty 90 days Total Ex jects1 im Total’ Ex Total 30 days 60 days or more New isting prove New isting homes homes ments2 homes homes 1963............... 3.30 2.32 .60 .38 .34 1964............... 3.21 2.35 55 .31 .38 1945............ 665 257 217 20 171 192 1965............... 3.29 2.40 55 .34 .40 1963 ............ 7,216 1,664 3,905 843 804 3,045 1,272 1,770 1966............... 3.40 2.54 54 .32 .36 1964............ 8,130 1,608 4,965 895 663 2,846 1,023 1,821 1967............... 3.47 2.66 .54 .27 .32 1965............ 8,689 1,705 5,760 591 634 2,652 876 1,774 1968............... 3.17 2.43 .51 .23 .26 1966............ 7,320 1,729 4,366 583 641 2,600 980 1,618 1967............ 7,150 1,369 4,516 642 623 3,405 1,143 2,259 1965—II........ 3.00 2.18 .52 .30 .38 1968............ 8,275 1,572 4,924 1,123 656 3,774 1,430 2,343 III.... 3.20 2.30 .56 .34 .38 IV. . .. 3.29 2.40 .55 .34 .40 1968—Mar.. 535 120 314 62 39 267 115 152 Apr.. 603 131 340 80 53 265 110 156 1966—1.......... 3.02 2.13 .55 .34 .38 May. 686 121 374 131 60 280 112 168 ........2.95 2.16 .49 .30 .38 June. 674 123 371 122 58 241 98 143 in.... 3.09 2.25 .52 .32 .36 July.. 712 135 438 72 66 327 120 207 IV.... 3.40 2.54 .54 .32 .36 Aug.. 752 135 460 94 63 341 122 218 Sept.. 727 135 453 78 61 322 111 211 1967—1.......... 3.04 2.17 .56 .31 .38 Oct... 869 158 549 95 67 360 122 237 II........ 2.85 2.14 .45 .26 .34 Nov.. 749 126 473 101 49 377 138 239 III. . .. 3.15 2.36 .52 .27 .31 Dec.. 702 117 409 118 58 365 136 229 IV.... 3.47 2.66 •54 .27 .32 1969—Jan... 762 134 474 105 48 369 145 225 1968—1.......... 2.84 2.11 .49 .24 .32 Feb.. 614 106 388 80 39 296 114 182 ii 2.89 2.23 .44 .22 .28 Mar.. 642 110 381 100 50 329 122 207 HI.. 2.93 2.23 .48 .22 .26 IV. ... 3.17 2.43 .51 .23 .26 I Monthly figures do not reflect mortgage amendments included in annual totals. . , Note.—Mortgage Bankers Association of America data from 2 Not ordinarily secured by mortgages, reports on 1- to 4-family FHA-insured, VA-guaranteed, and con 3 Includes a small amount of alteration and repair loans, not shown separ- ventional mortgages held by more than 400 respondents, including ately; only such loans in amounts of more than $1,000 need be secured. mortgage bankers (chiefly), commercial banks, savings banks, and savings and loan associations. 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
MAY 1969 a 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 swed aftteed Pur Sales bursed sured anteed Pur Sales bursed chases chases 1965..................2..,.2..1..2 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 41648 1,474 1,400 12 501 1968.......................... 4,220 3,569 651 1 ,089 1 1 ,266 1968........................... 7,167 5'121 2 046 1,944 ............1.,287 1968—’Mar................ 3,635 3,010 626 127 1,118 1968—Mar................ 6,165 4 465 1 700 189 332 Apr................ 3,721 3,087 633 103 1,126 Apr................ 6,325 4,570 i ,755 186 328 May............... 3,805 3,166 639 103 1,135 May.............. 6,477 4’671 11806 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 1,085 Oct................ 4,125 3,468 657 82 1,225 Oct.......... 6,943 4,975 1 368 126 1,150 Nov................ 4,166 3,511 655 58 1 ,248 Nov......... 7^048 5 ,045 2’003 132 1,236 Dec................ 4,220 J,569 651 73 1 ,266 Dec................ 7,167 5,121 2 046 146 1,287 1969—Jan................. 4,255 3,607 648 54 1,297 1969—Jan................. 7,334 5,227 2 107 193 1 ,283 Feb................. 4,301 3,657 644 63 1,296 Feb................. 7',510 5,345 2,165 201 1 ,406 Mar............... 4,328 3,687 641 44 1,311 Mar............... 7; 689 5367 •2,222 205 .....1..,.6..2...1 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 Se m c a o r n k d e a t ry Mortgage amounts co Im m p m li i c tm it e y n ie t l p d, e r b i y o d (in months) FHA series FHLBB series Yield Auction Accepted Period (effective rate) on FHA- date New insured homes new By commitment (U.S. homes Offered period (in months) 3 6 12-18 New Existing average) Total homes homes 3 6 12-18 1965. 5.81 5.95 5,83 5.47 1966. 6.25 6.41 6.40 6.38 In millions of dollars In percent 1967. 6.46 6.52 6.53 6.55 1968...................... 6.97 7.03 7.12 7.21 1969 1968--Apr............ 6.71 6.77 6.90 6.94 May........... 6.84 6.95 7.15 Feb. 3......... 320.6 80.0 5.3 36.0 38.8 7.98 7.99 7.82 June........... 7.03 7.12 7.25 7.52 10......... 285.7 102.4 6.8 46.2 49.4 8.01 8,05 7,91 July............ 7.17 7.23 7.30 7.42 17......... 226.7 100.9 6.9 38.4 55.6 8.04 8.09 7.95 Aug............ 7.24 7.26 7.30 7.35 24......... 167.2 100.1 11.2 48.7 40.1 8.09 8.14 8.00 Sept............ 7.24 7.25 7.30 7.28 Oct............. 7.23 7.22 7.25 7.29 Mar. 3......... 118.9 90.5 11.5 38.1 41.0 8.13 8.17 8.02 Nov............ 7.21 7.21 7.30 7.36 10......... 127,1 84.7 7.5 37.0 40.2 8,14 8.13 8.00 Dec............ 7.23 7.23 7.40 7.50 17......... 132.7 88.5 3.1 45.6 39.8 8.09 8.08 7,95 24.......... 220.9 84,1 3.5 47.4 33.3 8.10 8.09 7,96 1969--Jan............. 7.30 7.32 7.55 Feb............. 7.39 7.42 7,60 7.99 182.9 93.1 4.6 47.2 41.4 8.10 8.11 7.98 Mar....... *7.46 P7.48 7.65 8.05 7 175.9 102.5 8.2 57.8 36.5 8.12 8,13 8.01 Apr............ 7,75 8.06 14......... 144.7 101.1 7.9 52.3 40.9 8. 10 8.10 7.98 21.......... 128.1 100.9 4.6 59.8 36.5 8.05 8.05 7.93 28.......... 157.7 84.1 4.8 58.7 20. 5 r7.94 '7.94 '7.86 Note.—Annual data are averages of monthly figures. The FHA data are based on opinion reports submitted by field offices 170.8 84.4 6.7 58.2 19.5 '7.89 '7.90 '7.83 on prevailing local conditions as of the first of the succeeding ' 12 (85.0) 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 to allow for FNMA commitment fees and FNMA stock purchase and holding contract interest rates on conventional first mortgages in primary requirements, assuming a prepayment period of 15 years for 30-year loans. Com markets are unweighted and are rounded to the nearest 5 basis mitments for 12-18 months 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 □ MAY 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 1 429 376 1,322 3’087 845 1,645 597 1945......................................... 5^665 2,462 ’455 816 182 1 409 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......................................... 71 439 55,486 22,254 14,177 3,437 15,618 16,253 6,101 5 403 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 20,978 3,818 22,187 20,004 7,972 6,686 5,346 1967......................................... 102,132 80 926 30,724 22,395 3,789 24,018 21,206 8,428 6468 5,810 1968......................................... 113,191 89 890 34^130 24499 3,925 26,936 23,301 9,138 7,755 6,408 1968--Mar.............................. 100,981 80 474 30,942 21,644 3,688 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............................. 103,411 82 312 31’818 22^011 3'746 24’737 21’099 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.............................. 105 480 84 448 32474 22452 3,808 25,314 21,232 8 495 6,457 6480 Aug............................. 107,090 85 684 33,325 22477 3,857 25 725 21,406 8'774 6,574 6’058 Sept.............................. 107,636 86 184 33,336 22488 3,881 25479 21,452 8468 6,550 6,034 Oct.................... 108,643 87 058 33498 23,248 3,910 26 402 21,585 8443 6,692 5450 Nov............................. 110,035 87,953 33,925 23 ,'668 3*931 26 ,’429 22,082 9424 6,964 6’094 Dec.............................. 113,191 89 890 34,130 24499 3,'925 26,936 23,301 9 J38 7455 6,408 1969--Jan............................... 112,117 89,492 34,013 24,682 3,886 26411 22,625 9,038 7 497 6,490 Feb............................... 111 ,569 89,380 34’053 24'404 3,875 27 448 22,189 9,050 6,403 6'736 Mar.............................. 111 ,’950 89,672 34,262 24,306 3 474 27430 22478 9,139 6,340 6499 1 Holdings of financial institutions; holdings of retail outlets are in loans. For back, figures and description of the data, see “Consumer Credit,” cluded in “other consumer goods paper.” Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965, Note.—Consumer credit estimates cover loans to individuals for house and Dec. 1968 Bulletin, pp. 983-1003. hold, family, and other personal expenditures, except real estate mortgage INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Com Sales 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 11417 1945......................................... 2,462 1,776 ’745 300 102 629 686 28 '658 1962......................................... 48,720 41 878 19 005 11 405 4,875 4 765 1,828 6,842 345 6,497 1963......................................... 55^486 47 819 22 023 12 630 5,526 5’582 2458 7467 351 7,316 1964......................................... 62,692 53 898 25 094 13’605 6440 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......................................... 77439 66,724 31,319 16,697 8,255 7*663 2490 10,815 277 10^538 1967......................................... 80 426 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 1968—Mar.............................. 80,474 69,840 33,082 16,759 8,975 8,091 2,933 10,634 289 10,345 Apr........................ 81 428 70,600 33,562 16,868 9,109 8,144 2417 10428 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 9474 8,397 3,051 10,875 308 10’567 Aug........................ 85 484 74,690 35,672 17,670 9,739 8,490 3,119 10494 313 10481 Sept.............................. 86’184 75,114 35 423 17480 9,851 8 530 3,130 11,070 313 10,757 Oct............................... 87,058 75,871 36,352 17,823 9462 8,588 3,146 11487 317 10’870 Nov.............................. 87453 76,446 36460 17460 10,049 8,685 3,192 11', 507 319 11,188 Dec.............................. 89'890 77,457 36,952 18,219 10,178 8,913 3,195 12,433 320 12,113 1969—Jan............................... 89,492 77,360 37,005 18,175 10,101 8,879 3,200 12,132 319 11,813 Feb............................... 89’,380 77477 37456 18,219 10’153 81896 3,253 11,803 319 11,484 Mar.............................. 89,672 78,006 37’257 18,253 10494 8,927 3,275 11,666 320 11,346 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
MAY 1969 □ 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 erniza 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............................... 1,797 1,363 167 201 66 1945......................... '745 66 143 114 110 312 1945............................... 300 '164 24 58 54 1962.. .................... 19,005 6,184 3,451 2,824 2,261 4,285 1962 .............................. 11,405 7,251 2,465 213 1 ,476 1963......................... 22,023 7^381 4,102 3,213 2,377 4,950 1963............................... 12,630 7^922 2,699 214 1 ,795 1964......................... 25',094 8,691 4,734 3,670 2,457 5,542 1964............................... 13,605 8,285 3,022 207 2^091 1965......................... 28,962 10,209 5,659 4,166 2,571 6,357 1965............................... 15,279 9,068 3,556 185 2,470 1966......................... 31,319 11,024 5,956 4,681 2,647 7,011 1966............................... 16^697 9,572 4 256 151 2,718 1967......................... 32,700 10,927 6,267 5,126 2,629 7,751 1967 ............................. 16,838 9,252 4'518 114 2'954 1968......................... 36,952 12,213 7,105 6,060 2,719 8,855 1968 ............................. 18,219 9’986 4 849 74 3'310 1968 Mar.............. 33,082 11,013 6,437 5,199 2,547 7,886 1968—Mar..................... 16,759 9,208 4,479 99 2,973 Apr............... 33,562 11,161 6,537 5,278 2,562 8,024 Apr..................... 16,868 9,292 4,492 93 2,991 May............. 34^079 11,351 6,658 5,358 2,585 8,127 May.................... 17,010 9^388 4’528 88 3,006 34,585 11,545 6,772 5,443 2,608 8,217 17,239 9,544 4,582 84 3'029 July.............. 35^103 11,744 6,863 5,559 2,639 8,298 July............ 17’448 9',709 4,596 82 3,061 Aug......... . • 35,672 11,953 6,924 5,668 2^675 8,452 Aug................... 17,670 9,812 4,663 73 3,122 Sept.............. 35,923 11,980 6,916 5,743 2,697 8,587 Sept.................... 17,680 9'758 4’695 69 3,158 Oct.............. 36,352 12,143 7,000 5,812 2,716 8,681 Oct...................... 17,823 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 3,210 Dec.............. 36,952 12,213 7,105 6,060 2,719 8,855 Dec................... • 18,219 9,986 4,849 74 3,310 1969—-Jan............... 37,005 12,160 7,108 6,135 2,692 8,910 1969—Jan..................... 18,175 9,951 4,857 71 3,296 Feb............... 37,056 12'153 7,117 6,168 2^76 8,942 Feb.................... 18'219 9',962 4'867 71 3,319 Mar............. 37,257 12^24 7,168} 6,188 2,670 9,007 Mar................... 18,253 9’988 4,868 70 3,327 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 Ioans End of period Com Other credit mer finan cial 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............................... 15,199 2,'895 1,176 913 10,215 1945............... 3,203 674 72 1,612 845 1965............................... 17,292 3,368 1,367 972 11,585 1962............... 15,101 4,690 766 5,179 505 3,961 1966............................... 18'708 3,727 1 ,503 1 ,020 12,458 1963............... 16,253 5’205 896 5'344 559 4,249 1967............................... 19,952 3,993 1 ,600 1,046 13,313 1964............... 17'576 5'950 924 5’587 608 4,507 1968............................... 22,286 4,506 1,877 1 ,132 14,771 1965............... 18,990 6,690 981 5,724 706 4,889 1968—Mar..................... 19,999 3,995 1,621 1 ,042 13,341 1966............... 20,004 6',946 1,026 5'812 874 5,346 20'170 4,048 I ,636 1 ,042 13,444 1967............... 21'206 7'340 1,088 5'939 1,029 5,810 May.................... 20,471 4,123 1 ,671 1,073 13,604 1968............... 23'301 7'975 1,163 6’450 1 ,305 6,408 June................... 20,786 4^200 1 ,703 1 ,077 13,806 July............ ■ 21,022 4^250 1 ,730 1,087 13,955 1968—Mar.. . 20.507 7,416 1,113 4,698 1,012 6,268 Aug,. ............ 21'348 4^323 1,765 1,109 14,151 Apr.... 20,929 7,526 1,110 5,005 1,021 6,267 Sept..................... 21'511 4,369 1,793 1,115 14,234 May... 21,099 7,526 1 ,137 5,254 1 ,022 6,160 Oct...................... 21,696 4,415 1 ,829 1,120 14,332 June... 21,187 7,546 1,128 5,278 1,090 6,145 Nov................ 21,926 4,455 1 ,847 1,134 14,490 July... 21,232 7,565 1,130 5,297 1,160 6,080 Dec..................... 22,286 4,506 1 ,877 1,132 14,771 Aug.... 21,406 7,627 1,147 5,329 1,245 6,058 Sept... 21,452 7,719 1,149 5,283 1,267 6,034 1969—Jan............ 22,180 4,475 1 ,877 1,123 14,705 Oct.... 21,585 7,794 1 ,149 5,424 1 ,268 5,950 Feb..................... 22,302 4,502 1,885 1,128 14,787 Nov.... 22,082 7,857 1,167 5,670 1,294 6,094 Mar.................... 22'496 4,562 1 ,904 1,134 14,896 Dec.... 23,301 7,975 1,163 6,450 1,305 6,408 1969—Jan.... 22,625 7,878 1,160 5,763 1 ,334 6,490 Note.—Institutions represented are consumer finance companies, credit Feb.... 22,189 7,877 1,173 5,087 1,316 6,736 unions, industrial loan companies, mutual savings banks, savings and Mar.... 22,278 7,961 1,178 5,037 1 ,303 6,799 loan assns., and other lending institutions holding consumer instalment credit. . See also Note to first table on previous page. 1 Service station and miscellaneous credit-card accounts and home heating-oil accounts. Bank credit card accounts outstanding are included in estimates of instalment credit outsanding. See also Note to first table on previous page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 54 CONSUMER CREDIT □ MAY 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 | N.S.A. j N.S.A. | N.S.A. S.AJ S. A. * N.S.A. S.AJ S.A.i S.A.i N.S.A. —---------------------------- — ------------- — ------ 1________ Extensions 1962 56,191 19,694 15,701 2,084 18,710 1963 63,591 22,126 17,920 2,186 21,359 1964 70,670 .................. 24,046 20,821 ........2..,..2..2..5. .................. 23,578 1965 ............................... .. 78,586 27,227 22,750 2,266 26,343 1966 82,335 27,341 25,591 2,200 27,203 1967 84,693 26,667 26,952 2,113 28,961 1968 97,053 ................. 31,424 .................. 30,593 ........2..,..2..6..8. ................. 32,768 1968-—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 1969-—Jan............................... 8,371 7,557 2,661 2,369 2,654 2,449 179 137 2,877 2,602 Feb............................... 8,414 6,971 2,7(6 2,344 2,598 1,985 201 149 2,899 2,493 Mar.............................. 8,381 8,132 2,730 2,750 2,625 2,423 198 179 2,828 2,780 Repayments 1962. 51,360 17,447 14,935 2,010 16,969 1963. 56,825 19,254 16,369 2,046 19,156 1964. 63,470 ......2...1..,.3..6..9.. .................. 18,666 ........2...,.0..8..6. ................. 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 1968--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 1969--Jan............................... 7,730 7,955 2,467 2,486 2,442 2,666 173 176 2,648 2,627 Feb............................... 7,616 7,083 2,468 2,304 2,352 2,263 172 160 2,624 2,356 Mar.............................. 7,735 7,840 2,501 2,541 2,461 2,521 180 180 2,593 2,598 Net change in credit outstanding 2 1962. 4,831 2,247 766 74 1,741 1963. 6,766 2,872 1,551 140 2,203 1964. 7,200 .................. 2,677 .................. 2,155 .............1.3..9. ........2..,.2...2..9. 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 .............1.3..6. ........2..,.9..1...8. 1968--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 1969--Jan................................ 641 -398 194 -117 212 -217 6 -39 229 -25 Feb............................... 798 -112 248 40 246 -278 29 -11 275 137 Mar.............................. 646 292 229 209 164 -98 18 -I 235 182 1 Includes adjustments for differences in trading days. purchases and sales of instalment paper, and certain other transac- 2 Net changes in credit outstanding are equal to extensions less tions may increase the amount of extensions and repayments repayments. without affecting the amount outstanding. For back figures and description of the data, see “Consumer Note.—Estimates are based on accounting records and often Credit,” Section 16 (New) of Supplement to Banking and Monetary include financing charges. Renewals and refinancing of loans, Statistics, 1965, and pp. 983-1003 of the Bulletin for Dec. 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 1969 a 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.A.i N.S.A. S.A.i N.S.A. S.AJ N.S.A. S.A.J N.S.A. S.A.i N.S.A. Extensions 56,191 20,474 11.269 14,787 9,659 1963 • 63,591 23,344 17.’152 16,768 11,327 1964 - • 70,670 25,950 12,613 18,797 13,310 1^65 78,586 29,528 13,722 20,906 14,430 1966 . ....... 82 ,'3 3 5 30,073 14,278 21,490 16,494 1967 - - 84,693 30,850 13;833 22,574 17,436 97,053 36,332 15.909 25,777 19,035 1968- Mar.............................. 7,903 7,501 2,950 2,845 1,337 .251 2,025 1,964 1,591 1,441 Apr.............................. 7,863 8,219 2,910 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............................. 8,003 8,115 2,938 3,030 1,302 ,358 2,177 2,231 1,586 1,496 July............................ 8^247 8'738 3,018 3,343 1,366 ,495 2,190 2,307 1,673 1,593 Aug............................. 8,187 8,502 3,066 3,245 1,289 ,329 2,248 2,344 1,584 1,584 Sept............................. 8,416 7,682 3,284 2,953 1 ,349 ,217 2,236 2,043 1,547 1,469 Oct................... 8,533 8,687 3,252 3,306 1,367 ,437 2,309 2,246 1,605 1,698 Nov.............................. 8,288 8,166 3,111 2,877 1,411 .368 2,139 2,139 1,627 1,782 Dec............................... 8,277 9,568 3,139 3,094 1,362 1,535 2,208 2,571 1,568 2,368 1969- Jan............................... 8,371 7,557 3,135 2,908 1 ,381 1.227 2,250 1 ,977 1,605 1,445 Feb............................... 8,414 6,971 3,155 2,728 1 ,419 .192 2,315 1 ,972 1 ,525 1 ,079 Mar.............................. 8,381 8,132 3,199 3,155 1,429 1,359 2,239 2,219 1,514 1,399 Repayments 51,360 18,468 10,200 13,455 9,237 1963 ..................................... 56,825 20,326 10,927 15,070 10,502 1964 ■ 63^70 22,971 11,638 16,764 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 88,089 32,080 14.528 23,443 18,038 1968-—Mar................. 7,281 7,260 2,641 2,602 1,192 ,205 1 ,885 1,852 1,563 1,601 Apr.............................. 7,222 7,365 2,643 2,714 1,174 ,246 1,887 1,928 1,518 1,477 May.......................... 7,301 7,393 2,653 2,716 1,222 ,227 1,939 1,940 1,487 1,510 June............................. 7,287 6,994 2,666 2,524 1,164 ,129 1,957 1,916 1,500 1,425 July.............................. 7,390 7,723 2,662 2,825 1,258 ,286 1,942 2,071 1,528 1,541 Aug.............................. 7,253 7,266 2,610 2,676 1,156 ,107 2,023 2,018 1,464 1,465 Sept............................. 7,701 7,182 2,849 2,702 1,323 ,207 2,026 1 ,880 11503 1 ,393 Oct............................... 7,586 7,813 2,764 2,877 1,230 ,294 2,052 2,061 1,540 1,581 Nov............................. 7*454 7,271 2; 769 2,669 1,254 ,231 1 ,950 1 ,909 1,481 1,462 Dec................. 7,502 7,631 2,761 2,702 1,215 .276 2,019 2,211 1,507 1,442 1969-—Jan................................ 7,730 7,955 2,812 2,855 1,282 1,271 2,082 2,083 1,554 1,746 Feb............................... 7,616 7,083 2', 869 2,677 1,231 1,148 2,066 1,850 1 ,450 1,408 Mar............................ 7,735 7,840 2,928 2,954 1,287 1.325 2,011 2,025 1,509 1,536 Net change in credit outstanding 2 4,831 1,997 ,078 1,332 422 1963......................................... 6,766 3,018 ,225 1,698 825 1964 .................... , . 7,200 3’065 ’975 2,033 1,127 1965 ..................................... 8,629 3,865 .674 2,093 997 1966 ............... .... 6,215 2,357 1 ’418 1,416 1,024 1 967................................. . .. . 3,387 1,381 '141 1,244 621 1968 8^964 4,252 1 .381 2’334 997 1968-—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 i ,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 1969-—Jan............................... 641 -398 323 53 99 -44 168 -106 51 -301 Feb............................... 798 -112 286 51 188 44 249 122 75 -329 Mar.............................. 646 292 271 201 142 34 228 194 5 -137 i Includes adjustments for differences in trading days. tween extensions and repayments for some particular holders do a 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. □ MAY 1969 MARKET GROUPINGS (1957-59 = 100) 1957-59 1967 1968 1969 Grouping p p o ro r a a v g e e r tion Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.T Feb.' Mar.r Total index.................................... 100.00 158.1 163.0 162.5 164.2 165.8 166.0 164.6 165.1 166.0 167.5 168.7 169.1 170.0 171.0 Final products, total............ 47.35 158.3 163.5 161.7 163.C 165.2 164.7 164.8 165.7 167.0 167.9 168.1 168.2 169.6 170.5 Consumer goods............................. 32.31 148.5 155.0 153.5 154.6 156.8 156.4 156.8 157,3 159,6 159.2 160,1 161.0 161.9 162.3 Equipment, including defense.. .. 15.04 179.4 181.8 179.4 181.1 183.2 182.6 181,9 183,6 183.0 186.5 185.3 183.5 186.0 188.2 Materials............................................ 52.65 157.8 162.8 163.1 165.2 166.7 167.4 164.2 165.1 165,7 167.6 169.3 169.6 170.2 171.7 Consumer goods Automotive products..................... 3.21 149.1 173.4 168.7 178.1 180.7 180.4 177,1 175.6 178.9 181.2 177,8 176.2 174.6 175.9 Autos................................................... 1.82 145.7 172.7 166.8 182.3 183.5 183.7 182,4 177.4 180,3 180.6 174.5 170.6 165,0 165.0 Auto parts and allied products........ 1.39 153.6 174.4 171.2 172,6 177.1 176.1 170,2 173.2 177.0 182.1 182,2 183.5 187.3 190.3 Home goods and apparel.................... 10.00 149.9 153.8 153. 7 149.9 155.7 154.1 155.8 156.3 158.1 158.6 157,6 160.8 160.0 161.3 Home goods......... ............................ 4.59 166.0 172.9 170.1 170.4 173.4 171.5 174.6 175.9 116.7 178,3 180,0 184.3 182.6 186.5 Appliances, TV, and radios...... 1.81 159.6 164.8 156.8 156.7 161.6 161.8 168,0 170.4 171.8 171.9 173,2 177.7 179.1 182.3 Appliances.................................. 1.33 163.2 168.4 158.9 158.5 165.2 166.5 172,8 175.5 175.1 177.2 181.7 186.9 187.3 188.6 TV and home radios................ .47 149.2 154.8 151.0 151,7 151.3 148.5 154.5 156.2 162.5 156.9 149,4 151.5 156.0 164.4 Furniture and rugs......................... 1.26 159.6 169.9 170.1 174.6 174.8 174.5 174.0 175.5 174.2 177.0 180,2 184.3 181.3 182.7 Miscellaneous home goods........... 1.52 178.9 185.0 185.9 183.1 186.2 180.5 182.9 182.8 184.7 187.0 187.9 192,2 187,8 194.7 Apparel, knit goods, and shoes .... 5.41 136.2 140.3 139.9 139,5 140.8 139.4 139.8 139.6 142.3 142,0 138.7 140.8 140.8 Consumer staples............................... 19.10 147.6 151.7 150.7 151.2 153.4 153,5 .153.9 154.9 157.1 155.8 158.4 158.6 160.8 160.5 Processed foods................................. 8.43 130.0 131.3 131.2 131.0 132.2 132.9 132.5 132.5 133,2 132.0 134.7 134.8 138.2 136.4 Beverages and tobacco...................... 2.43 137.4 141.7 139.4 136.6 142.9 139.6 144.7 145.2 145.9 142,3 145.4 144.6 147.5 Drugs, soap, and toiletries................ 2.97 182.7 187.5 186.1 190.0 192.0 192.6 190,6 193.6 199.8 200.4 201 .4 203.7 203.7 206.2 Newspapers, magazines, and books. 1.47 140,1 142.1 142.1 145.3 143.6 144.2 143.6 140.7 145,8 146.0 147.1 146.3 145.7 143.4 Consumer fuel and lighting.............. 3,67 168.9 179.4 177.3 177.0 180.8 180.8 182,6 186,0 188.7 186.1 190,2 190.0 192.0 Fuel oil and gasoline..................... 1.20 132.4 136.2 136.3 140.2 142.8 140.3 138,3 142.6 141.4 140.6 141.3 129.9 139.6 143.6 Residential utilities........................ 2.46 186.7 200.4 197.2 194.9 199.3 200.6 204.2 207.2 211.8 208.3 214.0 219. 3 217.6 Electricity................................... 1.72 199,9 217,3 212.5 209.0 218.0 219.0 224.0 228.0 233.6 228.0 235.7 242.8 239.9 Gas............ . .74 156.2 Equipment Business equipment............................. 11.63 182.8 183.3 180.9 182.5 184.3 183.4 182.4 185.2 186.8 191.2 191.1 191.4 192.6 193.1 Industrial equipment......................... 6.85 170,2 167.0 165.9 165.8 168,0 167.5 164.7 167.8 170.2 174.0 174,9 175.9 177.0 178.4 Commercial equipment..................... 2.42 200.9 205.4 204.4 203.6 204.6 202.4 204.6 205.9 207,3 208.7 205.3 209.9 214,3 217.4 Freight and passenger equipment. .. 1.76 215.4 227.8 220.8 231.5 234.0 234.3 233,2 235.6 234.3 247.4 247,2 245.5 244.4 241.0 Farm equipment................................ .61 158.7 150.6 140.3 145.1 144.2 139.6 145.8 152.9 155.3 152.4 134,0 136.1 133.0 3,41 Materials Durable goods materials............ 26.73 151.9 156.7 157.1 159.4 160.4 159.8 153.3 153.3 155.4 157.6 159.7 161.2 162.4 164.4 Consumer durable............................. 3.43 143.9 160.1 154.6 163.0 166.2 167.7 153.5 166,1 166.5 169.6 161.0 162.2 167.7 163.6 Equipment.......................................... 7.84 184.5 185.1 181.9 183.6 184.8 185.8 185.3 185.1 184.7 187.7 187.5 187.4 189.3 190.6 Construction....................................... 9.17 139.6 145.8 144.4 145.3 145.6 143.7 143.3 145.5 146,3 148.3 152.2 153.5 154.3 155,1 Metal materials n.e.c......................... 6.29 133.5 140.7 144.5 145.0 143.3 146,6 127,4 122.3 126.6 131.8 140.5 144.6 149.3 151.2 Nondurable materials......................... 25.92 163.9 169.1 169.3 171.2 173.9 175.3 175.5 177.2 176.4 177.9 179.2 178.3 178.1 179.2 Business supplies............................... 9.11 152.9 150.1 152.0 154.5 159.0 157.9 158.4 161.1 162.3 161.7 163.2 164.2 163.3 164.2 Containers....................................... 3.03 148.5 142.8 150.9 155.6 158.9 156,0 154.2 163.4 167.4 161.5 164.8 167.4 168.1 168.3 General business supplies.............. 6.07 155.1 153.8 152.6 154.0 159.0 158.8 160.5 160.0 159.8 161.8 162.4 162.6 160.9 162.2 Nondurable materials n.e.c............... 7.40 202,2 215.7 214.9 216.4 218.5 223.8 223.6 227.3 228.2 230.3 233.6 229.3 229.1 229.7 Business fuel and power................... 9.41 144.3 150.8 150.2 151.7 153.2 154.1 154,3 153,3 149.3 152.5 151.9 151.8 152.3 154,0 Mineral fuels............................... 6.07 129.2 134.3 132.6 133.7 136.4 136.9 136.6 134,1 126,0 131.4 130.0 127.8 127,7 130.3 Nonresidential utilities.................. 2.86 183.3 193.6 194.6 197.0 196.7 198.2 200.3 202.8 206.3 205.7 206.7 211.5 212.5 Electricity............................... 2.32 185.8 198.3 199.2 202.0 198.9 200.2 202.2 204.8 208.6 207.1 208,1 213.7 214.8 General industrial.................. 1.03 182.6 191.8 195.4 197.4 193.7 195.1 197,0 199.3 203,6 202.0 204.2 206.2 209,2 Commercial and other........... 1.21 197.0 213.4 212.1 215.7 213.0 214.8 216.9 220,0 223.6 222.0 222.2 231.2 230,7 Gas.............................................. .54 172.4 Supplementary groups of consumer goods Automotive and home goods............ 7.80 159.0 173.1 169.5 173,6 176.4 175.2 175.6 175.8 177.6 179,5 179.1 181.0 179.3 182.2 Apparel and staples............................ 24.51 145.1 142.9 148.3 148.6 150.6 150.4 150.7 151.5 153.9 152.8 154.1 154.7 156,4 For notes see page A-59. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 1969 a INDUSTRIAL PRODUCTION: S.A. A 57 INDUSTRY GROUPINGS (1957-59 = 100) Grouping 19 p p t 5 i r o o 7 o r n - 59 a 1 a v 9 g e 6 e r 7 Mar. Apr. May June July 1968 Aug. Sept. Oct, Nov. Dec. Jan.r F 1 e 9 b 69 .’' Mar.r Total index.................................... 100 00 158 1 163 0 162 5 164 2 165 8 166 0 164.6 165 1 166 0 167.5 168 7 169,1 170.0 171.0 Manufacturing, total.............. 86.45 159.7 164.6 163,7 165.8 167.3 167.4 165.7 166.3 167.8 169.1 170.2 170.2 171.5 172.5 Durable........................................... 48.07 163 7 168.2 167 2 169.8 171,0 170 8 167.8 168.7 169.3 171,3 172 4 173.0 174.3 175.4 Nondurable.................................... 38.38 154.6 160 0 159 5 160.8 162,7 163.0 163.0 163.3 165.9 166,3 167.4 166.7 167,9 168,8 Mining............................................. 8.23 123.8 126 2 127.1 126.9 129.2 130 0 129.4 127.0 120,7 126.4 127 4 125.8 124.7 126.5 Utilities.............................................. 5.32 184.9 198.0 196.5 196.1 197.9 199.3 202.1 204.8 208,9 206.9 210.1 215.1 124.9 215.1 Durable manufactures Primary and fabricated metals...... 12.32 145,3 151.7 151.2 155.7 156.2 154.7 141.8 141.1 144.5 148.6 152.9 155.6 157.9 160.3 Primary metals................................... 6.95 132.5 140.2 143 3 148,5 148.6 145 8 122 8 120.6 123.1 129.3 135 4 139.5 142.8 146.0 Iron and steel................................. 5.45 126 8 140 8 134 1 146.4 148 4 146 6 112 9 107.3 108.1 115.8 124,6 126. 8 133,2 137.6 Nonferrous metals and products.. 1.50 153.2 151.3 145^5 150.4 150.4 153,6 153.9 166.2 174.0 173.8 180.7 i79.6 181.4 184.4 Fabricated metal products............... 5.37 161.9 166.6 161.4 165.0 166.1 166.2 166,3 167.6 172,2 173.5 175.6 176.4 177.4 178.8 Structural metal parts................... 2.86 158.1 162.7 156.9 159.8 161 8 159 7 159 I 161.1 165.1 168.3 170.3 170.1 174.5 175.8 Machinery and related products........ 27.98 177.5 182.3 179.2 181,4 183.5 184.0 184.4 185.6 185.0 186.2 185.6 185.2 186.2 187.4 Machinery.......................................... 14.80 183 4 183.3 179 4 179.9 181 7 182 7 183 8 186.4 186.1 187.4 188 6 191 8 192 7 194 0 Nonelectrical machinery......... 8.43 183.4 180.2 176 6 176,9 178 8 179 8 179 1 182.6 183.7 184.4 185 3 188.3 189.6 189.7 Electrical machinery..................... 6.37 183.3 187.3 182.8 184.2 185.5 1865 190 1 191.4 189.3 191.4 193.0 196. 4 196.9 199.7 Transportation equipment................ 10.19 165.7 177.6 175.3 180.4 182.6 183 2 181.7 180.5 180,4 180.2 176.4 171.2 173.1 174.0 Motor vehicles and parts........ 4.68 146.5 167.8 164.8 173.6 174 2 174 3 175 4 173.5 177.0 177.7 172,3 167.3 167,7 167.6 Aircraft and other equipment. . .. 5.26 182.1 185.4 183.5 185.4 188,6 189.3 185,7 184.7 181.0 179.6 177.0 170.9 174.1 176.0 Instruments and related products . .. 1.71 184.8 183.8 181.4 181.2 181.3 179.2 182.6 184.3 185,8 188,5 189.7 191.6 190.4 192.7 Ordnance and accessories................. 1.28 Clay, glass, and lumber...................... 4.72 130.7 128.8 138,0 137.7 137.1 136.2 135.5 138.8 139.9 141.5 144.3 143.8 14S.7 742.6 Clay, glass, and stone products..... 2.99 138.7 131.0 146.1 145,4 145.1 145.2 147.5 150.0 151.8 150,4 151.2 156.2 156.7 151.4 Lumber and products....................... 1.73 116.9 125 0 123.9 122.7 123 4 120 6 114 7 119 4 119.4 126,1 132 3 122 5 126 7 127 3 Furniture and miscellaneous.............. 3.05 162.6 166.9 166.5 169,8 169.5 169 5 170.1 170.9 171.3 172.2 174.2 176.6 175. 7 177 1 Furniture and fixtures....................... 1.54 167.7 113 7 174.1 178.9 178.0 177 8 178.6 179,7 180.4 181.7 182.9 186.8 186.5 188.0 Miscellaneous manufactures............. 1.51 157.3 159.9 158.8 160,6 160.9 161 J 161.4 162.0 162.1 162.5 165.3 166.2 164.7 165.9 Nondurable manufactures Textiles, apparel, and leather............ 7.60 139.4 143.9 142,9 144,1 145.2 144.2 144.1 144.8 146.8 147.5 145.0 143.6 142.9 143.7 Textile mill products....................... 2.90 142.0 149.9 146.3 147.2 148 8 150 9 151 4 152,0 153.3 155.1 153 5 152.9 152 0 151 9 Apparel products........................ 3.59 147.6 148 5 148 9 149 6 151 4 150 4 149 0 149.9 152,1 152.5 149 2 148.1 148 5 Leather and products........................ 1.11 106.3 113,7 114.6 iis’o 115.8 107 0 109,5 109.3 113.0 111.7 109 2 105.0 101.1 Paper and printing............................ 8.17 149 6 152.0 151.6 154 5 155.2 155 6 156 5 156.8 157.7 159.8 159 7 ]60 2 161.1 161 8 Paper and products,......................... 3.43 153.6 159.2 159.5 161,1 162.9 164' 1 164', 1 166.1 166.7 170.1 169 9 171.1 173 6 174.2 Printing and publishing..................... 4.74 146.8 146.8 145 8 149,8 149.6 149 5 151 1 150,0 151.2 152.3 152 3 152. 4 152.1 152.8 Newspapers.................................... 1.53 134 2 133.7 130 8 134 4 134 7 134 7 137 7 140.9 138 4 140 8 139 5 141 2 141 7 141 3 Chemicals, petroleum, and rubber.... 11.54 190.0 201.6 200.9 203,1 206.6 208.2 207.6 207,9 212.8 213.6 276.8 214.1 216.6 218.5 Chemicals and products.................... 7.58 203 8 215.0 215.2 216,6 219.3 222 4 221 0 222,4 227.8 228.7 231.8 231.3 232 3 233.6 Industrial chemicals....................... 3.84 236.0 252.7 256.2 255.5 258.0 264 4 262 7 263.2 268.2 268 0 275 0 273 4 272 5 Petroleum products........................... 1.97 133.4 136.1 137.3 139.9 140.6 139 5 140.7 141.9 142.2 141.4 141,2 131.0 140.2 143.9 Rubber and plastics products....... 1.99 193.5 215.7 209.4 214/3 218.0 222.4 223.1 223.4 225.8 227.5 234 6 230.8 232 8 Foods, beverages, and tobacco....... 11.07 131.7 133. 7 133.6 132.9 134.5 134.2 134.4 134.5 136 1 134.9 137.0 138.0 139 5 139 5 Foods and beverages......................... 10.25 132.6 134.5 135.3 134,0 135.5 135,1 135.3 135.4 137.3 136.1 138.8 139.4 140 9 140 9 Food manufactures...................... 8.64 130.1 131.4 131.9 131 9 132 2 132.7 131 5 131.5 133 3 132.8 134.6 136 1 137,2 137.5 Beverages........................................ 1.61 146.0 151.2 153.3 145.0 153.1 147 9 155.7 156.0 158 6 153.7 161.6 f 57 4 160 9 Tobacco products.............................. .82 120.3 122.9 112,1 120.0 122.8 123.4 123.1 124.0 120,8 119.9 113.6 119.5 121.2 Mining Coal, oil, and gas................. 6.80 122.7 126.0 124.7 125.6 128.1 128.7 127.9 125 8 118 9 124.6 124.2 122 4 120 2 122 0 Coal.................................................... 1.16 120,4 126.0 124.4 120 4 126.7 126 6 121 3 120*8 86 6 115 9 118 3 115 3 112 4 114 2 Crude oil and natural gas................. 5.64 123.1 126.0 124.8 126.6 128.4 129.2 129.3 126 8 125,5 126.3 125 4 123 9 121 8 123 6 Oil and gas extraction........... 4.91 131.3 136 2 134.5 136 8 138.7 139.3 140.2 1373 135 3 135 1 132 8 1 30 8 1313 134 1 Crude oil..................................... 4.25 126 3 130.9 128.7 131 2 132.4 134.0 134,8 131^2 129.1 128.6 126^4 124*0 124^6 127*5 Gas and gas liquids................... .66 163.5 Oil and gas drilling........................ .73 67.9 56.7 59.1 57.7 59.1 60.7 55.9 55 8 59.5 67.3 75.4 Metal, stone, and earth minerals....... 1.43 128.9 127.4 138.3 133.5 134.3 135.8 136.2 132.8 129.2 135.3 143.0 142.1 146.3 148.3 Metal mining................................... 61 120 3 108.7 139.9 131 4 130,8 134.1 134.5 127 7 125 1 135 1 137 6 140 2 142 3 146 0 Stone and earth minerals.................. 82 135.4 141.2 137.1 135,0 136.9 137.1 137.5 136.5 132.2 135.5 147,0 143 5 149.2 1500 Utilities Electric............................................... 4 04 191 8 206 4 204 9 205 0 207 0 208 2 211.5 214.7 219.3 216.0 219.9 226.1 225 5 Gas..................................................... 1.28 163.0 171.8 170.0 168.4 169.2 171.3 172.6 For notes see p, A-59. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 58 INDUSTRIAL PRODUCTION: N.S.A. □ MAY 1969 MARKET GROUPINGS (1957-59 « 100) 1957-55 1968 1969 Grouping pro 1967 por aver tion age Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.r FebT Mar.r Total index................................... 100 OC 158 1 164 € 163 2 165 2 169 4 160 3 163 3 169 5 170 7 169 1 166 3 166 5 170 1 172 4 Final products, total......................... 47.35 158 J 164 8 160 6 162+6 168 8 159 I 162 0 171 9 172 6 169 2 165 6 166 6 169 3 171 6 Consumer goods........................... 32 31 1485 156 2 151 7 153 7 161*2 149*6 154* 2 165 9 167 5 161 7 1 55*8 1 58 9 161 6 163 4 Equipment, including defense. . . . 1534 1793 183.4 1803 1813 185 j i7»;6 178.6 1843 183^6 185'.4 186.6 183.1 1853 1893 Materials............................................. 52.65 157.8 164.5 165.4 167.6 169.9 161 3 164.5 167.5 169.0 169.5 166 9 166 4 170 9 173 3 Consumer goods Automotive products........................... 3 21 149 1 18? 7 178 7 189 5 194 7 148 4 101 1 170 8 197 2 198 3 185 5 ]85 4 183 5 185 6 Autos............................................... 1' 82 145'7 193 4 183 5 202 4 208'3 134 1 45 6 1650 207'4 212 2 1Q2 0 1 87 7 1815 184 8 Auto parts and allied products........ 139 1533 170'8 1723 172.7 176^7 167*4 174.1 1783 183*8 180 J 176.9 182.3 186.1 1863 Home goods and apparel.................. 10 00 149 9 160 6 154 9 152+3 161 0 140 4 155 8 162.2 167 4 16? 7 149 ^ /5S 0 161 7 168 4 Home goods.............................. 4'59 166 6 177 1 J 72* 5 170 8 177 4 157 1 169 8 183 9 189*5 1 86*2 178 8 1828 187 3 191 1 Appliances, TV, and radios.......... 1 81 159.6 176 9 1687 163 3 1717 139 8 151 6 180*5 187*5 180 1 161 5 183 2 195 0 197 1 Appliances.................................. 1 33 163 2 185 3 180 3 167 4 180 4 149*5 147*8 183 5 186 1 1 RO 7 172*2 191 8 206 0 209 4 TV and home radios.................. 47 149 2 153 1 135 9 151 7 147 5 112 4 162 2 171 8 191 7 178 2 131 5 158 9 164 1 162*6 Furniture and rugs......................... 1 26 159 6 167*9 165 3 1680 174 8 166 1 178 0 180.4 183 3 183 5 186 9 180 2 i 79 1 180 5 Miscellaneous home goods....... 1.52 1789 184* 8 183.* 1 182 0 186 2 170 2 1 84'7 191.0 196 9 195* 6 192 6 184 5 185 O 192.6 Apparel, knit goods, and shoes........ 5.41 136.2 1463 139.9 138J 147 J 126^2 uTo 143.8 1483 142.7 124 1 133 J 143^6 Consumer staples.............................. 19.10 147 6 149 2 145.5 148 1 155 8 154 6 162 1 167 0 162 6 155 0 154 3 /55 0 156 R 157 1 Processed foods................................. 8 43 1300 123 8 122 8 125'1 1322 1 32 2 140 2 152 6 147 9 137*0 132 4 128 1 129 2 128 6 Beverages and tobacco...................... 2.'43 137.4 138 5 141 0 146 7 163.7 146 4 156 7 148 9 150 6 135,0 125 9 126 9 134 5 Drugs, soap, and toiletries................ 2.97 182 7 198 4 183.7 192' 8 198 7 i 87' 8 196* 9 199 4 204 6 201 4 196* 8 1 99 6 203 7 204 i Newspapers, magazines, and books. 1.47 140.1 144.2 142.7 144'9 1433 1423 1453 i423 145 3 144.1 146.8 145.0 145 J 1453 Consumer fuel and lighting.............. 3.67 168.9 183.2 169.3 165 7 174.1 188 8 195 5 195 9 176 5 175 0 191 3 206 9 200 5 Fuel oil and gasoline..................... 1.20 132 4 134.9 129.3 135.6 141.3 142^8 1423 142*7 137.7 139.7 144*6 135 3 143 0 142 2 Residential utilities......................... 2.46 186.7 Electricity.................................... 1.72 199 9 226.4 200.4 188.1 204.9 234.3 248.6 249.1 210 2 205.0 235.7 275 1 255 7 Gas.............................................. .74 156.2 Equipment Business equipment........................... 11.63 182 8 185 7 182. 7 181 6 187 4 IRQ 2 178 6 186 6 187 0 188 3 191 3 190 2 102 5 195 3 Industrial equipment......................... 6 85 170 2 167 2 165 9 166 0 169 7 1658 164 2 169 3 169 2 172 4 175 8 175 5 176 1 178*6 Commercial equipment................. 2.42 200*9 203 6 200 5 201 2 205'2 198'4 204' 6 2093 209 4 211.2 2OQ g 210 1 212 8 215 4 Freight and passenger equipment. .. 1.76 215.4 238 J 232’9 238.4 243.4 229^6 219*2 2383 240*2 240.0 2393 238 J 244.4 248^2 Farm equipment................................. .61 158.7 170.4 156.7 153.6 152.9 126.8 119.1 143.4 145.7 126 8 131.1 138.6 146.8 Defense equipment.............................. 3.41 Materials Durable goods materials.................... 26.73 151 9 157 7 158 8 162.4 164 8 155 1 153 1 k1 CJ7/ . 9A 158 9 159 6 158 2 157 0 16? 6 165 1 Consumer durable............................. 3 43 143'9 164 9 1 59 2 167 9 169 5 153 4 145 8 169 O 174*7 169 0 167 9 170 2 168 5 Equipment..................................... 7 84 184* 5 187*1 183 9 184*9 1 86 6 180 0 179 7 t Rl 2 184 1 187 9 190 3 189 1 191 0 192 7 Construction............................... 917 139 6 139 2 143 0 147*5 155 1 149*4 153 3 153 6 148 0 143 1 136 6 143 5 147 3 Metal materials n.e.c.......................... 6 29 133 5 144 1 150 3 153 0 149 3 133*4 123 7 126 0 129 6 132 9 1 34 3 140 8 150 6 154 8 Nondurable materials.......................... 25.92 163 9 171 5 172.2 173.0 175.1 167 6 176 3 177 Q 179 3 179.6 176 0 176 2 179 5 181 8 Business supplies.............................. 9.11 152 9 1 52 9 156 4 1571. 160 6 148*1 158 8 163 0 168 9 165 3 157*7 158 4 162 6 167*3 Containers....................................... 3.03 148 5 143 5 156 3 157 2 163 8 152'1 165 0 t O 175 9 161 1 146 7 1 59 0 166 1 169 1 General business supplies.............. 6 07 155 1 157*6 156 4 157 1 159 0 146 1 155 7 160 0 165 4 167 5 163 2 1 58 0 160 9 166 3 Nondurable materials n.e.c.............. 7.40 202 2 220 0 221.3 22118 222.9 211 0 721 *4 2253 230 5 232.6 228 9 22.8 2 233 7 234 3 Business fuel and power.................... 9.41 144 3 151 2 148 9 150 1 151 6 152 4 157 7 1559 149 2 151.9 15?- 0 152 5 153 1 154 6 Mineral fuels................................... 6 07 129 2 137^2 134.3 133.8 132.8 130.1 134'. 9 132 6 126.1 132.7 1316 129*9 1318 133 7 Nonresidentiai utilities.................. 236 1833 Electricity.................................... 2 32 185 8 191 8 189 8 195 3 202 9 212 2 220 7 216 7 208 3 201.2 703 8 210 2 205 9 General industrial.................. 1.03 1826 190.8 192.9 198 4 197.6 198 0 202'9 207. 1 204*0 202.0 202 2 205 2 202 7 Commercial and other....... 1.21 197.0 201.9 196.2 202.1 217.3 235 2 247.3 240^2 222.7 210.9 215.5 225'4 219.2 Gas.............................................. .54 172.4 Supplementary groups of consumer goods Automotive and home goods............ 7.80 159 0 179.8 175.1 178 5 184.5 153 5 141.5 178.5 192.7 191.2 181.5 183 9 185 7 188.8 Apparel and staples........................... 24.51 145.1 148.7 144.2 145.9 153.8 148.3 158.3 161.9 159.5 152,3 147.6 150.9 153.9 For notes see page A-59. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 1969 □ INDUSTRIAL PRODUCTION: N.S.A. A 59 INDUSTRY GROUPINGS (1957-59= 100) 1957-59 1968 1969 1967 pro Grouping por aver tion age Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan.r Feb.r Mar.T Total index..................................... 100.00 158.1 164.6 163.2 165.2 169.4 160.3 163.3 169.5 170.7 169.1 166.3 166.5 170.1 172.4 Manufacturing, total........................... 86.45 159,7 166.4 165.1 167.4 171.6 160,4 163.0 170.5 173.4 171.4 167.5 167.0 171.6 174.2 Durable.......................................... 48.07 163.7 170.5 169.4 172,1 175.4 164,1 160.5 170.6 173.5 174.2 172.6 171.4 175.1 177.9 Nondurable.................................... 38.38 154.6 161.2 159.8 161.6 167.0 155.7 166.3 170.5 173.3 168,0 161.2 161.4 167.2 169.7 Mining................................................ 8.23 123.8 125.3 127.3 128.6 128.9 127,1 130,7 128.6 122.8 126.8 126.3 124.1 124.2 125.6 Utilities............................................... 5.32 184.9 Durable manufactures Primary and fabricated metals...... 12,32 145.3 154.9 154.8 158.3 159.7 146.2 140,5 143.9 147.5 149.8 150.6 153.7 159.5 163.2 Primary metals................................... 6.95 132.5 148.9 151.5 153.7 150,8 132.7 117,9 119.4 124.3 129.3 131.3 139.5 149.5 153.6 Iron and steel................................. 5.45 126,8 147.8 148.8 149.3 148,4 131,2 108,4 106.2 109.7 117.0 121.5 129.3 139.9 144.5 Nonferrous metals and products.. 1.50 153.2 153,0 161.3 169.7 159.7 138,2 152.4 167,4 177.3 173.8 167.0 176.5 184,1 186.4 Fabricated metal products................ 5.37 161.9 162.6 159.0 164.2 171.1 163,7 169,6 175.6 177.4 176.3 175.6 172.2 172.6 175.6 Structural metal parts................... 2.86 158.1 156.4 152.2 159.0 165,0 159.7 163,1 167.5 170.1 170.8 172,0 166.7 167.5 168.9 Machinery and related products........ 27.98 177.5 185.9 182.0 184.4 187.6 175,7 169.8 185.3 188.4 190.3 188.4 186.8 189.2 191.6 Machinery.......................................... 14.80 183.4 185,8 182.4 182,4 185,8 176.0 177,9 187.0 188.1 189.1 188.4 191.7 194.9 197.2 Nonelectrical machinery................ 8.43 183.4 185,2 182.2 181.0 183.8 175,3 172.5 180.2 180.4 182,6 185.3 188.3 192.3 195.0 Electrical machinery...................... 6.37 183.3 186.6 182.6 184,1 188.5 176,9 185.0 196.1 198.3 197.6 192.4 196.1 198.5 200.0 Transportation equipment.............. 10.19 165.7 183.9 179.0 185.3 188.0 170.5 150,1 178,3 186.4 188,3 183.8 176.0 178.2 181.0 Motor vehicles and parts.............. 4.68 146.5 178.1 171.3 184.1 188.3 152.0 110.5 170.0 188.9 192.6 181.5 176.6 176,3 177.6 Aircraft and other equipment.. .. 5.26 182.1 188.2 184.4 184.7 186.0 184,8 182.4 184.0 181.9 182,3 183,2 172.6 176,7 180.5 Instruments and related products. ., 1.71 184,8 182.9 178.7 179.4 183,1 177.4 184,1 186,3 187.8 190.0 192.0 189.3 189.4 191.7 Ordnance and accessories................. 1.28 Clay, glass, and lumber..................... 4.72 130.7 124.8 137.6 139.2 146,6 142.0 147,6 148.6 148.3 139.4 133.2 127.6 134.7 137.6 Clay, glass, and stone products........ 2.99 138.7 126.4 145.5 148.7 155.1 154.4 159.3 158,6 160.1 150,4 143.2 138.4 141.2 145.5 Lumber and products....................... 1.73 116.9 121.9 123.9 122.7 132.0 120.6 127.3 131.3 127.8 120.4 115.8 109.0 123,5 124.1 Furniture and miscellaneous............... 3.05 162.6 163.8 162.2 165.9 170.6 164.1 175.0 177.3 180.5 180.0 177.7 169.8 171.0 173,8 Furniture and fixtures....................... 1.54 167.7 171.6 173.5 169.4 179,4 173.4 183.6 185.1 187.3 186.8 189.8 183.1 183,7 185.7 Miscellaneous manufactures............. 1.51 157.3 155.9 154.8 158.2 161,7 154.7 166.2 169,3 173.5 173.1 165.3 156.2 158.1 161.8 Nondurable manufactures Textiles, apparel, and leather. ,........ 7.60 139.4 152.4 145.8 144,3 151.1 129.0 146,9 147.6 151.6 148,0 133.2 140.6 148.3 153.7 Textile mill products......................... 2.90 142.0 155.1 149.2 151.6 156.2 136.6 152.2 155.0 156.4 157.4 146.6 150.6 154.3 157.2 Apparel products............................... 3.59 147.6 160.4 153.4 148.9 158.2 133.1 152.0 152.9 158.9 152.5 132.0 143.7 155.9 Leather and products........................ 1.11 106.3 119.4 112.3 110.9 115,2 96.3 116.6 110.9 115.8 109.5 101.9 104.5 108.1 Paper and printing............................. 