Federal Reserve Bulletin, 1969-07
FEDERAL RESERVE BULLETIN JULY 1969 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, IX 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 7 □ VOLUME 55 (1 JULY 1969 CONTENTS \ 565 Mortgage, Construction, and Real Estate Markets \ 579 Staff Economic Study: Summaries 581 Changes in Time and Savings Deposits, January-April 1969 591 Statement to Congress 596 Record of Policy Actions of the Federal Open Market Committee 604 Law Department 624 Announcements 631 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 92 Board of Governors and Staff A 93 Open Market Committee and Staff; Federal Advisory Council A 94 Federal Reserve Banks and Branches A 95 Federal Reserve Board Publications A 99 Index to Statistical Tables Map of Federal Reserve System on Inside Back Cover EDITORIAL Charles Molony COMMITTEE J. Charles Partee Robert C. Holland Robert Solomon Kenneth B. Williams Elizabeth B. Sette The Federal Reserve BULLETIN is issued monthly under the direction of the start 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
Mortgage, Construction, and Real Estate Markets REFLECTING INCREASED PRESSURES on mortgage and other capital markets, outlays for new construction at midyear were continuing to point downward from the record level established in January. Within the private sector, residential activity—which had dominated the over-all recovery in construction after early 1967—had begun to account for most of the decline. Even so, for the second quarter as a whole, housing starts, which lead resi dential outlays, were still at a relatively advanced rate. In the inflationary environment that has persisted throughout the economy this year, there has been a growing disaffection among financial investors with mortgages—as with all types of fixed-income investments. Nevertheless, reported mortgage com mitments outstanding have remained quite high, and the rate of net mortgage debt formation appears to have held fairly near its earlier peak. So far this year, the contrasts with the 1966 period of mone tary restraint have been greater than the similarities in all sectors of real estate activity. In the market for shelter, vacancies have been exceptionally low for both homeowner and rental types of dwelling units. In the market for home-mortgage funds, net sav ings flows to the thrift institutions, which specialize in home loans, had until recently been relatively well maintained. More over, evolving institutional adjustments affecting lending opera tions in the primary market for all types of mortgages and activity in the secondary market for Government-assisted mortgages have provided new support. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
566 FEDERAL RESERVE BULLETIN □ JULY 1969 In the multifamily market, developers have competed aggres sively for funds, along with investors in other types of income properties—even to the point of sharing equity positions with lenders. And financing of real estate activity generally has been supplemented to a greater extent than usual through sources other than mortgages. REGULATORY AND An important factor in the ability of mortgage market and OTHER CHANGES real estate participants to compete for funds under the restric tive credit conditions prevailing this year has been the wide array of regulatory and other changes in mortgage and related financing practices inaugurated since 1966. Of major im portance, the ceiling rates that major depositary institutions have been permitted to pay on their consumer-type savings have remained essentially unchanged over the past 3 years. As a result, while all depositary institutions have faced higher and higher market rates, competition among such institutions for funds has been held to a minimum and the share of consumer CONSUMER SAVINGS ACCOUNTS - FLOWS savings flowing to specialized mortgage lenders has been main PER CENT □ COMMERCIAL BANKS tained appreciably above the lows in mid-1966. Net savings in 0 OTHER SAVINGS INSTITUTIONS flows to commercial banks, on the other hand, have suffered more this year than in the same period of 1966, as consumer-type time deposit inflows have slowed markedly and holdings of largedenomination negotiable certificates of deposit have dropped sharply. To improve their competitive position within prevailing ceil 8 5 196 7 '69 ing limits, savings and loan associations—the major lender group Percentages derived from seasonally adjusted How of funds data on house —have been encouraged by the Federal Home Loan Bank Board hold savings accounts. “Other savings institutions” include credit unions as to continue to promote higher-rate long-term savings certificates well as savings and loan associations and mutual savings hanks. Q2, pre along with regular share accounts. In addition, effective June 3 liminary. of this year, associations converting to the deposit form of ac count were authorized to guarantee fixed rates of interest on funds held up to 5 years. Finally, the FHLBB has reemphasized this year that advances would be available to accommodate not only savings withdrawals but also expansion in mortgage port folios. Consequently, with the rale of net savings inflows to thrift institutions relatively well maintained until recently, mortgage commitments outstanding have remained very high. Effective June 12, in time to help to meet the possibility of accelerated net savings withdrawals in the midyear reinvest ment period, the FHLBB reduced liquidity requirements for member savings and loan associations from 6.5 to 6 per cent of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MORTGAGE AND CONSTRUCTION MARKETS 567 THRIFT INSTITUTIONS_____s_a__v__i_n_g__s__ _capital and somewhat liberalized eligibility requirements RATIO SCALE. BILLIONS OF DOLLARS for advances. At the same lime, it asked member associations to NET SAVINGS INFLOWS use their own resources to meet withdrawals up to I per cent of total savings capital—rather than the traditional 0.5 per cent— before requesting advances. This step was designed to conserve liquid resources available at the Federal home loan banks for advances to member associations; on June 30 such resources still amounted to more than $1.1 billion. Further adjustments, “Net savings in Hows’’ are for savings and loan associations and mutual including the restructuring of maturities on obligations of the savings banks al seasonally adjusted annual rates, "Commitments out home loan banks and provision for advances for as long as 5 standing” arc seasonally adjusted end-of-quarter totals for savings and years, are under study or pending. loan associations and New York Stale mutual savings banks. Latest Other changes, too, have helped to support mortgage flows data: net savings inflows, Q2, prelim inary; mortgage commitments out so far this year. While statutory ceiling limits on mortgage standing, end of May. interest rates, for example, have continued to be a barrier to lending in some States, a number of States have raised such ceilings to help make mortgages competitive at currently higher yields. And some lenders have begun to experiment with variable interest rates on mortgages—in certain cases to allow upward adjustment if new ceiling limits arc legislated later. Also in the inflationary environment that has prevailed, reliance on various forms of “equity” financing for multifamily structures as well as for other types of income properties has continued to grow. Finally, a number of builders have improved their capital base and financing options appreciably through mergers. In the market for Government-underwritten home mortgages, regulatory ceiling rates were raised to 7'/2 per cent last January under arrangements temporarily suspending congressional limits on such rates until October 1 of this year. Though there has been no further change in regulatory ceilings this year, despite substan tial additional increases in market rates, general policy recom mendations on rate-setting are pending from a special-study commission created for this purpose in May of 1968. Mean while, the new Federal National Mortgage Association—now in its second year of operation outside the Federal budget—has continued to provide major market support through its “free market” mortgage commitment system. Under this system, FNMA announces each week the total volume of forward commitments it will make to purchase eli gible Government-underwritten mortgages. These commitments are for delivery at the seller’s option within three distinct time periods in the future—3 months, 6 months and—since Novem ber 25 of last year—12 to 18 months ahead. In each auction, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
568 FEDERAL RESERVE BULLETIN □ JULY 1969 prices of the mortgages accepted by FNMA arc determined by the lowest bidders. Under the previous system, the volume of FNMA purchases for its secondary market portfolio had been determined by the volume of eligible mortgages offered. And prices were established periodically by FNMA rather than on a week-to-wcek basis by the market. Since inception of the “free market” system, a number of adjustments have been made, in cluding arrangements to purchase at par certain types of mort gages for low- and moderate-income multifamily housing, with plans to participate in related construction loans as well. Among other items included in recent congressional legisla tion, full provision has yet to be made for funding at authorized levels of the new programs for low- and moderate-income housing in line with the production goals set in the Housing and Urban Development Act of 1968 and in the President’s first annual report on this subject early this year. Also, arrangements to implement the use of mortgage-backed securities to be guaran teed by the new Government National Mortgage Association (GNMA)—as a way of converting mortgages into readily mar ketable securities—have not yet been completed. However, regu lations considerably liberalizing FHA insurance programs for mobile-home parks have been issued, effective April 28. And rules permitting Federal savings and loan associations to invest in mortgages on new and used mobile homes have been largely completed. MORTGAGE-MARKET Mortgage-commitment backlogs have been maintained at high DEVELOPMENTS levels so far this year. However, lender selectivity in making new commitments has increased. Consequently, as in other recent years, availability of funds—even more than their cost— has continued to be a major limiting factor on lending, con struction, and related real estate activity. Mortgage terms. In the market for new commitments, contract rates of interest for conventional first mortgages on new homes continued to rise through the spring. In June such rates reached another new high in response to recent upward adjustment in ceiling limits in some States and further upward pressures on ail financial markets highlighted by the 1-percentage-point addi tional rise to 8'/2 per cent in the bank prime rate—the short term interest rate charged by commercial banks to their best business customers. At an average of 8.00 per cent in June, the rate on conventional first mortgages for new homes was 75 basis Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MORTGAGE AND CONSTRUCTION MARKETS 569 200 100 and DISCOUNTS remain a problem POINTS 6 I 2 I I I 1962 1966 1969 Mortgage data based on I IIA hcld-ollice reports for market areas of insuring cilice cities. For “conventional,” average interest rates are for first mortgages on new houses. For “FHAinsured,” weighted averages of private secondary market bid prices for certain new-house mort gages (which are shown at a discount from par in the bottom panel) converted to annual yield. Thin line indicates period of adjustment to changes in contractual interest rate. For corporate bonds, weighted average of new publicly offered bonds through 1964; thereafter, only those with al least 5-year call protection. (Moody’s Aaa and Aa and A adjusted to Aaa—thin line indicates period of nonrepresentative issues). Latest data, June. points above the rising year-earlier rate and 160 basis points higher than the already advaneed average in June of 1966. Con tract rates for conventional mortgages on existing homes followed a similar pattern. In the secondary market, yields on FHA-insured new-home mortgages had advanced sharply further early this year, follow ing the increase in regulatory ceiling rates in January to 7’/2 per cent from the 6% per cent limit that had prevailed since May 1968. As a result secondary market yields on FHAinsured mortgages have continued in the unusual position of exceeding contract rates for conventional loans this year. How ever, with minor exceptions, the gross yield differential between FHA-insured mortgages and new issues of Aaa corporate bonds has remained below 100 basis points—a margin appreciably lower than the spread that had prevailed in the early 1960’s Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
570 FEDERAL RESERVE BULLETIN □ JULY 1969 when mortgage funds had been unusually ample. And as bond yields climbed higher in June, the differential narrowed further. Under these circumstances and with discounts on FHA- -as well as VA—loans increasing to more than 6.5 points, there was further speculation in the trade that the rate ceiling on Govern ment-underwritten mortgages would be raised again. Meanwhile, under FNMA’s “free market” auction system for FNMA WEEKLY AUCTION such mortgages, yields on 6-month forward-purchase commit MILLIONS OF DOLLARS ments—the most popular type—surged more than 50 basis points during June; and in the first week of July they reached nearly 8.5 per cent, calculated on an “implicit private market” basis to allow for fees and related FNMA stock purchase and holding costs required of sellers in this market. During this PER CENT period FNMA raised the weekly auction limit on the aggregate IMPLICIT YIELD dollar volume of commitments accepted to the $100 million to $130 million range in an attempt to bolster the market. But even 7.4 I I I I I I I I I I I I I I these limits fell short of demands. JUNE AUG. OCT. DEC. FEB. APR JUNE ______IM___________ 1969 Emphasis by lenders generally on extremely high mortgage Bids received and accepted are for yields has been associated with increased selectivity with respect total bids to INMA regardless of term of commit merit. “Implicit yield’’ to borrowers and apparently regarding properties as well. Also in is average equivalent secondary mar ket yield implicitly offered by success some cases, prepayment penalties have been increased and the ful bidders for purchase by FNMA of mortgages on 6-month commitments period of years during which newly made loans must be held to after allowance for commitment fee and required purchase and holding avoid such penalties has been extended to discourage borrowers of FNMA stock, and assuming 15year prepayment period for cer from refinancing at lower interest rales in the future. So far, tain 30-ycar Government-underwritten home mortgages. Yields shown are however, in the case of conventional first mortgages on homes, gross before deduction of fee of 50 basis points regularly paid by FNMA there has been no apparent shortening of maturities from those for mortgage-servicing. Latest data, week ending July 14. available in other recent years. Average loan-to-price ratios for such mortgages on both new and used houses have moved down in recent months, but this development has been associated with the high and rising prices of homes being financed. For example, in May such prices averaged more than $35,000 for new homes and nearly $28,000 for existing homes—up a tenth or more in each case from a year earlier. Consequently, on the average, loan amounts have remained near or above earlier highs, even though downpayments have risen further. Contract interest rates for mortgages secured by multifamily and other income properties have also continued upward this year. Moreover, unlike 1966, lenders this year have frequently insisted on equity-type participations in addition to nominal interest charges and other fees. Tn such participations, which arc subject to negotiation, the borrower usually agrees to make Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MORTGAGE AND CONSTRUCTION MARKETS 571 On CONVENTIONAL MORTGAGES, maturities show little change; loan/price ratios are less liberal, but loan amounts stay high YEARS MATURITY NEW-HOME LOANS EXISTING HOME LOANS 20 PER CENT Data Iron) I III.BB with cooperation of the reel oral Deposit Insurance Corporation are weighted avuuigcs based on probability sample survey of characteristics of mortgages orig inated by major institutional lender groups (including mortgage companies) for purchase of single-family homes. Excluded are loans for relinancing, reconditioning, or modernization; construction loans to home-builders; and permanent loans that are coupled with construc tion loans to owner-builders. Latest data. May. supplementary payments, based on a fixed percentage of cither gross or net income generated by the property involved, over the life of the mortgage. Mortgage debt formation. Net formation of nonfarm and farm mortgage debt in the first half of 1969 held at a seasonally adjusted rate fairly near the peak reached in the fourth quarter of last year (Chart 3). In that quarter the annual rate exceeded $31 billion and was appreciably above the highs in the first quarter of 1966 and the fourth quarter of 1967. Estimates based on incomplete data indicate the net increase in private nonfarm residential mortgage debt approximated an annual rate of $20 billion in the first half of 1969. This exceeded the 1968 average as the first-half expansion in f- to 4-family mortgage debt remained exceptionally strong. While the net in crease in mortgage debt for multifamily properties—a particular- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
572 FEDERAL RESERVE BULLETIN □ JULY 1969 NET CHANGE IN MORTGAGE DEBT is still at advanced rate, particularly for 1- to 4-family 3 properties . . . but NET LENDING has varied among INSTITUTIONS ■ 10 Data estimated (and converted to seasonally adjusted annual and for separate institutions. “Thrift institutions” are savings rates) by Federal Reserve as required to supplement reports and loan associations and mutual savings banks. Latest figures, of Federal agencies and private sources. I'arm mortgage debt particularly for Q2, arc preliminary. net increase is included in net increases shown for “total” ly volatile series in recent years—had apparently receded from the advanced rate in the fourth quarter of 1968, it exceeded the average in the first half of that year. And for commercial and related properties, the rate of net mortgage debt expansion was still relatively high. The rapid pace of mortgage debt formation on 1- to 4-family properties so far in 1969 has reflected in part the advanced rate of single-family starts earlier in the year and the sharply rising dollar amount required per loan to finance purchases of both new and used homes. Also, activity in the very large used-home mar ket has been high. This has been the case even though—in con trast with the early 1960’s—mortgage refinancing has been limited and buyers of used homes have increasingly assumed existing mortgages in an attempt to avoid new mortgages, which are available only at much higher interest rates. While analogous factors have affected the rate of net mortgage flows for income properties, home purchases have remained much more uniformly Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MORTGAGE AND CONSTRUCTION MARKETS 573 dependent on mortgage financing than has investment in income properties. Of major importance for home-mortgage financing, there fore, has been the ability of savings and loan associations to maintain the dominant role in the 1- to 4-family market, which they had regained in the second quarter of 1967. In addition, net purchases of Government-assisted home mortgages by the new FNMA have continued to be very sizable, though less so than in the first quarters of 1966 and 1968. But in those periods nearly all offerings of mortgages for sale to FNMA under its “sec ondary market” operations were for immediate purchase, in con trast with the longer-term commitment procedure currently in use. And at mid-1969 commitment volume under the new system was at an annual rate of more than $6 billion. Among major lenders with the broadest investment options, net mortgage-debt expansion by commercial banks was appar ently exceptionally strong even in the second quarter of this year, despite a sharp drop from recent highs in response to con tinued attrition of negotiable CD’s and limited growth in other types of time deposits. Net additions to mortgage portfolios by mutual savings banks were well below prc-1966 highs. Never theless, they also were holding above year-earlier rales—rcllccting in part some change from the continued emphasis last year on corporate bond investments. Life insurance companies, on the other hand, were continuing to shift out of mortgage debt secured by 1- to 4-family properties. They also appeared to be limiting their net additions to portfolios of mortgages on multi family and other types of property, in favor of joint ventures and other forms of direct equity investment in real estate. NEW CONSTRUCTION Total outlays for new construction in June were at an estimated seasonally adjusted annual rate of more than $90 billion. This rate was about a tenth above a year earlier and 8 per cent above the record annual average in 1968. Construction costs. Increases in construction costs have ac counted for all but a minor part of the year-to-year rise in total construction expenditures during the first half of 1969. And the rate of total construction in “real terms” has tended downward during most of the period. In June, as in other recent months, it was somewhat below earlier highs—including those reached in 1966 and 1968 (Chart 4). Over the first half of the year as a whole, construction costs—which as measured by the Census Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
574 FEDERAL RESERVE BULLETIN □ JULY 1969 Bureau generally relate only to labor and materials—averaged about 7 per cent more than a year earlier. This increase com pared with a year-to-year rise of about 6 per cent in 1968. Recent wage settlements in construction have continued to be very large. Increases in the cost of land, which is not in cluded in construction outlays, also have persisted. However, the over-all cost of materials has declined somewhat since late winter, mainly because of sharp reductions in prices of lumber and particularly plywood. After an extended period of relative stability, such prices had risen very sharply during the fall and early winter months when the rate of housing starts had been unusually high. Manpower shortages, transportation bottlenecks, and exceptionally heavy export demands had also contributed to the rise. even in current dollars for PRIVATE groups I I I I I 1 1962 1966 1969 Census Bureau data on value of new construction put in place at seasonally adjusted an nual rates in current and—for total—in 1957-1959 dollars. “Private residential’’ excludes farm structures. Data for “private nonresidential” (total private excluding nonfarm resi dential) beginning July 1962 and for “public” beginning January 1963 reflect use of new series for certain components not available for earlier years. Recent data, preliminary; June estimated by Federal Reserve. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MORTGAGE AND CONSTRUCTION MARKETS 575 Nonresidential. Seasonally adjusted expenditures for private nonrcsidcntial construction, which had fluctuated at a high rate in 1968, surged to a new high in January. Since spring, such outlays have still been at an advanced level but they have remained below the January peak, in total and especially for certain of the major groups—industrial plants and commercial structures, such as stores, offices, and garages. Altogether these account for half the total. Outlays for private hospitals and related buildings and for other types of private nonresidential construction have appar ently continued to advance. Legislation to alter or eliminate the 7 per cent tax credit for business fixed investment may come too late to affect expansion plans for related construction materially during 1969. Even so, the prospect of such legislation may be inducing some hesitation in certain areas. Meanwhile, limited availability of funds and sharply increased interest costs apparently have al ready brought longer-term plans for construction of large indus trial plants down appreciably from year-earlier levels, according to Engineering News-Record, although longer-term plans for large commercial buildings have remained very high. Outlays for public construction generally have risen further this year. However, the Federal Government has continued its efforts to limit activity on projects not yet under way in order to reduce pressures on financial and other resources in the general economy. Also, States and municipalities, under pressure from tighter credit conditions, have modified their new plans for large buildings and other construction projects over the period ahead. Residential. Reflecting in part a sharp acceleration in builders’ schedules as monetary policy turned toward restraint near the end of 1968, seasonally adjusted private housing starts in January reached the highest rate since early 1951. While the annual rate dropped steadily thereafter, it averaged 1.61 million units for the first half as a whole. And in the important spring quarter the rate about matched the 1.51 million average for all of 1968. By contrast, in the second quarter of 1966, the rate had dropped more than a tenth below the annual average for 1965. In the case of multifamily housing starts, the average rate for the first half of this year was the highest for any similar period in history. Moreover, with most of the over-all decline after January concentrated in single-family starts, multifamily units Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
576 FEDERAL RESERVE BULLETIN □ JULY 1969 HOUSING STARTS are down from recent high, but multifamily units are still at advanced rate Census Bureau data. Private housing starts, including I arm, al seasonally adjusted annual rates, converted to quarterly averages by Lede nil Reserve to allow for volatility in the monthly series. Latest figures. Q2 preliminary. 'Multil'amily” includes 2 or more units, accounted for a record 45 per cent of all starts in the first half. This proportion compared with 40 per cent for 1968 as a whole and only 33 per cent for 1966, when rental vacancies in some areas were relatively high and rents for all types of housing were increasing much less sharply. Accumulated demands for both single- and multifamily struc tures have continued to exceed supply this year. However, a major factor in the increased share of starts accounted for by multifamily structures has been the willingness and ability of builders of such housing to bid aggressively for funds from out side as well as from within the mortgage market. Continuing a pattern that has persisted for more than a decade, a combination of other factors—including the need to adjust to rising land and other cost pressures, as well as the opportunity for accelerated depreciation allowances for income tax purposes, currently under congressional review—has also favored greater emphasis on multifamily building. Though in decline through most of the period, single-family starts in the first half were at a seasonally adjusted annual rate of nearly 890,000 units. This was only slightly below the average in 1968 as a whole and about the same as in the first half of 1966. By the spring of this year, however, stocks of homes available for sale from merchant builders had already become compara tively low in relation to sales. EVen more striking than the further shift in the distribution Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MORTGAGE AND CONSTRUCTION MARKETS 577 between home and apartment starts this year has been the ex tremely rapid growth in output of mobile homes. (Such units, which for technical reasons arc not included in housing starts or in construction outlays, thus far have been financed with NEW HOUSING UNITS short-term consumer instalment loans rather than with mort THOUSANDS OF UNITS gages.) In 1965-66, domestic shipments of new mobile homes □ LFAMILT | . 0 MULTIFAMILY I ’™T had leveled off at not much more than 200,000 units. But in | MOBILEHOME SHIPMENTS 1968 they exceeded 300,000; and in the first 5 months of this year they were running at a seasonally adjusted annual rate approaching 400,000 units. An important factor in this growth has been the increased concentration on higher priced units by builders of both houses and apartments. As a result, new mobile homes, which generally cost under $10,000 (including furniture), have accounted for a major share of the combined supply of new low-priced dwellings Census Bureau data for private in recent years. Moreover, rising property taxes and other home housing starts, including farm; Mo bile Home Manufacturers Associa ownership and rental costs have further enhanced the attractive tion data for mobile-home shipments excluding exports. Latest data, av ness of mobile homes for low-income groups as well as for others, erage of seasonally adjusted series al annual rate for first half of particularly in certain areas. this year; mobile-home shipments, average of monthly seasonally ad Transactions in existing homes in the first 5 months of 1969 justed annual rates for same period as estimated by Leder.nl Reserve. were apparently maintained appreciably above year-earlier levels, although prices averaged at least 7 per cent above a year earlier, according to the National Association of Real Estate Boards. But high discounts have tended to be a problem for transactions based on Government-underwritten mortgages— which are particularly important in this market—and alterna tive financing options have been limited. Consequently, listings of existing homes for sale have been much fewer than demands. Under such circumstances, however, homeowners in an over extended position have found ready buyers. Thus, mortgage foreclosures have continued to decline and loan defaults have remained unusually low. Among the major geographic regions, variations in the pattern of housing starts have continued to be pronounced this year (Chart 6). In the West, heavy rains inhibited activity during the first quarter when starts surged upward in other regions and reached an exceptionally high rate in the North Central States. In the second quarter, starts in the West re covered considerably whereas starts in other regions declined—• notably in the North Central Stales but also in other areas where below-market ceilings on interest rates again posed restrictions on the flow of mortgage funds. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEDERAL RESERVE BULLETIN □ JULY 1969 6 I HOUSING STARTS recede from recent highs except in West but . . . Census Bureau data. Private housing starts, including farm, al seasonally adjusted annual rates. Vacancy rates, not seasonally adjusted, relate to vacant, not dilapidated dwellings available for rent. Latest figures: ’‘Starts,” average of preliminary data for Q2, “Rental vacancy rate,” QI. Although the combined level of housing starts and mobilehome shipments during the first half of this year exceeded a seasonally adjusted annual rate of 2 million units, vacancy rates for homeowner and rental properties were still unusually low. In the first quarter, the latest period for which data are avail able, they averaged only 0.9 and 5.0 per cent, respectively, of dwelling units available and fit for use. Underscoring the per vasiveness of demands pressing on builders, lenders, and in vestors alike, these rates were not only sharply under the corresponding 1966 averages but also among the lowest in more than a decade, both nationally and in most regions. □ 578 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Staff Economic Studies The research staffs of the Board of Gover In all cases the analyses and conclusions nors of the Federal Reserve System and of set forth are those of the authors and do not the Federal Reserve Banks undertake studies necessarily indicate concurrence by the that cover a wide range of economic and Board of Governors, by the Federal Reserve financial subjects, and other staff members Banks, or by the members of their staffs. prepare papers related to such subjects. In Single copies of the full text of each of some instances the Federal Reserve System the studies or papers summariz.ed in the finances similar studies by members of the Bulletin are available in mimeographed acadern ic profession. form. The list of Federal Reserve Board From time to time the results of studies publications at the back of each Bulletin that are of general interest to the economics includes a separate section entitled “Staff profession and to others are summarized—or Economic Studies’’ that enumerates the stud they may be printed in full—in this section ies for which copies are currently available of the Bulletin. in that form. Study Summaries CHARACTERISTICS OF MERGING BANKS David L. Smith—Staff, Federal Reserve Bank of Cleveland Presented at the Fifth Annual Meeting of the Appalachian Fhiance Association, Syracuse, New York, April 25-26, 1969 ' This paper examines the characteristics of that is, as a result of sampling variation. In merging banks in the Fourth Federal Re other words, the null hypothesis—that the serve District during the period 1960-67 in sample banks in the study were drawn from an attempt to answer the following ques a common population with equal mean tions: (1) How did the acquired and values of the ratios—was tested by compar acquiring banks compare in terms of size, ing acquired banks against acquiring banks nature of business, and profitability; (2) and acquiring banks against nonmerging How did the acquiring banks compare with banks. banks of similar size that did not merge; and Examination of selected balance sheet (3) What were the basic underlying motives and operating ratios revealed significant dif for merger? ferences between the acquired and acquiring The analysis was based on a comparison banks in terms of asset structure, loan port of selected balance sheet and operating folio, loan yield, service charges on checking ratios divided into several categories charac accounts, officers’ average salary, and “other terizing bank behavior. A Z-test was used expenses” as a per cent of total assets. In to determine whether the observed differ- short, the acquiring banks absorbed institu cnces between the means of the ratios were tions that not only were smaller, but also such that might occur frequently by chance; were significantly different. In contrast, the 579 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
acquiring banks exhibited few characteris sion problems, restrictive lending limits, or tics significantly different from the sample the profit motive. Although the desire for of nonmerging banks in terms of the selected branch bank expansion appeared to be a balance sheet and operating ratios exam basic factor underlying the merger move ined. ment in the Fourth District during the Finally, little support was found for period under review, it may be only a rethe traditional reasons cited as motives for fiection of a larger phenomenon—such as bank mergers, such as management succes the desire for market power. □ OPTIMAL FACTOR ADJUSTMENT PATHS: A GENERALIZATION OF “STOCK ADJUSTMENT” DECISION RULES P. A. Tinsley—Staff, Board oj Governors Prepared as a staff paper in April 1969 Since the time of Irving Fisher’s famous hand, does not generalize to a meaningful article on distributed lags in 1925, the esti distributed lag format. mation of lagged adjustments has dominated Although the literature contains many ad subsequent studies of the “interequilibrium” hoc rationalizations of both decision rule demand for productive factors by firms. formats, the only efforts at analytic deriva However, the analytic justification for the tion arc the works by Eisner, Strotz, and distributed lag approximation of optimal Lucas on the static decision rule s. 1. The interequilibrium adjustment has not been purpose of this paper is to present the ana rigorously developed. lytic foundation for the dynamic decision A relation that is widely described as the rule since it provides a meaningful interpre behavioral model underlying the demand for tation for the distributed lag specifications a particular factor X is the stock adjustment commonly found in empirical literature on decision rule the interequilibrium behavior of firms. By using a quadratic approximation of a firm’s AX, = XIX*-.\', J, ^XI = XI-.X,^ (s.l) earnings function, it is shown that the opti where X* is the ultimate equilibrium demand mal path for xt is a continous generaliza and x is the “speed of adjustment” or that tion of the “linear decision rule” investi fraction of the gap .¥*-,¥. ., eliminated in gated by Holt, Modigliani, Thcil, and each period. Since the concept of an im others. The moving equilibrium A',* of the mutable equilibrium x* is not very realistic, solution has two components: the future the decision rule is more often reformulated economic environment of the firm is sum as the dynamic version marized in one term X’d and the past eco aX1=X[A',*-X(_,| (s.2) nomic events are in the other term X’,l*. The where A',* is the trajectory of a “moving format of the optimal dynamic decision rule target.” The relation s.l will be referred to is shown to be as the “static” decision rule and s.2 as the aA'^XlaYV-Aq-i] (s.2') “dynamic” rule. This minor alteration of the where the interesting characteristic is that stock adjustment decision rule is extremely only the term embodying the [forecast of important since the dynamic variant s.2 ex the] future environ of the firm is incorpor pands to the familiar Koyck distributed lag. ated in the moving equilibrium of the de The static decision rule s. 1, on the other cision rule. □ 580 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Changes in Time and Savings Deposits, January-April 1969 In the 3 months ending April 30, 1969, in vey conducted jointly by the Federal Reserve terest rates paid by commercial banks on System and the Federal Deposit Insurance time and savings deposits continued to Corporation. From data reported by the move up to the ceiling levels on all major sample banks, estimates have been derived types of deposits. All large banks and a high for all insured commercial banks. proportion of the smaller institutions had NET CHANGE IN DEPOSITS BY TYPE already been paying these rates for some time. Of the remaining small banks an ap Total time and savings deposits of individu preciable number adjusted their rates up to als, partnerships, and corporations (IPC) the ceiling in the most recent reporting at insured commercial banks increased by period. These rate increases reflected the about $575 million, or 0.3 per cent, in the continued pressure from high yields on com 3 months ending April 30. (See Table 1.) peting market instruments, which rose to This compares with 0.9 per cent in the new highs for some instruments. Over the preceding quarter and an average quarterly 3 months covered by this survey,1 net inflow rate of 2.2 per cent in the year ending Jan into time and savings deposits at commer uary 31, 1969. A major part of the slow cial banks almost ceased. This drop reflected down reflected the inability of banks to roll a further sharp decline from the preceding over large negotiable CD’s at the ceiling quarter in large-denomination negotiable rates. These deposits declined by $2.4 bil certificates of deposit, a moderate decline in lion, or nearly 16 per cent, between January savings deposits, and less rapid expansion in 31 and April 30. Holders of these instru the aggregate of other consumer- and busi ments—mainly businesses—are highly sen ness-type time deposits. sitive to levels of interest rates, and many Information on changes in interest rates of them switched out of CD’s as rates on paid and on flows into time and savings de other money market instruments rose sub posits held by individuals, partnerships, and stantially above the ceiling rates that banks corporations at insured commercial banks arc permitted to pay on CD’s. during the 3 months ending April 30, 1969, Regular savings deposits, held mainly by was obtained from a quarterly sample sur- small savers and carrying a ceiling rate of 4 per cent, also had little appeal for deposi Note:—Caroline H. Cagle of the Board’s Division of Research and Statistics prepared this article. tors. Funds in these accounts declined some ' Previous surveys of time and savings deposits at what, no doubt reflecting in part transfers all member banks were conducted by the Board of Governors in late 1965, in early 1966, and quarterly of funds into other consumer-type instru in 1967. Beginning in 1968 the quarterly surveys were ments, on which the ceiling rate is 5 per cent. expanded lo provide figures for all insured commercial banks and were conducted jointly by the Board of Open-account deposits in denominations Governors and the Federal Deposit Insurance Cor of less than $100,000—including both those poration. The results of earlier surveys have appeared in Bulletins in 1966, 1967, 1968, and 1969, the in passbook or statement form held mainly most recent being May 1969, p. 409. by consumers and those in other forms held Appendix tables for this article appear on pp. 586 90 of this BuLi.irnN. in large part by businesses—rose by about 581 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