8.17 149.6 155.4 156.0 156,4 156,2 146.3 155.1 158.9 165.4 163.1 155.9 157.0 161.9 165.5 Paper and products.......................... 3.43 153.6 164.0 165.9 163.5 166,6 151,0 164.1 168.6 178.4 177.0 156.3 168.5 177,9 179.4 Printing and publishing..................... 4.74 146.8 149.2 148.8 151.2 148,8 142.9 148.6 151.9 156.1 157,4 155,6 148.7 150,3 155.5 Newspapers.................................... 1.53 134.2 137.0 139.3 143.3 135,4 117.2 128.8 140.2 148.5 154.9 143,0 129.9 136.0 144.8 Chemicals, petroleum, and rubber.... 11.54 190.0 203.7 203.5 206.8 211.8 199.8 208.9 212.4 216.9 214.3 212,2 210.2 218.4 219.3 Chemicals and products................... 7.58 203.8 217.7 218.9 222.0 224,1 214.7 222.7 225.9 230.4 230.9 227,8 226.5 233,9 234.2 Industrial chemicals....................... 3.84 236.0 255.2 261.3 260.7 259.3 253.8 261.4 265.8 270.9 274.7 275,0 269.3 276.6 Petroleum products........................... 1.97 133.4 131.3 131.8 139.9 144,8 146.9 148.2 147.6 143.6 139.6 137.8 127,1 137.4 138.9 Rubber and plastics products........... 1.99 193.5 222.4 215.9 215.4 225.7 195.7 216.4 230.8 238.2 225.2 226.4 230.8 239.8 Foods, beverages, and tobacco........... 11.07 131.7 127.2 126.8 130,0 139.1 135,1 143.4 151.1 148.5 136.9 131.2 128.2 130.7 132.2 Foods and beverages......................... 10.25 132.6 127.7 128.0 130.5 139,7 137.2 144.2 152,9 149.8 138.0 134.2 129.0 131,6 133.2 Food manufactures....................... 8.64 130.1 124,0 122.9 125.3 132.2 131.9 139.7 151,8 148.0 137.4 132.6 128.6 129.7 129.0 Beverages........................................ 1.61 146.0 147.4 155.8 158.1 180,1 165.3 168.6 159.1 159.4 141.4 143.0 131.3 141.6 Tobacco products,..................... .82 120.3 121,1 111.9 124.3 131.4 109.2 133.2 128.8 131,6 122.3 92.5 118,2 120.6 Mining Coal, oil, and gas............................... 6.80 122.7 128.2 125.9 125.4 124.8 122.7 J 26.9 124.8 119.1 125.7 125.6 124.4 123.9 124.7 Coal.................................................... 1.16 120.4 127.0 125.3 121.6 118.3 105.2 127.6 127,8 94.4 120.6 116.2 113.0 113.7 115.1 Crude oil and natural gas................. 5.64 123.1 128.5 126.0 126.2 126.1 126,3 126.7 124.2 124.2 126.7 127.5 126.8 126.0 126.7 Oil and gas extraction........... 4.91 131.3 139.5 136.4 136.6 136.2 136.0 136.7 133.8 133.5 135.5 135.2 134.0 136.1 138.1 Crude oil............................... 4.25 126.3 133.5 130.8 131.9 131.1 131.3 132.1 128,6 127.8 128,6 127.7 125,9 127.7 130.8 Gas and gas liquids................... .66 163.5 Oil and gas drilling....................... .73 67.9 53.7 65.0 55.7 57.9 61,1 59.4 59.2 61.0 67.0 75.2 Metal, stone, and earth minerals....... 1.43 128.9 111.6 134.1 143.7 148.4 147.7 149.1 146.9 140.2 132.1 129.5 122.2 125.6 130.1 Metal mining..................................... .61 120.3 96.7 130.1 144.5 147.8 143.5 145.3 144.3 133.9 125.6 123.8 123.4 128.1 129.9 Stone and earth minerals.................. .82 135.4 122.6 137.1 143.1 148.8 150.9 151.9 148,8 144.8 136.9 133.8 121,4 123.7 130.2 Utilities Electric........................................... 4.04 191.8 206.6 194.3 192.3 203.7 221.6 232.6 230.5 209.1 202.8 217.4 237.9 227.1 .......... 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 □ MAY 1969 SELECTED BUSINESS INDEXES (1957-59 — 100, unless otherwise noted) Industrial production Manu Prices 4 facturing 2 Major market groupings pa C c a i ty Con N ri o c n u a l g Period Final products Ma g j r o o r u i p n i d n u g s s try i u n t t i i m o li n z f g a . s t c t i r o o u n n c p t e u l m o ra y l Em T s re a o t l a t e a i s l l 3 W sa h l o e l e Total Mate ( c p e e n r t ) tract T m o e ta n l t — 1 p m lo en y t - r P o a l y ls s C um on e r m co o m di ty 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 iti t e i s l 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 99.8 106.7 166.2 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 98.6 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.i 1968..................... 173 1968—Mar.......... 163.0 163.5 155.0 181.8 162.8 164.6 126.2 196.8 5*84.9 169 128.8 114,2 163.8 165 119.5 108.2 Apr........... 162,5 161.7 153.5 179.4 163’f 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 *84.8 172 129.1 114.7 166.1 165 120,3 108,5 165.8 165.2 156.8 183.2 166.7 167.3 129.2 (97.9 160 129.5 115.3 167.7 167 120.9 108.7 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 ■ *84,0 192 130.1 114.9 167.8 170 121.9 108.7 165.1 165.7 157,3 183.6 165.1 166.3 127.0 204.8 183 130.2 114 9 171.2 169 122.2 109.1 166.0 167.0 159.6 183.0 165.7 167.8 120.7 208.9 200 130.8 115.3 172.2 168 122.9 109.1 167.5 167.9 159.2 186.5 167.6 169. 1 126.4 206.9 *84.2 183 131.3 115.7 173.8 168 123.4 109.6 Dec.......... 168.7 168.1 160.1 185.3 169.3 170.2 127.4 210.1 179 132.0 116,4 175.3 166 123.7 109.8 1969—Jan........... 169,1 168.2 161.0 183.5 169.6 170.2 125.8 215.1 191 132.6 116.6 175.8 170 124.1 110.7 Feb........... 170.0 169.6 161.9 186.0 170,2 171.5 124.7 214.9 205 133.2 117.0 174.3 171 124.6 111.1 171.0 170.5 162,3 188.2 171.7 172.5 126.5 215.1 »84.4 177 133.6 117.4 178.4 170 125.6 111.7 Apr,p..... 171 .5 170.9 161.7 190.6 172,6 172.8 128.9 216.0 133.7 117.3 177.8 172 111.9 1 Employees only; excludes personnel in the Armed Forces. Const-ruction contracts: F. W. Dodge Co. monthly index of dollar 2 Production workers only. value of total construction contracts, including residential, nonresidential, 3 F.R. index based on Census Bureau figures. and heavy engineering; does not include data for Alaska and Hawaii. 4 Prices arc not seasonally adjusted. Employment and payrolls: Based on Bureau of Labor Statistics data; 3 Figure is for first’quarter 1968. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. Note,—Data are seasonally adjusted unless otherwise noted. Capacity utilization: Based on data front Federal Reserve, McGraw- Hill Economics Department, and Department of Commerce. CONSTRUCTION CONTRACTS AND PRIVATE HOUSING PERMITS (In millions of dollars, except as noted) 1968 1969 Ty ty p p e e o o f f o c w o n n e st r r s u h c ip ti o a n nd 1967 1968 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Total construction 1......................... 54,514 61,732 5,417 4,878 6,170 5,589 5,956 6,318 5,170 6,171 4,863 4,543 4,766 4,802 5,003 By type of ownership: 19,039 19,597 1,698 1,554 2,036 1,860 2,256 1 ,924 1,558 1,728 1,558 1,278 1,546 1,572 Private 1............................ 35,475 42,135 3,719 3’324 4,135 3,730 3,700 4,394 3,621 4,443 3,305 3,265 3,220 3,230 By type of construction: Residential building 1.............. 21,155 24,838 2,220 2,312 2,543 2,243 2,287 2,295 2,125 2,408 2,043 1,743 1,746 1,820 1,957 Nonresidential building........... 20,139 22,512 1,835 1,522 2,227 2,030 2,414 2,128 1,815 2,370 1,992 1,849 2,145 1 ,885 1,772 Nonbuilding............................. 13,220 14,382 1 ,362 1,044 1,400 1,316 1,255 1,895 1,230 1,393 828 951 875 1 ,097 1,274 Private housing units authorized.. . 1,141 1,330 1,416 1,340 1,280 1,281 1 ,289 1,290 1,393 1 ,378 1,425 1,463 1,403 1,477 1,370 (In thousands, S.A., A.R.) i Because of improved collection procedures, data for 1-family homes Note.—Dollar value of construction contracts as reported by the F.W. beginning Jan. 1968 are not strictly comparable with those for earlier Dodge Co. does not include data for Alaska or Hawaii. Totals of monthly periods. To improve comparability, earlier levels may be raised by ap data exceed annual totals because adjustments—negative—are made into proximately 3 per cent for total and private construction, in each case, accumulated monthly data after original figures have been published. and by 8 per cent for residential building. Private housing units authorized are Census Bureau series for 13,000 reporting areas with local building permit systems. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 1969 □ CONSTRUCTION A 61 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Period Total Total d N f e r a e n o r s t m n i i a l Total Indus Bu C il o d m in gs b O u t i h ld er Other Total M ta i r l y i H w ig ay h d C v e m o a v n & t e e i s n l o e o t n r p Other ^ trial mercial ings 1 1959 ........................... 55,305 39,235 24,251 14,984 2,106 3,930 2,823 6,125 16,070 1,465 5,761 1,121 7,723 I960............................. 53,941 38,078 21,706 16,372 2,851 4,180 3,118 6,223 15,863 1,366 5,437 1,175 7,885 1961............................. 55,447 38,299 21,680 16,619 2,780 4,674 3,280 5,885 17,148 1,371 5,854 1,384 8,539 1962 3........................... 59,667 41 ,798 24,292 17,506 2,842 5,144 3,631 5,889 17,869 1,266 6,365 1,524 8,714 19634........................... 63,423 44,057 26,187 17,870 2,906 4,995 3,745 6,224 19,366 1,189 7,084 1,690 9,403 1964.............................. 66,200 45,810 26,258 19,552 3,565 5,396 3,994 6,597 20,390 938 7,133 1,729 10,590 1965.............................. 72,319 50,253 26,268 23,985 5,118 6,739 4,735 7,393 22,066 852 7,550 2,019 11,645 1966.............................. 75,120 51 ,120 23,971 27,149 6,679 6,879 5,037 8,554 24,000 769 8,355 2,195 12,681 1967.............................. 76,160 50,587 23,736 26,851 6,131 6,982 4,993 8,745 25,573 721 8,538 2,196 14,118 1968............................ 84,692 56,996 28,823 28,173 5,594 8,333 4,873 9,373 27,696 824 9,295 2.046 15,531 1968—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 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 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................... 85,957 57,444 29,350 28,094 5,492 8,534 4,539 9,529 28,513 787 9,042 1,994 16,690 Oct............ 85,931 59,259 29,823 29,436 6,096 8,939 4,680 9,721 26,672 1,028 8,307 2,082 15,255 Nov................... 89,(41 59,014 30,152 28,862 6,271 8,262 4,716 9,613 30,127 852 10,719 2,029 16,527 Dec . ................ 85,946 58,899 30,937 27,962 5,905 8,046 4,449 9,562 27,047 1,132 8,387 2,130 15,398 1969—Jan..................... ••91,716 '62,691 '30,900 31,791 6,800 9,971 5,142 9,878 29,025 Feb r................ 90,964 62,143 31,029 31,114 6,318 9,941 5,198 9,657 28,803 91,110 61,993 31,435 30,558 6,032 10,031 5,001 9,494 29,117 1 Includes religious, educational, hospital, institutional, and other build 4 Beginning 1963, reflects inclusion of new series under “Public” (for ings. . State and local govt, activity only). 2 Sewer and water, formerly shown separately, now included in “Other.” 3 Beginning July 1962, reflects inclusion of new series affecting most Note.—Monthly data arc at seasonally adjusted annual rates. Figures private nonresidential groups. for period shown are Census Bureau estimates. NEW HOUSING UNITS (In thousands) Units started Private (S.A., A.R.) Government Mobile Private and Public underwritten home Period (N.S.A.) (N.S.A.) ship Region Type of structure ments (N.S.A). Total North North 1- 2- to 4- 5- or east Central South West family family more- Total Private Public Total FHA VA family 1959......................... 1,517 268 368 512 369 1,234 2 1,554 1,517 37 458 349 109 121 I960......................... 1,252 221 292 429 309 995 257 1,296 1,252 44 336 261 75 104 1961......................... 1,313 247 277 473 316 974 339 1,365 F313 52 328 244 83 90 1962......................... 1,463 264 290 531 378 991 471 1,492 1*463 30 339 261 78 118 1963 ......................... 1 ,610 261 328 591 431 1,021 5R9 1,642 1,610 32 292 221 71 151 1964......................... 1,529 253 339 582 355 972 108 450 1,562 1,529 32 264 205 59 191 1965..................... 1,473 270 362 575 266 964 87 422 1,510 1,473 37 246 197 49 216 1966......................... 1,165 207 288 473 198 779 61 325 1,196 1,165 31 195 158 37 217 1967......................... 1,292 215 337 520 220 844 72 376 1,322 1,292 30 232 180 53 240 1...................... 1,508 227 369 619 294 900 81 527 1,548 1,508 40 283 227 56 317 1968--Mar............... 1,511 174 427 625 285 920 87 504 129 127 2 24 20 5 24 Apr............... 1,591 233 396 638 324 922 70 599 165 162 3 28 23 5 27 May.............. 1,364 215 322 561 266 838 86 440 145 141 4 26 20 6 27 June.............. 1,365 204 324 547 290 790 93 482 143 138 5 25 20 5 26 July............ . 1,531 319 373 598 241 904 82 545 143 140 3 24 19 5 27 Aug............... 1,518 254 343 627 294 867 82 569 141 137 4 26 21 5 30 Sept............... 1,592 290 355 613 334 944 80 568 140 134 6 23 19 5 30 Oct................ 1,570 217 398 628 327 965 81 524 143 141 3 27 21 5 33 Nov......... 1,733 193 396 810 334 905 86 742 130 127 2 22 18 4 28 Dec......... 1,509 196 345 659 307 922 69 516 100 96 3 21 16 4 24 1969--Jan............ 1,878 316 564 760 238 1,066 88 724 106 102 4 18 14 4 27 Feb ”............ 1,673 215 572 660 226 '974 107 592 94 90 5 17 13 3 28 Mar.P........... 1,539 258 403 546 332 825 95 619 133 128 4 23 19 4 Note.—Starts are Census Bureau series (including farm starts) except office reports of first compliance inspections. Data may not always add in the case of Government-underwritten, which are from Federal Housing to totals because of rounding. Admin, and Veterans Admin, and represent units started, based on field Mobile home shipments are as reported by Mobile Home’s Manufac turers Assn. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 62 EMPLOYMENT □ MAY 1969 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force, S.A. Period i T p n o s o N t p t i a t u . u S l l t a . n i A t o o i . o n n n a - l l N ab N o o t . r S i n . f A o t . r h c e e T l f S a o o b . r A U c o e . r l Total Total E In m c u n p o lt l n u o a r y a g e l r d i- 1 In U pl n o e y m ed U (p n e e m r S a r m . e t c A e p n e . t l t n o t y ) agriculture industries 1963........................ 125,154 59,583 74,571 71,833 67,762 63,076 4,687 4,070 5.7 1964.......................... 127,224 51.394 75,830 73,091 69,305 64,782 4,523 3,786 5.2 1965........................... 129,236 52,058 77,178 74’455 71,088 66,726 4,361 3,366 4.5 1966........................... 131,180 52,288 781893 75j770 72’895 68,915 3,979 2,875 3.8 1967........................... 133319 52,527 80,793 77,347 74’, 371 70',527 3,844 2; 975 3.8 1968.......................... 135,562 53,291 82,272 78,737 75,920 72,103 3,817 2,817 3.6 1968 3-Apr................ 135,059 53 ,919 81,933 78,427 75,653 71,737 3,916 2,774 3.5 May......... 135’249 53,479 82,278 78,742 75'932 72,027 3,905 2,810 3.6 135,440 50^86 82’486 78’919 76'005 72,156 3,849 2,914 3.7 July................ 135’639 51,088 82,504 78'917 76^020 72,195 3; 825 2,897 3.7 135’839 52,’047 82,338 78'749 75'973 72,222 3,751 2,776 3.5 Sept................ 136,036 53,900 82,438 78,847 76;000 72,349 3,651 2; 847 3.6 Oct.......... 136,221 53’744 82,403 78^800 76;002 72,477 3; 525 2,798 3.6 Nov............... 136,420 53,718 82,559 79,042 76;388 72,682 3,706 2,654 3,4 Dec................ 136,619 54,001 82,868 79,368 76,765 72,923 3,842 2,603 3.3 1969—Jan................. 136,802 55,091 83,351 79,874 77,229 73,477 3,752 2,645 3.3 Feb................ 136,940 54,361 83,831 80,356 77,729 73,848 3’,881 2,627 3.3 137,143 54,373 83^99 80,495 77,767 74,035 3,732 2,728 3.4 Apr................ 137,337 54,200 83,966 80’,450 77;605 73,941 3,664 2,’845 3.5 1 Includes self-employed, unpaid family, and domestic service workers. Note.—Bureau of Labor Statistics. Information relating to persons 16 2 Per cent of civilian labor force. years of age and over is obtained on a sample basis. Monthly data relate 3 Beginning Jan. 1967, data not strictly comparable with previous data. to the calendar week that contains the 12th day; annual data are averages Description of changes available from Bureau of Labor Statistics. of monthly figures. EMPLOYMENT IN NON AGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n ri u n f g ac Mining c C o o n t n i s o t t n r ru ac c t T t l i i o r c a n n u & s ti p l i o p ti r u e t b s a 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.......................................................... 581332 17,274 634 3 350 3,951 12,160 2,957 8; 709 9,596 1965.......................................................... 60,832 18’062 632 3'186 4’036 12'716 3’023 9,087 10,091 1966.......................................................... 64,034 191214 627 3 275 4.151 13’245 3 100 9,551 10,871 1967.......................................................... 66,030 19,434 616 3,203 4,21*1 13,613 3’,217 10,060 11,616 1968.......................................................... 68,146 19,740 625 3,259 4,348 14,111 3,357 10,504 12,202 SEASONALLY ADJUSTED 1968—Apr............................................... 67,755 19 657 632 3 313 4 331 14 009 3,323 10,402 12,088 May.............................................. 6/792 19,693 631 3,245 4381 14,049 3,334 16325 12334 68,039 19,777 632 3'174 4 336 14’086 3 335 10;467 12,232 July.............................................. 68 ,’170 19,776 638 3,189 4346 14317 3350 10,498 12356 Aug................................... 68,314 16348 638 3; 195 4,358 14,181 3,376 10,548 12,270 68 382 19’755 639 3^252 4,365 14322 3387 10 ,’545 12,217 Oct................................................ 68;701 19,807 591 3’285 4’374 14’298 3 411 10', 610 12',325 Nov...................................... 68,955 19,871 637 3 ,279 4,392 14,326 3,426 10,702 12,322 Dec.............................................. 69,310 19’974 638 3*387 4’400 14’271 3’442 10',755 12’, 443 1969—Jan................................................. 69,620 20,005 644 3,380 4,390 14,442 3,462 10,792 12,505 Feb................................................ 69,983 20,067 646 3,501 4,420 14375 3 474 10,852 12,548 Mar.p........................................... 70,180 20,128 645 3;44O 4349 14336 3,485 10,911 12,586 Apr,p............................................ 70,214 20,131 646 3,416 4,475 14,537 3,501 10,902 12,606 NOT SEASONALLY ADJUSTED 1968—Apr............................................... 67,422 19,507 626 3,157 4,296 13,910 3,310 10,402 12,214 Nfay.............................................. 67.724 19369 631 3,255 4,268 13359 3,327 10.488 12,227 June.............................................. 68,724 19397 647 3; 387 4,375 14 J 39 3 365 10,634 12380 July............................................. 68 ,'327 19329 652 3 398 4394 14,112 3^407 10,687 11348 Auk, 68,508 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 3 398 4.400 14328 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............................................... 70 123 19^990 637 3;241 4;409 15 124 3321 10,658 12,643 1969—Jan................................................ 68,525 19,786 629 3,015 4,324 14,217 3,420 10,576 12,558 Feb................................................ 68,735 19374 628 2,990 4,340 14,126 3,439 10,668 12,670 Mar.p........................................... 69,246 19,961 629 3,065 4,391 14,225 3,461 10,780 12,734 Apr.p............................................ 69,828 19,975 640 3355 4,439 14,391 3,487 10,902 12,739 , Noth.—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
MAY 1969 □ 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 Apr. Feb. Mar.P Apr.P Apr. Feb. Mar^ Apr.P Total................................................................................. 14 439 14,740 14,789 14,779 14,303 14,573 14 645 14 641 Durable goods.................................................................. 8 406 8 620 8,661 8 667 8 38-8 8 558 8 612 8 647 Ordnance and accessories...................................... ’192 197 199 199 192 199 198 * 199 Lumber andjwood products.................................. 520 539 539 533 510 514 520 522 Furniture and fixtures............................................ 387 412 411 412 382 407 408 407 Stone, clay, and glass products......................... 517 539 536 532 513 512 519 527 Primary metal industries........................................ 1 054 1 ,048 1 ,053 1,056 1,062 1 047 1 ,054 1,064 Fabricated metal products..................................... 1,059 1,115 1,121 1,122 1,052 1,106 i ’nd 1,115 Machinery............................................................... 1 332 1 ’370 1 1366 1 376 1 343 1 ’377 1 '377 1 387 Electrical equipment and supplies......................... 1 ’310 1 344 1 357 1 ’364 1 ’295 1 343 1 345 1*350 Transportation equipment..................................... 1 ’425 1 ,’426 1 ,’444 1 438 1 ,’438 1 442 1 460 1 451 Instruments and related products........................ ’275 '283 '285 ’287 ’274 ’282 ’285 ’285 Miscellaneous manufacturing industries............... 335 347 350 348 327 329 336 340 Nondurable goods............................................................ 6 033 6 120 6,128 6,112 5,915 6,015 6,033 5,994 Food and kindred products................................. 1 191 1 215 1 '208 1'197 I 110 1,130 1 126 1 115 Tobacco manufactures........................................... ’ 68 ’ 11 71 73 ’ 59 68 ’ 64 64 Textile-mill products.............................................. 868 878 875 872 865 871 871 869 Apparel and related products................................ I 251 1,247 1,254 1,260 1,237 1,255 1,265 1,247 Paper and allied products...................................... 536 '559 '559 556 531 '551 '553 '551 Printing, publishing, and allied industries............ 663 672 673 674 663 670 672 673 (Chemicals and allied products........................... 602 625 624 618 609 619 624 624 Petroleum refining and related industries.............. 117 101 112 111 115 98 109 110 Rubber and misc, plastic products.................. 426 450 451 452 422 449 449 448 Leather and leather products................................. 311 302 301 299 304 304 300 293 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 Apr. Feb. Mar.P Apr.P Apr. Feb. Mar.P Apr.P Apr. Feb. Mar.p Apr.P 40 1 40.2 40. 8 40.7 118.21 124.80 127,39 126.86 2.97 3.12 3.13 3,14 Durable goods..................................................... 40 7 41.0 41.5 41.3 127.58 135.05 137,45 136.86 3.15 3,31 3.32 3,33 Ordnance and accessories......................... 40 9 40 3 40.5 40.2 130.33 135.54 135.41 134.06 3,21 3.38 3.36 3.36 Lumber and wood products...................... 40 1 40.8 41.0 40.9 100.90 104.00 108,26 109.06 2.51 2.60 2.66 2.66 Furniture and fixtures................................ 40 0 40.2 41.0 41.1 95.26 100.84 103.53 102.77 2.43 2.54 2.55 2,55 Stone, clay, and glass products................ 41.7 42.1 42 4 41 8 123.85 126.48 130 00 130.83 2,97 3.07 3.11 3.13 Primary metal industries.......................... 42.3 41.6 41.8 41.9 150.52 153.55 155,45 156.24 3.55 3,70 3.71 3.72 Fabricated metal products......................... 40 4 41.2 41.8 41,5 124.62 133.82 136.86 135.55 3.10 3,28 3.29 3,29 Machinery................................................... 41 0 42.3 42.8 42.6 135.71 149.25 151.79 150.80 3.31 3,52 3.53 3.54 Electrical equipment and supplies........ 39.5 39.8 40.7 40.6 112.61 121.39 123.42 122.61 2,88 3,05 3.04 3,05 Transportation equipment....................... 41 1 41.5 41.6 41.4 146.16 157.03 157.38 156.24 3,60 3.83 3.82 3.82 Instruments and related products........ 39.6 39.7 40.9 40.7 115.44 123.07 126.48 125.96 2.93 3.10 3.10 3.11 Miscellaneous manufacturing industries... 38.5 37.7 39.2 39.4 95.12 98.40 102.57 102,05 2,49 2.61 2.61 2.61 Nondurable goods............................................... 39.2 39.2 39.8 39.8 164.76 110,48 113.15 113.08 2.70 2.84 2.85 2.87 Food and kindred products.................... 40 4 40.7 40.9 40.9 110.09 116,40 118,08 118.30 2.78 2.91 2.93 2.95 Tobacco manufactures............................... 34 1 38.3 36/3 35.0 87.30 95.21 94.43 94.15 2.56 2.63 2.66 2.69 Textile-mill products.................................. 40.6 40.1 41.1 40.9 86.22 90.80 93.66 92.92 2.15 2.27 2.29 2.30 Apparel and related products. ................. 35 0 35.2 35.9 35.9 76.08 79.90 83,13 81.62 2.18 2.27 2.29 2.28 Paper and allied products.......................... 42,0 42.5 43.3 43.4 123.97 132.62 135.45 135.88 2.98 3.15 3.15 3.16 Printing, publishing, and allied industries. 37.8 37.9 38.3 38,2 128.22 136.10 139.41 138.32 3.41 3.61 3.64 3,64 Chemicals and allied products................... 41.4 41.7 41.9 41.6 134.60 139.86 141.62 141.96 3.22 3.37 3.38 3.38 Petroleum refining and related industries . 42.7 42.5 42.6 42,6 162.54 161.38 164.58 172.03 3.78 3.87 3.90 4.01 Rubber and misc. plastic products............ 40.3 40.7 41.5 41,5 113.32 121.30 123.60 124.53 2.84 3.01 3.00 3.03 Leather and leather products..................... 38.1 35.5 37.5 37.7 81.92 83.18 87.05 85.41 2.22 2.33 2.34 2.34 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 □ MAY 1969 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Period i . t A em U s Food Home F o u i e l l G an a d s n F in i u s g h r s A up p a k p n e a d e r e p l T p t o r i a o r n t n a s Med Per R i e n a g d O go t o h d e s r Total Rent ow sh n ip er c a o n a d l tr e i l c e i c t y o t p a i n e o r d n a Total c ic a a re l s c o a n r a e l re t a c i n o re d n a s a i e c n r e d v s 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.I 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 1968—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 Apr............... 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 May.............. 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............... 121.5 120.0 119.5 115.1 127.8 115.7 109.5 113.1 119.7 119,8 130.2 145.1 120.4 125.9 123.9 121.9 120.5 120.1 115.4 128,8 115.7 109.7 113.3 120.3 120,0 130.5 145.5 120.9 126.3 124.2 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 Nov,.............. 123.4 120.5 121.7 116.3 131.1 115.9 109,9 114.8 124.0 121.2 132.4 148,2 122,8 128,0 125.4 Dec............... 123.7 121.2 122.3 116,7 132.0 116.2 110.0 115.1 124.3 120,2 132,8 149.1 123,4 128.2 125.6 1969—Jan................ 124.1 122.0 122.7 116.9 132,7 116,7 110.2 115.2 123.4 120,7 133.3 150,2 123,7 128.4 125.6 Feb............... 124.6 121.9 123.3 117.2 133,6 116.9 110,2 115.8 123.9 122,0 133.7 151.3 124.1 128,4 125.8 Mar............... 125.6 122.4 124.4 117.5 135.7 117.2 110.6 116.4 124.9 124.3 134.3 152.5 124.8 128.7 126. 1 Note.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1957-59- 100) Industrial commodities Pro All Farm cessed Ma com prod foods chin Non- Trans Period m t o ie d s i ucts f a e n ed d 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 e u t e c r b . , L b e u e tc m r . , P e a t p c e . r, M e a t l c e s . t , e a q e n r u y d ip F t e u u t r r c e n . , i t m m al i l e n i c e p t q o io u r n i t p a n c M e e o l i l u s a s ment erals ment1 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 98.1 101.3 n.a. 103.3 1964............................. 100,5 94.3 103.1 101.2 101.2 104.6 97.1 96.7 92^5 100,6 99,0 102,8 103,8 98.5 101.5 n.a. 104.1 1965............................. 102.5 98,4 106.7 102.5 101.8 109.2 98.9 97.4 92.9 101.1 99.9 105,7 105.0 98.0 101.7 n.a. 104,8 1966............................. 105.9 105.6 113.0 104.7 102.1 119.7 101,3 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 1968—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 Nfay................. 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 June................. 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 '110,2 107.1 122.8 102.2 97.7 101.1 133.5 105.2 112.8 116.7 105.0 109,3 100,0 112,5 1969—Jan.................... 110.7 104.9 116.0 110.9 107.4 123.5 c102.4 97.6 100.0 137.8 106.2 114.4 117.0 105.3 110,6 100.1 112.5 Feb................... 111.1 105.0 116.3 111 4 107.2 123.4 102.7 97.8 100 5 144 5 106 8 115.2 117,3 105 4 111.2 100,1 112.5 Mar.................. 111.7 106.5 116.4 112.0 107. 1 123.4 104.2 98.0 100.9 149.5 107.4 115.8 117.8 105.7 111.9 100.0 112.5 1 For transportation equipment, Dec. 1968= 100. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 1969 □ PRICES A 65 WHOLESALE PRICES: DETAIL (1957-59=- 100) 1968 1969 1968 1969 Group Group Mar. Jan. Feb. Mar. Mar. Jan. Feb. Mar. Farm products: Pulp, paper, and allied products: Fresh and dried produce.. .................. 114.5 112.0 108.7 112.1 Pulp, paper, and products, excluding Grains.................................................... 85.1 82.5 82.0 81.6 building paper and board........... 105.7 106.6 107. 1 107.7 Liv^StricJc............................................. 105.7 106.1 109.2 112.5 Woodpulp............................................ 98.0 98.0 98.0 98.0 Rive poultry.......................................... 81.4 90.5 94.3 95.5 Wastepaper.......................................... 89.0 107.4 107.8 108.1 Plant and animal fibers 76.5 68.8 67.7 67.3 Paper.................................................... 111.9 115.0 115.7 116.1 Fluid milk.................. ................... 123.9 131.8 132.6 132.8 Paperboard........................................... 91.7 92.2 92.6 93.6 Ecus........................ 80.9 122.3 108.1 110.9 Converted paper and paperboard.... 107.0 106.3 106.8 107.6 Hay and seeds...................................... 114. 1 111.5 112.4 112.5 Building paper and board.................. 92.0 97.3 98.2 99.6 Other farm products............................ 101.4 105.9 106.4 106.8 Processed foods and feeds: Metals and metal products: Cereal and hflleery products 117.4 119.3 119.3 119.3 Iron and steel....................................... 105.4 107.5 108.0 108.8 Ment poultry and fish, ................... 107.0 111 . 1 111.4 112.2 Steelmill products................................ 107.7 110.4 110.7 111.7 Dairy products.......... ................... 123.3 130.1 130.2 130.4 Nonferrous metals............................... 133.2 127.2 128.9 129.9 Processed fruits and vegetables 114.4 113.6 114.5 115,1 Metal containers................................. 113.4 117.0 119.4 119.4 Sugar and confectionery - • ■ 113.7 119.2 119.2 119.5 Hardware............................................. 116.8 118.5 119.0 119.1 Beverages and beverage’ materials.... 108.9 110.8 111 .1 111.3 Plumbing equipment........................... 114.3 115.8 116.1 116.6 Animal fat® and oils. . ........ 72.5 84.0 90.3 96.1 Heating equipment............................. 94.3 96.1 96.3 96.6 Crude vegetable oils............................. 90.4 80.4 83.4 83.0 Fabricated structural metal products. 106.8 109.3 109.4 109.6 Refined vegetable oils.......................... 98.7 91.5 95.0 91.6 Miscellaneous metal products........... 115.3 119.6 120.4 120.4 Vegetable oil end products.................. 100.2 101.1 102.9 103.1 Miscellaneous processed foods............ 114.1 118.2 119.1 119.3 Manufactured animal feeds................. 118.9 118.2 117.5 115.7 Machinery and equipment: Textile products and apparel: Agricultural machinery and equip.... 126.1 131.2 131,6 131,7 Construction machinery and equip... 128.3 133.5 133.6 134.0 Cotton products.................................... 105.0 104.8 104.8 104.6 Metalworking machinery and equip.. 127.3 131.0 131.1 131.4 Wool products.................................... 103.1 104.7 104.4 104.2 General purpose machinery and Man-made fiber textile products........ 89.3 92.8 92.3 92.1 equipment......... 116.5 118.5 119.1 119.8 Silk yams.............................................. 196.3 160.8 156.4 155.0 Special industry machinery and Ann are 1................................................. 109.1 112.7 112.7 112.8 equipment (Jan. 1961— 100)....... 120.2 125.6 126.6 126.9 Textile hou«efurnishing«..,................. 110.9 110.2 107.6 107.7 Electrical machinery and equip.......... 102,6 103.5 103.5 104.2 Miscellaneous textile products 109.9 (26.2 127.1 121.9 Miscellaneous machinery................... 112.7 I 15.7 116.1 116.5 Hides, skins, leather, and products: Furniture and household durables : Hides and skins.................................... 99.3 109.2 106.3 109.1 leather,..................... ................... 110.3 116.8 116.5 116.4 Household furniture........................... 116.0 120.7 121.0 121.3 FootW^ftr .................. . . . 125.6 132.1 132.2 131.5 Commercial furniture......................... 114.0 117.0 117.2 117.8 Other leather products . ... 112.4 114.2 114,8 115.3 Floor coverings................................... 95.2 95.5 95.5 95.5 Household appliances............ 91.9 92.6 92.5 92.8 Fuels and related products, and power: Home electronic equipment............... 81.6 78.7 78.7 78.6 Other household durable goods........ 124.3 128.9 129.1 129.6 Coal....................................................... 105.5 112,7 112.7 112.7 C G o as k e f . u . e .. l . s .. . ( . J .. a .. n .. . . .. 1 .. 9 .. 5 .. 8 .. = .. .. 1 .. 0 .. 0 .. ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 26 2 . . 5 0 1 1 2 2 0 4 . . 3 4 1 1 2 2 0 4 . . 3 0 1 1 2 2 0 4 , . 3 6 Nonmetalllc mineral products: Electric power (Jan. 1958= 100).......... 101.2 102.0 102.2 102.3 Crude petroleum - - ■ • 99.0 99.7 99.9 103,7 Flat glass.............................................. 109.4 109.9 110.8 112.3 Petroleum products refined 99.5 98.9 99.5 101.7 Concrete ingredients........................... 108.6 112.2 CH3.8 115.5 Concrete products............................... 107.0 110.7 110.8 111,2 Chemicals and allied products: Structuraf clay products excluding refractories........................... 112.0 115.8 115,9 116,0 Industrial chemicals . . . 98.7 98.1 98.1 97.9 Refractories.......................................... 112.6 112.6 112.6 112,6 Pranarad nnint.......... 114.1 118.2 118.2 118.7 Asphalt roofing................................... 98.0 96.8 99.6 99.2 Paint materials........... .................... 92.5 92.0 92.0 91.9 Gypsum products................................ 105.1 106.2 106.2 106.2 Drugs and pharmaceuticals . ... 93.4 93.4 93.4 93.6 Glass containers.................................. 106.3 116.1 116.1 116.1 Fats and oils, inedible,....................... 80.0 72.2 73.6 80.4 Other nonmetallic minerals................ 103.9 107.2 107.6 107.6 Agricultural chemicals and products,. 101 .2 92.9 92.2 92.3 * Plastic resins and materials................. 82,8 80.8 81.5 81.3 Other chemicals and products....... 109.5 110.4 111.1 111,2 Transportation equipment: Rubber and products: Motor vehicles and equipment.......... 104,3 106.5 106.4 106.3 Railroad equipment (Jan. 1961-100). 105.4 108.5 108.5 110.2 Crude rubber..................................... 84.0 86.4 87.5 88.9 Tires and tubes..................................... 98.7 96.3 96.3 96.3 Miscellaneous rubber products........... 106.9 108.7 109.5 109.7 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition.................................. 107.4 110.2 110.1 110.5 Lumber.............................................. 120.3 147.9 155.8 164.7 Tobacco products................................ 114.9 116.6 116.7 116.7 Miliwork............................................... 115.6 124.8 126.7 128.8 Notions................................................ 105.7 100.7 100.7 100.7 Plywood................................................ 96.9 135.0 146.5 146.9 Photographic equipment and supplies 114.8 112.7 112.7 112.0 Other wood products (Dec. 1966— 100) 105.9 111.0 111.2 112.4 Other miscellaneous products............ 109.9 111.2 111.2 111.4 Note.—Bureau of Labor Statistics indexes as revised in Mar. 1967 to classification changes. Back data not yet available for some new classi incorporate (1) new weights beginning with Jan. 1967 data and (2) various fications. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 66 NATIONAL PRODUCT AND INCOME □ MAY 1969 GROSS NATIONAL PRODUCT (In billions of dollars) 1968 1969 Item 1929 1933 1941 1950 1964 1965 1966 1967 1968 I II III IV IP Gross national product..................................... 103.1 55.6 124.5 284.8 632.4 684.9 747.6 789.7 860.6 831.2 852.9 871.0 887.4 903.4 Final purchases........................... 101.4 57.2 120.1 273.0 626.6 675.3 732.8 783.6 852.9 829,1 842.1 863.5 876.8 897.0 Personal consumption expenditures................. 77.2 45.8 80.6 191.0 401.2 432.8 465.5 492.2 533.8 519.4 527.9 541.1 546.8 558.4 Durable goods.............................................. 9.2 3.5 9.6 30.5 59.2 66.3 70. 5 72.6 82.5 79.0 81.0 85.1 85.1 86.9 Nondurable goods........................................ 37.7 22.3 42.9 98.1 178.7 191.1 206.7 215.8 230.3 226.5 228.2 232.7 233.7 239.1 Services.......................................................... 30.3 20.1 28.1 62.4 163.3 175.5 188,3 203.8 221.0 213.9 218.7 223.4 228.0 232.4 Gross private domestic investment................... 16.2 1.4 17.9 54.1 94.0 108.1 120.8 114.3 127.7 119.7 127.3 127.1 136.6 138.9 Fixed investment........................................... 14.5 3.0 13.4 47.3 88.2 98.5 106.1 108.2 119.9 117.6 116.5 119.6 126.0 132.5 Nonresidential.......................................... 10.6 2.4 9.5 27.9 61.1 71.3 81.3 83.6 90.0 88,6 87.0 90.1 94.3 99.8 Structures............................................... 5.0 .9 2.9 9.2 21.2 25.5 28.5 27.9 29.2 29.6 28.5 28.8 29.9 32.5 Producers* durable equipment............. 5.6 1.5 6.6 18.7 39.9 45.8 52.8 55.7 60.8 59.0 58.5 61.3 64.5 67.3 Residential structures ,...'...................... 4.0 .6 3.9 19.4 27.1 27.2 24.8 24.6 29.9 29.1 29.5 29.5 31.6 32.7 Nonfarm................................................ 3.8 .5 3.7 18.6 26.6 26.7 24.3 24.0 29.3 28.5 28.9 28.9 31.0 32.1 Change in business inventories................... 1.7 -1.6 4.5 6.8 5.8 9.6 14.7 6.1 7.7 2.1 10.8 7.5 10.6 6.4 Nonfarm.................................................... 1.8 -1.4 4.0 6.0 6.4 8.6 14.9 5.6 7.3 1.6 10.4 7.3 9.7 5.6 Net exports of goods and services................... 1.1 .4 1.3 1.8 8.5 6.9 5.1 4.8 2.0 1.5 2.0 3.3 1.0 .0 Exports. <....................................................... 7.0 2.4 5.9 13.8 37.1 39.2 43.1 45.8 50.0 47.5 49.9 52.6 50.1 47.2 Imports.......................................................... 5.9 2.0 4.6 12.0 28.6 32.3 38.1 41.0 48.1 46.0 47.9 49.4 49.1 47.2 Government purchases of goods and services.. 8.5 8.0 24.8 37.9 128.7 137.0 156.2 178.4 197.2 190.5 195.7 199.6 203.0 206.2 Federdl......................................................... 1.3 2.0 16.9 18.4 65.2 66.9 77.4 90.6 100.0 97.1 100,0 101.2 101.7 102.3 National defense..................................... 13.8 14.1 50.0 50.1 60.6 72.4 78.9 76.8 79.0 79.6 80.0 80.3 Other.......................................................... 3.1 4 3 15.2 16.8 16.8 18.2 21 1 20.3 21.0 21.5 21.7 22.0 State and local............................................... 7.2 6.0 7.9 19.5 63.5 70.1 78.8 87.8 97.2 93.4 95.6 98.4 101.2 103.9 Gross national product in constant (1958) dollars............................................................ 203.6 141.5 263.7 355.3 581.1 617.8 657.1 673.1 706.7 692.7 703.4 712.3 718.4 723.6 Note.—Dept, of Commerce estimates. Quarterly data are seasonally series, sec the Survey of Current Business, July 1968, and Supplement, Aug. adjusted totals at annual rates. For back data and explanation of 1966. NATIONAL INCOME (In billions of dollars) 1968 1969 Item 1929 1933 1941 1950 1964 1965 1966 1967 1968 I II HI IV IP National income..................................................... 86.8 40.3 104.2 241.1 518.1 564.3 620.8 652.9 712 8 688.1 70S. 4 722.5 735.1 Compensation of employees................................ 51.1 29.5 64.8 154.6 365.7 393.8 435.6 468.2 513.6 496.8 507.1 519.7 530.7 544. 8 Wages and salaries...................................... 50.4 29.0 62.1 146.8 333.7 358.9 394.6 423.4 463 5 448.3 457.6 469.0 479.0 490.5 Private............................................................. 45.5 23.9 51.9 124.4 269.4 289.6 316.9 337.1 367 2 355.7 362.8 370 9 379.2 389.1 Military........................................................... .3 1.9 5.0 11.7 i2.1 14.6 16.3 18 3 17. 5 17.8 18.9 18.8 18.8 Government civilian................................... 4.6 4.9 8.3 17.4 52.6 57.1 63.1 70.0 78 1 75.2 77.0 79.1 81.1 82.6 Supplements to wages and salaries......... .7 .5 2.7 7.8 32.0 35.0 41.1 44.8 50,1 48.4 49.4 50.7 51.7 54.4 Employer contributions for social inauraace........................................................ .1 J 2.0 4.0 15.4 16.2 20.2 21.5 23 9 23.5 23.7 24 2 24.4 26.3 <^)t^er labor income.................................... .6 .4 ,7 3.8 16’6 18.7 20.8 23.3 26 1 25.0 25.7 26 5 27. 3 28.0 Proprietors' income.............................................. 15.1 5.9 17.5 37.5 52.3 57.3 60.7 60.7 62.9 61.8 62.6 63.4 63.7 63.7 business and professional............................... 9.0 3.3 11.4 24.0 40.2 42.4 44.8 46.3 47.8 47.2 47.8 48.0 48.2 48.4 Fann................................................................... 6.2 2.6 6.4 13.5 12.1 14.8 15.9 14.4 15 1 14.6 14.8 15 4 15. 5 15.2 Rental income of persons..................................... 5.4 2.0 3.5 9.4 18.0 19.0 19.8 20.3 21.0 20.7 20.9 21.0 21.2 21.4 Corporate profile and inventory valuation adjustment........................................................... 10.5 — 1.2 15.2 37.7 66.3 76.1 83.9 80.4 89.1 83.8 89.2 91.6 91.8 Profits before tax......... 10.0 j o 17.7 42.6 66.8 77.8 85.6 81.6 92.3 88.9 91.8 92.7 95 7 Profits tax liability.................... 1.4 7.6 17.8 28.3 31.3 34.6 33.5 41.3 39.8 41.1 41.5 42.8 Profits after tax......................................... 8.6 10.1 24.9 38.4 46.5 51.0 48.1 51.0 49 1 50.7 51.2 52 8 Dividends... ............................................. 5.8 2.0 4.4 8.8 17.8 19.8 21.7 22.9 24 6 23.6 24.4 25.2 25.4 25.4 Undistributed profits............................... 2.8 -1.6 5.7 16.0 20.6r 26.7 29.3 25.2 26.3 25.5 26.3 26.0 27.5 Inventory valuation adjustment.................... .5 -2.1 -2.5 -5.0 -.5 -1.7 -1.7 -1.2 -3.1 -5.1 —2.7 -1.0 -3.8 -5.9 Net interest.............................................................. 4.7 4.1 3.2 2.0 15.8 18.2 20.8 23.3 26.3 25.0 25.8 26.7 27.6 28.5 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
MAY 1969 □ NATIONAL PRODUCT AND INCOME A 67 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1968 1969 Item 1929 1933 1941 1950 1964 1965 1966 1967 1968 I II III IV If Hmm nation*! Droduct................................... 103.1 55.6 124.5 284.8 632.4 684.9 747.6 789.7 860.6 831.2 852.9 871.0 887.4 903.4 T fff’ Cjnifal cnntiimptinn allowance-**..... 7.9 7.0 8.2 18.3 56.1 59.8 64.1 69.2 74.3 72.3 73.7 74.9 76.2 77.5 Indirect business tax and nontax lia bility................................................ 7.0 7.1 11.3 23.3 58.4 62.5 65.3 69.6 75.8 72.8 74.8 76.7 79.0 81.2 Business transfer payments. ................ .6 .7 .5 .8 2.5 2.7 3.0 3.1 3.3 3.2 3.3 3.3 3.3 3.3 Statistical discrepancy........................... .7 .6 .4 1.5 -1.3 -3.1 -3.3 -3.5 -4.8 -4.7 -3.6 -5.3 -5.5 Plus: Subsidies less current surplus of gov ernment enterprises............ -.1 .1 .2 1.3 1.3 2.3 1.6 .7 .5 .7 1.0 .6 .7 Rqnala: Nation*] inmma...................... 86.8 40.3 104.2 241.1 518.1 564.3 620.8 652.9 712.8 688.1 705.4 722.5 735.1 Less: Corporate profits and inventory valu ation adjiyttmant................ 10.5 — 1.2 15.2 37.7 66.3 76.1 83.9 80.4 89.1 83.8 89.2 91.6 91.8 Contributions for social insurance.... .2 .3 2.8 6.9 27.9 29.6 38.0 41.9 46.9 45.8 46.5 47.4 47.8 51.8 Excess of wage accruals over disburse ments .............................................. Plus' novemmMit transfer payments............ .9 1.5 2.6 14.3 34.2 37.2 41.0 48.6 55.3 52.5 55.0 56.3 57.5 59.0 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 24.9 25.7 26.2 26.7 27.2 Dividends.............................................. 5.8 2.0 4.4 8.8 17.8 19.8 21.7 22.9 24.6 23.6 24.4 25.2 25.4 25.4 Business transfer payments.................. .6 .7 .5 .8 2.5 2.7 3.0 3.1 3.3 3.2 3.3 3.3 3.3 3.3 Equals: Person*! income.................................. 85.9 47.0 96.0 227.6 497.5 538.9 586.8 628.8 685.8 662.7 678.1 694.3 708.2 721.4 Less: Personal tax and nontax payments.... 2.6 1.5 3.3 20.7 59.4 65.7 75.3 82.5 96.9 88.3 91.9 101.6 105.8 112.8 Rqn*lm Disposable personal income................. 83.3 45.5 92.7 206.9 438.1 473.2 511.6 546.3 589.0 574.4 586.3 592.7 602.4 608.6 Less' Personal outlays.................................... 79.1 46.5 81.7 193.9 411.9 444.8 478.6 506.2 548.2 533.5 542.3 555.6 561.6 573.3 Personal consumption expenditures.. 77.2 45.8 80.6 191.0 401.2 432.8 465.5 492.2 533.8 519.4 527.9 541.1 546.8 558.4 Consumer interest payments............ 1.5 .5 .9 2.4 10.1 11.3 12.5 13.1 13.7 13.4 13.6 13.8 14.0 14.2 Personal transfer payments to for eigners ........................................ .3 .2 .2 .5 .6 .7 .6 .8 .7 .7 .8 .7 .7 .7 Equals: Personal saving................................... 4.2 -.9 11.0 13.1 26.2 28.4 32.9 40.2 40.7 40.8 44.0 37.1 40.9 35.3 Disposable personal income in constant (1958) dollars.................................................... 150.6 112.2 190.3 249.6 407.9 435.0 459.2 470.0 497.5 491.8 497.1 499.2 501.7 502.2 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted quarterly totals at annual rates. See also Note to table opposite. PERSONAL INCOME (In billions of dollars) 1968 1969 Item 1967 1968 Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.p Total personal income......................... 620.8 685.8 670.0 672.6 678.2 683.7 689.2 694.1 699.7 703.2 708.0 713.5 716.1 721.4 726.7 Wage and salary disbursements.......... 423.4 463.5 452.2 453.2 457.5 462.2 465.4 468.7 472.8 474.9 478.9 483.3 486.5 490.4 494.6 Commodity-producing industries... 166.6 180.6 177.0 176.7 179.3 179.9 180.6 181.1 183.3 184.7 186.1 188.5 189.2 190.4 192.8 Manufacturing only. . .................. 134.1 145.4 142.2 141.6 144.3 145,6 146.0 146.3 147.8 148.8 149.7 151.1 151.9 151.8 154.1 Distributive industries..................... 100.5 109.4 106.5 106.9 107.4 109.7 109.9 111.2 112.1 112.1 113.3 113.2 114.8 116.0 116.7 Service industries............................. 70.0 77.2 75.2 75.5 76.1 77.0 77.5 78.2 78.8 79.1 79.8 80.7 81.6 82.6 83.2 Government..................................... 86.3 96.3 93.4 94.2 94.7 95.5 97.4 98.2 98.6 99.0 99.6 100.9 100.8 101.4 102.0 Other labor income............................. 23.3 26.1 25.2 25.5 25.7 26.0 26.3 26.5 26.8 27.0 27.3 27.6 27.8 28.0 28.3 Proprietors’ income............................ 60.7 62.9 62.3 62.4 62.6 62.7 63.1 63.4 63.7 d3.7 63.7 63.8 63.8 63.7 63.6 Business and professional............... 46.3 47.8 47.5 47.6 47.8 47.9 48.0 48.0 48.0 48.1 48.2 48.3 48.4 48.5 48.5 Farm................................................. 14.4 15.1 14.8 14.8 14.8 14.8 15.1 15.4 15.7 15.6 15.5 15-5 15.4 15.2 15.1 Rental income.................................... 20.3 21.0 20.7 20.8 20.9 20.9 21.0 21.0 21.1 21.2 21.2 21.3 21.3 21.4 21.5 Dividends............................................. 22.9 24.6 23.9 24.3 24.7 24.3 25.0 25.2 25.3 25.3 25.4 25-5 25.3 25.4 25.5 Personal interest income..................... 46.8 52. 1 50.2 50.8 51.3 51.9 52.4 52.9 53.4 54.0 54.3 54-7 55.1 55.6 56.2 Transfer payments............................... 51.7 58.6 57.8 58.1 58.2 58.5 59.1 59.6 59.9 60.4 60.8 61-0 61.7 62.4 62.8 Lew .’Personal contributions for social insurance....................................... 20.4 22.9 22.4 22.6 22.8 22.9 23.1 23.2 23.3 23.4 23.5 23-5 25.4 25.5 25.7 Nonagricultural income........................ 609.3 665.4 649.9 652.5 658.1 663.4 668.7 673.3 678.6 682.2 687.0 692.5 695.1 700.5 705.9 Agriculture income............................... 19.5 20.5 20.1 20.1 20.2 20.2 20.5 20.8 21.1 21.0 21.0 21-0 21.0 20.8 20.7 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 FUNDS FOR YEAR 1968 (In billions of dollars) & 00 Private domestic nonfinancial sectors Financial sectors Sector H h o o u ld s s e B n u es s s i lo S c t a a l t e g o a v n t d s . Total G IL o S v . t. Total M a o u n t e h ta . ry C ba o n m k l s . N f o in n a b n a c n e k R w e t s o h t r e l o d f se A ct l o l rs Di a s n c c r y ep and s N a i v a n i d v ng . est ment Transaction category n s u s U S U S u s u s U S U S u s u s u s U 1 Gross saving............................ ......... 141.6 ......... 82.2 ......... —5.2 ......... 218.6......... -6.5 ........ 2.5 ♦ . 2.8 ......... -.4 .. ■ .8 215.4 214 6 1 2 Capital consumption.......... ......... 75.3 . 63 3 ........ 138 6 ........ 1.3 ......... 7 ..................6 139 9 139 9 2 3 Net saving (1 —2)................ ......... 66.4 ......... 18.9 ......... -5.2 ........ 80.6 ......... -6.5 ........ 1.2 * ......... 2.1 ......... -1.0...................8 ......... 75.5 .........74.7.. 3 4 Gross investment (Sfll)........ 133.3 ........ 84.8........ -5.1........ 244.0 ........ -4.7........ 1.7......... • 2.1......... -.4......... 1.1......... 207.1........ .........8.2 . .......209.1 4 5 Private cap. expend., net........ 117.#........ 101.1 ........ 209.0 ....... 1.2......... .6 .. .6......... 210.2 ... 5 2 210 2 5 6 Consumer durables............. 82 5 ......... 82.5........ 82 5 ... 82 5 6 7 Residential constr................ 21 3........ 8 6........ 29.9........ 29 9 . . 29 9 7 8 Plant and equipment........... 4 0......... 84 8 ... 88 8 . . 1.2......... 6 .6......... 90.0....... .........90.0.. 8 9 Inventory change................. 7.7......... 7.7........ 7.7......... 7 7 9 10 Net financia invest. (11—12). 25.4......... -20.3........ -5.1......... * -4.7......... .5........ « 1.5........ -1.1......... 1.1......... -3.1......... 3.1 .......-1.1 10 11 Financial uses, net.................. M.2......... 30.8........ 10.9........ 101.9 ........ 14.2......... 92.4........ 3.8........ 42.8..... 45.8......... 8.1......... 216.5......... ...........7.0 11 12 Financial sources..................... ....... 34.7 ......... 51.1 ......... 10.0 ......... 101.9 ......... 18.8 ........ 91.9 ........ 3.8 ......... 41,3 ..... 46.9 ......... 7.0 ......... 219.6 8 1 12 13 Gold & off. U.S. fgn. exch.. 2.0......... -1.2......... -1.2......... 1.2 2.1 2.1 2.1 13 14 Treasury currency............... ...................4 .2......... .2......... .2 .4 - - 2 14 15 Dem. dep. and currency. - - ......... 13.2 ......... 1.4 ........ 11 9 18.4 13.2 15 16 Private domestic............. 14.9........ L2........ .6......... 16.7........ 1.2 13.8 ........ 2.4 ........ 11.5 1.2......... ......1..7....9.. .....1..3.8 -4.1... ................... 16 17 U.S. Govt....................... -.2......... ........ -1.3 ......... —1.1 . — 2 -.2 -1.3 1 1 17 18 Foreign............................ ...................7 ...................1 ......... 6 .7 ... ...................7 18 19 Time and svgs. accounts... 27.6......... 32.6........ -.2 32.5 -.2......... . 32 5 19 20 At coml. banks................ 14.9........ 2.5......... 2.6......... 20.0........ .1......... .1 20.1 ..................... .....2..0..1 .1......... -.1........ ........ 20.1 ..................... ................... 20 21 At svgs. instit................. 12.7......... 12.7........ -.3 12.4 -.3 12.4 . 12 4 21 22 Life insur. reserves.............. 4.8......... 4.8........ 1 ........ 4.7 . . 4.7 ........ 4.8 22 23 Pension fund reserves.......... 15 7......... ......... 4.1 15.7 4.1 ......... 1.2 ......... 10.4 . 10.4 . 15 7 23 24 Consol, bank items 1........... 3.2 3.2 1.0 2.2 2.2 1.0 3.2 3.2 24 25 Credit mkt instr................. 3.1 31.9 7.7 36.3 7.7 11.4 18.4 79.7 8.1 16.6 83.0 12.3 3.7........ 37.1 .3 42.2 12.0 2.1 2.9 111.5 111.5 ..................... ................... 25 2 2 6 7 U St . a S t . e G an o d v t lo s c e a c l u o r b it l i i e g s . . . . . . . . . 4 1 . 4 1. . . . . . . . . . . . . . . . . . 1 . 7 1 .... - 2 .4 .8 .... 1 . 1 .. . . 1 . 8 i .i 6 .... 1 . 1 .. . . 1 ......... 16.6 10 8 5 6 - .. . . . . . . . . . . . . . 3.8........ 2 8 8 1 ... 2 1 . . 0 8 . . . . . . . . . . . . . . . . . . — .5......... . . . . . . . . .. l 1 i 6 . i 6 2 26 7 28 Corp, and foreign bonds. 3.9........ ........ 12 9 4 5........ 8.5 12.9 6.6 1.1 .3 .3 6.3 .7 * l.i ......... 15.1 28 29 Corp, stocks..................... -63... _ 4 -6.3 -.4 9.7 5.7 ......... — 1 9.7 5.7 2.0 .2 .... 54 29 30 Mo 4-family mortgages. • 15.4 .7......... .7 15.4 2.5......... 12.4 .2 3 5... 8.9 .2 ......... 15.5 30 31 Other mortgages.............. _________8 ......... 95 . 10.3 .8........ 9 5......... 3 2 . 6.3......... 10 3 31 32 Consumer credit.............. ____ 11.1 2.4 2.4 11.1 8.7......... 4 9... 3.8......... ........ 11 1 32 ____ 3.2 ......... 9.1 . . . 12.3 14.1 2.1 14 1 ....... 2.1 ......... — 3 ......... 14.1 33 34 Other loans...................... ......... 1.4 3.5 5.3 ...................3 3.5 7.0 4.8........ 3.5 3.3 -.1........ .2.......3...3 3.3 .6 1.9 12.3 12.3 .......-.1.... ................... 34 35 Open market paper... 3.5 1.8 3.5 1.8 * 2.5 -.1........ 2 . . -.1 2.5 .6 -.2 ........ 4.1 35 36 Federal loans................ ...................2 ........ 13...................3 .. . 1.8 4.8........ ...................9 ..... .9 ......... 2 1 ........ 4 8 . 36 37 Security credit...................... .8 2.2 .8 2.2 3.9 2.5 1 9 2.0 2.5 .3 .2 4 9 . 37 38 To brkrs. and dealers.... .8......... 8........ 1.5 2.5 15.. ....... 2.5 3 ......... 2.5 - . 38 39 To others......................... ......... 2.2 . 2.2 2.4........ 4 2.0......... ......... 2 ......... 2.4 39 40 Taxes payable...................... ......... 2.5 .1......... .1 2.5 3.4........ ........ .1 ......... -.1 ................1 1 3.5 2.6 .......-.9.... ................... 40 41 Trade credit......................... ...................4 14.9 12.6 5 14.9 13.4 .6 * .3......... .3......... 15.8 13.4 .... —2 3 ................ 41 42 Equity in noncorp, business. -8.4......... ......... —8.4 -8.4 -8.4 ........ -8 4 ................... 42 43 Mise, financial trans.......... 1.7 .3 4.6 8.1 .................... 6.3 8.4 .1 .5 2.0 12.9 ........ .3 1.7 8.0 .3 4.6 4.0 1.8 12.3 23.6 .......11.3.... ................... 43 .9........ 1.5 .. 2.4........ ......... 2 4 .. 44 .6 .4 .6 .4 ......... -1.1 -1.1 .6 ................... 45 2.5 7.7 2.5 7.7 ......... .5 1.6 1.2 5.9 17.1 .. NS .......................46 47 Sector discrepancies (1—4). . 8.3 . .. 1 4 - .1 ......... 9 6 .... -1.8........ 8........ 7 ... .1......... — .3 ... 8.2......... R 9. ...........5.5.. 47 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. FLOW OF FUNDS □ MAY 1969 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 1969 □ FLOW OF FUNDS A 69.1 2. SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) 1966 1967 1968 Transaction category, 1964 1965 1966 1967 1968 or sector IV I II III IV I II III IV I. Savings and investment 1 Gross national saving.................1..6..0....3. 181.6 196.7 192.1 214.6 202.5 188.2 185.8 193.2 200.2 202.4 211.1 217.9 225.9 1 2 Households.................................... 98.3 108.9 118.6 129.6 141.6 125.3 125.3 125.4 129.6 137.1 138.0 144.6 140.6 143.4 2 3 Farm and noncorp, business........ 14.5 15.2 15.9 16.8 18.0 17.0 17.1 17,0 17.0 16.2 17.4 17.7 17.9 18.2 3 4 Corporate nonfin. business.......... 50.5 56.6 61.1 61.5 64.1 63.9 60.2 60.6 61.8 63.5 60.2 64.2 66. 1 65.9 4 5 U.S. Government.......................... -4.3 -.1 -.6 -14.1 -6.5 -4.0 -12.7 -15,3 -14. 1 -14.3 -10.0 -11.9 -3.7 -.2 5 6 State and local govt....................... -1.4 -2.4 -2.7 -5.6 -5.2 -3.7 -5.7 -6.7 -5.3 -4.6 -5.6 -5.1 -.53 -4.9 6 7 Financial sectors........................... 2.7 3.5 4.5 3.8 2.5 4.1 4,0 4.7 4.3 2.2 2.4 1.5 2.4 3.5 7 8 Gross national investment................. 158.0 178.2 193.1 188.1 209.0 197.8 184.4 179.4 190.7 196.8 196.0 206.7 212.9 220.7 8 9 Consumer durable goods.............. 59.2 66.3 70.5 72.6 82.5 71.1 69.8 72.4 73.1 74.2 79.0 81 .0 85,1 85.1 9 10 Business inventories...................... 5.8 9.6 14.7 6.1 7.7 19.8 8.4 2.3 5.3 8.3 2.1 10.8 7.5 10.6 10 11 Gross pvt. fixed investment.......... 88.2 98.5 106.1 108.2 119.9 105.9 104.6 105.4 109.3 113.5 117.6 116.5 119.6 126.0 11 12 Households................................ 23.0 22.9 21.5 20,3 25.3 18.9 17.6 18.4 21.5 23.6 25,0 25.3 25.2 25.9 12 13 Nonfinan. business.................... 64.3 74.8 83.6 87.0 93.4 86.0 86.2 86.1 86.7 88.9 91.4 90.0 93.2 98.9 13 14 Financial sectors........................ .9 .8 1.0 .9 1.2 1.0 .8 .8 1.1 .9 1.2 1.2 1.2 1.2 14 15 Net financial investment........... 4.7 3.7 1.8 1.2 -1.1 1.0 1.6 -.6 2.9 .7 -2.8 -1.6 .8 -.9 15 16 Discrepancy (1-8).............................. 2.3 3.5 3.6 4.0 5.5 4.7 3.8 6.4 2.5 3.4 6.5 4.4 5.0 5.2 16 II. Financial flows—Summary 17 Net funds raised—Nonfinan. sectors. 67.0 72.3 69.9 83.1 99.2 49.9 74.3 44.3 104.6 108.9 101.2 84.8 119.2 90.1 17 18 Loans and short-term securities. . .. 26.4 33.1 27.4 27.2 32.6 29.8 33.8 -16.1 46.8 44.2 42.1 24,3 40.6 22.2 18 19 Long-term securities and mtgs......... 40.6 39.2 42.5 55.9 66.6 20.0 40.6 60.4 57.8 64.7 59.1 60.5 78.6 67,9 19 By sector 20 U.S. Government.......................7....1... 3.6 6.3 12.7 16.6 2.9 8.0 -21.3 34.7 29.2 28.2 13.8 31.9 -7.6 20 21 Short-term mkt. securities........... 4.0 3.5 2.2 6.4 .6 10.1 9.9 -35.7 30.9 20.7 18,1 — 1.3 2.9 -17.4 21 22 Other securities............................. 3.0 .2 4.1 6.2 16.0 -7.2 -1.9 14.5 3.9 8.5 10,1 15.1 29.0 9.8 22 23 Foreign borrowers............................ 4.4 2.6 1.5 4.0 2.9 1.2 5.5 3.7 3.9 2.8 4.3 1.9 2.2 3.1 23 24 Loans.............................................. 3.7 1.9 1.0 2.7 1.6 1.0 4.5 2.7 2.2 1.4 2.8 1.4 1.2 1.0 24 25 Securities........................................ .7 .8 .5 1.3 1.3 .2 1.0 1.0 1.6 1.4 1.5 .5 1.0 2.1 25 26 Pvt. domestic nonfin. sectors........... 55.5 66.0 62.0 66.4 79.7 45.7 60.8 61 .9 66.0 76.9 68.6 69.1 85.2 94.6 26 27 Loans............................................. 18,7 27.7 24.1 18.0 30.4 18,7 19.4 16.9 13.7 22.1 21.1 24.3 36,6 38.6 27 28 Consumer credit......................... 8.0 9.4 6.9 4.4 11.1 4.6 4.1 4.0 4.9 4.8 9.0 9.4 12.9 11.8 28 29 Bank loans n.e.c......................... 6.5 13.6 9.8 9.1 12.3 5.2 6.7 11.7 3.8 14.4 5.4 9.8 12.2 22.1 29 30 Other loans................................ 4.1 4.7 7.4 4.5 7.0 9.0 8.6 1.3 5.1 2.9 6.8 5.1 11.6 4.7 30 31 Securities and mortgages............. 36.9 38.3 37.9 48.4 49.2 27.0 41.4 44.9 52.3 54.8 47.5 44.9 48.6 56.0 31 32 State and local obligations......... 5.9 7.3 6.0 10.1 11.1 6.1 10.3 11.5 7.5 11.2 9.3 6.3 14.3 14.6 32 33 Corporate securities................... 5.4 5.4 11.4 17.4 12.5 6.6 14.3 15.8 21.4 18.1 12.8 12.8 10.3 14.0 33 34 1 - to 4-family mortgages............ 15.7 16.2 11.0 11.5 15.4 8.1 8.9 8.3 13. 7 15.1 15.8 15.1 14.3 16.3 34 35 Other mortgages......................... 10.0 9.4 9.6 9.4 10.3 6.2 7.9 9.3 9.8 10.4 9.6 10.8 9.7 H.2 35 36 Net sources of credit (= line 17)........ 67.0 72.3 69.9 83.1 99.2 49.9 74.3 44.3 104.6 108.9 101.2 84.8 119.2 90.1 36 37 Chg. in U.S. Govt, cash balance.. .2 -1.0 -.4 1.2 -1.2 1.2 -.5 -14.8 13.4 6.8 -7.2 -15.0 25.6 -8.1 37 38 U.S. Govt, lending....................... 3.8 4.7 7.9 4.5 8.1 2.8 6.1 -.8 5.0 8.0 12.2 9.0 6.2 5.1 38 39 Foreign funds................................ 2.5 .8 -.9 5.4 2.7 -1.2 1.4 8.3 2.4 9.4 -1.3 -.7 1.8 11.2 39 40 Pvt. insur. & pension reserves.. . . 11.1 11.6 12.8 13.2 15.1 14.5 12.2 12.4 14.0 14.1 13,6 14.6 15.2 17.1 40 41 Sources n.e.c.................................. 5.7 7.1 7.7 5.8 12.1 -.8 1.8 6.0 11.5 3.9 17.9 23.6 15.4 -8.6 41 42 Pvt. domestic nonfin. sectors....... 43.8 49.0 42.8 53.0 62.3 33.5 53.3 33.1 58.5 66.9 66.0 53.3 55.2 73.4 42 43 Liquid assets............................. 33.0 43,4 23.9 49.1 53.2 22.1 54.4 38.4 58.7 44.8 40.7 36.5 58.9 76.5 43 44 Deposits................................. 35.3 40.4 22.7 50.9 45.3 21,2 61.5 51.7 56.2 34.1 31.9 29.9 51.6 67.6 44 45 Demand dep. and currency. 6.5 7.7 2.9 12.0 12.6 6.5 10.8 10.6 15.2 11.1 13.4 8.7 28.4 45 46 Time and svgs. accounts... 28,8 32.7 19,8 39.0 32.6 14.6 50.7 41.0 41.0 23.0 31.8 16.5 42.9 39.2 46 47 At commercial banks.. .. 13.0 19.5 12.5 22.4 20.0 5.4 33.8 20.4 23.0 12.3 18.7 4.5 31.2 25.4 47 48 At savings instit......1..5.....8.. 13.2 7.3 16.6 12.7 9.3 16.9 20.6 18.0 10.7 13.1 12.0 11.8 13.8 48 49 Short-term U.S. Govt. sec.... -2.3 3.Q 1.2 -1.8 7.9 .9 -7.1 -13.3 2.5 10.6 8.8 6.6 7.3 8.9 49 50 Other U.S. Govt, securities.... 3.1 .1 6.8 -1.2 .7 4.3 -11.2 -3.9 -3.3 13.7 2.6 6.9 -.8 -6.0 50 51 Pvt. credit mkt. instruments. .. 7.5 5.9 11.9 7.2 9.8 6.5 9.6 1.2 6.2 11.9 19.7 12.6 .1 5.8 51 52 Less security debt...................... -.2 .3 -.2 2.2 1.4 -.6 -.5 2.5 3.1 3.5 -3.0 2.7 2.9 2.8 52 HL Direct lending in credit markets 53 Total funds raised............................. 67.0 72.3 69.9 83.1 99.2 49.9 74.3 44.3 104.6 108.9 101.2 84.8 119.2 90.1 53 54 Less change in U.S. Govt, cash.... .2 -1.0 -.4 1.2 -1.3 1.2 -.6 -14,9 13.4 6.7 -7.4 -15.0 25.5 -8.1 54 55 Total net of U.S. Govt, cash........... 66.8 73.3 70.3 81.9 100.5 48.7 74.9 59.1 91.2 102.2 108.6 99.8 93.7 98,3 55 56 Funds supplied directly to cr. mkts.. 66.8 73.3 70.3 81.9 100.5 48,7 74.9 59.1 91.2 102.2 108.6 99.8 93.7 98.3 56 57 Federal Reserve System............... 3.2 3.8 3,3 3.9 4.8 4.2 2.9 -.3 7.9 4.5 7.7 7.0 7.7 -3.2 57 58 Total.......................................... 3.4 3.8 3.5 4.8 3.7 4.3 5.2 2.9 3.7 6.9 4.3 6.5 .73 -3.2 58 59 Less change in U.S. Govt. cash. .2 * .2 .9 -1.1 .1 2.4 3.2 -4.2 2.4 -3.5 -.4 -.4 * 59 60 Commercial banks, net................. 21.8 29.3 17.9 35,9 38.9 6.8 41.9 40.3 37.2 24.6 23.7 34.3 45,1 52.3 60 61 Total.......................................... 22.4 29,1 17.4 36.4 38.9 7.9 39.7 22.3 54.8 28.9 19.6 20.5 71,2 44.4 61 62 Less chg. in U.S. Govt. cash. . . -1.0 -.5 .2 -.2 1.1 -3.0 -18.1 17.6 4.4 -4.0 -14.5 25.9 -8.1 62 63 Security issues....................... .6 .8 .1 .2 .3 * .8 .1 * — * .7 .2 .2 63 64 Nonbank finance, net................... 29.1 26.9 22.5 32.4 29.6 24,2 29.0 35.0 38.1 27.4 30.6 27.8 28.6 31.3 64 65 Total.......................................... 33.5 32.9 25.8 33.6 38,5 27.2 30.9 19.3 51.0 33.0 30.0 38.0 45.0 40.7 65 66 Less credit raised....................... 4.4 5.9 3.3 1.2 8.8 2.9 1.9 -15.7 12.9 5.7 -.7 10.3 16.3 9,4 66 67 U.S. Government.......................... 3.8 4.7 7.9 4.5 8.1 2.8 6.1 -.8 5,0 8.0 12.2 9.0 6.2 5.1 67 68 Foreign.......................................... .6 -.1 -1.4 3.2 2.1 — 1.6 3.3 3.6 .9 5.1 .4 -1.5 2.6 7.0 68 69 Pvt. domestic nonfin.........'.......... 8.5 8.6 20.1 2.0 17.0 12.3 -8.1 -18.6 2.3 32.7 34.1 23.3 3.6 5.9 69 70 Households................................ 3.2 2.2 10,5 -4.0 3.1 1.9 -13.1 -18.1 -1.3 16.7 11.1 18.0 -10.8 -6.5 70 71 Business..................................... 1.5 1.0 3.2 .4 7.7 2.5 1.2 -5.6 .2 5.9 11.4 5.8 6.5 6.1 71 72 State and local govts................. 3.7 5.8 6.2 7.8 7.7 7.3 3.2 7.7 6.5 13.7 8.5 2.3 10.8 9.1 72 73 Less net security credit............. — .2 .3 -.2 2.2 1.4 -.6 -.5 2.5 3.1 3.5 -3.0 2.7 2.9 2.8 73 Note.—Quarterly data are seasonally adjusted totals at annual rates. See also notes on p. A-69.3. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 69.2 FLOW OF FUNDS □ MAY 1969 3. PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1966 1967 1968 Transaction category 1964 1965 1966 1967 1968 or sector IV I 11 in IV 1 II III IV I. Demand deposits and currency 1 Net incr. in banking system liability.. 7.4 7.6 2.6 14.7 13.2 8.8 8.2 -.9 29.4 21.8 -8,7 1.0 34.8 25.8 J 2 U.S. Govt, deposits.......................... .2 -1.0 -.4 1.2 -1.3 1.2 -.6 -14.9 13.4 6.7 -7.4 -15.0 25.5 -8.1 2 3 Other.............................................. 7.3 8.6 3.0 13.5 14.5 7.6 8.8 14.0 16.0 15.0 -1.3 15.9 9.4 33.9 3 4 Domestic sectors........................ 6.8 8.3 3.3 12.7 13.8 8.2 12.0 11.5 15.5 11.5 -.3 14.8 11.2 29.6 4 5 Households............................ 6.4 7. 1 1.9 12.4 14.9 8.1 13.6 14.2 7.3 14.5 1.7 12. 1 27.0 18.2 5 6 Nonfinancial business........... -2. 1 -1.7 .7 -1.5 1.2 -1.3 -4. 1 -3.9 4.2 -2.5 3.3 5.5 -9.2 5.5 6 7 State and local govts............. 1.2 -.2 .8 .3 .6 -. 1 3.3 1.0 -2.9 .4 .7 -.8 1.9 7 8 Financial sectors.................. .3 .7 .4 .7 12. 1.6 1.3 .9 .4 .4 -.4 1.4 2.6 1.2 8 9 Mail float............................... .9 2.5 -.5 .8 -4. 1 -.2 -2.0 .4 2.6 2.1 -5.3 -4.9 -8.4 2.8 9 10 Rest of the world...................... .5 .3 -.3 .8 .7 -.6 -3.2 2.4 .5 3.5 -1.0 1.2 -1.9 4.3 10 II. Time and savings accounts 11 Net increase—Total........................... 30.4 33.0 20.3 40.8 32.5 15.5 52.3 45.4 42.0 23.5 31.2 16.5 43.6 38.5 11 12 At commercial banks—Total. . . . 14.5 20.0 13.3 23.8 20. 1 6.2 35. 1 23.7 23.7 12.7 18.3 4.3 32.3 25.4 12 13 Corporate business.................... 3.2 3.9 -.7 4. 1 2.5 -4.6 10.0 -.9 3.7 3.7 .5 -3.1 9.9 2.5 13 14 State and local govts................. 1.7 2.4 1.3 2.4 2.6 1.5 5.7 3.4 .6 . 1 . 5 1.4 4.9 3.7 14 15 Foreign depositors.................... 1.4 .6 .8 1.3 -. 1 1.0 1.2 2.3 1.1 .8 -.7 -.4 1.0 -.1 15 16 Households................................ 8.2 13.3 11.9 15.8 14.9 8.5 18.0 17.9 18.7 8.5 17.6 6.2 16.4 19.2 16 17 At savings institutions.................. 15.9 13.0 7. 1 17.0 12.4 9.3 17.2 21.7 18.3 10.7 12.9 12.3 11.3 13.2 17 18 Memo: Households total................. 23.9 26.5 19.2 32.4 27.6 17.8 35.0 38.6 36.7 19.2 30.8 18.2 28.2 33.0 18 III. U.S. Govt, securities 19 Total net issues.................................. 7.1 3.6 6.3 12.7 16.6 2.9 8.0 -21.3 34.7 29.2 28.2 13.8 31.9 -7.6 19 20 Short-term marketable.................. 4.0 3.5 2.2 6.4 .6 10.1 9.9 -35.7 30.9 20.7 J8. 1 -1.3 2.9 -17.4 20 21 Other.............................................. 3.0 .2 4.1 6.2 16.0 -7.2 -1.9 14.5 3.9 8.5 10.1 15.1 29.0 9.8 21 22 Net acquisitions, by sector............... 7.1 3.6 6.3 12.7 16.6 2.9 8.0 -21.3 34.7 29.2 28.3 13.8 31.9 -7.6 22 23 Federal Reserve System................ 3.5 3.7 3.5 4.8 3.8 3.8 5.5 2.8 3.6 6.9 4.5 6.4 7.6 -3. 1 23 24 Short-term................................. 2.1 3.7 5.4 1.9 -6.6 12.4 1 -4.2 2.3 9.3 1.8 -5.7 -12.3 -10.4 24 25 Commercial banks........................ .4 -2.3 -3.5 8.8 2.8 -4.8 17.9 -.3 23.6 -5.9 4.7 -4.6 13.7 -2.4 25 26 Short-term marketable............. 3.9 -1.7 -4.5 4.6 1.4 -4.4 10.2 -7.2 18.3 -2.7 2.8 3.1 5.3 -5.5 26 27 Other direct............................... -4.1 -1.4 1 . 1 1.4 .2 -.3 5.5 2.4 2.8 -5.2 1.0 -6.9 5.3 1.5 27 28 Nonguaranteed......................... .6 .8 2.8 1.2 2.2 4.4 2.5 2. 1 .9 -.8 3.0 1.7 28 29 Nonbank finance.......................... 2.0 -.8 .9 1.8 .8 .2 -8.5 9.6 -1.4 8.3 2.3 4.1 -7.5 29 30 Short-term marketable............. 1.2 -.4 1.5 1.0 1.7 1.4 4.6 -10.7 10.6 -.4 6.7 1.8 4.9 -6.6 30 31 Other direct............................... .5 -.7 -1.0 -1.5 -.6 -.9 -5.2 .9 -.7 -1.1 -.5 -.1 -1.7 -.1 31 32 Nonguaranteed......................... .3 .3 .4 .5 .7 .4 .8 1.4 -.3 . 1 2.1 .6 1.0 -.8 32 33 Foreign.................................. .5 -. I -2.6 2. 1 -.5 -2. 1 2.6 1.9 - 1.4 5.2 -.7 -3.7 . 1 2.5 33 34 Short-term................................. . 1 -.4 -.8 1.6 -2.5 .7 3.1 .7 -2.1 4.8 -1.8 -6.8 -1.5 .2 34 35 Pvt. domestic nonfinan. sector. . . .8 3.1 8.0 -3.0 8.6 5.2 -18.2 -17.2 -.8 24.4 11.4 13.5 6.4 2.9 35 36 Short-term marketable............. -3.2 2.4 .7 -2.7 6.6 -7.9 -14.4 1.8 9.7 8.6 6.3 6.5 4.9 36 37 Other direct............................... 2.8 -1.2 2.2 -1.6 -3. 1 5.8 -9.6 -3.0 -1.8 8. 1 .1 -1.8 -2.5 -8.4 37 38 Nonguaranteed......................... .4 1.3 4.6 .4 3.8 -1.4 -1.5 -.9 -1.5 5.6 2.5 8.7 1.6 2.4 38 39 Savings bonds—Households... .9 .6 .6 .9 1.3 .9 .8 1. 1 .7 .9 .2 .3 .8 4.0 39 IV. Other securities 40 Total net issues, by sector................. 14.6 16.2 18.7 29.6 25.9 12. S 28.1 28.1 31.4 30.8 24.5 21.1 26.4 31.5 40 41 State and local govts................ 5.9 7.3 6.0 10. 1 11.1 6. 1 10.3 11.5 7.5 11.2 9.3 6.3 14.3 14.6 41 42 Nonfinancial corporations............ 5.4 5.4 11.4 17.4 12.5 6.6 14.3 15.8 21,4 18,1 12.8 12.8 10.3 14.0 42 43 Commercial banks........................ .6 . 8 . 1 .2 .3 .8 . 1 .7 .2 .2 43 44 Finance companies....................... 2.1 1.9 .8 .6 .7 -.4 1.7 -.3 1.0 . 1 .9 .8 .6 .7 44 45 Rest of the world.......................... .7 .8 .5 1.3 1.3 .2 1.0 1.0 1.6 1.4 1.5 .5 1.0 2. I 45 46 Net purchases..................................... 14 6 16.2 18.7 29.6 25.9 1.25 28.1 28.1 314 30.8 24.5 21.1 26.4 31.5 46 47 Households.................................... 1.5 . 1 2.9 -2.5 -1.0 -3.5 -4.0 -6.6 -.9 1.3 9.0 3.0— 11.4 -4.4 47 48 Nonfinancial corporations............ .2 .7 .8 .7 . 1 .8 .7 .7 .8 .7 -.1 . 1 .2 . 1 48 49 State and local govts..................... 2.8 2.8 4. 1 6.0 4.1 5.0 7.0 6.9 4.8 5.5 4.0 3.7 4.7 4.1 49 50 Commercial banks........................ 3.7 5.0 2.4 9.8 8.4 -.7 9.6 14.5 4.8 10.3 5.0 4.0 12.5 11.9 50 51 Insurance and pension funds........ 7.5 9.5 9.5 13.5 15.0 8.6 13.9 11.0 14.6 14.4 14.3 14.2 14.0 17.4 51 52 Finance n.e.c.................................. -.8 -1.7 -2.2 -1.1 -4.3 1.5 - 1.9 -2.8 2.1 -1.9 -10.3 -7.0 2.8 -2.7 52 53 Security brokers and dealers. . . -.1 . 1 . 1 -.5 2.6 -1.9 -2.9 2.6 2.5 -1.8 -5.7 8. 1 -2.6 53 54 Investment cos., net.................. -.8 -1.5 -2.4 -1.2 -3.8 -1.2 -.1 -.5 -4.4 -8.6 -1.3 -5.4 -.1 54 55 Portfolio purchases............... (.1 1.6 1.3 1.6 1.9 2.5 3.0 1.3 3. 1 -1.1 -1.4 3.4 1.4 4.2 55 56 Net issues of own shares .... 1.9 3.1 3.7 2.8 5.7 3.6 3.1 1.3 3.6 3.3 7.1 4.7 6.8 4.3 56 57 Rest of the world.......................... - . 1 -.4 .9 1.0 2.0 .4 .5 1.3 2.2 * .7 1.9 2.1 3.2 57 V. Mortgages 58 Total net lending............................... 25.3 25.5 19.6 21.9 25.8 13.2 17.3 19.0 24.8 26.3 25.5 25.9 24.0 28.0 58 59 1- to 4-family................................. 15.4 16. 1 10.0 12.5 15.5 6.9 9.4 9.7 15.0 16.0 15.9 15.1 14.2 16.8 59 60 In process................................... -.3 -.9 1.0 .2 -1.2 .5 1.4 1.3 .9 . 1 .6 60 61 Disbursed................................... 15.7 16.2 11.0 11.5 15.4 8. 1 8.9 8.3 13.7 15.1 15.8 15.1 14.3 16.3 61 62 Other............................................... 10.0 9.4 9.6 9.4 10.3 6.2 7.9 9.3 9.8 10.4 9.6 10.8 9.7 11.2 62 63 Net acquisitions................................. 25.3 25.5 19.6 21.9 25.8 13.2 17.3 19.0 24.8 26.3 25.5 25.9 24.0 28.0 63 64 Households.................................. -.2 -.9 -.4 -.6 .5 -.5 -1.7 -.4 .2 1.2 .4 -.2 -1.6 64 65 U.S. Government.......................... .2 1.0 3.4 2.7 3.3 1.8 2.4 1.6 3.1 3.7 4.4 4.3 ,24 2.2 65 66 Commercial banks........................ 4.5 5.6 4.6 4.6 6.6 3.6 2.0 3.5 6.0 6.7 6.6 6.5 5.9 7.6 66 67 Savings institutions....................... 14.8 13. 1 6.6 10.8 12.2 3.7 6.8 10.3 13.1 12.9 10.6 11.7 12.0 14.4 67 68 Insurance....................................... 5.1 5.5 5.1 3.1 2.5 3.6 5.2 2.9 2.0 2.3 2.3 2.0 2.7 2.9 68 69 Mortgage companies..................... .4 .5 -.6 .4 .6 -1.1 . 3 1.3 -.2 . 1 -.3 .4 .4 1.7 69 VI. Bank loans n.e.c. 70 Total net borrowing........................... 8.7 16.4 8.2 6.5 14.1 2.0 1.7 7.7 6.7 9.8 4.0 11.1 15.0 26.3 70 71 Nonfinancial business................... 5.1 12.2 9.9 7.4 9. 1 4.7 5.8 11.0 2.0 10.8 4.0 7.6 6.8 18.1 71 72 Nonbank finance........................... .5 2.4 -1.4 -2.4 2. 1 -2.7 -4.3 -3.3 2. 1 -4.0 -1.0 1.4 3.2 4.7 72 73 Households..................................... 1.4 1.3 -. 1 1.7 3.2 .5 .9 .7 1.7 3.5 1.4 2.2 5.3 4.0 73 74 Rest of the world.......................... 1.7 .4 -.2 -.3 -.3 -.5 -.6 -.8 .8 -.5 -.4 -.1 -.3 -.5 72 Note.—Quarterly data are seasonally adjusted totals at annual rates. See also notes on p. A-69.3. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 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 1) 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-IL Relation of saving-investment discrepancy to flow of funds matrix is described on p. 1536 of Nov. 1965 Bulletin. Notes to Table 3 H. Financial flows—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) is borrowing through is difference between holder and bank record. credit markets (line 25 of Table I) 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 company 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 lines 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 institutions’ 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 market 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 1964 1965 1966 1967 1968 IV I II III IV I II III IV (A) Households i 1 Personal income............................... 497.5 538.9 586.8 628.8 685.8 604.5 614.8 621.6 633.7 645.2 662.7 678. 1 694.3 708.2 1 2 Less: Personal taxes & nontaxes.. 59.4 65.7 75.3 82.5 96.9 79.2 80.5 80.1 83.6 85.6 88.3 91.8 101.6 105.8 2 3 Personal outlays................. 411.9 444.8 478.6 506.2 548.2 487.3 494.6 504.5 509.5 516.1 533.5 542.3 555.6 561.6 3 4 Equals: Personal saving.................. 26.2 28.4 32.9 40.2 40.7 38.1 39.7 37.0 40.5 43.4 40.8 44.0 37.1 40.8 4 5 Plus: Credits from Govt, insur.2, 4.4 4.8 5.1 5.9 5.4 5.2 5.4 6.2 5.5 6.5 5.5 5.8 5.0 5.2 5 6 Other adjustments 3............ .6 .9 1.3 1.7 3.3 2.0 1.4 .7 1.2 3.6 3.2 4.2 3.6 2.4 6 7 Net durables in consumpt... 11.2 14.8 14.9 12.1 16.9 13.7 11.2 12.5 12.0 11.7 15.1 15.7 18.4 18.5 7 8 Purchases......................... 59.2 66.3 70.5 72.6 82.5 71.1 69.8 72.4 73.1 74.2 79.0 81.0 85.1 85.1 8 9 Less: Cap. consumpt...... 48.0 51.5 55.6 60.6 65.6 57.4 58.7 59.9 61.2 62.6 63.9 65.3 66.7 66.6 9 10 Equals: Net saving........................... 42.4 49.0 54.3 59.8 66.4 59.1 57.6 56.4 59.1 65.2 64.6 69.7 64.2 66.9 10 11 Plus: Capital consumpt.4............. 55.9 59.9 64.3 69.8 75.3 66.2 67.6 69.0 70.4 72.0 73.5 74.9 76.4 76.4 11 12 Equals: Gross saving....................... 98.3 108.9 118.6 129.6 141.6 125.3 125.3 125.4 129.6 137.1 138.0 144.6 140.6 143.4 12 13 Gross investment (14+18)................ 97.8 107.3 112.9 124.7 133.0 115.1 116.8 120.4 126.1 134.4 132.2 135.3 129.6 134.5 13 14 Capital expend, (net of sales).... 82.2 89.2 92.0 93.0 107.9 90.0 87.4 90.8 94.7 97.9 104.0 106.2 110.2 111.0 14 15 Residential construction........... 19.3 19. 1 18.7 16.6 21.3 16.6 14.7 14.8 17.7 19.4 21.5 21.6 21.5 20.8 15 16 Consumer durable goods......... 59.2 66.3 70.5 72.6 82.5 71.1 69.8 72.4 73.1 74.2 79.0 81.0 85.1 85.1 16 17 Plant and equip, (nonprofit)... 3.7 3.8 2.8 3.7 4.0 2.2 2.9 3.7 3.8 4.2 3.5 3.7 3.7 5. 1 17 18 Net finan. investment (19—37)......... 15.6 18. 1 20.9 31.7 25.1 25.1 29.3 29.6 31.4 36.5 28.6 29.3 19.5 24.1 18 19 Net acquis, of finan. assets*.......... 42.9 48.0 42.8 54.2 60.1 43.1 47.2 47.0 56.6 66.0 55.0 64.1 56.9 63.3 19 20 Demand dep. and currency.... 6.4 1. i 1.9 12.4 14.9 8.1 13.6 14.2 7.3 14.5 1.7 12.1 27.0 18.2 20 21 Savings accounts....................... 23.9 26.5 19.2 32.4 27.6 17.8 35.0 38.6 36.7 19.2 30.8 18.2 28.2 33.0 21 22 At commercial banks........... 8.2 13.3 11.9 15.8 14.9 8.5 18.0 17.9 18.7 8.5 17.6 6.2 16.4 19.2 22 23 At savings institutions.......... 15.8 13.2 7.3 16.6 12.7 9.3 16.9 20.6 18.0 10.7 13.1 12.0 11.8 13.8 23 24 Life insurance reserves............. 4.3 4.8 4.7 4.8 4.8 4.6 5.3 3.9 4.6 5.3 4.8 4.8 4.8 4.8 24 25 Pension fund reserves............... 11.2 11.7 13.3 14.3 15.7 15.1 12.4 14.7 14.9 15.2 14.3 15.6 15.3 17.5 25 26 Cr. market instr......................... 3.2 2.2 10.5 -4.0 3.1 1.9 -13.1 -18. 1 -1.3 16.7 11.1 18.0 -10.8 -6.5 26 27 U.S. Govt, securities............. 1.9 2.9 8.0 -.9 4. 1 .49 -8.6 -9.9 * 15.1 .9 14.5 .8 -.5 27 28 Savings bonds................... .9 .6 .6 .9 1.3 .9 .8 1. 1 .7 .9 .2 .3 .8 4.0 28 29 Short-term mkt.................. -1.8 3.2 1.8 -3.5 6.4 -.3 -5.2 -5.2 -3.6 2.4 3.6 15.7 3.5 29 30 Other direct....................... 2.0 -1.1 1.6 .6 -6.6 4.3 -4.2 -6.8 3.3 10.2 -2.4 3.8 -18.5 -9.5 30 31 Nonguaranteed................. .8 .2 4.1 1.2 3.0 * -.1 1.1 -.3 4.0 .8 6.9 2.8 1.4 31 32 State and local oblig............... 2.2 2.1 2.2 * 1.4 4.8 -.5 -2.4 1.9 1.1 3.4 .3 .3 1.6 32 33 Corporate and fgn. bonds .. . -.8 -.3 1.2 1.6 3.9 -2.8 -.7 .8 3.5 2.5 3.4 7.5 -1.2 6.0 33 34 Corporate stock.................... . 1 -1.7 -.5 -4.1 -.63 -5. 5 -2.8 -5.0 -6.3 -2.3 2.2 -4.8 -10.5 -12.0 34 35 Mortgages.............................. -.2 - .9 -.4 -.6 * .5 -.5 -1.7 -.4 .2 1.2 .4 -.2 -1.6 35 36 Net invest, in noncorp. bus.... -7.2 -6.1 -7.9 -8.3 -8.4 -6.3 -9.5 -8.1 -7.8 -7.9 -8.8 -8.4 -8.4 -7.9 36 37 Net increase In liabilities............... 27.2 29.9 21.9 22.5 34.7 18.0 17.8 17.4 25.2 29.5 26.4 34.8 37.4 39.2 37 38 Credit mkt. instruments........... 27.2 28.7 21.6 18.7 31.9 17.6 15.7 14. 1 21.0 24.0 29.2 29.2 34.7 33.3 38 39 1- to 4-family mtgs................ 16.0 16.0 11.9 10.4 15.4 9.5 8.2 7.2 12.4 13.7 16.5 15.1 14.3 15.5 39 40 Other mortgages................... 1.0 1.1 1.1 1.0 .8 1.1 1.1 1.0 1.0 1.0 .8 .8 .8 .8 40 41 Consumer credit................... 8.0 9.4 6.9 4.4 11. 1 4.6 4. 1 4.0 4.9 4.8 9.0 9.4 12.9 11.8 41 42 Bank loans n.e.c...................... 1.4 1.3 -.1 1.7 3.2 .5 .9 .7 1.7 3.5 1.4 2.2 5.3 4.0 42 43 Other loans 6........................ .8 .8 1.8 1.2 1.4 2.0 1.5 1.2 1.0 1.0 1.5 1.7 1.4 1.2 43 44 Security credit........................... -.2 .8 -.2 3.3 2.2 -. 1 1.6 2.8 3.7 5.0 -3.5 5.0 2.0 5.2 44 45 Discrepancy (12 — 13)....................... .5 1.6 5.7 4.9 8.4 10.2 8.5 5.0 3.5 2.7 5.4 9.1 10.8 8.2 45 For notes see p. A-69.9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 69.4 FLOW OF FUNDS □ MAY 1969 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1966 1967 1968 Category 1964 1965 1966 1967 1968 IV I 11 HI IV I H III IV (B) Nonfinancial business—Total 1 1 Income before taxes 2,...................... 115.3 129. 5 139.7 136.0 145.8 140.5 134.8 135.7 136.0 137. 5 140.2 145.8 148.3 2 Gross saving...................................... 65.0 71.8 77.0 78.4 82.2 80.9 77. 3 77.6 78.8 79.8 77.6 81.9 84.1 84.1 2 3 Gross investment.............................. 59.5 70.8 74.6 74.9 80.8 80.8 77.2 75.9 73.3 73.3 74.2 81.4 82.8 83.9 3 4 Claftit.nl expenditures..................... 702 04.4 98.3 93.1 100. 8 105. 8 94.6 88.4 92.0 97.2 93.5 100.8 100.6 109.5 4 5 Fixed investment........................... 64.3 74.8 83.6 87.0 93.4 86.0 86.2 86. 1 86.7 88.9 91.4 90.0 93.2 98.9 5 6 Business plant & equipment. . . 56.5 66.7 77.5 79. 1 84.8 80.9 79.8 78.2 78.4 79.9 83.8 82.1 85.1 88.1 6 7 1-4 family residential const. 3... .7 -.6 2.0 .6 -1.2 .4 2.6 2.6 2.4 .2 .4 1.8 7 8 Other residential........................ 7.7 7.4 6.7 5.9 8.0 6. 3 6.0 5.3 5.7 6.7 7.4 7.6 8.0 9.0 8 9 Change in inventories 4................ 5.8 9.6 14.7 6. 1 7.7 19.8 8.4 2.3 5.3 8.3 2.1 10. 8 7. 5 10,6 9 10 Net financial investment.................... -10.7 -13.6 -23.7 -18. 1 -20.3 -25.0 -17.3 -12.4 -18.7 -24.0 -19.4 -19.4 -17.8 -25.6 10 It Net acquis, of finan. assets............ 14.1 24.3 17.8 17.6 30.8 7.6 14.1 6.6 22.9 26.6 29 3 29.0 28,9 35.4 11 12 Net increase in liabilities $....... 24. 7 37.9 41.5 35. 7 51.1 32.6 31.4 19.1 41.6 50.6 48.7 48.4 46.1 61.0 12 13 Credit mkt. instruments............ 22.1 29.5 33.6 37.2 36.3 21.2 34.5 35.9 37.0 41.5 29.6 33.5 35.9 46.4 13 14 Securities................................. 5.4 5.4 11.4 17.4 12.5 6.6 14.3 15.8 21.4 18. 1 12.8 12.8 10. 3 14.0 14 15 1-4 family mortgages........ -.3 .2 -1.0 1. 1 * - 1.5 .7 1.1 1.3 1.4 — .7 ♦ .7 15 16 Other mortgages.................... 9^0 8.3 8.5 8.4 9.5 5. 1 6.9 8.3 8.8 9.4 8.8 9.9 8.9 10.4 16 (7 Bank loans n.e.c.................... 5.1 12.2 9.9 7.4 9.1 4.7 5.8 11.0 2.0 10.8 4.0 7.6 6.8 18.1 17 18 Other loans 5......................... 3.0 3.4 4.8 3.0 5.3 6.2 6.9 — .2 3. 5 1.7 4.8 3.2 9.9 3.2 18 19 Trade debt................................. 5.8 8.2 9. 1 5.5 1 2.6 7.6 4.7 6.2 4.0 6.9 13. 3 15.0 8. 1 13.8 19 20 Other liabilities.......................... -3.2 . 1 -1.1 -7.0 2.2 3.9 —7.8 -23. 1 .6 2.1 5.7 * 2.7 .8 20 21 Discrepancy....................................... 5.5 1.1 2.3 3.4 1.4 * . 1 1.6 5.4 6.5 3.4 .6 1.2 .3 21 (C) Farm and noncorporate nonfinancial business 6 1 Net income 2,.................................. 60.1 65.6 69. 5 69.8 72. 3 69.2 69.1 69.6 70.3 70.3 71. 1 72.0 72.9 73.3 1 2 Gross saving ?,............................. 14.5 15.2 15.9 16.8 18.0 17.0 17.1 17.0 17.0 16.2 17.4 17.7 17.9 18.2 2 3 Gross investment............................... 14.5 15.2 15.9 16.8 18.0 17.0 17.1 17.0 17.0 16.2 17.4 17.7 17.9 18.2 3 4 Clapit.nl expenditures.................... 16.6 19.5 18.5 19.0 20.9 19. 9 16.7 18.3 20.0 21.0 19.6 20.6 20.0 23.5 4 5 Fixed investment........................... 16.6 17.8 17.8 18.4 19.5 18.3 17.8 18.5 18.4 19.0 18.6 19.1 19.1 21.0 5 6 Change in inventories 4................ * 1.7 .7 .6 1.4 1.6 — 1.1 — .2 1.6 2.0 1.0 1.5 .8 2. 5 6 7 Net financial investment.................... -2.1 -4.3 -2.6 -2.2 -2.8 -3.0 .4 -1.3 -3.0 -4.8 -2.2 -2.9 -2.1 -5.2 7 g Net acquis, offinan. assets....... 1.0 .9 .9 1.0 1.3 1.1 1.1 .5 1.6 .9 l.l 1.4 1.7 . 7 8 9 Net increase in liabilities 5. 3.2 S.2 3.5 3.2 4.2 4.1 .6 4.6 5.6 3.3 4.3 3.7 5.9 9 10 Credit mkt. instruments............ 8.6 10. 5 10.1 9.1 10.0 10.2 6.0 8.5 9.3 12.7 7.6 11.6 10.5 10. 5 10 11 Mortgages.............................. 5.4 5.3 4.8 5.7 5.8 2.8 4. 5 5.4 6.2 6.5 5.0 6.1 5.6 6.5 11 12 Bank loans n.e.c................... 1.5 3. 1 3.0 2.2 2.0 4.6 —. 1 4.0 ,7 4.1 .6 3. 1 2. 1 2.2 12 13 Other loans 5,8...................... 1 .7 2. 1 2.3 1.3 2.3 2.8 1.6 -.9 2.4 2.1 2.0 2.5 2.7 1.9 13 14 Trade debt, net.......................... 1.8 .8 1.3 2.4 2.6 4.2 1.5 3. 1 . 8 4. 5 1. 1 1.6 3. 3 14 15 Proprietors* net investment ’... -7.2 -6. 1 -7.9 -8.3 -8.4 -6.3 -9.5 -8.1 -7.8 -7.9 -8.8 -8.4 -8.4 -7.9 15 (D) Corporate nonfinancial business 1 o 1 Profits-pl VA..................................... 55.2 64.0 70.2 66.2 73.5 71.3 65.7 66.1 65.7 67.2 69.1 73.7 75.3 75.8 1 2 Profits tax accruals............... 24.2 27.5 30. 3 28.7 35.6 30.0 28.0 28.2 28.3 30.1 34.3 35.5 35.6 37.1 2 3 Net dividend payments 11.............. 13.2 15.0 17.2 18.0 19.3 17.0 18.0 18.7 18.2 17.0 18.7 19.2 19.6 19.8 3 4 Net savings+IVA (1-2-3)................. 17.8 21.4 22.7 19.6 18.6 24.3 19.7 19.1 19.2 20.2 16.0 19.1 20.2 19. 1 4 5 Capital consumption......................... 32.8 35.2 38.4 42.0 45.5 39.6 40. 5 41.4 42.6 43.4 44.2 45.2 46.0 46.8 5 6 Cuirent surp.= gross saving (4+5).. 50.5 56.6 61.1 61.5 64.1 63.9 60.2 60.6 61.8 63.5 60.2 64.2 66.1 65.9 6 7 Gross investment............................... 45.0 55.5 58.7 58.1 62.7 63.9 60.1 58.9 56.3 57.0 56.8 63.7 64.9 65.6 7 8 (lanital expenditures........... 53.6 64.9 79.8 74.1 80.2 85.9 11.9 70.1 72.1 16.2 73.9 80.2 80.7 86.0 8 9 Fixed investment,,,,,.....,.... 47.7 57.0 65.8 68.6 73.9 67.7 68.4 61.6 68.3 69.9 72.8 71.0 74.0 77.9 9 10 Plant and equipment.......... 44.1 53.2 63.0 64.9 69.9 65.5 65.5 64.0 64.5 65.7 69.3 67.3 70.3 72.8 10 11 Residential construction........... 3.6 3.8 2.8 3.7 4.0 2.2 2.9 3.7 3.8 4.2 3.5 3.7 3.7 5.1 11 12 Change in inventories 4................ 5.9 7.9 14.1 5.5 6.3 18.2 9.5 2.4 3.8 6.3 1.1 9.3 6.6 8.1 12 13 Net financial investment. .................. -8.6 -9.4 -21.1 -15.9 -17.5 -22.0 -17.8 -11.1 -15.7 -19.2 -17.2 -16.6 -15.8 -20.4 13 14 Net acquis, of finan. assets........... 13.0 23.3 16.9 16.5 29.5 6.5 13.0 6.1 21.3 25.8 28.2 27.6 27.2 34.8 14 15 Liquid assets.............................. .8 .8 1.0 .9 8.9 -4.7 4.4 -12.2 5.7 5.5 13.3 6.1 4. 1 12.4 15 16 Demand dep. and curr.......... -2.3 - 1.8 .7 -1.7 1.2 -1.3 -4.1 -4. 1 4.1 -2.6 3.3 5.6 -9.1 5.5 16 17 Time deposits................. 3.2 3.9 - .7 4.1 2.5 -4.6 10.0 -.9 3.7 3.7 .5 -3. 1 9.9 2.5 17 18 U.S. Govt, securities............. -1.5 -2. 1 -1.2 -3.0 1.7 -1.1 "4.9 -7.1 -1.5 1.4 1.0 . 3 -.8 18 19 Open market paper............... 1.4 .8 2.3 1.4 3.5 2.4 3.4 -. 1 - .7 3.0 2.8 2.7 3.1 5.3 19 20 State and local oblig................. .2 .7 .8 .7 . 1 .8 .7 .7 .8 .7 -.1 . 1 .2 .1 20 21 Consumer credit................ 1.0 1.2 1.1 1.0 1.7 -. 1 1.6 1.1 .6 .7 1.6 1.4 2.0 1.6 21 22 Trade credit............................... 8.3 12.8 10.8 8.7 14.9 6.0 3.8 9.7 6.5 14.7 12.9 15.4 14. 1 17.1 22 23 Other financial assets12. .......... 2.8 7.9 3.3 5.3 3.9 4.5 2.5 6.8 1.1 4.2 . 5 4.6 6.8 3.6 23 24 Net increase In liabilities......... 21.6 32. 7 38.0 32.5 46.9 28.5 30. 8 17.2 37.0 44.9 45.4 44.2 43.0 55.1 24 25 Credit mkt. instruments............ 13.5 19.1 23.5 28.1 26.3 11.0 28.6 27.5 27.1 28.8 22.0 21.9 25.4 35.9 25 26 Corporate bonds.................... 4.0 5.4 10.2 15. 1 12.9 8.1 13.3 13.9 18.6 14.5 11.5 13.4 12.1 14.6 26 27 Corporate stock..................... 1.4 1.2 2.3 -.4 -1.5 .9 1.9 2.8 3.7 1.3 -.6 -1.9 -.6 27 28 Mortgages........................ 3.3 3.1 2.7 3.8 3.7 .9 3. 1 4.0 3.9 4.3 3.0 3.9 3.3 4.7 28 29 Bank loans n.e.c..................... 3.6 9.2 6.9 5.2 7.2 .1 5.9 7.0 1.4 6.7 3.4 4.5 4.7 16.0 29 30 Other loans1 ^................. 1.3 1.3 2.5 1.7 3.0 3.3 5.2 .7 1. 1 -.4 2.8 .7 7. 1 1.3 30 31 Profits tax liability 14 ................ .7 1.9 .2 — 3.8 2.5 1.8 1.5 -20.8 .3 3.8 9.7 1.3 -1.7 .9 31 32 Trade debt.................................. 4.0 7.4 7.8 3.1 10.0 7.4 .5 4.8 .9 6.1 8.8 13.9 6.5 10.5 32 33 Other liabilities.......................... 3.3 4.3 6.6 5.1 8.1 8.3 .2 5.8 8.1 6.3 4.9 7. 1 12.8 7.8 33 34 Discrepancy..................... 5.5 1.1 2.3 3.4 1.4 .1 1.6 5.4 6.5 3.4 .6 1.2 .3 34 35 Memo: Net trade credit.................. 4.3 5.3 3.0 5.6 4.9 -1.4 3.3 4.9 5.5 8.6 4.1 1.5 7.6 6.6 35 36 Profits tax payments14..................... 23.4 25.6 30.5 32.4 32.2 27.2 27.3 50.1 26.6 25.8 23.9 32.3 37.1 35.6 36 For notes see p. A- 69.9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 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 1964 1965 1966 1967 1968 IV I II III IV I n III IV (E) U.S. Government1 1 Tax receipts (net of refunds)............ 91.2 99.6 109.9 114.4 135.4 113.2 112.2 111.7 115.2 118.6 126.0 130.6 140.0 144.8 1 2 Individual income......................... 48.6 53.8 61.7 67.3 79.3 64.9 66.0 65.1 68.2 69.7 72.0 74.9 83.7 86.8 2 3 Corp, profits tax accruals............. 26.4 29.3 32.4 30.9 38.4 32.2 30.3 30.5 30.6 32.4 37.0 38.2 38.6 39.9 3 4 Other.............................................. 16. 1 16.5 15.8 16.2 17.6 16. 1 15.9 16. 1 16.3 16.4 17.0 17.5 17.8 18.1 4 Social insurance programs 2 5 Premiums received........................ 21.6 22.8 30.6 34. 1 38.4 31.9 33. 1 33.9 34.3 35. 1 37.4 38.1 38.7 39.3 5 6 Benefits paid.................................. 18.7 20.3 22.6 27.8 29.4 25.0 26.6 27.9 28.3 28.5 28.7 29.2 29.4 30.2 6 Life insur. & retirement programs 3 7 Premiums received........................ 2.2 2.3 2.5 2.7 3.1 2.6 2.7 2.6 2.7 2.7 3.1 3.1 3.4 3. 1 7 8 Benefits paid................................. 3.2 3.3 3.8 4.2 4.2 3.8 4.8 3.9 3.9 4.0 4. 1 4.1 4.2 4.3 8 9 Net grants and donations paid *.... 22.8 24.2 29.0 30.8 36.8 30. 1 30.2 29.7 31.4 31.9 34.0 36.8 38.0 38.4 9 10 Net interest paid............................... 8.3 8.7 9.5 10.3 11.8 10.0 10.2 9.9 10.2 10.7 11.3 11.8 12.1 12.2 10 11 Net purchases of goods & services.. 65.2 66.9 77.4 90.6 100.0 81.5 87.4 90.0 91.3 93.5 97.1 100.0 101.2 101.6 11 12 Net surplus........................................ -3.0 1.2 .7 -12.4 -5.3 -2.8 -11.4 -13.2 -12.9 -12.1 -8.6 -10.2 -2.8 . 5 12 13 Insurance and retirement credits 5,, 1.4 1.4 1.4 1.8 1.3 1.3 1.4 2.1 (.3 2.2 1.5 1.8 1.0 .8 13 14 Gross saving...................................... -4.3 -.1 -.6 -14.1 -6.5 -4.0-12.7 -15.3 -14. 1 -14.3 -10.0 -11.9 -3.7 -.2 14 15 Net finan. investment (16 — 23)......... -2.5 -.8 -.1 -12.9 -4.7 -2.5 -8.3 -18.2 -14.5 -10.6 -8.8 -7.9 -3.8 1.8 15 16 Net acquis, of finan. assets............ 5.6 4.9 8.7 3.1 14.2 4.6 5.2 -34.1 20.5 20.9 21.2 5.8 31.2 ~1.7 16 17 Demand deposits & currency... .6 -1.4 -.1 1.0 -.2 -2.7 -.9 -13.4 11.6 6.7 -6.2 -9.3 24.2 -9.4 17 18 Credit market instruments....... 3.8 4.7 7.9 4.5 8.1 2.8 6. 1 -.8 5.0 8.0 12.2 9.0 6.2 5. 1 18 19 Mortgages.............................. .2 1.0 3.4 2.7 3.3 1.8 2.4 1.6 3.1 3.7 4.4 4.3 2.4 2.2 19 20 Other loans............................ 3.5 3.7 4.6 1.8 4.8 .9 3.7 -2.5 1.9 4.3 7.8 4.7 3.8 2.9 20 21 Excess of tax accruals over receipts................................... 1.1 1.2 -.4 -4.2 3.4 2.5 .9 -22.8 1.4 3.7 11.8 2.0 -1.1 1.0 21 22 Other financial assets «............. . 1 .5 1.3 1.8 2.8 2.0 -1.0 3.0 2.5 2.6 3.4 4.1 2.0 1.7 22 23 Net increase in liabilities.............. 8.1 5.7 8.8 16.0 18.8 7.2 13.5 -15.9 35.0 31.6 30.0 13.7 35.0 -3.5 23 24 Life insurance and retirement reserves................................... 1.4 1.4 1.4 1.8 1.3 1.3 1.4 2.1 1.3 2.2 1.5 1.8 1.0 .8 24 25 U.S. Govt, securities 7............. 7. 1 3.6 6.3 12.7 16.6 2.9 8.0 -21.3 34.7 29.2 28.2 13.8 31.9 -7.6 25 26 Svgs. bonds 8......................... .9 .6 .6 .9 1.3 .9 .8 1.1 .7 .9 .2 .3 .8 4.0 26 27 Short-term marketable 9. .., 4.0 3.5 2.2 6.4 .6 10. 1 9.9 -35.7 30.9 20.7 18.1 - 1.3 2.9 -17.4 27 28 Other direct............................ .9 -2.9 -1.4 1.6 9.0 -6.9 -4.2 8.5 2.5 -.3 4.4 6.4 22.6 2.5 28 29 Nonguaranteed agency issues .4 2.0 3.8 -.3 4.0 .2 -4.2 -2.2 .8 4.4 4.3 5.8 2. 1 3.9 29 30 Loan participations............... .8 .4 1.3 4.0 1.7 -1.3 5.7 7. 1 -. 1 3.5 1.2 2.6 3.5 -.6 30 31 Other liabilities.......................... -.4 .6 1.1 1.6 .9 2.9 4. 1 3.2 -1.0 .2 .2 -1.9 2. 1 3.3 31 32 Discrepancy (14—15)....................... -1.8 .6 -.5 -1.2 -1.8 -1.5 -4.5 3.0 .5 -3.7 -1.2 -4.0 . 1 -2.1 32 33 Memo: Corp, tax receipts, net........ 25.3 28.1 32.8 35. 1 35.0 29.6 29.4 53.3 29.2 28.7 25.2 36.2 39.7 38.9 33 (F) State and local governments 10 I Tax receipts....................................... 54.9 59.8 65.4 71.1 78.7 67.9 69.1 70.3 71.7 73.3 74.8 77.2 79.8 82.9 1 2 Social ins. and grants rec................. 14.5 15.6 19,2 20.7 23.8 20.0 20,1 19.7 21.0 22.2 22.9 23.6 23.8 24.7 2 3 Purch. of goods and services........... 63.5 70. 1 78.8 87.8 97.2 82.7 85.8 87.2 88.3 90.0 93.4 95.6 98.4 101.2 3 4 Net interest & transfers paid 11.... 4.3 4.4 4.7 5.5 6.4 4.9 5.2 5.4 5.5 5.8 6. 1 6.2 6.5 6.9 4 5 Net surplus........................................ 1.7 1.0 1.1 -1.4 -1.2 .2 -1.7 -2.6 -1. 1 -.4 -1.7 -1.1 -1.3 -.6 5 6 Less retirement credit to households 3. 1 3.4 3.7 4.1 4.1 3.9 4.0 4.1 4.2 4.3 3.9 4.0 4.0 4.3 6 7 Equals: Gross saving....................... -1.4 -2.4 -2.7 -5.6 -5.2 -3.7 -5.7 -6.7 -5.3 -4.6 -5.6 -5.1 -5.3 -4.9 7 8 Net financial investment (9 —17).... -2.6 -3.1 -2.2 -4.2 -5.1 -2.2 -2.5 -S.l -4.6 -4.6 -4.9 -6.1 -4.2 -5.2 8 9 Net acquis, of finan. assets............ 6.9 8.1 8.5 10.5 10.9 8.8 12.1 10.9 7.8 11.1 9.3 4.8 14.9 14.6 9 10 Liquid assets............................. 2.4 3.3 2.4 4.0 3.7 1.4 9.0 .8 4.9 1.5 1.4 -.5 7.3 6.5 10 11 Demand deposits and cur.... 1.2 -.2 .8 .3 . 6 -. 1 3.3 1.0 -2.9 .4 .7 -.8 1.9 11 12 Time deposits........................ 1.7 2.4 1.3 2.4 2. 6 1.5 5.7 3.4 . 6 . I .5 1.4 4.9 3.7 12 13 Short-term U.S. Govt. sec... -.5 1. 1 .3 1.3 .5 . 1 . 1 -2.6 3.3 4.3 .4 -2.6 3.2 .9 13 14 Other U.S. Govt, securities.... 1.0 1.2 .9 -.4 2.3 1.4 -4.8 2.4 -2.7 3.5 3.4 .5 2.1 3.3 14 15 State and local obligations....... -.5 -.3 -.3 -.5 -.4 -.3 -.5 -.5 -.4 -.5 -.4 -.5 -.4 -.4 15 16 Other 12..................................... 3.7 3.8 5.2 7.4 5.2 6.2 8.4 8.4 6.2 6.4 5.1 4.8 5.8 5.2 16 17 Net increase in liabilities.............. 9.4 11.2 10.7 14.7 16.0 10.9 14.6 16.0 12.4 15.8 14.2 11.0 19.1 19.7 17 18 Credit market borrowing......... 6.2 7.8 6.8 10.5 11.4 6.9 10.5 11.8 8.1 11.4 9.8 6.5 14.6 14.9 18 19 State and local obligations... 5.9 7.3 6.0 10. 1 11.1 6.1 10.3 11.5 7.5 11.2 9.3 6.3 14.3 14.6 19 20 Short-term......................... .5 1.3 .4 1.3 .3 .3 1.8 2.2 1.6 -.3 .4 -1.7 -.3 2.6 20 21 Other.................................. 5.4 6. 1 5.5 8.8 10.9 5.8 8.5 9.3 5.9 11.5 8.9 7.9 14.6 12.0 21 22 U.S. Govt, loans................... .4 .4 .8 .3 .3 .9 .2 .3 . 6 .2 .4 .2 .3 .4 22 23 Employee retirement reserves ., 3.1 3.4 3.7 4.1 4.1 3.9 4.0 4.1 4.2 4.3 3.9 4.0 4.0 4.3 23 24 Trade debt................................. .1 . 1 . 1 . 1 .5 . 1 . 1 . 1 . 1 . 1 . 5 . 5 . 5 .5 24 25 Discrepancy...................................... 1.1 .7 -.5 -1.4 -.1 -1.5 -3.2 -1.5 -.7 -.8 1.1 -1.1 .2 25 26 Memo: Total U.S. Govt, sec........... .5 2.3 1.3 .9 2.8 1.5 -4.7 -.2 . 6 7.8 3.8 -2.0 5.3 4.2 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 □ MAY 1969 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1966 1967 1968 1964 1965 1966 1967 1968 Category IV I II in IV I II III IV (G) Monetary authorities1 1 Current surplus................................. -.5 * * • * * * * * * « . 1 * ♦ 1 2 3 Ne G t o a l c d q u a i n s, d o f f o f r i e n i a g n n c i e a x l c a h s a s n e g t e s . 2 .. . . . . . . . . . . . . . . . 3.4 * -1 2 . . 3 3 - 4 . . 3 2 - 4 .5 .8 -1 3 . . 2 8 3. . 2 1 -3 4 . . 1 2 2 1 . . 5 7 4. .4 4 - 7 .8 .5 -6 1 . . 2 8 -2 1 . . 6 8 4 1 . .1 0 7 3. . 1 6 2 3 4 Treasury currency......................... -.2 .2 .7 .5 .2 .8 .7 .5 .5 .2 .7 -.3 . 1 .3 4 5 Credit mkt. instruments................ 3.4 3.8 3.5 4.8 3.7 4.3 5.2 2.9 3.7 6.9 4.3 6.5 7.3 -3.2 5 6 U.S. Govt, securities................ 3.5 3.7 3.5 4.8 3.8 3.8 5.5 2.8 3.6 6.9 4.5 6.4 7.6 -3.1 6 7 Short-term marketable.......... 2.1 3.7 5.4 1.9 -6.6 12.4 -.1 -4.2 2.3 9.3 1.8 -5.7 -12.3 -10.4 7 8 Other...................................... 1.3 . 1 -1.9 2.9 10.5 -8.6 5.6 7.0 1.4 -2.4 2.7 12. 1 19.9 7.2 8 9 F.R. float....................................... -.4 .3 1.0 -.4 1.9 -2.3 .4 -. 1 1.7 . 1 -5. 1 7.3 9 10 F.R. loans to domestic banks.. . . . 1 -. 1 . 1 * * -1.7 - .5 -.4 -.6 1.3 1.4 -1.9 .6 . 1 10 11 Net increase in liabilities................... 3.8 2.2 4.2 4.7 3.8 3.2 4.2 2.5 4.4 7.4 1.8 1.7 3.9 7.6 11 12 Member bank reserves................. 1.0 .4 1.3 1.2 .9 .2 -1.0 -1.5 6.4 .9 2.9 -1.6 -.8 2.9 12 13 Vault cash of coml. banks3...... -.4 .3 .6 .5 1.3 1.7 -.5 -1.0 .9 1.9 -3.3 1.7 3.7 3.3 13 Demand deposits and currency... 14 Due to U.S. Govt.................. .2 .2 .9 -1.1 . 1 2.4 3.2 -4.2 2.4 -3.5 -.4 -.4 14 15 Due to rest of the world4........ -. 1 .2 * . 1 * 1 . 1 -. 1 .4 -.2 . 1 . 1 15 16 Currency outside banks............ 2.4 2.1 2.0 2. 1 2.4 1.1 3.3 1.5 1.6 2.1 3.7 3.0 1.1 1.6 16 17 Other.............................................. .6 -.5 -.1 * .2 . 1 . 1 . 1 -.2 . 1 1.5 -.8 .2 -.2 17 (H) Commercial banks 5 1 Current surplus................................. 1.9 2.1 2.6 2.6 2.8 2.9 2.6 2.5 2.5 2.7 2.7 2.7 3.0 2.9 1 2 Net acquisition of financial assets. . . 236 30.5 20.5 39.3 42.8 12.2 37.3 22.1 61.3 35.9 18.5 21.6 73.6 57.5 2 3 Member bank reserves6................ 1.0 .4 1.3 1.2 .9 .2 -1.0 -1.5 6.4 .9 2.9 -1.6 -.8 2.9 3 4 Vault cash...................................... -.4 .3 .6 .5 1.3 1.7 -.5 -1.0 .9 1.9 -3.3 1.7 3.7 3.3 4 5 Total loans and investments........ 22.4 29.1 17.4 36.4 38.9 7.9 39.7 22.3 54.8 28.9 19.6 20.5 71.2 44.4 5 6 Credit market instruments........ 21.9 29.0 16.9 34.8 37.1 7.0 37.6 28.9 45.8 27.2 25.2 20.2 55.0 47.8 6 7 U.S. Govt, securities?............ .4 -.23 -3.5 8.8 2.8 -4.8 17.9 -.3 23.6 -5.9 4.7 -4.6 13.7 -.24 7 8 Short-term marketable.... 3.9 -1.7 -4.5 4.6 1.4 -4.4 10.2 -7.2 18.3 -2.7 2.8 3.1 5.3 -5.5 8 9 Other direct........................ -4.1 -1.4 1.1 1.4 .2 -.3 5.5 2.4 2.8 -5.2 1.0 -6.9 5.3 1.5 9 10 Agency issues..................... 1. 1 . 5 1.2 .8 -.9 .6 1.8 .3 1.0 -.4 1.9 2.2 10 11 Loan participations........... .6 -.3 -. 1 2.3 * -.9 3.1 3.8 .6 1.7 -.1 -.4 1.1 -.4 11 12 Other securities & mortgages. 8.2 10.6 7.1 14.3 15.0 2.9 11.6 18.0 10.8 17.0 1.16 10.4 18.4 19.6 12 13 State and local oblig.......... 3.6 5. 1 2.4 9.0 8. I -.8 8.4 13.3 4.4 9.9 4.8 3.7 12.3 11.5 13 14 Corporate bonds................ . 1 -. 1 .1 .8 .3 . 1 1.1 1.1 .4 .4 .3 .3 .2 .4 14 15 1- to 4-family mortgages.,. 2.3 3.1 2.4 2.5 3.5 1.9 1.0 1.4 3.4 4.0 3.3 3.3 3.3 4.0 16 16 Other mortgages................ 2.2 2.5 2.3 2.1 3.2 1.7 1.0 2. 1 2.6 2.7 3.3 3.2 2.6 3.7 15 17 Other credit exc. security.... 