582 FEDERAL RESERVE BULLETIN n JULY 1969 TABLE 1 TYPES OF TIME AND SAVINGS DEPOSITS IPC, HELD BY INSURED COMMERCIAL BANKS ON SELECTED 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) Type of deposit Jan. 31, 1968- Jan. 31- Jan. 31 Oct. 31 Jan. 31 Apr. 30 Jan. 31 Oct. 31 Jan. 31 Apr. 30 Jan. 31, Apr. 30, 1969 1969 13,241 13,440 13,467 13,465 165,592 178,613 180.226 180,801 2.2 3 12,742 12,629 12,714 12,791 92,994 93,756 93,593 93,215 .2 .4 Time deposits in denominations of less than $100,000 - total.................................................. 47,031 54,830 58,333 60,978 5.5 4. 5 Issued mainly to consumers- -total.... 11,766 12.264 1 1,S5I 12,065 40 >09 49,786 52,993 55,243 6.8 4.2 CD’s-............................................................. 11,689 12,183 11,684 11,937 37,754 44,183 45,355 45,610 4.7 0.6 Open account (passbook or statemerit form)2................4.5...2.................966 1,209 1,658 2.955 5,603 7,638 9,633 27. 1 26. 1 Issued mainly (or in large part) to businesses -total..................................... 5.754 7.798 7,236 7,508 6.322 5,043 5,340 5,735 -3.6 7.4 CD’s3............................................................. 5,098 7,160 6,610 6,7 55 4.987 3,690 4,033 4.058 -4.4 0.6 Open account4.......................................... 1 ,432 1 ,617 1,600 1.710 1 .334 1,354 1,307 1,677 --. 3 28.3 ’Time deposits in denominations of $100,000 or more (issued mainly to businesses)— total.......................................................................... 2,955 3,732 4,031 4,030 21,290 24,445 23,388 21,185 2.6 -9.4 Negotiable CD's..................................... 1 ,385 1 ,582 1,897 1,946 15,202 16,899 15,285 12,853 .5 -15.9 Nonnegotiable CD’s.............................. 1,718 2,261 2.244 2 263 4 337 5,568 6,042 6,048 S.l 0. 1 Open account........................................... '492 571 580 552 1 /)51 1,979 2,061 2,284 6.0 10.8 Christmas savings and other special funds.. 7,241 7,619 7,683 7,984 4,278 5,582 4,912 5,423 4.0 10.4 n.a. Not available. -> Includes time deposits, open account, in denominations of less 1 Includes all time CD’s in denominations of less than $100,000 for than $100,000, other than those described in footnote 2. These which, in the judgment of the reporting banks, 50 per cent or more instruments are issued both to consumers and to businesses. of the outstanding volume of deposits was issued to consumers (non Non:.—Data were compiled jointly by the Board of Governors of business holders). the bed oral Reserve System and the FDIC. For Jan. 31, 1968, and 2 Includes time deposits, open account, issued in passbook, state Jan. 31 and Apr. 30, 1969, the information was reported by a prob ment, or other forms that are direct alternatives for regular savings ability sample of all insured commercial banks; for Oct. 31, 1968, the accounts. Most of these are believed to be in accounts totaling less data were reported by virtually all insured commercial banks. than SI00,000. Some deposit categories include a small amount of deposits out • ' Includes all time CD's in denominations of less than $100,000 for standing in a relatively few banks that no longer issue these types of which, in the judgment of the reporting bank, 50 per cent or more deposits and are not included in the number of issuing banks. Dollar of the outstanding volume of deposits was issued to businesses. amounts may not add to totals because of rounding. $2.4 billion, or one-fourth, in the most re By contrast, small-denomination time de cent 3-month period. Nearly half of the ex posits in the form of ccrtilicatcs increased pansion in these two types combined oc much less rapidly in the most recent survey curred in the Chicago and San Francisco period than in earlier quarters. Deposits in Reserve Districts, where banks have actively these instruments—including those issued promoted these instruments. Most small mainly to consumers and those issued main denomination open-account deposits arc in ly to businesses—rose only slightly, by about banks that pay the 5 per cent ceiling. The 0.6 per cent, between January and April number of issuing banks has increased of this year. rapidly in recent months and various new While large negotiable CD’s were declin features have been introduced by some ing in the January-April period, other largebanks, including frequent (in some cases denomination time deposits increased. Con daily) compounding of interest and provi sumers, who hold nearly half of the largesion for deferred taxation of interest. Inno denomination deposits other than negotiable vations of this kind, coupled with the con CD’s, tend to be less rate-sensitive than venience of these types of accounts, no doubt corporations, and apparently they were will contributed in large measure to their grow ing to acquire large-denomination instru ing popularity. ments at ceiling rates despite more attrac- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 583 TABLE 2 TIME AND SAVINGS DEPOSITS, IPC, HELD BY INSURED COMMERCIAL BANKS ON JANUARY 31, AND APRIL 30, 1969, 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 ■ All banks All banks i Hvin inn 100 and over t inn 100 and over : Apr. Jan. Apr. Jan. Apr. Jan. Apr. Jan. Apr. Jan. Apr. Jan. 30 31 31 : 30 31 30 31 30 31 30 31 Am>uni of c eposils ( in millio is of dol lars) Number of biinks, or ic rccntai,c distribnt ion or pereel 1 tag distribilion Savings deposits: Issuing banks............................................... 12.79! 12.714 12,303 12,243 488 471 93.215 93,593 38.154 38.452 55,061 55,141 Percentage distribution by most com mon rate paid on new deposits: Total................................................... 100.0 100.0 100.0 100.0 100.0 1 00,0 100.0 100.0 100.0 100.0 100.0 100.0 3.50 or less............................................... 22.8 24.5 23.4 25.2 6.6 7.2 7.9 8.6 14.5 15.8 3.3 3.6 3.51-4.00.................................................... 77.2 75.5 76.6 74.8 93.4 92.8 92. 1 91.4 85.5 84.2 96.7 96.4 'Tinie deposits in denominations of less than $100,0(10: Issued mainly to consumers: Issuing banks.......................................... 12,065 11,851 11,5MK II,407 467 444 55,243 52,993 30,888 29,836 24,355 23,157 Percentage distribution by most common rale 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............................................... 6.5 10.9 6.5 1 1.2 .1.2 4.3 1. I 1.8 4.2 . 7 .3 4.51-4.75.................................................... . 3 .3 .3 .2 . 1 '4 . 1 .3 4.76-5.00.................................................... 93 ’ 3 88.8 93.2 88.5 96.8 95.5 98.8 97. 1 98.1 95.5 99.8 99*5 Issued mainly to businesses: Issuing banks.......................................... 7,5O« 7,236 7,089 6,835 419 401 5,706 5,326 3,276 2,974 2,430 2,352 Percent age distribution by most common rale 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............................................... 14.3 17.5 14.5 17.7 11.2 1 2.5 3.7 5.7 4.2 8.5 3.3 2. 3 4.51-4.75.................................................... . 1 .2 . 1 2 .7 .5 .4 _ 2 (') 2 .8 4.76-5.00.................................................... 85.6 82.3 85.4 82J 88. 1 87.0 95.9 94 J 95.8 9L3 95.9 97‘5 Time deposits in denominations of $100,000 or more: Issuing banks............................................... 4,030 4,031 3,552 3,570 478 461 21,183 23,387 3,363 3,034 17,820 20,353 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 4.50 or less......................................................... 5.7 6:i 8.1 1.9 3.7 .8 1 .0 3.1 3.7 .3 .6 4 4 . . 7 5 6 1 - -4 5 . . 7 0 5 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34. . 2 4 46.5 36.8 50. . 2 1 14 . . 4 9 17^4 2 7^2 8.3 32. . 7 4 39 ( . * 4 ) 2. . 4 1 3 ( . * 7 ) 5.01-5.25........................................................... .7 1 .8 .7 1 .7 .4 1 .7 . 1 .3 .8 ( ') .4 5.26-5.50........................................................... 12.3 13.7 12.2 13.3 12,6 17. 1 11.0 9.0 6.6 12.5 11.9 8.4 5.51-5.75........................................................... 2.5 3.6 2. 1 3.2 5.4 7.2 2.6 9.9 1 .7 3.1 2.7 1 1 .0 5.76-6.00........................................................... 19.1 14.5 18. 1 12.9 27.2 27.3 21 ,6 27.7 25.9 25.0 20.8 28.0 6.01-6.25........................................................... 25.1 12.2 23.4 10.5 37.2 25.4 56.6 43.7 29.3 61.8 47.9 i Less than 0,05 per cent. While rate ranges of ^ of a percentage point are shown in this and other tables, the most common rate reported by most banks was the Non:.—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 lime deposits in denominations of $100,000 and over, however, some compounding) in ellect on the survey date that was generating the large banks had rates at internals of * Ji of a percentage point, such largest dollar volume of deposit in Bows. If the posted rates were as 5.625 and 5.H75. unchanged during the JO-day period just preceding the survey dale, Lor a description of time deposits in denominations of less than the rate reported as the most common rate was the rate in ellect 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 I. '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 nonnegoliable CD’s and open accounts. Figures may not add to the last rate change to the survey date. totals because of rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
584 FEDERAL RESERVE BULLETIN □ JULY 1969 TABLE 3 AVERAGE OF MOST COMMON INTEREST RATES PAID ON VARIOUS CATEGORIES OF TIME AND SAVINGS DEPOSITS, IPC, AT INSURED COMMERCIAL BANKS ON APRIL 30, 1969 Per cent per annum Business-type time deposits Consumer-type timedeposits in denominations of— All Savings Bank location and size of bank lime and and Time, $100,000 or more (total deposits in millions of dollars) savings consumer- Savings open deposits type time account Less than deposits Total CD’s (passbook $100,0001 Negoor state- tiablc Other merit form) CD’s All banks: All size groups...................................... 4.55 4.33 3.94 4.99 4.99 4.99 4.97 6.05 5.87 Less than 10...................................... 4.51 4.46 3.84 4.97 4.97 4.97 4.95 5.68 5.11 K) 50..................................................... 4.42 4.35 3.87 4.99 5.00 4.96 4.9« 5.75 5.42 50-100.................................................. 4.48 4.33 3.94 5.00 5.00 5.00 4.97 5 97 5.76 100-500................................................ 4.47 4.25 3.94 5.00 5.00 4.99 4.95 6 04 5,81 500 and over...................................... 4.70 4.31 4.00 5.00 5.00 5.00 4.98 6.09 6.05 Banks in— Selected large SMSA’s 2; All size groups................................. 4.60 4.29 3.97 5,00 5,00 4.99 4.97 6.08 5,97 Less than 10................................. 4.40 4.33 3.93 4.98 4.98 4.99 4.97 5 80 5.54 10-50................................................ 4.37 4.28 3.90 4.98 4.99 4.91 4.96 5 87 5,74 50-100............................................. 4.47 4.31 3.95 5.00 5.00 5.00 4.98 6.01 5,72 100-500........................................... 4.50 4.24 3.94 5,00 5.00 5.00 4.97 6.09 5.84 500 and over............................... 4.70 4.31 4.00 5.00 5.00 5.00 4.98 6.08 6.03 All other SMSA’s: All size groups................................. 4. 46 4.31 3.91 4 99 4.99 4.99 4.97 5 95 5.89 I.ess than 10................................. 4.38 4.33 3.73 4,96 4.96 5 00 4.96 6.02 5.30 10-50................................................ 4.40 4.33 .1.88 4.99 4.99 5.00 4.98 5.74 5.63 50-100............................................. 4.52 4.36 3.92 5 00 4.99 5 00 4.98 5 96 5.82 100-500........................................... 4.43 4.28 .1.93 4.99 4 99 4 97 4,97 5 91 5 75 500 and over................................. 4.66 4.31 3.96 5 00 5.00 5 00 5.00 6.25 6.25 Banks outside SMSA’s: All size groups...................................... 4.48 4.43 L 85 4 99 4.99 4 99 4.95 5 65 5.22 Less than 10...................................... 4.54 4.50 3.84 4.97 4.97 4.96 4.95 5.60 4.98 10 50..................................................... 4 46 4 40 3 84 5 00 5 00 4 99 4 99 5 61 5 20 50-100................................................... 4 41 4 32 3.93 5 00 5 00 5 00 4 95 5 79 5.76 100-500................................................ 4.34 4. 24 3.94 5 00 4 99 5 00 4 73 5 75 5 66 500 and over..................................... 4.57 4.53 4.00 5 00 5 00 5.00 6.25 1 Includes CD’s 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 1960 census, arc as follows: New York City Buffalo San Bernardi no-Ri vers ide Norfolk-Portsmouth Nashville Los Angeles Houston Tarn pa-St. Petersburg Gary-Ham morul-L. Chicago Salt Lake City Chicago Milwaukee Louisville Ft, Worth Flint Philadelphia Paterson -Clift on-Pt Indianapolis Syracuse Wichita Detroit Seattle Dayton Hartford Ft. Lauderdale-Hollywood San Francisco-Oak land Dallas San Antonio Akron Orlando Boston Cincinnati Columbus Oklahoma City Charlotte Pittsburgh Kansas City Phoenix Youngstown -Warren Des Moines St. Louts 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. Pau) 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. tive yields on some market instruments. 30, 1969, were at the maximum permitted Christmas savings and other special funds, by current regulations. An appreciable num which usually show a large rise at this time ber of the smaller banks that had been of of year, expanded by about 10 per cent. fering lower rates moved to ceiling levels during the most recent survey period. (See RATE STRUCTURE AND RATE CHANGES Appendix Table 9.) On small-denomination At most insured commercial banks, offering time deposits—whether issued mainly to rates on regular savings deposits and on consumers or mainly to businesses—about small-denomination time deposits on April seven-eighths of the issuing banks holding Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 585 virtually all such deposits were paying the AVERAGE INTEREST RATES 5 per cent ceiling on April 30. (See Table Weighted average interest rates paid on 2.) On regular savings accounts these per major types of time and savings deposits on centages were a little lower: three-fourths April 30, 1969, are given in Table 3. As of the banks holding over nine-tenths of the in earlier surveys, average rates on con deposits were at the regulatory 4 per cent sumer- and business-type small-denomina maximum. tion time deposits were at or near the regu On time deposits in denominations of latory ceiling regardless of bank size or of $100,000 and over—the bulk of which are whether the bank was located in a standard issued by large money market banks—most metropolitan statistical area or outside. On offering rates at these big banks were at regular savings and on large-denomination ceiling levels, which ranged from 5'/2 per time deposits, however, banks in the smaller cent on maturities of less than 60 days to size classes continued to offer somewhat 614 per cent for maturities of 180 days lower rates than banks in the largest size and over. Each survey bank quoted the rate group. On regular savings, for example, the for that maturity that brought in the largest average rate was about */h of 1 percentage dollar volume of deposits in the 30 days point lower for banks in the smallest size immediately preceding the survey. As of the class than for banks in the largest size group; April 30 survey date, nearly four-fifths of all on large negotiable CD’s this spread was large-denomination time deposits were in about % of a percentage point and on other banks that reported offering rates of 6 or large-dcnondnalion instruments it was al 614 per cent. most a full percentage point. □ NOTES TO APPENDIX TABLES 1-8: Note.—Data were compiled from information reported by a probability sample of all insured commercial banks expanded to provide universe i Less than $500,000. 7 Omitted to avoid individual bank disclosure. estimates. ’ Includes all CD’s in denominations of less than $100,000 of which, in Figures exclude banks that reported no interest rate paid and that held the judgment of the issuing bank, .>0 per cent or more of the total amount no deposits on the survey dates, and they also exclude a few banks that had outstanding on the survey date was issued to nonbusiness (consumer) discontinued issuing these instruments but still had some deposits outstand holders. ing on the survey date. Time deposits, open account, exclude Christmas 4 Includes all CD’s in denominations of less than $100,000 of which, savings and other special accounts. Dollar amounts may not add to totals in the judgment of the reporting hank, 50 per cent or more of the total because of rounding. amount outstanding on the survey date was issued to businesses. In the headings of these tables under “Most common rate paid (per 5 Includes all time deposits, open account, in denominations of less than cent)” the rates shown are those being paid by nearly all reporting banks. $100,000 except those in passbook or statement form used as direct However, for the relatively few banks that reported a rate in between alternatives for savings deposits, shown separately in Appendix Table 3. those shown, the bank was included in the next higher rate. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
586 FEDERAL RESERVE BULLETIN n JULY 1969 APPENDIX TABLE 1—SAVINGS DEPOSITS Most common interest rates paid by insured commercial banks on new deposits on April 30, 1969 Most common rale paid (per cent) Most common rate paid (per cent) Group Tolal Total 3.00 3.00 or less 3.50 4.00 or less 3.50 4.00 NUMBER OF BANKS MILLIONS OF DOLLARS ............-...... . ----------... ..................——— ._ — AH banks................................................................................................ 12,791 2,078 836 9,877 93,215 3,949 3,417 85,850 Size of bank (total deposits in millions of dollars): Less than 10................................................................................... 7,795 1,604 492 5,699 8,138 892 439 6,808 10-50.................................................................................................. 4,040 434 311 3,295 21,346 1 ,858 1 ,670 17,819 50-100............................................................................................... 468 19 427 8,669 292 377 7,999 100-500............................................................................................. 384 17 13 354 20,731 866 828 19,037 500 and over................................................................................... 104 1 I 102 34,331 (2) <2) 34,187 Federal Reserve district: Boston................................................................................................ 369 13 356 4,125 57 4,068 New York........................................................................................ 459 7 441 15,086 683 228 14,175 Philadelphia................................................................................... 522 142 97 283 6,018 784 1 ,307 3,927 Cleveland.......................................................................................... 826 128 73 625 9,403 408 467 8,529 Richmond........................................................................................ 752 55 31 666 6,300 78 140 6,083 Atlanta............................................................................................... 1 ,558 72 57 1 ,429 6,962 38 233 6,691 Chicago............................................................................................. 2,439 572 198 I ,669 16,505 937 701 14,867 St. Louis........................................................................................... 1,261 324 30 907 2,712 392 79 2,241 Minneapolis.................................................................................... 1 ,333 470 296 567 1 ,860 463 254 1,144 Kansas City.................................................................................... 1 ,672 265 24 1 ,383 3,285 97 5 3,182 Dallas.................................................................................................. 1 ,203 26 23 1,154 3,221 13 3 3,205 San Francisco............................................................................... 397 397 I7,73« ....................... 17,738 — 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 April 30, 1969 Most common rate paid (per cent) M>st common rate piid (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 OR BANKS MILLIONS OF DOLLARS All banks................................................. 11,937 28 368 433 30 11,078 45,610 4 159 442 30 44,975 Size of bank (total deposits in millions of dollars): Less than 10................................. 7,302 26 271 378 25 6,602 9,849 3 115 316 1 1 9,404 10-50............................................... 3,742 1 87 46 3 3,605 14,172 (2) 36 71 5 14,060 50-100.............4...4..5........................... 1 4 1 439 4,043 (2) 25 (2) 4,003 100-500.............3...5..2.......................1. 9 5 337 6,938 (2) 8 30 6,899 500 and over................................ 96 1 95 10,609 (2) 10,609 Federal Reserve district: Boston................................... 238 5 24 209 294 (l) 10 284 New York........................... 327 1 6 9 .................. 31 1 2,061 (2) 1 16 2,043 Philadelphia....................... 495 9 51 .................. 435 3,641 1 79 3,561 Cleveland...................................... 812 39 86 .................. 687 3,328 10 61 3,257 Richmond..................................... 623 48 552 2,237 3 2 2,232 Atlanta........................................... 1,392 109 5 1 ,274 3,941 40 1 6 3,894 Chicago........................................... 2.338 24 36 20 1 2,257 10,117 3 4 26 (2) 10,070 St. Louis.........1. ..J..2...9... ....................3. 49 166 1,111 4,306 (*) 86 238 3,982 Minneapolis.........1...,.1..6...2............... 1,162 3,833 3,833 Kansas City................................. 1 ,687 72 51 1 ,564 3,353 13 15 3,325 Dallas.............................................. 1,173 18 1,155 2,710 4 2,706 San Francisco.............................. 361 361 5,788 5,788 For notes to Appendix Tables 1-8, see p. 585. 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TIME AND SAVINGS DEPOSITS 587 APPENDIX TABLE 3—TIME DEPOSITS, OPEN ACCOUNT, IPC, IN DENOMINATIONS OF LESS THAN $100,000— CONSUMER-TYPE IN PASSBOOK OR STATEMENT FORM Most common interest rates paid by insured commercial banks on new deposits on April 30, 1969 Most common rate paid (per cent) 1 Most common rate paid (per cent) 1 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 1 NUMBER OF BANKS MILLIONS OF DOLLARS All banks 1,658 59 127 1,467 Size of bank (total deposits in millions of dollars): 393 50 58 284 10-50. 857 8 60 786 50-100 182 179 100-500 155 149 500 and over 69 Federal Reserve district: Boston.......... 174 168 New York.. 164 159 Philadelphia 26 21 Cleveland 74 71 Richmond 213 162 Atlanta 181 154 Chicago 399 366 St. Louis 107 55 Minneapolis 37 37 Kansas City 56 132 San Francisco 95 APPENDIX TABLE 4—CERTIFICATES OF DEPOSIT, IPC, IN DENOMINATIONS OF LESS THAN $100,000— ISSUED MAINLY TO BUSINESSES Most common interest rates paid by insured commercial banks on new deposits on April 30, 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 i 4.00 1 4.50 4.75 5.00 less less i NUM BLR OF BANKS MILLIONS OF DOLLARS All banks.................................................. 6,755 52 271 308 7 6,117 4,058 1 26 55 18 3,958 Size of bunk (total deposits in millions of dollars:) Less than 10................................ 3.704 49 247 231 3,177 904 1 15 35 853 10-50............................................... 2,388 1 5 66 4 2,303 1,181 3 1 1 1 1 , 165 50-100............................................. 308 1 3 3 301 360 (2) 1 1 358 100-500........................................... 276 2 6 8 2 258 765 (2) 6 8 (2) 735 500 and over................................ 79 1 78 849 (2) 848 Federal Reserve district: Boston............................................. 228 6 1 221 106 2 (2) 103 New York..................................... 304 1 14 27 1 261 420 (2) 1 2 (2) 416 Philadelphia................................. 227 .................. 33 1 192 115 ...............(..2.) 3 (2) ill Cleveland...................................... 375 4 10 361 136 1 0) 135 Richmond..................................... 481 23 25 1 432 403 1 1 (2) 400 Atlanta........................................... 815 .................. 52 13 4 746 379 ................1..0 15 353 Chicago.......................................... 1,294 2 3 34 1 .255 560 (2) O) 19 541 St. Louis......................................... 653 26 70 139 418 381 O) 3 20 357 Minneapolis................................. 576 .................. 23 553 371 1 370 Kansas City............................... 814 .................. 48 48 .................. 718 380 5 8 367 Dallas.............................................. 714 25 1 688 295 1 (2) 294 San Francisco.............................. 274 .................. 2 .................. 272 513 .................. (2) .............5..1...2 For notes to Appendix Tables 1-8, see p. 585. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
588 FEDERAL RESERVE BULLETIN □ JULY 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 April 30, 1969 Most common rate paid (per cent) Most common rate paid (per cent) G 10 u p Total 1 Total | 4.(XI 1 1 3.50 3.50 or 4.00 4.50 | 4.75 5.00 1 nr 4.50 1 4.75 5.00 less NUMBER OF BANKS Mil LIONS OF DOLLARS All hanks.................................................. 1 710 134 438 129 II 998 1,652 12 103 4 1,502 Size of bank (total deposits in millions of dollars); Less than 10................................. 654 43 182 60 369 163 2 14 144 10-50............................................... 671 59 175 45 9 383 428 2 2.3 6 398 50-100............................................. 142 9 33 10 1 89 238 10 9 ?I6 100-500.......................................... 171 19 31 12 I 106 500 5 35 1 2 445 500 and over............................... 72 4 [ 5 9 51 323 ( ’) 21 (?) 300 Federal Reserve district; Boston............................................. 88 2 29 9 48 35 (2) 5 I 29 New York..................................... 261 1 l 85 27 | 1 39 429 | 22 9 397 Philadelphia................................. 182 74 35 20 1 52 89 12 2 69 Cleveland...................................... 196 24 1 10 62 75 | 41 .11 Richmond..................................... 185 6 57 5 1 17 314 1 I 3 (l) .300 Atlanta........................................... 228 5 39 26 1 58 143 ( ') 6 2 1 35 Chicago........................................... 167 3 8 11 145 234 4 (4 16 214 St. Louis........................................ 46 1 10 24 .................. 1 I 6 (?) 1 (’) 5 Minneapolis................................. 51 3 .................. 50 41 (’) 41 Kansas City................................. 123 5 49 2 67 33 (’) I (?) .32 Dallas............................................. 85 10 1 74 11 1 (1) 1 (?) 1 1 1 San Francisco.............................. 94 ................. 6 4 9 75 142 .................. '1 139 APPENDIX TABLE 6—NEGOTIABLE CERTIFICATES OF DEPOSIT, IPC, IN DENOMINATIONS OF $100,000 OR MORE Most common interest rates paid by insured commercial banks on new deposits on April 30, 1969 Most common rate paid (per cent) Most common rate paid (percent) ! 6.00 Group Total 4.50 Total 4,50 or 4.75 5.00 5.25 5.50 5.75 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 — —— ■-----------_------— . . . . - —— — — — 1 (2) I All banks................................................... 1,946 20 2 609 11 214 65 492 533 12,852 52 352 10 1,351 3973,019 7,665 Size of bank (total deposits in millions ot dollars): Less than 10................................... 5.33 3 298 30 5 67 130 135 1 .......... 53 6 (') 22 5.3 10-50................................................. 895 5 2 261 9 125 33 267 19.3 631 8 I2) 155 4 26 9 263 159 50-100............................................... 182 3 .......... 25 .......... 20 7 59 68 597 7 .......... 49 42 9 213 277 100-500............................................. 239 9 .......... 22 2 28 16 6« 94 2,489 35 .......... 62 (2) 156 227 567 1,4.36 500 and over................................. 97 3 ..........11 4 31 48 8,999 .......... .33 .......... 1,122 151 1 ,9545,740 Federal Reserve district: Boston.............................................. 112 3 3 8 3 60 35 75.3 7 (') .......... 48 0) 415 282 New York....................................... 140 2 .......... 20 .......... 17 3.3 36 32 3,309 (2) .......... 15 .......... 458 141 754 1 ,940 Philadelphia................................... 61 .......... 4.3 .......... 2 1 4 1 1 377 .......... 20 .......... (2) (2) 129 139 Cleveland........................................ 126 1 72 4 .35 14 720 (2) .......... 13 .......... 8 192 506 Richmond...................................... 72 1 .......... 12 1 9 4 38 7 321 (2) .......... 14 (2) 13 102 62 129 Atlanta.............................................. 248 4 .......... 99 .......... 29 3 44 69 499 19 .......... 65 .......... 35 37 68 275 Chicago............................................ 249 1 63 67 3 49 66 1,628 (2) .34 75 6 415 1,095 St, Louis.......................................... 141 3 54 1 1 30 52 287 13 14 (2) (2) 55 10.3 Minneapolis................................... 1.36 77 .......... 3 1 42 13 313 81 .......... 1 (2) 86 133 Kansas City................................... 1 16 3 11 1 7! I 31 62 489 I 24 (2) 17 (2) 107 286 Dallas................................................ 384 2 147 9 3li 12 67 116 1,545 (2) 61 4 32 5 466 969 San Francisco.............................. 161 2 8 .......... 36l 3 56 56 2,612 (2) 11 .......... 473 45 269 1 ,809 For notes to Appendix Tables 1-8, see p. 585. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
TIME AND SAVINGS DEPOSITS 589 APPENDIX TABLE 7—NONNEGOTIABLE CERIIHCATES OF DEPOSIT, IPC, IN DENOMINATIONS OF $100,000 OR MORE Most common interest rates paid by insured commercial banks on new deposits on April 30, 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 5.75 6.00 6.25 less less NLMB El< OF BANKS MILLJONS OF 3OLLA RS All banks. ........................................ 2,263 ,. 2 888 16: 288 43 390 536 6,039 26 1,131 5 414 128 1,1893,137 Size of bank (total deposits in mil lions of dollars): 463 49 216 3 65 53 77 20.3 9 119 26 18 31 10-50.................................................. 1,195 42 433 1 1 163 18 229 299 1,062 9 575 2 66 13 208 189 so i00 ...................................... 301 3 130 2 31 1 1 52 72 551 2 132 39 21 1 15 240 100-500 .......................................... 233 6 7 89 23 12 41 60 1 ,137 7 U) 184 11 1 38 2/3 515 500 and over................................. 71 20 6 2 15 28 3,086 120 172 (2) 5752,163 Federal Reserve district: 73 3 24 5 35 6 128 (!) 37 4 67 19 New York...................................... 109 4 25 1 14 5 40 20 1 ,225 1 80 <2) 184 48 470 441 Philadelphia................................... 104 1 54 1 9 9 27 160 (2) 30 (2) 16 6 66 39 I6t) 7 122 I 3 12 15 193 6 73 (2) 14 27 73 239 3 79 75 5 25 52 519 1 135 42 4 1 18 218 347 26 I 183 — 13- 4 43 77 580 6 (2) 132 15 35 49 334 425 28 125 10 75 90 82 702 5 134 1 45 12 95 410 129 25 28 .......... 3 4l S 61 152 4 48 12 7 36 45 78 49 23'. 1 5 318 311 5 (2) 21.......... 209 3 106 15; 3 47 35 207 2 57 54- 83 Dallas 251 I 79 20 1 46 104 408 (2) .......... 84 IS (2) 75 230 1 KI 14 3 1 ?. 30 57 1 ,446 10 (')■ w I2) Mi l .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 April 30, 1969 Most common rate paid (per cent) Most co in mon rate paid (per cent) Group 6.00 6.25 NUMBER OK BANKS MILLIONS OF DOLLARS 19«| All banks 552 208 25' 2.272 193 4BI 376 1,090 Size of bank (total deposits in mil lions of dollars): 140 30 10-50.............. 165 78 25 5 50-i00............ 68 67 6 100-500.......... 44 184 34 67 500 and over 1.906 317 I .01 I Federal Reserve district: Boston.......................... 21 381 New York.................. 67 I.57 I! 297 Philadelphia............... 138j 26! Cleveland. Richmond 26 30 Atlanta. .. 141 108 20 34 Chicago. . . . 28 4 St. Louis.... 36 (2) Minneapolis, 30 (2) Dallas 37 17 44 236 For notes to Appendix Tables I -8, see p. 585. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
APPENDIX TABLE 9—INSURED COMMERCIAL BANKS CHANGING THE MOST COMMON RATE PAID ON NEW TIME AND SAVINGS DEPOSITS, IPC, BETWEEN JANUARY 31 AND APRIL 30, 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 anti than 100 and than 100 and than 100 and 10 over 10 over 10 over 10 over Number of issuing banks Apr. 30, 1969............. 12,720 7,73« 4,497 485 1 1,994 7,279 4,250 465 7,494 4,062 3,016 416 4,021 1 ,082 2,464 475 Pt :rcen’ TAGE 1)LSTR11tu n or4 OF rIUMBEI OF BANKS IN GROUP * 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, Jan. 31-Apr. 30, 1969.......... 96.2 95.7 96.7 99.2 89.3 87.6 91.5 95.3 79.5 78.2 79.5 92.3 54.9 51.5 55.0 61.9 Banks raising rate.. .. 2.4 2.3 2,6 0.8 4.9 5. 1 5.1 1.7 4.9 3.5 7.2 2.9 22.5 15.3 24. 1 30.7 New most common rate 1 (per cent) 3.50 or less . . . 0.4 0.6 (2) 0. 1 3.51-4.00.......... 2.0 1 .7 2.6 0.8 0.2 4.01-4.50.......... 0. 1 0.3 ............. 4.51-4.75.......... 0.2 0.8 4.76-5.00.......... 4.9 5.0 5.1 1.5 4.9 3.5 7. 1 2.6 0.9 2. 1 0.4 0.4 5.01-5.25.......... 5.26-5.50.......... 2.9 2.3 3.3 2.3 5.51-5.75.......... 0.9 0.5 0.9 2.0 5.76-6.00.......... 6.3 1.3 8.0 9.4 6.01-6.25.......... 11.3 8.4 11.5 16.6 Banks reducing rate. . 0.8 1.3 0. 1 0.9 1.4 0. 1 0.2 2.9 4.0 1.6 1.4 6.3 5.4 6.7 6. 1 New most common rate1 (per cent) 3.50 or less. . . 0.8 1.3 0. 1 (2) (2) 0.6 0.6 0.9 (2) (2) 3.51-4.00.......... 0.5 0.8 (2) 0.2 1.9 2.8 0.6 0.9 1.7 4.2 0.9 4.01-4.50.......... 0.2 0.3 0. 1 0.3 0.6 0. 1 0. 1 0. 1 4.51-4.75.......... 0.2 0.3 (2) 0.5 0. 1 (2) 0.2 4.76-5.00.......... 1 ,8 0.8 I. I 5.01-5.25......... 0. 1 0.2 5.26-5.50.......... 0.9 0.9 2.5 5.51-5.75......... 0. 1 (2) 0.4 5.76-6.00......... 1.6 0.2 2.2 1.7 Banks introducing new instrument.................. 0.6 0.7 0.6 4.9 5.9 3..1 2.8 12.7 14.3 11.7 3.4 16.3 27.8 14.2 1.3 Most common rale1 (per cent) 4.00 or less........... 0.6 0.7 0.6 0.7 1.0 (2) 1.2 1.9 0.2 0.5 0.6 1.0 4.01-4.50.............. (2) ('•) 1.0 1.1 1.0 0.5 0.1 0.3 4.51-4.75............... 4.76-5.00............... 4.2 4.8 3.2 2.8 10.5 11.3 10.5 2.4 6.9 16.5 4.0 0.2 5.01-5.25............... 0. 1 (2) 0.2 5.26-5.50.............. 1.7 0.2 2.7 5 5. .5 76 1- - 5 6 . .0 75 0. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 2 . . 3 8 "5.‘2 0 2 . . 5 2 0.6 6.01-6.25............... 3.9 5.7 3.8 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 Nari: to Table 2, p. 583. The table excludes banks that issued these types of deposits on January 2 Less than 0.05 per cent. 31 but no longer issued them on April 30. Percentages may not add to totals because of rounding. Note.—This table was compiled by comparing rates as reported by the For a description of consumer-type time deposits and business-type time sample banks that had these types of deposits outstanding on April 30, deposits, sec Table I, p. 582. 1969, with the rates reported by the same banks on January 31, 1969. 590 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Statement to Congress Statement by William McChesney Martin, up of market prices and in strong upward Jr., Chairman, Board of Governors of the pressures on wages and other costs. The Federal Reserve System, before the Com buoyant condition of most markets has per mittee on Banking and Currency, House of mitted price and cost pressures to be mu Representatives, June 30, 1969. tually intensifying. Costs and prices have tended to climb even more rapidly this year I appreciate the opportunity to participate than last, despite some dampening in the in these hearings on the economic circum economy’s real rate of growth. It is clear stances surrounding the recent increase in that inflation, and the widespread expecta the bank prime loan rate. At the outset, let tion of it, is our most serious current eco me underscore a point made by previous nomic problem. witnesses. High interest rates are not a goal In an inflationary environment such as to be sought; they are an unfortunate but this, the most effective approach to stabiliza seemingly inevitable result of inflation. They tion requires fiscal and monetary policies result from inflation because lenders insist that work together to restrain excessive de on higher rates to offset expected erosion mands for goods and services. On the part in the value of the dollar and because bor of fiscal policy, this means that the Federal rowers are willing to pay high interest rates budget should be in surplus. For monetary in order to buy now what they expect will policy, it means that the Federal Reserve cost more later. must hold back on the volume of reserves The way to get interest rates down is to supplied to the banking system relative to end the inflation that has been raising them. demand, even though in the short run such a Then we can return to a sustainable rate of policy adds to upward pressures on interest economic growth, consistent with the na rates. As a result, money and credit will not tional goals of price stability and full em be available for all those who seek it, and ployment of our human and material re some will postpone their spending plans. sources. This is the path back to lower in In this course of events, as credit demands terest rates, even though in the short run outpace restrained credit supply, virtually actions taken to curb inflation add to up all interest rates tend to rise. Some rise ward interest-rate pressures through restraint, sooner than others. Some rise more than on the supply of credit. others. The timing and rate of rise depend The U.S. economy has experienced a in part on where credit demands happen to long period of overheating, in which ag be focused, on market attitudes, and on the gregate public and private demands for degree to which inflationary expectations goods and services have persistently ex have taken hold and have affected the ceeded the available supply. During this spending and financing plans of business period the nation’s labor supply and other men, consumers, and State and local govern productive resources have been pressed ments. quite fully into service. This economic en Thus interest-rate increases reflect mar vironment has naturally resulted in bidding ket forces in an inflationary environment 591 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
592 FEDERAL RESERVE BULLETIN □ JULY 1969 and are also part of the process by which on demand deposits were increased '/2 per policies of monetary restraint become ef cent in April), rather than through increases fective. We cannot reduce the growth rate in the cost of borrowed reserves. of the supply of money and credit without Over the first 5 months of this year, non affecting interest rates; as the supply is re borrowed reserves of the banking system— strained, the price will adjust upward until that is, those reserves provided through Sys the demand for credit is also curtailed. tem open market operations—have de The recent rise in the rate charged by clined, following a substantial rate of growth large banks to their prime loan customers in the second half of 1968. was decided upon by the banks in light of Banks have added to their reserves by market conditions, and it is not up to the increasing their borrowings at the Reserve Federal Reserve to pronounce judgment of Bank discount windows, as normally occurs either approval or disapproval upon that in periods of growing monetary restraint. decision or other particular interest-rate The discount facility is intended to be avail movements in the market. able for the temporary accommodation of When monetary and fiscal restraint causes member banks in need of funds, to help them excess demands to abate, and calls into ques meet exceptional seasonal pressures, or to tion the easy assumption of rising profits give them time to make more fundamental based on inflation, then credit market pres adjustments in their lending and portfolio sures will subside. It follows that credit investment policies. But even taking account costs, including bank lending rates, will then of the rise in borrowings, total reserves of no longer be under upward pressure and the banking system grew at only about a 1 should come down. per cent annual rate during the first 5 Essential to the abatement of present months of the year, in contrast to almost a credit market pressures is a resurgence in the 10 per cent annual rate during the second public’s willingness to save in the form of half of last year. fixed income financial assets—a develop This restraint on the potential expansion ment which depends on restoration of a stable of bank deposits and credit took place in an economic environment, so that the real value environment of continued strong credit de of fixed dollar assets will not continue to be mands. During the first quarter of 1969, the seriously eroded through inflation and capi domestic nonfinancial sectors of the econ tal losses. Also essential is a dampening of omy, apart from the Federal Government, the desires of businessmen to borrow and raised somewhat less funds than during the finance the building of plant and equipment record fourth quarter of 1968, but more now in anticipation of rising prices and costs than in the third quarter of that year and later. substantially more than in any previous As part of the effort by monetary policy quarter for which we have figures. And in to complement fiscal policy in reducing in security and mortgage markets, slightly flationary expectations and spending, the more funds were raised in the first quarter Federal Reserve discount rate was raised of this year than in the fourth quarter of last December to 51/2 per cent, and then last year. We will not have complete data again in early April to 6 per cent. But the for the second quarter for several weeks, but primary effort of monetary policy has been partial information suggests that credit de to restrict the growth of bank reserves mands continued strong and that any reduc through open market operations and reserve tion in the volume of funds raised reflected requirement increases (reserve requirements mainly supply constraints. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