13.4 20.7 13.3 11.7 19.2 8.9 8.1 11.3 11.3 16.1 8.9 14.4 22.9 30.6 17 18 Consumer credit................ 3.8 4.7 3.1 2.2 4.9 2.4 1.3 2.0 3. 1 2.4 4.0 3.6 6.0 5.9 18 19 Bank loans n.e.c................. 8.7 16.4 8.2 6.5 14. 1 2.0 1.7 7.6 6.7 9.8 4.0 11.2 15.1 26.3 19 20 Other loans 8....................... .8 -.5 2.0 3.1 .2 4.5 5.1 1.7 1.5 3.9 1.0 -.3 1.9 -1.6 20 21 Security credit...................... .5 . 1 .5 1.5 1.9 .9 2.1 -6.7 9.0 1.7 -5.6 .2 16.2 -3.4 21 22 Misc. assets.................................... . 6 .7 1.1 1.2 1.7 2.4 -.9 2.3 -.8 4.2 -.8 1.0 -.5 7.0 22 23 Net increase in liabilities................... 22.0 29. 2 19.3 37.5 41.3 11.0 35.9 20.6 60.2 33.0 17.1 20.0 72.1 56.1 23 24 Demand deposits, net................... 4.8 5.6 .3 11.6 11.9 7.5 2.6 -5.7 32.1 17.3 -9.3 -1.4 34.0 24.2 24 25 U.S. Govt, s............................... - 1.0 -.5 .2 -.2 1.1 -3.0 -18. 1 17.6 4.4 -4.0 -14.5 25.9 -8.1 25 26 Foreign1 o................................... .4 .4 -.5 .8 .6 -.6 -3.1 2.3 .5 3.4 -1.3 1.4 -2.0 4.3 26 27 Other, net11............................... 4.4 6.2 1.3 10.6 11.5 7.1 7.8 10.0 13.9 9.5 -4.0 11.7 10. 1 28.0 27 28 Time deposits................................. 14.5 20.0 13.3 23.8 20.1 6.2 35.1 23.7 23.7 12.7 18.3 4.3 32.3 25.4 28 29 F.R. float...................................... - .4 .3 1.0 -.4 1.9 -2.3 .4 -.1 1.7 . 1 -5.1 7.3 29 30 Borrowing at F.R. Banks............. .1 -. 1 . 1 -1.7 -.5 -.4 -.6 1.3 1.4 -.19 .6 . 1 30 31 Other liabilities.............................. 2.5 4.0 5.4 2.1 8.3 -.7 -3.2 5.3 4.6 1.8 5.0 18.9 10.3 -.8 31 32 Security issues............................ .6 .8 . 1 .2 .3 ♦ .8 .1 • — * .7 .2 .2 23 33 Discrepancy....................................... * .4 .9 .5 .7 1.2 1.0 .7 .8 -.7 .7 .4 .8 1.0 33 34 Memo: Total loans exc. mortgages.. 13.9 20.8 13.9 13.2 21.1 9.8 10.2 4.6 20.3 17.8 3.4 14.6 39.1 27.1 34 For notes see p. A-69.9. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 1969 a FLOW OF FUNDS A 69.7 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1966 1967 1968 1964 1965 1966 1967 1968 Category IV I II HI IV I II HI IV (I) Nonbank financial institutions1 1 Current surplus.................................. 1.2 1.4 1.9 1.2 -.4 1.2 1.4 2.2 1.8 -.6 -.3 -1.2 -.6 .6 1 2 Physical investment (Life ins.)........ .5 .4 .5 .5 .6 .5 .6 .6 .6 .4 .6 .6 .6 .6 2 3 Net acquis, of financial assets........... 37.2 37.8 31.0 39.3 45.8 33.6 40.7 25.1 54.5 36.7 36.9 44.5 55.5 46.2 3 4 Demand deposits and currency... .3 .7 .4 .7 1.2 1.6 1.3 .9 .4 .4 -.4 1.4 2.6 1.2 4 5 Time deposits (Mut. svgs. bks.)... .1 . 1 -.1 .8 -.3 -.3 . 1 .2 — ■—- 5 6 Svgs. and loan shares (Cr. unions) .1 -.2 -.2 .4 -.3 .— .3 1.1 .3 -.2 .3 -.5 -.6 6 7 Cr. mkt. instr................................ 35.9 35.8 29.6 33.5 42.2 30. 1 32.5 18.9 51.3 31.5 39.8 36.7 51.9 40.0 7 8 U.S. Govt, securities................. 2.0 -.8 .9 1.8 .8 .2 -8.5 9.6 -1.4 8.3 2.3 4. 1 -7.5 8 9 State and local obligations....... .4 -.2 1.0 .9 2.0 1.7 2.2 .4 .8 . 1 1.7 2.6 1.9 1.7 9 10 Corporate bonds....................... 4.4 5.7 4.9 8.2 6.3 4.6 8.2 4.6 11.3 8.5 6.0 3.2 9.6 6.4 10 11 Corporate stock......................... 3.7 5.4 5.4 8.4 9.7 7.9 7.1 7.5 11.2 7.7 5.3 7.3 13.6 12.8 11 12 1- to 4-family mortgages.......... 13.0 12.8 4.8 7.9 8.9 2. 1 6.3 8.1 8.6 8.6 7.4 7. 5 8.7 12. I 12 13 Other mortgages....................... 7.3 6.3 6.4 6.4 6.3 4.2 6. 1 6.4 6.5 6.7 5.3 6.5 6.5 6.9 13 14 Consumer credit....................... 2.8 3.1 2.3 .9 3.8 1.7 .8 l.l .3 1.6 2.9 3.8 3.9 4.4 14 15 Other loans................................ 2.4 3.3 4.0 .9 3.3 7. t 1.7 -.8 3.1 -.3 3.0 3.4 3.7 3.3 15 16 Security credit.............................. -.5 .2 -. 1 2.8 2.0 .7 1.5 1.7 3.3 4.8 -2.7 6.0 -.2 5.0 16 17 Trade credit.................................. .2 .2 .2 .3 .3 .3 .3 .3 .3 .3 .3 .3 .3 .3 17 18 Miscellaneous assets..................... 1.2 1.2 1. 1 1.5 .3 1.0 5.0 1.5 -.6 * * -.4 1.3 .3 18 19 Net increase in liabilities................... 36.3 36.3 29.7 39.0 46.9 33.2 40.9 23.3 53.1 38.8 37.4 46.5 55.6 48.0 19 20 Time and savings acct.................. 15.9 13.0 7. 1 17.0 12.4 9.3 17.2 21.7 18.3 10.7 12,9 12.3 11.3 13.2 20 21 Ins. and pension reserves............. 11.1 11.6 12.8 13.2 15. 1 14.5 12.2 12.4 14.0 14. 1 13.6 14.6 15.2 17. 1 21 22 Cr. mkt. instr.2............................. 6.2 9.1 6.4 1.9 12.0 4.2 1.0 -6.9 7.4 6.1 11.5 11.5 10. 1 15.1 22 23 Finance company bonds.......... 2.1 1.9 .8 .6 .7 -.4 1.7 -.3 1.0 . 1 .9 .8 .6 .7 23 24 Investment company shares.... 1.9 3.1 3.7 2.8 5.7 3.6 3. 1 1.3 3.6 3.3 7. 1 4.7 6.8 4.3 24 25 Mtg. loans in process................ -.3 -.9 1.0 .2 -1.2 .5 1.4 1.3 .9 .1 .6 25 26 Bank loans n.e.c....................... .5 2.4 -1.4 -2.4 2.1 -2.7 -4.3 -3.3 2. 1 -4.0 -1.0 1.4 3.2 4.7 26 27 Other loans................................ 2.0 1 .7 4.3 -.2 3.3 4.9 * -6.0 -.5 5.9 4.5 4.4 -.5 4.8 27 28 Finance co. paper................. 1.5 1.0 3.4 2.4 2.5 6.9 2.9 .3 .6 5.8 2. 1 3.6 -.5 4.6 28 29 FHLB loans........................... .5 .7 .9 -2.5 .9 -2.0 -2.8 -6.3 -1.1 . 1 2.4 .8 .2 29 30 Security credit............................. .6 2. 1 2.5 2.3 4. 1 -7.5 9. i 2.9 -5.0 3.5 13.1 -1.4 30 31 Taxes payable................................ .1 . 1 -.2 .1 .2 -.9 .1 -.2 .2 . 1 31 32 Miscellaneous liabilities............... 3.1 2.6 2.8 5.1 4.6 2.8 6.3 4.6 4.3 5.2 4.3 4.4 6.0 3.9 32 33 Discrepancy................................. -.2 - .4 « .4 . 1 .2 1.0 -. 1 -.2 1.0 -.3 . 1 -1.1 1.8 33 (LI) Savings and loan associations I Net acquis, of financial assets.......... 11.8 10.2 4.3 9.8 9.2 2.2 8.3 10.2 12.6 8.3 9.9 9.0 8.4 9.6 1 2 Demand deposits and currency 3, * -.5 -.3 -.4 -.1 . 1 . 1 -.5 -1.0 -.4 -.6 -.5 -.3 2 3 Cr. mkt. instr, 4............................ 11.1 9.6 4.3 9.3 10.0 1.8 4.2 9.5 14.0 9.6 11.1 10.7 8.3 10. 1 3 4 U.S. Govt, securities................. .6 .5 .5 1.7 .6 1.0 .6 2.2 4.2 -.3 2.8 1.3 -1.0 -.5 4 5 1- to 4-family mortgages.......... 8.0 7.7 2.7 5.9 7. 1 .6 3.1 5.2 7.6 7.8 6.5 6.7 6.9 8.2 5 6 Other mortgages....................... 2.4 1.2 1.1 1.7 2.2 .2 .5 1.9 2.2 2.1 1.8 2.6 2.3 2.3 6 7 Mise, financial transactions......... .7 .6 .5 .8 -.4 .5 4.0 .6 -1.0 -.3 -.8 -1.1 .6 -.1 7 8 Net increase in liabilities................... 11. 1 9.4 3.7 9.3 8.5 1.9 7.7 9.8 12.1 7.7 9.5 8.2 7.9 8.4 8 9 Savings shares............................... 10.6 8.5 3.6 10.7 7.3 4.6 10.7 14.0 12.4 5.7 7.6 7.0 7.0 7,6 9 10 Mtg. loans in process................... -. 3 -.9 1.0 .2 -1.2 .5 1.4 1.3 .9 . 1 .6 10 11 Borrowing from FHLB................ . 5 .7 .9 -2.5 .9 -2.0 -2.8 -6.3 -1.1 . 1 2.4 .8 * .2 11 12 Memo: FHLB loans less deposits... . 5 .8 .9 -2.9 .9 -2.5 -5.3 -.71 .3 .3 2.7 1.4 -.6 .2 12 (1.2) Mutual savings banks I Net acquis, of financial assets 5........ 4.5 4.0 2.8 5.4 4.6 3,0 5.6 6.6 5.7 3.7 4.9 4.9 4.4 4.0 1 2 U.S. Govt, securities..................... -.3 -.5 -.3 -.2 -.3 -1.6 -.3 .5 .2 .6 -.8 -.8 2 3 Corporate bonds......................... -.2 -. 1 .3 2,1 1.4 .4 2.2 2.8 2.8 .4 1.7 1.1 1.2 1.6 3 4 1- to 4-family mortgages.............. 2.7 2.7 1.6 1,8 1.4 1.7 1.9 1.9 1.7 1.6 1.0 1.2 1.4 2. 1 4 5 Other mortgages........................... 1.7 1.4 1.1 1.4 1.4 1.1 1.2 1.2 1.7 1.4 1.2 1.1 1.4 1.7 5 6 Savings deposits................................ 4.2 3.6 2.6 5.1 4.1 3.5 5.5 6.1 4.9 4.0 4.4 4.0 3.4 4.4 6 (1.3) Life insurance companies 1 Current surplus................................. 1.1 1.0 1.1 .9 1.0 1-2 .9 .9 1.0 .9 1.0 1.0 1.0 1.0 1 2 Net acquis, of financial assets 5....... 7.8 8.7 8.3 9.4 9.3 7.7 11.1 8.2 9.1 9.2 9.7 9.2 9.2 8.9 2 3 Cr. mkt. instr................................ 7.4 8.2 7.8 8.9 8.6 6.5 10.7 7.6 8.6 8.6 9.8 8.4 7.9 8.3 3 4 U.S. Govt, securities................. -.3 -.4 -.3 -.2 -.2 * -. 1 -.4 -. 1 -. 1 .2 -.5 1 -.6 4 5 State and local obligations..... - .1 -.3 -.4 — .2 * -.2 -.3 -. 1 -.4 . I ♦ -. 1 * .2 5 6 Corporate bonds....................... 2.3 2.8 2.2 4.3 3.9 .4 4.3 2.0 5.1 5.7 4.4 3.9 3.2 3.8 6 7 Corporate stock......................... .5 .7 .2 1.0 1.3 .4 .8 .9 1.2 1.4 1.3 1.5 .7 1.7 7 8 1- to 4-family mortgages.......... 1.4 1.2 .5 -.4 -.2 -. 1 .5 -.3 -.9 -.9 . 1 -.7 -.2 . 1 8 9 Other mortgages....................... 3.2 3.7 4.1 3.3 2.7 2.9 4.3 3.2 2.6 3.1 2.2 2.8 2.8 2.8 9 10 Other loans................................ .4 .5 1.5 1.0 1,1 3.1 1.2 2.4 1.1 -.7 1.6 1.3 1.4 .2 10 11 Net increase in liabilities................... 7.1 7.9 7.2 8.2 8.9 6.4 10.0 6.8 7.5 8.3 9.1 9.0 8.9 8.6 ll 12 Life insurance reserves................. 4.2 4.7 4.5 4.6 4.7 4.5 5. 1 3.8 4.5 5.2 4.7 4.7 4.7 4.7 12 13 Pension fund reserves................... 2.0 2. 1 2. 1 2.2 2.6 2.1 2.2 2.2 2.2 2.2 2.6 2.6 2.6 2.6 13 14 Other........................................... .8 1.2 .4 1.4 1.6 -.4 2.6 1.4 .8 .9 1.9 1.6 1.5 1.2 14 For notes see p. A-69.9. 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A 69.8 FLOW OF FUNDS □ MAY 1969 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1966 1967 1968 Category 1964 1965 1966 1967 1968 IV I II III IV 1 II III IV (1.4) Noninsured pension plans 1 Net acquis, of financial assets 5........ 4.9 4.9 6.2 6.3 7.8 7.9 5.0 6.4 7.3 6.6 6.3 7.3 7.8 9.8 1 2 Credit mkt. instr 6.......................... 4.8 4.9 6.2 6.1 7.4 7. 1 4.9 6.2 7.0 6. 1 6.7 6.7 7.2 8.9 2 3 U.S. Govt, securities................. .4 -.3 .2 -.2 .6 .4 -1.8 .3 . 1 .6 .9 .5 . 1 l.l 3 4 Corporate bonds....................... 1.6 1.5 1.9 1.0 .7 1.9 1.7 .4 1.6 .2 .8 .6 .7 .7 4 5 Corporate stock......................... 2.2 3. 1 3.7 5.2 6. 1 4. 1 4.8 5.6 5.0 5.3 5.0 5.9 6.4 7.1 5 (1.5) Other insurance companies 1 Net acquis, of financial assets 5........ 1.1 1.8 1.9 1.8 3.0 1.8 1.6 1.9 2.0 1.7 3.1 2.7 2.9 3.5 1 2 Demand deposits and currency... 1 * ♦ * * — 2 3 Credit mkt. instr. 6......................... 1.0 1.7 1.6 1.5 2.7 1.6 1.3 1.6 1.7 1.4 2.8 2.4 2.6 3.2 3 4 U.S. Govt, securities................. . 1 -.4 -.7 -.3 -.5 -1.3 -.6 -.5 -.3 -.5 -.6 4 5 State and local obligations....... .4 .4 1.4 1.0 1.9 1.3 1.2 1. 1 1.0 .7 1.9 1.9 1.9 1.9 5 6 Corporate bonds....................... .3 1. 1 . 1 .8 1.0 .7 .7 .7 .4 -.2 -. 1 .4 6 7 Corporate stock......................... .2 .2 .5 .5 .9 .7 .4 . 5 .4 .4 .5 .6 1.2 1.5 7 (1.6) Finance companies 1 Net acquis, of financial assets 5........ 4.0 5.4 3.2 .7 5.3 4.4 1.0 -3.1 3.4 1.6 2.5 5.5 4.8 8.0 1 2 1- to 4-family mortgages.............. .4 .5 -.6 .4 .6 — l.l .3 1.3 -.2 . 1 -.3 .4 .4 1.7 2 3 Consumer credit........................... 1.8 1.9 1.2 .2 2.4 .6 .2 .5 -.3 .6 1.7 2.7 2.3 2.6 3 4 Other loans.................................. 1.8 2.7 2.3 -. 1 2.1 4.7 .3 -5. 1 3.7 .7 .9 2.2 1.9 3.4 4 5 Net increase in liabilities................... 4.0 5.1 2.7 .7 5.2 3.8 1.1 -3.2 3.7 1.5 2.3 5.6 3.4 9.5 5 6 Corporate bonds........................... 2. 1 1.9 .8 .6 .7 -.4 1.7 -.3 1.0 . 1 .9 .8 .6 .7 6 7 Bank loans n.e.c............................ .4 2.2 -1.5 -2.3 2.0 -2.7 -3.5 -3.2 2. 1 -4.4 -.6 1.2 3.2 4.2 7 8 Open mkt. paper........................... 1.5 1.0 3.4 2.4 2.5 6.9 2.9 .3 .6 5.8 2. 1 3.6 -.5 4.6 8 (1.7) Security brokers and dealers 1 Net acquis, of financial assets.......... .2 . 1 .7 2.3 2.7 2.4 4.3 -7.5 9.3 3.0 -4.8 3.7 13.2 -1.2 1 2 U.S. Govt, securities..................... .7 -.3 .7 -.8 .8 -.3 4.2 -6.4 3.2 -4.1 -.4 2.4 4.7 -3.6 2 3 Other securities............................. * 1 . 1 . 1 -.5 2.6 -1.9 -2.9 2.6 2.5 — 1.8 -5.7 8.1 -2.6 3 4 Security credit............................... -.5 .5 -.2 2.8 2.0 -.1 1.8 1.7 3.3 4.4 -3.1 6.5 * 4.7 4 5 Net incr. in liab.—Security credit... . 1 .6 2.1 2.5 2.3 4.1 -7.5 9.1 2.9 -5.0 3.5 13.1 -1.4 5 6 From banks................................... .2 —. 3 .6 .9 1.5 1.0 2.2 -8.0 8.4 .9 -5. 1 1.4 14.0 -4.3 6 7 From agencies of fgn. banks........ * -.3 . 1 — .— .8 -.3 .4 .4 -.5 -.2 .3 7 8 Customer credit balances............. ♦ .5 * 1.2 1.0 .5 2.2 .5 .7 1.6 -.3 2.6 -.7 2.6 8 (1.8) Open-end investment companies I Net financial investment.................... -.8 -1.1 -1.2 -1.6 -3.2 -1.9 -1.3 -.5 -1.0 -3.4 -3.0 -4.0 -3.5 -2.3 1 2 Net acquis, of financial assets5... 1. 1 2.0 2.5 1.2 2.5 1.8 1.9 .8 2.5 -.2 4. 1 .7 3.3 2.0 2 3 Credit mkt. instr........................ 1.1 1.6 1.9 1.1 2.2 2. 1 2.2 2.7 -.3 3.5 .6 2.8 1.6 3 4 Corporate stock..................... .7 1.2 .9 1.4 1.5 1.6 2.5 1.4 3.1 -1.2 -1.0 2.4 1.0 3.4 4 5 Net stock issues'?........................... 1.9 3. 1 3.7 2.8 5.7 3.6 3. 1 1.3 3.6 3.3 7.1 4.7 6.8 4.3 5 (J) Rest of the world I Net purch. of goods and serv. (2-3).. 8.5 6.9 5.1 4.8 2.0 4.5 5.2 5.1 5.4 3.4 1.5 2.0 3.3 1.0 1 2 Purch. of goods and services 1. C 37. 1 39.2 43.1 45.8 50.0 44.2 45.5 45.5 46.1 46.0 47.5 49.9 52.6 50. 1 2 3 Sales of goods and services 1....... 28.6 32.3 38. 1 41.0 48. 1 39.7 40.3 40.4 40.6 42.6 46.0 47.9 49.4 49. 1 3 4 Net unilateral receipts from Govt. L 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 2.8 4 5 Current surplus (4-1) 2................... -5.7 -4.1 -2.2 -1.7 .8 -1.9 -2.3 -1.6 -2.1 -.8 1.1 .8 -.5 1.8 5 6 Net financial investment (7-14)........ -4.7 -3.7 -1.8 -1.2 1.1 -1.0 -1.6 .6 -2.9 -.7 2.8 1.6 -.8 .9 6 7 Net acquis, of finan. assets........... 3.4 2.1 3.9 7.8 8.1 4.7 2.7 8.4 7.9 12.1 9.3 7.8 7.2 8.1 7 8 Gold........................................... . 1 1.7 .6 1.2 1.2 .5 .2 . 1 .4 4.0 5.4 . 1 -.3 -.5 8 9 U.S. dem. dep. and currency... .5 . 3 -.3 .8 .7 -.6 -3.2 2.4 .5 3.5 -1.0 1.2 -1.9 4.3 9 10 Time deposits............................. 1.4 .6 .8 1.3 -.1 1.0 1.2 2.3 1.1 .8 -.7 -.4 1,0 -.1 10 11 U.S. Govt, securities................. .5 -.1 -2.6 2. 1 -.5 -2.1 2.6 1.9 -1.4 5,2 -.7 -3.7 . 1 2.5 11 12 Other credit market instr.......... .1 1.2 1.2 2.6 .4 .8 1.6 2.3 .8 2.2 2.5 4.6 12 13 Misc. financial assets................ .8 -.4 4.2 1.1 4.0 5.5 1.1 -.2 4.9 -1.5 5.2 8.0 5.5 -2.9 13 14 Net increase in liabilities............... 8.2 5.8 5.7 8.9 7.0 5.7 4.3 7.7 10.8 12.8 6.5 6.2 8.0 7.2 14 15 Official U.S. foreign exchange 5 * .4 1.1 2. 1 .5 -3.9 1.7 1.9 4.8 1.8 .6 2.0 3.7 15 16 Securities................................... .7 .8 .5 1.3 1.3 .2 1.0 1.0 1.6 1.4 1.5 .5 1.0 2.1 16 17 Loans 4............................... 3.7 1.9 1.0 2.7 1.6 1.0 4.5 2.7 2.2 1.4 2.8 1.4 1.2 1.0 17 18 Miscellaneous s.......................... 3.9 2.6 4.1 3.7 1.8 4. 1 2.6 2.2 4.9 5.1 .4 3.3 3.6 * 18 19 Discrepancy (5-6) 6........................... -.9 -.4 -.4 -.5 -.3 -.9 -.6 -2.3 .9 -.1 -1.7 -.8 .3 .9 19 U.S. gold and fgn. exchg. held by: 20 Monetary auth............................... -1.3 -.3 -.5 -1.2 . 1 -3.1 1.7 .4 -.8 -6.2 -2.6 1.1 3.1 20 21 U.S. Treasury................. -.2 . 1 -.2 .4 2.0 -.1 -1.0 • 1.1 1.6 2.6 3.2 1.2 1.2 21 For notes see following page. 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MAY 1969 □ FLOW OF FUNDS A 69.9 Notes to Table 4 (A) Households i 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 5 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 2 Capital gains dividends from open-end investments cos. to nonprofit organizations. (B, C, D) Business i Sum of Tables 4(C) and 4(D); for detail see below. 8 Loans from U.S. Govt, and commercial loans from finance 3 Profits and noncorporate income as defined in national companies. income. Excludes imputed rental income of owner-occupied 9 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. 4 After inventory valuation adjustment. 11 Includes branch profits paid to foreign parents less branch 3 Excludes C.C.C.-guaranteed loans, treated as Govt, borrow profits received from abroad. ing and included in Table 4(E), line 30. 13 Direct investments abroad, foreign currency holdings, and 8 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. 11 Includes State and local profit taxes. (E, F) Govts. 1 Lines 1 through 12 are derived from national income data, 5 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 0 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 tirement funds. Line 7 excludes Govt, contributions to these ° Marketable issues due in less than 1 year plus part of those 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 h Net of current surplus of govt, enterprises. prises. 12 Corporate bonds, mortgages, and tax receivables. (G, H) Banking i 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. 3 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 I. 8 Includes consumer loans secured by hypothecated deposits 3 Includes vault cash of nonmember banks. through 11/1966, 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 line 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. 3 Lines 10, 11 of 1.1; lines 6, 7, and 8 of 1.6; and line 5 B 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. 3 Net foreign investment in national income accounts with opposite sign. G Direct investment abroad, foreign currencies held by other 8 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 □ MAY 1969 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1967 1968 Item 1966 1967 1968* HI IV I II 111 IVp Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets—Seasonally adjusted Exports of goods and services—Total 1...................... 43,142 45,756 50,199 11,513 11,496 11,850 12,607 13,282 12,463 Merchandise............................................................. 29,176 30,468 33,376 7,626 7,478 7,914 8,379 8,835 8,248 Military sales............................................................ 829 1,240 1 ,423 245 323 306 360 403 355 Transportation......................................................... 2,608 2,701 2,860 680 681 710 705 748 697 Travel....................................................................... 1,590 1 ,646 1,762 417 424 442 421 447 452 Investment income receipts, private....................... 5,659 6,234 6,911 1,671 1 ,729 1,543 1,727 1,849 1,793 Investment income receipts, Govt.......................... 593 624 774 156 153 198 221 205 151 Other services.......................................................... 2,687 2,843 3,094 718 708 737 794 795 767 Imports of goods and services—Total......................... -38,063 -40,989 -48,234 -10,154 -10,648 -11,552 -11,985 -12,428 -12,270 Merchandise..................................................... -25,541 -26,991 -33,273 -6,541 -7,159 -7,879 -8,335 -8,592 -8,467 Military expenditures.............................................. -3,735 -4,340 -4,561 -1,098 -1,104 -1,110 -1,123 -1,145 -1,183 Transportation......................................................... -2,923 -2,982 -3,162 -720 -750 -805 -747 -813 -798 Travel........................................................................ -2,657 -3,195 -3,083 -925 -725 -780 -761 -823 -719 Investment income payments................................. -2,074 -2,293 -2,805 -575 -598 -659 -703 -740 -702 Other services........................................................... -1,132 -1,189 -1,350 -295 -321 -319 -316 -315 -401 Balance on goods and services!................................... 5,080 4,768 1,965 1,359 848 298 622 854 193 Remittances and pensions............................................ -1,015 -1,276 -1,159 -358 -263 -266 -286 -315 -293 1. Balance on goods, services, remittances and pensions........................................................ 4,065 3,492 806 1,001 585 32 336 539 -100 2. U.S. Govt, grants and capital flow, net.................. -3,444 -4,210 -3,977 -988 -1,008 -1,164 -1,072 “938 -803 Grants,2 loans, and net change in foreign cur rency holdings, and short-term claims........ -4,676 -5,191 -5,360 -1,226 -1,266 -1,510 -1,384 -1,248 -1,219 Scheduled repayments on U.S. Govt. Joans... 803 975 1,115 233 258 304 309 255 247 Nonscheduled repayments and selloffs.............. 429 6 269 5 * 42 3 55 169 3. U.S. private capital flow, net................................. -4,298 -5,504 -4,860 -1,788 -1,638 -707 -1,448 -1,798 -908 Direct investments............................................... -3,623 -3,020 -2,743 -902 -815 -374 -1,035 -1,168 -167 Foreign securities................................................. -481 -1,266 -1,288 -476 -332 -385 -83 -323 -497 Other long-term claims: Reported by banks...................................... 337 285 354 -72 16 140 49 165 ♦ Reported by others......................................... -112 -289 -116 42 -93 45 -23 -15 -123 Short-term claims: Reported by banks....................................... -84 -744 -100 -363 79 163 147 -365 -45 Reported by others......................................... -334 -470 -967 -17 -493 -296 -503 -92 -76 4. Foreign capital flow, net, excluding change in liquid assets in U.S.............................. 2,532 3,185 8,384 766 352 1,410 2,485 1,833 2,656 Long-term investments....................................... 2,156 2,344 5,795 359 310 1,219 1 ,437 1,291 1,847 Short-term claims................................................ 296 388 666 174 40 -21 268 234 185 Nonliquid claims on U.S. Govt, associated with—• Military contracts.......................................... 346 64 -86 -67 -111 -29 -I -136 81 U.S. Govt, grants and capital........................ -205 -85 2 -23 -12 -5 15 -6 -3 Other specific transactions.............................. -12 5 -2 -12 -10 -27 -6 41 -10 Other nonconvertible, nonmarketable, me dium-term U.S. Govt, securities 3.............. -49 469 2,010 335 135 273 772 409 556 5. Errors and unrecorded transactions........................ -210 -532 -199 207 -34 “276 -483 419 145 Balances A. Balance on liquidity basis Seasonally adjusted (« 14-2+3+44-5)... -1,357 -3,571 158 -802 -1,742 -705 -182 55 990 Less: Net seasonal adjustments............... 410 159 -443 -255 488 210 Before seasonal adjustment........................ -1,357 -3,571 158 -1,212 -1,901 -262 73 -433 780 B. Balance on basis of official reserve transactions Balance A, seasonally adjusted..................... — 1,357 -3,571 158 -802 -1,742 -705 -182 55 990 Plus: Seasonally adjusted change in liquid assets in the U.S. of: Commercial banks abroad............................. 2,697 1,262 3,382 1,119 767 412 2,442 829 -301 Other private residents of foreign countries.. 212 413 368 96 225 4 97 45 222 International and regional organizations other than IMF..................... -525 -218 82 -55 -49 79 -80 21 62 Less: Change in certain nonliquid liabilities to foreign central banks and govts................ 761 1,291 2,373 111 283 361 768 527 717 Balance B, seasonally adjusted........................... 266 -3,405 1,617 247 -1,082 -571 1,509 423 256 Less: Net seasonal adjustments........................ 272 314 -661 -54 350 365 Before seasonal adjustment................................. 266 -3,405 1,617 -25 -1,396 90 1,563 73 -109 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 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 1968* III IV I II III IVP Transactions by which balances were settled—-Not seasonally adjusted A. To settle balance on liquidity basis....................... 1,357 3,571 -158 1,212 1,901 262 -73 433 -780 Change In U.S. official reserve assets (Increase, —)............................................... 568 52 -880 -375 -181 904 -137 -571 -1,076 Gold................................................................ 571 1,170 1,173 92 1 ,012 1,362 22 -14 -137 Convertible currencies............... ................ -540 -1,024 -1,183 -462 -1,145 -401 267 -474 -575 IMF gold tranche position............................ 537 -94 -870 -5 -48 -57 -426 -23 -364 Change In liquid liabilities to all foreign accounts 789 3,519 722 1,587 2,082 -642 64 1,004 296 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. securities4............................................... -945 455 -10 125 212 100 ♦ -49 -61 Marketable U.S. Govt, bonds and notes4. -245 48 -390 -6 -3 -359 -3 -26 -2 Deposits, short-term U.S. Govt, securities, etc.,.................................. -582 1,537 -2,707 162 1,108 -1,112 -2,187 38 554 IMF (gold deposits)....................................... 177 22 -3 8 -11 * Commercial banks abroad........................... 2,697 1,262 3,382 1,265 589 638 2,248 975 -479 Other private residents of foreign countries. 212 413 368 96 225 4 97 45 222 International and regional organizations other than IMF.......................................... -525 -218 82 -55 -49 79 -80 21 62 B. Official reserve transactions................................... -266 3,405 -1,617 25 1,396 -90 -1,563 -73 109 Change in U.S, official reserve assets (increase, —)...................................................... 568 52 -880 -375 -181 904 -137 -571 -1,076 Change in liquid liabilities to foreign central banks and govts, and IMF (see detail above under A.)..................................................... -1,595 2,062 -3,110 281 1,317 -1,363 -2,201 -37 491 Change In certain nonliquid liabilities to foreign central banks and govts.; Of U.S, private organizations,.................. 793 839 524 -212 160 122 148 129 125 Of U.S. Govt.............................................. -32 452 1,849 331 100 247 627 406 569 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 1966' 1967' 1968' 1969' 1966' 1967r 1968' 1969' 1966' 1967' 1968' 1969' Month: Jan.................. 2,298 2,639 2,814 32,093 1,966 2,317 2,687 32,018 332 322 127 75 Feb..................... 2,353 2,582 2,775 32,297 2,013 2,216 2,592 32.655 339 366 184 -359 Mar................... 2,530 2,525 32,439 33,196 2,050 2,166 32,589 32,981 480 359 -150 215 Apr................... 2,317 2,608 32,856 2,091 2,198 32,604 226 410 252 May,............ 2,416 2,549 2,742 2,061 2,118 2,755 355 432 -13 June................... 2,485 2,582 2,871 2,102 2,184 2,792 383 398 79 July................... 2,469 2,601 2,859 2,216 2,245 2,726 253 357 134 Aug 2,460 2,566 32,949 2,137 2,145 32,871 324 421 79 Sept.................... 2,503 2,597 33,225 2,288 2,198 22,954 214 399 271 Oct............ 2,616 2,415 32,634 2,303 2,254 32,738 313 161 -104 Noy.................... 2,491 2,671 2,975 2,195 2,396 2,886 296 275 89 Dec..................... 2,467 2,677 2,979 2,196 2,493 2,925 271 184 54 Quarter: I...................... 7,180 7,745 8,028 7,586 6,029 6,698 7,867 7,654 1,152 1,047 161 -68 ........................ 7,217 7,739 8,468 6,253 6,500 8,151 964 1,240 317 Ill....................... 7,431 7,764 9,033 6,641 6,588 8,550 790 1,177 483 IV....................... 7,575 7,763 8,588 6,694 7,143 8,549 881 620 39 Year 4................... 29,403 31,011 34,117 25,617 26,928 33,117 3,786 4,083 1,001 1 Exports of domestic and foreign merchandise; excludes Dept, of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Sum of unadjusted figures. Mutual Security Program. 2 General imports including imports for immediate consumption plus Note.—Bureau of the Census data; revised to include new Bureau of entries into bonded warehouses. Census seasonal adjustment factors. Details may not add to totals because of rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 72 U.S. GOLD TRANSACTIONS □ MAY 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 1960 1961 1962 1963 1964 1965 1966 1967 1968 IV I II III IV Western Europe: Austria............................ -1 -143 -82 -55 -100 -25 Belgium............................... -141 -144 -63 -40 -83 -58 -25 -33 France................................. -173 -456 -518 -405 -884 -601 ..........6..00 220 240 140 Germany, Fed. Rep. of... -34 -23 -225 Ireland................................ -1 -2 — 2 -2 -52 -i -12 -32 -11 3 Italy..................................... 100 200 -80 -60 -85 -209 -85 -184 -25 Netherlands....................... -249 -25 -60 -35 -19 -49 30 Spain................................... -114 -156 -146 -130 -32 -180 Switzerland......................... -324 -125 102 -81 -50 -2 -30 -50 -25 -25 United Kingdom................ -550 -306 -387 329 618 150 80 -879 -835 —77i -900 50 ............15 Bank for Inti. Settlements. -36 -23 Other................................... -96 -53 -12 1 -6 -35 -49 16 -47 -6 -1 -22 -16 -8 Total........................... -1,718 -754 -1,105 -399 -88 -1,299 -659 -980 -669 -863 -1,195 163 213 150 Canada................................... 190 200 150 50 100 50 Latin American republics: Argentina........................... -50 -90 85 -30 -39 -1 -25 * -5 -15 -5 Brazil.................................. -2 -2 57 72 54 25 -3 -1 * * * Colombia........................... -6 38 10 29 7 Venezuela........................... -25 Other................................... -42 -17 -5 -11 -9 -13 -6 11 -40 -7 -28 -7 -3 -3 Total........................... -100 -109 175 32 56 17 -41 9 -65 -7 -28 -12 -18 -8 Asia: Iraq................................ -30 -10 -4 -21 -42 -21 -14 -28 Japan.................................. -15 -56 Lebanon............................. -21 -32 -11 -11 -1 -95 -74 -21 Malaysia............................ -1 -34 -10 -24 Saudi Arabia.................... -11 -48 -13 -50 -25 -25 Singapore........................... -81 -30 -23 -28 Other.................................. -57 -32 -47 12 14 -14 -15 -22 -65 -1 -15 -26 -18 -6 Total........................... -113 -101 -93 12 3 -24 -86 -44 -366 -22 -143 -146 -71 -6 All other................................. -38 -6 -1 -36 -7 -16 -22 1-166 1-68 1-162 -1 -16 1-51 -1 Total foreign countries.......... -1,969 -970 -833 -392 -36 -1,322 -608 -1,031 -1,118 -953 -1,317 -10 73 136 Inti. Monetary Fund............ 2 300 150 3-225 4177 422 4-3 48 4-11 Grand total............... -1,669 -820 -833 -392 -36 -1,547 -431 -1,009 -1,121 -953 -1,309 -22 73 136 1 Includes sales to Algeria of $150 million in 1967 and $50 million in 3 Payment to the IMF of $259 million increase in’U.S. gold subscription, 1968. less gold deposits by the IMF. ' 2 IMF sold to the United States a total of $800 million of gold ($200 4 Represents gold deposited by the IMF; see note 1(b) to Table 4. In million in 1956, and $300 million in 195 9 and in 1960) with the right of June 1968 the IMF withdrew $17 million of these deposits. repurchase; proceeds from these sales invested by IMF in U.S. Govt, securities. 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
MAY 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) End of year r a T e s s o s e e t r a t v s l e Tot G a o l l 2 d sto T c r k ea 1 sury cu v fo C r e r r r o e e ti n i n b g c l n i e e s p R I o M e s s i i e n F t r i o v 3 e n End of month r a T e s s o s e t e r a v ts l e To G ta o l l z d sto T c re k a s i ury v f c o e C u r r r o e t r i i n e b g n l n e p R I o M e s s i i e n F t r i o v 3 e n cies J 1956 . .... 23,666 22,058 21,949 1 ,608 1968—Apr............. 13,840 10,547 10,484 2,804 489 1957........................ 24 832 22,857 22'781 1 375 May............ 14,348 10,468 10,384 3,386 494 1958 ........................ 22 540 20,582 20,534 1,958 June. 14,063 10,681 10,367 2,479 903 1959................ 21,504 19,507 19'456 1 397 July............ 14,366 10,676 10,367 2,773 917 I960........................ 19,359 17,'804 17,767 1,555 Aug.... .... 14,427 10,681 10,367 2317 929 Sept............ 14,634 10,755 10,367 2,953 926 1961........................ 18,753 16,947 16,889 116 1,690 Oct.............. 14'427 10,788 10,367 2,703 936 1962.................. 17,220 16’057 15378 99 1,064 Nov............. 15,660 10'897 10'367 3,655 I ,108 1963........................ 16,843 15,596 15'513 212 1,035 Dec............. 15,710 10,892 10'367 3 328 r,290 1964........................ 16,672 15,471 15,388 432 '769 1965........................ 15,450 413,806 <13,733 781 4 863 1969—Jan.............. 15,454 10,828 10,367 3338 1,288 Feb............. 15,499 10'801 10,367 3,399 1 '299 1966........................ 14,882 13,235 13,159 1,321 326 Mar............. 15,758 10'836 10367 3 301 1 321 1967........................ 14,830 12365 11,982 2,345 420 Apr............. 15,948 10,936 10,367 3,624 1 388 1968........................ 15,710 10’,892 10,367 3,528 1 ,290 1 Includes (a) gold sold to the United States by the International Mon ■* 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. * 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 U.S. reserve other countries Period with IMF position P s t u a d io y b o n m s o ll c s f a e r r i n 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 f c i r o 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 M d n o c F i l o n la m n rs e e t D d ra o w o ll f a i n rs gs R d m o e e i l p n l n a a t r y s s c T ha o n ta g l e Amount P q e U u r o . o c S f t e . a nt p i ( e n e r n i I o d M d o ) F f 3 1946—1957........................... 2,063 4 594 —45 -2,664 827 775 775 28 1,975 1958—1963............................ 1 331 150 60 — 1,666 2,740 2315 3,090 75 1 035 1964......................................... 525 18 -282 5 266 3356 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 4340 92 420 1968......................................... -84 20 -806 -870 3 370 75 1 290 (968_Mar.............................. 200 1 —23 178 4,683 91 477 Apr............................... 2 -14 -12 41671 91 489 May............................. 2 —7 -5 4,666 90 494 June............................. — 1 — 408 -409 4357 83 903 July.............................. 4 -18 — 14 4,243 82 917 Aug................. — 1 -11 -12 4,231 82 929 Sept............................ 3 3 4334 82 926 Oct............................. 2 -12 -10 4,224 82 936 Nov................. -125 -I -46 -172 4'052 79 1,108 Dec............ .......... -159 4 -27 -182 3'870 75 1 ’290 1969—Jan.............................. 2 2 3,872 75 1 288 Feb............................... 2 -13 -11 3’861 75 1 299 2 —24 -22 3 839 74 1 ’32I Apr.............................. -68 -67 3,772 73 1 388 1 Represents net IMF sales of gold to acquire U.S. dollars for use in cally if needed. Under appropriate conditions, the United States could IMF operations. Does not include transactions in gold relating to gold draw additional amounts equal to its quota. deposit or gold investment (see Table 6). 4 Represents a $600 million IMF gold sale to United States (1957), 2 Positive figures represent purchases from the IMF of currencies of less $6 million gold purchase by IMF from another member with U.S. other members for equivalent amounts of dollars; negative figures repre dollars (1948). sent repurchase of dollars, including dollars derived from charges on 5 Includes $259 million gold subscription to the IMF in June 1965 for drawings and from other net dollar income of the IMF, The United a U.S. quota increase, which became effective on Feb. 23, 1966. In figures States has a commitment to repay drawings within 3 to 5 years, but only published by the IMF from June 1965 through Jan. 1966, this gold sub to the extent that the holdings of dollars of the IMF exceed 75 per cent of scription was included in the U.S. gold stock and excluded from the the U.S. quota. Drawings of dollars by other countries reduce the U.S. reserve position. commitment to repay by an equivalent amount, 3 Represents the U.S. gold tranche position in the IMF (the U.S. Note.—The initial U.S. quota in the IMF was $2,750 million. The U.S. quota minus the holdings of dollars of the IMF), which is the amount quota was increased to $4,125 million in 1959 and to $5,160 million in that the United States could draw in foreign currencies virtually automati Feb. 1966. Under the Articles of Agreement, subscription payments equal to the quota have been made 25 per cent in gold and 75 per cent in dollars. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 74 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ MAY 1969 6. U.S. LIQUID LIABILITIES TO FOREIGNERS (In millions of dollars) Liabilities to Inti. Liabilities to foreign countries Liabilities to non Monetary Fund arising monetary inti, and from gold transactions regional organization 5 Official institutions 5 Banks and other foreigners Non- End Short- market- Short- Shortof Total term Market- able term Market- term Marketperiod liabil- able convert- liabil- able liabil- able Gold Gold ities re- U.S. ible ities re- U.S. ities re- U.S. Total de- invest- Total ported Govt. U.S. Total ported Govt. Total ported Govt. posit 1 ment 2 by bonds Treas- by bonds by bonds banks and ury banks and banks and in U.S. notes 4 bonds in U.S. notes 4 in U.S.« notes 4 and notes 1957 ... . 7(5.825 200 200 n.a. 7,917 n.a. n.a. 5,724 542 1958 ........ 716,845 200 200 n.a. 8,665 n.a, n.a. 5’950 552 1959 .... 19,428 500 500 10,120 9,154 966 7,618 7 377 541 1,190 530 660 19608......... 1 12 2 1 0 ,9 0 9 2 4 7 8 8 0 0 0 0 .............. 8 8 0 0 0 0 1 1 1 1 ’0 0 7 8 8 8 1 10 0 ,2 2 1 1 2 2 8 8 6 7 6 6 7 7 ,5 5 9 9 1 8 7 7 ’,0 04 4 8 8 5 5 5 43 0 1 325 750 775 19618.......... 1221853 800 .............. 8 8 0 0 0 0 1 1 1 1 ,8 8 3 3 0 0 1 10 0 ,9 0 4 4 0 0 8 8 9 9 0 0 8 8 ^ 3 7 5 5 7 7 7 * 7 8 5 41 9 5 5 1 16 6 1 ’,948 703 1 ,245 19628......... ) 1 2 24 4 f’0 0 6 6 8 8 8 8 0 0 0 0 .............. 8 8 0 0 0 0 1 12 2 *7 7 4 1 8 4 1 11 1 ^9 9 9 63 7 7 7 5 5 1 1 8 8 *, 3 3 5 5 9 9 7 7 ,9 9 1 1 1 1 4 4 4 4 8 8 2^161 1 ,250 911 19638......... K 126 i 3 e 2 f 2 8 8 0 0 0 0 .............. 8 8 0 0 0 0 1 1 4 4 *3 3 8 5 7 3 1 12 2 ,4 4 6 6 7 7 1 1 ,2 1 1 8 7 3 7 70 0 3 3' 9 9 ^ 2 2 1 0 4 4 8 8 ’,8 8 6 6 3 3 3 3 4 5 1 1 1 ,960 808 1 ,152 19648......... >28 ,’951 8 8 0 0 0 0 .............. 8 8 0 0 0 0 1 1 5 5 ^4 4 2 2 8 4 1 I 3 3 ,2 2 2 2 4 0 1 1 ,1 1 2 2 5 5 1 1 ,0 0 7 7 9 9 u 1 1 ; o 0 o 5 i 6 1 10 0 3 6 2 8 5 0 3 3 7 7 6 6 1 ,722 818 904 1965........... 29,115 834 34 800 15*372 13 ;o66 1 J05 1 ,*201 11 378 11 306 472 1,431 679 752 19668......... 1 (2 2 9 9 , , 9 7 0 79 4 I 1 , , 0 0 1 1 1 1 2 2 1 1 1 1 8 80 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 25 5 6 6 1 14 4 , , 2 3 0 8 8 7 1 1 3 3 , , 6 8 8 5 0 9 5 5 2 2 8 8 9 90 0 5 6 5 5 8 8 1 0 3 3 2 2 5 5 1967 8......... ( G 3 3 3 , , 2 1 7 3 1 3 1 I , , 0 0 3 3 3 3 2 2 3 3 3 3 8 80 0 0 0 1 1 5 5 , , 6 6 5 4 3 6 1 1 4 4 , , 0 0 2 3 7 4 9 90 0 8 8 7 7 1 1 1 1 1 15 5 , , 7 8 6 9 8 4 1 15 5 , , 2 3 1 3 0 6 5 5 5 58 8 6 69 8 1 6 4 4 8 87 2 2 2 0 0 4 4 1968-Feb... 33,316 1 ,033 233 800 15,326 13,963 652 711 16,321 15,728 593 636 431 205 Mar... 32,491 1 ,041 241 800 14,275 12,915 549 811 16,410 15,806 604 765 560 205 Apr... 32,992 1 .045 245 800 14,368 13,008 549 811 16,746 16,134 612 833 628 205 Mayr. 33,155 1 ,047 247 800 13,610 12,242 557 811 17,866 17,256 610 632 465 167 Juner. 32,566 1 ,030 230 800 12,096 10,728 557 811 18,755 18,142 613 685 519 166 July 33,134 I ,030 230 800 12,603 11 ,234 557 812 18,726 18,099 627 775 615 160 Aug.r. 33,594 1 ,030 230 800 12,433 11,151 520 762 19,359 18,723 636 772 612 160 Sept.r 33,570 1 ,030 230 800 12,059 10,766 531 762 19,775 19,149 626 706 630 76 Oct.r. 33,985 1 ,030 230 800 12,133 10,840 531 762 20,029 19,409 620 793 725 68 Nov.r 35,634 1 ,030 230 800 13,687 12,396 529 762 20,111 19,487 624 806 738 68 133,857 1,030 230 800 12,550 11,320 529 701 19,529 18,920 609 748 706 42 (33,643 1 ,030 230 800 12,483 11,320 462 701 19,385 18,920 465 745 706 39 1969-Jan.. . 33,712 1 ,031 231 800 10,733 9,570 462 70! 21,26! 20,767 494 687 647 40 Feb?*. 34,404 1 ,031 231 800 10,781 9,646 459 676 21,938 21,436 502 654 616 38 1 Represents liability on gold deposited by the International Monetary securities are based on a July 31, 1963, benchmark survey of holdings and Fund to mitigate the impact on the U.S. gold stock of foreign purchases regular monthly reports of securities transactions (see Table 15). Data in for the purpose of making gold subscriptions to the IMF under quota in cluded on the second line are based on a benchmark survey as of Nov. 30, creases. 1968, and the monthly transactions reports. For statistical convenience, 2 U.S. Govt, obligations at cost value and funds awaiting investment the new series is introduced as of Dec. 31, 1968, rather than as of the obtained from proceeds of sales of gold by the IMF to the United States survey date. to acquire income-earning assets. Upon termination of investment, the The difference between the two series is believed to arise from errors in same quantity of gold can be reacquired by the IMF. reporting during the period between the two benchmark surveys, from 3 Includes Bank for International Settlements and European Fund, shifts in ownership not involving purchases or sales through U.S. banks 4 Derived by applying reported transactions to benchmark data; and brokers, and from physical transfers of securities to and from abroad. breakdown of transactions by type of holder estimated for 1960-63. It is not possible to reconcile the two series or to revise figures for earlier Includes securities issued by corporations and other agencies of the U.S. dates. Govt, that are guaranteed by the United States. 5 Principally the International Bank for Reconstruction and Develop Note.—Based on Treasury Dept, data and on data reported to the ment and the Inter-American Development Bank. Treasury Dept, by banks and brokers in the United States. Data correspond 6 Includes difference between cost value and face value of securities in to statistics following in this section, except for minor rounding dfferences. IMF gold investment account. Liabilities data reported to the Treasury Table excludes IMF “holdings of dollars,” and holdings of U.S. Treasury include the face value of these securities, but in this table the cost value of letters of credit and non-negotiable, non-interest-bearing special United the securities is included under “Gold investment.” The difference, which States notes held by other international and regional organizations. amounted to $34 million at the end of 1968, is included in this column. The liabilities figures are used by the Dept, of Commerce in the statistics 7 Includes total foreign holdings of U.S. Govt, bonds and notes, for measuring the U.S. balance of international payments on the liquidity which breakdown by type of holder is not available. basis; however, the balance of payments statistics include certain adjust 8 Data on the two lines shown for this date differ because of changes in ments to Treasury data prior to 1963 and some rounding differences, and reporting coverage. Figures on the first line are comparable with those they may differ because revisions of Treasury data have been incorporated shown for the preceding date; figures on the second line are comparable at varying times. The table does not include certain nonliquid liabilities with those shown for the following date. to foreign official institutions that enter into the calculation of the official 9 Data included on the first line for holdings of marketable U.S. Govt. reserve transactions balance by the Dept, of Commerce. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 1969 a 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 T o u r o n e t t i a r g i l n e s E W u e ro st p e e r n 1 Canada A re m L pu a e b t r i i l n c ic a s n Asia Africa cou O n t t h r e ie r s 2 1966....................................................................................... 13,655 7,488 1 ,189 1,134 3,339 277 228 1967......................................................................................... 15^646 9'872 ’996 1,131 3,145 249 253 1968—Feb............................................................................... 15,326 9,179 1 ,403 1,170 3,086 272 216 Mar...................................................................... 14'275 8,881 851 1,174 2,927 230 212 Apr.............................................................................. 14’368 8; 624 1 ,040 1,371 2,857 247 229 Mayf......................................................................... 13,610 7,919 1 ,035 1 ,380 2,790 251 235 Juner........................................................................ 12'096 7,045 '671 I '197 2’,734 259 190 Julyr............................................................................ 12,603 7'054 709 1,528 2,843 284 185 Aug.r.......................................................................... 12'433 6,849 780 1,432 2,926 242 204 Sept.r.... ................. .................................... 12^059 6,962 438 1,196 2^59 293 2i 1 Oct.r......................................... -......... 12'133 6,854 416 I ,262 3,116 271 214 Nov r......................................................................... 13 687 8 097 574 1 '357 3,160 271 228 [ 12,550 7,009 533 1 ,’354 3,169 259 226 Dec 3r.................................................................... 1 12,483 7,001 532 1 ,354 3,123 248 225 1969—Jan............................................................................... 10.733 5,437 564 1 ,354 2,931 250 197 Feb.?.......................................................................... 10,781 5'252 512 1 ,413 3; 072 262 270 1 Includes Bank for International Settlements and European Fund. Note.—Data represent short-term liabilities to the official institutions 2 Includes countries in Oceania and Eastern Europe, and Western Euro of foreign countries, as reported by banks in the United States, and foreign pean dependencies in Latin America. official holdings of marketable and convertible nonmarketable U.S. Govt, 3 See note 9 to Table 6. securities with an original maturity of more than 1 year. 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) Internationa! and regional Foreign Other End of Grand Europe Canada Latin Asia Africa coun period total1 Total ‘ Inti. 1 gi R on e a l2 Total c O i f a f l i 3 Other America tries 1966.......................... 27,599 1 ,380 1 ,270 110 26,219 12,539 13,680 13,933 2,502 3,883 5,250 385 266 1967 .......................... ( I 3 3 0 0 , , 6 5 5 1 7 9 1 1 , , 2 2 8 8 7 2 1 1 , J 1 8 81 I 1 10 0 1 6 2 2 9 9 , , 2 '3 3 7 7 0 1 1 4 4 , , 0 0 2 3 7 4 1 15 5 , , 2 3 1 3 0 6 1 1 6 6 , , 1 3 9 7 9 8 2 2 , , 7 7 0 0 9 6 4 4 , ; 1 1 3 4 4 0 5 5 , , 4 54 9 1 2 3 3 4 4 9 9 3 3 0 0 5 5 (968—Mar............... 30,081 1 ,360 I ,268 92 28,721 12,915 15,806 15,861 2,791 4,072 5,375 339 282 Apr.............. 30,570 1 '428 1 ,335 93 29,142 13^008 16,134 15,846 2,943 4,297 5,400 366 290 May........ 30,763 1 '265 1 '176 89 29,498 12,242 17,256 16,149 3.055 4,287 5,332 371 304 June.............. 30,189 1’319 1 ,221 98 28^870 10'728 18,142 15,857 2,842 4,172 5’,367 370 262 July............... 30,748 1'415 I ,304 11 1 29,333 11,234 18,099 15,802 2'894 4,484 5,510 397 247 Aug............... 31,286 1 ’,412 1 ;298 114 29^874 H ' 151 18,723 16,075 3d40 4'401 5,638 356 264 Sept............... 31,345 1'430 1 '318 112 29,915 10.766 19^149 16,554 2,747 4,263 5,665 405 280 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......... 33,421 1 ',538 1 ,403 135 31',883 12,396 19,487 17,693 3,081 4,525 5,894 400 291 Dec................ 31,746 1 ,506 1 '395 11 1 30'240 11,320 18,920 16,231 2,796 4,605 5,957 361 289 1969—Jan................. 31,784 1,447 1 ,328 119 30,337 9,570 20,767 16,545 2,925 4,543 5,698 360 267 Feb.?............. 32,498 1'416 1 ,303 113 31'082 9'646 21,436 16,702 3,100 4,729 5,795 400 355 Mar.p. ...... 33,157 1'411 1,277 124 31,746 9,640 22,106 17,224 3,056 4^32 5,993 364 377 8a. Europe E pe n r d io o d f Total Austria B L b e o u l u g x r i e g u m m s - m D a e r n k l F a i n n d France R m G F e a p e e n . d r y . o , f Greece Italy N la e n th d e s r Norway Po g r a t l u Spain Sweden 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 11326 2,218 170 1,948 589 449 437 150 492 I 16,199 231 632 243 99 1,330 2,217 170 1,948 589 449 437 150 492 1968—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.. . 15,802 174 373 144 161 881 1,834 173 998 251 427 325 151 514 Aug.... 16,075 150 382 149 156 977 1,779 184 1,109 315 485 323 187 543 Sept.... 16,554 131 360 152 155 1,144 1,931 197 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.... 16,231 162 313 146 176 I ,383 2,640 183 729 278 448 345 158 453 1969—Jan.. . . 16,545 136 337 141 164 1 ,468 1 ,329 (95 629 216 317 330 136 453 Feb.?.. 16,702 144 331 101 169 1,468 1,368 178 601 271 322 319 148 391 Mar.p.. 17,224 155 310 124 151 1 ,476 1 ,064 172 631 267 336 325 146 419 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. □ MAY 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 e d ri o o d f Sw la i n tz d er Turkey U K d n i o n i m t g e d s Y la u v g i o a W E O u e t r s h o t e e p r r e n 6 U.S.S.R. E E O a u s t r h t o e e p r r n e Total A t r i g n e a n Brazil Chile Co b l i o a m Cuba Mexico 1966................. 1,805 43 3,817 37 234 8 40 3,883 418 299 261 178 8 632 1967-*............... JI,732 33 4,851 23 736 8 44 4,140 480 237 252 169 9 723 U >732 33 4,667 23 706 8 44 4,134 479 237 252 166 9 720 1968—Mar.. .. 1,657 29 5,583 52 439 4 35 4,072 430 301 263 154 8 721 Apr.... 1,544 28 5,881 60 438 4 31 4,297 444 351 260 160 8 745 May.... 1,553 25 6,841 59 350 4 26 4,287 473 310 241 187 8 813 June.... 1 ,741 25 7,027 51 297 5 40 4,172 429 258 245 198 8 789 July.. . . 1 ,863 22 7,053 20 401 6 32 4,484 642 248 254 179 8 817 Aug....... 1,754 18 7,092 29 405 6 34 4,401 502 301 304 186 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...... 2,008 34 6,994 40 358 6 34 4,525 502 312 289 224 8 892 Dec..... 2,155 29 6,192 33 357 5 48 4,605 479 257 323 249 8 974 1969—-Jan........ 2,048 33 8,128 25 411 12 34 4,543 495 247 301 222 8 942 Feb.i'. . . 1,816 33 8,597 20 385 6 35 4,729 482 256 330 241 7 938 Mar?’... 2,153 30 9,020 21 383 6 35 4,732 493 265 336 229 8 913 8b. Latin America—Continued 8c. Asia E pe n r d io o d f Panama Peru U gu r a u y V zu e e n l e a O L re t . h A p e . . r B B e a r h m & am ud 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 i n c r a Total C M la h a n i i n d n a K H o o n n g g India n d I e n o si a Israel 1966................. 150 249 707 177 104 17 5 250 36 142 179 54 115 1967 4............... J170 274 147 793 523 233 111 18 5,492 36 215 354 34 125 (173 274 147 793 523 233 109 18 5,541 36 217 354 34 125 1968—Mar. . .. 140 259 143 730 579 242 84 19 5,375 37 228 319 39 110 Apr. . .. 139 276 140 814 603 242 88 25 5,400 36 221 342 46 119 May.... 145 272 144 780 579 226 83 25 5,332 36 238 368 41 128 June.... 153 278 138 742 592 220 97 25 5,367 36 243 384 74 127 July. .. . 154 268 13' 797 623 245 88 27 5,510 36 260 376 51 134 Aug....... 147 278 140 792 621 234 83 28 5,638 36 255 394 51 136 Sept...... 156 275 14: 723 608 254 92 29 5,665 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 >74 239 93 31 5,894 36 260 379 49 163 Dec....... 154 276 149 792 611 215 88 30 5,957 37 270 281 50 219 1969—Jan........ 156 277 149 799 582 230 105 31 5,698 38 270 215 62 190 Feb.p. . . 151 279 155 808 >85 365 104 30 5,795 37 256 236 66 154 Mar?’... 149 274 150 750 602 434 95 34 5,993 38 262 253 69 154 8c. Asia—Continued 8d. Africa 8e. Other countries E pe n r d io o d f Japan Korea P p h in il e ip s - T w a a i n - T la h n a d i- A*" Total C s ( h K o a n i s n g a o ) r M oc o co - A So fr u i t c h a ( U E . g A y . p R t) . A O f t r h ic e a r Total t A ra u l s ia - o A th l e l r 1966.................. 2,671 162 285 228 598 F7Q 38 5 15 31 71 39 229 266 243 22 19674................ J ( 2 2 ; , 5 6 6 1 3 2 1 1 7 7 6 6 2 2 8 8 9 9 2 22 2 2 6 6 6 1 16 6 8 8 5 58 9 3 3 4 4 9 9 3 3 3 3 1 1 8 8 6 6 1 1 1 1 6 6 2 2 2 2 1 1 3 3 0 0 5 5 2 2 7 7 8 8 2 2 7 7 1968—Mar.... . 2,551 174 289 209 655 764 339 28 22 57 17 215 282 253 29 Apr........ 2,555 182 285 196 678 740 366 21 14 54 19 252 290 265 25 2,482 174 265 197 676 729 371 25 10 60 20 257 304 279 25 June.... 2,537 168 269 196 678 655 370 21 21 47 19 261 262 233 29 July........ 2,661 173 269 206 673 671 397 22 20 51 19 284 247 221 25 Aug..... 2,827 174 263 201 673 627 356 is 19 52 21 246 264 240 24 Sept....... 2,858 162 258 188 672 637 405 16 18 51 20 300 280 255 25 Oct...... 3,094 166 261 180 648 369 13 14 49 20 274 283 256 27 Nov 3,207 167 247 165 648 571 400 13 14 60 20 292 291 264 27 Dec........ 3,319 172 271 155 556 627 361 12 13 58 18 260 289 261 28 1969—Jan......... 3,247 155 237 149 559 77 360 19 15 50 19 265 267 238 28 Feb.*. . . 3,382 150 217 154 577 565 400 13 14 58 18 297 355 326 29 Mar.”.. . 3,541 132 265 159 563 558 364 9 15 53 19 267 377 343 34 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. z 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. * 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