STATEMENT TO CONGRESS 593 With respect to bank loans, business loans above I I per cent, up nearly 4 percentage rose at almost a 17 per cent annual rate in points since last December; the amount of April and May, about the same as in the such Euro-dollar liabilities used to finance first quarter and up from a 14 per cent head-office needs is now in excess of $13 bil growth rate in the second half of 1968—all lion, more than double the amount of such high rates of increase based on the historical borrowing at the beginning of the year. In record. In part these heavy second-quarter deed, the rise has been so rapid that the demands reflected the need to meet large tax Board last week proposed a new regulation payments. But in addition, the sharp tighten that would impose a reserve requirement of ing of conditions in bond and short-term 10 per cent on Euro-dollars obtained to fi credit markets led many borrowers to take nance domestic credit expansion over and down loan commitments they had from above the amounts already acquired by banks. Illustrative of these tight conditions May. The increases in recent weeks have is the rise in the interest rate on 4- to 6- been so large that they no longer represent month commercial paper from a high of 6F2 a safely valve protecting against sudden and per cent at the end of last year to well above undue tightness in the financial situation of 8 per cent recently, and in yields on new individual large banks, but rather an escape high-grade corporate bonds from an already hatch through which necessary restraints arc advanced level of nearly 7 per cent to around being avoided. We hope that the new pro 7*/2 per cent over the same period. posal will correct this. Faced with exceptionally strong demands The Federal funds rate—the rate on do for credit, banks have found it increasingly mestic overnight interbank borrowing— costly and difficult to obtain the funds to ac moved up to over 9 per cent, almost 3 per commodate such demands. Deposit inflows centage points more than in December of thus far this year have been held down by last year, and the volume of this borrowing the restricted availability of reserves and by has also increased substantially in recent the refusal of the Federal Reserve to raise months. And in a new development, some Regulation Q ceiling rates and thereby in banks have begun to make the Federal funds crease the availability of funds for the ex market available to their corporate deposi pansion of bank credit. There has been a tors as a means of providing them with in substantial attrition in the dollar volume of terest on short-term funds. Tn the Board’s large time certificates of deposit outstand judgment, there is no justification for a ing, which has exerted pressure particularly bank’s liability on such transactions to be on major money market banks. Moreover, exempt from rules governing reserve re net inflows of other time and savings deposits quirements and the legal prohibition against have slowed down markedly, affecting the payment of interest on demand deposits, and banking system more generally. And we published Friday a proposed revision of through May of this year, the money supply Regulations D and Q to make sure this is has grown at a quite modest annual rate of covered. a little more than 2'/2 per cent. As part of their adjustment to the re As you are well aware, individual banks stricted availability of reserves, banks have have turned to other markets in an effort to also sold U.S. Government securities and obtain funds. Borrowings abroad in the withdrawn from the municipal market. This Euro-dollar market have risen sharply, but has involved capital losses on securities sold at substantial increases in cost. Last week in an adverse market or in interest foregone 3-month Euro-dollar interest rates averaged as securities available at very attractive rates Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
594 FEDERAL RESERVE BULLETIN □ JULY 1969 could not be purchased. The improved to count on being bailed out by inflation in budgetary position of the Federal Govern the years to come for investment errors they ment has helped to moderate pressures in make in 1969. the market for Federal debt. In the munici Mortgage markets thus far in 1969 have pal market, however, yields have risen al not borne the undue share of restraint that most a full percentage point from already they did in 1966, thanks partly to the in advanced December levels. creased flexibility and better relative com Under these conditions, banks clearly petitive position of nonbank savings institu have an obligation to conduct their affairs tions under current ceiling rates and to the in a manner consistent with Government various support programs of the Federal stabilization policies. I believe that the word home loan banks and the Federal National has gotten out to the banks that the Govern Mortgage Association. Still, the deposit ex ment means business in its efforts to bring perience of the thrift institutions, as well as inflation under control, although the delay the banks, might be more adversely affected in extending the surtax could lead again to if rates in the security markets were to be some misunderstanding on that score. Bank forced up by heavy bank selling of Govern ers must cooperate in the fight against in ment and municipal securities. flation; they must be more willing to turn If things turn out as I hope they will—if down loans to which they arc not already bankers and businessmen recognize that their committed, and they must strongly resist own interests coincide with the public in making further new commitments. If they terest in calling for restraint and if their show more restraint in extending business lending and spending decisions work in har loans, as I hope and trust and urge that they mony with fiscal and monetary policies do, they will not have to make such large aimed at cooling the boom—we can check adjustments in the other markets in which the drift toward higher prices and higher they are active, such as the municipal and interest rates. I believe we can stop inflation mortgage markets. (and reduce interest rates) without es It is not too much to hope that business tablishing programs -voluntary, semivolun men, too, are having second thoughts about tary, or mandatory—designed to control the the wisdom of counting on a continued in allocation of credit among types of borrow flationary boom to justify unrestrained ers. spending on plant and equipment. There are I share your concern over the impact of now signs of a moderation in their spend high interest rates on particular markets, ing plans. The latest official survey, for ex such as the mortgage market and that for ample, shows that planned investment ex municipal obligations, but I do not think penditures for the second half of this year that a control program is the answer under will grow much more slowly than in the first current circumstances. It is extremely diffi half. By the fourth quarter, the survey shows cult, perhaps impossible, to design a nation such outlays rising at an annual rate of only wide control program of the sort that avoids 3 per cent, compared with rates close to 20 inequities—in the selection of base periods per cent in each of the first two quarters of and institutions to be covered, for example. this year. I sincerely hope that these survey Voluntary programs run the risk of penaliz findings will prove to be accurate, both be ing those who cooperate, if their competi cause moderation is the best policy for the tors cooperate less fully. Mandatory pro health of the economy and because I believe grams tend to become increasingly complex that it would be a mistake for businessmen and costly, and progressively less effective, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
STATEMENT TO CONGRESS 595 the longer they run. And it may be worth flationary economic growth, even though recalling that programs that work in coun prices are still rising rapidly. The rate of tries with only a handful of banks might growth of aggregate demand, as measured not work here, just as the effectiveness of the by GNP data, diminished from an annual voluntary foreign credit restraint program, rate of 10 per cent in the first quarter of which involves a relatively few large banks, 1968 to 7 per cent in the first quarter of this might not be attainable in a domestic pro year. And there are now signs of less intense gram involving all of the 13,000-plus com pressures in labor markets and, as I men mercial banks in the country. tioned, of moderation in businesmen’s I am optimistic about the prospects for spending plans. success in our stabilization efforts without As the economy becomes less feverish and direct controls, and I am not advocating inflationary psychology is dispelled, we can them now, even though I recognize that we expect this to be reflected, and possibly an may have to resort to them if current efforts ticipated, in a scaling down of credit market do not succeed. pressures—a development that is a neces We are making progress toward our goal sary precursor to any general downward of regaining the basis for balanced, nonin- movement of interest rates. □ 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 arc subsequently published in the Federal Reserve Bulletin. The record for each meeting includes the votes on the policy deci sions made at the meeting as well as a resume of the basis for the decisions. The summary descriptions of economic and financial condi tions are based on the information that was available to the Committee at the time of the meeting, rather than on data as they may have been revised since then. Policy directives of the Federal Open Market Committee arc 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 records for the first three meetings held in 1969 were published in the Bulletins for April, pages 345-52; May, pages 433-39; and June, pages 508-18. The record for the meeting held on April 1, 1969, follows: 596 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
MEETING HELD ON APRIL 1, 1969 Authority to effect transactions in System Account. According to the information reviewed at this meeting, expansion in real GNP had moderated somewhat further in the first quarter from the 3.4 per cent annual rate of increase recorded in the fourth quarter of 1968. It appeared, however, that the expansion had slowed less than had been anticipated in earlier projections, and that the slowing was attributable to a decline in the rate of business inventory accumulation; the pace of advance in final sales was estimated to have increased. Moreover, it now appeared that activity in coming months also would be stronger than expected earlier. Substantial upward pressures on prices and costs persisted, and inflationary expectations remained widespread. Previous projections of economic activity had been revised upward largely because a Commerce—SEC survey, taken in February, indi cated that businesses planned a large increase in their outlays on new plant and equipment in 1969—to a total about 14 per cent above 1968. In addition, retail sales data for February and revised figures for earlier months suggested that growth in consumer expenditures had stepped up more from the low fourth-quarter rate than anticipated. The most recent data, in which new seasonal adjustment factors had been incorporated, indicated that retail sales had reached a new record level in January and that they had continued at about that level in February, Nonfarm employment again expanded sharply in February, and unemployment remained at the low rate of 3.3 per cent which it had reached in December. Average hourly earnings of production workers continued to increase at a rapid pace. The consumer price index rose considerably further in February, to a level about 4.7 per cent above a year earlier. From mid-February to mid-March average wholesale prices of industrial commodities increased substantially; since mid December such prices had advanced at an annual rate of more than 6 per cent. Projections for the second quarter suggested that growth in real GNP would remain at about the first-quarter pace. Another decline in 597 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
598 FEDERAL RESERVE BULLETIN □ JULY 1969 the rate of business inventory accumulation—such as had held down over-all growth in the first quarter—was not expected, but it appeared likely that the expansion in various major categories of final sales would slow. According to the C?ommerce-SEC survey, a sizable part of the anticipated 1969 increase in plant and equipment outlays would be concentrated in the first quarter. Moreover, it seemed likely that con sumer spending would rise less rapidly in the second quarter than in the first, when a sharp decline in the rate of personal saving apparently had occurred. Federal purchases of goods and services were projected to remain relatively stable in the second quarter, and residential con struction activity was expected to turn down as a result of reduced availability of mortgage credit. Data available through mid-March suggested that a very large deficit had been incurred in the first quarter in the U.S. balance of payments on the liquidity basis. One major contributing factor was a substantial deficit in the merchandise trade balance for February, as imports began to recover more rapidly than export shipments after the dock strike ended in New York in mid-February. Also, it seemed likely that outflows of corporate capital funds, data for which were not yet available, were substantial. On the other hand, in the first 2 months of the year foreign net purchases of U.S. equity securities were sizable, and bank-reported claims on foreigners were reduced more than seasonally. In contrast to the deficit on the liquidity basis, it appeared that a large surplus would be recorded for the first quarter on the official settlements basis, as a result of substantial inflows of liquid funds through banks abroad. Liabilities of U.S. banks to their foreign branches again expanded rapidly in the first half of March, after increasing only slightly in February. Interest rates in the Euro-dollar market advanced to a new high in early March but subsequently changed little. Most major foreign currencies were under some selling pressure during March. Financial markets in most industrial countries had tightened in recent months, in part because of domestic demand pres sures but also in some instances in reaction to capital outflows resulting from the restrictive stance of U.S. monetary policy and high Euro dollar interest rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 599 On March 25 the Treasury auctioned a $1.8 billion strip of bills consisting of additions to outstanding issues maturing in about 6 to 12 weeks. Commercial banks, which were allowed to make payment for the new bills through credits to Treasury tax and loan accounts, bid aggressively in the auction and were awarded the bulk of the offering. The financing was expected to cover the Treasury’s cash requirements from market sources for the balance of the fiscal year. Long-term interest rates had risen further since the previous meeting of the Committee in an atmosphere of continuing concern about infla tionary pressures in the economy. Yield increases were especially pronounced in the corporate and the municipal bond markets where new issues were accorded generally uncnthusiastic receptions and a number of offerings were cither postponed or reduced in size. In late March a somewhat improved tone emerged in the capital markets, reflecting in part rumors of progress in the Vietnam peace talks. Movements in short-term interest rates had been mixed since early March. Rates on most Treasury bills had declined to the lowest levels since mid-Dcccmbcr, as continuing strong liquidity demands, aug mented by sizable seasonal demands, impinged on limited dealer in ventories. The market rate on 3-month Treasury bills had fallen to slightly below 6 per cent after mid-March and at the time of this meeting was 5.99 per cent, compared with 6.17 per cent 4 weeks earlier. Market rates on other short-term securities had declined less or had risen in recent weeks. On March 17 most large commercial banks raised their prime lending rate from 7 per cent to a new record high of 7*/2 per cent. System open market operations since the previous meeting of the Committee had been directed at maintaining firm conditions in the money and short-term credit markets. With Treasury bill rates under downward pressure, the System met reserve needs mainly through short-term repurchase agreements and purchases of Treasury coupon bearing securities rather than by buying bills in the market. The effec tive rate on Federal funds continued to fluctuate in a range centering around 6% per cent. Member bank borrowings averaged $835 million in the 4 weeks ending March 26, the same as in the previous 4 weeks. Excess reserves declined somewhat and net borrowed reserves in creased correspondingly. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
600 FEDERAL RESERVE BULLETIN □ JULY 1969 In March total bank credit, as measured by the adjusted proxy scries —daily-average member bank deposits, adjusted to include changes in the daily average of U.S. bank liabilities to foreign branches—was estimated to have declined from February at an annual rate of 6.5 per cent, after changing little over the first 2 months of the year. Banks continued to liquidate holdings of U.S. Government securities during March but added somewhat on balance to holdings of other securities. Total bank loans declined during the month—-reflecting large reduc tions in security loans and in loans to nonbank financial institutions and a substantial slowing in the growth of business loans after mid month. Also, some part of the March decline in loans may have re flected sales of loans by U.S. banks to foreign branches. In the first quarter as a whole banks financed a net growth in loans, which was particularly sizable for business loans, mainly by liquidating holdings of Government securities. The volume of large-denomination CD’s outstanding declined con siderably further in March, as yields on competing short-term debt market instruments remained above the maximum interest rates pay able on such CD’s under Regulation O. Consumer-type time and savings deposits expanded moderately, however, and total time and savings deposits—which had declined at a rapid rate in January and February—were about unchanged in March. Private demand deposits also changed little, and the money stock expanded at a 2 per cent annual rale—about the same as in the first 2 months of 1969 and well below the growth rate over the second half of 1968. U.S. Government deposits declined substantially, following sizable increases earlier in the year. Loan demands at banks were expected to rebound in April, partly in connection with needs to finance income tax payments. Staff pro jections suggested that the adjusted bank credit proxy would grow from March to April at an annual rate of 2 to 6 per cent if prevailing money market conditions and existing Regulation Q ceilings were maintained. This projection assumed that there would be some further increase in Euro-dollar liabilities of U.S. banks to their foreign branches. Total time and savings deposits at banks were expected to change little again from March to April. It appeared probable that the pace Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 601 of the run-off of large-denomination CD’s outstanding would moderate after mid-April when "Treasury bill rates were likely to decline season ally. However, growth in consumer-type time and savings deposits was projected to slow as a result of withdrawals following the quarterly interest-crediting period and in connection with income tax payments. It was expected that U.S. Government deposits would rise considerably from March to April, that private demand deposits would remain about unchanged, and that the money stock would expand only slightly faster than in the first quarter. Prior to this meeting the boards of directors of eight Reserve Banks had acted, subject to the approval of the Board of Governors, to increase discount rates from the present level of 5 Va per cent. It was reported to the Committee that the Board of Governors planned to take action on discount rates within a few days, and concurrently to consider the desirability of an increase in member bank reserve require ments, to be effective shortly after mid-April. The staff had prepared alternative projections of the adjusted proxy series that took account of other possible monetary policy action. These projections suggested that bank credit would be weaker than otherwise in April if open market operations were directed at maintaining the Firmer money market conditions expected to ensue from such action and if existing Regulation Q ceilings were continued. It was the consensus of the Committee that some further monetary policy action was called for at this time in light of the greater-thancxpectcd pace of the economic expansion and the continuation of pervasive inflationary pressures and expectations. An increase in dis count rates was generally considered to be appropriate, but differing views were expressed regarding the desirability of an increase in reserve requirements at present. In one view both actions, along with supportive open market operations, were needed to make clear the System’s determination to resist inflationary pressures. An alternative view was that, while an increase in reserve rquirements might prove desirable at a later time, it was not required at present. With respect to open market operations, a majority of the Com mittee agreed that such operations should be directed at maintaining firm conditions in money and short-term credit markets, and at con firming the effects on those markets of any other monetary policy Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
602 FEDERAL RESERVE BULLETIN □ JULY 1969 actions that might be taken. The proviso was added that operations should be modified if bank credit appeared to be deviating significantly from current projections. The following current economic policy direc tive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting suggests that, while expansion in real economic activity has moderated somewhat further, current and prospective activity now appears stronger than earlier projections had indicated. Substantial upward pressures on prices and costs are persisting. Most long-term interest rates have risen further on balance in recent weeks, but movements in short-term rates have been mixed. In the first quarter of the year bank credit changed little on average, as investments contracted while loans expanded further. In March the outstanding volume of large-denomination CD’s con tinued to decline sharply; inflows of other time and savings deposits were moderate; and growth in the money supply remained at a sharply reduced rate. It appears that a sizable deficit re-emerged in the U.S. balance of payments on the liquidity basis in the first quarter but that the balance on the official settlements basis remained in sur plus as a result of further large inflows of Euro-dollars. In this situa tion, 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 growth and attaining reasonable equilibrium in the country’s balance of payments. To implement this policy, System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining firm conditions in money and short-term credit markets, taking account of the effects of other possible monetary policy action; provided, however, that operations shall be modified if bank credit appears to be deviating significantly from current projections. Votes for this action: Messrs. Martin, Bopp, Brimmer, Clay, Daane, Mitchell, Robertson, Scanlon, Sherrill, and Treiber. Votes against this action: Messrs. Coldwell and Maisel. Absent and not voting: Mr. Hayes. (Mr. Treiber voted as his alternate.) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
RECORD OF POLICY ACTIONS OF FOMC 603 Messrs. Coldwell and Maisel dissented from this action for different reasons. Mr. Coldwell noted that the directive favored by the majority could be interpreted as calling for no monetary firming unless the Board acted in the coming period with respect to discount rates or reserve requirements. Since he believed that greater monetary restraint was imperative under current circumstances, he favored adopting a directive that called unconditionally for the attainment of firmer con ditions in money and short-term credit markets. Mr. Maisel believed that, insofar as the Committee’s action reflected a desire to affect the prevailing inflationary psychology directly, it represented a shift from the Committee’s proper concern with flows of credit and money to an improper target not readily susceptible to such influence. He particularly objected to the directive as adopted because he thought that operations under it were likely to depress flows of the monetary aggregates to rates below those that seemed to him to be desirable and maintainable for a considerable period, and that such operations would thus be inconsistent with the gradualist approach to the ultimate objective of price stability that he favored. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Law Department Statutes, regulations, interpretations, and decisions ADVERTISING OF INTEREST ON DEPOSITS scribe from time to time in § 217.7. In ascertaining The Board of Governors on June 17, 1969, the rale of interest paid, the effects of compounding adopted regulations governing the advertising of of interest may be disregarded. interest paid on deposits in member banks of the Federal Reserve System. The action, which becomes (e) Technical grace periods in computing inter effective August 1, 1969, amends Regulation Q, est on certain time deposits. Where a time deposit “Payment of Interest on Deposits," and implements matures in 30 days, 90 days, 180 days, 360 days, the authority granted to the Board by Congress in or even multiples of these periods, or where a time the Act of September 21, 1968 (P.L. 90-505). deposit matures in one month, three months, six Similar regulations have been issued by the Federal months, twelve months, or even multiples of these Deposit Insurance Corporation and by the Federal periods, member banks may pay interest for such Home Loan Bank Board with respect to institutions periods at one twelfth of the maximum rate, one under their jurisdictions. quarter of the maximum rate, one half of the maxi Under the regulation, any member bank that ad mum rate, or at the maximum rate, or even mul vertises a percentage yield on deposits based on one tiples thereof, respectively. In the case of any other year is required to include an equally prominent time deposit no member bank shall pay interest at statement of the simple interest rate, together with the maximum rate based on more days than the a reference to the method of compounding. Adver number of days the funds are actually on deposit. tising of percentage yields based on periods in ex d. In section 217.3(g) the reference to “section cess of one year is prohibited. 217.6” is amended to refer to “section 217.7”. The amendment is expressly applicable to per e. A new section 217.6 is added to read as fol sons or organizations who solicit deposits for mem lows: ber banks in their advertisements relating to such SECTION 217.6—ADVERTISING OF deposits. INTEREST ON DEPOSITS The text of the amendment is as follows: Every advertisement, announcement, or solicita tion relating to the interest paid on deposits in mem AMENDMENT TO REGULATION Q ber banks shall be governed by the following rules: Effective August 1, 1969, Regulation Q is (a) Annual rate of .simple interest. Interest rates amended in the following respects: shall be stated in terms of the annual rate of simple a. The heading of the Regulation is amended to interest. In no case shall tt rate be advertised that is read as follows: in excess of the applicable maximum rate for the INTEREST ON DEPOSITS particular deposit. b. The last two sentences of section 217.6 are (b) Percentage yields based on one year. Where revoked and the remainder of that section redesig a percentage yield achieved by compounding inter nated as section 217.7. est during one year is advertised, the annual rate of c. The heading of section 217.3 and subsections simple interest shall be stated with equal promi (a) and (e) thereof are amended to read as follows: nence, together with a reference to the basis of compounding. No member bank shall advertise a SECTION 217.3—INTEREST' ON TIME AND percentage yield based on the effect of grace periods SAVINGS DEPOSITS permitted in § 217.3. (a) Maximum rate. Except as provided in this (c) Percentage yields based on periods in excess section, no member bank shall, directly or indi of one year. No advertisement shall include any rectly, by any device whatsoever, pay interest on indication of a total percentage yield, compounded any time or savings deposit at a rate in excess of or simple, based on a period in excess of a year, or such applicable maximum rate as the Board of an average annual percentage yield achieved by Governors of the Federal Reserve System shall pre compounding during a period in excess of a year. 604 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
(d) Time or amount requirements. If an adver (12 CFR 262), for a determination that, under the tised rate is payable only on deposits that meet laws of that Slate,' any class of transactions 2 within time or amount requirements, such requirements thtit State is subject to requirements substantially shall be clearly and conspicuously stated. Where the similar to those imposed under Chapter 2 of the time requirement for an advertised rate is in excess Act1 and that there is adequate provision for en of a year, the required number of years for the rate forcement of such requirements. Such application to apply shall be stated with equal prominence, shall be: together with an indication of any lower rate or (I) Made by letter addressed to the Board signed rates that will apply if the deposit is withdrawn at by the Governor, the Attorney General, or any an earlier maturity. official of the State having responsibilities under the (e) Profit. The term “profit” shall not be used State laws which are applicable to that class of in referring to interest paid on deposits. transaction and supported by the documents speci (f) Accuracy of advertising. No member bank fied in paragraph (b); and shall make any advertisement, announcement, or (2) Made with respect to any class of transac solicitation relating to the interest paid on deposits tions described in subparagraph (c)(1) under which that is inaccurate or misleading or that misrepre creditors extend or arrange to extend, or in connec sents its deposit contracts. tion with which creditors offer to extend or offer to (g) Solicitation of deposits for banks. Any per arrange to extend, consumer credit within that State, son or organization that solicits deposits for a mem (b) Supporting documents. The application shall ber bank shall be bound by the rules contained in be accompanied by: this section with respect to any advertisement, an (1) A copy of the full text of the laws of the nouncement, or solicitation relating to such deposits. State which arc claimed by the applicant to impose No such person or organization shall advertise a requirements substantially similar to those imposed percentage yield on any deposit it solicits for a under Chapter 2 of the Act with respect to the class member bank that is not authorized to be paid and of transactions within that State. advertised by such bank. (2) A comparison of each requirement of State * * * * * law with the corresponding requirements of Chapter f. Sections 217.104 and 217.145 arc revoked. 2 of the Act, together with reasons to support the claim that applicable requirements of State law arc substantially similar to all requirements imposed TRUTH IN LENDING under Chapter 2 of the Act (including the provi SUPPLEMENT II TO REGULATION Z sions of § 125) with respect to that class of trans actions, and to demonstrate that any differences are The Board of Governors on July 2, 1969, an not inconsistent with the requirements of Chapter nounced the procedures and criteria to be followed 2 of the Act and that there are no other effective by a State seeking determination by the Board that State laws which are inconsistent with the require under its law credit transactions arc subject to re ments of Chapter 2 of the Act with respect to that quirements substantially similar to the requirements class of transactions. of Chapter 2 of the Federal Truth in Lending Act (3) A copy of the full text of the laws of the and that there is adequate provision for enforcement State which provide for enforcement of the State thereof. laws referred to in subparagraph (1) of this para The text of the supplement is as follows: graph. (4) A comparison of the provisions of State law SUPPLEMENT II TO REGULATION Z with the provisions of § 108, § 112, § 130, and SECTION 226.12—SUPPLEMENT ’ Any reference to State law in Supplement II includes Procedures and criteria under which any State may a reference to any regulations which implement State law and formal interpretations thereof. apply for exemption pursuant to paragraph (a) of 2 References to “class of transactions” in Supplement II, 8 226.12 as applicable, include two or more of such classes of trans actions. (a) Application. Any state may make applica ■1 Any reference to Chapter 2 of the Act or any section tion to the Board, pursuant to the terms of this thereof in Supplement II includes a reference to the imple menting provisions of this part and the Board's format supplement and the Board’s Rules of Procedure interpretations thereof. 605 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
606 FEDERAL RESERVE BULLETIN □ JULY 1969 § 131 of the Act, together with reasons to support open end credit plans which are subject to the re the claim that such State laws provide for: quirements of § 128 of the Act; (i) Administrative enforcement of the State (iii) Consumer loan transactions not under laws referred to in subparagraph (1) of this para open end credit plans which are subject to the re graph which is tantamount to the provisions for quirements of § 129 of the Act; or enforcement under § 108 of the Act; (iv) Any significant class of credit transactions (ii) Criminal liability for willful and knowing which is determined by the Board to be readily violation with penalties substantially similar to those susceptible to treatment as a separate class of trans prescribed under 8 112 of the Act; actions consistent with the purpose of the Act and (iii) Civil liability for failure to make required without undue likelihood of impairing enforce disclosures substantially similar to those provided ment. Such class of credit transactions may be under § 1 30 and § 131 of the Act, except that more identified by reference to the type of creditor or the severe penalties may be provided; and type of subject matter of the transaction, or both. (iv) A statute of limitations that prescribes a (2) In order for requirements of State law to be period, with respect to civil liability actions, of sub substantially similar to requirements imposed under stantially similar duration as that provided under Chapter 2 of the Act, the provisions of State law 5 paragraph (e) of § 130 of the Act. shall require that: (5) A statement identifying the ofTtcc designated (i) Definitions and rules of construction, as ap or to be designated to administer the State laws plicable, import the same meaning and have the referred to in subparagraph (1) of this paragraph, same application as those prescribed under § 226.2; together with complete information regarding the (ii) Each class of transactions shall include all fiscal arrangements for administrative enforcement consumer credit transactions in that class in which (including the amount of funds available or to be a security interest in real property is or will be re provided), the number and qualification of person tained or acquired irrespective of the amount fi nel engaged therein, and a description of the proce nanced, but may exclude other transactions where dures under which such State laws arc to be ad the amount financed exceeds $25,000; ministratively enforced, including administrative (iii) Creditors make required disclosures and enforcement with respect to Federally chartered deliver required notices in form, content, and ter creditors.' The foregoing statement should include minology as prescribed in this part; however, ref reasons to support the claim that there is adequate erences to Federal law in the form of notice re provision for enforcement of such State laws. quired under § 226.9(b) may be changed so as to (c) Criteria for determination. The Board will refer to State law; consider the following criteria along with any (iv) Creditors make disclosures of the finance other relevant information in making a determina charge determined as prescribed under S 226.4; tion of whether the laws of a State impose require (v) Creditors make disclosures of the annual ments substantially similar to those imposed under percentage rate determined as prescribed under Chapter 2 of the Act with respect to any class of 8 226.5; transactions within that State, and whether there is (vi) Customers shall have a right to rescind cer adequate provision for enforcement of such laws: tain transactions as provided under § 125 of the (1) A class of transactions shall be: Act and shall also be afforded remedies in event of (i) Transactions under open end consumer rescission as provided under that section;" credit plans which are subject to the requirements 1 This paragraph is not to be construed as indicating of § 127 of the Act; that the Board would consider adversely any additional (ii) Consumer credit sale transactions not under requirements of State law which are not inconsistent with the purpose of the Act or the requirements imposed under ’ All transactions within an exempt class of transactions Chapter 2 of the Act. in which a Federally chartered institution is a creditor shall " No class of transactions which normally involves a be treated as a separate class of transactions not subject to security interest in real property which the customer uses the exemption, and such Federally chartered creditors shall or expects to use as his principal residence will be exempted remain subject to the requirements of the Act and adminis unless that class of transactions is subject to the right of trative enforcement by the appropriate Federal authority rescission under State law as provided under S 125 of the under § 108 of the Act, unless it is established to the satis Act. However, any other class of transactions which in the faction of the Board that appropriate arrangements have opinion of the Board does not normally involve any such been made with such Federal authorities to assure effective security interest may be conditionally exempted although enforcement of the requirements of State laws with respect it is not subject to the right of rescission under State law, to such creditors. the condition being that those transactions within the class Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 607 (vii) Creditors make delivery of required dis mation before it that under the law of a State tiny closures and notices in the circumstances and at a class of transactions is subject to requirements sub time no later than as prescribed under § 226.7, stantially similar lo those imposed under Chapter 2 § 226.8, and § 226.9, as applicable; of the Act and that there is adequate provision for (viii) If the Comparative Index of Credit Cost is enforcement, the Board will exempt such class of permitted or required to be disclosed, it is determined transactions in that State from the requirements of and disclosed as prescribed under § 226.11; and Chapter 2 of the Act in the following manner and (ix) Creditors comply with general disclosure subject to the following conditions: requirements prescribed in accordance with para (1) Notice of the exemption will be published graphs (a), (d), (e), and (i) of § 226.6, and any in the Federal Register, and the Board will furnish provision in State law which permits the supplying a copy of such notice to the official who made ap of additional information or explanations shall be plication for such exemption and to each Federal subject to restrictions as provided under the first authority responsible for administrative enforce sentence of § 226.6(c). ment of the requirements of Chapter 2 of the Act. (3) In determining whether provision for en (2) The appropriate official of any State which forcement of State law referred to in subparagraph receives an exemption shall inform the Board (1) of paragraph (b) is adequate, consideration within 30 days of the occurrence of any change in will be given to the extent to which, under the laws its related law (or regulations). The report of any of the State, provision is made for: such change shall contain copies of the full text of (i) Administrative enforcement, including nec that change together with statements setting forth essary facilities, personnel and funding; the information and opinions with respect to that (ii) Criminal liability for willful and knowing change as specified in subparagraphs (2) and (4) violation with penalties substantially similar to those of paragraph (b). The appropriate official of any prescribed under § 112 of the Act; Slate which has received an exemption shall file (iii) Civil liability for failure to make required with the Board from time to time such reports as disclosures substantially similar to those provided the Board may require. under § 130 and § 131 of the Act, except that more (3) The Board will inform the appropriate of severe penalties may be provided; and ficial of any State which receives an exemption of (iv) A statute of limitations with respect to civil any subsequent amendments of Chapter 2 of the liability of substantially similar duration as that Act (including the implementing provisions of this provided under § 130 of the Act. part and the Board’s formal interpretations) which (d) Public notice of filing and proposed rule might call for amendment of State law, regulations, making. In connection with any application which or formal interpretations. has been filed in accordance with the requirements (f) Adverse determination. (1) If after publi of paragraphs (a) and (b), notice of such filing cation of notice in the Federal Register as provided and proposed rule making will be published by the under paragraph (d) the Board finds on the basis Board in the Federal Register, and a copy of such of the information before it that it cannot make application will be made available for examination any favorable determination in connection with the by interested persons during business hours at the application, the Board will notify the appropriate Board and at the Federal Reserve Bank of each State official of the facts upon which such findings Federal Reserve District in which any part of the are based and shall afford that State a reasonable State of the applicant is situated. A period of time opportunity to demonstrate or achieve compliance. will be allowed from the date of such publication (2) If, after having afforded the State such op for the Board to receive written comments from portunity to demonstrate or achieve compliance, interested persons with respect to that application. the Board finds on the basis of the information be (c) Exemption from requirements of Chapter 2. fore it that it still cannot make any favorable de If the Board determines on the basis of the infor- termination in connection with the application, the Board will publish in the Federal Register a notice which do involve any such security interest shall remain of its decision with respect to such application and subject to the provisions of § 125 of the Act. In such cases, the right to rescind shall exist until midnight of the third will furnish a copy of such notice to the official business day following the date of consummation of that who made application for such exemption. transaction or the date of delivery of the disclosures re (g) Revocation of exemption. (1) The Board quired under § 226.9 and all other material disclosures re quired under State law, whichever is later. reserves the right to revoke any exemption if at Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
608 FEDERAL RESERVE BULLETIN □ JULY 1969 any time it determines that the State law does not creditor who has thus made a reasonable effort to in fact impose requirements which arc substanlially obtain them, S 226.6(f) permits the creditor to use similar to those imposed under Chapter 2 of the an estimate or approximation of the annual percen Act or that there is not in fact adequate provision tage rate and other information during the interim for enforcement. until they become available, subject, of course, to (2) Before revoking any State exemption, the the other requirements of that paragraph. Board will notify the appropriate State official of the facts or conduct which in the opinion of the MINOR IRREGULARITIES—MAXIMUM Board warrant such revocation and shall afford IRREGULAR PERIOD LIMITS that State such opportunity as the Board deems Section 226.5(d) specifies certain minimums in appropriate in the circumstances to demonstrate or determining what minor irregularities in first pay achieve compliance. ment periods may be disregarded in determining (3) If, after having been afforded the opportu the annual percentage rate. The question arises as nity to demonstrate or achieve compliance, the to what maximum limits for such periods would Board determines that the State has not done so, still permit the irregular periods to be considered notice of the Board’s intention to revoke such ex regular in computing the annual percentage rate. emption shall be published as a notice of proposed If the period from the date on which the finance rule making in the Federal Register. A period of charge begins to accrue and the date the final pay time will be allowed from the date of such publi ment is due is not less than three months in the cation for the Board to receive written comments case of weekly payments, six months in the case of from interested persons with respect to the pro biweekly or semimonthly payments, or one year in posed rule making. the case of monthly payments, the maximum inter (4) In the event of revocation of such exemp val of time from the date the finance charge begins tion, notice of such revocation shall be published to accrue to the date the first payment is due is as by the Board in the Federal Register, and a copy follows: of such notice shall also be furnished to the ap (1 ) in the case of weekly payments, 12 days; propriate State official anti to the Federal authori (2) in the case of biweekly or semimonthly ties responsible for enforcement of requirements payments, 25 days; of Chapter 2 of the Act, and the class of transac (3) in the case of monthly payments, 50 days. tions affected within that Stale shall then be sub If the period from the date on which the finance ject to the requirements of Chapter 2 of the Act charge begins to accrue and the date the final pay and subject to administrative enforcement as pro ment is due is less than three months in the case vided under 8 108 of the Act. of weekly payments, six months in the case of bi weekly or semimonthly payments, or one year in INTERPRETATIONS OF REGULATION Z the case of monthly payments, the maximum inter RATE CHARTS AND TABLES UNAVAILABLE val of time from the date the finance charge begins to accrue to the date the first payment is due is as Subject to certain conditions, S 226.6(f) of follows: Regulation Z permits a creditor to use an estimate (1) in the case of weekly payments, 10 days; or approximation of information when the infor (2) in the case of biweekly or semimonthly mation is “unknown or not available to the credi payments, 21 days; tor, and the creditor has made a reasonable effort (3) in the case of monthly payments, 42 days. to ascertain it.” It appears that some creditors who require spe ASSUMPTION OF AN OBLIGATION cial charts or tables in order to operate with neces DISCLOSURES sary efficiency in compliance with Regulation Z, and who have placed orders for such charts or The question arises as to which disclosures are tables with suppliers of them, may be unable to required to be made under § 226.8(k). obtain such charts or tables by July 1, 1969, the For the purposes of S 226.8(k), an “assumption” effective date of Regulation Z. occurs only when, by written agreement entered In the circumstances indicated, when the neces into between a subsequent customer and the credi sary charts or tables have been ordered prior to tor, that subsequent customer is or will be accepted July 1, 1969, and are temporarily unavailable to a by that creditor as an obligor on an existing evi- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 609 dence of debt. In such circumstances, disclosures equal in amount. The question arises as to whether shall be made as follows: it is necessary to list the respective dollar amount (1) If the finance charge originally imposed on of each such payment to comply with this require the existing evidence of debt was an add-on or dis ment of § 226.8 (b)(3), or whether an optional count type finance charge, the creditor need only disclosure is permitted. disclose: In any transaction in which the amount of each (i) The unpaid balance of the obligation as regularly scheduled payment (other than a first or sumed; last payment) includes an equal amount to be ap (ii) The total amount of the charges imposed by plied on principal and a finance charge computed the creditor, individually itemized, in connection by application of a rate to the decreasing unpaid with the assumption; balance, at the creditor’s option the requirement of (iii) The number, amount, and due dates of § 226.8(b)(3) with respect to the amount of each remaining payments to be made after assumption, payment may be met by disclosing the following the total of such payments, and any other ap information: plicable information required under § 226.8(b) (3); (1) The amount of each payment to be applied (iv) Identification of the type of security inter on principal, and an identification of that amount est, if any, retained or to be acquired in any prop as payment on principal; erty of the assuming customer and a brief identifi (2) The respective amount of finance charge cation of that property; included in the first and last scheduled payments so (v) The information required to be disclosed described; under 8 226.8(b)(4), (6) and (7); If this option is utilized, the exceptions provided (vi) If applicable in connection with the as under paragraphs (b)(3), and (c)(8) and (d)(3) sumption, the disclosures required under § 226.4 of § 226.8 shall not apply. (a)(5) and (6); and (vii) If that obligation was entered into on or after July 1, 1969, the annual percentage rate DISCLOSURES FOR CERTAIN STUDENT LOANS originally disclosed on the existing obligation. Footnotes 10 and 11 to Regulation Z provide an (2) If the existing evidence of debt is subject to exception from specified disclosure requirements a finance charge computed from time to time by for interim student loans under certain Federally application of a percentage rate to an unpaid bal insured student loan programs. These exceptions ance, the creditor shall make the disclosures re are applicable to other student loans of the same quired under § 226.8(b) and (d) and, if applicable type, including those made to students under Fed in connection with the assumption, the disclosures erally supported loan programs or programs of loan required under § 226.4(a)(5) and (6), except that guarantee, administered by or under agreement in determining the amount of the finance charge with the U.S. Department of Health, Education and the annual percentage rate to be disclosed to and Welfare. In all of such cases, however, all dis the customer who assumes the obligation, the credi closures must be made prior to the time the final tor may disregard any prepaid finance charges paid note is executed or repayment schedule is agreed by the original customer, but shall include in the upon. finance charge as a “prepaid finance charge" the total amount of the charges imposed by the credi DISCLOSURES—VARIABLE INTEREST RATES tor, individually itemized, in connection with the assumption. In some cases a note, contract, or other instru ment evidencing an obligation provides for prospec DISCLOSURE OF AMOUNT OF tive changes in the annual percentage rate or other SCHEDULED PAYMENTS wise provides for prospective variation in the rate. Section 226.8(b)(3) requires the creditor to The question arises as to what disclosures must be disclose the “amount ... of payments scheduled made under these circumstances when it is not to repay the indebtedness.” In certain transactions known at the time of consummation of the trans each payment consists of an equal amount to apply action whether such change will occur or the date on principal and a finance charge which is deter or amount of change. mined by application of a rate to the decreasing un In such cases, the creditor shall make all dis paid balance. In such cases no two payments are closures on the basis of the rate in effect at the Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
610 FEDERAL RESERVE BULLETIN □ JULY 1969 time of consummation of the transaction and shall of the proposed mergers in reports on competitive also disclose the variable feature. factors requested of the Board by the Comptroller If disclosure is made prior to the consummation of the Currency and the Federal Deposit Insurance of the transaction that the annual percentage rate Corporation under the Bank Merger Act (12 is prospectively subject to change, the conditions U.S.C. 1828(c)). Under the Act, a Federal bank under which such rate may be changed, and, if ing agency receiving a merger application must re applicable, the maximum and minimum limits of quest the views of the other two Federal banking such rate stipulated in the note, contraci, or other agencies and the Department of Justice on the instrument evidencing the obligation, such subse competitive factors involved. The terms and their quent change in the annual percentage rale in ac definitions are as follows: cordance with the foregoing disclosures is a subse (a) The term "monopoly” is used to indicate quent occurrence under § 226.6(g) and is not a the Board’s view that the proposed transactions new transaction. must be disapproved in accordance with paragraph (5) (A) of section 1828(c) of 12 U.S.C. REFINANCING AND INCREASING (b) The term “substantially adverse” is used to DISCLOSURES AND EFFECTS ON THE RIGHT OF RESCISSION indicate the Board’s view that the proposed trans action would have such actual or potential anti In some cases the creditor of an obligation will competitive effects as to forbid approval unless refinance that obligation at the request of a cus "clearly outweighed” as specified in paragraph tomer by permitting the customer to execute a new (5)(B) of section 1828(c) of 12 U.S.C. note, contract, or other document evidencing the transaction under the terms of which one or more (c) The term “adverse” is used to indicate the of the original credit terms, including the maturity Board’s view that in appraising the public interest date of the obligation, are changed. Although such to determine whether the proposal should be ap refinancing constitutes a new transaction, and all proved or disapproved, the actual or potential ad disclosures required under § 226.8 must be made, verse anticompetitive effects thereof would be such the question arises as to whether that transaction as to necessitate definite consideration as one of is subject to the right of rescission under § 226.9 the factors covered in the last sentence of para where the obligation is already secured by a security graph (5), section 1828(c) of Title 12, United interest in real property which is used or expected States Code. to be used as the principal residence of that cus (d) The term "slightly adverse” is used to indi tomer. cate the Board’s view that the actual or potential If the amount of such new transaction does not anticompetitive effect of the transaction would be exceed the amount of the unpaid balance plus any of little importance. accrued and unpaid finance charge on the existing (e) The term “no adverse competitive effects” obligation, S 226.9 does not apply to the trans is used to indicate the Board's view that the situ action. ation with respect to actual or potential anticom If, however, such new transaction is for an in petitive effects need not weigh against the appli creased amount, that is, for an amount in excess cation. of the amount of the unpaid balance plus any ac crued and unpaid finance charge on the existing FOREIGN INVESTMENT CONTROL obligation, § 226.9 applies to the transaction. How In accordance with Executive Order 11387 (Jan. ever, such right of rescission applies only to such 1, 1968, 3 CFR 1968 Comp., p. 90), the “Foreign excess and docs not affect the existing obligation Direct Investment Regulations” of the Secretary of (or related security interest) for the unpaid balance Commerce (15 CFR 1000.201(b)(2)) exempt plus accrued and unpaid finance charge. from such regulations (I) banks and financial in If a transaction is refinanced by a creditor other stitutions certified by the Board of Governors as than the creditor of the existing obligation, the subject to its Foreign Credit Restraint Program (2) entire transaction is subject to § 226.9. “to the extent that may be delineated from time to TERMS DEFINING COMPETITIVE EFFECTS OF time by the Board”. By letter of June 2, 1969, set PROPOSED MERGERS forth below, the Board certified that certain hold The Board has developed and used for some ing companies (besides registered bank holding time certain terms to describe the competitive effect companies, which are covered by a previous certi- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 611 fication) are subject to such program, and modified Order Approving Action to Become its delineation for exemption accordingly. A Bank Holding Company June 2, 1969 There has come before the Board of Governors, pursuant to section 3(a)(1) of the Bank Holding The Honorable Maurice H. Stans, Secretary, Company Act of 1956 (12 U.S.C. 1842(a)(1)), U.S. Department of Commerce, and section 222.3(a) of Federal Reserve Regula Washington, D.C. 20230. tion Y (12 CFR 222.3(a)), an application by Mid Dear Mr. Secretary: America Bancorporation, Inc., St. Paul, Minne In accordance with the provisions of section 1(c) of sota, for the Board’s prior approval of action Executive Order 11387, by letter of January 2, 1968 whereby Applicant, presently the owner of 92 per to Secretary Trowbridge, and by letter of April 29, 1968 to Secretary Smith, the Board of Governors certified cent of the voting shares of Highland Park State that twelve enumerated categories of banks and finan Bank, St. Paul, Minnesota, would become a bank cial institutions are subject to the foreign credit restraint holding company through the acquisition of 80 per program referred to in said section 1(c). The Board of Governors hereby expands the scope cent or more of the voting shares of Valley Na of said certification by adding a new item reading as tional Bank of Eagan Township, St. Paul, Minne follows: sota. 13. Corporations whose assets consist principally of As required by section 3(b) of the Act, the stock of institutions of the first 10 categories enumerated, in accordance with provisions of Board gave written notice to the Comptroller of Executive Order 1 1387, January 1, 1968, in the the Currency of receipt of the application and re letter from the Chairman of the Board of Gov quested his views and recommendation. The ernors to the Secretary of Commerce of January 2, 1968, as amended by letter of April 29, 1968. Comptroller recommended approval of the appli cation. In accordance with the provisions of said section 1(c), the Board of Governors delineates for exemption Notice of receipt of the application was pub from the provisions of section 1 of said Executive Order lished in the Federal Register on April 23, 1969 all banks and financial institutions comprised within (34 Federal Register 6810), providing an oppor the Board’s certification, as expanded hereby, with the exception of any bank or financial institution that is tunity for interested persons to submit comments subject to the reporting provisions of said programs but and views with respect to the proposed transaction. is not reporting (or covered by reports filed by another A copy of the application was forwarded to the or others on its behalf) in substantial compliance with said reporting provisions. Department of Justice for its consideration. Time The foregoing certification and delineation are sub for filing comments and views has expired and all ject to modification or termination with respect to any those received have been considered by the Board. category or individual bank or financial institution, in the event that (a) the foreign credit restraint programs It is hereby ordered, for the reasons set referred to in section 1(c) of said Executive Order are forth in the Board’s Statement of this date, that so modified that such category or individual bank or said application be and hereby is approved, pro financial institution is no longer subject to said pro grams or (b) the Board of Governors determines that vided that the action so approved shall not be con modification or termination of said delineation is neces summated (a) before the thirtieth calendar day sary or appropriate in the public interest. Any such following the date of this Order or (b) later than modification or termination will be communicated by the Board to the Secretary of Commerce. three months after the date of the Order, unless Sincerely, such period is extended for good cause by the Board or by the Federal Reserve Bank of Minne (Signed) J. I.. Robertson. apolis pursuant to delegated authority. Dated at Washington, D.C., this 16th day of ORDERS UNDER SECTION 3 OF BANK HOLDING COMPANY ACT June, 1969. By order of the Board of Governors. MID AMERICA BANCORPORATION, INC., ST. PAUL, MINNESOTA Voting for this action: Chairman Martin and Gov In the matter of the application of Mid America ernors Robertson, Mitchell, Daane, Maisel, Brimmer, and Sherrill. Bancorporation, Inc., St. Paul, Minnesota, for ap proval of action to become a bank holding com (Signed) Robert P. Forrestal, pany through the acquisition of 80 per cent or Assistant Secretary. more of the voting shares of Valley National Bank of Eagan Township, St. Paul, Minnesota. [seal] Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
612 FEDERAL RESERVE BULLETIN o JULY 1969 Statement consummation of the proposed transaction, Appli cant would control .3 per cent of total deposits Mid America Bancorporation, Inc., St. Paul, held by all banks in Minnesota. Applicant would Minnesota (“Applicant”), has filed with the be the smallest bank holding company and the Board, pursuant to section 3(a)(1) of the Bank seventeenth in size of the banking organizations in Holding Company Act of 1956, an application for the State. The Banks together hold .5 per cent of approval of action to become a bank holding com the total deposits held by the 113 banks in the pany through the acquisition of 80 per cent or Minneapolis-St. Paul Standard Metropolitan Statis more of the voting shares of Valley National Bank tical Area. Consummation of the transaction would of Eagan Township, St. Paul, Minnesota (“Valley thus result in very slight increases in the degree of National Bank”). Applicant presently owns 92 per concentration presently existing in the relevant cent of the voting shares of Highland Park State areas. Bank, St. Paul, Minnesota (“Highland Park The service areas of the Banks, whose offices are Bank”). The two banks named are sometimes eight miles apart, do not overlap, but are contigu hereafter referred to as the “Banks”. ous. However, a natural geographic barrier between Valley National Bank ($8.7 million deposits),1 their service areas is formed by the Mississippi and the proposed subsidiary, and Highland Park Bank Minnesota Rivers. Each Bank derives less than I ($13.8 million deposits), Applicant’s present sub per cent of its total loans and deposits from the sidiary, are located in different counties in the Min service area of the other. Highland Park Bank neapolis-St. Paul Standard Metropolitan Statistical ranks third in size of the five banks competing in Area. The laws of Minnesota prohibit branch bank its service area; Valley National Bank is larger ing, and each of the Banks has only one office. than each of the other two banks competing in its Views and recommendation of supervisory au area. thority. As required by section 3(b) of the Act, The managements of the Banks interlock to some notice of receipt of the application was given to extent. T his fact, together with the existence of the and views and recommendation requested of the aforementioned geographic barrier, the very low Comptroller of the Currency. The Comptroller level of loans and deposits originated by each in recommended approval of the application. the other’s service area, and the State’s prohibition Statutory considerations. Section 3(c) of the on branch banking, make remote a potential for Act provides that the Board shall not approve an significant future competition between the Banks acquisition that would result in a monopoly or that could be precluded by consummation of the would be in furtherance of any combination or con proposal. spiracy to monopolize or to attempt to monopolize On the record before it, the Board concludes the business of banking in any part of the United that consummation of the proposed transaction States. Nor may the Board approve a proposed would not result in a monopoly, nor be in further acquisition the effect of which, in any section of ance of any combination, conspiracy or attempt to the country, may be substantially to lessen com monopolize the business of banking in any relevant petition, or to tend to create a monopoly, or which area. Further, there appears to be no reasonable in any other manner would be in restraint of trade, probability that consummation of the proposal unless the Board finds that the anticompetitive would substantially lessen competition, tend to effects of the proposed transaction arc clearly out create a monopoly, or operate in restraint of trade. weighed in the public interest by the probable Financial and managerial resources and future effect of the transaction in meeting the convenience prospects. Applicant has but six months operating and needs of the community to be served. In each history, having acquired the Highland Park Bank case the Board is required to take into considera in January of this year. Accordingly, any judgment tion the financial and managerial resources and fu with respect to its prospective financial and mana ture prospects of the bank holding company and gerial resources and its future prospects must be the banks concerned, and the convenience and made in relation to the condition of Applicant’s needs of the community to be served. present and proposed subsidiary Banks. Except as Competitive effect of proposed transaction. Upon noted below, the financial and managerial resources of the Banks are generally satisfactory. The record reflects that Applicant has a high debt position, 1 All banking data arc as of December 31, 1968, unless otherwise noted. principally incurred in acquiring Highland Park Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 613 Bank and that the capital position of the Banks of the voting shares of Bank of Jamestown, James could be improved. Applicant has filed a Registra town, New York. tion Statement with the Securities and Exchange As required by section 3(b) of the Act, the Commission for the sale of 150,000 shares of its Board notified the Superintendent of Banks of the stock at $10 per share and has stated that the pro State of New York of the application and re ceeds of this sale will be used to retire the debt quested his views and recommendation. The New incurred by it in acquiring Highland Park. Appli York State Banking Board advised the Board of cant has also stated its intent to augment the capital its action, consistent with a recommendation made of both Banks. On this basis, the financial resources to it by the Superintendent, approving an applica and future prospects of Applicant and the Banks tion filed pursuant to the New York Banking Law are considered satisfactory. Management of Appli with respect to the same transaction. cant, drawn principally from executive manage Notice of receipt of the application was pub ment of the Banks, and that of the Banks, is ex lished in the Federal Register on April 5, 1969 perienced and capable. 'The Botird concludes that (34 Federal Register 6214), providing an oppor the banking factors with respect to Applicant and tunity for interested persons to submit comments the Banks are consistent with approval of the and views with respect to the proposed transaction. application. A copy of the application was forwarded to the Convenience and needs of the communities in United States Department of Justice for its con volved. Applicant concedes that consummation of sideration. Time for filing comments and views has its proposal will not result in any increase in bank expired and all those received have been considered ing services now provided the areas involved. How by the Board. ever, Applicant asserts that resulting efliciencics in I t is hereby ordered, for the reasons set forth the Banks’ operations will ultimately inure to the in the Board’s Statement of this date, that said ap public benefit. These considerations, while offering plication be and hereby is approved, provided that no affirmative weight toward approval of the appli the acquisition so approved shall not be consum cation, are consistent therewith. mated (a) before the thirtieth calendar day follow ing the date of this Order, or (b) later than three Summary and conclusion. On the basis of all months after the date of this Order, unless such relevant facts contained in the record, and in the period is extended for good cause by the Board or light of the factors set forth in section 3(c) of the by the Federal Reserve Bank of New York pur Act, it is the Board’s judgment that the proposed suant to delegated authority. transaction would be in the public interest and that the application should be approved. Dated at Washington, D.C., this 18th day of June, 1969. BANKERS TRUST NEW YORK By order of the Board of Governors. CORPORATION, NEW YORK, NEW YORK Voting for this action: Chairman Martin and Gov ernors Robertson, Mitchell, Daane, Maisel, Brimmer, and Sherrill. In the matter of the application of Bankers Trust New York Corporation, New York, New York, for (Signed) Robert P. Forrestal, approval of acquisition of all of the voting shares Assistant Secretary. of Bank of Jamestown, Jamestown, New York. [seal | Order Approving Acquisition of Bank Stock Statement by Bank Holding Company Bankers 'Trust New York Corporation, New There has come before the Board of Governors, York, New York (“Applicant”), a registered bank pursuant to section 3(a)(3) of th? Bank Holding holding company, has applied to the Board of Company Act of 1956 (12 U.S.C. 1842(a)(3)), Governors, pursuant to section 3(a)(3) of the and section 222.3(a) of Federal Reserve Regula Bank Holding Company Act of 1956 (12 U.S.C. tion Y (12 CFR 222.3(a)), an application by 1842(a)(3)), for prior approval of the acquisition Bankers Trust New York Corporation, New York, of all of the voting shares of Bank of Jamestown, New York, a registered bank holding company, for Jamestown, New York (“Jamestown Bank”). the Board’s prior approval of the acquisition of all Views and recommendation of supervisory au- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
614 FEDERAL RESERVE BULLETIN □ JULY 1969 thority. As required by section 3(b) of the Act, the tauqua County. 'I’he bank has six branches, all Board notified the Superintendent of Banks of the located in the southern portion of the county, and State of New York of receipt of the application and serves this area and a small portion of adjoining requested his views and recommendation thereon. Cattaraugus County. It is the third largest of four In view of his coordinate responsibilities under banks operating 22 banking offices within this area, New York law, the Superintendent did not com which has a population of 90,000. Two of the ment directly to the Board. The New York State other banks, with deposits of $89 million and $73 Banking Board, however, advised this Board of its million, respectively, arc located in Jamestown, action, consistent with a recommendation of the and each is a subsidiary of a registered hank hold Superintendent (a copy of which was also pro ing company. The fourth bank in the area, the vided to the Board), approving an application with Stale Bank of Randolph, is a single office bank with respect to the same transaction pursuant to Article deposits of $6 million, located 15 miles east of I1I-A of the New York Banking Law. Jamestown in Cattaraugus County. Statutory considerations. Section 3(c) of the Act It does not appear that any significant present or provides that the Board shall not approve an acqui potential competition would be eliminated by con sition that would result in a monopoly or would be summation of Applicant's proposal. Applicant's in furtherance of any combination or conspiracy to present subsidiary banks arc located in New York monopolize or to attempt to monopolize the busi City, on Long Island, and in the Hudson River ness of banking in any part of the United States. Valley. None of the present subsidiaries has an Nor may the Board approve any other proposed office closer than 300 miles to Jamestown, and acquisition the effect of which, in any section of the none competes to any significant extent in the country, may be substantially to lessen competition, Jamestown area. Further, under New York law, or to tend to create a monopoly, or which in any none of Applicant’s subsidiaries can branch into other manner would be in restraint of trade, unless the Ninth Banking District of New York, in which the Board finds that the anticompetitive effects of Jamestown Bank is located and to which area its the proposed transaction arc clearly outweighed in branches are restricted under State law. the public interest by the probable effect of the Neither does it appear that the proposed acquisi transaction in meeting the convenience and needs tion would adversely affect competition among of the community to be served. In each case the banks in the Jamestown area. Rather, the effect Board is required to take into consideration the would be to increase competition with the two financial and managerial resources and future pros larger banks in Jamestown, and to create a poten pects of the bank holding company and the banks tial for branching into Jamestown by other Ninth concerned, and the convenience and needs of the District banks, which are presently excluded from community to be served. the City because of the “home office protection” Competitive effect of proposed transaction. Ap feature of New York branching law. In addition, plicant, the largest bank holding company and Jamestown Bank, with Applicant’s support, would sixth largest banking organization in the State of have greater potential for branching into other New York, controls five banks which have aggre areas of the Ninth District, thereby increasing com gate deposits of $5.9 billion, representing about 7.2 petition in those areas. per cent of the deposits held by all commercial For the foregoing reasons, the Board concludes banks in the State.' It is one of 12 banking organi that consummation of Applicant’s proposal would zations in the Stale which control over $1 billion in not result in a monopoly or be in furtherance of deposits each. Applicant’s acquisition of Jamestown any combination, conspiracy, or attempt to monop Bank, which controls less than .1 per cent of the olize the business of banking in any area, and deposits held by the State’s commercial banks, would not substantially lessen competition, tend to would not significantly affect the present level of create a monopoly, or restrain trade in any section State-wide banking concentration. of the country. Jamestown Bank ($68 million deposits) is head Financial and managerial resources and future quartered in Jamestown, in southeastern Chau- prospects. The financial condition and management of Applicant and its present subsidiaries are satis factory, and their prospects are considered favor 1 All banking data are as of December 31, 1968, adjusted to rellect mergers and holding company acquisitions ap able. proved by supervisory authorities to date. Jamestown Bank is in good financial condition, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 615 with competent management. Prospects of the bank and section 222.3(a) of Federal Reserve Regula would likely be improved by consummation of tion Y (12 CFR 222.3(a)), an application by Applicant's proposal, but are considered favorable Barnett National Securities Corporation, Jackson regardless of whether or not the acquisition is ville, Florida, for the Board’s prior approval of the effected. acquisition of 80 per cent or more of the voting Consideration under the banking factors are con shares of Citizens National Bank of St. Petersburg, sistent with approval of the application. St. Petersburg, Florida. Convenience and needs of the cointnnnities in As required by section 3(b) of the Act, the volved. Consummation of the present proposal Botird gave written notice of receipt of the appli would not affect the convenience or needs of cus cation to the Comptroller of the Currency and re tomers served by Applicant’s present subsidiary quested his views and recommendation. The banks. Comptroller recommended approval of the appli There is no indication that banking needs in the cation. Jamestown area are not adequately served. Bank Notice of receipt of the application was pub of Jamestown, however, has a somewhat more lished in the Federal Register on February 4, 1969 limited service offering than either of its two most (34 Federal Register 1707), providing an oppor direct competitors, and, as a subsidiary of Appli tunity for interested persons to submit comments cant, it would be in a position to provide an alter and views with respect to the proposal. A copy of native source of a more complete range of banking the application was forwarded to the United States services. In particular, consummation of the pro Department of Justice for its consideration. Time posal would enable Jamestown Bank to offer a full for filing comments and views has expired and all range of trust, investment, and international serv those received have been considered by the Board. ices; to expand its loan and credit services and re Ii is hereby ordered, for the reasons set forth spond more readily to demands for credit lines in the Board’s Statement of this date, that said ap beyond its own lending ability; and to participate plication be and hereby is approved, provided that more fully in municipal bond underwriting and the action so approved shall not be consummated advisory services. (a) before the thirtieth calendar day following the Considerations relating to the convenience and dale of this Order or (b) later than three months needs of the community served by Jamestown Bank after the date of this Order, unless such time shall provide some weight in favor of approval of the be extended for good cause by the Board or by the application. Federal Reserve Bank of Atlanta pursuant to Summary and conclusion. On the basis of all delegated authority. relevant facts contained in the record, and in the Dated at Washington, D.C., this 26th day of light of the factors set forth in section 3(c) of the June, 1969. Act, it is the Board’s judgment that the proposed By order of the Board of Governors. transaction would be in the public interest, and the Voting for this action: Chairman Martin and application should be approved. Governors Robertson, Mitehell, Maisel, Brimmer, and Sherrill. Absent and not voting: Governor Daane. BARNETT NATIONAL SECURITIES (Signed) Robert P. Forrestal, CORPORATION, Assistant Secretary. JACKSONVILLE, FLORIDA [seal] In the matter of the application of Harnett In the matter of the application of Barnett National Securities Corporation, Jacksonville, National Securities Corporation, Jacksonville, Florida, for approval of acquisition of 80 per cent Florida, for approval of acquisition of 80 per cent or more of the voting shares of Citizens National or more of the voting shares of Union Trust Na Bank of St. Petersburg, St. Petersburg, Florida. tional Bank of St. Petersburg, St. Petersburg, Florida. Order Approving Application Under Bank Holding Company Act Order Denying Application Under Bank Holding Company Act There has come before the Board of Governors, pursuant to section 3(a)(3) of the Bank Holding There has come before the Board of Governors, Company Act of 1956 (12 U.S.C. 1842(a)(3)) pursuant to section 3(a)(3) of the Bank Holding Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
616 FEDERAL RESERVE BULLETIN n JULY 1969 Company Act of 1956 (12 (J.S.C. 1842(a)(3)) facts and circumstances involved are common to and section 222.3(a) of Federal Reserve Regu both. lation Y (12 CFR 222.3(a)), an application by Views and recommendations of supervisory au Barnett National Securities Corporation, Jackson thority. As required by section 3(b) of the Act, ville, Florida, for the Board’s prior approval of the notice of receipt of the applications was given to acquisition of 80 per cent or more of the voting the Comptroller of the Currency and his views and shares of Union Trust National Bank of St. Peters recommendations were requested. The Comptroller burg, St. Petersburg, Florida. recommended approval of both applications. As required by section 3(b) of the Act, the Competitive effect of the proposed transactions. Board gave written notice of receipt of the appli Applicant, the fourth largest banking organization cation to the Comptroller of the Currency and re in Florida, owns a majority interest in 14 banks quested his views and recommendation. The which hold total deposits of $508.3 million, repre Comptroller recommended approval of the appli senting 4.4 per cent of the total deposits held by all cation. insured commercial banks in Florida.' Applicant Notice of receipt of the application was pub would control 5.6 per cent of such deposits if the lished in the Federal Register on February 4, 1969, proposed acquisition of Union Trust were con (34 Federal Register 1708), providing an oppor summated, and 6.0 per cent if it acquired both tunity for interested persons to submit comments Union Trust and Citizens National; in either case, and views with respect to the proposal. A copy of it would become the third largest banking organi the application was forwarded to the United States zation in the State. Acquisition of only Citizens Department of Justice for its consideration. Time National would result in its control of 4.8 per cent for filing comments and views has expired and all of such deposits, and in that event Applicant would those received have been considered by the Board. retain its position as the State’s fourth largest It is hereby ordered, for the reasons set forth banking organization. in the Board's Statement of this date, that said Citizens National ($47 million deposits) and application be and hereby is denied. Union Trust ($135 million deposits) are both lo Dated at Washington, D.C., this 26th day of cated in the City of St. Petersburg in Pinellas June, 1969. County, Florida. The closest of Applicant’s present By order of the Board of Governors. subsidiaries are located approximately 80 miles east of St. Petersburg, and none competes to any Voting for this action: Chairman Martin and Governors Robertson, Mitchell, Maisel, Brimmer, and significant extent with cither of the proposed sub Sherrill. Absent and not voting: Governor Daanc. sidiaries. Union Trust and Citizens National are, respec (Signed) Robert P. Forrestal, tively, the second and fifth largest of 12 banks in A ssistant Secretary. St. Petersburg and the second and seventh largest [SEAL] of 34 banks in Pinellas County. Union Trust is more than twice as large as the third largest bank Statement in the county and conducts by far the largest trust Barnett National Securities Corporation, Jack department in the area. The two banks hold, in the sonville, Florida (“Applicant”), a registered bank aggregate, about 29 per cent of the deposits in the holding company, has applied to the Board of city and almost 16 per cent of the deposits in the Governors, pursuant to section 3(a)(3) of the county, and their combined deposits exceed those Bank Holding Company Act of 1956 (12 U.S.C. of the largest bank in the area. 1842(a)(3)), for prior approval of the acquisition Union Trust is located in downtown St. Peters of 80 per cent or more of the voting shares of (1) burg, and serves the entire city. Citizens National, Citizens National Bank of St. Petersburg, St. located west of the downtown area, serves a more Petersburg, Florida (“Citizens National”), and (2) limited geographical area lying almost wholly Union Trust National Bank of St. Petersburg, St. within that served by Union Trust. Until 1965, the Petersburg, Florida (“Union Trust”). Although two banks were competitors; at that time Citizens each of these proposals is the subject of a separate application and Board Order, this Statement con ' All banking data arc as of December 31, 1968, unless tains the Board’s findings and conclusions with otherwise noted, adjusted to reflect holding company ac respect to both applications because many of the quisitions approved by the Board to date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 617 National was faced with serious financial and man ments with Directors of the two banks with respect agement difficulties and Union Trust, at the request to the two proposed acquisitions, Directors of both of principal stockholders of Citizens National and banks insisted on the interdependence of the two with the encouragement of the bank’s supervisors, proposals, and each of the agreements reached pro endeavored to assist its recovery. To that end, a vides that the subject bank cannot be acquired corporation controlled by stockholders of Union separately without the consent of the Directors of Trust was established and acquired a majority of that bank to a modification of the agreement. Ap the shares of Citizens National; a voting trust plicant, however, while expressing doubt that such agreement, which expires in 1976, covers a ma consent could be obtained, indicates that it “would jority of the shares of the corporation and provides give serious consideration” to requesting such con further assurance of control of Citizens National sent if only one of the applications is approved. by stockholders of Union Trust. A majority of the Acquisition of either bank by Applicant, leaving directors of Citizens National also serve as direc the other under its present ownership, would have tors of Union Trust, and eight of the ten trustees the effect of breaking the present affiliation, with under the voting trust agreement are directors of the prospect that they would become competitors. both banks. Should this be accomplished through acquisition of Although the relationship between the two banks Union Trust, however, it is doubtful that Citizens precludes the existence of meaningful competition National, which has not fully recovered from its between them at present, the recent origin and cir earlier difficulties, could compete effectively; the cumstances of that relationship make difficult any competitive benefits of that action therefore may assessment of its probable duration. Acquisition of be illusory, anil in any case would be outweighed both banks by Applicant, however, would make by the risk to the viability of Citizens National affiliation of the banks permanent, thereby fore which would be created by depriving it of its closing any likelihood of future competition be present support without providing an alternative. tween them and eliminating the potential for com In addition, as earlier noted, consummation of that proposal would tend to perpetuate present concen petition which could result if the present common tration in the St. Petersburg area. Acquisition of a ownership were dissipated. That consideration, in bank of the size of Union Trust is clearly not neces and of itself adverse to favorable actions on both sary to Applicant’s effective entry into the St. applications, takes on added significance in the light Petersburg market, and entry through that means of the size of the two banks relative to other banks would eliminate the potential for deconcentration in the relevant areas and in view of Applicant’s and for increased competition which would result standing as one of the largest banking organiza from Applicant’s acquisition of Citizens National tions in the State. Acquisition of Union Trust, or some other bank smaller than Union Trust. which is not only one of the largest banks in the Acquisition by Applicant of Citizens National St. Petersburg area, but the fourth largest inde would be in furtherance of the goal of preserving pendent bank in the State, by one of the State’s and promoting competition in the St. Petersburg largest banking organizations, would tend to per market. Not only would that acquisition remove petuate existing concentration in the local area and the impediment to competition which the present increase barriers to new entry by others into that common ownership of Citizens National and Union area. Also, if the precedent established were fol Trust represents, but affiliation with Applicant lowed by allowing other large holding companies would afford Citizens National the financial and to acquire banks of similar size in other areas, managerial resources which it requires in order to domination of many of the State's significant mar become an effective competitor. Applicant’s entry kets by a small number of large organizations could into the St. Petersburg area through that means result. Approval of the acquisition of both Union would tend to decrease the concentration of de Trust and of the fifth largest bank in the St. Peters posits in the larger banks in the area, without ap burg area by the same large organization would preciably raising the barriers to entry by others, compound those anticompetitive effects, and, in the anil without undue adverse effects on competing Board’s view, cannot be justified absent the most banks in the area. compelling circumstances bearing upon the con Summarizing the effects of Applicant’s proposals venience and needs of the communities involved. on competition, it is the Board’s conclusion that Applicant indicates that, in negotiating agree consummation of both proposals may have the ef- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