MAY 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) 1967 1968 1967 1968 Area or country Area or country Apr. Dec. Apr. Dec. Apr. Dec. Apr. Dec. Other Western Europe: Other Asia—Cont.: Cyprus.......................................... 1.5 1.7 20.9 n.a. Jordan......................................... 45.2 39.8 6.6 3.0 Iceland........................................... 5.7 4.3 3.3 5.6 Kuwait......................................... 28.6 36.6 34.0 66.7 Ireland, Rep. of.......................... 7.4 9.4 14.7 23.8 Laos............................................. 6.5 3.6 4.0 3.1 Luxembourg................................. 21.7 31.3 (0 (8) Lebanon...................................... 112,2 113.3 97.2 78.3 Malaysia..................................... 34.9 63.9 52.1 51.8 Other Latin American republics: Pakistan....................................... 45.3 54.8 54.1 59.7 Bolivia........................................... 57.9 59.9 61.0 66.0 Ryukyu Islands (inch Okinawa). 31.2 14.5 26.4 17.0 Costa Rica.................................... 41.9 42.6 55.0 51.1 Saudi Arabia........................... 96.4 61.2 70,3 29.0 Dominican Republic................... 53.9 55.1 60.2 68.9 Singapore.................................... 60.3 159.5 156.9 n.a. Ecuador......................................... 92.4 85.6 64.1 66.4 Syria............................................. 4.7 6.3 6.5 2.1 El Salvador................................... 96’4 72.8 83.6 82.1 Vietnam....................................... 146.3 148.2 123.0 50.5 Guatemala.................................... 83.9 73.0 96.4 85.8 Haiti.............................................. 16.8 15.8 17.4 16.9 Other Africa: Honduras...................................... 28.6 29.7 31.4 33.2 Algeria......................................... 13.4 6.9 7.9 8.1 Jamaica......................................... 19.3 22.4 44.4 41 .7 Ethiopia, (incl. Eritrea).............. 40.2 23.8 22.5 13.2 Nicaragua..................................... 62.7 45.6 57.9 67.0 Ghana......................................... 5.3 4.3 13.0 3.3 Paraguay...................................... 16.6 12.7 13.6 15.7 Kenya.......................................... 2.1 16.4 19.8 28.6 Trinidad & Tobago..................... 5.4 6.1 9.2 10.4 Liberia........................................ 21.6 24.9 26.4 25.2 Libya........................................... 76.0 17.9 45.0 n.a. Other Latin America: Nigeria................................ 36.5 37.9 24.0 n.a. British West Indies....................... 14.2 13.8 20.6 25.2 Southern Rhodesia..................... 3.3 2.4 4.2 1.4 Sudan.......................................... 6.7 2.3 2.1 5.3 Other Asia: Tanzania...................................... 9.1 20.3 26.9 n.a. Afghanistan.................................. 7.8 5.5 5.6 6.2 Tunisia......................................... 1.0 10.3 2.0 7.1 Burma............................................ 20.3 10.8 16.6 4.7 Uganda....................................... .7 1.4 10.0 n.a. Cambodia..................................... 1.3 1.9 2.7 n.a. Zambia........................................ 25.9 24.8 21.3 n.a. Ceylon........................................... 2.7 5.0 4.5 4.2 Iran............................................... 44.0 49.6 38.4 41.3 All other: Iraq................................................ 28.0 34.6 10.0 n.a. New Zealand.............................. 16.7 17.5 15.4 16.8 ? 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. SHORTTERM 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 for i e n i gn 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*............................. f 30,'657 26 J00 10,054 3,728 9,093 3,425 4,128 1,693 21052 81 302 229 t 30,519 26,165 9,884 3,721 9,093 3,467 4,125 1,693 2,054 81 297 229 1968-—-Mar............. 30,081 25,675 10,487 3,429 8,098 3,661 4,083 1,585 2,053 101 344 323 Apr..................... 30,570 26,194 10’750 31488 8,047 31909 4,077 11607 2,057 86 327 300 May.................. 30,763 26,391 11 ’,963 3,379 7,082 3,967 41052 1,582 2 ,’045 88 337 320 June................... 30,189 25,693 12,313 3J15 6,067 3,999 4,171 1,694 21048 88 342 323 July,.................. 30'748 26,124 12,466 31398 61031 4,230 4,111 11613 21067 79 352 512 Aug................... 31,286 261651 12’941 3,455 61171 4,084 4,'126 1,581 2 ,'069 81 395 509 Sept.................... 31,345 26,581 12J24 3',432 61111 4,114 41203 1 1641 2,116 78 368 561 Oct.. .................. 31’774 27,025 13'328 3J57 6,328 4,012 41196 1 ,596 2,140 77 383 553 Nov.................... 33,421 28.505 131410 3,281 71761 4,054 4,342 1,674 2,178 83 408 573 Dec..................... 31’746 26,665 12,622 31301 61710 4,032 4,443 1 ,796 2J99 86 362 638 1969—Jan...................... 31,784 26,851 14,026 3,298 5,315 4,211 4,424 1,744 2,203 106 370 509 Feb.p................. 32'498 27,550 14,395 3,391 5,412 4,352 41390 1,770 2,185 73 362 557 Mar.p................. 33,157 28,193 14J29 3,444 5,271 4,848 4,390 1 ,751 2,160 104 374 574 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. 3 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. □ MAY 1969 10. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. GOVERNMENT BONDS AND NOTES (End of period; in millions of dollars) 1968 1969 Area and country Mar. Apr. Mayr Juner July Aug.r Sept.r Oct.r Nov.r Dec.T Dec. Jan. Feb.p Mar.p Europe: Denmark............................ 12 12 11 11 11 11 ! 1 11 11 11 10 10 9 9 Finland............................... I 1 2 2 2 2 2 2 2 2 1 I 1 1 France................................. 7 7 7 7 7 7 7 7 7 7 5 5 5 5 Netherlands....................... 4 4 4 4 4 4 4 4 4 4 2 2 2 2 Norway.............................. 49 49 57 57 57 38 38 38 38 38 37 37 37 37 Spain................................... 2 1 1 1 1 1 1 1 1 1 1 1 1 1 Sweden............................... 24 26 26 26 26 6 6 6 6 6 5 5 5 5 Switzerland......................... 91 91 92 91 91 90 90 90 87 87 39 45 45 45 United Kingdom............... 423 431 427 432 445 455 449 444 446 432 350 371 377 370 Other Western Europe.... 48 48 48 47 47 46 46 46 46 46 30 30 30 30 Eastern Europe................. 7 7 7 7 7 6 6 6 6 6 6 6 6 6 Total............................... 669 677 682 685 697 666 660 655 654 641 488 515 520 512 Canada................................... 378 377 377 377 376 374 371 370 375 373 384 386 387 388 Latin America: Latin American republics.. 5 5 5 5 5 5 5 5 5 5 2 2 2 2 Neth. Antilles & Surinam. 18 17 17 17 20 22 22 22 22 22 15 15 15 15 Other Latin America......... 2 2 2 2 2 2 2 1 1 * * ♦ * Total.............. 25 24 25 25 27 29 28 ' 28 28 28 17 17 18 17 Asia: Japan................................... 9 9 10 10 10 10 10 10 10 10 9 9 9 9 Taiwan................................ 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Other Asia......................... 52 52 52 52 52 50 61 61 61 61 16 15 15 15 Total........................... 63 63 63 63 63 62 73 73 73 73 26 27 27 27 Other countries...................... 20 20 20 20 20 25 25 25 23 23 11 11 9 9 Total foreign countries......... 1,153 1,161 1,167 1,170 1,184 1,156 1,157 1,151 1,153 1,138 927 956 961 954 International and regional: International...................... 168 168 129 129 122 122 37 29 29 29 25 25 24 24 Latin American regional.. 36 36 37 37 38 38 38 38 39 13 13 14 14 14 Asian regional................... 1 1 1 1 1 1 1 1 1 I Total........................... 205 205 166 167 160 160 76 68 68 43 39 40 38 38 Grand total................ 1 ,358 1,366 1 ,334 1,336 1,344 1,316 1 ,233 1,219 1 ,221 1,180 966 996 999 992 Note.—Data represent estimated official and private holdings of mar- Data shown for Dec. 1968 (second column) through latest date are based Icetable U.S. Govt, securities with an original maturity of more than I on a benchmark survey as of Nov. 30, 1968, and the monthly transactions year. Data shown through Dec. 1968 (first column) are based on a July 31, reports. For statistical convenience, the new series is introduced as of Dec. 1963, benchmark survey of holdings and regular monthly reports of se- 31, 1968, rather than as of the survey date. See also note 9 to Table 6. curities transactions (see Table 15). 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. 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-—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 J22 12 914 16 146 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 60 926 125 311 Oct.................. 2’996 1.397 12 1,164 20 146 15 25 15 I ^598 50 60 1,051 125 311 Nov................. 2 969 1,370 12 1 134 20 146 15 25 18 1,598 50 60 1,051 125 311 Dec................. 3^330 1,692 32 1 '334 20 146 15 25 20 100 1,638 50 1,051 226 311 1969-—Jan.......... 3,455 1,692 32 1 334 20 146 15 25 20 100 1,763 50 1,176 226 311 Feb.................. 3’431 1,692 32 1’334 20 146 15 25 20 100 1,738 50 1,126 226 337 Mar............... 3 405 1,667 32 1,334 141 15 25 20 100 1,738 50 1,126 226 337 Apr................. 3,568 1,666 32 1,334 .......... 140 15 25 20 100 1,902 50 ...1..,.2..5..0 226 376 ...... 1 Includes bonds issued in 1964 to the Government of Canada in connec 2 Bonds issued to the Government of Italy in connection with mili tion with transactions under the Columbia River treaty. Amounts out tary purchases in the United States. standing end of 1966, $144 million; end of 1967 through Oct. 1968, $114 3 In addition, nonmarketable U.S. Treasury notes amounting to $125 million; and Nov, 1968 through latest date, $84 million. million equivalent were issued to a group of German commercial banks in June 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 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 to ra ta n l d I r n e t g i i , o a n n a d l Europe Canada A L m a e t r in ic a Asia Africa co O un th tr e ie r s 1966 1............................................................................... 7,853 1 1,374 611 2,453 3,206 147 62 1967 1............................................................................. / ( 8 8 , , 5 6 8 0 3 6 ♦ 1 1, , 2 2 3 3 8 4 5 59 9 7 7 2 2, ’, 7 7 0 0 7 7 3 3 , ,8 8 7 9 5 4 1 1 0 0 2 2 6 6 7 7 (968—Mar........................................................................ 8 387 * 1,060 513 2,696 3,944 106 68 Apr........................................................................ 8 395 1,101 496 2^696 3,932 105 65 May...................................................................... 8 331 * 1,156 479 2,699 3,813 116 68 June...................................................................... 8'244 1 1,101 479 2,705 3 ,776 120 63 July....................................................................... 8 179 1 1,019 501 2,735 3 ,735 124 64 Aug.................................................................. 8 230 1 1 ,'007 490 2,81! 3^73! 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.................................................... 8 547 1,202 503 2,888 3,759 122 73 Dec....................................................................... 8’695 * 1 '205 523 2'884 3,872 133 79 1969—-Jan........................................................................ 8 352 1 1 ,106 503 2,837 3 ,709 127 70 Feb.p....................................................... 8’390 1 1,154 593 2'756 3,703 120 63 Mar,p.................................................................... 8,629 2 1,163 672 2^788 3,830 109 65 12a. Europe Bel End of period Total A tr u ia s L b g o u iu u x m e rg m - 2 D m e ar n k l F a i n n d France G Fe e d r o m . f R an e y p. , Greece Italy N la e e n r t d h s N w o ay r t P u o g r a l Spain S d w en e 1966 1........................... 1,374 16 67 62 91 74 227 16 110 40 76 41 67 75 1967 1............................ J (1 I , , 2 2 3 3 8 4 1 1 6 7 8 6 3 6 3 3 7 7 7 78 8 8 88 8 1 1 7 7 9 6 1 19 9 5 5 8 8 3 35 5 6 6 1 1 2 26 6 5 54 4 7 7 5 5 1968—-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 62 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........... 1,202 6 48 36 62 84 177 12 98 34 45 15 49 62 Dec.................... 1 '205 6 40 36 63 66 171 12 105 40 43 10 46 58 1969—Jan..................... 1,106 3 45 34 63 59 146 11 75 37 38 9 40 59 Feb.p.......... 1,154 5 52 42 61 53 149 12 93 34 35 8 40 54 Mar.p............... 1,163 3 46 31 57 58 136 12 98 41 32 8 44 56 12a. Europe—Continued 12b. Latin America End of period S l w e an r i t d z T k u ey r U K d n o i i n m te g d Y sl u av g i o a E W O u e r t s o h t p e e e r r n 3 U.S.S.R. E E O u as r th o te p e 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 1966 1........................... 88 52 193 19 40 2 16 2,453 187 112 158 305 16 757 1967 1............................. / \ 9 9 8 8 3 3 8 8 2 2 4 4 4 4 1 1 3 3 3 1 0 3 3 3 1 1 8 8 2 2 , , 7 7 0 0 7 7 2 2 2 2 1 1 1 1 7 73 3 1 1 7 7 7 7 2 2 1 1 7 7 1 16 6 9 96 6 0 0 1968—Mar...................... 76 28 241 15 11 I 23 2,696 198 213 184 190 15 1 007 Apr...................... 93 33 238 17 12 3 25 2,696 208 233 176 188 15 983 May........... 104 34 279 19 11 2 31 2,699 210 249 166 190 15 977 June..................... 76 41 267 20 11 26 2,705 195 238 166 202 14 972 July.................... 78 23 249 17 11 29 2,735 203 283 169 202 14 988 Aug.............. 78 28 241 15 12 1 23 2,811 206 347 174 195 14 971 Sept...................... 93 30 269 17 11 1 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.. .................. 109 27 285 17 14 1 21 2^888 233 333 181 202 14 937 Dec...................... 93 38 318 22 15 3 21 2,884 249 338 193 206 14 943 1969—Jan....................... 95 26 303 33 11 1 18 2,837 245 338 176 190 14 914 Feb,p................... 124 26 302 34 11 1 18 2,756 247 336 168 188 14 931 Mar.p.................. 108 35 331 36 12 3 18 2,788 254 337 165 197 14 966 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. □ MAY 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 io o d f Panama Peru U gu r a u y V zu e e n l e a r l e L ic p . s A ub . B m & e a r s A S n u t & i r l i le s A L m a ic t a i e n r Total C M la h a n i i n d n a H Ko o n n g g India I n n e d si o a Israel muda nam 19661................ 85 212 45 220 261 61 18 16 3,206 1 31 16 6 98 19671................ 1 h 47 ? 2 2 4 4 9 9 4 42 2 2 2 2 2 6 6 2 2 8 8 9 9 6 63 3 1 1 0 0 1 1 8 8 3 3 , , 8 87 9 5 4 1 1 2 3 8 0 1 1 0 0 5 5 5 5 7 7 1968—Mar...... 53 233 40 221 254 62 9 18 3,944 I 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 1 33 14 24 56 July. ... 50 205 33 212 276 73 13 15 3,735 1 29 20 20 54 Aug....... 50 199 43 211 278 93 14 16 3,731 1 27 13 22 56 Sept. . .. 50 198 56 220 277 108 14 16 3,708 I 29 19 26 56 Oct........ 57 195 61 211 269 130 19 15 3,687 I 28 17 20 55 Nov...... 52 204 57 215 281 142 18 17 3,759 1 29 15 19 56 Dec....... 56 207 44 232 280 80 19 22 3,872 1 32 19 23 84 1969—Jan........ 52 200 40 213 268 147 21 17 3,709 1 27 13 19 80 Feb.?'. .. 57 179 43 204 270 88 14 16 3,703 26 13 24 80 Mar.7’... 58 181 42 203 273 65 16 18 3,830 1 33 11 25 94 12c. Asia—Continued 12d. Africa 12e. Other countries End of period Japan Korea P p h in il e ip s T w a a i n T la h n a d i O A 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 19661..................... 2,572 31 220 15 81 135 147 1 2 50 25 69 62 52 10 13,147 59 295 37 100 137 102 1 2 37 11 52 67 54 13 19671.......... I3,154 59 303 37 100 138 102 1 2 37 11 52 67 54 13 1968—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 93 142 122 2 3 40 8 68 73 58 14 Dec............. 3,113 77 239 38 99 145 1 33 3 2 46 8 73 79 66 13 1969—Jan.............. 2,998 71 233 36 93 138 127 3 2 40 10 72 70 59 11 Feb.p...... 2,972 78 241 39 87 142 120 2 3 38 8 70 63 53 10 Mar.P.......... 3,056 77 269 44 84 137 109 2 4 38 8 56 65 56 10 i Data on the two Unes 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 Une 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
MAY 1969 a 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— Accept Foreign End of period Total Total Total O i t n i f o s f t i n i c t i s u a 1 l Banks Others C s t o t o i i a o n u l n n l g t e d s c fo o m e a i r f n g a a c n d f c e o e e c s r r s t , Other Total w D ei i e g t p h n o e f s o r i s r t s g c a c n o u p n o a v r a d m i n t p t , c i e l f e s . e i r s e , Other 1966 2........................... 7,853 7,433 3,141 256 I ,739 1,145 1,288 2,540 464 420 241 70 110 18,583 8,158 3,137 306 1 ,603 1,228 1 ,511 3,013 498 425 287 74 63 1967 2........... ..... \8,606 8,182 3,150 306 1 ,616 1 ,228 1 ,552 3,013 467 425 287 74 63 1968—'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................... 8,179 7^841 3^002 287 1 ,566 1 ,148 1 ,586 2,787 467 338 230 51 57 Aug................... 8,230 7^903 3,022 300 1 ;570 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............ 8'547 8149 3'219 220 1J811 1,189 l',697 2,747 486 398 279 63 55 Dec.................... 8; 695 8,259 3,163 246 1 ,697 1,219 1 ,733 2,854 509 436 336 37 63 1969—Jan.............. 8,352 7,984 3,038 217 1 ,667 1,154 1,623 2,794 528 368 253 50 65 Feb.p................ 8,390 8'014 3,142 225 I ,757 1 '159 1 ,563 2,746 563 376 260 40 76 Mar.»................ 8'629 8,198 3,207 275 1 J85 1,147 1 ,630 2,777 584 430 270 70 90 1 Includes central banks. with those shown for the preceding date; figures on the second fine 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 Foreign national Payable in dollars Payable Total c t o ri u e n s reg a i n o d n al Total Loans o A th l e l r f r o e c n r i u e c n i r i g e n s U K d n i o n i m t g e d E O u t r h o e p r e Canada A L m a e t r i i n c a Japan O A t s h i e a r t O c r o i t e u h s n e r 1 1966............... 1,494 988 506 4,180 3,915 247 18 70 1,143 326 1,346 326 409 562 1967............... 2,546 1 ,858 689 3,925 3,635 274 15 56 720 427 1 ,556 180 449 537 1968—-Mar.... 2,607 1,978 629 3,785 3,462 312 11 54 671 415 1 ,441 172 522 509 Apr.... 2,655 2,035 620 3,849 3,509 330 11 65 661 435 1 ,450 162 553 523 May... 2,754 2,079 675 3,791 3,432 348 11 65 632 429 1,442 151 553 518 June... 2,779 2,127 651 3,736 3,377 348 11 65 601 417 1 ,435 152 559 506 July. . . 2,615 1 ,995 620 3,627 3,269 346 11 65 552 414 1 ,411 145 545 495 Aug... . 2,744 2,119 625 3,612 3,259 342 12 70 519 414 1 ,401 138 567 502 Sept.... 2,895 2,265 630 3,571 3,215 345 12 71 506 418 1,384 136 558 498 Oct.... 2,963 2,309 655 3,645 3,282 349 13 71 495 416 1,418 132 621 492 Nov.... 3,009 2,300 709 3,611 3,248 350 14 69 497 420 1,382 128 624 492 Dec... . 3,140 2,390 750 3,576 3,163 396 16 68 479 428 1,375 122 616 488 1969—-Jan.. . . 3,153 2,385 768 3,518 3,125 376 16 67 473 408 1,379 118 607 465 Feb.p.. 3,128 2,358 770 3,534 3,114 402 18 67 474 432 1,382 117 610 452 Mar.p.. 3,097 2,340 758 3,434 3,042 376 16 69 473 400 1,336 114 570 473 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. □ MAY 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 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 17,502 13,330 4,172 2,282 3,667 -1 385 1 ,245 1 ,562 -316 1969—Jan.-Mar.p. ... 26 -1 27 -3 29 4,264 3,179 1,085 533 835 -302 378 424 -45 1968—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 May.. - ’’33 —39 r6 r8 — 2 1 ,852 1,375 477 305 185 120 87 110 — 22 June.......... 3 2 I 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.................. -28 -28 -36 8 1,340 1,050 290 141 225 -84 100 187 -87 Sept.................. -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 2 — 2 3 1,570 1,270 300 172 361 —189 146 155 — 9 Dec................... -41 — 26 -15 — 15 i ,790 1 ,468 321 104 166 —62 100 174 -74 1969—Jan................... 30 1 29 29 1,660 1,134 526 168 344 -176 130 109 21 Feb.P................ 4 -1 5 — 3 7 ! ,416 1,065 351 121 227 -106 123 190 -68 Mar.p.............. -7 -7 — 7 1,188 980 208 244 264 -19 126 125 1 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 1967............. 1,070 757 313 182 427 — 452 229 385 305 115 79 34 17 136 1968............. 4,172 2,269 1,903 356 1 ,316 494 1 ,121 3 287 454 163 123 2 13 130 1969—Jan.- Mar,p 1 ,085 733 353 29 402 28 229 688 122 56 22 -1 11 186 1968—Mar... 315 262 53 16 51 9 277 353 28 -13 5 1 -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 -1 69 Oct... 399 211 188 18 129 14 86 246 25 19 -9 * 3 115 Nov... 300 284 16 57 116 24 36 233 34 13 17 -3 6 Dec... 321 237 84 29 104 12 86 231 29 39 9 ♦ 10 3 1969—Jan... 526 363 163 12 191 9 89 301 98 32 22 -1 3 70 Feb.p. 351 270 81 10 120 48 61 239 40 45 2 10 15 Mar.P 208 100 109 7 91 -29 79 148 -16 -22 -2 * -2 102 Note.—Statistics include State and local govt, securities, and securities the United States. Also includes issues of new debt securities sold abroad of U.S. Govt, agencies and corporations that are not guaranteed by by U.S. corporations organized to finance direct investments abroad. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 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) Period Total g I . i a r o n n e n t d “ i a , l T c e t f o r o i o i u g t e r a n n s l r E o u p e C a a d n a A L i a m c t a i e n r Asia r A ic f a O c t o r t i h u e e n 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 1967................... -1,320 -393 -927 3 -768 38 -152 -20 -27 1968................... — 1'702 -329 -1,372 4 -934 -301 -109 -39 6 1966.............. 174 7,036 12,946 1967.............. 135 9’, 223 13^253 1969-Mar.-Feb.p -347 65 -413 32 -312 -62 -58 -7 -5 1968—Apr... 140 8,763 13,614 1968—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 June....... -150 2 -152 8 -103 -27 -20 -12 2 Aug... 127 7,590 13,357 July........ -88 -14 -74 53 -56 -60 -7 -4 Sept... 192 7,777 13,187 Aug........ -172 -13 -159 -58 -92 -2 -8 -1 2 Oct.... 100 7,956 13,151 O Se c p t. t . . . . . . . . . . . . . . . . . - -1 2 7 1 9 4 -2 - 1 1 8 8 -19 3 5 9 -6 7 9 9 - - 6 5 1 5 -4 ■ 4 6 -2 -7 1 16 * N D o e v c. . . . . . 2 2 2 1 0 6 9 9 , , 6 1 7 2 3 0 1 1 3 3 , , 0 0 5 6 9 6 Nov........ -198 -58 -140 41 -101 -60 -26 3 2 Dec...... -136 -6 -131 -68 -17 -5 -35 * -6 1969—Jan.... 126 7,893 13,132 Feb... 121 8,062 13,160 1969—'Jan.......... -155 -32 -122 13 -129 -5 -4 -I 3 Mar... 164 8,012 13,176 Feb J'.. . . -174 -5 -170 -3 -163 4 -9 2 Apr.. . 130 8,546 13,128 Mar.p.,.. -18 102 -121 21 -20 -60 -45 -6 -11 i 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 tn 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 1968 1968 Jan 29 , . 1,040 1 ,688 4,259 Dec. 4........................... 6,960 Feb 26........................... 1,077 Feb. 23.......................... 1,902 Feb. 28........................... 4,530 11........................... 7,439 Mar 25 ................... 1,046 1,879 Mar. 27........................... 4,920 18........................... 7,290 25........................... 6,976 Apr. 29........................... 1,146 Apr. 27........................... 1 ,909 5,020 May 27........................... 1,132 May 25........................... 2,003 5,888 June 24.......................... 917 June 29........................... 1,951 6,241 1969 July 29.......................... 1,008 July 27........................... 2,786 1,166 3,134 July 31........................... 6,183 Jan. 1........................... 6,054 1,166 Sept. 28........................... 3,472 8........7...,.4..8..9.. ......... 6,688 15........................... 8,134 Oct. 28........................... 1,198 Oct. 26.................. 3,671 " 14 6,836 22........................... 8,576 Nov. 25........................... 1,380 Nov. 30........................... 3,786 21 6,967 29........................... 8,656 Dec. 30.......................... 1,183 Dec. 28........................... 4,036 28 ......................... 7,025 1965 1967 Feb. 5........................... 8,567 Sept, 4........................... 6,984 12 8,332 1,358 Jan 25........................... 3,653 11........................... 7,373 19........................... 8,544 Feb 24.......................... 1,592 Feb. 22............................ 3,396 18........................... 7,599 26........................... 8,869 1,431 Mar. 29........................... 3,412 181......................... 7,610 25........................... 7,131 1 ,433 Apr. 26........................... 3,047 9,172 1,432 May 31.......................... 2,776 Oct. 2.......................... 6,914 12........................... 9,418 June 30.......................... 1,436 June 28........................... 3,166 9........6..,.8..8...7.. ......... 19........................... 9,738 16........................... 7,240 26........................... 9,662 July 28.......................... 1,572 July 26........................... 3,660 23........................... 7,504 1,792 Aug. 30........................... 3,976 30........................... 7,080 Sept. 29 ......................... 1,611 Sept. 27 .......................... 4,059 Apr. 2........................... 9,199 Nov. 6.......................... 6,961 ' 9........9..,..5..3..4.. ......... Oct 27.................. 1,719 Oct. 25........................... 4,322 13........................... 7,180 16........................... 9,749 Nov. 24................... 1,697 Nov. 29........................... 4,206 20........................... 7,388 23........................... 10,319 Dec. 29........................... 1,345 Dec. 27........................... 4,241 27.......................... 7,273 30........................... 9,442 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. □ MAY 1969 20. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (Encl of period; in millions of dollars) Liabilities to foreigners Claims on foreigners Area and country 1967 1968 1967 1968 Dec. Mar. June Sept. Dec J’ Dec. Mar. June Sept. 060.” Europe: Austria................................................ 2 2 3 2 7 5 17 6 6 5 Belgium-Luxembourg 1......................... 27 29 47 60 73 42 44 54 68 49 Denmark................................................ 7 43 8 8 4 1 1 10 9 10 12 Finland................................................... J 4 4 4 4 6 7 9 9 9 France.................................................... 64 68 92 114 112 111 128 136 157 145 Germany, Fed. Rep. of........................ 92 108 126 150 120 134 128 127 174 204 Greece.................................................... 11 12 15 14 I 1 20 20 24 26 27 Italy........................................................ 61 59 60 64 63 103 111 119 130 124 Netherlands........................................... 79 71 84 65 42 51 78 86 67 54 Norway.......................................... 4 4 4 5 4 8 10 10 10 10 Portugal.................................................. 6 4 6 8 4 7 6 8 8 7 Spain...................................................... 31 34 50 48 37 90 88 72 76 71 Sweden ................................................... 24 17 24 26 25 24 26 26 26 26 Switzerland............................................ 86 63 70 1 12 116 29 31 32 71 39 Turkey.................................................... 3 3 3 3 5 9 9 9 7 5 United Kingdom................................... 310 255 274 407 391 774 1 ,095 1 ,514 1 ,450 1,206 Yugoslavia............................................. 1 1 4 6 6 4 7 Other Western Europe1....................... 4 4 6 5 9 14 12 13 15 16 Eastern Europe...................................... 1 1 1 1 2 8 10 10 6 8 Total............................................... 814 783 878 1 ,096 1 ,029 1,449 1 ,836 2,269 2,318 2,024 Canada...................................................... 205 191 199 199 194 547 501 559 501 539 Latin America: Argentina........................................... 4 5 6 7 6 28 28 31 36 46 Brazil...................................................... 9 13 18 19 16 84 83 87 102 91 Chile....................................................... 8 10 12 6 5 34 31 30 38 36 Colombia............................................... 9 6 9 7 7 22 25 25 25 29 Cuba...................................................... * * 2 2 2 2 Mexico................................................... 10 7 9 9 6 112 109 83 94 103 Panama.................................................. 4 5 3 5 3 13 10 12 15 15 Peru........................................................ 6 6 5 6 7 29 28 28 28 26 Uruguay................................................ 1 2 1 1 1 5 4 5 4 6 Venezuela............................................... 33 35 35 36 33 57 62 59 57 67 Other L. A. republics............................. 24 15 18 23 22 64 59 63 72 80 Bahamas and Bermuda......................... 11 9 12 10 18 23 35 36 46 66 Neth. Antilles & Surinam..................... 5 5 4 4 5 7 5 6 5 6 Other Latin America............................ 2 2 I 2 10 9 8 8 9 Total............................................... 124 120 133 134 133 490 490 474 532 581 Asia: Hong Kong............................................ 5 4 4 4 5 9 7 10 10 8 India....................................................... 12 13 14 10 12 42 41 37 39 34 Indonesia................................................ 4 4 5 3 4 4 6 6 7 7 Israel...................................................... 3 4 17 15 17 6 7 10 9 6 Japan...................................................... 63 75 78 91 89 185 178 174 195 207 Korea...................................................... 1 1 1 1 1 9 12 14 18 21 Philippines............................................. 8 8 8 10 9 33 26 22 21 25 Taiwan.................................................... 5 6 4 3 5 9 8 12 12 19 Thailand................................................. 5 2 2 2 2 13 13 15 15 16 Other Asia............................................ 46 46 45 36 31 87 86 90 97 134 Total............................................... 151 165 176 175 176 397 383 391 423 476 Africa: Congo (Kinshasa)................................. * 1 1 1 1 3 2 5 3 2 South Africa.......................................... 8 7 6 12 11 14 17 16 19 31 U.A.R. (Egypt)...................................... 3 4 6 4 5 7 5 6 6 7 Other Africa........................................... 12 16 12 8 8 33 37 37 37 37 Total.............................................. 23 29 24 25 24 56 61 64 65 76 Other countries: Australia............................................ 61 53 46 43 44 62 57 62 58 54 All other................................................ 8 7 7 6 5 10 12 10 9 11 Total............................................. . 69 60 53 49 48 72 69 72 68 65 International and regional........................ * * ♦ * * ♦ * I 1 1 Grand total.................................... 1,386 1 ,348 1 ,464 1 ,678 1 ,603 3,011 3,341 3,830 3,907 3,763 i 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 non banking 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
MAY 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 ab le Payable Total dol in la rs cu f r o r r e e n ig ci n e s Total do i l n la rs D ba e n p k o s s i a t b s 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 2^11 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.................................................................................. 1,353 1,029 324 2'555 2J16 192 246 Dec................................... ,.....,,............. 1,371 1,027 343 2’946 2,529 201 216 Dec.1............................. ■ 1 ,386 1 ,039 347 3,01 1 2,599 203 209 1968 Mar.................................................................................... 1,348 981 367 3,341 2,908 211 222 June................................................................................... 1 ,464 1,046 418 3'830 3,378 211 241 Sept.. . ............................................................................ 1 '678 1 '271 407 3^907 3'278 422 206 Dec.*................................................................................. 1 ,603 1 ,218 385 3,763 3'142 368 254 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 A O L m a t e h t r i e i n c r a Japan O A t s h i e a r Africa o A th l e l r 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 1'101 31 116 230 217 74 138 89 96 91 18 Dec......................... 136 1,169 31 112 233 209 69 196 98 114 89 17 Dec. i..................... 147 1,139 31 112 236 209 65 198 98 87 85 18 1966—Mar........................ 176 1,156 27 124 239 208 61 206 98 87 87 19 June....................... 188 1,207 27 167 251 205 61 217 90 90 86 14 Sept........................ 249 1’235 23 174 267 202 64 207 102 91 90 14 Dec......................... 329 1,256 27 198 272 203 56 212 95 93 87 13 1967—Mar........................ 454 1,324 31 232 283 203 58 210 108 98 84 17 June................. 430 1,488 27 257 303 214 88 290 110 98 85 15 Sept........................ 411 1,452 40 212 309 212 84 283 109 103 87 13 Dec........................ 414 1,537 43 257 311 212 85 278 128 117 89 16 Dec. i.................... 428 1'570 43 263 322 212 91 274 128 132 89 16 1968—Mar........................ 582 1,536 41 264 330 206 61 256 128 145 84 21 June....................... 759 1,567 32 288 345 205 67 249 131 134 83 33 Sept........................ 757 1 ’,625 43 313 376 198 62 251 126 142 82 32 Dec......................... I ,087 1,744 142 312 383 194 73 235 128 156 83 38 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 □ MAY 1969 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti Inti. Esti End of mated Mone United mated Afghan Argen Aus Aus Bel Brazil Burma Canada Chile period total tary States rest of istan tina tralia tria gium world1 Fund world 1962 41,475 2,194 16,057 23,225 36 61 190 454 1,365 225 42 708 43 1963 42;305 2,312 15,596 24,395 36 78 208 536 1 ,371 150 42 817 43 1964 43^015 2,179 15,471 25,365 36 71 226 600 1,451 92 84 1 ,026 43 1965 243^230 31,869 13,806 27,285 35 66 223 700 1,558 63 84 1 151 44 1966 43'185 2,652 13,235 27,300 35 84 224 701 1,525 45 84 1,046 45 1967 41'600 2,682 12,065 26,855 33 84 231 701 1,480 45 84 1,015 45 1968-—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 I ,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......... ”40,905 2,288 10,892 ”27,725 31 109 257 714 1 '524 45 84 863 46 1969-—Jan............... 2,288 10,828 31 109 258 714 1,524 45 84 863 47 Feb ”............ 2,292 10,801 31 109 257 714 1,522 45 84 863 46 Mar.”. .......... 2,295 10,836 256 714 1,522 84 863 46 Ger End of Co Den Fin many, Ire period lombia mark land France Fed. Greece India Iran Iraq land Israel Italy Japan Rep. of 1962.......................... 57 92 61 2,587 3,679 77 247 129 98 18 41 2,243 289 1963 ......................... 62 92 61 3,175 3,843 77 247 142 98 18 60 2,343 289 1964......................... 58 92 85 3,729 4,248 77 247 141 112 19 56 2,107 304 1965.......................... 35 97 84 4,706 4,410 78 281 146 110 21 56 2,404 328 1966. ............... 26 108 45 5,238 4,292 120 243 130 106 23 46 2,414 329 1967 . ...................... 31 107 45 5,234 4,228 130 243 144 115 25 46 2,400 338 1968-—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 1 14 45 3,877 4^539 140 243 158 193 79 46 2,923 356 1969-—Jan.......... 31 (14 45 3,877 4,539 132 243 158 193 79 46 2,923 356 Feb.”............ 31 114 45 3,'877 4,541 132 243 158 193 79 46 2,925 356 Mar.”............ 30 114 45 3,827 4,541 132 243 158 193 79 46 2,924 357 End of Leb Malay Mexi Moroc Nether Nor Paki Philip Portu Saudi period Kuwait anon Libya sia co co lands way stan Peru pines gal Arabia 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 J30 18 53 65 44 643 69 1967..................... 136 193 68 31 166 21 1,711 18 53 20 60 699 69 1968--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 j697 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 66 165 21 1 '697 24 54 20 65 856 119 Dec................ 122 288 85 66 165 21 1 ,697 24 54 ”20 62 856 119 1969--Jan............... 122 288 85 66 165 21 1,697 24 54 58 857 119 Feb ”............ 124 288 85 165 21 1,698 23 54 60 856 119 Mar ”............ 288 85 21 1 ,698 24 54 65 856 119 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 1969 a GOLD RESERVES AND PRODUCTION A 87 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d i o o d f A So fr u i t c h a Spain Sweden Sw la i n tz d er Taiwan T la h n a d i Turkey ( U E . g A y . p R t) . U K d n i o n i m t g e d U gu r a u y V zu e e n l e a Y sl u av g i o a S I e f n t o t t r i l . e ments 4 1962............................. 499 446 181 2,667 43 104 140 174 2,582 180 401 4 — 50 1963 .............................. 630 573 182 2'820 50 104 115 174 2’484 171 401 14 — 279 1964....................... 574 616 189 2'725 55 104 104 139 2,136 171 401 17 -50 1965............................. 425 810 202 3,042 55 96 116 139 2,265 155 401 19 -558 1966.............................. 637 785 203 2,842 62 92 102 93 1 J 940 146 401 21 -424 1967............................. 583 785 203 3^089 81 92 97 93 1,291 140 401 22 -624 1968—Mar............ 742 785 203 2,603 81 92 97 93 1,493 133 401 22 -345 Apr.................... 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 Aug................... 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 44 —265 Oct............ 1,145 785 225 2’626 81 92 97 93 134 403 44 — 274 Nov... .............. 1 ’,199 785 225 2',625 81 92 97 93 133 403 50 -260 Dec.................... 1,243 785 225 2’624 81 92 97 93 1,474 133 403 50 -349 1969—Jan..................... I ,287 785 225 2,623 81 92 97 93 403 50 —276 Feb ^.......... 1 ,321 785 225 2’646 81 92 97 93 403 50 — 278 Mar v.............. 1,367 785 225 2; 645 92 97 403 50 — 284 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. Hie 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 Congo tion i A So fr u ic th a R de h s o ia Ghana s ( h K a i s n a ) U St n a i t t e e s d C a a d n a M ic e o x N ra i g c u a a Co b l i o a m India P p h i i n l e ip s t A ra u l s ia ot A h l e l r 1961.. 1,215.0 803.0 20.1 29.2 8.1 54.8 156.6 7.9 14.0 14.8 37 53.9 1962.. 1,295.0 892.2 19.4 31.1 54.5 146.2 7.8 13.9 14.8 37 56.6 1963.. 1,355.0 960.1 19.8 32.2 7.5 51.4 139.0 7.2 13.2 35 64.3 1964.. 1,405.0 1,018.9 20.1 30.3 6.6 51.4 133.0 7.9 12.8 14.9 33 62.8 1965.. 1,440,0 1,069.4 19.0 26.4 3.2 58.6 125.6 6.9 11.2 15.3 30 61.5 1966.. 1,445.0 1,080.8 19.3 24.0 5.6 63.1 114.6 7.0 9.8 15.8 32 61.2 1967.. 1,410.0 1,068.7 18.0 26.7 5.4 53.4 103.7 6.2 9.0 17.2 28 63.5 1968P. 1,088.0 94.1 8.4 1968—Feb.. 90.0 2.2 7.7 Mar. 91.8 2.1 8.3 1.5 Apr.. 91.8 8.2 1.4 May. 93.1 8.4 1.6 June. 91.5 7.5 .6 1.6 July. 90.5 7.4 .8 Aug. 91.5 7.7 .6 Sept. 93.7 8.3 .6 Oct.. 92.4 7.7 .7 Nov. 87.9 7.5 .6 Dec. 83,5 7.7 1969—Jan. 83.4 7.8 Feb. 1 Estimated; excludes U.S.S.R., other Eastern European countries, Note.—Estimated world production based on report of the U^. China Mainland, and North Korea. Bureau of Mines. Country data based on reports from individual countries and Bureau of Mines. Data for the United States are from the Bureau of the Mint. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 88 MONEY RATES □ MAY 1969 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Rate as of Changes during the last 12 months Apr. SO, 1968 Rate Country 1968 1969 A a p s r . o f 3 0, Per Month 1969 cent effective May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. Argentina........................... 6.0 Dec. 1957 6.0 Austria................................. 3.75 Oct. 1967 3.75 Belgium............................. 3.75 Mar. 1968 4.5 5.0 5.5 5.5 Brazil... ......................... 12.0 Jan. 1965 12.0 Burma........................ . 4.0 Feb. 1962 4.0 Canada 1..................... . . 7.5 Mar. 1968 26.5 6.0 6.5 7.0 7.0 Ceylon................................. 5.0 May 1965 5.5 5.5 Chile 3................................... 16.61 Jan. 1968 19.09 19.09 Colombia.............................. 8.0 May 1963 8.0 Costa Rica........................... 3.0 Apr. 1939 3.0 Denmark............................... 7.0 Mar. 1968 6.5 6.0 7.0 7.0 Ecuador.............................. 5.0 Nov. 1956 5.0 Bl 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 4.0 4.0 Ghana................................ 5.5 Mar. 1968 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...................................... 5.0 Mar. 1968 5.0 Indonesia......................... 9.0 Aug. 1963 9.0 Iran....................................... 5.0 Aug. 1966 7.0 7.0 Ireland.................................. 7.38 Apr. 1968 7.31 7.44 7.25 6.86 6.81 7.0 7.17 7.12 8.0 8.75 8.75 Israel.................................... 6.0 Feb. 1955 6.0 Italy................................ 3.5 June 1958 3.5 Jamaica................................ 6.0 Nov. 1967 5.0 5.5 5.5 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 5.5 5.5 New Zealand........................ 7.0 Mar. 1961 7.0 Nicaragua............... 6.0 Apr. 1954 6.0 Norway............................... 3.5 Feb. 1955 3.5 Pakistan.................. 5.0 June 1965 5.0 Peru....................................... 9.5 Nov. 1959 9.5 Philippine Republic............. 7.5 Feb. 1968 8.0 8.0 Portugal................................. 2.5 Sept. 1965 2.75 2,75 South Africa....................... 6.0 July 1966 5,5 5.5 Spain..................................... 4.0 June 1961 4.0 Sweden........................... 5.5 Feb. 1968 5.0 6.0 6.0 Switzerland........................... 3.0 July 1967 3.0 Taiwan ............................... 10.8 May 1967 11.9 11.9 Thailand............................... 5.0 Oct. 1959 5.0 Tunisia......................... 5.0 Sept. 1966 5.0 Turkey.................................. 7.5 May 1961 7.5 United Arab Rep. (Egypt).. 5.0 May 1962 5.0 United Kingdom.................. 7.5 Mar. 1968 7.0 8.0 8.0 Venezuela.............................. 4.5 Dec. 1960 4.5 1 On June 24, 1962, the bank rate on advances to chartered banks Brazil—8 percent 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 each 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; Peru—8 per cent for agricultural, industrial, and mining paper; Note.—Rates shown are mainly those at which the central bank either Philippines—4 per cent for financing the production, importation, and dis discounts or makes advances against eligible commercial paper and/or tribution of rice and corn and 5.75 per cent for credits to enterprises en govt, securities for commercial banks or brokers. For countries with gaged in export activities. Preferential rates are also granted on credits to more than one rate applicable to such discounts or advances, the rate rural banks; shown is the one at which it is understood the central bank transacts Spain—4.6 per cent for financial paper rediscounted for banks (rate shown the largest proportion of its credit operations. Other rates for some is for commercial bills); and of these countries follow: Venezuela—2 per cent for rediscounts of certain agricultural paper (Sept. Argentina—3 and 5 per cent for certain rural and industrial paper, de 1962), and 4 per cent for advances against govt, bonds, mortgages, or gold, pending on type of transaction; and for rediscounts of certain industrial paper, and 5 per cent on advances against securities of Venezuelan companies. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 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 l s s t u , h r s y 1 D m a o d y a n - y e t y o 2 3 B a a m a c n n c o c k e e n p e s t r t h , s s ’ 3 T r m b e i a o l s l n s u t , h ry s D m a d o y a n - y e t o y a B l d l e o a p w n o o k n a s e n i r t c s s e ’ D m a o d y n a - e y t y o 3 Tr 6 d b e 0 a a i - y l s l 9 s s u 0 , 4 r y D m a o d y n a - e y t y o s 3 T r m b e i a o l s l n s u t , h ry s D m a d o y a n - y e t o y d P is r r i c a v o t a e u t n e t 1966—Dec............. 5.05 4.71 6.94 6.64 6.00 5,00 5.68 4.75 5.85 4.90 3.68 4.00 1967—Dec............. 5.80 5.67 7.78 7.52 6.83 6.00 4.76 2,75 2.77 4.51 4.05 3.75 1968—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 8.22 2.75 1.84 4.65 4.96 3.75 1969—Jan.............. 6.36 6.02 7.28 6.77 5.91 5.00 8.04 2.75 3.30 4.90 4.44 3.75 6.31 5 34 7.32 6.97 6.08 5.08 2.75 3.27 5.00 5.38 3.75 Mar........ 6.62 5.89 8.35 7.78 6.90 6.00 ................ 2.75 3.63 5.00 5.38 3.81 1 Based on average yield of weekly tenders during month. 5 Monthly averages based on daily quotations. J 2 B R a a s t e e d s h o o n w w n e e is k l o y n a p v r e i r v a a g t e e s s o ec f u d r a it i i l e y s . closing rates. Se N cti o o t n e .— 15 F o o f r S d u e p s p c l r e ip m ti e o n n t a to n d B a b n a k c i k n g d a a n ta d , M se o e n e “ ta In ry te r S n ta a t t i i s o t n ic a s l , 1 F 9 i 6 n 2 a . nce,” 4 Rate in effect at end of month. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Date q K ( u U i a o n U d n t g j . a i . S d t t e o . i t d o o m n U St n a i t t e e s d L S ( o f p n a o r v d e f o o a d r n ) P d f ( ( p o r i - + e s o r c m w ) u ) o n a i o u o u r d n n r d m t i L n ( o c f N n e a o n d v e f t o o t i v n r e ) qu A i o n t s e d C ana q d u A a o U d t j . a . S ti . t o o n U St n a i t t e e s d C S ( a f p n a o r v a e f o d a d r a ) C d f ( ( d P o a i — + o s n r r c e w l a ) ) l o m a d a o u o r i i r n s n a u r d n t m i C n ( a c f N n e a o n v a e f t o d t i r a v ) e basis) Canada basis 1968 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 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 + .03 -.09 -.06 Feb. 7.............. 6.60 6.15 .45 -2.61 -2.16 6.26 6.08 6,15 -.07 -.04 -.11 14.............. 6.53 6.06 .47 -2.28 -1.81 6.19 6.01 6.06 -.05 + .15 + .10 20.............. 6.53 6.08 .45 -2.14 -1.69 6.21 6.03 6.08 -.05 + .28 + .23 28.............. 7,55 6.17 1.38 -2.63 -1.25 6.43 6.24 6.17 + .07 + .50 + .57 Mar, 7.............. 7.58 6.05 1.53 -3.88 -2.35 6.65 6.45 6.05 + .40 + .43 + .83 14.............. 7.64 5.99 1.65 -3.38 -1.73 6.62 6.43 5.99 + .44 + .48 + .92 21.............. 7.64 5.95 1.69 -2.80 -I.II 6.63 6,43 5.95 + .48 + .61 + 1.09 28.............. 7.61 5.92 1.69 -2.81 -1.12 6.56 6.37 5.92 + .45 + .74 + 1.19 7.60 6.05 1.55 -2.79 -1.24 6.55 6.36 6.05 + .31 + .82 + 1.13 ‘ 11........... 7.63 6.12 1.51 -2.78 -1.27 6.63 6.43 6.12 + .31 + .61 + .92 18.............. 7.63 6.17 1.46 -2.71 -1.25 6.69 6.49 6.17 + .32 + .65 + .97 25.............. 7.63 6.07 1.56 -3.28 -1.72 6.58 6.39 6.07 + .32 + .74 + 1.06 May 2.......... 7.63 5.91 1.72 -6.02 -4.30 6.82 6.62 5.91 + .71 +. 86 + 1.57 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 I, p. 1257, and to Table 2, p. 1260, bid and offer) at 11 a.m. Friday in New York for both spot and forward Oct. 1964 Bulletin. pound sterling and for both spot and forward Canadian dollars. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 90 MONEY RATES □ MAY 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 196R.......................................................... .28473 111.25 3.8675 2.0026 92.801 16.678 13.362 23,761 1968-—Apr.... .28469 111.64 3.8655 2.0105 92,568 16,688 13.413 23.763 May... .28469 111.05 3.8670 2.0110 92,760 16,671 13.399 23.763 June... .28470 110.84 3.8683 2.0058 92.846 16.662 13.373 23,763 July. .. .28474 111.09 3.8706 2.0013 93.123 16.669 13.317 23.763 Aue. . . .28469 111.14 3.8702 1.9982 93.213 16.673 13.302 23.763 Sept.. . .28469 110.97 3.8702 1.9916 93.182 16.674 13.321 23.763 Oct... • .28478 111.08 3.8706 1.9864 93.202 16.678 13.321 23.763 Nov,.. .28476 110.89 3.8664 JI.9927 93.177 16.675 <13.308 423.757 Dec ... .28500 110.82 3.8681 1.9935 93.177 16.678 13.340 23.763 1969-—Jan . . . .28512 110.95 3.8670 1.9921 93.206 16.678 13.317 23,763 Feb,... .28490 111.15 3.8650 1.9928 93.060 16.678 13,288 23.772 Mar . , .28489 111.17 3.8671 1.9883 92.863 16.678 13,321 23.785 Apr.... .28490 111.24 3.8669 1.9890 92.903 16.678 13.285 23.785 Period F (f r r a a n n c c e ) ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e ) ( I p re o l u a n n d d ) ( I l t i a r l a y ) J ( a y p en an ) ( M do s a l i l l a a a y r ) M (p e e x s i o c ) o ( e g N r u la i e l n t 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 25.007 516.596 279.30 .16014 .27598 32.538 8.0056 27.630 1967............................................................. 20.323 25.084 13,255 275.04 .16022 .27613 32,519 8.0056 27.759 196R........ ...................................................................... 20.191 25.048 13.269 239.35 .16042 .27735 32.591 8.0056 27,626 1968-—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.. . *20.121 625.153 13.230 238.58 3.16037 .27925 32.538 8.0056 427.556 Dec.... 20.199 25.032 13.234 238.42 .16026 .27940 32.614 8.0056 27.710 1969--Jan.. .. 20.199 24.978 13.244 238.70 .16022 .27934 32.640 8.0056 27.636 Feb.,.. 20,188 24.881 13.244 239.14 .15978 .27945 32.675 8.0056 27.581 Mar., . 20.167 24.879 13,244 239.17 .15911 .27935 32.639 8.0056 27.565 Apr ... 20. 145 24.925 13.249 239,31 .15947 .27917 32.649 8.0056 27.520 Period New Zealand N (k o r r o w ne a ) y (e P s o g cu a rt l d u o ) A ( S r o a fr n u ic d th a ) (p S e p s a e i t n a) S (k w r e o d n e a n ) ( e f S r r w a la n i n t c z d ) U K d n i o n i m t g e - d (pound) (dollar) (pound) 1964............................................................. 276.45 13,972 3.4800 139.09 1.6663 19.414 23.152 279.21 1965............................................................. 276.82 13.985 3.4829 139.27 1.6662 19.386 23.106 279.59 1966.............................................................. 276.54 13.984 3.4825 139.13 1.6651 19.358 23.114 279.30 1967............................................................. 276,69 7131.97 13.985 3.4784 139.09 1.6383 19.373 23.104 275.04 1968 ................................................................................ 111.37 14.000 3,4864 139.10 1.4272 19.349 23.169 239.35 1968--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 Aus .. 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... 111.01 413.999 43.4855 138.65 31,4281 619.323 23.256 238.58 Dec.... 110.93 14.000 3.4886 138.56 1.4279 19.323 23.259 238.42 1969--Jan.. . . 111.06 13.988 3.4925 138.72 1.4278 19.340 23.146 238.70 Feb.... 111.27 13,988 3.4975 138.98 1.4279 19.326 23.145 239.14 Mar.. . 111.28 14,001 3.5042 138.99 1.4277 19.340 23.261 239.17 Apr . . 111.26 14.007 3.5036 139.08 1.4271 19.350 23.135 239.31 1 Effective Feb. 14, 1966, Australia adopted the decimal currency i 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 Nov. 20, 1968. the following countries devalued their currency in relation to the U.S. 4 Quotations not available Nov. 20-22, 1968. dollar: Ceylon, Denmark, Ireland, New Zealand, and Spain. 5 Effective June 6, 1966, the Indian rupee was devalued from 4.76 to Averages of certified noon buying rates in New York for cable transfers. 7.5 rupees per U.S. dollar. For description of rates and back data, see “International Finance,” 6 Quotations not available Nov. 20-21, 1968. Section 15 of Supplement to Banking and Monetary Statistics, 1962. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 1969 □ BANKS AND THE MONETARY SYSTEM A 91 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Bank credit Total assets, Treas netury U.S. Government securities Total Capital Date cur liabil Total and Gold rency ities deposits misc. out Loans, Com Other and and ac stand Total net mercial Federal secu capital, currency counts, ing Total and Reserve Other rities net net savings Banks banks 1929—June 29.. . . 4,037 2,019 58,642 41 ,082 5,741 5,499 216 26 11,819 64,698 55,776 8,922 1933—June 30. . . . 4,031 2,286 42,148 21 ,957 10,328 8,199 1 ,998 (31 9,863 48,465 42,029 6,436 1939—Dec. 30.... 17,644 2,963 54,564 22,157 23,105 19,417 2,484 1 ,204 9,302 75,171 68,359 6,812 1941—Dec. 31.... 22,737 3,247 64,653 26,605 29,049 25,511 2,254 I ,284 8,999 90,637 82,811 7,826 1945—Dec. 31.... 20,065 4,339 167,381 30,387 128,417 101,288 24,262 2,867 8,577 191,785 180,806 10,979 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 14,741 199,009 184,384 14,624 1955—Dec. 31.. . . 21,690 5 ,008 217,437 100,031 96,736 70,052 24,785 1 ,899 20,670 244,135 224,943 19,193 1960—Dec. 31. . . . 17,767 5,398 266,782 144,704 95,461 67,242 27,384 835 26,617 289,947 263,165 26,783 1964—Dec. 31.... 15,388 5,405 365,366 214,254 106,825 68,779 37,044 1 ,002 44,287 386,159 352,964 33,193 1965—Dec. 31. . . . 13,733 5,575 399,799 242,706 106,716 65,016 40,768 932 50,357 419,087 383,727 35,359 1966-Dec. 31. . . . 13,159 6,317 422,676 261,459 106,472 60,916 44,316 1 ,240 54,745 442,152 400,999 41,150 1967—June 30.. .. 13,110 6,612 439,966 268,967 106,752 58,537 46,718 1 ,497 64,247 459,688 416,122 43,567 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 67,600 48,800 1,200 71,100 485,000 439,300 45,700 Mar. 27.. .. 10,500 6,800 468,000 279,300 116,300 65,600 49,500 1 ,200 72,300 485,200 439,200 46,000 Apr. 24.. . . 10,500 6,800 469,900 282,300 114,400 64,100 49,300 1 ,000 73,200 487,100 440,800 46,400 May 29.. .. 10,400 6,800 472,400 283,100 116,300 64,700 50,500 1,100 72,900 489,500 441,300 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.. . . 10,400 6,700 492,500 295,700 119,100 66,700 52,400 100 77,700 509,600 458,100 51,500 Oct. 30.. . . 10,400 6,800 498,100 296,800 122,400 68,800 53,600 100 78,900 515,300 464,200 51,100 Nov. 27. . . . 10,400 6,800 500,100 300,400 120,000 66,700 53,200 100 79,700 517,300 466,300 50,900 Dec. 31.. .. 10,367 6,795 514,427 311,334 121,273 68,285 52,937 51 81,820 531,589 484,212 47,379 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 1 Not seasonally adjusted Time U.S. Government Date For At Cur De Cur De Postal eign Treas com rency mand rency mand Com Mutual Savings net 4 ury mer At Total outside deposits Total outside deposits Total mercial savings Sys cash cial F.R. banks ad banks ad banks banks 5 tem 3 hold and Banks justed 1 justed 1 ings savings banks 1929—June 29.. . . 26,179 3,639 22,540 28,611 19,557 8,905 149 365 204 381 36 1933—jUne 30.... 19,(72 4,761 14,411 21,656 10,849 9,621 1,186 50 264 852 35 1939—Dec. 30.... 36,194 6,401 29,793 27,059 15,258 10,523 1 ,278 1 ,217 2,409 846 634 1941—Dec, 31... . 48,607 9,615 38,992 27,729 15,884 10,532 1 ,313 1 ,498 2,215 I ,895 867 1945—Dec. 31... . 102,341 26,490 75,851 48,452 30,135 15,385 2,932 2,141 2,287 24,608 977 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 59,247 36,314 20,009 2,923 2,518 1 ,293 2,989 668 1955—Dec. 31.,.. 133,500 27,400 106,100 138,199 28,285 109,914 78,378 48,359 28,129 1 ,890 3,167 767 4,038 394 I960—Dec. 31,... 139,200 28,200 111,000 144,458 29,356 115,102 108,468 71,380 36,318 770 3,184 377 6,193 485 1964—Dec. 31.... 159,300 33,500 125,800 167,140 34,882 132,258 175,898 126,447 49,065 386 1,724 612 6,770 820 1965—Dec. 31.... 167,100 35,400 131,700 175,314 36,999 138,315 199,427 146,433 52,686 309 1 ,780 760 5,778 668 1966—Dec, 31.... 170,400 37,600 132,800 178,304 39,003 139,301 213,961 158,568 55,271 122 1 ,904 1 ,176 5,238 416 1967—June 30,,.. 174,100 38,400 135,700 174,328 39,681 134,647 231,780 173,566 58,161 53 1 ,804 J ,472 5,427 1,311 Dec. 30.... 181,500 39,600 141,900 191,232 41 ,071 150,161 242,657 182,243 60,414 2,179 1,344 5,508 1,123 1968—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 39,900 139,400 178,400 39,400 139,000 247,300 186,300 61,100 2,000 1,300 9,400 900 Mar. 27.. . . 182,600 40,200 142,400 180,000 39,800 140,200 249,500 187,800 61,700 2,000 1,100 5,700 1 ,000 Apr. 24.. . - 182,400 40,400 142,000 182,400 40,000 142,400 249,300 187,600 61,700 2,000 1,100 4,400 1 ,600 May 29.. . . 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 June 29.... 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 ,400 145,200 254,800 192,100 62,700 2,200 800 6,100 1,100 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.,.. 186,600 41,400 145,200 185,400 41,500 143,900 259,900 196,400 63,500 2,100 800 8,900 1 ,000 Oct. 30.... 188,400 41,600 146,800 190,100 41,800 148,300 263,700 200,000 63,700 2 J00 800 6,400 1,200 Nov. 27.. . . 190,800 42,300 148,500 193,800 43,500 150,300 265,400 201,500 63,900 2,400 800 3,600 400 Dec. 31.,.. 199,600 42,600 157,000 207,347 43,527 163,820 267,627 202,786 64,841 2,455 695 5,385 703 1 Other than interbank and U.S. Govt., less cash items in process of reduced this item by $1,900 million ($1,500 million to time deposits and collection. $400 million to demand deposits). 2 Includes relatively small amounts of demand deposits. Beginning with June 1961, also includes certain accounts previously classified as Note.—For back figures and descriptions of the consolidated condition other liabilities. statement and the seasonally adjusted series on currency outside banks 3 After June 30, 1967, Postal Savings System accounts were elininated and demand deposits adjusted, see “Banks and the Monetary System,’’ from this Statement. Section 1 of Supplement to Banking and Monetary Statistics, 1962, and 4 Reclassification of deposits of foreign central banks in May 1961 Bulletins for Jan. 1948 and Feb. 1960. Except on call dates, figures are partly estimated and are rounded to the nearest $100 million. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 92 COMMERCIAL AND MUTUAL SAVINGS BANKS □ MAY 1969 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank 1 Other lia Bor Total Num Class of bank Cash bilities row capital ber and date assets1 and Demand ings ac of Total Loans U.S. capital Total 1 De counts banks Govt. Other ac mand Time Time 3 counts 2 U.S. Govt. Other All banks: 1939—Dec. 30............... 50,884 22,165 19,417 9,30223,292 77,068 68,242 9,874 32,516 25,852 26 8,194 15,035 1941—Dec. 31................ 61,126 26,615 25,511 8,99927,344 90,908 81,816 10,982 44,355 26,479 23 8,414 14,826 1945—Dec. 31................ 140,227 30,362 101,288 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 66 11,948 14,714 1950—Dec. 30............... 148,021 60,386 72,894 14,741 41,086 191,317 175,296 13,577 462 2,809 101,936 56,513 90 13,837 14,650 1955—Dec. 31................ 190,780 100,057 70,05220,67047,803 242,008 220,441 15,059 1,587 3,712 123,238 76,844 163 18,112 14,243 I960—Dec. 31................ 238,623 144,764 67,24226,617 53,022298,126266,196 17,080 1 ,800 5,949 133,408 107.959 16724,539 13,986 1964—Dec. 31............... 329,739216,674 68,77944,287 61,493 401,161 356,308 17,938 821 6,517 155,248 175,785 2,70032,196 14,266 1965—Dec. 31................ 362,320246,946 65,016 50,357 61 ,916435,483 385,196 18,426 1.009 5,532 160,847 199,381 4,56434,935 14,309 1966—Dec. 31................ 381,684266,022 60,916 54,74570,085464,376407,637 19,770 968 4,999 167,821 214.078 4,929 36,926 14,271 1967—June 30............... 396,754273,970 58,537 64,24766,210476,268417,790 18,030 1 ,469 5,159 161,138 231,995 5,208 38,217 14,247 Dec. 30................ 424,134287.543 66,752 69,839 78,924517,374455.501 21,883 1,314 5,240 184,139 242,925 5,84639,371 14,223 1968—Jan. 31............... 421,940284,980 66,57070,39067,710503,580439,740 17,470 1,320 6,920 168,580245,450 6,82039,430 14,219 Feb. 28................ 423.280284,660 67,55071,07065,660502,570437,630 16,920 1 ,370 9,060 162,640247,640 7,27039,590 14,219 Mar. 27................ 423,870285,950 65,61072,31064,860502,940436,290 16,710 1,280 5,320 163,180249,800 8,15039,670 14,218 Apr. 24............... 427,760290,460 64,14073,16064,740506,710438,830 17,340 1,230 4,040 166,630249,590 8,93039,870 14,215 May 29................ 429,790292,180 64,69072,92065,980509,920439,590 17,340 1,100 5,060 165,260250,830 9,70040,220 14,221 June 29............... 434,415297,677 62,809 73,92976,293525,856456,87420,638 1 ,095 4,977 177,930252,234 8,(9640,885 14,224 July 31............... 440,760301,620 64,74074,40070,540526,100454,140 19,170 1,310 5,800 172,690255,170 10,15040,850 14,219 Aug. 28............... 443,320301,640 65,68076,00067,930525,720451,330 18,020 1,350 4,970 168,800258,190 11,13041,030 14,216 Sept, 25............... 450,040305,710 66,68077,65070,840535,690459,990 19,250 1 ,410 8,540 170,580260,210 11,66041,280 14,209 Oct. 30............... 455.630307,930 68,76078,94072,690543,410467,330 19,690 1 ,330 6,070 176,220264,020 (1,67041,590 14,205 Nov. 27................ 458,600312,210 66,73079,66077,600551,410472,83020,500 1,260 3,250 182,100265,720 13,02041 ,770 14,187 Dec. 31............... 470,167320,062 68,28581,82084.748 571,805498,94524,747 1 ,213 5,017 199,973267,995 8,97242,275 14,179 Commercial banks: 1939—Dec. 30............... 40,668 17,238 16,316 7,11422,474 65,216 57,718 9,874 32,513 15,331 26 6,885 14,484 1941—Dec. 31................ 50,746 21,714 21,808 7,22526,551 79,104 71,283 10 982 44,349 15,952 23 7,173 14,278 1945—Dec. 31................ 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14 065 105,921 30,241 219 8,950 14,011 1947—Dec. 31................ 116,284 38,057 69,221 9,006 37,502 155,377 144,103 12,792 240 1,343 94,367 35,360 65 10,059 14,181 1950—Dec. 30............... 126,675 52,249 62,027 12,399 40,289 168,932 155,265 13,577 462 2,806 101,917 36,503 9011,590 14,121 1955—Dec. 31............... 160,881 82,601 61,592 16,688 46,838210,734 192,254 15,058 1 ,585 3,709 123,187 48,715 159 15,300 13,716 1960—Dec. 31............... 199,509 117,642 61,003 20,864 52,150257,552229,843 17,079 1,799 5,945 133,379 71,641 163 20,986 13,472 1964—Dec. 31............... 277,376 175,589 62,991 38,79660,489346,921 307,170 17,938 819 6,510 155,184126,720 2,67927,795 13,761 1965—Dec. 31............... 306,060201,658 59,54744,85560,899377,264 332,436 18,426 1 ,008 5,525 160,780 146,697 4,47230,272 13,804 1966—Dec. 31............... 322,661 217,726 56,16348,77269,119403,368 352,287 19,770 967 4,992 167,751 158,806 4,859 32,054 13,767 1967—June 30............... 334,857223,952 54,233 56,671 65,059412,118 359,531 18,029 1 ,468 5,152 161,048 173,833 5,16633,285 13,744 Dec. 30................ 359,903235,954 62,47361,477 77,928451,012395,008 21,883 1 ,3(4 5,234 (84,066 182,511 5,777 34,384 13,722 1968—Jan. 31................ 356,970233,010 62,23061,73066,830436,680378,960 17,470 1,320 6,920 168,490 184,760 6,82034,42013,717 Feb. 28................ 357,750232,420 63,15062,18064,760434,980376,490 16,920 1,370 9,060 162,550 186,590 7,27034,520 13.717 Mar. 27............... 357,910233,570 61,20063,14063,950434,870374,490 16,710 1,280 5,320 163,100 188,080 8,15034,600 13,716 Apr. 24............... 361,660237,990 59,84063,83063,870438,550377,080 17,340 1 ,230 4,040 166,550 187,920 8,93034,810 13,714 May 29............... 363,110239,300 60,32063,49065,100441,150377,460 17,340 1,100 5.060 165,180 188,780 9,70035,110 13,720 June 29................ 367,560244,580 58,60464,37675,334456,827 394,004 20,638 1,094 4,970 177,837 189,465 8,131 35,774 13,723 July 31............... 373,480248,370 60,53064,58069,610456,670 391,330 19,170 1 .310 5,800 172,610192,440 10,15035,740 13,717 Aug. 28................ 375,550248,050 61,48066,02067,020455,820388,280 18,020 1,350 4,970 168,720 195,220 11,13035,850 13,714 Sept. 25............... 382,080251,920 62,54067,62069,850465,490396,410 19,250 1,410 8,540 170,480 196,730 11,66036,090 13,707 Oct. 30................ 387,450253,860 64,76068,83071 ,780473,100403,580 19,690 1 ,330 6,070 176,120200,370 11,67036,400 13,703 Nov. 27................ 390,010257,730 62,82069,46076,690480,640408,83020,500 1,260 3,250 182,000201,820 13,02036,510 13,687 Dec. 31................ 401,262 165,259 64,46671,53783.752500,657434,023 24,747 1,211 5,010 199,901 203,154 8,89937,006 13,679 Member banks: 1939—Dec. 30................ 33,941 13,962 14,328 5,651 19,782 55,361 49,340 9,257 154 743 27,489 11,699 3 5,522 6,362 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 (3,576 6422,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31............. 97,846 32,628 57,914 7,30432,845 132,060 122,528 12,353 50 1 , 176 80.609 28,340 54 8,464 6,923 1950—Dec. 30................ 107,424 44,705 52,365 10,35535,524 144,660 133,089 13,106 341 2,523 87,783 29,336 79 9,695 6,873 1955—Dec. 31................ 135,360 70,982 50,697 13,68041 ,416 179.414 163,757 14,512 I ,353 3,327 105,400 39,165 137 12,783 6,543 1960—Dec. 31................ 165,619 99,933 49,106 16,57945,756216,577 193.029 16,436 1,639 5,287 112,393 57,272 130 17,398 6,174 1964—Dec. 31................ 228,497 147,690 48,71732,089 52,737289,142255,724 17,007 664 5,838 128,539 103,676 2,481 22,901 6,225 1965—Dec. 31................ 251,577 169,800 44,99236,785 52,814313,384275,517 17,454 840 4,890 132,131 120,202 4,23424,926 6,221 1966—Dec. 31................ 263,687 182,802 41,92438,96060,738 334,559 291,063 18,788 794 4,432 138,218 128,831 4,618 26,278 6, 150 1967—June 30................ 273,266 186,814 40,63645,81657,391 341,290296,548 17,167 1,314 4,580 132,546 140,942 4,92027,237 6,108 Dec. 30................ 293,120 196,849 46,95649,31568,946373,584326,03320,811 1,169 4,631 151,980 147,442 5,37028,098 6,071 1968—Jan. 31................ 290,389 194,262 46,57949,548 59,102360,773 311,534 16,668 1,170 6,313 138,263 149,120 6,42728,142 6,064 Feb. 28................ 290,844 193,582 47,35449,908 57,129 358,945 309,012 16,112 1,223 8,094 133,136 150,447 6,82528,188 6,060 Mar. 27................ 290,527 194,303 45,51050,71456,437358,402306,703 15,917 1,129 4,707 133,587 151,363 7,65528,250 6,049 Apr. 24................ 293,281 197,820 44,28551,17656,320361,004308,156 16,534 1 ,083 3,438 136,258 150,843 8,58428,424 6,046 May 29................ 294,364 198,874 44,73350,757 57,415 363,139 308,378 16,574 955 4,282 135,242 151,325 9,07328,706 6,041 June 29................ 297,630203,016 43,361 51,253 67,130376,904322,990 19,644 934 4,126 146,470151,816 7,68429,139 6,039 July 31................ 303,009206,378 45,057 51,57461,854376,785320,310 18,229 1,146 4,988 141,559 154,388 9,76329,160 6,026 Aug. 28................ 304,669 205,850 45,89852,921 59,497375,766317,186 17,088 1,193 4,181 138,031 156,693 10,68429,240 6,019 Sept. 25................ 309,985208,917 46,75554,31361 ,846383,685323,730 18,275 1,246 7,468 139,166 157,575 11,19229,415 6,010 Oct. 30............. 314,164210,270 48,70455,19063,275389,598 329,287 18,673 1,169 5,226 143,684160,535 11,153 29,687 6,002 Nov. 27................ 315,615213,092 46,82055,703 67,675395,535 333,142 19,462 1,098 2,545 148,083 161,954 12,45029,739 5,990 Dec. 31................ 325,086220,285 47,881 56,92073,756412,541 355,41423,519 1,061 4,309 163,920 162,605 8,458 30,060 5,978 For footnotes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 1969 □ COMMERCIAL AND MUTUAL SAVINGS BANKS A 93 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank1 Other lia Bor Total Num Class of bank Cash bilities row capital ber and date assets1 and Demand ings ac of Total Loans capital Total1 counts banks U.S. Other ac De Time Time3 Govt. counts2 mand U.S. Govt. Other Mutual savings banks: 1939—Dec 30. . 10,216 4,927 3,101 2,188 818 11,852 10,524 10,521 1,309 551 1941 -Dec. 31 . . 10,379 4,901 3,704 1,774 793 11,804 (0,533 5 10,527 1,241 548 1945—Dec. 31 . . 16,208 4,279 10,682 1,246 609 17,020 15,385 1^ 15,371 7 1 ,592 542 1947—Dec. 31*. (8,641 4,944 I 1,978 1,718 886 19,714 17,763 1 3 14 17,745 1,889 533 1950—Dec. 30. . 21,346 8,137 10,868 2,342 797 22,385 20,031 3 (920,009 2,247 529 1955—Dec. 3i . . 29,898 17,456 8,460 3,982 965 31,274 28,187 2 4 51 28,129 4 2,812 527 I960—Dec. 31.. 39,114 27,122 6,239 5,752 872 40,574 36,353 1 4 29 36,318 4 3,553 514 1964—Dec. 31 . . 52,363 41,085 5,788 5,490 1,004 54,239 49,138 2 7 64 49,065 21 4,401 505 1965—Dec. 31 . . 56,260 45,288 5,470 5,501 1 ,017 58,219 52,760 8 67 52,686 92 4,663 505 1966—Dec. 31 . . 59,023 48,296 4,753 5,973 966 61,008 55,350 I 7 70 55,271 69 4,871 504 1967—June 30.. 61 ,898 50,0(8 4,304 7,576 1,152 64,150 58,259 1 7 9058,161 42 4,932 503 64,231 51,590 4,280 8,362 996 66,362 60,494 1 7 73 60,414 69 4,987 501 1968_ Jan. 31.. 64,970 51,970 4,340 8,660 880 67,000 60,780 9060,690 .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 8061,720 5,070 502 Apr. 24 66,100 52,470 4,300 9,330 870 68,160 61,750 8061,670 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 i 7 9362,769 65 5,111 501 July 31 67,280 53,250 4,210 9,820 930 69,430 62,810 8062,730 5,110 502 Aug. 28 67,770 53,590 4,200 9,980 910 69,900 63,050 8062,970 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 9(0 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 10063,900 5,260 500 Dec. 31 68,905 54,803 3,819 10,283 996 71,148 64,922 2 7 7264,841 73 5,269 500 Reserve city member banks:5 New York City: 1939—Dec. 30. 9,339 3,296 4,772 1 ,272 6,703 16,413 14,507 4,231 7 74 9,459 736 1 ,592 36 1941—Dec. 31. 12,896 4,072 7,265 1,559 6,637 19,862 (7,932 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 1950—Dec. 30. 20,612 9 ,729 8,993 1 ,890 7,922 28,954 25,646 4,370 268 451 18,836 1,722 70 2,351 23 1955—Dec. 31. 23,583 14,640 6,796 2,148 8,948 33,228 29,378 4,515 1 ,085 756 20,719 2,303 1 2,745 18 I960—Dec. 31. 27,726 18,465 6,980 2,282 10,301 39,767 33,761 5,289 1,216 1,217 21,833 4,206 3,554 15 1964—Dec. 31. 39,507 27,301 6,178 6,028 11,820 53,867 45,191 5,088 436 1,486 23,896 14,285 1,224 4,471 13 1965—Dec. 31. 44,763 33,125 5,203 6,435 11,876 59,517 49,270 5,225 522 1,271 24,265 17,988 1,987 5,114 12 1966—Dec. 31. 46,536 35,941 4,920 5,674 14,869 64,424 51,873 6,370 467 1,016 26,535 17,449 1,874 5,298 12 1967—June 30. 47,701 36,441 5,048 6,212 14,688 65,668 52,665 6,183 817 1,021 25,656 18,987 1 ,841 5,604 12 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 Mar. 27. 49 ,973 37,334 5,151 7,488 (4,275 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 20,812 3,914 6,129 12 Dec. 31. 57,047 42,968 5,984 8,094 19,948 81,364 63,900 8,964 622 888 33,351 20,076 2,733 6,137 12 City of Chicago:5 1939—Dec. 30. 2,105 569 1,203 333 1,446 3,595 3,330 888 80 1,867 495 250 14 1941—Dec. 31. 2,760 954 I ,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31. 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 1947—Dec. 31. 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 14 1950—Dec. 30, 5,569 2,083 2,911 576 2,034 7,649 7,109 1,225 3 174 4,604 1,103 490 13 1955—Dec. 31, 6,542 3,342 2,506 695 2,132 8,720 8,010 1,286 11 222 5,165 1,327 3 628 13 1960—Dec. 31. 7,050 4,485 1 ,882 683 2,046 9,219 8,197 1,380 61 327 4,899 1,530 35 822 10 1964—Dec. 31, 10,562 7,102 1 ,873 1,578 2,366 13,289 11,807 1,448 22 396 5,362 4,578 204 1,056 12 1965—Dec. 31, 11,455 8,219 1 ,700 1,536 2,426 14,290 12,475 1,437 39 345 5,656 4,999 355 1,132 1966—Dec. 31. 1 1,802 8,756 1,545 1,502 2,638 14,935 12,673 1,433 25 310 6,008 4,898 484 1,199 1967—June 30, 12,133 8,924 1,576 1,633 2,432 15,073 12,814 1,270 20 299 5,537 5,686 359 1,224 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, 12,729 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 1,346 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 4,874 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 14,274 10,286 1,863 2,125 3,008 18,099 14,526 1,535 21 257 6,542 6,171 682 1,433 9 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 94 COMMERCIAL AND MUTUAL SAVINGS BANKS □ MAY 1969 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (In millions of dollars) Loans and investments Deposits' Total assets— Securities Total Interbank1 Other lia Bor Total Num Class of bank Cash bilities row capital ber and date assets1 and Demand ings ac of Total Loans capital Total 1 counts banks U.S. Other ac De Time TimeJ Govt. counts2 mand U.S. Govt. Other Other reserve city:6 1939—Dec. 20.....1..2..,.2 72 5,329 5,194 1,749 6,785 19,687 17,741 3,565 120 435 9,004 4,616 .....1..,.8..28 346 1941—Dec. 31.....1..5..,.347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31.................. 40,108 8,514 29,552 2,04211,286 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 1950—Dec. 30................. 40,685 17,906 19,084 3,695 13,998 55,369 51,437 6,381 57 976 32,366 11,647 3,322 336 1955—Dec. 31.................. 52,459 28,622 18,826 5,011 16,994 70,478 64,733 7,207 239 1,288 39,835 16,164 82 4,641 292 I960—Dec. 31.................. 62,953 40,002 17,396 5,554 18,668 83,464 75,067 7,989 326 1,960 42,26722,525 73 6,423 217 1964—Dec. 31.................. 84,670 57,555 16,326 10,78921,607 109,053 97,145 8,289 134 2,195 46,88339,645 841 8,488 182 1965—Dec. 31.................. 91,997 65,117 14,35412,52621,147 116,350103,034 8,422 206 1,773 47,09245,541 1,548 9,007 171 1966—Dec. 31................. 95,831 69,464 13,040 13,32624,228 123,863 108,804 8,593 233 1,633 49,00449,341 1,952 9,471 169 1967—June 30.................. 99,460 69,765 12,455 17,24022,222 125,502110,225 7,667 370 1,880 46,396 53,912 2,109 9,755 166 1967—Dec. 30.................. 105,724 73,571 14,667 17,48726,867 136,626 120,485 9,374 310 1,715 53,288 55,798 2,555 10,032 163 1968—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 46,25657,363 3,416 10,075 164 Mar. 27.................. 105,064 73,232 13,790 18,04221,820 130,999 113,620 7,247 393 1 ,679 46,68757,614 3,523 10,087 164 Apr. 24................. 106,175 74,648 13,383 18,14422,147 132,442114,208 7,577 380 1,412 47,409 57,430 4,245 10,152 163 May 29................. 106,505 74,697 13,496 18,31221,950 132,720113,758 7,311 321 1,587 46,851 57,688 4,407 10,223 163 June 29................. 107,654 76,213 13,083 18,35824,528 136,603 118,123 8,131 300 1,400 50,39457,898 3,720 10,351 163 July 31............... . 109,510 77,553 13,468 18,48923,601 137,652 118,508 8,065 437 1 ,881 49,185 58,940 4,267 10,407 162 Aug. 28................. 110,559 77,479 13,972 19,10822,161 136,984 117,523 7,759 414 1 ,612 47,72560,013 4,638 10,433 162 Sept. 25................. 112,559 78,661 14,211 19,68723,382 140,294 119,750 8,054 448 2,798 48,12660,324 5,437 10,445 162 30................. 114,861 79,584 15,135 20,14223,605 142,930122,205 8,351 395 2,128 49,85461,477 5,554 10,559 162 Nov. 27.................. 115,027 80,382 14,291 20,35425,803 145,322123,321 8,458 353 799 51,83261,879 6,441 10,572 161 Dec. 31.................. 119,006 83,634 15,03620,337 28,136 151,957132,305 10,181 307 1,884 57,449 62,484 4,239 10,684 161 Country memberbanks: 6 1939—Dec. 30................. 10,224 4,768 3,159 2,297 4,848 15,666 13,762 572 26 154 7,158 5,852 3 1,851 5,966 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 1950—Dec. 30................. 40,558 14,988 21,377 4,193 11,571 52,689 48,897 1,121 12 922 31,977 14,865 9 3,532 6,501 1955—Dec. 31.................. 52,775 24,379 22,570 5,826 13,342 66,988 61,636 1,505 18 1 ,061 39,681 19,372 52 4,769 6,220 1960—Dec. 31................. 67,890 36,981 22,848 8,060 14,740 84,126 76,004 1,778 37 1,783 43,39529,011 23 6,599 5,932 1964—Dec. 31................. 93,759 55,733 24,341 13,685 16,944 112,932 101,581 2,182 71 1,760 52,39845,169 213 8,886 6,018 1965—Dec. 31................. 103,362 63,338 23,735 16,288 17,366 123,227 110,738 2,371 74 1 ,501 55,118 51,675 343 9,673 6,027 1966—Dec. 31................. 109,518 68,641 22,419 18,458 19,004 131,338 117,749 2,392 69 1,474 56,67257,144 308 10,309 5,958 1967—June 30................. 113,972 71,684 21,557 20,731 18,049 135,047120,845 2,047 106 1,380 54,95662,356 611 10,655 5,919 Dec. 30.................. 122,511 74,995 24,68922,82620,334 146,052 131,156 2,766 96 1,564 61,161 65,569 55211,005 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 55,58767,340 889 11,045 5,874 Mar. 27................. 122,968 74,834 24,82323,311 17,527 143,526 127,958 2,058 96 1,606 55,92268,276 996 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 1,777 56,40669,180 1,254 11,193 5,857 June 29................. 125,767 78,011 23,469 24,287 19,321 148,588 132,837 2,258 102 1,811 59,18369,483 87011,403 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 70,279 772 11,302 5,843 Aug. 28................. 127,450 79,184 24,01024,256 17,956 148,626 132,750 2,128 96 1,700 57,68571,141 891 11,354 5,836 Sept. 25.................. 129,187 80,230 24,32524,632 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 24,75025,260 19,292 153,472 137,139 2,305 102 1 ,803 60,16772,762 1,027 11,536 5,819 Nov. 27................. 131,846 81,708 24,658 25,48020,411 155,573 138,857 2,354 102 1,518 61,90072,983 1,142 11,622 5,808 Dec. 31................. 134,759 83,397 24,99826,36422,664 161,122 144,682 2,839 111 1 ,281 66,578 73,873 804 11,807 5,796 1 Reciprocal balances excluded beginning with 1942. Reclassification Beginning with June 1963, three New York City banks with loans and of deposits of foreign central banks in May 1961 reduced interbank investments of $392 million and total deposits of $441 million were re deposits by a total of $1,900 million ($1,500 million time to other time classified as country banks. Beginning with the last Wednesday in May and $400 million demand to other demand). 1965, total assets of country banks were increased and Other Reserve City 2 Includes other assets and liabilities not shown separately. banks decreased by $645 million as a result of the reclassification of Toledo, 3 Figures for mutual savings banks include relatively small amounts of Ohio, banks from reserve city to country banks. Also see note 6, Oct. demand deposits. Beginning with June 1961, also includes certain ac 1962 Bulletin, p. 1315. counts previously classified as other liabilities. 4 Beginning with Dec. 31, 1947, the series was revised. A net of 115 Note.—Data are for all commercial and mutual savings banks in the noninsured nonmember commercial banks with total loans and invest United States (including Alaska and Hawaii, beginning with 1959). ments of about $110 million were added, and 8 banks with total loans Commercial banks represent all commercial banks, both member and and investments of $34 million were transferred from noninsured mutual nonmember; stock savings banks; and nondeposit trust companies. Com savings to nonmember commercial banks. mercial banks exclude, and member banks include, a national bank in the 5 These data reflect the reclassification of New York City and city of Virgin Islands that became a member in May 1957, and in the period 1941 Chicago as reserve cities effective July 28t 1962; for details see Aug. 1962 to July 1962, from one to three mutual savings banks. Bulletin, p. 993. See also second paragraph of note 6 to this table. Comparability of figures for classes of banks is affected somewhat by 6 Beginning with Feb. 1960 reserve city banks with total loans and in changes in F.R. membership, deposit insurance status, and the reserve vestments of $950 million and total deposits of $1,070 million were re classifications of cities and individual banks, and by mergers, etc. classified as country banks. Beginning with Aug. 23, 1962 (Topeka and Figures are partly estimated except on call dates. Wichita, Kansas), and Sept. 6, 1962 (Kansas City, Kansas), reserve city For revisions in series before June 30, 1947, see July 1947 Bulletin, banks with total loans and investments of $500 million and total deposits pp. 870-71. of $600 million were reclassified as country banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 1969 □ MEMBER BANKS, 1968 A 95 INCOME, EXPENSES, AND DIVIDENDS, BY CLASS OF BANK (Income in thousands, assets and liability items in millions of dollars) Reserve city All member banks J Country Item New York City of City Chicago Other 1964 1965 1966 1967 1968 1968 ,Revenue...................................................... 12,385,80313,841,782 16,071,561 17,859,32520,818,930 3,674,579 888,628 7,777,184 8,478,539 interest and dividends on securities: U.S. Govt............................................ 1,741,509 1,686,444 1,702,010 1,934,117 2,207,884 268,303 83,243 686,355 1,169,983 Other................................................. 911,252 1,078,870 1,265,154 1,561,149 1 ,928,753 280,297 72,266 701,288 874'902 Interest and discount on loans.............. 7,970,810 9,127,320 10,888,811 11,889,29013,819,900 2,546,732 603,333 5,236,580 5,433,255 Other charges on Ioans......................... 140,430 167,776 197,255 238,678 322,641 51,963 8,391 152,700 109,587 Service charges on deposits................... 607,193 653,233 704,693 756,876 803,261 54,945 4,650 310,644 433,022 Other charges, fees, etc.......................... 207,184 223,910 265,378 315,144 371,036 57,088 11,594 159,186 143,168 Trust department................................... 611,043 667,907 733,131 796,052 879,559 269,126 65,033 346,605 198,795 Other current revenue........................... 196,382 236,322 315,129 368,019 485,896 146,125 40,118 183,826 115,827 Expenses..................................................... 8,894,58310,206,320 11,941,190 13,506,71415,757,570 2,639,851 642,283 5,950,019 6,525,417 Salaries—Officers........................... 968,442 1,047,366 1 ,148,460 1,258,581 1,395,341 160,238 37,650 484,284 713,169 Salaries and wages—Others.................. 1 ,871,935 1,976,578 2,141,458 2,389,628 2,701,603 497,610 98,397 1,049,392 1,056,204 Officer and employee benefits.............. 420,078 448,318 507,199 562,614 633,234 121,904 27,837 235,092 248,401 Directors’ fees, etc................................. 45,855 48,610 52,707 56,774 61,947 2,521 555 8,289 50,582 interest on time deposits....................... 3,383,524 4,2)4,144 5,213,416 6,091,355 7,108,056 1,175,140 326,5(9 2,707,691 2,898,706 Interest on borrowed money................. 122,054 183,695 293,884 258,999 516,231 176,192 42,103 248,747 49,189 Net occupancy expense......................... 549,756 598,174 653,828 708,705 783,113 137,769 20,589 285,040 339,715 Furniture and equipment....................... 296,599 333,664 369,420 429,433 505,626 55,838 16,255 200,217 233,316 Other current expenses............. 1,236,340 1,355,771 1,560,818 1,750,625 2,052,419 3(2,639 72,378 731,267 936,135 Net current earnings before income taxes, . 3,491,220 3,635,462 4,130,371 4,352,611 5,061,360 1,034,728 246,345 1,827,165 1,953,122 Recoveries, transfers from reserves, and profits.................................................. 274,775 329,907 284,223 351,589 261,068 30,728 13,807 103,197 113,336 On securities: Profits.................................................. 58,301 67,456 50,036 120,767 73,541 10,416 1,631 24,650 36,844 Recoveries.......................................... 5,473 5,133 3,833 2,745 4,384 395 1 ,979 163 1,847 Transfers from reserves..................... 53,978 90,954 94,677 59,356 36,394 216 1 24,645 11,532 On loans: Recoveries......................................... 10,369 10,524 9,021 8,289 6,793 135 33 677 5,948 Transfers from reserves..................... 56,385 73,105 45,195 34,316 50,822 5,994 7,239 21,206 16,383 All other................................................. 90,269 82,735 81,461 126,116 89,134 13,572 2,924 31,856 40,782 Losses, charge-offs, and transfers to reserves.................................................... 845,272 982,477 1,330,115 1,088,149 1,463,294 331,530 80,673 531,889 519,202 On securities: Sold..................................................... 79,732 70,068 412,634 132,414 489,472 175,822 32,072 162,903 118,675 Charge-offs prior to sale................... 8,378 4,850 5,780 5,385 8,397 420 3,021 4,956 Transfers to reserves.......................... 65,260 54,176 67,240 63,977 44,891 80 6,472 24,578 13,761 On loans: Losses and charge-offs....................... 16,845 19,302 17,912 15,152 13,261 52 353 12,856 Transfers to reserves........................ 551,796 723,997 629,423 726,099 764,050 145,064 38,727 274,168 306,091 All other................................................ 123,261 110,084 197,126 145,122 143,223 10,144 3,350 66,866 62;863 Net income before related taxes................ 2,920,723 2,982,892 3,084,479 3,616,051 3,859,134 733,926 179,479 1,398,473 1,547,256 Taxes on net income................................... 997,626 879,965 875,644 1,007,186 1,054,075 228,398 55,008 374,453 396,216 Federal.................................................... 909,928 788,710 769,269 865,718 891,856 158,142 55,008 316,719 361,987 State................................................... 87,698 91,255 106,375 141,468 162,219 70,256 57,734 34,229 Net income................................................. 1,923,097 2,102,927 2,208,835 2,608,865 2.805,059 505,528 124,471 1,024,020 1,151,040 Cash dividends declared............................. 960,847 1,057,517 l,t44,619 1,248,227 1,385,284 320,290 56,147 546,138 462,709 On preferred stock2............................... 24,270 52,248 61,496 77,585 92,543 43,706 487 34,156 14,194 On common stock................................. 936,577 1,005,269 1,083,123 1,170,642 1,292,741 276,584 55,660 511,982 448,515 Memoranda items: Recoveries credited to reserves3 4,136 3,703 2,800 4,599 1,254 507 747 On loans.............................................. 139,413 100,276 115,668 135,631 184,306 35,356 7,847 60,995 80,108 Losses charged to reserves4 42,030 21,338 54,675 23,167 29,806 4,291 15,833 9,682 On loans............................................. 319,906 346,200 438,620 486,055 500,738 67,031 26,300 174,585 232,822 Assets, deposits, and capital accounts: Loans..................................................... 137,915 158,774 177,557 189,788 207,670 40,524 9,586 78,153 79,408 U.S. Govt, securities........................ 47,945 45,702 42,286 43,172 46,066 5,686 1,733 14,262 24,385 Other securities..................................... 30,307 34,658 38,438 44,697 52,496 7,307 1,970 18,727 24,493 Cash assets....................................... 47,698 51,916 55,468 62,358 69,944 19,793 2,867 26,510 20,773 Other assets............................................. 7,471 8,475 9,619 10,762 12,454 3,863 699 4,424 3,468 Total assets........................................... 271,336 299,525 323,368 350,777 388,630 77,172 16,854 142,076 152,527 Time deposits. ....................................... 97,538 112,962 126,700 141,130 155,962 20,282 5,949 59,380 70,351 Total deposits. ...................................... 238,862 263,661 282,910 305,514 335,766 61,212 13,737 123,985 136,831 Total capital accounts........................... 21 ,932 24,050 25,627 27,204 29,099 5,958 1 ,380 10,356 11,405 Number of officers.................................... 87,087 91,419 98,288 102,292 108,665 8,597 1,935 36,870 61,263 Number of employees................................ 444,016 459,882 491,551 514,643 546,555 78,695 16,069 207,778 244,013 Number of banks...................................... 6,225 6,221 6,150 6,071 5,978 12 9 161 5,796 Note.—The schedule for reporting current operating expenses was funds transactions have been classified as interest and discount on loan revised beginning with 1961, and certain items are not directly comparable and interest on borrowed money in these tables. with data for previous years. For detailed summary of these changes see For other notes see following two pages. May 1962 Bulletin, pp. 526-27. Revenue and expenses incident to Federal Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 96 MEMBER BANKS, 1968 □ MAY 1969 INCOME, EXPENSES AND DIVIDENDS, BY FEDERAL RESERVE DISTRICT (Income in thousands, asset and liability items in millions of dollars) Federal Reserve district Item New Phila Cleve Rich St. Minne Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco Revenue..................................... 966,5185,223,517984,942 1,529,573 1,055,596 1,289,6063,132,012655,156537,170851,465 1,035,2253,558,150 Interest and dividends on securities: U.S. Govt..................... 81,149 423,633 100,300 207,929 126,283 163,930 413,343 97,152 69,894 118,475 121,168 284,628 Other............................. 83,979 459,282 92,778 174,873 91,411 127,277 295,903 65,304 51,747 73,962 101,091 311,146 Interest and discount on loans............................. 630,1843,581,147668,258 973,731 688,615 805,199 2,054,045420,238345,786546,942 697,9062,407.849 Other charges on loans....... 9,944 72,412 10,443 18,286 27,338 23,369 40,197 6,994 6,462 8,841 12,531 85,824 Service charges on deposits.. 44,255 131,637 31,737 49,719 50,519 69,593 88,126 22,663 24,038 41,789 41,458 207,727 Other charges, fees, etc........ 23,338 78,121 10,186 20,319 21,665 34,865 48,776 13,304 17,290 16,549 17,153 69,470 Trust department................ 72,539 311 ,875 52,390 65,836 33,485 37,654 121,475 18,198 14,377 27,702 27,003 97,025 Other current revenue...... 21,130 165,410 18,850 18,880 16,280 27,719 70,147 11,303 7,576 17,205 16,915 94,481 Expenses.................................. 712,0523,846,035741,664 1,126,696 787,192 966,151 2,429,254491,566419,073623,796 765,5802,848,511 Salaries—Officers................. 69,259 269,193 63,909 90,929 84,553 100,067 188,391 52,023 45,389 82,369 83,128 266,131 Salaries and wages—Others. 148,039 708,545 129,899 179,456 148,241 175,107 373,501 79.198 54,542 100,217 109,520 495,338 Officerand employee benefits 37,305 173,263 34,053 37,411 32,532 41 ,848 87,208 18,235 15,513 22,802 25,344 107,720 Directors' fees, etc.............. 3,315 9,191 5,368 4,545 4,821 5,676 8,883 3,944 2,829 4,911 5,522 2,942 Interest on time deposits. . . 248,204 I,726,121 328,036 543,690 306,238 371,809 1,225,625202,356201,314256,086 328,943 1,369,634 Interest, on borrowed money. 30,976 187,394 20,345 23,636 16,653 20,345 77,459 20,109 11,900 8,220 29,258 69,936 Net occupancy expense....... 42,313 207,015 37,963 48,304 42,188 48,465 102,363 23,336 17,260 29,625 33,587 150,694 Furniture and equipment... 28,051 96,614 25,672 34,500 29,825 43,385 73,874 19,402 14,945 26,573 27,484 85,301 Other current expenses..... 104,590 468,699 96,419 164,225 122,141 159,449 291,950 72,963 55,381 92,993 122,794 300,815 Net current earnings before income taxes..................... 254,4661,377,482243,278 402,877 268,404 323,455 702,758163,590 118,097227,669 269,645 709,639 Recoveries, transfers from re serves, and profits....... 10,885 45,394 8,994 29,526 27,835 21,615 40,079 13,978 5,822 13,008 13,347 30,585 On securities: Profits........................... 1,549 16,559 3,840 7,313 2,799 6,232 12,081 7,635 1,646 4,965 3,213 5,709 Recoveries......................... 33 706 90 214 55 75 2.248 478 192 207 44 42 Transfers from reserves.. 208 1 ,640 1 ,065 9,297 6,730 3,499 3,212 513 505 2,228 2,214 5,283 On loans: Recoveries.................. 101 461 229 399 315 339 405 353 631 1 ,246 1,567 747 Transfers from reserves... 3,683 8,910 814 5,213 7,349 2,909 10,243 2,116 250 1 ,681 1,711 5,943 AH other.............................. 5,311 17,118 2,956 7,090 10,587 8,561 11,890 2,883 2,598 2,681 4,598 12,861 Losses, charge-offs, and trans fers to reserves ......... 77,842 409,729 51,472 122,290 74,619 99,400 208,850 39,537 30,218 47,960 64,430 236,947 On securities’. Sold............................... 26.898 195,383 16,379 42,904 21,586 25,164 75,632 8,091 8,505 8,868 5,617 54,445 Charge-offs prior to sale.. 77 1,566 186 1,123 153 501 602 1,100 973 657 524 935 Transfers to reserves........ 1.029 I ,345 1 ,940 6,766 2,590 2,020 10,060 1,192 348 600 6,402 10,599 On loans: Losses and charge-offs . .. 103 764 384 2,451 828 711 935 651 682 1,967 2,857 928 Transfers to reserves..... 39,668 190,829 27,219 56,870 35,995 57,180 106,923 22,908 15,682 30,321 41 ,974 138,481 All other...................... 10,067 19,842 5,364 12,176 13,467 13,824 14,698 5,595 4,028 5,547 7,056 31,559 Net income before related taxes. 