618 FEDERAL RESERVE BULLETIN □ JULY 1969 feet of substantially lessening future competition in Citizens National, regardless of whether or not the the St. Petersburg area. Acquisition of Union Trust application with respect to Union Trust is also ap only, while competitively preferable to acquisition proved. Such considerations provide only limited of both banks, would still have significant anticom weight in support of approval of the application of petitive effects. However, acquisition of Citizens Union Trust, but are consistent with such action National only would be consistent with the preser provided that the application with respect to Citi vation of sound banking competition, both in the zens National is also approved. Because of the un St. Petersburg area and in the State of Florida. usual circumstances of this case, Applicant’s acqui Financial and managerial resources and future sition of Union Trust would have adverse effects on prospects. Applicant’s financial condition, manage the banking factors as they apply to Citizens Na ment, and prospects arc regarded as satisfactory. tional, unless coupled with approval of the acquisi These conclusions also apply with respect to Appli tion of the latter bank. cant’s present subsidiary banks, except that some of Convenience and needs of the communities in the subsidiaries are considered to need additional volved. The convenience and needs of customers capital; Applicant, however, has indicated plans to located in areas served by Applicant’s present sub remedy these capital deficiencies at an early date. sidiary banks would not be affected by the proposed The financial condition of Citizens National, de acquisition. spite the efforts of supervisory authorities and of It docs not appear that there are significant un Union Trust over the last several years, continues served hanking needs in the St. Petersburg area. to be less than satisfactory, with asset weakness Acquisition of Citizens National, however, would and a need for additional capital. The bank has an provide the means for upgrading the services of excellent location, and its prospects, which are un that bank. In particular, strong demand for trust certain at present, would be favorable if its prob services exists in St. Petersburg, which is a retire lems received appropriate attention under strong ment area, and improvements which Applicant management leadership. It appears that Citizens could effect in the trust services offered by Citizens National needs an affiliation with a large organiza National would provide a significant alternative tion in order to cope with these weaknesses, and supplier of a service presently dominated by Union the present affiliation with Union Trust has been Trust. Convenience and needs considerations there beneficial to it. However, Union Trust, as noted fore provide some additional weight in support of hereafter, itself has some management difficulties, the proposed acquisition of Citizens National. and Applicant’s greater ability to provide immedi Acquisition of Union Trust would not permit ate strong management and its assurances of finan Applicant to offer the community any services cial support weigh heavily in favor of approval of which it could not provide through acquisition of its proposed acquisition of Citizens National. Citizens National, or which Union Trust could not Union Trust is in generally satisfactory financial provide on its own initiative. Considerations bear condition. As a result of the recent retirement of ing upon community convenience and needs there one of its senior officers, and the prospective retire fore provide no significant weight toward approval ment of others, coupled with a lack of qualified of that proposal. successors at the bank’s middle management level, Summary and conclusion. Based on the fore Union 1'rust has some management deficiencies. going, it appears that consummation of Applicant’s Applicant has provided assistance to the bank in proposed acquisition of Citizens National would that regard pending the Board’s ruling on its appli promote competition in the St. Petersburg area, cation to acquire Union Trust, and undoubtedly would lead to needed improvements in the financial that acquisition would facilitate permanent resolu condition and prospects of the bank, and would tion of these difficulties. It appears, however, par serve the convenience and needs of the area. Acqui ticularly in the light of Union Trust’s size and its sition of both Citizens National and Union Trust, strong position in an attractive area, that necessary however, would have significant anticompetitive management could be obtained without Applicant’s effects which are not outweighed by any other con assistance. Therefore, the bank’s prospects are re siderations. Acquisition of Union Trust, but not garded as favorable regardless of whether it be Citizens National, would also have anticompetitive comes a subsidiary of Applicant. effects, and, in addition, would involve unaccept Considerations under these factors provide able risks with respect to the future of the latter strong support for Applicant’s proposal to acquire bank. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 619 On the basis of all relevant facts contained in the months after the dale of this Order unless such record, and in the light of the factors set forth in time shall be extended by the Board, or by the section 3(c) of the Act, it is the Board’s judgment Federal Reserve Bank of Chicago pursuant to that: delegated authority. 1. The proposed acquisition of Citizens National Dated at Washington, D.C., this 1st day of July, would be in the public interest, and that application 1969. ” ' ’ should be approved; By order of the Board of Governors. 2. The proposed acquisition of Union Trust Voting for this action: Chairman Martin and Gov would not be in the public interest, and that appli ernors Robertson, Mitchell, Maisel, Brimmer, and cation should be denied. Sherrill. Absent and not voting: Governor Daane. (Signed) Robert P. Forrestal, Assistant Secretary. THE MARINE CORPORATION, MILWAUKEE, WISCONSIN [seal | In the matter of the application of the Marine Statement Corporation, Milwaukee, Wisconsin, for approval of acquisition of 80 per cent or more of the votinp The Marine Corporation, Milwaukee, Wisconsin shares of The First State Hank, West Fend, Wis (“Applicant”), a registered bank holding company, consin. has applied to the Board of Governors, pursuant to section 3(a)(3) of the Bank Holding Company Order Approving Application Under Act of 1956 (12 U.S.C. 1842(a)(3)), for prior approval of the acquisition of 80 per cent or more Bank Holding Company Act of the voting shares of The First State Bank, West There has come before the Board of Governors, Bend, Wisconsin (“Bank”). pursuant to section 3(a)(3) of the Bank Holding Applicant controls 13 banks with aggregate total Company Act of 1956 (12 U.S.C. 1842(a)(3)) deposits of approximately $582 million.1 Bank, and section 222.3(a) of Federal Reserve Regula operating one office in the city of West Bend in tion Y (12 CFR 222.3(a)), an application by The Washington County, Wisconsin, has total deposits Marine Corporation, Milwaukee, Wisconsin, for of approximately $11 million. the Board’s prior approval of the acquisition of 80 Views and recommendation of supervisory au per cent or more of the voting shares of The First thority. As required by section 3(b) of the Act, State Bank, West Bend, Wisconsin. notice of receipt of the application was given to the As required by section 3(b) of the Act, the Wisconsin Commissioner of Banking, and his views Board gave written notice of receipt of the applica and recommendation were requested. Fie stated tion to the Wisconsin Commissioner of Banking that he would take no action to disapprove of the and requested his views and recommendation. He application. advised the Board that he would take no action to Statutory considerations. Section 3(c) of the disapprove of the application. Act provides that the Board shall not approve an Notice of receipt of the application was pub acquisition that would result in a monopoly or lished in the Federal Register on April 22, 1969 would be in furtherance of any combination or con (34 Federal Register 6749), providing an oppor spiracy to monopolize or to attempt to monopolize tunity for interested persons to submit comments the business of banking in any part of the United and views with respect to the proposal. A copy of States. Nor may the Board approve a proposed the application was forwarded to the United States acquisition the effect of which, in any section of Department of Justice for its consideration. Time the country, may be substantially to lessen com for filing comments and views has expired and all petition, or to tend to create a monopoly, or which those received have been considered by the Board. in any other manner would be in restraint of trade, It is hereby ordered, for the reasons set forth unless the Board finds that the anticompetitive in the Board’s Statement of this date, that said effects of the proposed transaction are clearly outapplication be and hereby is approved, provided that the action so approved shall not be consum 1 Banking data are as of December 31, 1968, unless otherwise noted, refer to insured commercial banks, and mated (a) before the thirtieth calendar day follow reflect holding company formations and acquisitions ap ing the date of this Order or (b) later than three proved by the Board to date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
620 FEDERAL RESERVE BULLETIN □ JULY 1969 weighed in the public interest by the probable elTeet The data presented reflect that Applicant’s acqui of the transaction in meeting the convenience and sition of Bank would not have ;t substantially ad needs of the community to be served. In each case verse impact upon the degree of concentration of the Board is required to take into consideration the banking resources in the State, nor in any of the financial and managerial resources and future pros relevant service areas. On the record before the pects of the bank holding company and the banks Board, it is concluded that the proposed affiliation concerned, and the convenience and needs of the would not result in a monopoly nor be in further community to be served. ance of any combination or conspiracy to monopo Competitive effect of the proposed transaction. lize or attempt to monopolize the business of bank The 10 largest banking organizations in Wisconsin, ing in any relevant area. which include eight bank holding companies, con Considering next the probable effect of consum trol approximately $3 billion of total bank deposits mation of Applicant’s proposal on existing or po in the State or about 39 per cent of such deposits, tential competition, the Board finds that, these con '(’he three largest, all holding companies, control siderations present no bar to approval of the appli about 30 per cent. The largest controls almost 17 cation. Applicant states that no service area of any per cent. Applicant, the second largest, controls 6.8 of Applicant’s subsidiaries overlaps Bank’s service per cent. After acquisition of Bank, Applicant area, and that deposit and loan overlap between would still rank second and would control an addi Bank and Applicant’s subsidiaries is negligible. No tional .1 per cent of total bank deposits in the State. banking alternative in the service area would be Thus, acquisition of Bank would have only a neg eliminated by consummation of the proposed acqui ligible effect on Applicant’s market share. sition. The Milwaukee Standard Metropolitan Statisti As stated earlier, Applicant’s subsidiary nearest cal Area (“SMSA”) includes Milwaukee, Ozaukee, to Bank is 16 miles away. Although an intervening Waukesha, and Washington counties. Applicant distance of 16 miles does not preclude the develop ranks third among the five holding companies in ment of competition, there appears to be little like the SMSA and controls 13.8 per cent of deposits lihood of any significant competition developing in the area. The addition of Bank to Applicant’s between West Bend and Germantown banks, par system would increase that percentage to 14.1. ticularly as the Germantown area growth seems to On the basis of total deposits, Bank is the second be related to the northward growth of Milwaukee, largest of 1 1 banks located in Washington County. whereas the West Bend area apparently has devel The county’s largest bank, with approximately $26 oped as an industrial area independent of the Ger million of deposits and control of 31 per cent of mantown and Milwaukee areas. Inasmuch as Bank county deposits, is also located in West Bend. Ger appears to be a weak competitor in an expanding mantown Marine Bank (deposits of less than $5 community, consummation of the proposed appli million), a subsidiary of Applicant, is also located cation should improve Bank’s competitive ability, in Washington County but is about 16 miles south and stimulate competition in Bank’s service area, east of Bank. Consummation of the proposal herein without having any undue adverse effect on com would give Applicant control of about 18 per cent petitors. of deposits in the counly. The Board concludes that consummation of the Bank’s primary service area is represented as proposed transaction would not substantially lessen forming a five by five mile square with the city of competition, tend to create a monopoly, nor in any West Bend in the center and about one mile of other manner restrain trade in any relevant section farming and recreational area on each side of the of the country. city. West Bend is approximately 33 miles north Financial and managerial resources and future west of Milwaukee. Bank’s primary service area is prospects. The financial condition of Applicant and estimated to contain 24,500 persons. In that area, its present subsidiaries is generally satisfactory; and Bank holds less than 24 per cent of the deposits management is considered competent. Future pros held by the three banks that compete in the area. pects for the group appear favorable. The largest bank in that service area holds close to Bank’s prospects arc also considered favorable 55 per cent of the deposits in the area, and the third and its management and financial condition are competitor (located outside the area, about seven judged to be satisfactory. However, the record miles northwest of Bank) holds close to 22 per shows that Bank’s management has been overly cent of such deposits. conservative in the operation of Bank; and the ad- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 621 vanced ages of the two principal executive officers ATLANTIC BANCORPORATION and (77 anil 70) indicate that successor management THE ATLANTIC NATIONAL BANK, BOTH OF JACKSONVILLE, FLORIDA will be needed in the near future. Bank would bene fit from the additional management strength and In the matter of the applications of Atlantic aggressive operation that Applicant could provide. liancorporatioti and The Atlantic National Bank of The Board concludes that considerations under the Jacksonville, both of Jacksonville, Florida, for ap banking factors are consistent with ttnd lend some proval of acquisition of 60 per cent or more of the weight towards approval. votinn shares of Normandy Atlantic Bank, Jack sonville, Florida, a proposed new bank. Convenience and needs of the community in volved. West Bend, a manufacturing community Order Approving Acquisition op Bank Stock with a population of approximately 16,500, has hy Bank Holding Companies shown steady commercial and residential expan There have come before the Board of Gover sion. Several of the larger companies that started in nors, pursuant to section 3(a)(3) of the Bank this city have an international business. Applicant Holding Company Act of 1956 (12 U.S.C. reports that the West Bend banks have not served 1842(a)(3)) and section 222.3(a) of Federal Re the community’s banking needs adequately. It ap serve Regulation Y (12 CFR 222.3(a)), applica pears that the credit needs of the principal indus tions by Atlantic Bancorporation, and The Atlantic trial businesses in the area exceed the loan limits National Bank of Jacksonville, both of which are of the banks located in or near West Bend and that registered bank holding companies located in Jack some local credit needs are being served by banks sonville, Florida, for the Board’s prior approval of in other cities. Applicant proposes to effect more the acquisition of 60 per cent or more of the voting shares of Normandy Atlantic Bank, Jacksonville, aggressive credit policies for Bank and a program Florida, a proposed new hank. of loan participations with other banks in Appli Inasmuch as one of the Applicants is a national cant’s systems without the loss to Bank of deposit bank and the proposed bank is to be a State bank, balances. Applicant also proposes to assist Bank to pursuant to section 3(b) of the Act, written notices install accounts receivable financing, foreign trade of the applications were given to, and views and banking, savings account on-line computer service, recommendations requested of, the Comptroller of check credit service and improved fiduciary serv the Currency and the Commissioner of Banking of ices; to provide trained personnel skilled in various the State of Florida. Each recommended approval types of credit administration; to assist in studying of the applications. and providing needed changes in parking facilities Notice of receipt of the applications was pub and drive-in and walk-up windows; and to intro lished in the Federal Register on April 5, 1969 (34 duce more attractive rates on certificates of deposit Federal Register 6214), providing an opportunity for interested persons to submit comments and and passbook time deposits. It appears that Appli views with respect to the proposed transaction. A cant can and will assist Bank to become a stronger copy of each of the applications was forwarded to and more aggressive competitor and to serve the the United States Department of Justice for its con area more fully. T'hc local availability of improved sideration. Time for filing comments and views and expanded services as proposed would be bene has expired and all those received have been con ficial to the area as well as to Bank. Considerations sidered by the Board. relating to the convenience and needs of the com It is hereby ordered, for the reasons set forth munity served by Bank provide weight in favor of in the Board’s Statement of this date, that said ap approval of the application. plications be and hereby are approved, provided that the acquisitions so approved shall not be con Summary and conclusion. On the basis of all the summated (a) before the thirtieth calendar day fol relevant facts contained in the record, and in the lowing the date of this Order or (b) later than light of the factors set forth in section 3(c) of the three months after the date of this Order unless Act, it is the Board’s judgment that the proposed such period is extended for good cause by the transaction would be in the public interest and that Board or by the Federal Reserve Bank of Atlanta, the application should be approved. pursuant to delegated authority, and that Nor- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
622 FEDERAL RESERVE BULLETIN □ JULY 1969 mandy Atlantic Bank shall be open for business not unless the Board finds that the anticompetitive ef later than six months after the date of this Order. fects of the proposed transaction are clearly out Dated at Washington, D.C., this 9th day of weighed in the public interest by the probably July, 1969. effect of the transaction in meeting the conveni By order of the Board of Governors. ence and needs of the community to be served. In each case the Board is required to take into con Voting for this action: Chairman Martin and Gov sideration the financial and managerial resources ernors Robertson, Mitchell, Daane, Maisel, Brimmer, and Sherrill. and future prospects of the bank holding company and the banks concerned, and the convenience and (Signed) Robert P. Forrestal, needs of the community to be served. Assistant Secretary. Competitive effect of the proposed transaction. [seal] T he Bank’s proposed service area would encom pass a portion of the west side of the City of Jack Statement sonville, all within Duval County, which is coex Atlantic Bancorporation (“Bancorporation”) tensive with the Jacksonville Standard Metropoli and The Atlantic National Bank of Jacksonville tan Statistical Area. The proposed service area has (“Atlantic National”), both registered bank hold a population estimated at 50,000, and is of a ing companies located in Jacksonville, Florida, mixed residential and commercial nature. Three have applied to the Board of Governors, pursuant bank holding companies control 14 banks in the to section 3(a)(3) of the Bank Holding Company County and 80 ’ per cent of the total deposits of Act of 1956 (12 U.S.C. 1842(a)(3)), for prior all banks in the County. Bancorporation, the approval of the acquisition of 60 per cent or more largest of the three bank holding companies, con of the voting shares of Normandy Atlantic Bank, trols 33.3 per cent of total deposits. While deposits Jacksonville, Florida, (“Bank”), a proposed new control in the County is relatively heavy, there bank. would be no immediate increase in such concen Bancorporation has 1 1 majority-owned sub tration, since Bank is to be newly established. Since sidiary banks, including Atlantic National. Atlantic June 1963 there has in fact been a decline in the National is a bank holding company because of its percentage of total County deposits controlled by ownership of more than 25 per cent of the voting Bancorporation (from 36.5 per cent to 33.3 per shares of Bancorporation and, thus, its indirect cent). ownership of the voting shares of the banks directly The Bank would be the only bank located in its owned by Bancorporation. The proposed acquisi proposed service area, and, based on estimated de tion would be made by Bancorporation. posits after three years of operation ($6.3 million), Views and recommendations of supervisory au would be the smallest of the six banks competing thorities. Inasmuch as one of the Applicants is a in that area. Two of the five others are subsidiaries national bank and the proposed Bank is to be a of Bancorporation. One of these, Atlantic National, State bank, pursuant to section 3(b) of the Act Bancorporation’s lead bank, is located 7.3 miles written notices of the applications were given to, from Bank’s proposed site, and, according to Ap and views and recommendations requested of, the plicant, derives less than 2 per cent of its total Comptroller of the Currency and the Commissioner deposits from Bank’s service area; Applicants’ other of Banking of the State of Florida. Each recom subsidiary bank is located 4.5 miles away and mended approval of the applications. draws less than 1 per cent of its total deposits from Statutory considerations. Section 3(c) of the that area. The other three banks competing in Act provides that the Board shall not approve an Bank’s proposed service area are all subsidiaries of acquisition that would result in a monopoly or large holding companies. Because of the distance would be in furtherance of any combination or con separating the proposed affiliate banks and Bank, spiracy to monopolize or to attempt to monopolize the number of intervening banks, and the existing the business of banking in any part of the United prohibition in the State against branch banking, it States. Nor may the Board approve a proposed appears that Bancorporation’s two subsidiaries acquisition the effect of which, in any section of presently competing in the area could not readily the country, may be substantially to lessen com increase their competitive force in Bank’s service petition, or to tend to create a monopoly, or which ’All banking data are as of December 31, 1968, unless in any other manner would be in restraint of trade, otherwise noted. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
LAW DEPARTMENT 623 area. Consummation of the acquisition of the proposed management appears competent, and its newly organized Bank would not result in elimina prospects appear favorable. tion of any present competition, and since Bank Considerations relating to the banking factors will not be established unless the applications are are regarded as consistent with approval of the approved, the potential for forccolsure of future application. competition is not an issue. Convenience and needs of the communities in Bancorporation is the third largest bank holding volved. Banking services adequate to the needs of company and banking organization in Florida. 'The customers in Bank’s proposed service area appear 13 bank holding companies which operate, or are to be presently provided by the banks serving the about to begin operations, in the State (including area, and there is no evidence that any major three whose applications for formation have been banking needs are going unserved. While Bank’s recently approved by the Board) control 41 per service area has expanded less vigorously than cent of total deposits in the State. Assuming that other sections of Duval County, Bank’s area ap Bank’s deposits growth in three years occurs as pears to be emerging from a period of economic projected, the existing deposits concentration in the stagnation. Commercial development, present and State would be increased by about .1 per cent. potential, offers a promising economic future to In the light of the foregoing facts and findings, the area. Bank’s establishment could provide addi the Board concludes that consummation of the tional economic stimulus, and a convenient source proposed acquisition would not result in a monop of banking services to tin area where there is no oly or be in furtherance of any combination, con evidence of proposed entry by an independently spiracy, or attempt to monopolize the business of owned bank. banking in any area. It does not appear that the Considerations relating to the convenience and effect of the transaction would be to restrain trade, needs of the community which Bank would serve to substantially lessen competition, or to tend to provide some weight in favor of approval of the create a monopoly in any section of the country. application. Financial and managerial resources and future Summary and conclusion. On the basis of all prospects. The financial condition, management, relevant facts contained in the record, and in the and prospects of Bancorporation and its subsidiary light of the factors set forth in section 3(c) of the banks tire regarded as satisfactory. Act, it is the Board’s judgment that the proposed Bank’s organization has received the preliminary acquisition would be in the public interest, and approval of the Comptroller of the State of that the application should be approved. Florida. Its proposed capital appears adequate, its Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Announcements CHANGES IN THE BOARD’S STAFF ized primarily for interbank transactions by an The Board of Governors of the Federal Reserve amendment to the Federal Reserve Act in 1918. System announced the following promotions in the With demand for them shrinking, printings of new Division of Research and Statistics, effective June notes of these denominations were discontinued in 30, 1969: 1946, and the supply that was on hand at that J. Charles Partee, formerly Associate Director, time has now diminished to the point where con was named Director of the Division, succeeding tinued issuance of such notes would require addi Daniel H. Brill who resigned. Mr. Partee was also tional printings. Surveys have indicated that trans named Adviser to the Board. actions for which the large-denomination notes have Stephen H. Axilrod was promoted from Adviser been used could be met by other means, such as to Associate Director. checks or $100 notes. All existing supplies of large-denomination bills Lyle E. Gramley, formerly Adviser, became As sociate Director. at the Federal Reserve Banks will be turned over to the 'Treasury for destruction as will circulating Peter M. Keir was promoted from Assistant notes that find their way back to the Reserve Banks Adviser to Associate Adviser. in the normal course of business. Joseph S. Zeiscl, formerly Chief, National In The Federal Reserve will continue to issue notes come, Labor Force, and Trade Section, was ap in denominations of $1, $5, $10, $20, $50, and pointed an Assistant Adviser. He received his B.S. $100. Currency comprises only about 25 per cent degree from New York University and his M.A. of the nation’s money supply, the vast bulk of and Ph.D from American University. Prior to his which is made up of demand deposits (checking joining the Board’s stall in 1966, Mr. Zeisel served as accounts). the Deputy Assistant Director for Research, Office The sharp decline since World War II in the of Manpower Policy, Evaluation and Research, U.S. number of large-denomination notes in circulation Department of Labor. is shown in the following end-of-year figures: 1945 1968 APPOINTMENT OF DIRECTOR $500 ........... ......... 903,404 488,295 Mr. James H. Stanard, Vice President of the First $1,000 ............... 797,852 291,894 National Bank of McMinnville, Oregon, was ap $5,000 ........... 1,405 634 pointed on July 3, 1969, as a director of the Port $10,000 . ........... 2,327 383 land Branch of the Federal Reserve Bank of San Francisco, for the remainder of a term expiring NEW PUBLICATION December 31, 1970. Mr. Stanard succeeds Mr. The publication “Report of the Joint Treasury- Charles F. Adams, President of The Oregon Bank, Federal Reserve Study of the U.S. Government Portland, who had been serving as a director since Securities Market” is available for distribution. January 1, 1967. Copies may be obtained from Publications Services, Division of Administrative Services, Board of Gov ernors of the Federal Reserve System, Washington, DISCONTINUANCE OF CURRENCY D.C. 20551. The price is 25 cents per copy; in The Federal Reserve System and the Treasury De quantities of 10 or more sent to one address, 20 partment announced on July 14, 1969, that the cents each. issuance of currency in denominations of $500, $1,000, $5,000, and $10,000 will be discontinued. OVERSEAS BRANCHES OF MEMBER BANKS Use of these large denominations hits declined sharply over the last two decades, and the need Total assets of the overseas branches of member for them appears insufficient to warrant the added banks increased by $7.4 billion, or 47 per cent, cost of production and custody of new supplies. between December 31, 1967, and December 31, The large-denomination notes were first author 1968, to a total of $23 billion, the Board of Gov- 624 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
ANNOUNCEMENTS 625 ernors of the Federal Reserve System announced tained by head offices in the Euro-dollar market on June 18, 1969. The data include assets and through their foreign branches increased sharply liabilities payable in U.S. dollars as well as those beginning in the spring—reflecting the further payable in currencies of the countries where the tightening of credit conditions in the United States. branches are located and in other foreign cur Loans at overseas branches increased by $2.7 bil rencies. The Board noted that, to an even greater lion, or 41 percent, in 1968. extent than in the previous year, the increases in total assets and deposits during 1968 were ac counted for by the branches in Europe, particularly ADMISSION OF STATE BANK TO in London. In the European branches almost 90 MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM per cent of the deposit growth was in time deposits, The following bank was admitted to membership mainly Euro-dollars. in the Federal Reserve System during the period Amounts due from head office and LJ.S. branches June 16, 1969, through July 15, 1969: rose by $2.1 billion, in contrast to the small net New Jersey change in those balances in 1967. Balances ob East Paterson.....................Elmwood State Bank ASSETS AND LIABILITIES OF OVERSEAS BRANCHES OF MEMBER BANKS, END OF YEAR, 1967 AND 1968 (In millions of dollars, unless otherwise indicated) U.S. En I g re la l n a d n d and Co E n u ti r n o e p n e tal Am La e t r in ica Far Fast ove a r n s d e a t s r u a s r t e as Oti er Total Item territories 1967 1968 1967 1968 1967 1968 1967 1968 1967 1968 1967 1968 1967 1968 Assets C?ash.........................1..,..5..4...3.. 2.201 441 638 212 251 137 150 43 42 21 53 2,397 3,335 Loans................................. 3,155 4,933 1,120 1 .416 591 880 1 .047 1 ,308 500 551 137 137 6,551 9.225 Due from head offices and U.S. branches . . 2,712 4,291 359 923 1 19 97 422 418 411 411 21 7 4,054 6,147 Other................................... 768 1 .752 801 1 , 144 348 508 660 787 11 33 78 87 2,665 4,311 Total.......................... 8.178 13,177 2,721 4,121 1 ,270 1 .736 2,267 2,663 965 1 ,037 257 284 15,658 23,018 Liabilities Deposits: Demand................... 838 1.343 569 623 511 570 439 513 245 294 103 100 2,705 3,443 Time............................... 6.534 10.501 1,454 2,283 372 638 777 839 492 505 1.38 166 9,767 14,932 Due to head offices and U.S. branches . . 32 64 28 105 53 152 209 193 213 223 1 1 536 738 Other................................... 774 1 ,269 669 1.110 334 376 842 1,118 15 15 16 17 2,650 3,905 Total.......................... 8,178 13,177 2,721 4,121 1.270 1 ,736 2,267 2,663 965 1,037 257 284 15,658 23,018 Number of branches.. 25 35 34 46 133 178 63 72 31 35 9 9 295 375 Note.—Data are from Board of Governors of the federal Reserve System. MARGIN REGULATIONS FOR OTC STOCKS and can obtain credit for the remaining 20 per cent. On July 7, 1969, the Board of Governors of the The margin requirement to purchase or carry bonds Federal Reserve System published the following list convertible into margin stocks is 60 per cent. of about 290 over-the-counter (OTC) stocks that In the past, only stocks listed on national ex became subject to its margin regulations at the changes were subject to margin requirements as opening of business on July 8, 1969. The list will were bonds convertible into listed stocks. Pursuant serve as a guide for lenders subject to the regu to an Act (P.L. 90-437) adopted by Congress in lations and for the general public. 1968, the Board amended its margin Regulations G, Margin regulations generally limit the amount of T, and U to include OTC stocks that have char credit a person or firm may obtain to buy or carry acteristics similar to stocks registered on national securities. Stocks on the OTC list will be subject exchanges. to the same 80 per cent margin requirements as Amendments to Regulations G, T, and U, in stocks listed on national exchanges. This means a cluding the criteria used to select the OTC margin person or firm buying a stock on credit must make stocks, were issued by the Board on June 9 with a downpayment of 80 per cent of the purchase price an effective date of July 8, 1969. Regulation G Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
626 FEDERAL RESERVE BULLETIN a JULY 1969 applies to credit provided by persons other than Loans made prior to that date are unaffected by banks, brokers, or dealers to purchase or carry the new amendments. margin securities; Regulation T concerns credit by Stocks will be added to the OTC list, or deleted, brokers, dealers, and members of national securities as deemed appropriate, and up-dated lists will be exchanges for the same purpose; Regulation U published by the Board of Governors from time to applies to credit by banks. time. Inquiries relating to the list (now or in the Margin requirements on OTC stocks apply only future) or to Regulations G, T, and U should be to loans made on July 8, 1969, and thereafter. addressed to the nearest Federal Reserve Bank. OTC MARGIN STOCKS ' (as of July 8, 1969) A. C. Nielsen Co. Anadite, Inc. Sec Nielsen, A. C., Co. No par value, common Acushnet Company Anchor Corporation $1.00 par value, common Class B, non-voting, common Addison-Wesley Publishing Co., Inc. Anheuser-Busch, Incorporated Class B, no par value, common $1.00 par value, common Advance Ross Corporation Applebaums Food Markets, Inc. Common stock, $.10 par value $1.00 par value, common Alexander and Bai.dwin, Inc. Arden-Mayfair, Inc. Common capital stock without par value Common Allegheny Beverage Corporation Arkansas-Missouri Power Company Common stock, par value $1.00 $2.50 par common Alpine Geophysical Associates, Inc. Arkansas Western Gas Company $.10 par value, common $2.50 par value, common American District Telegraph Company Arvida Corporation Full paid and non-assessable par value $1.00 Common each, common Associated Coca-Cola Bott. Co., Inc American Express $1.00 par common $1.66-2/3 par common Atlanta Gas Light Company American Fidelity Life Ins. Co. (Fla.) $5.00 par common $ 1.00 par common Aztec Oil & Gas Company American Furniture Company, Inc. $1.00 par common $1.00 par value, common Baird-Atomic, Inc. American Greetings Corporation Common, $1.00 par value Class A, par value $1.00 Bankamerica Corporation American Heritage: Life Ins. Co. (Fla.) Common capital stock $ 1.()() par common Tin: Bank of California, N. A. American Maize-Products Company $10.00 par value common capital Without par or face value, common The Bank of New York $15.00 par common American National Ins. Co. (Texas) $1.00 par value, common Barber-Greene Company $5.00 par common American Nuclear Corporation $.04 par value, common Baystate: Corporation Common American Pipe and Construction Co. Betz Laboratories, Inc. Common, par value $5.00 10 cents par common American Presidents Life Ins. Co. Bibb Manufacturing Company $1.00 par value, common Common American Re-Insurance: Co. Bio-Dynamics, Inc. Capital stock, $5.00 par value No par value common capital American Security and Trust Company BMA Corporation (Unit) (Washington, D.C.) $2.00 par common $3.33-1/3 par value, capital Bolt, Beranek, and Newman, Inc. American Welding & Manufact uring Co. Common, no par value Common, no par value Brenco, Incorporated $1.00 par common ' Stocks appearing on this list have not been approved Browning Arms Company Capital, $1.00 par value by the Board in any way, and representation by any per son that their appearance on the list indicates approval The Brush Beryllium Company by the Board or any Government agency is unlawful. $1.00 par common Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
ANNOUNCEMENTS 627 Buckbee-Mears Company De Luxe Check Printers, Inc. Common, par value $.10 $1.00 par common California-Western States Life Insurance Co. The: Detroit Bank and Trust Company $2.50 par common capital Capital, $10.00 par value Capital Holding Co. (Ky.) Diamond Crysial Salt Company $1.00 par common $2.50 par value, common Capitol International Airways, Inc. Disc, Inc. $1.00 par value, common Class A common, par value $1.00 Carson Pirie Scorr & Co. Tin: Downtowner Corporation Common shares Common, par value $1.00 Cascade Natural Gas Corporation Drew Naiionai. Corporation $1.00 par value, common $1.00 par common Central Vermont Public Service Corp. The Duriron Company, Inc. $6.00 par common $1.25 par value, common Cheasapeake Instrument Corporation Eastern Shopping Centers, Inc. $1.00 par common $5.00 par common The Citizens and Southern National Bank of Edgcomb Steel Company Georgia Common, $5.00 par value $5.00 par common Eli Lilly and Co. Citizens Utilities Company See Lilly, Eli, and Co. $1.00 par common, Series A El Paso Electric Company $1.00 par common, Series B Common, no par value The Cleveland Trust Company Empire Life Ins. Co of America (Tex.) Capital $1.00 par value, common Clinton Oil Company Energy Resources Corpora pion $.10 par common Common Coastal States Life Insurance Co. El’SCO, INCORPORA FED Common capital, $1.00 par value Common, without par value Cognitronics Corporation Erie Technological Products, Inc. $.20 par common $2.50 par value, common Colonial Stores, Incorporated Eabri-Thk, Inc. $2.50 par common Common Combined Insurance Co. of America Farmers New World Life Ins. Co. $1.00 par value, common $1.00 par common Commonwealth Telephone Company Farrington Manufacturing Company $6.66-2/3 par value, common Common, no par value Computer Usage Co., Inc. The Federal Company $25 par common $12.00 par value, common Connecticut General Insurance Corp. The Fidelity Corporation of Penna. $2.50 par common $1.00 par value, common Continental Bank and Trust Co. (Pa.) Fidelity Corporation (Virginia) $5.00 par common $1.00 par value, common Continental Computer Associates, Inc. Fidelity Union Life Ins. Co. (Texas) No par value, common $1.25 par value, common Contran Corporation Fidelity Union Trust Company (N. J.) $.50 par value, common $5.00 par value, capital Cooper Laboratories, Inc. First and Merchants Corp. (Va.) Common $10.00 par value, common The Cornelius Company First Bank System, Inc. (Minnesota) Common, $.20 par value $5.00 par value, common Crocker-Citizens National Bank First Merchants National Bank, Asbury Park Capital $2.50 par value, common capital The Cross Company First Mortgage Investors (Mass.) Common, $5.00 par value Shares of Beneficial Interest DPA, Inc. First National Life Ins. Co. (Ala.) Common, $1.00 par value $1.00 par common (ClassA) Dallas Airmotive, Inc. The First National Bank of Boston $1.00 par common Capital, $12.50 par value Dalto Electronics Corporation The First National Bank of Chicago Common, $.50 par value $20.00 par capital Dayton Corporation First National Bank in Dallas Common, $1.00 par value $10.00 par common Delhi Australian Petroleum, Ltd. Firsi Naiionai. Hldg. Corp. (Memphis) $.10 par common $10.00 par common Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
628 FEDERAL RESERVE BULLETIN □ JULY 1969 Tin; First Pennsylvania Banking and Trust Indiana Gas Co., Inc. Company Common, without par value Capital, par value $5.00 Integon Corporation First Virginia Bankshares Corp. Common Common International Book Corporation Florida Telephone Corporation $.02 par value, common Class A, Common International Milling Co., Inc. Food Fair Properties, Inc. Common, $1.00 par value Common, 1 cent par value Interstate Life, and Accident Insurance Co. The Franklin Life Insurance Co. (Ill.) (Tennessee) $2.00 par common $1.00 par value, common Franklin National Bank (New York) Intext, Inc. $5.00 par capital No par value, common The Gas Service Company Iowa Southern Utilities Co. Common, $5.00 par value Common, $10.00 par value Gelman Instrument Company I SI Corporation No par common No par value, common General Aircraft Corporation Jamesbury Corporation $1.00 par value, common $1.00 par value, common Georgia International Corporation Jet Avion Corporation $1.00 par value, common $.10 par value, common Gino’s, Inc. Kaiser Steel Corporation Class A, common Common, 66-2/3 cents par value Girard Trust Bank Kaman Corporation Capital Class A, common, non-voting Gleason Works Kearney & Trecker Corporation Common Common, $2.00 par value Government Employees Insurance Co. Kentucky Central Life Insurance Co. $4.00 par value, common $1.00 par value, common, Class A, non-voting Government Employees Life Ins. Co. Keyes Fibre Company $1.50 par value, common $ 1.00 par common Graphic Controls Corporation Keystone Custodian Funds, Inc. $1.00 par common Class A Great Commonwealth Life Ins. Co. $1.00 par common King Resources Company $1.00 par value, common Green Mountain Power Corporation $3.33-1/3 par value, common Landa Industries, Inc. Grinnell Corporation Common, par value, $.10 No par value, common Liberty Equities Corporation Gulf Life Holding Company Common, $1.00 par value Capital Liberty National Life Ins. Co. (Tex.) Gyrodyne Company of America, Inc. Common capital, par value, $2.00 Common, $1.00 par value Life Insurance Company of Kentucky The. Hanover Insurance Company $1.00 par value, common $10.00 par capital Lilly, Eli, and Company Hardee’s Food System, Inc. Common, $2.50 par value No par, stated value $1.00, common Lin Broadcasting Corporation Hart ford Fire Insurance Co. Common, $2.00 par value Common, par $2.50 Lincoln National Corporation Hawaiian Airlines, Inc. Common, $2.50 par value $3.00 par common Lomas and Nettleton Financial Corp. Heath Tecna Corporation $2.00 par common Common, no par value, $.25 stated value Louisiana & Southern Life Ins. Co. Herff Jones Company $1.00 par value, common Common, no par value MPB Corporation Honolulu Gas Company, Ltd. $2.00 par common Common, $10.00 par value Magnetics, Inc. The Hoover Company $1.00 par common $2.50 common Maine Sugar Industries, Inc. Horizon Corporation Common, $1.25 par value $.01 par value, common Major Realty Corporation Independent Life & Accident Insurance Co. Common, $.01 par value (Florida) Mali.inckrodt Chemical Works Non-voting, common Class A, non-voting, common Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
ANNOUNCEMENTS 629 Management Assistance, Inc. The Ohio Casualty Insurance Co. $.10 par value, common Capital Manufacturers and Traders Trust Co. The Oil Shale Corporation (New York) $.15 par value, common $5.00 par capital The Old Line Life Insurance Co. of America Manufacturers National Bank of Detroit Capital $10.00 par common Ormont Drug & Chemical Co., Inc. Mellon National Bank & Trust Company $.10 par value, common $10.00 par common Otter Tail Power Company Midas International Corporation Common shares Class A, $1.00 par value, common Ozite Corporation Millipore Corporation $1.00 par value, common $.33-1/3 par value, common Pabst Brewing Company The Mohawk Rubber Company Common without par value $1.00 par value, common Parkview-Gem, Inc. Monarch Capital Corporation Common, par value $1.00 $1.00 par value, common Pauley Petroleum, Inc. Monmouth County National Bank Common, par value $1.00 Common capital Pay'n Save Corporation Monumental Corporation Common without par value $5.00 par value, common Pennsylvania Engineering Corporation Murphy Pacific Marine Salvage Co. Common No par common Pennsylvania Gas & Water Company Narragansett Capital Corporation No par value, common (stated value $10.00) $1.00 par common Perini Corporation National Bank of Detroit Common, par value $1.00 $12.50 par value, common Pettibone Mulliken Corporation The National Ch y Bank of Cleveland $10.00 par value $8.00 par value, common Philadelphia Life Insurance Co. The National Lief. Insurance Company of Common, par value $1.00 Florida Till- Philadelphia National Bank $1.00 par value, common Capital National Newark and Essex Bank Philadelphia Suburban Water Co. $3.75 par value, common Capital, $10.00 par value Photon, Inc. National Semiconductor Corporation $1.00 par value, common Common Piedmont Aviation, Inc. National Western Life Ins. Co. (Texas) $1.00 par value, common $1.00 par common. Class A Piedmont Natural Gas Company, Inc. Nationwide Corporation Common Class A, $2.50 par value Pittsburgh National Corporation New England Gas and Electric Association $10.00 par value, common $4.00 par common shares Provident National Bank (Penna.) New Jersey National Bank & Trust Co. $12.00 par value, capital $2.00 par value, common Public Service Co. of North Carolina, Inc. Nicholson Pile Company $1.00 par value, common $1.00 par value, capital Public Service Co. of New Hampshire Nielsen, A. C., Co. $5.00 par value, common $1.00 par value, common, Class A Public Service Co. of New Mexico North American Life & Casualty Co. (Minnesota) $5.00 par value, common $1.00 par common Publishers Company, Inc. North Carolina Natural Gas Corp. $.40 par value, common $2.50 par common Ransburg Electro-Coating Corporation Nor i ii Cen tral Airlines, Inc. Common, $.15 par value $.20 par value, common Recognition Equipment Incorpokaied Northwest Natural Gas Co. (Oregon) Common $3-1/6 par value, common Republic National Bank of Dallas Northwestern National Life Insurance Co. Capital, $12.00 par value (Minnesota) Republic National Life Ins. Co. (Tex.) $2.50 par value, common $1.00 par value, common O. M. Scorr and Sons Rival Manufacturing Company See Scott, O. M., and Sons Common, par value $1.00 Ocean Drilling & Exploration Co. Roberts Company Common, $.50 par value $1.00 par value, common Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
630 FEDERAL RESERVE BULLETIN □ JULY 1969 Koss, Will, Inc. Tracor, Inc. See Will Ross, Inc. Common Safeco Corporation Transcontinental Gas Pipe Line Corp. $5.00 par value, common Common, par value $.50 Ttiii Saint Paul Companies, Inc. The. Travelodge Corporation Capital No par value, common Scientific Control Corporation Trico Products Corporation $.20 par value, common No par value, common Scott, O. M., and Sons Co. The Trust Company of New Jersey Class A, par value $1.00 Common capital Scripto, Inc. Unicoa Corporation Class A, common $2.50 par value, capital SliATTLE-FlRST NATIONAL BANK United Convalescent Hospitals, Inc. $10.00 par value, capital $1.00 par value, common Security Pacific National Bank United Family Life Ins. Co. (Ga.) Common $.50 par voting, common The Seven-Up Company 'The United Illuminating Company $1.00 par value, common No par value, common Shawmut Association Inc. United Life and Accident Ins. Co. $5.00 stated value, common (New Hampshire) Shop Rite Foods, Inc. Capital $3.33-1/3 par value, common United Services Life Insurance Co. Simon & Schuster, Inc. (Washington, D.C.) Common, par value $.50 Common Southern Industries Corporation United States Banknote Corporation No par value, common Common, $1.00 par value Southern New England Telephone. Co. United States Fidelity and Guaranty Co. $25.00 par value, common (Maryland) Southern Union Gas Company Capital, $5.00 par value $1.00 par value, common United Virginia Bankshares Inc. The Southland Corporation $10.00 par value, common $.01 par value, common University Computing Company Southwest Gas Corporation No par value, common $1.00 par value, common The Valley National Bank of Arizona Southwest Gas Producing Co., Inc. Common capital Common, par value $1.00 Variable. Annuity Life Insurance Co. of America Sovereign Industries, Inc. $1.00 par value, common $.04 par value, common Virginia Commonwealth Bankshares The Standard Register Company Common, par value $5.00 $.50 par value, common Virginia National Bank State Street Bank & Trust Company $5.00 par value, capital $10.00 par value, capital Wachovia Corporation The Superior Electric Company $5.00 par value, common Common, par value $1.00 Wallace Business Forms, Inc. The Tl Corporation (of California) $5.00 par value, common Common, $1.00 par value Washington Natural Gas Co. Ta M PAX, INCORPORATED $5.00 par value, common Par value $1.00 per share Webb Resources, Inc. Taylor Wine Company, Inc. Common $2.00 par value, common Texas American Oil Corporation Wells Fargo Bank, N. A. Capital, $10.00 par value $.10 par value, common Texas International Airlines, Inc. Western Publishing Co., Inc. $1.00 par value, $2.50 stated value, common $2.00 par value, common Tidewater Marine Service, Inc. Will Ross, Inc. $1.00 par value, common $ 1.00 par common Tiffany & Company Wisconsin Power & Licht Company Par value $1.00, common $5.00 par value, common Titan Group, Inc. WPNB Corporation $1.00 par value, common $5.00 par common Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
National Summary of Business Conditions Released for publication July 16 Industrial production and nonfarm employment trade expansion continued but al a less rapid pace increased further in June and the unemployment than earlier this year. Most of the rise in manu rale edged down. The value of retail sales declined. facturing employment occurred in durable goods Commercial bank credit and time and savings de industries. The average workweek of production posits declined and the money supply increased. workers in manufacturing was unchanged at 40.7 Between mid-Junc and mid-July, yields on short- hours. The unemployment rate for teenagers de and intermediate-term U.S. Government securities clined, despite a large inflow of summer workers, advanced considerably. and the over-all unemployment rate edged down to 3.4 per cent from 3.5 per cent in April and May. INDUSTRIAL PRODUCTION Industrial production increased 0.7 per cent in DISTRIBUTION June and, at 173.9 per cent of the 1957-59 average, The value of retail sales declined 1 per cent further was 5 per cent above a year earlier. in June at both durable and nondurable goods Auto assemblies rose from the strike-reduced stores and was only 2 per cent above a year April-May level anti to an annual rale of 8.6 earlier. Unit sales of new domestic autos rose 6 per million units. Output of most home goods changed cent from May to June but declined in the first 10 little but production of consumer staples increased. days in July. Output of industrial and commercial equipment continued to expand and production of trucks re AGRICULTURE covered as work-stoppages in the automotive in 'I'hc July 1 survey showed crops to be in good to dustry were settled. Output of iron and steel and excellent condition in most areas. Acreage was some other durable and nondurable materials in down 2 per cent from 1968, the net effect of larger creased. diversion of food grain and feed grain acreage and smaller diversion of cotton. Soybean acreage was EMPLOYMENT up 2 per cent but output of summer vegetables was Nonfarm payroll employment increased by 190,000 down 6 per cent. Output of livestock products in in June. Gains continued strong in State and local June averaged about the same as a year earlier with government and construction, while in services and meats and eggs a little above and milk below. INDUSTRIAL PRODUCTION COMMODITY PRICES An advance of 1.2 per cent in prices of food and farm products, reflecting increases in livestock, meat, and eggs, accounted for the 0.4 per cent rise in the wholesale price index from mid-May to mid- Junc. Average prices of industrial commodities were unchanged, as higher prices for metals, ma chinery, and gasoline were offset by sharp declines in lumber, plywood, and hides. Since mid-June, in creases in farm and food prices have slowed, but prices have been raised for metals and some other industrial products. BANK CREDIT, DEPOSITS, AND RESERVES Commercial bank credit declined $400 million in June compared with an average monthly rise of F.R, indexes, seasonally adjusted. Latest figures: June. more than $1 billion earlier in the year. Holdings 631 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
of U.S. Government and other securities were re Both member bank borrowings and excess reserves duced slightly further. Total loans dropped nomi increased somewhat. Total and required reserves nally, reflecting weakness in most major loan cate declined. gories. The money supply increased $200 million in SECURITY MARKETS June, somewhat less than the average monthly in crease earlier in the year. U.S. Government deposits Yields on short- and intermediate-term U.S. Gov ernment securities advanced considerably between dropped sharply. Time and savings deposits at all mid-June and mid-July, while yields on most long commercial banks declined $900 million further in term bonds rose slightly on balance. The 3-month June, slightly more than the average monthly re Treasury bill was bid at around 7.10 per cent in duction over the first 5 months. Attrition of large mid-July, up from about 6.65 per cent a month negotiable CD’s continued heavy. Consumer-type earlier. lime and savings deposits declined contra-seasonally at large commercial banks and rose less than Yields changed little on balance on newly issued usual at country banks. corporate bonds and rose slightly on seasoned cor Net borrowed reserves of member banks aver porate bonds. Yields on municipal bonds declined aged about $1.1 billion over the 5 weeks ending steadily from the mid-June high. Stock prices de July 2, little different from the May average level. clined sharply on a moderate volume of trading. PRICES Discount rate, range or level for all F.R. Banks. Weekly aver Bureau of Labor Statistics. “Fann products and foods” is BLS age market yields for U.S. Govt, bonds maturing in 10 years or “Farm products, and processed foods and feeds.” Latest figures: more and for 90-day Treasury bills. Latest figures: week ending Consumer, May; Wholesale, June. July 11. 632 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 □ JULY 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 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 87 Foreign exchange rates A 88 Money rates in foreign countries A 89 Arbitrage on Treasury bills A 90 Gold reserves of central banks and governments A 91 Gold production A 99 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, IL ‘ L Liabilities III, IV Quarters S Sources of funds n.a. Not available U Uses of funds n.c.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 (I) 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-9I Flow of funds: Semiannually Assets and liabilities: 1966............................................................... Feb. 1968 A-65.IO Banking offices: Analysis of changes in number of.. . l-’eb. 1969 A-94 ............................................................... May 1968 A-67.10 On, and not on, Federal Reserve Par List, number.. ................................. 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, 1968............................... June 1969 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 □ JULY 1969 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Reserve Bank credit outstanding Period or date U.S. Govt, securities s Treas ury Dis Gold cur Held counts Other stock rency under and Float 2 F.R Total 4 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..,..4..0.4 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..,..6..0...6... 22,879 4,629 1960—Dec. .............................................................. 27,248 27,170 78 94 1,665 29,060 17,954 5,396 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...,.2..6...8... 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 ........5...6...,.6..1...0... 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. 52,463 52,257 206 996 2,429 2,837 58,821 10,367 6,750 May 53,390 52,898 492 1 ,403 2,189 2,876 59,971 10,367 6,737 June".............................................................. 54,028 53,926 102 1 ,408 2,435 2,614 60,538 10,367 6,746 Week ending— 1969—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 1,135 2,982 2,849 59,586 10,367 6,748 30......................................................... 52,852 52,549 303 1,118 2,240 2,934 59,277 10,367 6,742 May 7......................................................... 53,172 52,590 582 1 ,603 2,223 2,896 60,015 10,367 6,729 14......................................................... 53,308 52,656 652 1,171 2,103 3,146 59,853 10,367 6,734 21......................................................... 53,278 52,873 405 1 ,358 2,398 2,887 60,039 10,3 67 6,739 28......................................................... 53,606 53,212 394 1 ,303 2,048 2,729 59,788 10,367 6,740 June 4......................................................... 53,864 53,636 228 t ,521 2,268 2,508 60,227 10,367 6,742 11"...................................................... 54,100 53,920 180 1 ,260 2,388 2,560 60,364 10,367 6,744 18"...................................................... 54,038 54,038 1 ,316 2,497 2,617 60,513 10,367 6,745 25"...................................................... 53,864 53,864 ...........1. ..,.3...2..5... 2,634 2,675 60,541 10,367 6,751 End of month 1969—Apr. 53,192 52,585 607 2,531 2,276 2,965 61,106 10,367 6,719 May 53,839 53,509 330 1 ,831 2,540 2,516 60,802 10,367 6,725 June".............................................................. 54,095 54,095 ...........1. ..,.0...4..9... 1 ,414 2,608 59,207 10,367 6,741 Wednesday 1969—Apr. 2......................................................... 52,341 52,016 325 1 ,072 2,080 55,618 10,367 6,828 9......................................................... 52,485 52,485 658 2,078 55,273 10,367 6,747 16......................................................... 51,907 51,907 922 2,590 2,832 58,303 10,367 6,747 23 52,316 52,316 1 ,232 2,148 2,866 58,664 10,367 6,754 30......................................................... 53,192 52,585 607 2,531 2,276 2,965 61,106 10,367 6,719 May 7......................................................... 52,782 52,616 166 939 2,041 2,840 58,698 10,367 6,732 14......................................................... 51 ,672 651,506 166 560 1 ,984 3,573 57,883 10,367 6,737 21......................................................... 53,653 53,067 586 1,103 2,004 2,748 59,612 10,367 6,741 28......................................................... 53,509 53,328 181 1,649 1,652 2,530 59,437 10,367 6,743 June 4"....................................................... 53,833 53,833 927 2,317 2,477 59,598 10,367 6,743 II"...................................................... 53,798 653,798 502 2,129 2,592 59,067 10,367 6,744 18"....................................................... 52,963 652,963 773 2,456 2,670 58,906 10,367 6,747 25"....................................................... 53,206 653,206 ...........1. ..,.3...4..8... 2,290 2,706 59,593 10,367 6,750 For notes see opposite page. 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JULY 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 r C en u c r y Treas with F.R. Banks Other O F t . h R e . r Period or date in ury F.R. Lia c t c u io i l r a n h c in o a g s ld s h Treas For Others cou a n c ts-1 c b a i a l p i n t i i d t e a s l 1 W F. i R th . r C en u c r y ury eign Banks and Total coin 5 Averages of daily figures 4,400 210 30 30 376 2,314 2,314 ................................ 1929 June 5>55 272 81 164 350 2>l 1 2>11 .............................. (933—June 7’609 2 402 616 739 248 I 1 >73 11 >73 .................... [939—Dec. 10,985 2189 592 1 ,531 292 I2>I2 I2>I2 ........................... (941—bee. 28 >52 2 >69 625 1.247 493 16 >27 16'027 ...................................1945—Dec. 27,806 1 >90 615 920' 353 7 39 17’391 17 >91 ...................................1950—Dec. 33,019 408 522 250 495 1 ,029 16,688 2,595 19,283 ...................................1960—Dec. 42 >06 808 683 1 54 231 389 18,747 3,972 22>19 44'579 I 191 291 164 429 83 19,568 4 >62 23 >30 ..............................1966—Dec. 47’000 1 428 902 150 451 -204 20,753 4 >07 25 >60 ...................................1967—Dec. 46,642 1,122 738 167 538 -598 21,181 4,365 25,546 46'873 1 >73 1 ,059 159 48 3 -'581 21’179 4,326 25,505 ...............................................Mav 47,486 '973 960 181 471 -474 21 >50 4,363 25>13 48,089 836 1,026 164 472 -436 21 >10 4 >91 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>77 48’632 781 1,054 137 461 -312 22'141 4>I2 26'653 .....................................................Oct. 49,398 769 '798 164 439 -491 22 >63 4,522 26,785 ...................................................Nov. 501609 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 5)6 152 463 -902 22 >46 4,508 26,754 49*703 707 369 131 510 1,937 22,581 4,498 27 >79 ....................................................Apr. 49,947 691 549 1 32 445 I ,968 23,343 4,533 27,876 50'693 672 970 107 458 2,010 22>4I 4>47 27 >88 ...................................................June*' Week ending— 49,514 711 576 140 480 -976 22,257 4,486 26,743 .........................1969—Apr. 2 49,766 710 377 155 549 —775 21,966 4,633 26,599 ...........................................\ . 9 49,863 704 8 126 514 1,937 22,072 4,544 26,616 .......................................................16 49,681 712 429 121 506 1 >68 23,384 4, 196 27,580 ......................................................23 49,507 698 625 119 469 1,929 23,038 4,619 27>57 .........................................................30 49,646 709 591 159 458 2 002 23,546 4,664 28,210 49,959 689 658 127 45 1 1 ’971 23 >99 4 >07 27,806 ..........................................14 49,968 683 528 131 433 1 >97 23,506 4,266 27>72 ........................................................21 50,033 680 404 123 442 1 ’972 23,243 4,486 27 >29 ........................................................28 50,441 689 500 105 447 2 052 23,102 4,541 27,643 50,666 679 7.14 102 448 2J23 22>24 4>20 27 >44 .........................................................II 50,777 671 1 ,097 102 453 1 ’914 22>I 1 4>18 27 >29 ....................................................18'- 50'686 664 1 ,289 109 468 1 ,958 22,484 4 >50 26,934 ........................................................25" End of month 49,642 661 950 130 458 n.a. 1,970 24,377 4,619 28,996 ...................................1969—Apr. 50,399 649 562 107 438 2,036 23’705 4,543 28,248 50,917 657 1 ,258 155 549 2 >29 20,750 4,657 25 >07 .................................................June" Wednesday 49,723 720 400 145 529 817 22,113 4,487 26,600 49’979 707 7 152 559 -759 21 >42 4 >36 26>78 ..................................................... 9 49,869 710 7 1.30 528 n.a. 1 ,808 22 >65 4,541 26>06 .........................................................16 49,667 709 749 124 455 1 >80 22,202 4,196 26>98 .........................................................23 49,642 661 950 1.30 458 I >70 24,377 4,619 28'996 .........................................................30 49,923 692 404 161 442 2,017 22,157 4,665 26,822 ............................................May 7 50,074 690 971 115 440 1 837 20,859 4,708 25,567 ..........................................14 50,048 677 382 140 420 1 '941 23'112 4 >65 27,377 ......................................................21 50 >19 683 436 117 424 I '994 22>79 4 >84 26 >63 ........................................................28 50,607 687 297 1 10 432 2,078 22,497 4,543 27,040 ............................................June 4" 50,845 678 899 91 435 2’127 21 J 03 4 >95 25 >98 .........................................................II" 50,809 671 1,352 106 441 ...........1. ..>...2...7.. 20 > 13 4,418 25'131 ......................................................18" 50 >87 675 1 >47 106 458 1 >67 21 J 70 4,450 25 >>20 ........................................................25" ...................... 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. n Part allowed as reserves Dec. 1, 1959-Nov. 23, I960; 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 “Olhei F.R. accounts.” of-busincss figures for reserve period 2 weeks previous to report date. ‘ Includes industrial loans and acceptances, when held (industrial fl Reflects securities sold, and scheduled to be bought back, under loan program discontinued Aug. 21, 1959). For holdings of accept matched sate/purchase transactions. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 6 BANK RESERVES AND RELATED ITEMS a JULY 1969 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks New York City City of Chicago Period Reserves Bor Reserves Bor Reserves j Bor T h o e t l a d l qu R ir e e d 1 Excess B r F i a n o . a n g R w 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 ire e d 1 Excess B r F i a n o a . n g R w t k s . s s F e r r r e v e e e s T h o e t l a d l qui R re e d i Excess B r F m a o a . n g w R t k s - . s se r r e v es 1929—June............... 2,314 2,275 42 974 -932 762 755 7 174' -167 161 161 I 63 -62 1933—June............... 22,160 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 I960—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—Bec.................. 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 1,051 5 26 -21 1964—Dec.................. 21,609 21,198 411 243 168 4,083 4,062 21 35 -14 1,083 1 ,086 -3 28 -31 1965—Dec.................. 22,719 22,267 452 454 -2 4,301 4,260 41 111 -70 1,143 1,128 15 23 -8 1966—Dec.................. 23,830 23,438 392 557 -165 4,583 4,556 27 122 -95 1,119 1,115 4 54 -50 1967—Dec.................. 25,260 24,915 345 238 107 5,052 5,034 18 40 -22 1,225 1,217 8 13 -5 1968—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 -765 - - 310 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 -I 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................. 27,079 26,927 152 996 -844 5,039 5 ,045 -6 111 -117 1 ,202 1 ,202 116 -116 May............... 27,903 27,603 3(H) 1 ,402 -1,102 5,174 5,134 40 129 89 1 ,277 1 ,281 - 4 144 - 148 June*’............. 27,288 26,976 312 1 ,408 - 1 ,096 4,960 4,894 66 96 -30 1 ,239 1 ,205 34 27 7 Week ending— 1968—June 5.... 25,332 25,124 208 759 -551 5,024 5,001 23 79 -56 1 ,154 1 ,147 7 18 1 1 12.... 25,400 25,090 310 678 -368 4,932 4,909 23 36 -13 1,123 1,125 ■2 20 ■22 19.... 25,597 25,331 266 664 -398 5,067 5,023 44 99 -55 1,138 1,130 8 61 -53 26.... 26,217 25,639 578 807 -229 5,146 5,107 39 92 -53 1,175 1,175 ............... 42 42 1969—Jan. 1........... 28,340 27,439 901 1 ,320 -419 5,571 5,298 273 517 -244 I ,251 1 ,242 9 188 -179 H.......... 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........2..8,349 28,076 273 782 -509 5,541 5,492 49 86 -37 1 ,313 1 ,311 2 110 -108 29........2..7,572 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.' 1 33 -32 Mar. 5 . . . . 26,985 26,778 207 734 -527 5 ,079 5,118 -39 111 -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 1 18 -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 23 . 27,580 27,408 172 1,135 -963 5,2.35 5,198 37 212 -175 1,192 1 ,206 -14 35 - 49 30.... 27,657 27,572 85 1,118 -1 ,033 5,048 5,077 -29 84 -113 1 ,215 1 ,218 -3 53 -56 May 7 , . . . 28,210 27,727 483 1 ,603 -1,120 5,212 5,105 107 171 -64 1 ,267 1 ,259 8 344 -336 14.... 27,806 27,545 261 1,171 -910 5,193 5,124 69 121 -52 1 ,289 1 ,283 6 20 -14 21.... 27,772 27,656 116 1 ,358 -1 ,242 5,189 5,240 -51 188 - 239 1 ,293 1 ,298 -5 172 -177 28. . . . 27,729 27,616 1 13 1 ,303 -1,190 5,120 5,127 -7 61 -68 1 ,303 1 ,303 ............... 12 - 1 2 June 4.... 27,643 27,274 369 1 ,521 -1,152 5,083 4,996 87 43 44 1 ,239 1 ,235 4 197 -193 H.... 27,444 26,996 448 1 ,260 -■812 5,085 4,965 120 90 30 1 ,254 1 ,214 40 3 37 18". .. 27,029 26,939 90 1 ,316 -1 ,226 4,906 4,924 -18 40 -58 1,199 1 ,215 -16 J -16 25". . . 26,934 26,777 157 1 ,325 -1 ,168 4,777 4,761 16 134 -118 1,196 1 ,173 23 —1 23 For notes see opposite page, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
JULY 1969 □ BANK RESERVES AND RELATED ITEMS A 7 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Reserves Reserves Period Borrow Borrow ings at Free ings at Free F.R. reserves F.R. reserves T h o e t l a d l Required 1 Excess Banks T h o e t l a d l Required1 Excess Banks 761 749 12 409 397 632 610 22 327 -305 ...................................1929—June 648 528 120 58 62 441 344 96 126 -30 ...................................1933—June 3,140 1,953 1 188 1 188 1 ,568 897 671 3 668 ...................................1939—Dec. 4'317 3 ’014 I 303 1 1 *302 2210 1 ,406 804 4 800 ...................................1941—Dec. 6 .’394 5,976 *418 96 *322 4’576 3 566 1 011 46 965 ...................................1945—Dec. 6 689 6 458 232 50 182 4/61 4 099 663 29 634 ...................................1950—Dec. 7,950 7,851 100 20 80 6,689 6 066 623 40 583 ...................................1960—Dec. 8,178 8’100 78 130 -52 6/56 6,515 442 48 394 ...................................1962—Dec. 8,393 8’325 68 190 -122 7/47 6/39 408 74 334 ...................................1963—Dec. 8,735 8,713 22 125 -103 7/07 7/37 370 55 315 ...................................1964—Dec. 9’056 8,989 67 228 -161 8,219 7,889 330 92 238 ...................................1965—Dec. 9,509 9,'449 61 220 -159 8,619 8/18 301 161 140 ...................................1966—Dec. 10’081 10,031 50 105 -55 8/01 8,634 267 80 187 ...................................1967—Dec. 10,275 10,241 34 258 — 224 9,172 8,941 231 327 -96 ...................................1968—June 10’447 10,392 55 152 -97 9’317 9,070 247 274 -27 ...................................................July 10,568 10,501 67 161 -94 9,396 9/20 276 210 66 ...................................................Aug. 10 534 10’473 61 194 -1 33 9/10 9 210 300 144 156 ................... Sept. 10,758 10,763 -5 186 -191 9,617 9/82 235 167 68 ................. Oct. 10 ,'863 10’847 16 274 -258 9,747 9,491 256 216 40 ................ Nov. 10,990 10/00 90 270 -180 9/75 9/25 250 180 70 ...................................................Dec. 11,271 11,287 -1 6 321 -337 10,109 9,880 229 263 -34 ....................................1969—Jan. 10/365 10/948 17 420 -403 9/77 9/68 209 302 -93 ....................................................Feb. 10,761 10’768 -7 449 ■ 456 9,749 9/43 206 306 - 100 ....................................................Mar. 10,914 10’923 -9 512 -521 9,924 9,757 167 257 -90 ...................................................Apr. ll’275 11/95 80 618 -538 10/77 9 993 i 84 51 1 -327 ...................................................May 10,967 10/25 42 713 -671 10/21 9/51 1 70 572 -402 Week ending— 10,180 10,138 42 294 -252 8,974 8/37 137 368 -231 ...........................1968—June 5 10 182 10 151 31 278 -247 9 163 8 906 257 344 -87 ........................................................12 10 237 10 212 25 164 -139 9/55 8,965 190 340 - 150 .........................................................19 10’414 10/70 44 340 - 296 9/82 8 988 494 333 161 ........................................................26 11,405 11 ,138 267 418 -151 10/13 9,761 352 197 155 ..............................1969—'Jan. 1 11,226 11 '301 -75 220 -295 10,087 9,808 279 223 56 ....................................................... 8 11’458 11,463 -5 261 -266 10/36 9 862 274 259 15 ........................................................15 11,380 11,364 16 372 -356 10/15 9,909 206 214 -8 ........................................................22 11,078 11'116 -38 457 -495 10/07 9/99 208 368 -160 ........................................................29 11,090 11,038 52 310 -258 9/95 9,794 201 343 -142 ............................................Feb. 5 10/55 10’955 350 -350 9/94 9,648 246 277 -31 ........................................................12 11/38 10/84 54 619 -565 9/46 9,625 221 332 -111 ........................................................19 10,847 10,868 -21 439 -460 9,832 9 655 177 264 -87 ........................................................26 10,870 10,844 26 255 -229 9/09 9,590 219 334 -115 ..............................................Mar. 5 10,762 10,763 -1 489 -490 9,705 9,518 187 268 — 81 ........................................................12 10/24 10,824 371 -371 9/76 9,503 173 277 -104 ........................................................19 10’740 10’715 25 531 — 506 9/18 9 552 166 292 -126 ........................................................26 10,706 10,693 13 512 — 499 9 822 9 558 264 371 - 107 10,762 10/38 24 372 -348 9 767 9 550 217 242 -25 ....................................................... .9 10,689 10,743 -54 443 -497 9,721 9 509 212 174 38 ........................................................16 11 ,109 11,091 18 663 -645 10'044 9 913 131 225 -94 ........................................................23 11 '159 il’185 -26 617 -643 10/35 10,092 143 .364 -221 ........................................................30 11 400 11,257 143 582 -439 10 331 10 106 225 506 -281 11'209 11'215 -6 625 - 631 10,115 9 923 192 405 -213 ...................................................' .14 11’169 11’186 -17 543 -560 10'121 9 932 1 89 455 -266 ........................................................21 11,166 11 ’174 -8 623 -631 10 140 10 012 1 28 607 -479 ........................................................28 11 157 11,080 77 644 -567 10 164 9,963 201 637 -436 i1 ’022 10/27 75 -591 io/0.3 9 890 213 501 -288 ......................................................11 10/64 10’906 -42 707 -749 10',061 9/94 167 569 -402 ........................................................18* 10,832 10/51 -19 697 -716 10/29 9/92 137 494 -357 ........................................................25* 1 Beginning Sept. 12, 1968, amount is based on close-of-busincss fig weeks ending on Wed. that fall within the month. Beginning with Jan. ures for reserve period 2 weeks previous to report date. 1964, reserves are estimated except for weekly averages. 2 This total excludes, and that in the preceding table includes, $51 Total reserves held: Based on figures at close of business through Nov. million in balances of unlicensed banks. 1959; thereafter on closing figures for balances with F.R. Banks and open ing figures for allowable cash; see also note 3 to preceding table. Note.—Averages of daily figures. Monthly data are averages of daily Required reserves: Based on deposits as of opening of business each day. figures within the calendar month; they are not averages of the 4 or 5 borrowings at F.R. Banks: Based on closing figures. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 8 MAJOR RESERVE CITY BANKS □ JULY 1969 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars unless otherwise noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S. Govt, securities dealers Less— Net— Gross transactions Net transactions Reporting banks week . a en n d d i . ng— s E e x r r v c e e e s s s 1 r a o B t B w a F o n in . k r R g s s . F f i b e u n N a d n t e e n e d t k r r s a l S d u e r o f p i r c l u it s r P r e e e q a s r e o u v c r g i f v r e . e e n d s t ch P a u s r e s Sales a 2 c t T r t - a i o w o n t n a a s y s l 2 b c o b h u P a f a y u n n s i k r n e e s g s t s o b S e a f a l n l l n i e n k e s s g t d L e o a t a o le n r s s 3 de f r B i r a o n o o l g w e m s r r s 4 lo N a e n t s trans. Total—46 banks 1969—May 7............... 186 609 2,504 -2,927 24.4 5,206 2,702 2,23.3 2,974 470 981 207 774 14............... 189 381 3,288 -3,481 28.9 5,734 2,446 1 ,912 3,822 534 895 185 709 21............... 7 542 3,283 -3,818 31.3 6,156 2,873 2,145 4,01 1 728 594 280 314 28............... 9 337 2,528 -2,857 23.7 5,641 3,113 2,051 3,590 1 ,062 481 214 267 June 4............... 125 595 2,887 -3,357 28.4 5,816 2,929 2,277 3,539 653 755 242 513 11................ 298 457 4,061 -4,220 36.2 6,314 2,253 1 ,884 4,430 370 607 288 319 18............... 65 465 3,703 -4,104 35.4 6,197 2,493 2,242 3,955 251 1,160 292 868 25................ 73 559 2,790 -3,275 28.9 5,646 2,856 2,409 3,237 448 1 ,076 332 744 8 in New York City 1969—May 7................ 82 146 695 -760 16.4 1 ,872 1,177 1 ,094 778 83 81 1 74 737 14............... 126 121 1 ,292 -1 ,288 27,6 2,118 826 711 1 ,407 1 16 701 90 611 21............... -1 164 1 ,660 -1 ,825 38.3 2,593 933 850 1 ,743 83 489 138 352 28............... -3 59 705 -767 16.5 1 ,939 1 ,235 925 1 ,014 309 409 91 317 June 4............... 57 43 1,278 -1,264 27.8 2,286 1 ,008 928 1 ,358 80 676 89 587 11 151 86 1 ,807 -1 ,741 38.6 2,425 619 619 1 ,806 504 113 391 18............... 38 1 ,341 -1 ,303 29.2 2,187 846 846 1 ,341 905 104 802 25............... 30 97 775 -843 19.6 I ,997 1,222 1,159 839 63 877 126 750 38 outside New York City 1969—May 7................ 104 462 1,810 -2,168 29.5 3,335 1 ,525 1,139 2,196 387 170 133 36 14............... 63 260 1 ,996 -2,193 29.6 3,616 1 ,620 1 ,202 2,415 419 194 95 99 21............... 8 378 1 ,623 -1 ,993 26.9 3,564 1 ,941 1 ,296 2,268 645 105 142 +38 28............... 12 278 1 ,824 -2,090 28.2 3,702 1,878 1,126 2,576 753 73 123 + 50 June 4............... 69 552 1 ,609 -2,092 28.8 3,530 1,921 1,349 2,182 573 79 154 +75 11............... 147 371 2,254 -2,479 34.6 3,889 1 ,635 1 ,265 2,624 370 103 174 +71 18............... 27 465 2,363 -2,801 39.3 4,010 1,647 1 ,396 2,614 251 254 188 67 25................ 44 461 2,014 -2,432 34.6 3,649 1,634 1 ,250 2,399 384 200 206 +6 5 in City of Chicago 1969—May 7................ 7 321 453 -767 67.3 721 269 269 452 29 29 14............... 11 994 -983 84.4 1 ,225 231 231 994 9 9 21................ 4 161 819 -976 82.6 1,133 314 284 849 30 7 7 28............... 2 10 1 ,077 -1 ,084 91.5 1 ,334 257 253 1 ,081 4 14 14 June 4............... 6 186 889 -1,069 95.7 1,166 277 275 891 2 26 26 II............... 42 917 -875 79.9 1 ,243 327 327 917 41 41 18............... 1 667 - 666 60.6 1 ,145 478 478 667 25 25 25................ 25 684 -659 62.3 1 ,103 419 399 703 19 34 34 33 others 1969—May 7................ 98 141 1,357 -1 ,401 22.5 2,613 1.256 870 1 .743 387 141 133 8 14............... 52 260 1 ,002 -1,210 19,4 2,391 1 ,390 971 1 ,421 419 185 95 90 21............... 3 217 804 -1 ,(H8 16.3 2,431 1 ,627 1 ,012 1 ,419 615 97 142 +45 28................ 9 268 747 -1 ,006 16.2 2,368 1 ,621 872 1 ,495 748 59 123 4-64 June 4............... 63 366 721 -1 ,024 16.6 2,365 1 ,644 1 ,074 1,291 571 53 154 1-100 II................ 105 371 1 ,338 -1 ,604 26.5 2,646 1 ,308 939 1 ,707 370 62 174 + 112 18............... 26 465 1 ,696 -2,135 35.4 2,865 1,170 918 1 ,947 251 230 188 42 25............... 19 461 1,330 -1,773 29.7 2,546 1 ,216 851 1,695 .165 166 206 +40 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