187,509 1,013,147200,800 310,113 221,620 245,670 533,987 138,031 93,701 192,717 218,562 503,277 Taxes on net income................ 58,044 288,499 52,960 68,564 64,515 66,059 134,107 41,093 28,419 61,796 65,613 124,406 Federal. ............................... 42,953 207,973 52,532 68,564 62,965 64,209 125,740 40,342 21,335 56,391 65,516 83,336 State...................................... 15,091 80,526 428 1,550 1,850 8,367 751 7,084 5,405 97 41,070 Net income............................... 129,465 724,648147,840 241,549 157,105 179,611 399,880 96,938 65,282 130,921 152,949 378,871 Cash dividends declared.......... 68,482 420,889 78,239 106,269 67,778 73,104 163,302 40.653 32,268 55,934 78,065 200,301 On preferred stock 2............ 141 49,524 4.396 2,902 2,272 4,660 5,796 2,168 69 1,385 3,215 16,015 On common stock.......... 68,341 371,365 73,843 103,367 65,506 68,444 157,506 38,485 32,199 54,549 74,850 184,286 Memoranda items: Recoveries credited to re serves 3 On securities..................... 23 396 49 206 79 5 24 41 388 43 On loans........................... 7,329 46,125 5,681 9,871 5,568 12,893 28,330 4,379 3,673 11,056 14.835 34,566 Losses charged to reserves 4 On securities............... 1,671 1,599 22 4,884 4,374 792 4,905 519 61 3,070 7,909 On loans........................... 24,613 99,954 17,118 35,907 19,879 40,175 71,046 13,533 7,698 26,681 37,268 106,866 Assets, deposits, and capital accounts: Loans.................................... 9,155 55,965 10,151 15,266 10 ,062 11,537 31,361 6,410 5,110 7,882 10,336 34,436 U.S. Govt, securities............ 1,653 9,070 2,200 4,337 2,577 3,298 8,563 2,008 1 ,499 2,379 2,551 5,931 Other securities................... 2,417 12,352 2,605 4,819 2,517 3,324 8,129 1,842 1,442 2.202 2,847 7,999 Cash assets........................... 2,784 23,343 2,804 4,136 3.136 4,502 8,932 2,410 1,564 3,078 4,258 8,996 Other assets.......................... 475 4,497 413 590 456 693 1,571 284 206 357 597 2,314 Total assets.......................... 16,484 105,227 18,174 29,148 18,748 23,352 58,557 12,954 9,821 15,899 20,589 59,676 Time deposits....................... 5,453 33,567 7,957 13,707 7,335 8,662 27,025 4,742 4,515 5,824 7,290 29,884 Total deposits....................... 14,061 86,259 15,960 25,684 16,537 20,742 51,412 11,432 8,770 14,220 18,154 52,535 Total capital accounts...... 1 ,338 7,980 1 ,448 2,444 1 ,448 1,806 4,127 l,03D 681 1,325 1,590 3,882 Number of officers.................. 5,361 16,958 5,415 7,050 7,138 8,142 13,372 4,570 3,961 6,848 7,252 22,598 Number of employees............ 31,179 123,012 28,865 37,769 34,375 39,875 74,879 18,476 13,021 22,908 23,944 98,252 Number of banks........... 244 374 359 484 378 536 974 474 489 833 651 182 Numbered notes for tables on pages A-95—A-97: during part of the year but not at the end of the year. Asset and liability 1 Includes figures for all banks that were members of the FRS at the data may not add to totals because of rounding. end of the year (including those becoming members during the year 2 Includes interest on capital notes and debentures. whose returns may cover operations for only part of the year); and in 3 Not included in recoveries shown above. addition includes appropriate adjustments for member banks in operation 4 Not included in losses shown above. See also Note on following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 1969 □ MEMBER BANKS, 1968 A 97 INCOME, EXPENSES, AND DIVIDENDS OF RESERVE CITY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Income in thousands, asset and liability items in millions of dollars) Federal Reserve district Item New Phila Cleve Rich St. Minne Kansas San Boston York delphia land mond Atlanta Chicago Louis apolis City Dallas Francisco Revenue..................................... 348,958 163,219 454,333 879,529 537,301 482,512 754,283 302,660 165,164 301,395 448,8532,938,977 Interest and dividends on securities; U.S. Govt....................... 23,769 11,607 31,036 94,370 57,455 50,253 83,144 32,971 10,038 29,214 40,893 221,605 Other.............................. 26,867 16,952 33,252 103,614 45,122 37,921 66,578 27,153 13,754 24,924 40,653 264,498 Interest and discount on loans 220,700 116,695 318,940 569,861 347,828 315,242 512,792 202,163 113,799 201,320 317,698 1,999,542 Other charges on Ioans.......... 5,433 2,195 4,622 12,610 16,650 10,789 13,560 4,332 2,805 4,102 7,404 68,198 Service charges on deposits.. 6,592 6,698 14,078 22,480 25,254 19,726 22,480 9,416 3,542 7,177 6,836 166,365 Other charges, fees, etc.......... 14,530 2,713 4,562 13,077 10,574 19.055 14,296 7,230 6,939 5,294 9,230 51,686 Trust department................... 38,706 3,683 34,010 51,630 23,314 20,020 27,318 12,102 (0,837 20,196 19,669 85,120 Other current revenue........... 12,361 2,676 13,833 11 ,887 11,104 9,506 14,115 7,293 3,450 9,168 6,470 81,963 Expenses..................................... 248,948 133,939 341,243 632,729 397,220 355,703 610,824 223,736 120,916 214,136 318,266 2,352,359 Salaries—Officers.................. 19,934 10,217 25,031 43,315 38,050 32,100 33,032 18,064 8,861 20,406 23,923 211,351 Salaries and wages—Others.. 53,924 21,360 67,135 103,405 79,202 70,281 105,330 40,244 20,141 40,825 43,135 404,4(0 Officer and employee benefits. 12,188 4,711 19,097 21,097 17,391 19,377 (9,191 9,136 4,973 8,062 10,979 88,890 Directors’ fees, etc.............. 281 419 555 684 1,241 917 753 524 341 476 568 1,530 Interest on time deposits.... 81,296 68,621 137,038 312,162 146,917 126,264 310,024 82,772 49,914 86,812 143,403 1,(62,468 Interest on borrowed money. 25,060 2,024 18,210 20,843 14,369 14,952 28,203 18,405 10,389 5,702 25,792 64,798 Net occupancy expense......... 13,179 6,532 18,120 26,694 22,011 18,246 27,215 10,024 4,753 9,265 7,163 121,838 Furniture and equipment.. . . 9,193 6,283 12,577 17,810 15,722 16,508 19,793 9,631 5,478 10,939 11,441 64,842 Other current expenses.......... 33,893 13,772 43,480 86,719 62,317 57,058 67,283 34,936 16,066 31,649 51,862 232,232 Net current earnings before in come taxes................. 100,010 29,280 113,090 246,800 140,081 126,809 143,459 78,924 44,248 87,259 130,587 586,618 Recoveries, transfers from re serves, and profits....... 5,400 484 1,332 19,359 15,939 10,608 6,758 9,334 1,840 5,265 4,682 22,196 On securities: Profits............................ 129 211 HO 4,785 695 3,010 2,448 5,223 520 2,619 851 4,049 Recoveries.......................... 6 1 29 26 I 78 22 Transfers from reserves.... 5 930 8,205 4,183 2,665 1,144 329 1 ,014 1,388 4,782 On loans: Recoveries..................... 18 12 11 12 12 38 1 202 10 6 355 Transfers from reserves... 3,169 3,699 3,705 2,218 754 1,833 1,061 4,767 All other............................... 2,078 268 279 2,630 7,344 2,677 2,374 1,947 1,118 483 2,437 8,221 Losses, charge-offs, and trans fers to reserves............ 34,442 4,910 23,537 83,582 37,988 44,932 46,254 20,416 11,291 17,691 20,938 185,908 On securities: Sold................................ 11,976 754 9,203 33,078 13,979 15,648 20,419 5,656 3,650 3,967 1,673 42,900 Charge-offs prior to sale... 675 10 86 662 591 146 851 Transfers to reserves.......... 212 1,815 5,684 1,823 613 1,793 616 300 2,973 8,749 On loans: Losses and charge-offs.... 5 105 243 Transfers to reserves.......... 17,499 2,973 10,848 35,756 15,654 22,294 20,991 "i63i7 5,218 10,768 14,212 107,438 All other................................. 4,967 971 1,671 8,389 6,532 6,367 2,960 2,965 1,727 2,5(0 2,080 25,727 Net income before related taxes. 70,968 24,854 90,885 182,577 118,032 92,485 103,963 67,842 34,797 74,833 114,331 422,906 Taxes on net income.................. 24,579 4,319 25,863 37,867 33,826 25,927 17,312 21,660 13,206 26,799 38,425 104,670 Federal.................................... 18,258 3,017 25,863 37,867 33,105 25,228 13,142 21,369 9,493 24,156 38,425 66,796 State....................................... 6,321 1,302 721 699 4,170 291 3,713 2,643 37,874 Net income................................. 46,389 20,535 65,022 144,710 84,206 66,558 86,651 46,182 21,591 48,034 75,906 318,236 Cash dividends declared............ 26,941 12,616 39,519 69,455 38,087 34,404 42,399 23,679 11,828 27,111 49,396 170,703 On preferred stock 2.............. 855 3,726 2,365 2,045 3,415 3,312 1,863 892 2,620 13,063 On common stock................. 26,941 I(,761 35,793 67,090 36,042 30,989 39,087 21,816 11,828 26,219 46,776 157,640 Memoranda items: Recoveries credited to reserves 3 On securities....................... 165 15 1 326 On loans............................. 2,441 1,548 2,341 4,310 1 ,327 3,353 8,102 1,341 1,094 3,301 4,760 27,077 Losses charged to reserves 4 On securities...................... 4,142 3,382 36 120 2,268 5,885 On loans............................. 7,478 4,516 6,722 21,099 5,783 11,045 9,999 5,504 1,278 8,479 9,529 83,153 Assets, deposits, & cap. accts.; Loans..................................... 3,283 1 ,595 4,786 8,949 5,124 4,602 7,979 3,219 1,745 3,063 5,020 28,789 U.S. Govt, securities............. 472 244 653 1,922 1,147 1 ,025 1,680 663 265 583 998 4,610 Other securities...................... 819 496 918 2,848 1,230 971 1,802 745 388 699 1,097 6,715 Cash assets.............................. 1,261 380 1,660 2,634 1,866 2,089 2,771 1,426 781 1,516 2,351 7,775 Other assets........................... 219 99 226 367 239 305 329 160 65 159 316 1,939 Total assets,........................... 6,054 2,815 8,242 16,721 9,606 8,992 14,559 6,214 3,243 6,021 9,782 49,828 Time deposits........................ 1,581 1,498 2,926 7,427 3,401 2,863 6,763 1,860 1,027 1,870 3,073 25,091 Total deposits,...................... 4,951 2,480 7,125 14,537 8,421 7,851 12,998 5,318 2,801 5,334 8,355 43,814 Total capital accounts.......... 502 187 63 i 1,476 720 742 914 511 224 510 774 3,164 Number of officers.................... 1,375 755 1,716 2,874 2,876 2,293 1,936 1,386 597 1,443 1,623 17,996 Number of employees............. 9,908 4,671 13,260 19,610 (7,437 14,531 20,185 8,831 4,250 8,489 8,049 78,557 Number of banks...................... 5 3 6 16 15 20 15 15 8 21 17 20 Note.—Does not include reserve city banks in the cities of New York reserve balances), and cash items in process of collection. Total capital and Chicago. The figures of assets, deposits, and capital accounts are accounts are comprised of the aggregate book value of capital stock, averages of the amounts reported for three, official call dates beginning capital notes and debentures, surplus, undivided profits, reserves for con with the end of the previous year and ending with the Dec. 1968 call. tingencies, and other capital reserves. The number of officers, employees, and banks are as of the end of the year. For numbered notes see preceding page. Cash assets are comprised of cash, balances with other banks (including Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 98 MEMBER BANKS, 1968 □ MAY 1969 INCOME, EXPENSES, AND DIVIDENDS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Income in. thousands, asset and liability items in millions of dollars) Federal Reserve district Item San Boston New Phila Cleve Rich Atlanta Chicago St. Minne Kansas Dallas Fran York delphia land mond Louis apolis City cisco Revenue...................................... 617,560 1,385,719 530,609 650,044 518,295 807,094 1,489,101 352,496 372,006 550,070 586,372 619,173 Interest and dividends on securities: U.S, Govt....................... 57,380 143,723 69,264 113,559 68,828 113,677 246,956 64,181 59,856 89,261 80,275 63,023 Other............................... 57,112 162,033 59,526 71,259 46,289 89,356 157,059 38,151 37,993 49,038 60,438 46,648 Interest and discount on loans409,484 917,720 349,318 403,870 340,787 489,957 937.920 218,075 231 ,987 345,622 380,208 408,307 Other charges on loans.......... 4,511 18,254 5,821 5,676 10,688 12,580 18,246 2,662 3,657 4,739 5,127 17,626 Service charges on deposits.. 37,663 69,994 17,659 27,239 25,265 49,867 60,996 13,247 20,496 34,612 34,622 41,362 Other charges, fees, etc......... 8,808 18,320 5,624 7,242 11,091 15,810 22,886 6,074 10,351 ll,255 7,923 17,784 Trust department................... 33,833 39,066 18,380 14,206 10,171 17,634 29,124 6,096 3,540 7,506 7,334 11,905 Other current revenue........... 8,769 16,609 5,017 6,993 5,176 18,213 15,914 4,010 4,126 8,037 10,445 12,518 Expenses.................................... 463,104 1,072,245 400.421 493,967 389,972 610,4481,176,147 267,830 298,157 409,660 447,314 496,152 Salaries—Officers................... 49,325 98,738 38,878 47,614 46,503 67,967 117,709 33,959 36,528 61,963 59,205 54,780 Salaries and wages-—Others.. 94,115 189,575 62,764 76,051 69,039 104,826 169,774 38,954 34,401 59,392 66,385 90,928 Officer and employee benefits. 25,117 46,648 14,956 16,314 15,141 22,471 40,180 9,099 10,540 14,740 14,365 18,830 Directors’ fees, etc.......... 3,034 6,251 4,813 3,861 3,580 4,759 7,575 3,420 2,488 4,435 4,954 1,412 Interest on time deposits.... 166,908 482,360 190,998 231,528 159,321 245,545 589,082 119,584 151,400 169,274 185,540 207,166 Interest on borrowed money. 5,916 9,178 2,135 2,793 2,284 5,393 7,153 1,704 I ,511 2,518 3,466 5,138 Net occupancy expense...... 29,134 62,714 19,843 21,610 20,177 30,219 54,559 13,312 12,507 20,360 26,424 28,856 Furniture and equipment.... 18,858 34,493 13,095 16,690 14,103 26,877 37,826 9,771 9,467 15,634 16,043 20,459 Other current expenses...... 70,697 142,288 52,939 77,506 59,824 102,391 152,289 38,027 39,315 61,344 70,932 68,583 Net current earnings before income taxes.......................... <54,456 313,474 130,188 156,077 128,323 196,646 312,954 84,666 73,849 140,410 139,058 123,021 Recoveries, transfers from reserves, and profits.............. 5,485 14,182 7,662 10,167 11,896 11,007 19,514 4,644 3,982 7,743 8,665 8,389 On securities: Profits................................. 1,420 5,932 3,730 2,528 2,104 3,222 8,002 2,412 1,126 2,346 2,362 1,660 Recoveries.......................... 27 311 89 185 55 49 269 477 192 129 44 20 Transfers from reserves. . . . 208 1,419 135 1 ,092 2,547 834 2,067 184 505 1,214 826 501 On loans: Recoveries....................... 83 326 217 388 303 327 334 352 429 1,236 1,561 392 Transfers from reserves... . 514 2,916 814 1,514 3,644 691 2,250 283 250 620 1,711 1,176 All other................................ 3,233 3,278 2,677 4,460 3,243 5,884 6,592 936 1,480 2,198 2,161 4,640 Losses, charge-offs, and transfers to reserves................... 43,400 73,289 27,935 38,708 36,631 54,468 81,923 19,121 18,927 30,269 43,492 51,039 On securities: Sold................................ 14,922 18,807 7,176 9,826 7,607 9,516 23,141 2,435 4,855 4,901 3,944 11,545 Charge-offs prior to sale. .. 77 1,146 186 448 153 491 516 438 382 511 524 84 Transfers to reserves......... 1,029 1 ,053 125 1,082 767 1,407 1 ,795 576 348 300 3,429 1,850 On loans; Losses and charge-offs.... 103 764 384 2,451 828 711 878 651 577 1,967 2,857 685 Transfers to reserves......... 22.169 42,792 16,371 21,114 20,341 34,886 47,205 12,391 10,464 19,553 27,762 31,043 All other............................ 5,100 8,727 3,693 3,787 6,935 7,457 8,388 2,630 2,301 3,037 4,976 5,832 Net income before related taxes. 116,541 254,367 109,915 127,536 103,588 153,185 250,545 70,189 58,904 117,884 104,231 80,371 Taxes on net income.................. 33,465 55,782 27,097 30,697 30,689 40,132 61,787 19,433 15,213 34,997 27,188 19,736 Federal................................ 24,695 46,814 26,669 30,697 29,860 38,981 57,590 18,973 11,842 32,235 27,091 16,540 State........................................ 8,770 8,968 428 829 1,151 4,197 460 3,371 2,762 97 3,196 Net income................................. 83,076 198,585 82,818 96,839 72,899 113,053 188,758 50,756 43,691 82,887 77,043 60,635 Cash dividends declared........... 41,541 87,983 38,720 36,814 29,691 38,700 64,756 16,974 20,440 28,823 28,669 29,598 On preferred stock2.............. 141 4,963 670 537 227 1,245 1,997 305 69 493 595 2,952 On common stock................. 41,400 83,020 38,050 36,277 29,464 37,455 62,759 16,669 20,371 28,330 28,074 26,646 Memoranda items: Recoveries credited to re serves3 On securities....................... 23 396 49 41 64 5 24 40 62 43 On loans............................. 4,888 9,221 3,340 5,561 4,241 9,540 12,381 3,038 2,579 7,755 10,075 7,489 Losses charged to reserves4 On securities.................. 1,671 1,599 22 742 992 756 614 399 61 802 2,024 On loans............................ 17,135 28,407 10,396 14,808 14,096 29,130 34,747 8,029 6,420 18,202 27,739 23,713 Assets, deposits, and capital accounts: Loans..................................... 5,872 13,846 5,365 6,317 4,938 6,935 13,796 3,191 3,365 4,820 5,316 5,647 U.S. Govt, securities............. 1,181 3,140 1,547 2,414 1,430 2,272 5,151 1,345 1,235 1,796 1,553 1,321 Other securities...................... 1,598 4,550 1,688 1,971 1 ,287 2,353 4,358 1,097 1,054 1,503 1,750 1,284 Cash assets............................. 1,523 3,170 1,144 1,502 1,269 2,412 3,294 984 783 1,562 1,908 1,221 Other assets. ................... 256 534 187 223 217 388 544 124 141 198 281 375 Total assets............................. 10,431 25,240 9,932 12,427 9,142 14,360 27,143 6,740 6,577 9,879 10,807 9,848 Time deposits......................... 3,872 11,787 5,031 6,280 3,935 5,799 14,314 2,882 3,489 3,954 4,217 4,793 Total deposits......................... 9,HO 22,567 8,836 11,147 8,116 12,891 24,677 6,114 5,969 8,886 9,798 8,720 Total capital accounts........... 836 1,834 817 968 728 1,063 1,833 520 457 815 816 718 Number of officers.................... 3,986 7,606 3,699 4,176 4,262 5,849 9,501 3,184 3,364 5,405 5,629 4,602 Number of employees............... 21,271 39,646 15,605 18,159 16,938 25,344 38,625 9,645 8,771 14,419 15,895 19,695 Number of banks...................... 239 359 353 468 363 516 950 459 481 812 634 162 For notes, see preceding two pages. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 1969 □ MEMBER BANKS, 1968 A 99 INCOME, EXPENSES AND DIVIDENDS, BY SIZE OF BANK (Amounts in thousands of dollars) Size group—Total deposits (in thousands of dollars) Item Total l Less than 2,000 5,000 10,000 25,000 50,000 100,000 500,000 2,000 5,000 10,000 25,000 50,000 100,000 500,000 or more Revenue.................................................... 20,804,483 21,441 225,403 637,681 1,493,124 1,332,325 1,336,293 4,037,450 11,720,766 Interest and dividends on securities: U.S. Govt..................................... 2,206,926 5,439 49,580 120,608 244,167 192,046 182,176 461,303 951,607 Other................................................ 1,928,392 1,092 16,682 58,012 151,641 146,424 143,933 388,643 1,021,965 Interest and discount on loans......... 13,819,042 13,132 139,999 401,074 945,448 841,448 848,372 2,626,583 8,002,986 Other charges on loans...................... 322,619 87 1,225 4,336 16,022 15,821 20,025 63,407 201,696 Service charges on deposits......... 803,141 1,085 11,072 35,353 85,073 74,545 63,048 181,797 351,168 Other charges, fees, etc...................... 370,954 413 4,313 10,844 23,678 20,797 24,791 75,674 210,444 Trust department............................... 867,529 1 259 1,053 8,596 24,328 31,904 171,924 629,464 Other current revenue. ...................... 485,880 192 2,273 6,401 18,499 16,916 22,044 68,119 351,436 Expenses.................................................. 15,746,055 16,410 173,171 492,644 1,157,535 1,033,380 1,040,628 3,054,688 8,777,599 Salaries—Officers................... 1,393,508 4,622 33,878 73,136 140,889 113,472 105,308 290,056 632,147 Salaries and wages—Others.............. 2,699,871 1,715 22,019 67,617 168,991 160,533 164,489 558,004 1,556,503 Officer and employee benefits....... 632,687 504 5,206 15,630 38,339 36,957 37,652 130,907 367,492 Directors’ fees, etc.............................. 61,916 472 3,716 8,111 13,180 8,561 7,037 10,921 9,918 Interest on time deposits................... 7,107,514 5,131 69,219 217,395 524,813 464,567 474,545 1,274,743 4,077,101 Interest on borrowed money............. 516,212 32 377 829 3,038 4,909 8,755 54,319 443,953 Net occupancy expense..................... 782,746 863 8,432 24,000 58,765 52,854 53,688 160,277 423,867 Furniture and equipment.................. 505,510 458 4,905 14,501 35,695 34,921 39,109 131,121 244,800 Other current expenses...................... 2,046,091 2,613 25,419 71,425 173,825 156,606 150,045 444,340 1,021,818 Net current earnings before income taxes. 5,058,428 5,031 52,232 145,037 335,589 298,945 295,665 982,762 2,943,167 Recoveries, transfers from reserves, and profits....................................... 260,659 660 3,483 9,194 19,917 17,983 26,612 53,684 129,126 On securities: Profits........................................... 73,471 43 785 3,123 7,914 6,471 6,634 19,389 29,112 Recoveries....................................... 4,379 2 98 436 370 255 261 323 2,634 Transfers from reserves.................. 36,390 2 59 421 741 2,349 3,215 11,622 17,981 On loans: Recoveries. ................................ 6,784 521 1,524 1,715 1,501 430 151 116 826 Transfers from reserves.......... 50,819 34 335 794 2,271 1,548 7,110 6,853 31,874 All other.............................................. 88,816 58 682 2,705 7,120 6,930 9,241 15,381 46,699 Losses, charge-offs, and transfers to re serves......................................... 1,462,763 1,644 15,040 38,866 89,992 81,404 82,368 245,227 908,222 On securities: Sold.............................................. 489,171 83 1,745 4,706 13,541 18,041 17,489 71,915 361,651 Charge-offs prior to sale............... 8,383 8 319 702 1,442 568 384 1,506 3,454 Transfers to reserves....................... 44,885 5 66 448 1,345 2,661 3,941 7,646 28,773 On loans: Losses and charge-offs............. . 13,256 899 3,588 3,076 4,287 646 186 17 557 Transfers to reserves...................... 764,000 502 8,036 25,093 60, (43 49,850 47,454 133,010 439,912 All other. ............................................ 143,068 147 1,286 4,841 9,234 9,638 12,914 31,133 73,875 Net income before related taxes. .......... 3,856,324 4,047 40,675 115,365 265,514 235,524 239,909 791,219 2,164,071 Taxes on net income............................... 1,052,458 875 9,659 29,312 68,730 «1,794 59,196 221,638 601,254 Federal................................................ 890,504 811 8,893 27,072 64,389 57,579 55,063 205,241 471,456 State..................................................... 161,954 64 766 2,240 4,341 4,215 4,133 16,397 129,798 Net income............................................. 2,803,866 3,172 31,016 86,053 196,784 173,730 180,713 569,581 1,562,817 Cash dividends declared......................... 1,383,894 1,119 10,624 27,851 67,691 65,851 66,418 255,658 888,682 On preferred stock 2,......................... 92,545 5 135 543 1,551 2,042 10,273 77,996 On common stock............................. 1,291,349 1,119 10,619 27,716 67,148 64,300 64,376 245,385 810,686 Memoranda items: Recoveries credited to reserves 3 On securities................................... 1,260 5 20 40 152 83 481 479 On loans.......................................... 184,339 146 2,762 8,581 18,480 12,020 14,332 29,408 98,610 Losses charged to reserves 4 On securities.......................... 29,806 37 107 652 1,818 1,351 5,305 20,536 On loans.......................................... 500;705 374 7,135 20,141 48,870 36,479 39,781 95,016 252,909 Assets, deposits, and capital accounts: Loans................................................. 221,197,929 183,946 2,064,368 6,028,669 14,447,636 13,125,455 13,173,84241,066,769 131,107,244 U.S. Govt, securities.......................... 47,862,474 119,329 1,077,504 2,613,775 5,209,294 4,012,593 3,811,224 9,815,854 21,202,901 Other securities............................ 56,906,356 35,630 545,771 1,856,312 4,685,487 4,286,546 4,257,305 11,463,530 29,775,775 Cash assets.......................................... 73,747,835 71,779 646,710 1,672,148 3,794,266 3,389,002 3,598,823 13,763,254 46,811,853 Other assets....................................... 13,694,127 5,102 66,684 219,204 577,794 569,936 613,713 1,949,015 9,692,679 Total assets......................................... 413,408,721 415,786 4,401,037 12,390,10828,714,47725,383,53225,454,90778,058,422238,590,452 Time deposits..................................... 164,579,046 142,934 1,903,315 5,836,737 13,863,236 12,094,141 12,027,95832,002,042 86,708,683 Total deposits..................................... 356,305,088 365,211 3,943,507 11,214,78626,000,70522,929,92022,939,81469,546,626 199,364,519 Total capital accounts....................... 30,038,288 47,245 412,222 992,858 2,150,258 1,810,133 1,819,641 5,624,416 17,181,515 Number of officers......................... 108,495 714 3,869 7,407 13,084 9,367 8,464 21,696 43,894 Number of employees........................... 546,126 574 5,969 17,165 42,466 38,845 38,345 119,642 283,120 Number of banks................................... 5,962 243 1,102 1,529 1,656 666 334 328 104 1 Total is for banks operating during the entire year, except that one 4 Not included in losses above. trust company having no deposits is excluded. 2 Includes interest on capital notes and debentures. Note.—The figures for assets, deposits, capital accounts, number of 3 Not included in recoveries above. officers and employees, and number of banks are as of the end of the year. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 100 MEMBER BANKS, 1968 □ MAY 1969 INCOME RATIOS, BY CLASS OF BANK (Computed from aggregate dollar amounts; ratios expressed as percentages) All member banks Reserve city New City Country Item York of Other City Chicago 1964 1965 1966 1967 1968 1968 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes...... 15.9 15.1 16.1 16.0 17.4 17.4 17.9 17.6 17.1 Net income before related taxes......................... 13.3 12.4 12.0 13.3 13.3 12.3 13.0 13.5 13.6 Net income........................................................... 8.8 8.7 8.6 9.6 9.6 8.5 9.9 9.9 10. 1 Cash dividends declared.................................... 4.4 4.4 4.5 4.6 4.8 5.4 4. 1 5.3 4. 1 Percentage of total assets: Total operating revenue............................... 4.56 4.62 4.97 5.09 5.36 4.76 5.27 5.47 5.56 Net current earnings before income taxes......... 1,29 1.21 1.28 1.24 1.30 1.34 1.46 1.29 1.28 Net income.......................................................... .71 .70 .68 .74 .72 .66 .74 .72 .75 Sources and disposition of income: Percentage of total operating revenue; Interest and dividends on—■ U.S. Govt, securities........................................ 14. I 12.2 10.6 10.8 10.6 7.3 9.4 8.8 13.8 Other securities................................................. 7.3 7.8 7.9 8.8 9.3 7.6 8.1 9.0 10.3 Revenue on loans................................................. 65.5 67.2 68.9 67.9 67.9 70.7 68.9 69.3 65.4 Service charges on deposit accounts.................. 4.9 4.7 4.4 4.2 3.9 1.5 0.5 4.0 5.1 All other revenue................................................. 8.2 8. 1 8.2 8.3 8.3 12.9 13. 1 8.9 5.4 Total revenue.................................................... 100.0 100.0 100.0 100.0 100.0 100-0 100.0 100.0 100.0 Salaries and wages............................................. 22.9 21.9 20.4 20.4 19.7 17.9 15.3 19.7 20.9 Officer and employee benefits............................. 3.4 3.2 3.2 3. 1 3.0 3,3 3. 1 3.0 2.9 Interest on time deposits..................................... 27.3 30.4 32.4 34. 1 34.1 32.0 36.8 34.8 34.2 Net occupancy expense....................................... 4.4 4.3 4. 1 4.0 3.8 3.7 2.3 3.7 4.0 Other current expenses......................................... 13.8 13.9 14.2 14.0 15. 1 14.9 14.8 15.3 15.0 Total expenses................................................... 71.8 73.7 74.3 75.6 75.7 71.8 72.3 76.5 77.0 Net current earnings before income taxes.... 26.2 26.3 25.7 24.4 24.3 28.2 27.7 23.5 23.0 Net losses including transfers (or recoveries and profits +)................................................. 4.6 4.7 6.5 , 4. 1 5.8 8.2 7.5 5.5 4.8 Taxes on net income.......................................... 8. 1 6.4 5.5 5.7 5.0 6.2 6.2 4.8 4.6 Net income after taxes......................................... 15.5 15.2 13.7 14.6 13.5 13.8 14.0 13.2 13.6 Rates of return on securities and loans: Return on securities: Interest on U.S. Govt, securities........................ 3.63 3.69 4.02 4.48 4.79 4.72 4.80 4.81 4.80 Interest and dividends on other securities......... 3.01 3.11 3.29 3.49 3.67 3.84 3.67 3.74 3.57 Net losses (or recoveries and profits T)............ .08 .02 .52 .04 .46 1.27 .88 .47 . 19 Return on loans: Revenue on loans................................................. 5.88 5.85 6.24 6.39 6.81 6.41 6.38 6.90 6.98 Net losses (or recoveries +)1.......................... . 14 . 16 . 19 . 19 . 16 .08 . 19 .14 .20 Distribution of assets: Percentage of total assets: U.S. Govt, securities............................................ 17.7 15.3 13.1 12.3 11.9 7.4 10.3 10.0 16.0 Other securities................................................. 11.2 11.6 11.9 12.7 13.5 9.5 11.7 13.2 16.0 Loans................................................................... 50.8 53.0 54.9 54. 1 53.4 52.5 56.9 55.0 52. 1 Cash assets........................................................... 17.6 17.3 17. 1 17.8 18.0 25.6 17.0 18.7 13.6 Other assets.......................................................... 2.7 2.8 3.0 3. 1 3.2 5.0 4. 1 3. 1 2.3 Other ratios: Total capital accounts to— Total assets........................................................... 8. 1 8.0 7.9 7.8 7.5 7.7 8.2 7.3 7.5 Total assets less U.S. Govt, securities and cash assets.................................................................. 12.5 11.9 11.4 11.1 10.7 11.5 11.3 10.2 10.6 Total deposits. ..................................................... 9.2 9. 1 9. 1 8.9 8.7 9.7 10.0 8.4 8.3 Time to total deposits................................................. 40.8 42.8 44.8 46.2 46.4 33. 1 43.3 47.9 51.4 Interest on time deposits to time deposits................ 3.47 3.73 4.11 4.32 4.56 5.79 5.49 4.56 4. 12 Number of banks.......................................................... 6,225 6,221 6,150 6,071 5,978 12 9 161 5,796 1 Net losses is the excess of (1) actual losses charged against net income or .amount—are weighted equally and in general have an equally important plus losses charged against valuation reserves over (2) actual recoveries influence on the result. In the ratios based on aggregates presented here, and profits credited to net income plus recoveries credited to valuation the experience of those banks in each group whose figures are largest have reserves; net recoveries and profits is the reverse. Transfers to and from a much greater influence than that of the many banks with smaller figures. valuation reserves are excluded. Ratios based on aggregates show combined results for the banking system as a whole, and, broadly speaking, are the more significant for purposes Note.—The ratios in this and the following three tables were computed of general analyses of credit and monetary problems, while averages of from the dollar aggregates shown in preceding tables. Many of these individual ratios are useful primarily to those interested in studying the ratios vary substantially from the average of individual bank ratios, financial results of operations of individual banks. shown on pp. A-104-06 in which each bank’s figures—regardless of size Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 1969 □ MEMBER BANKS, 1968 A 101 INCOME RATIOS OF MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Federal Reserve district Item Phila Min Kan San Boston New del Cleve Rich At Chi st. neap sas Dallas Fran York phia land mond lanta cago Louis olis City cisco Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. 19.0 17.3 16.8 16.5 18.5 17.9 17.0 15.9 17.3 17.2 17.0 18.3 Net income before related taxes................. 14.0 12.7 13.9 12.7 15.3 13.6 12.9 13.4 13.8 14.5 13.7 13.0 Net income...................................................... 9.7 9.1 10.2 9.9 10.8 9.9 9.7 9.4 9.6 9.9 9.6 9.8 Cash dividends declared................................ 5.1 5.3 5.4 4.3 4.7 4.0 4.0 3.9 4.7 4.2 4.9 5.2 Percentage of total assets: Total operating revenue............................ 5.86 4.96 5.42 5.25 5.63 5.52 5.35 5.06 5.47 5.36 5.03 5.96 Net current earnings before income taxes. 1.54 1.31 1.34 1.38 1.43 1.39 1.20 1.26 1.20 1.43 1.31 1.19 Net income....................................................... .79 .69 .81 .83 .84 .77 .68 .75 .66 .82 .74 .63 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on— U.S. Govt, securities............................. 8.4 8.1 10.2 13.6 12.0 12.7 13.2 14.8 13.0 13.9 11.7 8.0 Other securities........................................... 8.7 8.8 9.4 11.4 8.6 9.9 9.4 10.0 9.7 8.7 9.8 8.8 Revenue on loans........................................... 66.2 70.0 68.9 64.9 67.8 64.2 66.9 65.2 65.6 65.3 68.6 70.1 Service charges on deposit accounts.......... 4.6 2.5 3.2 3.2 4.8 5.4 2.8 3.5 4.4 4.9 4.0 5.8 All other revenue............................................ 12.1 10.6 8.3 6.9 6.8 7.8 7.7 6.5 7.3 7.2 5.9 ' 7.3 Total revenue............................................... 100.0 100,0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages......................................... 22.4 18.7 19.6 17.7 22.0 21.3 17.9 20.0 18.6 21.4 18.6 21.4 Officer and employee benefits..................... 3.9 3,3 3.5 2.5 3.1 3.3 2.8 2.8 2.9 2.7 2.5 3.0 Interest on time deposits.............................. 25.7 33.0 33.3 35.5 29.1 28.8 39.1 30.9 37.5 30.1 31.8 38.5 Net occupancy expense................................. 4.4 4.0 3.9 3.2 4.0 3.8 3.3 3.5 3.2 3.5 3.2 4.3 Other current expenses.................................. 17.3 14.6 15.0 14.8 16.4 17.7 14.5 17.8 15.8 15.6 17.9 12.9 Total expenses............................................. 73.7 73.6 75.3 73.7 74.6 74.9 77.6 75.0 78.0 73.3 74.0 80.1 Net current earnings before income taxes....................................................... 26.3 26.4 24.7 26.3 25.4 25.1 22.4 25.0 22.0 26.7 26.0 19.9 Net losses including transfers (or re coveries and profits +)•..................... 6.9 7.0 4.3 6.1 4.4 6.1 5.4 3.9 4.5 4.1 4.9 5.8 Taxes on net income...................................... 6.0 5.5 5.4 4.4 6.1 5.1 4.3 6.3 5.3 7.2 6.3 3.5 Net income after taxes.................................. 13.4 13.9 15.0 15.8 14.9 13.9 12.7 14.8 12.2 15.4 14.8 10.6 Rates of return on securities and loans: Return on securities: Interest on U.S. Govt, securities........* 4.91 4.67 4.56 4.79 4.90 4.97 4.83 4.84 4.66 4.98 4.75 4.80 Interest and dividends on other securities, 3.47 3.72 3.56 3.63 3.63 3.83 3.64 3.55 3.59 3.36 3.55 3.89 Net losses (or recoveries and profits +)*• .66 .84 .26 .45 .45 .34 .40 .04 .26 .10 .10 .41 Return an loans: Revenue on loans...................................... 6.99 6.53 6.69 6.50 7.12 7.18 6.68 6.67 6.89 7.05 6.87 7.24 Net losses (or recoveries +)1..................... .19 .10 .11 .18 .15 .24 .14 .15 .08 .21 .23 .21 Distribution of assets: Percentage of total assets: U.S. Govt, securities................................. 10.0 8.6 12.1 14.9 13.8 14.1 14.6 15.5 15.3 15.0 12.4 9.9 Other securities............................................... 14.7 11.7 14.3 16.5 13.4 14.2 13.9 14.2 14.7 13.8 13.8 13.4 Loans................................................................. 55.5 53.2 55.9 52.4 53.7 49.4 53.6 49.5 52.0 49.6 50.2 57.7 Cash assets....................................................... 16.9 22.2 15.4 14.2 16.7 19.3 15.3 18.6 15.9 19.4 20.7 15.1 Other assets..................................................... 2.9 4.3 2.3 2.0 2.4 3.0 2.7 2.2 2.1 2.2 2.9 3.9 Other ratios: Total capital accounts to— Total assets.........8....1.............7.....6............8.....0.. 8.4 7.7 7.7 7.0 8.0 6.9 8.3 7.7 6.5 Total assets less U.S. Govt, securities and cash assets........................................ 11.1 11.0 11.0 11.8 11.1 11.6 10.1 12.1 10.1 12.7 11.5 8.7 Total deposits.................................................. 9.5 9.3 9.1 9.5 8.8 8.7 8.0 9.0 7.8 9.3 8.8 7.4 Time to total deposits........................................ 38.8 38.9 49.9 53.4 44.4 41.8 52.6 41.5 51.5 41.0 40.2 56.9 Interest on time deposits to time deposits... 4.55 5.14 4.12 3.97 4.18 4.29 4.53 4.27 4.46 4.40 4.51 4.58 Number ot banks..................................................... 244 374 359 484 378 536 974 474 489 833 651 182 1 Net losses is the excess of (1) actual losses charged against net income reserves; net recoveries and profits is the reverse. Transfers to and from plus losses charged against valuation reserves over (2) actual recoveries valuation reserves are excluded. and profits credited to net income plus recoveries credited to valuation Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 102 MEMBER BANKS, 1968 □ MAY 1969 INCOME RATIOS OF RESERVE CITY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Federal Reserve district Item Phila Min Kan San Boston New del Cleve Rich At Chi St. neap sas Dallas Fran York phia land mond lanta cago Louis olis City cisco Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes.. 19.9 15.7 17.9 16.7 19.5 17.1 15.7 15.4 19.8 17.1 16.9 18.5 Net income before related taxes................. 14.1 13.3 14.4 12.4 16.4 12.5 11.4 13.3 15.5 14.7 14.8 13.4 Net income.................................................... 9.2 11.0 10.3 9.8 11.7 9.0 9.5 9.0 9.6 9.4 9.8 10.1 Cash dividends declared................................ 5.4 6.7 6.3 4.7 5.3 4.6 4.6 4.6 5.3 5.3 6.4 5.4 Percentage of total assets: Total operating revenue........................... 5.76 5.80 5.51 5.26 5.59 5.37 5.18 4.87 5.09 5.01 4.59 5.90 Net current earnings before income taxes.. 1.65 1.04 1.37 1.48 1.46 1.41 .99 1.27 1.36 1.45 1.33 1.18 Net income...................................................... .77 .73 .79 .87 .88 .74 .60 .74 .67 .80 .78 .64 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on— U.S. Govt, securities............................. 6.8 7.1 6.8 10.7 10.7 10.4 11.0 10.9 6.1 9.7 9.1 7.5 Other securities........................................... 7.7 10.4 7.3 11.8 8.4 7.8 8.8 9.0 8.3 8.3 9.1 9.0 Revenue on loans........................................... 64.8 72.8 71.2 66.2 67.8 67.6 69.8 68.2 70.6 68.2 72.4 70.4 Service charges on deposit accounts.......... 1.9 4.1 3.1 2.6 4.7 4.1 3.0 3.1 2.1 2.4 1.5 5.7 All other revenue............................................ 18.8 5.6 11.6 8.7 8.4 10.1 7.4 8.8 12.9 11.4 7.9 7.4 Total revenue.............................................. 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages................................. 21.1 19.4 20.3 16.7 21.8 21.2 18.3 19.3 17.6 20.3 14.9 20.9 Officer and employee benefits..................... 3.5 2.9 4.2 2.4 3.2 4.0 2.6 3.0 3.0 2.7 2.4 3.0 Interest on time deposits.............................. 23.3 42.0 30.2 35.5 27.4 26,2 41.1 27.3 30.2 28.8 32.0 39.6 Net occupancy expense................................. 3.8 4.0 4.0 3.0 4.1 3.8 3.6 3.3 2.9 3.0 1.6 4.1 Other current expenses.................................. 19.6 13.8 16.4 14.3 17.4 18.5 15.4 21.0 19.5 16.2 20.0 12.4 Total expenses............................................ 71.3 82.1 75.1 71.9 73.9 73.7 81.0 73.9 73.2 71.0 70.9 80.0 Net current earnings before income taxes...................................................... 28.7 17.9 24.9 28.1 26.1 26.3 19.0 26.1 26.8 29.0 29.1 20.0 Net losses including transfers (or re coveries and profits+).......................... 8.3 2.7 4.9 7.3 4.1 7.1 5.2 3.7 5.7 4.2 3.6 5.6 Taxes on net income...................................... 7.1 2.6 5.7 4.3 6.3 5.4 2.3 7.1 8.0 8.9 8.6 3.6 Net income after taxes.................................. 13.3 12.6 14.3 16.5 15.7 13.8 11.5 15.3 13.1 15.9 16.9 10.8 Rates of return on securities and loans: Return on securities: Interest on U.S. Govt, securities................. 5.04 4.76 4.75 4.91 5.01 4.90 4.95 4.97 3.79 5.01 4.10 4.81 Interest and dividends on other securities.. 3.28 3.42 3.62 3.64 3.67 3.91 3.69 3.64 3.54 3.57 3.71 3.94 Net losses (or recoveries and profits-!-)1 •. .92 .07 .58 .69 .69 .63 .52 .09 .57 .11 .13 .40 Return on loans: Revenue on loans...................................... 6.89 7.45 6.76 6.51 7.11 7.08 6.60 6.41 6.68 6.71 6.48 7.18 Net losses (or recoveries +)1....................... .15 .19 .09 .19 .09 .17 .02 .13 2 .17 .09 .19 Distribution of assets: Percentage of total assets: U.S. Govt, securities................................. 7.8 8.7 7.9 11.5 12.0 11.4 11.5 10.7 8.2 9.7 10.2 9.3 Other securities.............................................. 13.5 17.6 11.1 17.0 12.8 10.8 12.4 12.0 11.9 11.6 11.2 13.4 Loans................................................................ 54.2 56.7 58.1 53.5 53.3 51.2 54.8 51.8 53.8 50.9 51.3 57.8 Cash assets....................................................... 20.9 13.5 20.1 15.8 19.4 23.2 19.0 22.9 24.1 25.2 24.1 15.6 Other assets..................................................... 3.6 3.5 2.8 2.2 2.5 3.4 2.3 2.6 2.0 2.6 3.2 3.9 Other ratios: Total capital accounts to— Total assets................................................... 8.3 6.6 7.7 8.8 7.5 8.3 6.3 8.2 6.9 8.5 7.9 6.3 Total assets less U.S. Govt, securities and cash assets...................................... 11.6 8.5 10.6 12.1 10.9 12.4 9.0 12.4 10.2 13.0 12.0 8.5 Total deposits.................................................. 10.1 7.5 8.9 10.2 8.6 9.5 7.0 9.6 8.0 9.6 9.3 7.2 Time to total deposits........................................ 31.9 60.4 41.0 51.1 40.4 36.5 52.0 35.0 36.7 35.1 36.8 57.3 Interest on time deposits to time deposits... 5.14 4.58 4.68 4.20 4.32 4.41 4.58 4.45 4.86 4.64 4.67 4.63 Number of banks..................................................... 5 3 6 16 15 20 15 15 8 21 17 20 1 Net losses is the excess of (1) actual losses charged against net income 2 Ratio of less than .005. plus losses charged against valuation reserves over (2) actual recoveries and profits credited to net income plus recoveries credited to valuation Note.—Figures do not include reserve city banks in the cities of New reserves; net recoveries and profits is the reverse. Transfers to and from York and Chicago. valuation reserves are excluded. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 1969 □ MEMBER BANKS, 1968 A 103 INCOME RATIOS OF COUNTRY MEMBER BANKS, BY FEDERAL RESERVE DISTRICT (Computed from aggregate dollar amounts; ratios expressed as percentages) Federal Reserve district Item Phila Min Kan San Boston New del Cleve Rich At Chi St. neap sas Dallas Fran York phia land mond lanta cago Louis olis City cisco Summary ratios: Percentage of total capital accounts : Net current earnings before income taxes. 18.5 17. 1 15.9 16.1 17.6 18.5 17.1 16.3 16.2 17.2 17.0 17. 1 Net income before related taxes............... 13.9 13.9 13.5 13.2 14.2 14.4 13.7 13.5 12.9 14.5 12,8 11.2 Net income............................................. 9.9 10.8 10. 1 10.0 10.0 10.6 10.3 9.8 9.6 10.2 9.4 8.4 Cash dividends declared............................. 5.0 4.8 4.7 3.8 4.1 3.6 3.5 3.3 4.5 3.5 3.5 4.1 Percentage of total assets: Total operating revenue......................... 5.92 5.49 5.34 5.23 5.67 5.62 5.49 5.23 5.66 5.57 5.43 6.29 Net current earnings before income taxes. 1.48 1.24 1.31 1.26 1.40 1.37 1.15 1.26 1.12 1.42 1.29 1.25 Net income.................................................. .80 .79 .83 .78 .79 .79 .70 .75 .66 .84 .71 .62 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on— U.S. Govt, securities........................... 9.3 10.4 13. 1 17.4 13.3 14. 1 16.6 18.2 16.1 16.2 13.6 10.2 Other securities....................................... 9.3 11.7 11.2 11.0 8.9 11.1 10.5 10.8 10.2 8.9 10.3 7.5 Revenue on loans...................................... 67.0 67.5 66.9 63.0 67.8 62.2 64.2 62.6 63.4 63.7 65.7 68.8 Service charges on deposit accounts......... 6. 1 5. 1 3.3 4.2 4.9 6.2 4.1 3.8 5.5 6.3 5.9 6.7 All other revenue........................................ 8.3 5.3 5.5 4.4 5.1 6.4 4.6 4.6 4.8 4.9 4.5 6.8 Total revenue.......................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100,0 100.0 Salaries and wages...................................... 23.2 20.8 19.2 19.0 22.3 21.4 19.3 20.7 19.1 22.1 21.4 23.5 Officer and employee benefits................... 4.1 3.4 2.8 2.5 2.9 2.8 2.7 2.6 2.8 2.7 2.5 3.0 Interest on time deposits........................... 27.0 34.8 36.0 35.6 30.7 30.4 39.6 33.9 40.7 30.8 31.6 33.5 Net occupancy expense.............................. 4.7 4.5 3.7 3.4 3.9 3.7 3.7 3.8 3.3 3.7 4.5 4.7 Other current expenses............................... 16.0 13.9 13.8 15.5 15.4 17.3 13.7 15.0 14.2 15.2 16.3 15.4 Total expenses........................................ 75.0 77.4 75.5 76.0 75.2 75.6 79.0 76.0 80.1 74.5 76.3 80.1 Net current earnings before income taxes.................................................. 25.0 22.6 24.5 24.0 24.8 24.4 21.0 24.0 19.9 25.5 23.7 19.9 Net losses including transfers (or re coveries and profits-!-)........................ 6. 1 4.3 3.8 4.4 4.8 5.4 4.2 4.1 4.0 4.1 5.9 6.9 Taxes on net income.................................. 5.4 4.0 5.1 4.7 5.9 5.0 4.1 5.5 4.1 6.3 4.6 3.2 Net income after taxes...................... 13.5 14.3 15.6 14.9 14.1 14.0 12.7 14.4 11.8 15.1 13.2 9.8 Rates of return on securities and loans: Return on securities: Interest on U.S. Govt, securities........ 4.86 4.58 4.48 4.70 4.81 5.00 4.79 4.77 4.85 4.97 5. 17 4.77 Interest and dividends on other securities. 3.57 3.56 3.53 3.62 3.60 3.80 3.60 3.48 3.60 3.26 3.45 3.63 Net losses (or recoveries and profits-|-)1.. .55 . 19 . 11 . 19 .24 . 16 . 17 .01 . 17 .09 ,08 ■ 46 Return on loans: Revenue on loans................................... 7.03 6.76 6.62 6.48 7. 12 7.25 6.93 .92 7.00 7.27 7.25 7.54 Net losses (or recoveries T)1..................... .21 . 14 . 13 . 18 .21 .29 . 17 . 17 .12 .23 .36 .29 Distribution of assets: Percentage of total assets: U.S. Govt, securities.............................. 11.3 12.4 15.6 19.4 15.6 15.8 19.0 20.0 18.8 18.2 14.4 13.4 15.3 18.0 17.0 15.9 14.1 16.4 16.1 16.3 16.0 15.2 16.2 13.0 56.3 54.9 54.0 50.8 54.0 48.3 50.8 47.3 51.2 48.8 49.2 57.4 14.6 12.6 11.5 12.1 13.9 16.8 12.1 14.6 11.9 15.8 17.6 12.4 Other assets............................................... 2.5 2. 1 1.9 1.8 2.4 2.7 2.0 1.8 2.1 2.0 2.6 3.8 Other ratios: Total capital accounts to— Total assets.............................................. 8.0 7.3 8.2 7.8 8.0 7.4 6.8 7.7 6.9 8.2 7.6 7.3 Total assets less U.S. Govt, securities and cash assets.................................... 10.8 9.7 11.3 11.4 11.3 11.0 11.0 11.8 10.0 12.5 11.1 9.8 Total deposits.............................................. 9.2 8.1 9.2 8.7 9.0 8.2 7.4 8.5 7.7 9.2 8.3 8.2 Time to total deposits.................................... 42.5 52.2 56.9 56.3 48.5 45.0 58.0 47.1 58.5 44.5 43.0 55.0 Interest on time deposits to time deposits... 4.31 4.09 3.80 3.69 4.05 4.23 4.12 4.15 4.34 4.28 4,40 4.32 Number of banks................................................ 239 359 353 468 363 516 950 459 481 812 634 162 1 Net losses is the excess of (1) actual losses charged against net income reserves; net recoveries and profits is the reverse. Transfers to and from plus losses charged against valuation reserves over (2) actual recoveries valuation reserves are excluded. and profits credited to net income plus recoveries credited to valuation Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 104 MEMBER BANKS, 1968 □ MAY 1969 OPERATING RATIOS BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS (Averages of individual ratios expressed as percentages) Size group—Total deposits Ratio of time deposits to (in thousands of dollars) total deposits (per cent) All Item groups 1,000 50 and 1,000 2,000 5,000110,000 25,000 50,000 Over Under 25-50 and under 2,000 5,000 10,000 25,000 50,000 100,000 100,000 25 over Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes. 16.1 11.0 11.7 13.8 16.1 17.2 18.1 17.4 18.6 15.7 17.0 15.5 Net income before related taxes................ 12.7 8.8 9.4 10.7 12.8 13.5 14.0 14. 1 14.7 13.4 13,7 11.9 Net income................................................... 9.5 7.2 7.4 8.2 9.7 10. 1 10.4 10.8 10.8 9.5 10.0 9.2 Cash dividends declared............................. 3.3 2.8 2.5 2.8 3.0 3.5 3.9 4.0 4.9 4.0 3.4 3.2 Percentage of total assets: Total operating revenue............................. 5.72 5.56 5.70 5.68 5.74 5.74 5.79 5.70 5.63 5. 12 5.69 5.80 Net current earnings before income taxes. 1.30 1.42 1.29 1.31 1.30 1.29 1.34 1.24 1.38 1.79 1.42 1.18 Net income................................................... .77 .95 .81 .78 .78 .75 .75 .76 .80 1.05 .83 .70 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on— U.S. Govt, securities............................. 18.4 25.0 25.8 22.8 19.5 16.8 14.6 13.9 11.1 24.3 18.1 18.1 Other securities....................................... 9.4 4.0 5.3 7.8 9.4 10.4 11.0 11.0 9.9 7.9 9.2 9.7 Revenue on loans....................................... 63.5 63.1 61.3 61.9 63.1 64. 1 64.4 64.6 67.0 58.8 62.7 64.5 Service charges on deposit accounts......... 5.1 4.9 4.7 4.7 5.2 5.5 5.3 4.7 4.2 5.6 5.8 4.5 All other revenue........................................ 3.6 3.0 2.9 2.8 2.8 3.2 4.7 5.8 7.8 3.4 4.2 3.2 Total revenue........................................... 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages...................................... 22.2 37.6 29.6 24.6 21.8 20.6 20.4 20.1 20.3 33.0 24.1 19.8 Officer and employee benefits.................... 2.5 2.3 2.4 2.3 2.4 2.6 2.8 2.8 3.2 3. 1 2.7 2.4 Interest on time deposits............................ 33.5 12.4 24.6 31.0 34.6 35.7 35.0 36.0 32.3 8.6 27.7 40.0 Net occupancy expense............................... 3.8 4.7 4.0 3.6 3.7 3.8 4.0 4.0 3.8 4.6 4.2 3.5 Other current expenses............................... 15.0 15.6 16.3 15.0 14.6 14.9 15.3 15.2 15.7 16.8 16.2 13.9 Total expenses......................................... 77.0 72.6 76.9 76.5 77.1 77.6 77.5 78.1 75.3 66.1 74.9 79.6 Net current earnings before income taxes..................................................... 23.0 27.4 23.1 23.5 22.9 22.4 22.5 21.9 24.7 33.9 25.1 20.4 Net losses (or recoveries and profits T) 1 ■ ■ 2.9 3.0 3.3 3.2 2.6 2.8 3.1 2.8 3.6 3. 1 3.2 2.8 Net increase in valuation reserves............. 1.7 .7 .9 1.6 1.9 1.8 1.7 1.3 1.3 1.5 1.6 1.7 Taxes on net income................................... 4.6 4. 1 4.1 4.5 4.6 4.6 4.7 4.3 5.4 8.5 5.5 3.6 Net income after taxes............................... 13.8 19.6 14.8 14.2 13.8 13.2 13.0 13.5 14.4 20.8 14.8 12.3 Rates of return on securities and loans: Return on securities: Interest on U.S. Govt, securities............... 5.06 4.86 5.13 5.13 5.19 4.99 4.98 4.78 4.88 4.92 5.06 5.07 Interest and dividends on other securities. 3.75 3.06 3.65 3.81 3.64 3.80 3.79 3.76 3.80 3.38 3.73 3.80 Net losses (or recoveries and profits+) 1., .11 . 15 .04 .07 .06 .09 .21 . 15 .39 .08 .11 . 11 Return on loans: Revenue on loans....................................... 7.35 7.76 7.70 7.39 7.41 7.32 7.23 7. 18 7.09 7.33 7.49 7.25 Net losses..................................................... .31 .55 .31 .29 .23 .50 .20 .20 . 16 .26 .27 .34 Distribution of assets: Percentage of total assets: U.S. Govt, securities................................... 20.3 25.0 27.6 24.3 21.3 18.8 16.8 16.3 12.7 24. 1 19.7 20.3 Other securities........................................... 14.5 8.0 8.6 12.0 14.7 16.1 16.5 16.4 14.6 12.3 14.2 14.8 Loans............................................................ 49.7 42.9 45.6 47.8 49.2 50.5 51.7 51.4 53.2 41.5 47.8 51.8 Cash assets................................................... 13.7 23.2 16.9 14.3 13.0 12.5 12.6 13.6 16.9 20.8 16.2 11.2 Real estate assets......................................... 1.6 .8 1.2 1.4 1.6 1.7 1.7 1.7 1.5 1.2 1.7 1.5 Other ratios: Total capital accounts to— Total assets................................................... 8.4 13.0 11.8 9.8 8.3 7.7 7.3 7.3 7.5 11.5 8.7 7.9 Total assets less U.S. Govt, securities and cash assets......................................... 13.4 27.4 23.5 16.8 12.9 11.5 10.6 10.5 10.9 22.8 14.2 12.0 Total deposits............................................... 9.5 15.2 13.7 11.1 9.2 8.6 8.2 8.2 8.5 13.3 9.8 8.8 Time to total deposits..................................... 50.5 22.1 39.3 47.9 52.2 53.6 52.6 52.6 46.4 12.5 41.1 60.9 Interest on time deposits to time deposits 2. . 4. 16 3.63 3.86 4.09 4.13 4.17 4.23 4.32 4.44 3.83 4.19 4. 17 Trust department revenue to total revenue 2, 2.4 ............O) 1.5 1.3 1.4 2.6 2.9 4.4 3.4 3.0 1.9 Number of banks4............................................... 5,943 42 252 1,264 1,561 1,528 589 299 408 343 2,275 3,325 For notes see p. A-106. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 1969 □ MEMBER BANKS, 1968 A 105 OPERATING RATIOS BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK (Averages of individual ratios expressed as percentages) Banks with ratios of time Banks with ratios of time Banks with ratios of time to total deposits of to total deposits of to total deposits of under 25 per cent 25-50 per cent 50 per cent and over All Item groups Size group—Total deposits (in thousands of dollars) 2,000 2,000 2,000 and 2,000 5,000 Over and 2,000 5,000 Over and 2,000 5,000 Over under 5,000 25,00025,000 under 5,000 25,00025,000 under 5,000 25,00025,000 Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes.......... 16. 1 12.2 15.5 17.9 20. 1 12.7 14.2 17.8 18.9 9.3 13. 1 15.9 17.4 Net income before related taxes........................... 12.7 10.6 13.2 15.2 17.1 9.9 11.0 14.5 15.2 7.1 9.9 12.3 13.4 Net income............................................................ 9.5 8.2 9.3 10.6 9.9 8.0 8.3 10.6 10.7 5.7 7.7 9.4 10.6 Cash dividends declared....................................... 3.3 3.8 3.9 4. 1 4.8 2.3 2.9 3.3 4.3 1.7 2.4 3.1 4.2 Percentage of total assets: Total operating revenue........................................ 5.72 5.08 5.03 5.24 5.27 5.82 5.70 5.73 5.59 6.03 5.81 5.77 5.84 Net current earnings before income taxes.......... 1. 30 1.55 1.77 1.77 2.67 1.39 1.35 1.44 1.44 .95 1.17 1.19 1.19 Net income............................................................ .77 1.04 1.08 1.05 .91 .87 .80 .85 .81 .58 .70 .70 .72 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on—• U.S. Govt, securities......................................... 18.4 29.3 26.2 20.4 13.5 25.2 22.2 18.2 12.9 22.8 22.4 18.0 13.7 Other securities.................................................. 9.4 4.5 8.9 9.4 7.2 4.9 8.0 10.0 9.7 6.2 7.4 9.9 11.6 Revenue on loans.................................................. 63.5 58.5 57.0 59.7 65.7 62. 1 61.4 61.9 65.3 63.5 63.4 64.7 65.2 Service charges on deposit accounts................... 5. 1 4.8 5.2 7.0 5.0 4.8 5.4 6.6 4.9 4.7 4. 1 4.6 4.7 All other revenue.................................................. 3.6 2.9 2.7 3.5 8.6 3.0 3.0 3.3 7.2 2.8 2.7 2.8 4.8 Total revenue................................................ 100.0 100.0 100.0 100.0 too.o 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages................................................ 22.2 40.4 32.7 29.4 25.0 29.0 26.2 23.8 21.5 24.8 21.5 19.3 19.2 Officer and employee benefits............................... 2.5 2.8 3.1 3.4 3.6 2.1 2.4 2.7 3.1 2.3 2.1 2.4 2.7 Interest on time deposits...................................... 33.5 6.0 7.8 10.7 13.4 24.1 27.4 27.8 28.8 37.2 39.0 40.5 39.7 Net occupancy expense......................................... 3.8 4.3 4.4 5.3 4.1 4.3 4.0 4.2 4.0 3.7 3.2 3.4 3.9 Other current expenses......................................... 15.0 15.9 16.7 17.2 18.4 16.7 15.9 16.1 16.8 15.9 13.9 13.8 14. 1 Total expenses.................................................. 77.0 69.4 64.7 66.0 64.5 76.2 75.9 74.6 74.2 83.9 79.7 79.4 79.6 Net current earnings before income taxes.... 23.0 30.6 35.3 34.0 35.5 23.8 24.1 25.4 25.8 16.1 20.3 20.6 20.4 Net losses (or recoveries and profits+) J........... 2.9 3.0 3.4 2.8 2.3 3.9 3.4 2.8 3.5 2.6 3.0 2.6 3.0 Net increase in valuation reserves....................... 1.7 .7 1.5 1.8 3.0 .8 1.6 1.9 1.3 1.2 1.5 1.9 1.6 Taxes on net income............................................ 4.6 6. 1 8.6 9.2 12.6 4.0 4.7 5.7 6.3 2.5 3.4 3.8 3.3 Net income after taxes.......................................... 13.8 20.8 21.8 20.2 17.6 15.1 14.4 15.0 14.7 9.8 12.4 12.3 12.5 Rates of return on securities and loans: Return on securities: Interest on U.S. Govt, securities................. 5.06 4.94 4.94 4.88 4.85 5.09 5.23 5.07 4.90 5.25 5.08 5. 12 4.90 Interest and dividends on other securities. ..... 3.75 3.15 4.32 3.39 3.75 3.54 3.97 3.62 3.76 3.99 3.78 3.79 3.81 Net losses (or recoveries and profits+) 1............ .11 .09 .08 .01 .21 .08 .07 .06 .27 + .02 .07 .08 .24 Return on loans: Revenue on loans.................................................. 7.35 7.71 7. 17 7.36 7.02 7.75 7.59 7.58 7.17 7.65 7.28 7.25 7. 18 Net losses 1......................................................... .31 .25 .29 .29 .02 .49 .32 .26 .21 .23 .28 .42 . 18 Distribution of assets: Percentage of total assets: U.S. Govt, securities............................................ 20.3 28.7 25.3 21.1 14. 1 27.2 23.4 19.8 14.7 25.8 24.8 20.2 16.0 Other securities..................................................... 14.5 8.4 13.4 14.4 10.4 8.0 12.7 15.6 14.3 9.4 11.2 15.4 17.3 Loans..................................................................... 49.7 39.4 40.0 43.3 49.5 45.8 46.2 47.0 50.9 49.9 50.8 51.7 53. 1 Cash assets............................................................. 13.7 22.8 20. 1 19.2 24.0 17.6 16.0 15.4 17.6 13.2 11.6 10.9 11.3 Real estate assets.................................................. 1.6 .6 1.1 1.9 1.4 1.3 1.5 1.8 1.7 1.5 1.4 1.6 1.5 Other ratios: Total capital accounts to—■ Total assets........................................................... 8.4 13. 1 11.8 10.1 9.6 11.6 9.9 8.4 7.7 11.4 9.2 7.7 7.0 Total assets less U.S. Govt, securities and cash assets .................................................................. 13.4 29.7 23.5 17.6 15.9 22.9 17.2 13.2 11.6 20.4 15.0 11.4 9.7 Total deposits........................................................ 9.5 15.4 13.7 11.5 11.2 13.5 11.2 9.3 8.8 13.3 10.3 8.5 7.8 Time to total deposits.......................................... 50.5 9. 1 11.6 15.3 18.1 39.0 41.3 41.4 40.6 60.1 61.2 61.3 60.0 Interest on time deposits to time deposits 2... . . 4. 16 3.32 4.10 3.73 4.36 3.89 4. 10 4. 16 4.39 4.12 4.07 4. 17 4.25 Trust department revenue to total revenue 2... . 2.4 .......... l.l 2.3 5.6 (<) 2.1 1.6 4.0 (*) 1. 1 1.1 2.7 Number of banks 4........................................................ 5,943 81 144 89 29 128 488 1,096 563 85 632 1,905 703 For notes see following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 106 MEMBER BANKS, 1968 □ MAY 1969 OPERATING RATIOS BY FEDERAL RESERVE DISTRICT (Averages of individual ratios expressed as percentages) Federal Reserve district All Item dis Phila Min Kan San tricts Bos New del Cleve Rich At Chi St. neap sas Dallas Fran ton York phia land mond lanta cago Louis olis City cisco Summary ratios: Percentage of total capital accounts: Net current earnings before income taxes.......... 16.1 17. 1 16. 1 14.1 15.3 17.0 18.4 16.0 16.0 15.2 16.3 16. 1 15.3 Net income before related taxes........................... 12.7 13.7 12.6 11.6 12.2 13.3 14.2 12.7 13.2 12.0 12.9 12.0 10.9 Net income............................................................ 9.5 9.7 9.7 9. 1 9.5 9.3 10.9 9.6 9.8 8.9 9.5 9.3 7.9 Cash dividends declared....................................... 3.3 3.9 3.6 3.4 3.4 3.4 3.1 3.1 3.0 3.7 3.3 3.4 2.8 Percentage of total assets: Total operating revenue....................................... 5.72 6.03 5.74 5.42 5.34 5.80 6.02 5.53 5.30 5.84 5.86 5.80 6.71 Net current earnings before income taxes.......... 1.30 1.59 1.26 1.23 1.27 1.44 1.40 1.17 1.31 1.13 1.41 1.35 1.26 Net income............................................................ .77 .84 .76 .80 .79 .79 .83 .71 .80 .67 .83 .79 .65 Sources and disposition of income: Percentage of total operating revenue: Interest and dividends on— U.S. Govt, securities......................................... 18.4 13.2 14.3 16.1 20.1 17.8 17.3 21.1 23.1 19.6 19. 1 16.3 14.5 Other securities.................................................. 9.4 7.1 10.2 10.4 9.5 8.7 11.5 9.4 9.9 10.6 7.7 9.9 6.8 Revenue on loans.................................................. 63.5 67.1 66.6 67.7 64. 1 65.9 60.3 61.7 60.7 60.7 63.7 64.4 66.1 Service charges on deposit accounts................... 5.1 7.8 5.3 2.9 3.6 3.8 6.7 4.2 3.2 4.8 6.2 6.2 7.7 All other revenue.................................................. 3.6 4.8 3.6 2.9 2.7 3.8 4.2 3.6 3.1 4.3 3.3 3.2 4.9 Total revenue..................................................... 100.0 100.0 100.0 100. 0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Salaries and wages............................................... 22.2 25.2 21.2 18.3 18.8 21.2 22.3 21.2 21.9 21.1 25.1 25.4 24. 1 Officer and employee benefits............................... 2.5 3.4 2.9 2.4 2.4 2.6 2.5 2.5 2.4 2.6 2.6 2.2 2.7 Interest on time deposits....................................... 33.5 24.3 36.2 39.3 36.8 33.3 31.3 37.3 32.3 40.2 29.2 27.2 32.7 Net occupancy expense......................................... 3.8 4.8 4.1 3.3 3.2 3.5 4.0 3.6 3.7 3.1 3.6 4.9 4.7 Other current expenses......................................... 15.0 17.5 13.6 14.1 15.0 14.3 16.5 14.0 14.9 13.6 15.0 16.6 16.5 Total expenses.................................................... 77.0 75.2 78.0 77.4 76.2 74.9 76.6 78.6 75.2 80.6 75.5 76.3 80.7 Net current earnings before income taxes.... 23.0 24.8 22.0 22.6 23.8 25. 1 23.4 21.4 24.8 19.4 24.5 23.7 19.3 Net losses (or recoveries and profits 4-) 1........... 2.9 3.3 3.0 2.0 3.0 3.4 3.2 2.3 2.0 2.2 3.2 4.2 4.1 Net increase in valuation reserves....................... 1.7 1.6 1.6 1.8 1.6 1.8 2.0 1.8 2.1 1.6 1.6 1.3 1.4 Taxes on net income............................................. 4.6 5.9 4.0 4.0 4.4 5.9 4.3 4.3 5.4 4.1 5.3 4.2 3.8 Net income after taxes.......................................... 13.8 14.0 13.4 14.8 14.8 14.0 13.9 13.0 15.3 11.5 14.4 14.0 10.0 Rates of return on securities and loans: Return on securities: Interest on U.S. Govt, securities......................... 5.06 4.92 4.95 4.50 4.78 5.18 5.48 4.88 5.13 5.31 5.17 4.98 5.58 Interest and dividends on other securities.......... 3.75 3.63 4.29 3.68 3.73 3.80 4.05 3.53 3.79 4.06 3.46 3.61 3.99 Net losses (or recoveries and profits4*) 1...... .11 .31 . 20 .08 .12 . 14 .11 . 10 .13 .08 .08 .17 Return on loans: Revenue on loans.............................................. 7.35 7.31 7.01 6.80 6.71 7.40 7.81 7.09 7.17 7.26 7.73 7.81 8. 10 Net losses 1............................................................. .31 .19 .17 . 15 .21 .26 .31 .18 .18 .13 .29 .44 .35 Distribution of assets: Percentage of total assets: U.S. Govt, securities............................................. 20.3 16.0 16.5 19.0 22.1 19.8 18.6 23.1 23.9 21.9 21.0 16.8 17.6 Other securities...................................................... 14.5 11.9 15.6 15.0 13.4 13. 1 17.0 14.4 14.6 16.0 13.1 15.4 11.5 Loans...................................................................... 49.7 55.7 54.8 54.2 51.3 52. 1 46.7 48.4 45.1 49.1 48.5 47.4 54.8 Cash assets............................................................. 13.7 14.1 11.2 10.2 11.6 12.9 15.0 12.4 14.7 11.3 15.8 18.1 12.9 Real estate assets................................................... 1.6 1.9 1.4 1.4 1.4 1.8 2.2 1.3 1.4 1.3 1.3 2.0 2.4 Other ratios: Total capital accounts to— Total assets............................................................ 8.4 9. 1 8. 1 9.0 8.5 8.9 8.0 7.7 8.4 7.7 9.1 8.9 8.9 Total assets less U.S. Govt, securities and cash assets................................................................... 13.4 13.6 11.8 13. 1 13.4 13.8 12.5 12.6 14.7 11.9 15.3 14.3 13.2 Total deposits......................................................... 9.5 10.5 9.2 10.2 9.5 10.1 9.0 8.6 9.4 8.5 10.2 9.9 10.2 Time to total deposits............................................... 50.5 40.0 57.5 62.5 58.6 52.2 47.6 54.7 44.7 58.5 43.7 39.2 54. 1 Interest on time deposits to time deposits 2........... 4.16 4.10 4.04 3.79 3.70 4. 10 4.34 4.11 4.36 4.39 4.23 4.26 4.50 Trust department revenue to total revenue 2......... 2.4 3.8 2.7 2.6 2.6 2.3 2.5 2.2 2.2 2.4 2. 1 1.8 2.6 Number of banks 4......................................................... 5,943 242 370 360 482 378 521 972 470 484 832 651 181 1 Net losses is the excess of (a) actual losses charged against net income pp. A-100-03. Such differences result from the fact that each bank’s plus losses charged against valuation reserves over (b) actual recoveries figures have an equal weight in calculation of the averages, whereas the and profits credited to net income plus recoveries credited to valuation figures of the many small and medium-sized banks have but little influence reserves; net recoveries and profits is the reverse. Transfers to and from on the aggregate dollar amounts. Averages of individual ratios are useful reserves are excluded, primarily to those interested in studying the financial results of operations 2 Banks reporting no interest paid on time deposits or trust depart of individual banks, while ratios based on aggregates show combined ment revenue, as the case may be, were excluded in computing this results for the banking system as a whole and, broadly speaking, are the average. more significant for purposes of general analyses of credit and monetary J No ratios are shown for groups of less than three banks. problems. 4 The ratios for 35 member banks in operation at the end of 1968 were Figures of revenue, expenses, and so forth, used in the calculations were excluded from the compilations because of unavailability of data covering taken from the annual income and dividends reports for 1968. Balance the complete year’s operations, certain accounting adjustments, lack of sheet figures used in the compilations were obtained by averaging the comparability, and so forth. amounts shown in each bank’s official condition reports submitted for Note.—These ratios, being arithmetic averages of the operating ratios Dec. 30, 1967, and June 29, 1968. Savings deposits are included in the time of individual member banks, differ in many cases from corresponding deposit figures used in these tables. ratios computed from aggregate dollar amounts, which are shown on Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MAY 1969 □ INSURED COMMERCIAL BANKS A 107 INCOME, EXPENSES, AND DIVIDENDS (Amounts in thousands of dollars) All insured Banks not members of FRS Item 1965 1966 1967 1968 1965 1966 1967 1968 Revenue............................................................ 16,817,187 19,508,414 21,781,611 25,478,404 2,986,220 3,448,036 3,933,121 4,670,727 Interest and dividends on securities: U.S. Govt............................................ 2,224,711 2,317,794 2,601,900 3,004,655 538,670 616,178 667,926 796,943 Other........................................................ 1 ,285,287 1,531,517 1,904,886 2,376,223 206,488 266,434 343,514 447,325 Interest and discount on loans................... 10,999,867 13,042,757 14,351,421 16,723,099 1 ,872,547 2,153,982 2,462,643 2,903,498 Other charges on loans............................... 204,996 243,643 295,216 397,980 37,220 46,388 56,433 75,177 Service charges on deposits........................ 842,775 915,049 987,187 1,055,964 189,542 210,356 230,038 252,443 Other charges, fees, etc............................... 304,276 354,036 411,021 478,028 80,366 88,658 95,653 106,739 Trust department........................................ 689,628 756,130 820,269 906,206 32,037 33,658 35,631 38,600 Other current revenue................................ 265,647 347,488 409,711 536,249 29,350 32,382 41,283 50,002 Expenses.......................................................... 12,486,120 14,561,852 16,553,642 19,354,237 2,286,531 2,627,944 3,054,611 3,605,745 Salaries—Officers......................................... 1,392,765 1,526,300 1,674,955 1,861,448 346,855 379,243 417,756 467,454 Salaries and wages—Others....................... 2,369,259 2,569,442 2,862,941 3,240,355 394,881 428,943 474,324 539,931 Officer and employee benefits.................... 525,692 598,768 667,345 755,744 78,048 91,876 104,987 122,710 Directors’ fees, etc.............................. 77,093 83,791 92,074 101,313 28,498 31,099 35,049 39,094 Interest on time deposits............................ 5,070,781 6,259,472 7,379,863 8,681,705 856,637 1,046,056 1,290,183 1,575,372 Interest on borrowed money..................... 189,519 301,768 266,476 528,986 5,824 7,884 7,437 12,704 Net occupancy expense.............................. 731,573 802,060 873,541 970,034 133,755 148,453 164,755 186,818 Furniture and equipment........................... 411,889 458,695 533,846 631,564 78,326 89,318 104,167 125,657 Other current expenses............................... 1,717,549 1,961,556 2,202,601 2,583,088 363,707 405,072 455,953 536,005 Net current earnings before income taxes.. .. 4,331,067 4,946,562 5,227,969 6,124,167 699,689 820,092 878,510 1,064,982 Recoveries, transfers from reserves, and profits................................................ 390,368 341,711 417,624 326,034 60,466 57,867 66,114 65,160 On securities: Profits................................................... 84,619 62,464 150,238 98,417 17,163 12,433 29,361 24,733 Recoveries................................................ 7,114 5,077 3,986 6,465 1,981 1,244 1,244 2,080 Transfers from reserves..................... 97,435 100,950 62,089 42,501 6,481 6,373 2,932 6,114 On loans: Recoveries...................................... 17,962 15,585 14,307 12,419 7,438 6,564 5,982 5,622 Transfers from reserves........................... 84,001 55,762 44,439 58,681 10,896 10,567 10,105 7,850 All other. ..................................................... 99,237 101,873 142,565 107,551 16,507 20,686 16,490 18,761 Losses, charge-offs, and transfers to re serves................................................. 1,177,540 1,574,027 1,326,581 1,757,219 195,167 244,240 238,304 294,079 On securities: Sold....................................................... 85,045 454,911 154,550 536,937 15,067 42,590 22,048 47,662 Charge-offs prior to sale......................... 9,224 10,198 8,403 12,117 4,374 4,418 3,025 3,749 Transfers to reserves............................... 63,370 78,932 74,572 54,960 9,194 11,692 10,721 10,083 On loans: Losses and charge.-offs........................ 36,188 31,251 28,341 25,219 16,886 13,339 13,183 11,938 Transfers to reserves............................... 846,877 775,792 885^885 953,305 122,880 146,369 159,582 189,021 All other.................................................. 136,836 222,943 174,830 174,681 26,766 25,832 29,745 31,626 Net income before related taxes..................... 3,543,895 3,714,246 4,319,012 4,692,982 564,988 633,719 706,320 836,063 Taxes on net income........................................ 1,029,162 1,029,906 1,177,154 1,267,044 151,213 156,251 171,810 214,291 Federal......................................................... 927,423 911,585 1,020,976 1,086,889 140,435 143,960 156,808 196,184 State.............................................................. 101,739 118,321 156,178 180,155 10,778 12,291 15,002 18,107 Net income....................................................... 2,514,733 2,684,340 3,141,858 3,425,938 413,775 477,468 534,510 621,772 Cash dividends declared................................. 1,202,349 1,307,387 1,426,202 1,589,114 146,762 164,758 179,367 204,849 On preferred stock1.................................... 56,163 67,339 83,664 100,444 3,915 5,843 6,051 7,866 On common stock...................................... 1,146,186 1,240,048 1,342,538 1 ,488,670 142,847 158,915 173,316 196,983 Memoranda items: Recoveries credited to reserves2 On securities........................................ 4,158 3,300 5,638 1,913 455 500 1,028 654 On loans.................................................. 124,062 143,859 168,680 219,115 23,786 28,191 32,867 34,617 Losses charged to reserves 3 On securities......................................... 25,761 60,282 29,072 32,262 4,423 5,607 5,906 2,453 On loans................................................... 429,490 545,647 601,194 629,707 83,290 107,027 114,972 128,755 Assets, deposits, and capital accounts: Loans........................................................ 187,661,591 210,240,170226,145,245248,753,413 28,887,583 32,683,617 36,356,865 41,100,099 U.S. Govt, securities................................... 59,419,551 56,088,649 57,357,584 61,545,807 13,726,920 13,811,651 14,193,992 15,487,963 Other securities............................................ 41,540,772 47,054,812 55,213,293 65,318,374 6,884,790 8,619,036 10,518,719 12,824,770 Cash assets.................................................. 59,013,596 62,867,398 70,248,679 78,504,024 7,097,723 7,399,181 7,890,487 8,561,518 Other assets.................................................. 9,578,899 10,862,634 12,163,632 14,091,489 1,104,760 1,244,164 1,402,666 1,638,743 Total assets............................................ 357,214,409387,113,663421,128,433468,213,107 57,701,776 63,757,649 70,362,729 79,613,093 Time deposits.............................................. 137,554,173 155,000,307 173,923,577 193,879,871 24,591,831 28,299,896 32,793,654 37,923,957 Total deposits.............................................. 315,643,533340,336,714368,906,501 407,508,260 51,982,404 57,426,898 63,391,703 71,756,880 Total capital accounts................................. 28,820,861 30,850,686 32,876,674 35,332,148 4,782,103 5,234,848 5,683,756 6,244,816 Number of officers.......................................... 130,042 137,803 144,868 153,655 38,753 39,630 42,703 45,123 Number of employees..................................... 569,276 606,120 637,511 679,084 109,958 114,769 123,109 132,817 Number of banks............................................ 13,547 13,541 13,517 13,488 7,327 7,392 7,447 7,511 1 Includes interest on capital notes and debentures. this company are included in member bank figures on pp. A-95—A-97. 2 Not included in recoveries above. The figures of assets, deposits, and capital accounts are averages of the 3 Not included in losses above. amounts reported for call dates at the beginning, middle, and end of each year. The number of officers, employees, and banks are as of the end of Note.—Excludes one nondeposit noninsured trust company; figures for each year. 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 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 Board Robert E. Nichols, Special Assistant to 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 J. Charles Partee, Associate Director John N. Lyon, Assistant Director Stephen H. Axilrod, Adviser Milton W. Schober, Assistant Director Lyle E. Gramley, Adviser Thomas A. Sidman, Assistant Director Stanley J. Sigel, Adviser Tynan Smith, Adviser DIVISION OF PERSONNEL ADMINISTRATION 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 John D. Smith, Assistant Director DIVISION OF INTERNATIONAL FINANCE Robert Solomon, Director OFFICE OF THE CONTROLLER *Robert L. Sammons, Associate Director John Kakalec, Controller John E. Reynolds, Associate Director Harry J. Halley, Assistant Controller John F. L. Ghiardi, Adviser A. B. Hersey, Adviser OFFICE OF DEFENSE PLANNING Reed J. Irvine, Adviser Innis D. Harris, Coordinator * Samuel I. Katz, Adviser Bernard Norwood, Adviser DIVISION OF DATA PROCESSING Ralph C. Wood, Adviser Robert F. Gemmill, Associate Adviser Jerold E. Slocum, Director Samuel Pizer, Associate Adviser *On leave of absence. A 108 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEDERAL OPEN MARKET COMMITTEE Wm. McC. Martin, Jr., Chairman Alfred Hayes, Vice Chairman Karl R. Bopp Philip E. Coldwell J. L. Robertson Andrew F. Brimmer J. Dewey Daane Charles J. Scanlon George H. Clay Sherman J. Maisel William W. Sherrill George W. Mitchell Robert C. Holland, Secretary Arthur L. Broida, Deputy Secretary Ralph T. Green, Associate Economist Kenneth A. Kenyon, Assistant Secretary A. B. Hersey, Associate Economist Charles Molony, Assistant Secretary Robert G. Link, Associate Economist Howard H. Hackley, General Counsel J. Charles Partee, Associate Economist David B. Hexter, Assistant General Counsel John E. Reynolds, Associate Economist Stephen H. Axilrod, Associate Economist Ernest T. Baughman, Associate Economist Robert Solomon, Associate Economist David P. Eastburn, Associate Economist Clarence W. Tow, Associate Economist Alan R. Holmes, Manager, System Open Market Account Charles A. Coombs, Special Manager, System Open Market Account FEDERAL ADVISORY COUNCIL John A. Mayer, fourth federal reserve district, President J. Harvie Wilkinson, Jr., fifth federal reserve district, Vice President Mark C. Wheeler, first federal John Fox, eighth federal reserve reserve district DISTRICT George S. Moore, second federal Philip H. Nason, ninth federal reserve district RESERVE DISTRICT George H. Brown, Jr., third federal Jack T. Conn, tenth federal reserve district RESERVE DISTRICT George S. Craft, sixth federal John E. Gray, eleventh federal RESERVE DISTRICT RESERVE DISTRICT Donald M. Graham, seventh federal Frederick G. Larkin, Jr., twelfth RESERVE DISTRICT FEDERAL RESERVE DISTRICT Herbert V. Prochnow, Secretary William J. Korsvik, Assistant Secretary A 109 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 110 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank Chairman President Vice President 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. Trciber Buffalo............ ....14240 Gerald F. Britt A. A. Maclnnes, Jr. Philadelphia........ ....19101 Willis J. Winn Karl R. Bopp Bayard L. England Robert N. Hilkert Cleveland............ ... .44101 Albert G. Clay W. Braddock Hickman J. Ward Keener Walter H. MacDonald Cincinnati....... ... .45201 Graham E. Marx Fred O. Kiel Pittsburgh....... ....15230 Lawrence E. Walkley Clyde E. Harrell Richmond............ ....23213 Wilson H. Elkins Aubrey N. Heflin Robert W. Lawson, Jr. Robert P. Black Baltimore........ ....21203 Arnold J. Kleff, Jr. Donald F. Hagner Charlotte......... ....28201 James A. Morris Edmund F. MacDonald Atlanta................ ....30303 Edwin I. Hatch Monroe Kimbrel John C. Wilson Kyle K. Fossum Birmingham... ....35202 Mays E. Montgomery Dan L. Hendley Jacksonville........32201 Henry K. Stanford Edward C. Rainey Nashville......... ....37203 James E. Ward Jeffrey J. Wells New Orleans... ....70160 Robert H. Radcliff, Jr. Arthur H. Kantner Chicago............... ....60690 Franklin J. Lunding Charles J. Scanlon Emerson G. Higdon Hugh J. Helmer Detroit............ ...48231 Max P. Heavenrich, Jr. 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 Howard L. Knous Kansas City......... ...64198 Dolph Simons George H. Clay Willard D. Hosford, Jr. John T. Boysen Denver............ ...80217 Cris Dobbins John W. Snider Oklahoma City. ...73125 C. W. Flint, Jr. Howard W. Pritz Omaha............. ...68102 Henry Y. Kleinkauf George C. Rankin Dallas................... ...75222 Carl J. Thomsen Philip E. Coldwell Max Levine T. W. Plant El Paso........... ...79999 C. Robert McNally, Jr. Fredric W. Reed Houston............ ...77001 Geo. T. Morse, Jr. J. Lee Cook San Antonio.......78206 W.A. Belcher Carl H. Moore San Francisco....... ...94120 O. Meredith Wilson Eliot J. Swan S. Alfred Halgren A. B. Merritt Los Angeles....... ...90054 Norman B. Houston Paul W. Cavan Portland............ ...97208 Frank Anderson William M. Brown Salt Lake City......84110 Royden G. Derrick Arthur L. Price Seattle............... ...98124 William McGregor William R. Sandstrom Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 111 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 G.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. IS. 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 Dec. 31, 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, $.85 each. a copy; 10 or more sent to one address, $.85 INDUSTRIAL PRODUCTION—1957-59 BASE. 1962. each. 172 pp. $1.00 a copy; 10 or more sent to one U.S. TREASURY ADVANCE REFUNDING, JUNE 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. Nov. 5, 1966, with an appendix containing pro SURVEY OF FINANCIAL CHARACTERISTICS OF 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 112 FEDERAL RESERVE BULLETIN □ MAY 1969 SECURITIES. 1968. 83 pp. $.50 a copy; 10 or THE LAGS BETWEEN INVESTMENT DECISIONS AND more sent to one address, $.40 each. THEIR CAUSES, by Shirley Almon. Feb. 1968. SURVEY OF CHANGES IN FAMILY FINANCES. 1968. A DISAGGREGATED MODEL OF THE U.S. BALANCE 321 pp. $1.00 a copy; 10 or more sent to one OF TRADE, by William H. Branson. May 1968. address, $.85 each. THE LABOR MARKET AND POTENTIAL OUTPUT OF REAPPRAISAL OF THE FEDERAL RESERVE DIS THE FEDERAL RESERVE-MIT ECONOMETRIC COUNT MECHANISM; MODEL: A PRELIMINARY REPORT, by A. J. Telia REPORT OF A SYSTEM COMMITTEE. 1968, 23 pp. and P. A. Tinsley. Aug. 1968. $.25 a copy; 10 or more sent to one address, THE REGULATION OF SHORT-TERM CAPITAL MOVE $.20 each. MENTS: WESTERN EUROPEAN TECHNIQUES IN REPORT ON RESEARCH UNDERTAKEN IN CON THE 1960’s, by Rodney H. Mills, Jr. Sept. 1968. NECTION WITH A SYSTEM STUDY. 1968. 47 A TECHNIQUE FOR FORECASTING DEFENSE EX pp. $.25 a copy; 10 or more sent to one PENDITURES, by Harvey Galper and Edward address, $.20 each. Gramlich, Oct. 1968. Limited supply of the following papers relating to the Discount Study, in mimeographed or similar CHANGES IN BANK OWNERSHIP: THE IMPACT ON form, available upon request for single copies: OPERATING PERFORMANCE, by Paul F. Jessup, EVOLUTION OF THE ROLE AND FUNCTIONING Apr. 1969. OF THE DISCOUNT MECHANISM. 1968. 65 pp. Printed in full in the Bulletin. A STUDY OF THE MARKET FOR FEDERAL FUNDS. (Reprints available as shown in following list.) 1968. 47 pp. THE SECONDARY MARKET FOR NEGOTIABLE REPRINTS CERTIFICATES OF DEPOSIT. 1968. 89 pp. (From Federal Reserve Bulletin unless preceded THE DISCOUNT MECHANISM IN LEADING IN by an asterisk.) DUSTRIAL COUNTRIES SINCE WORLD WAR ADJUSTMENT FOR SEASONAL VARIATION. Descrip II. 1968. 216 pp. tion of method used by Board in adjusting eco RESERVE ADJUSTMENTS OF THE EIGHT MAJOR nomic data for seasonal variations. June 1941. NEW YORK CITY BANKS DURING 1966. 1968. 11 PP- 29 PP- SEASONAL FACTORS AFFECTING BANK RESERVES. DISCOUNT POLICY AND OPEN MARKET OPERA Feb. 1958. 12 pp. TIONS. 1968. 23 pp. LIQUIDITY AND PUBLIC POLICY, Staff Paper by THE REDESIGNED DISCOUNT MECHANISM AND Stephen H. Axilrod. Oct. 1961. 17 pp. THE MONEY MARKET. 1968. 29 pp. SEASONALLY ADJUSTED SERIES FOR BANK SUMMARY OF THE ISSUES RAISED AT THE ACA DEMIC SEMINAR ON DISCOUNTING. 1968. CREDIT. July 1962. 6 pp. 16 PP- INTEREST RATES AND MONETARY POLICY, Staff A REVIEW OF RECENT ACADEMIC LITERATURE Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. ON THE DISCOUNT MECHANISM. 1968. RECENT CHANGES IN LIQUIDITY, Staff Paper by 40 pp. Daniel H. Brill. June 1963. 10 pp. DISCOUNT POLICY AND BANK SUPERVISION. MEASURES OF MEMBER BANK RESERVES. July 1968. 72 pp. 1963. 14 pp. ' STAFF ECONOMIC STUDIES MEASURING AND ANALYZING ECONOMIC GROWTH, Studies and papers on economic and financial sub Staff Paper by Clayton Gehman. Aug. 1963. jects that are of general interest in the field of 14 pp. economic research. CHANGES IN BANKING STRUCTURE, 1953-62. Sept. Summaries only printed in the Bulletin. 1963. 8 pp. (Limited supply of mimeographed copies of full ECONOMIC CHANGE AND ECONOMIC ANALYSIS, text available upon request for single copies.) Staff Paper by Frank R. Garfield. Sept. 1963. MEASURES OF INDUSTRIAL PRODUCTION AND 17 pp- FINAL DEMAND, by Clayton Gehman and Cor THE OPEN MARKET POLICY PROCESS. Oct. 1963. nelia Motheral. Jan. 1967. 11 PP- INTEREST RATES AND THE DEMAND FOR CON YIELD DIFFERENTIALS IN TREASURY BILLS, 1959 SUMER DURABLE GOODS, by Michael J. Ham 64, Staff Paper by Samuel I. Katz. Oct. 1964. burger. Dec. 1967. 20 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD PUBLICATIONS A 113 REVISION OF BANK DEBITS AND DEPOSIT TURN U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN OVER SERIES. Mar. 1965. 4 pp. 1960-67. Apr. 1968. 23 pp. TIME DEPOSITS IN MONETARY ANALYSIS, Staff RECENT CAPITAL MARKET DEVELOPMENTS. May Economic Study by Lyle E. Gramley and Sam 1968. 11 pp. uel B. Chase, Jr. Oct. 1965. 25 pp. BANKING AND MONETARY STATISTICS, 1967. CYCLES AND CYCLICAL IMBALANCES IN A CHANG Selected series of banking and monetary statis ING WORLD, Staff Paper by Frank R. Garfield. tics for 1967 only. Mar. and May 1968. 20 pp. Nov. 1965. 15 pp. CONSUMER INSTALMENT CREDIT. June 1968. RESEARCH ON BANKING STRUCTURE AND PER FORMANCE, Staff Economic Study by Tynan 13 PP- Smith. Apr. 1966. 11 pp. MARGIN ACCOUNT CREDIT. June 1968. 12 pp. COMMERCIAL BANK LIQUIDITY, Staff Economic REVISION OF MONEY SUPPLY SERIES. June 1968. Study by James Pierce. Aug. 1966. 9 pp. 6 PP- TOWARD UNDERSTANDING OF THE WHOLE DE RECENT MONETARY AND CREDIT DEVELOP VELOPING ECONOMIC SITUATION, Staff Eco MENTS. July 1968. 11 pp. nomic Study by Frank R. Garfield. Nov. 1966. MONETARY RESTRAINT AND BORROWING AND 14 pp. CAPITAL SPENDING BY LARGE STATE AND A REVISED INDEX OF MANUFACTURING CAPACITY, LOCAL GOVERNMENTS IN 1966. July 1968. Staff Economic Study by Frank de Leeuw with Frank E. Hopkins and Michael D. Sherman. 30 pp. Nov. 1966. 11 pp. REVISED SERIES ON BANK CREDIT. Aug. 1968. THE ROLE OF FINANCIAL INTERMEDIARIES IN 4 PP- U.S. CAPITAL MARKETS, Staff Economic Study FEDERAL FISCAL POLICY IN THE 1960's. Sept. by Daniel H. Brill, with Ann P. Ulrey. Jan. 1968. 18 pp. 1967. 14 pp. HOW DOES MONETARY POLICY AFFECT THE REVISED SERIES ON COMMERCIAL AND INDUS ECONOMY? Staff Economic Study bv Maurice TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. Mann. Oct. 1968. 12 pp. AUTO LOAN CHARACTERISTICS AT MAJOR SALES BUSINESS FINANCING BY BUSINESS FINANCE FINANCE COMPANIES. Feb. 1967. 5 pp. COMPANIES. Oct. 1968. 13 pp. CONSUMER INSTALMENT CREDIT. Mar. 1967. 12 ECONOMIC UPSWING IN WESTERN EUROPE. Nov. PP. 1968. 17 pp. SURVEY OF FINANCE COMPANIES, MID-1965. Apr. MANUFACTURING CAPACITY: A COMPARISON OF 1967. 26 pp. MONETARY POLICY AND ECONOMIC ACTIVITY: A TWO SOURCES OF INFORMATION, Staff Eco POSTWAR REVIEW. May 1967. 22 pp. nomic Study by Jared J. Enzler. Nov. 1968. MONETARY POLICY AND THE RESIDENTIAL MORT 5 PP- GAGE MARKET. May 1967. 13 pp. MONETARY RESTRAINT, BORROWING, AND CAP BANK FINANCING OF AGRICULTURE. June 1967. ITAL SPENDING BY SMALL LOCAL GOVERN 23 pp. MENTS AND STATE COLLEGES IN 1966. Dec. EVIDENCE ON CONCENTRATION IN BANKING 1968. 30 pp. MARKETS AND INTEREST RATES, Staff Eco REVISION OF CONSUMER CREDIT STATISTICS. nomic Study by Almarin Phillips. June 1967. Dec. 1968. 21 pp. 11 PP- TREASURY AND FEDERAL RESERVE FOREIGN EX NEW BENCHMARK PRODUCTION MEASURES, 1958 CHANGE OPERATIONS. Mar. 1969. 18 pp. AND 1963. June 1967. 4 pp. REVISED INDEXES OF MANUFACTURING CAPACITY HOUSING PRODUCTION AND FINANCE. Mar. 1969. AND CAPACITY UTILIZATION. July 1967. 3 pp. 7 PP. THE PUBLIC INFORMATION ACT—ITS EFFECT ON BALANCE OF PAYMENTS PROGRAM: REVISED MEMBER BANKS. July 1967. 6 pp. GUIDELINES FOR BANKS AND NONBANK FI INTEREST COST EFFECTS OF COMMERCIAL BANK NANCIAL INSTITUTIONS. Apr. 1969. 9 pp. UNDERWRITING OF MUNICIPAL REVENUE RECENT TRENDS IN THE U.S. BALANCE OF PAY BONDS. Aug. 1967. 16 pp. MENTS. Apr. 1969. 18 pp. THE ECONOMIC PAUSE IN WESTERN EUROPE. QUARTERLY SURVEY OF CHANGES IN BANK LEND Oct. 1967. 17 pp. ING PRACTICES. Apr. 1969. 5 pp. THE FEDERAL RESERVE-MIT ECONOMETRIC FINANCIAL DEVELOPMENTS IN THE FIRST QUAR MODEL, Staff Economic Study by Frank de Leeuw and Edward Gramlich. Jan. 1968. 30 pp. TER OF 1969. May 1969. 8 pp. THE PRICE OF GOLD IS NOT THE PROBLEM. Feb. CHANGES IN TIME AND SAVINGS DEPOSITS, OC 1968. 7 pp. TOBER-JANUARY 1969. May 1969. 10 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 114 FEDERAL RESERVE BULLETIN □ MAY 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 701-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, 91 Banks, by classes, 19, 24, 26, 35, 92 Banks, by classes, 11, 19, 25, 28, 35, 92 Banks and the monetary system, 18, 91 Federal Reserve Banks, 12, 83 Corporate, current, 47 Postal savings, 18, 91 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 hours, manufacturing industries, 63 Banking and monetary statistics for 1968, 91 Employment, 60, 62, 63 Banks and the monetary system, 18 Banks for cooperatives, 37 Farm mortgage loans, 48, 49 Bonds (See also U.S. Govt, securities): Federal finance: New issues, 43, 44, 45 Cash transactions, 38 Yields and prices, 32, 33 Receipts and expenditures, 39 Branch banks, liabilities of U.S. banks to their foreign Treasurer’s balance, 38 branches, 29, 83 Federal funds, 8, 24 Business expenditures on new plant and equipment, 47 Federal home loan banks, 37, 49 Business indexes, 60 Federal Housing Administration, 48, 49, 50, 51 Business loans (See Commercial and industrial loans) Federal intermediate credit banks, 37 Federal land banks, 37 Federal National Mortgage Assn., 37, 51 Capacity utilization, 60 Federal Reserve Banks: Capital accounts: Condition statement, 12 Banks, by classes, 19, 25, 29, 92 U.S. Govt, securities held, 4, 12, 15, 40, 41 Federal Reserve Banks, 12 Federal Reserve credit, 4, 12, 15 Central banks, foreign, 86, 88 Federal Reserve notes, 12, 16 Certificates of deposit, 29 Federally sponsored credit agencies, 37 Coins, circulation, 16 Finance company paper, 31, 35 Commercial and industrial loans: Financial institutions, loans to, 24, 26 Commercial banks, 24 Float, 4 Weekly reporting banks, 26, 30 Flow of funds, 68 Commercial banks: Foreign currency operations, 12, 14, 73, 78 Assets and liabilities, 19, 24, 26, 92 Foreign deposits in U.S. banks, 4, 12, 18, 25, 28, 83, 91 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, 92 Banks, 29, 74, 75, 77, 79, 81, 83 Real estate mortgages held, by type, 48 Nonbanking concerns, 84 Commercial paper, 31, 35 Foreign trade, 71 Condition statements (See Assets and liabilities) 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, 91 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 Currency in circulation, 4, 16, 17 Housing permits, 60 Customer credit, stock market, 34 Housing starts, 61 Income and expenses: Debits to deposit accounts, 15 Insured commercial banks, 107 Debt (See specific types of debt or securities) Member banks, 95-103 Demand deposits: Income, national and personal, 66, 67 Adjusted, banks and the monetary system, 18, 91 Industrial production index, 56, 60 Adjusted, commercial banks, 15, 17, 25 Instalment loans, 52, 53, 54, 55 Banks, by classes, 11, 19, 25, 28, 92 Insurance companies, 36, 40, 41, 49 Subject to reserve requirements, 17 Insured commercial banks, 21, 23, 24, 107 Turnover, 15 Interbank deposits, 11, 19, 25, 92 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
INDEX TO STATISTICAL TABLES A 115 Interest rates: Reserve position, basic, member banks, 8 Business loans by banks, 31 Reserve requirements, member banks, 10 Federal Reserve Bank discount rates, 9 Reserves: Foreign countries, 88, 89 Central banks and govts., 86 Money market rates, 31, 89 Commercial banks, 25, 27 Mortgage yields, 51 Federal Reserve Banks, 12 Time deposits, maximum rates, 11 Member banks, 4, 6, 11, 17, 25 Yields, bond and stock, 32. Residential mortgage loans, 33, 48, 49, 50 International capital transactions of the U.S., 74 Retail credit, 52 International institutions, 72, 73, 86, 88 Retail sales, 60 Inventories, 66 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, 92 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 (5eeTime 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, 92 International transactions, 82, 83 Commercial banks, 19, 23, 24, 26, 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 Ownership of securities of, 24, 27, 35, 36 Manufacturers: Yields and prices of securities, 32, 33 Capacity utilization, 60 State member banks, 21, 23 Production index, 57, 60 Stock market credit, 34 Margin requirements, 10 Stocks: Member banks: New issues, 44, 45 Assets and liabilities, by classes, 19, 24, 92 Yields and prices, 32, 33 Borrowings at Reserve Banks, 6, 12 Deposits, by classes, 11 Income and expenses, 95-103 Tax receipts. Federal, 39 Number, by classes, 19, 92 Time deposits, 11, 17, 18, 19, 25, 28, 91, 92 Operating ratios, 104 Treasurer’s account balance, 38 Reserve position, basic, 8 Treasury cash, Treasury currency, 4, 16, 18, 91 Reserve requirements, 10 Treasury deposits, 4, 12, 38 Reserves and related items, 4, 17 Mining, production index, 57, 60 Mobile home shipments, 61 Money rates (See Interest rates) Unemployment, 62 Money supply and related data, 17 U.S. balance of payments, 70 Mutual funds (See Investment companies) U.S. Govt, balances: Mutual savings banks, 18, 19, 22, 35, 40, 41, 48, 91, 93 Commercial bank holdings, 25, 28 Consolidated condition statement, 18, 91 Member bank holdings, 17 National banks, 21, 23 Treasury deposits at Federal Reserve Banks, 4, National income, 66, 67 12, 38 National security expenditures, 39, 66 U.S. Govt, securities: Nonmember banks, 21, 23, 24, 25, 107 Bank holdings, 18, 19, 24, 27, 35, 40, 41, 91, 92 Dealer transactions, positions, and financing, 42 Open market transactions, 14 Federal Reserve Bank holdings, 4, 12, 15, 40, 41 Operating ratios, member banks, 104 Foreign and international holdings, 12, 78, 82, 83 International transactions, 78, 82 New issues, gross proceeds, 44 Payrolls, manufacturing, index, 60 Open market transactions, 14 Personal income, 67 Outstanding, by type of security, 40, 41, 43 Postal Savings System, 18, 91 Ownership of, 40, 41 Prices: Yields and prices, 32, 33, 89 Consumer and wholesale commodity, 60, 64 United States notes, 16 Security, 33 Utilities, production index, 57, 60 Production, 56, 60 Profits, corporate, 46, 47 Real estate loans: Banks, by classes, 24, 26, 35, 48 Delinquency rates on home mortgages, 50 Mortgage yields, 51 Type of holder and property mortgaged, 48, 49, 50, 51 )xedni siht ni dettimo si ”A“ xiferp eht hguohtla 701-A hguorht 4-A segap ot era secnerefeR( Veterans Administration, 48, 49, 50, 51 Weekly reporting banks, 26 Yields (See Interest rates) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES THE FEDERAL RESERVE SYSTEM * (O ~q) a “" 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, April 30). Federal Reserve Bulletin, 1969-05. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_196905
@misc{wtfs_bulletin_196905,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1969-05},
year = {1969},
month = {Apr},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_196905},
note = {Retrieved via When the Fed Speaks corpus}
}