JULY 1969 □ DISCOUNT RATES A 9 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under Advances and discounts under Advances under last par Sec. 13 Federal Reserve Bank Secs. 13 and 13a 1 Sec. 10(b)2 Rate on | - JRune 30, ^.'i''0 P™™1” June 30, Elective | Previous June TO, Effective Previous 1959 date rate 1969 date rate 1969 date rate Boston.......................................................... 6 Apr. 8 1969 5’4 6*4 Apr. 8 1969 6 8, 1969 6*4 New York................................................... 6 Apr 4 1969 5’4 6*4 Apr. 4, 1969 6 7 4 Apr. 4’, 1969 7'* Philadelphia................................................ 6 Apr. 4 1969 5’4 6*4 Apr. 4 1969 6 7 Apr 4’ 1969 6*4 Cleveland..................................................... 6*4 Apr. 4 1969 6 7*4 Apr 4 1969 7 Richmond................................................... 6*4 Apr 4 1969 6 4 1969 6*4 Atlanta......................................................... 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 6’4 St. Louis....................................................... 64 Apr. 4' 1969 6 7 Apr. 4 1 969 6’4 Minneapolis............................................... 6 Apr 4 1969 5*4 6*4 A nr. 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 5*4 6 */> A n r 4 1969 6 7 Apr 4 1969 6’4 San Francisco........................................... 6 Apr. 4, 1969 5*/2 6’4 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 J 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)— Rank Effective (or level)— Bank date Al! F.R. of date All F.R. of date All F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1941........... 1 -1% 1 1955—Cont. 1960 Sent. 9 ...................................... 2 -2’4 2’4 3*4-4 4 1942 ' 13 2 10 3’4 Apr. 11. 1 1 Nov. 18 2'4-2'4 ^ 14 3'4 Oct. 15. f *4-1 23 2'4 Aug. 12 3 -3'4 3 30. t w t'4 Sept. 9 3 3 1956 1946 Apr. 13 2'4-3 2’4 1963 Apr, 25. f *4-1 1 20 2’4-3 2% July 17 3 -3'4 ^ May 10. 1 Aug. 24 2’4-3 3 26 3'4 31. 3 3 1948 1964 Jan. 12 1 -1'4 18 1957 Nov. 24 3’4-4 4 19. 1'4 Aug. 9. 3 -3’4 3 30. 4 4 Aug. 13, 1'4-1'4 23. 3*4 3*4 23. 1'4 Nov. 15 3 -3'4 3 1965 Dec. 2 3 Dec, 6 4 -414 1950 13. 4'4 44 Aug. 21. 1'4-1’4 l1^ 1958 1967 25. 1’4 Jan. 22. 2^-3 3 Apr. 7. 4 -4% 4 24 14 4 4 Jan. 16. 1953 1 %-2 2 Mar. 1 7 3 . . 2 2 W %- - 2 3 % 2 2* % /4 Nov. 20. 4 4 - '4 4'4 ^ 23. 2 2 21 2% 2'4 Apr. 18. 1’4-2'4 1968 1954 May 9. 1’4 Mar. 15. 4'4-5 4'4 Feb. 5. 1’4-2 1’4 Aug. 15. 1’4-2 1’4 5 h 15. 1’4 Sept. 12. 1’4-2 2 Apr. 19 5 -5'4 Apr. 14. 1'4-1% 23. '2 2 26 5'4 16. 1'4-1’4 1’4 Oct, 24. 2 -2'4 2 Aug. 16. 5'4-5 >4 May 21. 1'4 1'4 Nov. 7. 2'4 2'4 30 5% Dec. 18 5'4-514 5'4 1955 1959 20 5'4 5'4 Apr. 14. 1'4-1’4 1'4 2*4-3 3 15. l'4-l’4 16...................................... 3 3 1969 May 2. 1’4 May 29..................................... 3 -3'4 3*4 Apr. 4 5*4-6 6 Aug. 4. IO 1% June 12.................................... 3'4 8. 6 6 5. 2 3'4-4 4 12. 2 -2% 2 * 18...................................... 4 4 In effectJune 30, 1969.. . 6 6 t 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 1 year or less. The rate of I 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 I year. 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, Note,—Discount rates under Secs. 13 and 13a (as described in table 2.75; 1962—Mar. 20-21, 2.75; 1964—Dec, 10, 3.8 5; Dec. 15, 17, 22, 24, above). For data before 1942, see Banking and Monetary Statistics, 28, 30, 31, 3.875; 1965—Jan. 4-8, 3.875; 1968—Apr. 4, 5,11, 15,16,5.125; 1943, pp. 439^12. 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 □ JULY 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 s r v a e l 3 b s c a R e i n r e t v y k e s C ba o tr n u y k n s c b l a a ( o n s a s k f ll 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 o v s s U ti n m d e e r d ep O os v it e s r $5 mil $5 mil $5 mil 55 mil 55 mil $5 mil lion lion lion lion lion lion In effect Dec. 31. 1949.......... 22 18 12 5 1966—July 14, 21.......... 516 >4 5 12 54 54 5 Sept. 8, 15.......... 6 1951—Jan. 11,16.................... 23 19 13 6 Jan. 25, Feb. 1.... 24 20 14 1967—Mar. 2.................. 3*4 314 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.......... 1614 17 12 1214 1958—Feb. 27, Mar. 1.... 1914 17’/i im Mar. 20, Apr. 1.... 19 17 ii 1969—Apr. 17.................. 17 1714 1214 13 18*4 Apr. 24............................ 18 1614 17 17*4 1214 13 3 3 6 I960—se'pt i 17*4 Nov. 24............................ 12 Present legal Dec. 1............................ 1614 requirer nent: 1962—July 28............................ (3) Minimum 0 7 3 3 3 Oct. 25, Nov. 1.... 4 22 14 10 10 10 t When two dates are shown, the first applies to the change at central 4 Effective Jan. 5, 1967, time deposits such as Christmas and vacation reserve or reserve city banks and the second to the change at country club accounts became subject to same requirements as savings deposits. banks. For changes prior to 1950 see Board’s Annual Reports. 5 See preceding columns for earliest effective date of this rate. 2 Demand deposits subject to reserve requirements are gross demand deposits minus cash items in process of collection and demand balances Note.—All required reserves were held on deposit with F.R. Banks due from domestic banks. June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member 3 Authority of the Board of Governors to classify or reclassify cities banks were allowed to count part of their currency and coin as reserves; as central reserve cities was terminated effective July 28, 1962. effective Nov. 24, 1960, they were allowed to count all as reserves. For further details, see Board's Annual Reports. MARGIN REQUIREMENTS (Per cent of market value) Effective date Regulation Apr. 23. Jan, 16, Aug. 5, Oct. 16, July 28, July 10, Nov. 6, Mar. 11, June 8, 1955 1958 1958 1958 1960 1962 1963 1968 1968 Regulation T: For credit extended by brokers and dealers on— Listed stocks......................................................................... 70 50 70 90 70 50 70 70 80 Listed bonds convertible into stocks....................... 50 60 For short sales........................................................................... 70 50 70 90 70 50 70 70 80 Regulation U: For credit extended by banks on— Stocks................................................................................. 70 50 70 90 70 50 70 70 80 Bonds convertible into listed stocks........................ 50 60 Regulation G: For credit extended by others than brokers and dealers and banks on- Listed stocks......................................................................... 70 80 Bonds convertible into listed stocks........................ 50 60 Note.—Regulations G, T, and U, prescribed in accordance with ference between the 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
JULY 1969 a 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........................... 314 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 14 Single-maturity: 9 6 0 m d o a n y t s h s to t o 6 1 m 2 o m nt o h n s t . h ... s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 2 ' 4 4 44 54 $ L 1 es 0 s 0 ,0 th 0 a 0 n o $ r 1 m 00 o , r 0 e 0 : 0.................. 54 5 5 Less than 90 days.................................. 1 1 4 30-59 days............................... 5'A (30-89 days) 9 6 0 0 - - 1 8 7 9 9 d d a a y y s s ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ..... 54 54 6 5% 180 days and over.................... 6% i 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 nicinher hank is located. Beginning p. 167. Feb. I, 1936, maximum rates that may be paid by nonmember insured 3 Multiple-maturity time deposits include deposits that are automati commercial banks, as established by the FDIC, have been the same as cally renewable at maturity without action by the depositor and deposits those in effect for member banks. that are payable after written notice of withdrawal. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks All Country All Country Item m b e a m nk b s er Y N o e r w k C o it f y Other banks Item m b e a m nk b s er Y N o e r w k C o it f y Other banks City Chicago City Chicago F□ur weeksending Apr. 23, 1969 Four weeks ending Nlay 21, 1969 Gross demand—-Total... 172,886 37,831 7,324 61,798 65,933 Gross demand—Total..,. 174,577 39,546 7,547 62,059 65,425 Interbank........................... 19,896 7,676 1 ,378 8,432 2,409 Interbank............................. 19,789 8,216 1 ,237 8,042 2,294 U.S. Govt........................... 3,637 680 163 1,400 1 ,395 U.S. Govt............................ 8,231 1 ,913 573 3,491 2,254 Other.................................... 149,353 29,475 5,784 51,966 62,129 Other...................................... 146,557 29,417 5,737 50,525 60,878 Net demand 1....................... 132,487 23,883 5,489 47,635 55,480 Net demand 1 ...................... 133,045 24,255 5,797 47,721 55,272 Time........................................... 161,233 18,088 5,593 61,603 75,949 160,248 17,380 5,457 61 ,338 76,074 Demand balances due Demand balances due from dom. banks..... 9,337 442 387 1 ,874 6,634 from dom. banks........ 8,903 392 379 2,205 5,928 Currency and coin........... 4,465 369 80 1,389 2,627 Currency and coin............... 4,564 370 80 1 ,407 2,707 Balances with F.R. Balances with F.R. Banks................................... 22,420 4,664 1,117 9,427 7,212 Banks..................................... 23,297 4,791 1 ,186 9,827 7,493 Total reserves held............ 26,885 5,033 1,197 10,816 9,839 Total reserves held............. 27,861 5,161 1 ,266 1 ,234 10,200 26,672 5,028 1,195 10,816 9,633 Required. ............................ 27,625 5,137 1,264 11,211 10,013 Excess.................................. 213 5 2 206 Excess................................... 236 24 2 23 187 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 □ JULY 1969 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday :nd of month Item 1969 1969 1968 June 25 ■ June 18 ! June 11 June 4 May 28 June 30 May 31 June 30 Assets Gold certificate account............................................................... 10,022 10,022 10,022 10,022 10,022 10,027 10,022 10,025 Cash,. < .................................................................. 183 191 189 194 195 188 195 432 Discounts and advances: Member bank borrowings..................................................... 1 ,348 773 502 927 1 ,649 1 ,049 1 ,832 292 Other................................................................................ 13 Acceptances: Bought outright.................................................................... 43 44 46 44 47 41 46 59 I-Tnkl under repurchase- agreements . . 50 30 75 Federal agency obligations—Held under repurchase 73 80 U.S. Govt, securities: Bough: outright: Bills.......................................................................................... 18,577 18,334 19,169 19,204 18,699 19,466 18,880 18,380 Certificates—Special........................................... Other , ................................. Notes....................................................................................... 30,501 30,501 30,501 30,501 10,501 30,501 30,501 27,746 Bonds............................................................................................ 4,128 4,128 4,128 4,128 4,128 4,128 4,128 6,104 Total bought outright............................................................... 53,206 52,963 53,798 53,833 53,328 54,095 53,509 52,230 Meld under repurchase agreements.................. 108 250 Total U.S. Govt, securities......................................................... 53,206 52,963 53,798 53,833 53,436 54,095 53,759 52,230 Total loans and securities............................................................ 54,597 53,780 54,346 54,804 55,255 55,185 55,747 52,669 Cash items in process of collection....................................... "9,466 "10,476 "8,993 "9,544 8,183 "8,686 8,624 7,612 Bank premises.............................................................................. 113 114 114 115 114 114 1 14 113 Other assets: Denominated in foreign currencies.............................. 1 ,964 1 ,949 1,917 1 ,821 1 ,914 1 ,834 1 ,889 I ,009 IMF* gold deposited *............................................................... 233 233 '233 233 233 228 233 230 All other.......................................................................................... 396 374 328 308 269 432 280 441 Total assets................................................................................. "76,974 "77 139 "76,142 "77,041 76,185 "76,694 77,104 72,531 Liabilities 1 . R.. notes....................................................................................... 44,550 44,580 44,623 44,400 44,209 44,681 44,171 41 ,862 Deposits: Member bank reserves...................................................... "21 ,170 "20,713 "21,103 "22,497 22,479 "20,750 23,705 21,462 U.S. Treasurer—General account...................................... 1 ,547 1 '352 '899 297 436 1 ,258 562 1 ,074 Foreign............................................................................................. 106 ’ 106 91 1 10 117 155 107 1 53 Other: IMF gold deposit 1......................................................... 233 233 233 233 233 228 233 230 All other..................................................................................... 225 208 202 199 191 323 r243 277 Total deposits...... ................................................................... "21 281 "22,612 "22,528 "23 336 23,456 "22,714 24,850 23,196 Deferred availability cash items.......................................... 7,176 8,020 6,864 7,227 6,526 7,270 6,047 5 ,671 Other liabilities and accrued dividends................................ 449 466 475 487 462 465 482 366 Total liabilities.............................................................................. "75,456 "75,678 "74 490 "75,450 74,653 "75,130 75,550 71,095 Capital accounts Capital paid in. ............................................................................. 658 659 659 656 654 659 654 617 Surplus................................................................................................... 630 630 630 630 630 630 630 598 Other capital accounts........................................................ . 230 172 363 305 248 275 270 221 Total liabilities and capital accounts........................... "76,974 "77 139 "76,142 "77 041 76,185 "76,694 77 104 72,531 Contingent liability on acceptances purchased for foreign correspondents....................................................... 1 70 1 76 178 182 184 1 59 183 112 U.S. Govt, securities held in custody for foreign 8,838 | account..................................................................... 8,252 8,184 9,383 10,122 7,710 10,035 7,676 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)............................ 47,237 47,149 47,010 46,866 46,731 47,283 46,819 44,431 Collateral held against notes outstanding: Gold certificate account.................................................... 3,287 3,287 3,252 3,252 3,437 3,287 3,437 5,258 Eligible paper................................................................... U.S. Govt, securities................................................................. 45,361 45,361 45,261 45,261 45,101 45,361 45,111 40,321 Total collateral.................................................................................. 48,648 48,648 48,513 48,513 48,538 48,648 48,548 54,579 ' See note 2 to table at bottom of page. 2 No accrued dividend at cnd-of-Decembcr date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
JULY 1969 □ FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JUNE 30, 1969 ([n 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............................. 10,027 584 2,707 53$) 705 1 ,086 381 1 ,600 324 83 453 386 1,179 F.R. notes of other banks........................ 618 35 190 39 44 41 77 40 22 17 25 21 67 Other cash......................................................... 188 10 17 8 23 13 26 17 19 5 14 12 24 Discounts and advances: Secured by U.S. Govt, securities.... 787 81 l43 ............9 28 46 135 206 15 16 19 49 36 Other............................................................... 262 30 18 13 6 3 9 23 151 Acceptances: Bought outright.................................... 41 41 Held under repurchase agreements.. Federal agency obligations—Held under repurchase agreements........ U.S. Govt, securities: Bought outright................................ 54,095 2,73« 1 3,394 2,886 4,218 4,058 2,935 8,863 1 ,947 1,103 2,079 2,2H9 7,585 Held under repurchase agreements.. Total Ioans and securities......................... 55,185 2,849 13,591 2,895 4,246 4,122 3,083 9,075 1,962 1 ,122 7 107 7 7,772 Cash items in process of collection. . . 1 1 ,890 728 2,072 666 853 898 1,061 2,042 586 422 8031 712 1 ,047 Bank premises................................................ 114 3 9 2 5 11 18 17 8 4 19 9 9 Other assets: Denominated in foreign currencies.. 1 ,834 88 1466 95 163 95 117 272 64 42 79 105 248 IMF gold deposited 2.......................... 228 228 All other....................................................... 432 22 113 23 33 35 27 66 15 10 16 17 55 Total assets....................................................... 80,516 4,319 19,393 4,267 6,072 6,301 4,790 13,129 3,000 1 ,705 3,516 3,623 10,401 Liabilities F.R. notes......................................................... 45,299 2,620 10,476 2,633 3,643 4,142 2,409 7,996 1 ,682 786 1,702 1 ,595 5,615 Deposits: Member bank reserves........................... 20,750 865 5,774 903 1 ,370 1 ,084 1 ,209 2,875 643 470 923 1 ,247 3,387 U.S. Treasurer—General account.. 1 ,258 50 384 64 58 114 95 50 63 29 62 69 220 Foreign........................................................... 155 5 .‘81 5 9 5 6 15 3 2 4 6 14 Other IMF gold deposit 2....................... 228 228 All other................................................... 323 1 285 1 1 7 2 4 1 2 3 2 14 Total deposits.................................................. 22,714 921 6,752 973 1 ,438 1 ,210 1 ,312 2,944 710 503 992 1,324 3,635 Deferred availability cash items...... 10,474 680 I ,642 558 818 830 947 1 ,879 538 372 739 600 871 Other liabilities and accrued dividends 465 23 1 16 23 35 34 25 75 17 10 18 19 70 Total liabilities.............................................. 78,952 4,244 18,986 4,187 5,934 6,216 4 2,947 1,671 3,451 3,538 10,191 Capital accounts Capital paid in............................................... 659 31 175 33 59 33 42 97 23 15 28 37 86 Surplus................................................................. 630 31 160 33 56 33 40 93 22 14 27 36 85 Other capital accounts................................ 275 13 72 14 23. 19 15 45 8 5 10 12 39 Total liabilities and capital accounts.. 80,516 4,319 19,393 4,267 6,072 6,301 4,790 13,129 3,000 1 ,705 3,516 3,623 10,401 Contingent liability on acceptances purchased for foreign correspond ents ........................................................... ■ 159 8 G2 9 15 9 II 25 6 4 7 10 23 Federal Reserve Notes—Federal Reserve Agents* Accounts F.R. notes outstanding (issued to Bank)....................................................... 47,283 2,707 10,996 2,721 3,867 4,236 2,540 8,258 1 ,754 814 1 ,768 1 ,737 5,885 Collateral held against notes out standing: Gold certificate account....................... 3,287 200 500 300 560 515 .........1. ..,.0..00 180 27 ............... 5 ............... Eligible paper........................................ U.S. Govt, securities............................ 45,361 2,531 10,600 2,500 3,400 3,770 2,600 7,650 1 ,650 805 I ,825 1 ,780 6,250 Total collateral............................................. 48,648 2,731 11,100 2,800 3,960 4,285 2,600 8,650 1 ,830 832 1 ,825 1 ,785 6,250 1 After deducting $1,368 million of participations of other Federal J After deducting $74 million of participations of other Federal Re Reserve Banks. serve Banks. 2 See note 2 to table at bottom of page A-73. 4 After deducting $127 million of participations of other Federal Re serve Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 14 OPEN MARKET ACCOUNT □ JULY 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 ro le 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 ro le 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 ro le s s s m re s a d h o t e i u f r m t r s i p t , y c G h p r a u o s r s e s s G sa ro le s s s m E s a h x o t c u if r h t r s i , t y tions 1968—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 1,110 175 1,149 1,110 175 23 -8,479 33 6,095 Mar........ 385 65 381 217 65 381 49 574 73 • -574 Apr................. 2,121 1 ,346 206 2,121 1 ,346 206 May............... 2,368 1 ,444 2,173 1 ,444 33 10,883 78 10,895 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 c G h p r a u o s r s e s s G sa ro le s s s o E t s u r h x r m i c i f t t h y s a . c G h p r a u o s s r e s s G sa ro le s s s o E t s r u h x r m c i i f t h t y s a . c G h p r a u o s r s e s s G sa ro le s s s s i e ti c e u s r pu m a r g c e r h n e a t e s s ) e ri n g e h t t, a m c g h n e r a e e n s t e t e s , 1968—May. . . 18 I 2,488 2,753 119 -12 -1 -30 75 June... 50 3,638 10 1,560 1,560 1,605 3 75 1,683 July..., 1,145 908 166 -2 -32 132 Aug.. .. 34 12 2,497 2,734 647 -5 -43 599 Sept.... 45 4,636 5 440 235 9 -4 39 280 Oct......... 50 7 790 1 ,230 50 -9 9 -39 11 Nov.... 980 980 21 2 23 Dec.. . . 708 1 ,369 1 ,369 -414 * -414 1969—Jan......... 371 371 -810 -8 -818 Feb.... 24 6 2,517 2,318 148 20 1 40 209 Mar.. . . 26 2,384 20 2,044 1 ,854 130 5 -4 7 137 Apr.. . . 1 ,929 1 ,790 708 54 5 43 810 May. . . 60 12 24 4,192 4,470 646 1 -5 -60 582 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 s P t o e u rl n in d g s B fr e a l n g c ia s n C d a o n l a la d r i s an D kr a o n n is e h 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 l e a il n t d h d e e s r r s f S ra w n is c s s 1967—Dec......................................... 1,604 1,140 45 3 1 413 [ 1 • 2 1968—Mar........................................ 1 ,542 1.197 50 253 1 33 2 1 2 4 Apr........................................ 1,536 1,195 50 256 1 26 2 1 2 4 May................ 1 '926 1,544 50 256 1 67 2 1 2 4 June....................................... 1 '009 503 52 132 25 101 134 1 57 4 July........................................ 1,217 851 52 8 25 151 69 1 I 57 2 Aug., ........................... 1 ,'055 601 53 4 25 235 75 1 I 57 3 Sept........................................ 1 '281 698 13 4 452 75 1 33 3 Oct.......................................... 1 ,273 694 124 4 378 65 1 1 4 3 Nov........................................ 2^211 1 443 111 4 571 75 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 Feb............................ 1 '938 I '450 1 3 1 25 318 125 1 4 1 Mar........................................ 2^059 1'396 23 1 461 160 13 1 4 1 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
JULY 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 June 25 June 18 June 11 June 4 May 28 June 30 May 31 June 30 Discounts and advances—Total.............................................. 1 ,34H 773 502 927 1 ,649 1 ,049 1 ,831 305 Within 15 days.............................................................................. 1 , TOH 762 488 909 1 ,606 1 ,033 1 ,801 288 16 days to 90 days...................................................................... 40 11 14 18 43 16 30 17 91 days to 1 year.......... ............ . Acceptances —Total........................................................................ 43 44 46 44 97 41 76 134 Within 15 days............................................................................ 11 11 1 1 1 3 63 8 43 82 16 days to 90 days...................................................................... 32 33 35 31 34 33 33 52 91 days to 1 year.......................................................... U.S. Government securities—Total................... 53,206 52,963 53,798 53,833 53,509 54,095 53,839 52,230 Within 15 days 1................................. 1 ,794 1 ,665 2,020 2,218 2,939 1 ,435 1 775 1 455 16 days to 90 days...................................................................... 8,82.3 8,708 9,179 9 316 8,508 9,675 9 >31 13,821 91 days to 1 year........................................................ 20,790 20,791 20 >00 20’500 20,263 21 ,186 20,834 23,159 Over 1 year to 5 years.............................................................. 7,691 7,691 7,691 7 >91 7,691 7,691 7,691 7,737 Over 5 years to 10 years......................................................... 13,447 13,447 13,447 13,447 13,447 13,447 13,447 5,470 Over 10 years................................................................................. 661 661 661 661 66 i 661 661 588 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted .annual rates) Debits to demand deposit accounts1 (billions of dollars) Turnover of demand deposits Period 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 S Y l c A 2 l . . ) 3 ’s 2 S o M 2 th 2 S e 6 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 rs3 T S o ( N M e ta . x S Y l c A . 2 l. ) 3 ’s 2 S o M 2 th 2 S e 6 A r ’s 1968—May...................................... 7,614.0 3,370 6 1,722.0 4,243.4 2,521.4 61.0 129 5 58 8 43.0 36.1 June...................................... 7>48.5 3J95.O 1,771.0 4,353.5 2>82,5 62,4 131.4 59,5 43.4 36.6 July...................................... 8,163.0 3,726.1 1,807.9 4,436.9 2,629.0 64.3 140.3 59,9 43.7 37.0 Aug....................................... 8 521.8 4 079 6 1 825 2 4 442 2 2 617 0 65 2 147 7 60 8 43 7 36 5 Sept....................................... 8,368.4 3>57> i>40> 4>10'.6 2,670.4 64.7 144.7 61> 43'. 8 36.7 Oct......................................... 8,599.8 3 953 7 1 904.9 4,646.1 2,741,2 66.3 143.1 64 4 45 6 37.7 Nov....................................... 8 540,1 3 925 9 1 904 1 4,614 2 2710 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 May...................................... 9,147.6 4 >97.6 2 >83.2 5>50> 2/966.8 68 > 146^6 67 > 48 > 39 7 June...................................... 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 □ JULY 1969 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency Enc of period in cu c la ir - 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 80! 7 24 1947. 28,868 20,020 1,404 1,048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 5 17 1950, 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 4 12 1955, 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 3 12 1958. 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 3 9 1959. 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 3 5 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 7,373 12,109 10,885 3,221 7,110 249 298 3 4 1964. 39,619 28,100 3,405 1,806 JU 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--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 May............. 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 Sept............... 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 Oct................ 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 ,907 136 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 Apr............... 49,642 34,895 5,692 1 ,934 136 2,815 8,363 15,955 14,747 4,130 10,073 244 292 3 4 May............. 50,399 35,529 5,730 1 ,971 136 2,861 8,531 16,300 14,869 4,158 10,166 244 292 3 5 3 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; 51 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) lickI in the Tretsury Curreiicy in c ire tilation 1 Total out Held by standing, As security For F.R. 1969 1968 Kind of currency May 31, against F.R. Banks 1969 gold and Treasury Banks and silver cash and Agents May Apr. May certificates Agents 31 30 31 Cold ..................................................................................................... 10,367 (10,022) 2345 Gold certificates................................................................................ (10,022) 310,021 1 Federal Reserve notes................................................................... 46,820 109 2,646 44,066 43,344 41.322 Treasury currency—Total............................................................ 6,725 195 197 6,333 6,298 5,879 Standard silver dollars............................................................. 485 3 482 482 482 Silver certificates......................................................................... 265 Fractional coin.............................................................................. 5,612 170 194 5,248 5,21 ( 4,749 United States notes.............................................................. 323 22 3 298 300 298 In process of retirement4....................................................... 306 305 306 85 Total—May 31 1969.................................................................... 563,913 (10,022) 649 10,021 2,844 50,399 Apr. 30' 1969.................................................................... 563,468 (10,023) 661 10,022 3,144 49,642 May 31, 1968 .................................................................... 561,181 (10,295) 990 10,024 2,965 47,202 3 Outside Treasury and F.R. Banks. Includes any paper currency held 5 Does not include all items shown, as some items represent the security outside the United States and currency and coin held by banks. Esti for other items; gold certificates are secured by gold, and silver certificates mated totals for Wed. dates shown in table on p. A-5. by standard silver dollars and monetized silver bullion. Duplications 2 Includes $233 million gold deposited by and held for the International are shown in parentheses. Monetary Fund. 5 Consists of credits payable in gold certificates, the Gold Certificate Note.—Prepared from Statement of United States Currency and Coin Fund—Board of Governors, FRS. and other data furnished by the Treasury. For explanation of currency 4 Redeemable from the general fund of the Treasury. reserves and security features, see the Circulation Statement or the Aug. 1961 Bulletin, p. 936. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
JULY 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, Currency Demand ad Currency Demand ad demand Total component co d m ep p o o s n i e t nt justed 1 Total component co d m ep p o o s n i e t nt justed 1 deposits’ 1965—-Dec.................................. 166.8 36.3 130,5 146.6 172.0 37,1 134.9 145,2 4.6 1966—Dec................................. 170.4 38.3 132.1 158. 1 175.8 39.1 136.7 156.9 3.4 1967—Dec.................................. 181.3 40.4 140.9 183.5 187.1 41.2 145.9 182.0 5.0 1968- June................................ 187.4 42.0 145.4 188.2 185.6 41.9 143.6 188.6 5.4 July................................. 189.4 42.2 147.2 190.4 187.2 42.4 144.8 190.8 5.7 Aug................................. 190.3 42.6 147.6 193.8 186.9 42.7 144.2 194.4 5.5 Sept................................ 189.5 42.7 146.7 196.6 188.6 42.7 145.8 196.2 5.9 Oct.................................. 190.2 42.8 147.4 199.5 190.6 42.9 147.7 199.1 6.1 Nov........................... . . 191.9 4.1.2 148.7 201 .9 193.4 43.7 149.7 200.7 4.2 Dec................................. 193.1 43.4 149.6 204.3 199.2 44.3 154.9 202,5 4.8 1969 - Jan................................... 193.7 43.6 150, 1 202.5 199.5 43.5 155.9 202.1 4.7 Feb.......................... ... 193.8 43.9 149.9 201 .0 192.4 43.4 149.0 201.6 6.6 Mar................................. 1 94.0 44.2 149.8 201.0 192.6 43.8 148.8 202.0 4.5 Apr.................................. 195.7 44.2 151.5 200,8 196.7 43,9 152.8 201 .6 5.1 May................................ 195.2 44.6 150.7 200.1 191 .6 44. 3 147.3 200.9 8.8 Junc/;............................. 195.3 44.9 150.4 199.2 193.4 44.8 148.6 199.6 5.8 Week ending 1969—May 7......................... 194.0 44.3 1 49.7 200.2 192,3 44.2 148.1 201 .0 9.9 14......................... 195.1 44.5 1 50.6 200.2 192.0 44.3 147.8 201 .0 9.9 21 196.8 44.5 152.3 200. 1 191,3 44.2 147.2 200.9 8.9 28......................... . . . . 195.8 44.6 151.2 200.0 190.6 44.0 146.6 200.8 7.9 June 4......................... 195.0 44.9 150.1 199.6 192.9 44.8 148.1 200.6 5.4 II......................... 195.8 44.8 150.9 199.7 193.9 45.0 148.9 200.3 4.0 18......................... 195.1 44.9 150.3 199.2 194.2 44.8 149.4 199.6 5.4 25/'....................... . . . . 194.9 44.9 150.0 198.7 191.3 44.6 147.0 198.9 8.0 1 At all commercial banks. mercial banks and the U.S. Govt., less cash items in process of collection Non:.-- For revised scries beginning Jan. 1963, see June 1968 Bul r a e n n d c y F . o R u . ts fl id o e a t; t h ( e 2 ) T fo re re a i s g u n r y d , e F m . a R n . d B b a a n la k n s, c e a s n a d t v F a .R ul . t s B o an f k a s ll ; a c n o d m ( m 3) e r c c u ia r l letin, pp. A-92—A-97. For monthly data 1947-58, see June 1964 Bul banks. Time deposits adjusted are time deposits at all commercial l p e p t . in 1 , 3 0 p 3 p - . 1 6 6 . 79-89; and for data for 1959-62, see Aug. 1967 Bulletin, banks other than those due to domestic commercial banks and the U.S. Govt. Effective June 9, 1966, balances accumulated for payment of Averages of daily figures. Money supply consists of (1) demand personal loans were reclassified for reserve purposes and are excluded from deposits at all commercial banks other than those due to domestic com time deposits reported by member banks. AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Member bank reserves’ re D se e r p v o e s r it e s q s u u ir b e je m c e t n to ts 2 Member bank reserves re D se e r p v o e s r it e s q s u u ir b e je m c e t n to ts 2 Period Total r N o b w o o e r n d qu R ir e e d Total s T a a v im n in d e g s de v P m a r t a i e n d d G e U m o .S a vt n . , d Total r N o b w o o r e n d qu R ir e e d Total s T a a v im n in d e g s de v P m a r t a i e n d d G e U m o .S a v . n t , d 1965-Dec......... 23.26 22.82 22.83 236.6 121,2 111,0 4.4 22.72 22.27 22,27 239.0 119,8 1 15.2 4.0 1966—Dec......... 23.52 22.98 23.17 244.6 129.4 111.7 3.5 23,83 23.27 23.44 247,1 127.9 116.1 3.0 1967—Dec......... 25,88 25.62 25.53 273.2 149.9 118.6 4.6 25.26 25.02 24.92 275,9 148,1 123.3 4.5 1968—June. . . . 26.43 25.77 26.08 278.8 151 .8 123.2 3.9 25.71 25.02 25,36 278.3 152.2 121.3 4.8 July.... 26.57 26.05 26.26 280.9 153.8 124.3 2.7 26.00 25.48 25,70 281,7 154.1 122.6 5.0 Aug........ 27.06 26.52 26.73 285.9 156.5 124.6 4.8 26.07 25.50 25,69 283,6 157.2 121 .7 4.8 Sept. . . . 27.12 26.67 26.76 287,9 158.9 123.6 5.3 26.08 25.56 25.69 286.7 158.6 123.0 5.2 Oct.......... 27.29 26.86 26.97 290,9 161.5 124.5 5.0 26.65 26,23 26.39 291.2 161,0 124.8 5.4 Nov.. . . 27.45 26.86 27.14 293.6 163.5 125.4 4.7 26,79 26.22 26.46 292.4 162.3 126.4 3.6 Dec......... 27.71 26,96 27.35 296.7 165.8 126,7 4.2 27,22 26.46 26.77 299.7 163.8 131.8 4.1 1969—Jan.......... 27.85 27.03 27,61 295.1 163.2 126.6 5.3 28.06 27.37 27.85 299,0 162.7 132.1 4.2 Feb......... 27.74 26.88 27.50 294.8 161 .0 127.2 6.7 27.29 26.47 27,06 293.9 161.8 126.2 5.9 Mar.. . . 27.64 26.69 27.39 292.3 160.5 126.9 4.8 26.75 25.84 26,54 291.4 161.6 125.9 3.9 Apr......... 27.49 26.46 27.32 293.6 160. 1 127.6 5.8 27.08 26.08 26,93 294.2 160.9 128.7 4.5 May... . 27.86 26.52 27.57 293.0 159.3 127.8 5.9 27.90 26.50 27,60 292. 1 160.1 124. 1 7.9 June.. .. 27.60 26.25 27.29 289.8 158. 1 127.6 4.0 27.28 25.87 26.98 289.2 158.6 125.6 5.0 । Series revised. Averages of daily figures. Data reflect percentage re inated from time deposits for reserve purposes. Jan. 1969 data are not serve requirements made effective Apr. 23, 1969. Required reserves are comparable with earlier data due to the withdrawal from the system on based on average deposits with a 2-week lag. Jan. 2, 1969, of a large member bank. 2 Averages of daily figures. Deposits subject to reserve requirements in clude total time and savings deposits and net demand deposits as defined Note. -Seasonally adjusted data for the period 1959 to date may be by Regulation D. Private demand deposits include all demand deposits ex obtained from the Banking Section, Division of Research and Statistics, cept those due to the U.S, Govt., less cash items in process of collection Board of Governors of the Federal Reserve System, Washington, D.C. and demand balances due from domestic commercial banks. Effective June 20551. 9, 1966, balances accumulated for repayment of personal loans were elim Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 18 BANKS AND THE MONETARY SYSTEMS □ JULY 1969 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, net— Treas Total ury U.S. Government securities liabil Capital Date cur ities Total and Gold s r o t e i a n n u n g c t d y Total n L e o t a n *, s , 2 Total s C a a v o n i m n d g l. s R F e e s d e e r r v a e l Other3 O r s i c t e i h c e u e s r 2 ca a n p n e i d t t a l, c d u e r a p r n e o d n s i c ts y c m o a n u i e c i n c t t . s , banks Banks 1947—Dec. 31......................... 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30......................... 22;706 4,636 171367 60,366 96360 72394 20378 2,888 14341 199,008 184,384 14324 1967 Dec. 30......................... 11,982 6,784 468’943 282,040 117,064 66,752 49,112 I ,200 69’839 487’709 444 343 43 370 1968—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 52300 800 74,400 501 300 451’700 50,000 Aug. 28........................ 10,400 6,700 485,500 291,100 11 8300 65,700 52,600 100 76,000 502 300 451 300 50,900 10 300 6300 492,5.00 295,700 119 J 00 66 300 52300 100 77 300 509 300 458’100 51,500 Oct. 30......................... 10'400 6,800 498,100 296 ,’800 122300 68 300 53 300 100 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 3 00 50’900 Dec. 31......................... 10,367 6’795 514327 311 334 121,273 68',285 52,937 51 81,820 531 389 484,2(2 47’379 1969—jan 29......................... 10,400 6,800 504,800 304,300 119,500 67,100 52,300 100 81 300 522,000 469,900 52,100 Feb, 26......................... 10’400 6,800 503 300 306,000 115300 63 300 51,900 100 81 ,500 520,200 466 300 53,300 Mar. 26......................... 10 300 6’800 504,100 307 300 114,600 62 300 52 300 100 82 300 521 300 466’300 54,900 Apr. 30'*....................... 10 300 6,700 510; 200 312 300 114300 61,800 53,100 100 82,900 527,300 471 300 55'600 May 28a....................... 10300 6'700 506,700 311 300 112300 59 300 53,400 100 82 300 5 23 300 465’400 58300 June 25"....................... 10300 6'800 510^500 317300 110’700 57’500 53.2(H) 82 300 527 3 00 467’000 60,700 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 4 Not seasonally adjusted Time U.S. Government Date For Total o b r u C e a t n s u n c i k r d y s e d ju e m s D p a t a o e d e n s d d i t s 5 Total o b r u C e a t n s n u c i k r d y s e d ju e m s D p a t a o e d e n s d d i t s 5 Total b m C a e n o r k m c s ia l 1 b s M a a u v n i t k n u s g a s l 6 S P t a S e o v m y s i s n t a 3 g l s e n i e g t n 7 , T h c i r u n o a e g r s l a y d s h s s b c a a a o v A n n i m n d t k g l s . s B F A a .R n l 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 1336 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-—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 31 186 300 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 146300 190,100 41,800 148,300 263,700 200,000 63,700 2,100 800 6,400 I ,200 Nov. 27. . .. 190,800 42,300 148,500 193 300 43,500 150300 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 5385 703 1969—Jan. 29.... 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.. . . 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. ... 193,500 43,200 150,300 190,700 42,800 147,900 267,700 201,800 65,900 2,100 700 4,600 500 Apr. 30^. . . 192,000 43,300 148,700 192,000 42,900 149,100 266,400 200,700 65,700 ........2...,.3...00 700 9,400 J ,000 May 28>\ . . 191 ,000 43,600 147,400 188.700 43,500 145,200 266,600 200,600 66,000 2,100 700 6,900 400 June 25'*. .. 194,000 43,700 150,300 191,400 43,700 147,700 264,800 198,400 66,400 2,200 700 6,300 1 ,500 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 ? Reclassification of deposits of foreign central banks in May 1961 re changes resulted from a change in Federal Reserve regulations. These hy duced this item by $1,900 million ($1,500 million to time deposits and $400 pothecated deposits are shown in a table on p. A-23. million to demand deposits). 2 See note 2 at bottom of p. A-22. 3 After June 30, 1967, Postal Savings System accounts were eliminated Note.—For back figures and descriptions of the consolidated condition from this Statement. statement and the seasonally adjusted series on currency outside banks 4 Series begin in 1946; data are available only for 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 I 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
JULY 1969 n 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 I assets— Interbank J | Securities Total Other Total Num Cla a s n s d o d f a b te ank Total Loans G U o .S v . t. !Other a C ss a e s t h s 3 b c i a U a a p n c t i i d t c a s l Total3 m D a e n d Time Demand Time r B i o n o g w r s c c o a u p n it t a s l ba b o e n f r k s counts4 U.S. Other Govt. All banks: 1941—Dec, 31................... 61,126 26,615 25,511 8,999 27,344 90,908 81,816 10,982 44,355 26,479 23 8,414 14,826 1945—Dec. 31.................... 140,227 30,361 101,288 8,577 35,415 177,332 165,612 14,065 105,935 45,613 227 10,542 14,553 1947—Dec. 31 6................. 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 1967—Dec. 30.................. 424,134287,543 66,75269,83978,924 517,374455,501 21,883 1,314 5,240 184,139 242,925 5,846'39,371 14,223 1968—June 29.................. 434,415 297,677 62,809 73,929 '7 6,293 525,856456,874 20,638 1,095 4,977 177,930 252,234 8,196 40,885 14,224 July 31.................. 440,760301,620 64,740 74,400 '7 0,540 526,100454,140 19,170 1,310 5,800 172,690 255,170 10,150 40,850 14,219 Aug. 28.................. 443,320 301,640 65,68076,000 <6 7,930 525,720451 ,330 18,020 1 ,350 4,970 168,800 258,190 11,130 41,030 14,216 Sept. 25................. 450,040305,710 66,680 77,65070,840 535,690459,990 19,250 I ,410 8,540 170,580 260,210 11,660 41,280 14,209 Oct. 30................. 455,630 307,930 68,760।78,94072,690 543,410 467,330 19,690 I ,330 6,070 176,220 264,020 11,670 41,590 14,205 Nov. 27................. 458,600312,210 66,730 '79,66077,600551 ,410472,83020,500 I , 260 3,250 182,100265,720 13,02041,770 14,187 Dec. 31.................. 470,167320,062 68,285 81 ,820 .84,748571,805498,945 24,747 1,213 5,017 199,973 267,995 8,972 42,275 14,179 1969.....Jan. 29.................. 464,280316,140 67,110 81,030 72,680 552,490472,730 19,350 I ,080 7,540 178,370266,390 12,830 42,160 14,172 Feb. 26.................. 463,440318,480 63,460 81,500 72,480 552,830469,810 19,550 I ,010 5,830 176,330 267,090 13,010 42,530 14,172 Mar. 26.................. 465,300 320,540 62,500 82,260 72,990 555,460 469,630 19,910 990 4,250 176,440 268,040 14,360 42,720 14,176 Apr. 30'’............... 470,100325,440 61 ,770। 82,890 .8 2,400 570,010 481,890 21 ,230 950 9,000 183,970 266,740 15,780 43,170 14,168 May 28"............... 468,870 327,480 59,040 ।82,350 '7 8,140 564,830 472,94020,990 940 6,580 177,530 266,900 17,490 43,320 14,167 June 25"............... 474,340334,000 57,480। 82,86078,110571,070473,60020,730 5,960 180,850265,150 18,42043,460 Commercial banks: 1941—Dec. 31.................. 50,746 21,714 21,808 7,225 26,551 79,104 71,283 10,982 44,349 15,952 23 7,173 14.278 1945—Dec. 31.................. 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 8,950 14,011 1947—Dec. 31 6............... 116,284 38,057 69,221 9,006 37,502 155,377 144,103 12,792 240 1 ,343 94,367 3 5,360 65 10,059 14,181 1967—Dec. 30.................. 359,903235,954 62,473 61,47777,928451,012395,008 21,883 1 ,314 5,234 184,066 8 2,51 I 5,777 34,384 13,722 1968—June 29.................. 367,560244,580 58,604 (6 4,376 75,334 456,827 394,004 20,638 1 ,094 4,970 177,837 189,465 8,131 35,774 13,723 July 31.................. 373,480248,370 60,530 i64,580 69,610 456,670391,330 19,170 1,310 5,800 172,610 192,440 10,150 35,740 13,717 Aug. 28.................. 375,550248,050 61,480 6i6,020 67,020 455,820 388,280 18,020 1 ,350 4,970 168,720 195,220 11,130 35,850 Sept. 25.................. 382,080251,920 62,540 <6 7,62069,850 465,490396,410 19,250 1 ,410 8,540 170,480 196,730 I I,660 36,090 13,707 Oct. 30.................. 387,450253,860 64,760 ।6 8,830 71 .780 473,100 403,580 19,690 1 ,330 6,070 176,120 200,370 I I,670 36,400 13,703 Nov. 27................. 390,010257,730 62,820 ।69,46076/>90 480,640 408,830 20,500 1 ,260 3,250 182,000201,820 13,02036,510 13,687 Dec. 31.................. 401,262265,259 64,46671,53783,752500,657 434,023 24,747 1 ,21 1 5,010 199,901 203,154 8,89937,006 13,679 1969—Jan. 29.................. 394,820 261,130 63,150 70,54071 .850480,940407,780 19,350 1 ,080 7,540 178,270 201,540 12,83036,870 13,673 Feb. 26.................. 393;470263,120 59,47070,880 7_1_ _._5_9_0480,700404,520 19,550 1,010 5,830 176,230 201,900 37,180 13,673 Mar. 26.................. 394,900 264,970 58,51071 .4 20|7 2;090 482,870403,670 19,910 990 4,250 176,360 202,160 14,360 37,360 13,677 Apr. 30"............... 399,550 269,710 57,87071,97081.610497,400416,11021,230 950 9,000 183,890 201,040 15,780 37,800 13,669 May 28"............... 197,900271.3.10 55,22071 ,35077,. 240491 670406,85020,990 940 6,580 177,450 200,890 17,490 37,890 13,668 June 25"............... 403,190277.750 53,78071,66077,160 497,670407,120 20,730 910 5 ,960 180,770 198,750 18,42038,020 13,674 Member banks: 1941—Dec. 31.................. 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,385 140 1 ,709 37,136' 12,347 4 5,886 6,619 1945—Dec. 31.................. 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,576 6422,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31.................. 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 8,464 6,923 1967—Dec. 30.................. 293,120 196,849 46,95649,315 68,946373,584 326,033 20,811 1 ,169 4,631 151,980 147,442 5,37028,098 6,071 1968—June 29................. 297,630203,016 43,361 51,253 67,130 376,904 322,990 19,644 934 4,126 146,470 151,816 7,684 29,139 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.................. 304,669205,850 45,898 52,921 59,497 375,766 317,186 17,088 1,193 4,181 138,031 156,693 10,684 29,240 6,019 Sept, 25................. 309,985208,917 46,755 54,313 61,846 383,685 323,730 18,275 1 ,246 7,468 139,166 157,575 1 I ,192 29,415 6,010 Oct. 30.................. 314,164210,270 48,704 55,190 63,275 389,598 329,287 18,673 1,169 5,226 143,684 160,535 11,153 29,687 6,002 Nov, 27................. 315,615 213,092 46,820 55,703 67,675 395,535 333,142 19,462 1,098 2,545 148,083 161 ,954 12,450 29,739 5,990 Dec. 31................. 325,086220,285 47,881 56,92073,756412,541 355,414 23,519 1 ,061 4,309 163,920 162,605 8,45830,060 5,978 1969—Jan. 29.................. 319,249216,806 46,46455,979 63,826 395,585 332,284 18,402 927 6,556 145,546 160,853 12,000 29,966 5,972 Feb. 26.................. 317,925 218,407 43,387 56,131 63,247 394,742 329,130 18,593 860 4,907 144,065 160,705 12,179 30,190 5,967 Mar. 26................. 318,742219,595 42,709 56,438 63,749 396,209 327,685 18,950 842 3,374 143,989 160,530 13,63630,342 5,962 Apr. 30................. 322,920223,609 42,37256,939 72,398 409,340 339,062 20,260 796 7,981 150,719 159,306 14,88830,699 5,955 May 28.................. 321,197 224,696 40,17756,324 68,479 403,971 330,433 20,054 790 5,405 145,261 158,923 16,467 30,752 5,944 June 25.................. 326,010 230,306 39,151 56,55368,183 409,133 330,191 19,776 756 4,870 147,984 156,805 17,26430,869 5,938 Mutual savings banks: 1941—Dec. 31.................. 10,379 4,901 3,704 1,774 793 11,804 10,533 6 10,527 1,241 548 1945—Dec. 31.................. 16,208 4,279 10,682 1,246 609 17,020 15,385 14 15,371 7 1,592 542 1947—Dec. 316............... 18,641 4,944 11,978 1,718 886 19,714 17,763 3 14 17,745 1,889 533 1967—Dec. 30.................. 64,231 51,590 4,280 8,362 996 66,362 60,494 7 73 60,414 69 4,987 501 1968—June 29................. 66,855 53,097 4,205 9,553 959 69,029 62,870 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.................. 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.................. 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. 26.................. 70,40C 55,570 3,990 10,840 900 72,590 65,960 80 65,8801. 5,360 499 Apr. 30.................. 70,550 55,730 3,900 10,920 790 72,610 65,780 80 65,700 . 5,370 499 May 28^............... 70,970 56,150 3,820 11 ,000 900 73,160 66,090 80 66,010 . 5,430 499 June 25"............... 71,150 56,250 3,700 II,200 950 73,400 66,480 80 66,400 . 5,440 499 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 □ JULY 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 Loans G U o .S vt . . Oth 2 er a C ss a e s t h s 3 c c b o a i a l a l u p i i n t a c n i i d t e t a s s l 4 Total] m D a e n d Time U. D S. e mand Time1 r i B n o o g w s r c c T o a a o u p c t n i a ta t l s l b N a b o u n e f m k r s Govt. Other Reserve city member banks: New York City:7 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. 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—I)ec> 31 . . 20,393 7,179 1 1,972 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 31,282 20,062 1 ,880 5,715 12 1968—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 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 Dee. 31.. 57 ,047 42,968 5 ,984 8,09419,948 81,364 63,900 8,964 622 888 33,35) 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 Apr. 30. . 55,607 43,237 4,616 7,754 22,610 82,395 59,841 8,788 419 2,080 31 ,513 17,041 4.267 6,240 12 May 28. . 54,847 43,174 4,099 7,574 20,784 80,195 56,188 8,825 414 826 29,577 16,546 4,921 6,217 12 June 25.. 57,109 45,109 4,331 7,669 20,595 82,393 55,700 8,315 404 513 30,782 15,686 4,902 6,230 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 1 ,434 21 267 6,250 6,013 383 1 ,346 10 1968—June 29. 12,848 9,248 1 ,762 1 ,838 2,647 16,168 12,701 1 ,220 20 93 5,768 5,600 81 1 1 ,362 9 July 31. 13,371 9,332 2,071 1 ,968 3,089 1 7,120 12,935 1 ,256 7 231 5,567 5,874 1 ,271 1 ,370 9 Aug. 28. 13,473 9,381 2,061 2,031 3,033 17,179 12,870 1 ,230 10 149 5,484 5,997 1 ,047 1 ,365 9 Sept. 25. 13,334 9,297 2,028 2,009 3,185 17,196 12,760 1 ,223 1 I 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 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 1 ,558 2,214 3,128 17,685 13,144 1 ,246 17 238 5,826 5,817 1,130 1 ,431 9 Mar. 26 14,146 10,313 1 ,634 2,199 2,768 17,696 12,789 1 ,267 17 92 5,775 5,638 1 ,418 1 ,435 9 Apr. 30, 14,004 10,218 1 ,592 2,194 2,835 17,635 13,201 1 ,170 17 615 5 ,901 5 ,498 I ,319 1 ,460 9 May 28. 13,646 9,996 1 ,473 2,177 3,067 17,559 12,662 1 ,190 17 233 5,886 5,336 1 .682 1 ,446 9 13,918 10,422 1 ,350 2,146 3,111 17,852 12,557 1 ,273 17 147 5,919 5,201 1 ,389 1 ,465 9 Other reserve city:7’" 1941—Dec. 31.... 15,347 7,105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1,967 351 1945—Dec. 31 . ... 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31. ... 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 11,423 1 2,844 353 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—June 29.... 107,654 76,213 13,083 18,358 24,528 136,603 118,123 8,131 300 1 ,400 50,394 57,898 3,720 10,351 163 July 31.... 109,510 77,553 13,468 18,489 23,601 137,652 118,508 8,065 437 1 ,881 49,185 58,940 4,267 10,407 162 Aug. 28.. .. 110,559 77,479 13,972 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 19,6R7 23,382 140,294 119,750 8,054 448 2,798 48,12660,324 5,437 10,445 162 Oct. 30. .. . 114,861 79,584 15,13520,142 23,605 142,930 122,205 8,351 395 2,128 49,854 61 ,477 5,554 10,559 162 Nov. 27. . . . 115,027 80,382 14,291 20,354 25,803 145,322 123,321 8,458 353 799 51 ,832 61 ,879 6,441 10,572 161 Dec. 31 119,006 83,634 15,036 20,337 28,136 151 ,957 132,305 10,181 307 1 ,884 57,44962,484 4,239 10,684 161 1969- -Jan. 29.... 116,456 82,141 14,167 20,148 23,463 144,460 122,369 7,651 306 2,348 50,142 61 ,922 6,179 10,743 161 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. I 16,128 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 Apr. 30. 117,795 84,932 12,85720,006 25,890 148,544 124,498 8,062 249 3,457 51,735 60,995 7,522 10,982 161 May 28. 116,902 85,316 11,982 19,604 24,557 146,119 121 ,240 7,882 248 2,219 50,043 60,848 7,819 11,014 161 June 25. 118,171 87,081 11,471 19,61924,145 147,238 120,641 7.975 224 2,248 50,435 59,759 8,654 11,083 160 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 It 2,525 6,476 1947—Dec. 31.................. 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 17 432 28,378 14,560 23 2,934 6,519 1967—Dec. 30................. 122,511 74,995 24,689 22,82620,334 146,052 131,156 2,766 96 1,564 61,161 65,569 552 11,005 5,886 1968—June 29 125,767 78,011 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 78,775 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 24,010 24,256 17,956 148,626 132,750 2,128 96 1 ,700 57,685 71,141 891 11,354 5,836 Sept. 25. 129,187 80,230 24,325 24,632 18,610 151,135 134,961 2,222 96 2,291 58,578 71,774 932 11,467 5,827 Oct. 30, 130,842 80,842 24,750 25,260 19,292 153,472 137,139 2,305 102 1,803 60,167 72,762 1 ,027 11,536 5,819 Nov. 27. 131,846 81,708 24,658 25,480 20,411 155,573 138,857 2,354 102 1 ,518 61,90072,983 1 ,142 11,622 5,808 Dec. 31. 134,759 83,397 24,998 26,36422,664 161,122 144,682 2,839 111 1 ,281 66,57873,873 804 11,807 5,796 1969 -Jan. 29, 133,166 81,932 25,090 26,144 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 24,183 26,473 19,318 156,543 138,108 2,200 102 1,666 59,35074,790 1 ,665 1) ,830 5,785 Mar. 26. 134,526 83,873 23,763 26,890 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 23,307 26,985 21,063 160,766 141,522 2,240 1 1 1 1,829 61 ,57075,772 1 ,780 12,017 5,773 May 28. 135,802 86,210 22,623 26,969 20,071 160,098 140,343 2,157 11 1 2,127 59,755 76,193 2,045 12,075 5,762 June 25. 136,812 87,694 21,99927,119 20,332 161,650 141,293 2,213 111 1,962 60,84876,159 2,319 12,091 5,757 For notes see p. A-22. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
JULY 1969 n 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 a ll k s d s a a o t n e f d Total — Lo 1 a , n 2 s G U o S .S v e t . c . uri O tie t s h 2 er Cash c c o b T a u i a a l l o p i i n n c a t t i i d a t t e a s l s 4 l TotaD — m I D n a e t n e d rba — T n / k — m 3 e — G U o . - S D v -- t . - 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 g w r s - c c T a o a o p u c t n i a ta t l s l b N a b o u n e i m k r s .— .-------.-----------.... —---------- — --------- .—-—......... --------------- _ -------——— ---—--------- — Insured commercial: 1941—Dec. 31.. 49,290 21,259 21,046 6,984 25,788 76,820 69,411 10,654 1,762 41,298 15,699 10 6,844 13,426 1945—Dec. 31.. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,27629,876 215 8,671 13,297 1947—Dec. 31.. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1,325 92,975 34,882 61 9,734 13,398 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.. 365,955243,993 58,189 63,772 74,686 454,398 392.801 20,337 1 019 4,951 176,569 189,926 7,913 35,269 13,512 1968—Dec. 31.. 399,566 264,600 64,028 70,938 83,061 498,071 432,719 24,427 1 155 5,000 198,535 203,602 8.675 36,530 13,481 National member: 1941—Dec. 3L. 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.. 212,344143,802 31,627 36,915 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 3,090 116,422 122,597 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 11,734 14,338 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 47,49840,945 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 14,836 12,521 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 nonmemher commercial: 1941—Dec. 31.. 1,457 455 761 241 763 2,283 1 ,872 329 1 291 253 13 329 852 1945—Dec. 31.. 2,211 318 1 ,693 200 514 2,768 2,452 181 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 9,573 457 5 504 3,613 18 I ,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 15,24213,124 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 □ JULY 1969 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets—■ accurities To ttil Interbank 3 Other b c C a a l n a ll k s d s a a o n te d f Total I »2 G U o .S vt . . Ot 2 her as C s a e s ts h 3 c c o b a u a i l a l i p i n n a c ti i d t e t s a s l 4 Total 3 m D a e n d Time G U o .S v D . t e . rna O n t d her T , im ,5 e r B in o o g w r s c c T o a a o u p c t n i a ta t l s l N b b a o u e n f m r k s 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 .....i 12 10,351 1 1,034 192 1947—Dec. 31.. 12,683 3,560 8,165 958 675 13,499 12,207 2 12 12,192 1,252 194 1965—Dec. 31.. 48,735 39,964 3,760 5,010 904 50,500 45,887 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 4,481 333 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 5,957 1 ,384 3,813 760 211 6,215 5,556 1 2 5,553 637 339 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 6,100 1,169 1,026 1 15 8,499 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 1 See table “Deposits Accumulated at Commercial Batiks 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, Ioans 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 Ioans” and increased "Other securities" by about $1 billion. total deposits of $190 million was reclassified as a country bank. "Total Ioans” include Federal funds sold, and beginning with June 1967 securities purchased under resale agreements, figures for which are included Note.—Data arc for all commercial and mutual savings banks in the in “Federal funds sold, etc.,” for commercial banks on p. A-24. 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, sec Note, p. 643, May 1964 5 Figures for mutual savings banks include relatively small amounts Bulletin. of demand deposits. Beginning with June 1961, they 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. sec 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 scries before June 30, 1947, sec July 1947 Bulletin, Bulletin. pp. 870-71. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
JULY 1969 □ COMMERCIAL BANKS A 23 LOANS AND INVESTMENTS AT COMMERCIAL BANKS (Tn billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total i,2 Loans1,2 Total l,2 Loans1,2 G U o .S vt . . Other 2 G U o .S v . t . Other2 1959—Dec. 31.................................................................................. 185.9 107.8 57.7 20.5 189.5 HO.O 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^ 293 1963—Dec. 31................................................................................... 246.2 149.6 61.7 35,0 252.4 153.9 63.4 35.1 1964—Dec. 31................................................................................... 267.2 167.7 60.7 38.7 273.9 172.1 63.0 38.8 1965—Dec. 31................................................................................... 294.4 192,6 57.1 44.8 301.8 197.4 59.5 44.9 1966—Dec. 31................................................................................. 310.5 208.2 53.6 48.7 317.9 213.0 56.2 48.8 1967—Dec. 30.................................................................................. 340.5 225.4 59.7 61.4 354.5 230.5 62.5 61.5 357.8 23.1.5 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 Sept. 25................................................................................... 374.6 243.6 64.0 67.0 374. 4 244.2 62.5 67.6 Oct. 30.................................................................................. 379,4 246.7 64.2 , 68.5 379.3 245.7 64.8 68.8 Nov. 27.................................................................................. 381.6 250,4 61.0 ‘ 70.2 381 . 1 248.8 62.8 69.5 Dec. 31.................................................................................. 384.6 251.6’ 61.5 71.5 393.4 257.4 64.5 71.5 1969—Jan. 29............................................................................... 385.9 253.7 60.8 71.4 385.0 251 .3 63.2 70.5 Feb 26............................................................................ 387.9 258.4 58.1 71.5 384.1 253.7 59.5 70.9 Mar. 26............................................................................... 3H6.8 257.5 57.4 71.9 385.6 255.7 58.5 71,4 Apr. 30"................................................................................ 389.9 260.6 57.6 71.7 390.7 260.8 57.9 72.0 May 28"................................................................................ 390.8 263.3 56.0 71 .5 388.8 262.2 55.2 71.4 June 30"................................................................................ 390.4 263.1 55.9 71.4 394.3 268.6 53.8 72.0 1 Adjusted to exclude interbank loans. Noti:.—Hot monthly data 1948-68, sec 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) Dec. 31, Dec. 30, June 29, Dec. 31, Dec. 31, Dec. 30, June 29, Dec. 31, Class of bank 1966 1967 1968 1968 Class of bank 1966 1967 1968 1968 All commercial......................... I ,223 1 ,283 1,235 1,216 All member—Cont. Insured.............................................. 1 ,223 J ,283 1,235 1,216 Other reserve city,,..,.... 370 362 347 332 National member....................... 729 747 744 730 Country....................................... 571 617 598 605 Stale member............................. 21 2 232 201 207 All nonmernber .................. 283 304 290 278 All 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-20; in the table at the top of this deposits, IPC” in the tables on pp. A-24 and A-25. page; anti 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; $94,000 on See June 1966 Bulletin, p. 808. Dec. 30, 1967; $192,000 on June 29, 1968; and $89,000 on Dec. 31 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 24 COMMERCIAL BANKS □ JULY 1969 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments For To U.S. Government b c C a a l n a ll s k d s a a o n te d f l i o n T a a v o n n e t d a s s t l 1 - f s u F e o n e r l a d d d l s , - Total C m c o i e a m r l - - A cu g l r - i- o p r u r c c a h r a ry s i i n ng g — in f s in ti a tu n — t c io ia n l s R e e s a - l O i t t n h o - e r, Other— securi — ties ft — S lo a t n c a a d te l O se th c e u- r ments etc.2 3. 4 and tur- To tate di- 5 govt. rities5 in- al 5 bro- vid- Bills seend tr u ia s l k a e n r d s ot T h o er s Banks Others ualsJ Total ce an rt d if i- Notes Bonds rities deal cates ers _—__ —,—.— —— —- ———.... —------ — --------—— ——— Total:2 1947—Dec. 31.. 116,284 38,057 18,167 1,660 830 1,220 115 9,393 5,723 94769,221 9,982 6,03453,205 5,2763,729 1965—Dec. 31..306,060 2,103 199,55571,437 8,212 5,2583,231 2,158 13,291 49,30045,468 5,21559,547 n.a. n.a. n.a.38,655 6,201 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 4,813 241,00191,4279,979 4,950 3,731 1 ,944 12,193 61,40954,221 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 58,3376,72464,466 n.a. n.a. n.a.58,570 12,967 All insured: 1941—Dec. 31.. 49,290 21,259 9,214 1,450 614 662 40 4,773 4,505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 1,3143,1643,606 49 4,677 2,361 1,13288,91221,526 16,045 51,342 3,873 3,258 1947—Dec. 31..114,274 ............. 37,583 18,012 1,610 823 1,190 114 ............. 9,266 5,654 91467,941 9,676 5,918 52,347 5,1293,621 1965—Dec. 31..303,593 2,064 198,045 70,887 8,191 5,088 3,172 2,093 13,148 49,02645,2905,15559,120 13,134 13,233 33,85838,4195,945 1967—Dec. 30..358,536 3,919231,583 87,8709,2506,017 3,719 1 ,848 12,39458,20951,395 5,60662,094 13,13418,62431,62349,737 11.204 1968—June 29.. 365,955 4,655 239,33890,873 9,9584,723 3,668 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 2,145 13,621 64,80458,1426,65564,028 n.a. n.a. n.a.58,288 12,650 Member, total: 1941—Dec. 3L. 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 I ,046 811 1 ,065 113 7,130 4,662 83957,914 7,803 4,815 45,295 4,199 3,105 1965—Dec. 31..251,577 1,861 167,93963,9795,0994,9152,714 2,008 12,475 38,98836,4184,83244,992 9,441 10,10626,36732,5884,198 1967—Dec. 30.. 294,098 3,438 194,38979,3445,7025.820 3,099 1 ,754 11,58745,52840,4545,19046,956 9,633 13,65724,61441,5207,795 1968—June 29..298,575 4,041 199,92081,9226,081 4,525 3,057 1 ,778 11,25947,69742,291 5,46443,361 4,415 16,29423,621 43,3827,871 1968 - Dec. 31.. 326,023 5,551 215,671 87,8195,921 6,1743,379 2,012 12,797 50,461 45,4046,18947,881 n.a. n.a. n.a.48,423 8,498 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 17 3,803 903 1 ,099 3,426 3,619 3.4R5 1 ,694 5,984 n.a. n.a. n.a. 7,233 861 City oj 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 0ther reserve city: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 427 1,503 17 1,459 855 38729,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31.. 36,040 13,449 7,088 225 170 484 15 3,147 1,969 351 20,196 2,731 1,901 15,563 1,342 1,053 1965—Dec. 31.. 91,997 471 64,64624,784 1,206 954 1,108 635 5,820 15,056 14,305 1,99914,354 2,972 3,281 8,432 11,504 1,022 1967—Dec. 30.. 106,086 1,219 72,713 30,609 1,311 881 1,143 578 5,446 16,969 (5,0472,14814,667 3,140 3,557 8,312 15,3762,110 1968—June 29.. 108,001 1,422 75,13831,720 1 ,4(4 758 1,206 513 5,196 17,861 15,6252,30413,083 966 4,329 8,105 16,1772,180 1968—Dec. 31.. 119,339 2,197 81,76934,632 1 ,362 I , 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 no 481 3,787 1,222 1,028 1945—Dec. 31.. 35,002 ............. 5,596 1,484 648 42 471 4 1,881 707 35926,999 5,732 4,544 16,722 1,342 1,067 1947—Dec. 31.. 36,324 10,199 3,096 818 23 227 5 3,827 1,979 22422,857 3,063 2,108 17,687 2,006 1,262 1965—Dec. 3L. (03,362 905 62,433 (6,478 3,840 650 698 174 (.983 20,217 (8,423 1,17723,735 4,389 5,565 14,09813,8052,483 1967—Dec. 30.. 123,127 1 ,538 74,074 19,8394,332 607 906 100 2,20024,45321 .554 1,51624,689 4,168 7,793 13,14718,3384,488 1968—June 29.. 126,365 1 ,871 76,73820,363 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 2,14727,16424,154 1,69424,998 n.a. n.a. n.a.21,2695,095 Nonmember: 1947—Dec. 3L. 18,454 5,432 1,205 614 20 156 2 2,266 1,061 10911,318 2,179 1,219 7,920 1,078 625 1965—Dec. 31.. 54,483 242 31,616 7,458 3,113 343 516 151 817 10,312 9,050 38314,555 n.a. n.a. n.a. 6,067 2,003 1967—Dec. 30.. 67,087 618 38,791 9,099 3,568 395 681 148 948 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 10,5383,797 451 729 194 932 14,676 12,933 53516,585 n.a. n.a. n.a. 10,1474,469 1 Beginning with June 30, 1948, figures for various Ioan items are 4 Breakdowns of loan, investment, and deposit classifications arc 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 undcr/esale agreements.'Prior to June 30, by CCC were reclassified as “Other securities,” and Export-Import Bank 1967, they were included in loans—for the most part in “Loans to banks.’’ portfolio fund participations were reclassified from loans to “Other se Prior to Dec. 1965, Federal funds sold were included with “Total loans’* curities.” This increased “Other securities” by about SI billion. and “Loans to banks.” * 6 Beginning with Dec. 31, 1965, components shown at par rather than 3 Sec 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
JULY 1969 □ COMMERCIAL BANKS A 25 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits b c C a a l n a ll k s d s a a o t n e d f s B w F e R a r . i n v R e t e h k . s s r C c e a o n n u i c d n r y b m a a w B d n e n c i o a s t k e h l t i s s c 7 ju p m s D o a d a t s d e e e n i d t d s 9 D In o t erba F nk or- G U o S v . t . S lo a t c n a a d te l C c o a f e e i i e n f r r d d s i t - ' i IPC I b n a t n e k r G P U a o o n . s S v d t . t a . l S lo a t n c a a d te l IPC 3 r B i o n o g w r s c C o a t a u a c p n l i t s mestic7 ciun’ govt. checks, Sav govt. ings etc. Total: J 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 12,186 134,247 4,47230,272 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 10,123 151,43C 1.094 321 16,522 173,857 8,13035,774 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 All insured: 1941—Dec. 31 . 12,396 1.358 8,570 37,845 9,823 673 1,762 3,677 1 ,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31 .... 15,810 1.829 11,075 74,722 12,566 1 ,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31 .... 17,796 2,145 9,736 85,751 11,236 1 ,379 1,325 6,692 2,559 83.723 54 111 826 33,946 61 9,734 1965—Dec. 31,... 17,992 4,833 14,801 139,601 16,620 1 ,529 5,508 14,152 5,913 139,594 923 263 12,135 133,6864,32529,827 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 16,456 173,1487,913 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 19,057 184,178 8,67536,530 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 12,856 135,329 5,37028,098 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 15,668 147,545 8,458 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 III 78 15.065 3,535 1,105 6,940 237 1,338 15,712 17 10 20 1,206 195 2.120 1947—Dec. 31 .... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1,418 30 2,259 1965—Dec. 31.... 3,788 310 122 18,190 4,191 1 ,034 1,271 620 2,937 20,708 522 84 807 17,097 1,987 5,114 1967—Dec. 30.... 4,786 397 476 20,004 5,900 1 ,337 1 ,084 890 4,748 25,644 741 70 1 ,152 18,840 1 ,880 5,715 1968—June 29. 5,013 305 558 18,223 6,709 I ,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 I ,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 1963—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 1,947 51,667 307 168 7,378 55,271 4,239 10,684 Country: 1941—Dec. 31. . .. 2,210 526 3,216 9,66! 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 I ,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 1 1 1 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 ? Beginning with 1942, excludes reciprocal bank balances. that are included under member banks, sec 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 □ JULY 1969 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans2 For purchasing orcarrying securities To financial institutions Loans 1 Total net of loans valua Com To brokers Wednesday and tion mer Agn- and dealers To others Banks Nonbank Con- For Valu invest- re- cial cul- Real suinre eign All ationments1 serves and tural estate instal govts. other re indus U.S. U.S. Do Pers, ment 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 196« 210,443 149,259 67,261 1 967 1 ,035 3,666 96 2,374 1 ,391 4,271 5,624 4,414 30,009 17,022 1 ,087 12,252 3,210 12............. 210,214 149,189 67.494 1 ’,980 496 3,816 95 2,383 1 ,416 3,917 5 ,792 4,415 30,126 17,081 1 ,109 12,280 3'211 19............. 212,599 151,577 68,807 2 006 746 4,123 94 2,417 1 ,386 3,731 6,087 4,550 30,235 17,137 1,104 12,367 3:213 26............. 213,285 153,106 68,988 2 ^25 662 3,922 95 2,410 1 ,408 5,375 5,758 4,677 30;354 17,240 1 ;097 12,310 3 ;215 1969 May 7............. 229.602 167,065 76,579 2,017 954 3,601 106 2,745 I 737 4,575 6,023 5,175 32,839 19 142 976 14,120 3,524 14............. 231 ,141 169,119 76,768 1 ,981 1 ,823 3,858 104 2,750 1 ^844 5 ,263 5,781 5,149 32,946 BMIS 1 ,011 14,147 3 524 21............. 228,717 167,659 76,668 2,004 47? 3,436 107 2,760 1 ,784 5,809 5,680 5 110 33,010 19,253 984 14,106 3 524 28 227.544 166,786 76,636 2,027 475 3,576 1 10 2,766 1 ,695 4,809 5,612 5 194 33,022 19,140 976 14,073 3^25 230,344 169,114 76,983 2,035 760 3,712 139 2,775 1 ,730 5,381 6,227 5 294 33,039 19,386 979 14,201 3,527 I!............. 229,958 168,828 77,474 2,056 1 ,012 3,752 108 2,780 1 698 4,349 6,083 5^57 33 147 19,478 969 14,091 3 526 18............. 233,280 172,097 78,422 2,061 2,170 4,002 107 2,775 1 ^41 4,657 6,197 5,495 33^219 19,574 977 14,225 3:525 25".......... 232,041 171,683 78,369 2,073 1 ,492 3,783 108 2,758 1 ,724 5,376 6,004 5 ,508 33,327 19,627 997 14,057 3,520 New York City 1968 47,810 36,714 22,480 19 450 2,257 12 745 736 1,134 1 ,511 1 ,151 3,056 1 ,290 696 2,119 942 12............. 48,416 37,246 22,556 IK 235 2,404 12 754 734 1 ,365 1 ,708 1 ,157 3,081 1 ,302 707 2,155 942 19............. 48,831 37,665 23,084 IK 346 2,626 12 772 709 812 1 ,785 1 ,217 3,101 1 ,296 706 2,123 942 26............. 49,526 38,658 23,165 18 316 2,443 15 773 694 2,086 1 ,575 1 ,248 3 ,127 1 ,302 692 2,146 942 1969 51,989 40,869 24,751 14 670 2,131 1 1 840 894 1,169 1,954 1 152 3,373 1 ,484 672 2,603 I 049 ’ 14............. 52,980 41,798 24,965 13 1 ,038 2,517 I 1 846 974 1 ,013 1,920 1 139 1 199 1 497 713 2,602 1 1049 21............. 52,138 41,344 24,897 14 321 2,124 1 2 851 909 1 894 1 ,779 1 326 3310 1 :504 689 2,663 1 ,049 28............. 51,645 40,933 24,852 14 331 2,252 13 857 878 i J 503 1,747 1 122 3,425 1 ,517 670 2,601 1 ,049 53,123 42,041 24,960 13 538 2,330 42 863 885 1 ,653 2,086 1,355 3,431 1 ,551 674 2,710 1 ,050 11............. 52,453 41 ,417 25.162 13 612 2,350 13 870 853 967 1 ,928 1 ,374 3,453 1 ,552 659 2,661 1 ,050 2 1 5 8. " .. . . . . . . . . . . . . . . . . . . . . 5 5 3 4 , , 7 5 6 2 1 0 4 4 3 2 , , 1 7 3 8 5 6 2 2 5 5 , , 3 4 6 0 9 6 1 1 3 3 1 ,5 7 0 0 8 4 2 2 , , 4 1 0 8 3 4 1 1 3 2 8 8 6 6 1 0 8 8 9 7 9 6 2 1 , , 1 3 1 8 3 7 1 1 , , 8 93 6 1 7 I 1 , , 3 3 9 9 3 4 3 3 , , 4 5 7 3 1 0 1 1 1 5 5 5 6 9 4 6 6 6 8 9 0 2 2 , , 7 6 0 3 8 0 1 1 , , 0 0 4 4 7 9 Outside New York City 1968 J n* 12............. 162,633 112,545 44,781 1 ,948 585 1 409 84 1 ,629 655 3,137 4,113 3,263 26,953 15,732 391 10,133 2,268 161,798 111,943 44,938 1 ‘>62 261 i ;4i2 83 1 ,629 682 2,552 4,084 3,258 27,045 15,779 402 10,125 2,269 163,768 113,912 45,723 1 ^988 400 1 497 82 1 ,645 677 2,919 4,302 3,333 27,134 15,841 398 10,244 2,271 26............. 163,759 114,448 45 ,823 2,007 346 i 379 80 1 ,637 714 3,289 4,183 3 ,429 27,227 15,938 405 10,164 2,273 1969 " 2 [4 1. . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 7 7 7 8 6 7 , , , 1 6 5 6 1 7 1 3 9 1 1 1 2 2 2 7 6 6 , , , 3 3 1 2 1 9 1 5 6 5 5 5 1 1 1 , , , 7 8 8 7 2 0 1 3 8 2 1 I , , 0 9 9 0 6 0 3 8 0 2 7 1 8 5 8 1 5 4 1 i 1 3 ,3 4 4 1 7 1 2 0 9 9 5 3 i 1 1 , ’, 9 9 9 0 0 0 5 9 4 8 8 8 7 4 7 3 5 0 3 4 3 , , , 2 4 91 5 0 5 0 6 4 3 3 , , , 8 9 0 6 0 6 1 1 9 3 3 3 , , , 8 8 7 2 1 8 3 0 4 2 2 2 9 9 9 , , , 5 4 6 4 6 0 7 6 0 1 1 17 7 7 , , , 7 7 6 2 4 5 1 9 8 3 2 2 9 9 0 8 5 4 1 1 11 1 1 , , , 4 5 5 4 4 17 5 3 2 2 2 , , , 4 4 4 7 7 7 5 5 5 28............. 175,899 125,853 51,784 2,013 144 1 ,324 97 1,909 817 3,306 3,871 3,872 29,597 17,817 306 II,472 2,476 177,221 127,073 52,023 2,022 222 1 ,382 97 1 ,912 845 3,728 4,141 3,939 29,608 17,835 305 11,491 2,477 II..."- 177,505 127,411 52,312 2,043 400 1 ,402 95 1 ,910 845 3,382 4,155 3,983 29,694 17,926 310 11,430 2,476 18............. 178 760 28,962 53 053 2,048 662 1 ,599 94 1 ,914 842 3,270 4,266 4,102 29,748 18,015 308 Il ,517 2,476 25". - - 178,280 128,897 52/963 2,060 788 I ,599 96 1 ,898 848 3,263 4,137 4,114 29,797 18,063 317 11,427 2,473 For notes see p. A-29. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
JULY 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 Other bonds, of States corpo rate Cash Re All Notes and bonds and stocks items Cur serves other Wednesday maturing— political and in rency with assets Cer subdivisions securities Total process and F.R. Total Dills tifi of Do For coin Banks cates collec mestic eign Certif. tion banks banks With Other in 1 to After war All partici secu 1 yr- 5 yrs. 5 yrs. rants 3 other pation4 rities Large batiks I at al 1968 26,510 2,872 4,293 13,312 6,033 4,170 26,590 1 ,316 2,598 46,411 23,112 4,215 (93 2,633 16,258 9,757 June 5 26,416 2,762 4,395 13,210 6,049 4,141 26,558 1,319 2,591 49,171 24,929 4,293 192 2,821 16,936 9,637 ..........12 26,462 2,870 5,013 12,523 6,056 3,917 26,635 1 ,372 2,636 49,286 24,725 4,1 69 204 2,866 17,322 9,443 19 25,480 2 >80 ............. 4,965 12,422 6,013 3,957 26,600 1 ,402 2,740 46,817 23,632 4,201 223 2,940 15,821 9,563 ...........26 1969 24,233 1 ,858 5,419 1 1,507 5,449 4,867 29,215 1 ,329 2,893 52,560 28,866 4,268 3(4 2,755 16,357 11,209 May 23,973 1 ,754 5,447 11,366 5,406 4,819 29,016 1 ,328 2,886 54,408 31 ,004 4,778 308 2,958 15,360 11,292 23,305 1 >11 4,534 11,974 5,386 4,704 28,882 1,315 2,852 54,238 29,003 4,594 304 2,972 17,365 II,220 21 23,077 1,274 ............. 4,423 12,138 5,242 4,6(4 28,857 i ,329 2,881 54,623 29,86.3 4,633 318 3,034 16,775 11,612 28 23,191 1 ,520 4,4'. 1 12,148 5,112 4,706 29,113 1 ,328 2,892 57,249 32,719 4,752 270 2,783 16,725 11,812 June 4 23,038 1 ,369 4,459 12,(14 5,096 4,833 28,945 1 ,374 2,940 55,354 31,601 4,910 252 2,976 15,615 11 ,834 23,133 1 >06 4,143 12,124 5,060 4,826 29,021 1 ,324 2,879 56,539 33,350 4,973 267 2,999 14,950 11,863 ...........18 22,516 1,158 4,210 12,116 5,032 4,607 29,018 1 ,245 2,972 54,(46 30,640 4,889 247 3,094 15,276 11 ,830 ....”25 New York City 1968 4,763 943 646 1 ,703 1 ,471 1 ,243 4,428 58 604 14,334 9,160 297 96 344 4,437 3,406 June 5 4,837 1 ,007 691 1 ,671 1,468 1 ,236 4,428 54 615 15,820 10,483 300 91 361 4,585 3,349 ..........12 4,836 993 854 1 ,519 1 ,470 1 ,161 4,481 59 629 15,547 10,181 349 102 351 4,564 3,31 1 19 4,476 696 794 1 ,520 1 ,466 1,187 4,489 73 643 14,956 10,114 308 110 369 4,055 3,327 26 1969 4,153 496 740 1,756 1,161 1 ,376 4,689 125 777 19,050 13,983 363 168 353 4,183 4,183 May 4,133 481 733 1 ,758 1,161 1 ,440 4,659 128 822 19,523 14,670 433 159 363 3,898 4,265 3,852 251 531 2,064 1 ,006 1 ,385 4,627 120 8(0 18,993 14,001 405 162 375 4,050 4,304 21 3,802 203 ............. 521 2,059 1 ,019 1 ,335 4,649 113 813 20,398 15,067 405 162 394 4,370 4,414 28 3,981 394 518 2,067 1 ,002 1 ,404 4,775 1 15 807 20,435 15,727 389 134 364 3,821 4,535 ...June 4 3,923 319 525 2,068 1 ,011 I , 439 4,714 124 836 21,451 16,448 364 109 381 4,149 4,51 I 4,212 671 473 2,065 1 ,003 1 ,478 4,773 1 33 789 20,430 16,334 431 131 363 3,171 4,579 . . . .18 4,006 380 ............. 514 2,099 1 ,013 1 ,329 4,740 109 791 20,200 15,715 455 108 380 3,542 4,539 ...”25 Outside New York City 1968 21,747 1 ,929 3,647 11,609 4,562 2,927 22,162 1,258 J , 994 32,077 13,952 3,918 97 2,289 11,821 6,351 June 5 21 ,579 1 ,755 3,704 11 ,539 4,581 2,905 22,130 1 ,265 1 ,976 33,351 14,446 3,993 101 2,460 12,351 6,288 12 21,626 1,877 4,159 11,004 4,586 2,756 22,154 1 ,313 2,007 33,739 14,544 3,820 102 2,515 12,758 6,132 ...........19 21,004 1 ,384 ............. 4,171 10,902 4,547 2,770 22,111 1 ,329 2,097 31,861 13,518 3,893 113 2,571 11,766 6,236 ...........26 1969 20,080 1 ,362 4,679 9,751 4,288 3,491 24,526 1 ,204 2,116 33,510 14,883 3,905 146 2,402 12,(74 7,026 May 7 19,840 1,273 4,714 9,608 4,245 3,379 24,357 1 ,200 2,064 34,885 16,334 4,345 149 2,595 11,462 7,027 ..........14 19,453 1,160 4,003 9,910 4,380 3,319 24,255 1 ,195 2,042 35,245 15,002 4,189 142 2,597 13,315 6,916 ..........21 19,275 1 ,071 ............. 3,902 10,079 4,223 3,279 24,208 1,216 2,068 34,225 14,796 4,228 156 2,640 12,405 7,198 ...........28 19,210 1,126 3,893 10,081 4,110 3,302 24,338 1 ,213 2,085 36,814 16,992 4,363 136 2,419 12,904 7,277 June 4 19,115 I ,050 3,934 10,046 4,085 3,394 24,231 1 ,250 2,104 33,903 15,153 4,546 143 2,595 11,466 7.323 18,921 1 ,135 3,670 10,059 4,057 3,348 24,248 1 ,191 2,090 36,109 17,016 4,542 136 2,636 11 ,779 7,284 .18 18,510 778 ............. 3,696 10,017 4,019 3,278 24,278 1,136 2,181 33,946 14,925 4,434 139 2,714 11,734 7,291 ”25 For notes see p. A-29. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 28 WEEKLY REPORTING BANKS □ JULY 1969 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits — Demand Time Total Wednesday unad States Do Foreign IPC States Foreign justed and mes and Do polit U.S. tic polit mes Total 5 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 June 5......................... 221,079 117,057 84,516 6,095 3,119 14,636 696 1 ,764 104,022 48,492 39,337 10,331 691 4,718 236 12......................... 223,100 119,187 87,586 5,368 2,466 14,318 692 1 ,702 103,913 48,465 39,445 10,183 691 4,664 239 19.......................... 224,842 121,406 86,426 5,587 6,389 13,990 688 1 ,745 103,436 48,463. 39,181 10,048 683 4,599 231 26.......................... 223,069 119,218 85,653 6,363 3,669 13,990 706 1 ,720 103,851 48,657 39,416 10,079 682 4,557 225 1 969 May 7.......................... 235,429 128,592 87,394 6,409 7,670 16,030 661 1 ,932 106,837 47,726 42,845 10,764 491 4,523 226 14......................... 238,876 132,278 91 ,324 6,279 7,261 16,064 796 1 ,978 106,598 47,679 42,830 10,650 496 4,458 228 21......................... 233,470 127,091 88,751 6,023 6,253 15,496 668 1 ,901 106,379 47,713 42,619 10,551 488 4,528 224 28......................... 233,442 127,254 89,414 6,270 4,1 12 16,239 693 1 ,918 106,188 47,691 42,511 10,518 492 4,503 222 June 4......................... 236,063 1 30,194 91,208 6,513 3,439 17,012 727 1 ,974 105,869 47,687 42,310 10,429 492 4,487 212 11......................... 234,352 128,958 91,909 5,861 1 ,696 16,809 721 1 ,925 105,394 47,594 42,150 10,234 489 4,464 211 18......................... 237,553 133,049 91,642 5,900 6,380 17,168 728 2,036 104,504 47,560 41 ,564 10,017 472 4,444 204 25^....................... 232,590 128,623 90,633 6,313 3,756 15,825 703 1 ,942 103,967 47,550 41,280 9,771 469 4,445 211 New York City 1968 June 5.......................... 49,800 32,255 20,353 555 848 4,733 551 1 ,250 17,545 4,619 8,363 958 410 2,997 112 12.......................... 51,196 33,603 21 ,185 354 525 4,890 553 1 ,210 17,593 4,612 8,466 936 416 2,966 111 19......................... 51,242 33,813 20,677 386 1 ,976 4,634 538 1 ,228 17,429 4,610 8,331 980 396 2,915 108 26.......................... 51 ,314 33,773 20,809 464 1 ,153 4,903 559 1 ,213 17,541 4,627 8,439 1 ,012 389 2,878 108 1969 May 7.......................... 53,209 37,573 20,861 598 2,104 6,135 519 1 ,359 15,636 4,578 7,107 669 272 2,799 143 14......................... 54,192 38,692 22,011 462 1 ,950 6,089 632 1 ,430 15,500 4,569 7,039 666 268 2,750 144 21......................... 52,264 36,861 21,401 472 1 ,438 6,070 525 1 ,354 15,403 4,571 6,867 679 266 2,815 142 28......................... 53,236 37,987 21,615 520 798 6,993 552 1 ,361 15,249 4,567 6,733 678 272 2.79B 142 June 4......................... 53,634 38,512 22,068 559 761 6,452 577 1 ,41 1 15,122 4,568 6,621 673 274 2,793 134 11......................... 53,712 38,721 21,936 443 139 6,755 572 1 ,359 14,991 4,558 6,509 667 274 2,795 131 18......................... 54,381 39,740 21 ,856 476 1 ,712 6,988 580 1 ,466 14,641 4,550 6,205 668 271 2,766 132 25 p....................... 52,775 38,353 22,138 469 496 6,396 551 1 ,387 14,422 4,538 6,060 612 267 2,759 137 Outside New York City 1968 June 5......................... 171,279 84,802 64,163 5,540 2,271 9,903 145 514 86,477 43,873 30,974 9,373 281 1 ,721 124 12......................... 171,904 85,584 66,401 5,014 1 ,941 9,428 139 492 86,320 43,853 30,979 9,247 275 1 ,698 128 19.......................... 173,600 87,593 65,749 5,201 4,413 9,356 150 517 86,007 43,853 30,850 9,068 287 1 ,684 123 26......................... 171,755 85,445 64,844 5,899 2,516 9,087 147 507 86,310 44,030 30,977 9,067 293 1 ,679 117 1969 May 7.......................... 182,220 91 ,019 66,533 5,811 5,566 9,895 142 573 91,201 43,148 35,738 10,095 219 1 ,724 83 14......................... 184,684 93,586 69,313 5,817 5,3'1 9,975 164 548 91,098 43,110 35,791 9,984 228 1 ,708 84 21......................... 181,206 90,230 67,350 5,551 4,815 9,426 143 547 90,976 43,142 35,752 9,872 222 1 ,713 82 28......................... 180,206 89,267 67,799 5,750 3,314 9,246 141 557 90,939 43,124 35,778 9,840 220 1 ,705 80 June 4......................... 182,429 91 ,682 69,140 5,954 2,678 10,560 150 563 90,747 43,119 35,689 9,756 218 1 ,694 78 11......................... 180,640 90,237 69,973 5,418 1 ,557 10,054 149 566 90,403 43,036 35,641 9,567 215 1 ,669 80 18......................... 183,172 93,309 69,786 5,424 4,668 10,180 148 570 89,863 43,010 35,359 9,349 201 I ,678 72 25 ^....................... 179,815 90,270 68,495 5,844 3,260 9,429 152 555 89,545 43,012 35,220 9,159 202 1 ,686 74 For notes sec opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
JULY 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 Total loans of deposit 1 0 ties of Wednesday ties counts and loans (net) Demand U.S. From capital (net) ad deposits banks F.R. From accounts ad justed ad Issued Issued to Banks others justed s and in justed ’ Total to to their vest issued IPC’s others foreign ments fl branches*1 Large banks— Total 1968 247 9,027 15,084 21 ,174 266,611 144,988 206,172 76,190 19,453 12,155 7,298 6,053 .......................June 5 .154 9,006 15,376 21 ,186 269,022 145,272 206,297 77,474 19,437 12,197 7,240 6,285 .....................................12 1 ,751 8,546 15,051 21 ,138 271,328 147,846 208,868 76,302 19,014 11,822 7,192 6,203 .....................................19 221 10,038 15,176 21,161 269,665 147,731 207,910 77,927 19,256 12,019 7,237 6,241 ....................................26 1969 648 13,612 21,158 22,524 293,371 162,490 225,027 76,026 17,495 10,746 6,749 9,935 ........................May 7 343 14,570 20,547 22,505 296,841 163,856 225,878 77,949 17,408 10,741 6,667 9,484 .....................................14 804 15,514 21,923 22,464 294,175 161,850 222,908 76,339 17,138 10,519 6,619 10,069 ....................................21 1 ,279 14,158 22,417 22,483 293,779 161 ,977 222,735 77,040 16,973 10,391 6,582 10,041 ....................................28 700 16,331 23,674 22,637 299,405 163,733 224,963 77,024 16,623 10,146 6,477 11,057 .......................June 4 300 15,044 24,828 22,622 297,146 164,479 225,609 78,852 16,275 9,936 6,339 12,072 .....................................II 565 14,974 26,026 22,564 301,682 167,440 228,623 76,151 15,633 9,420 6,213 13,388 .....................................18 1 ,049 15,156 26,620 22,602 298,017 166,307 226,665 78,402 15,270 9,21 1 6,059 13,609 ..................................*25 New York City 1968 10 2,458 7,536 5,746 65 ,550 35,580 46,676 17,514 5,859 3,901 1 ,958 4,440 .......................June 5 2,857 7,782 5,750 67,585 35,881 47,051 17,705 5,911 3,978 1 ,933 4,528 .....................................12 696 2,501 7,509 5,741 67,689 36,853 48,019 17,022 5,674 3,743 1 ,931 4,582 .....................................19 3,273 7,484 5,738 67,809 36,572 47,440 17,603 5,803 3,851 1 ,952 4,397 ....................................26 1969 4,243 1 1 ,782 5,988 75,222 39,700 50,820 15,351 3,769 2,260 1 ,509 7,049 ........................May 7 4,837 11,755 5,984 76,768 40,785 51,967 15,983 3,742 2,249 1 ,493 6,817 ................................'..14 33 4,697 12,479 5,962 75,435 39,450 50,244 15,352 3,602 1 ,485 1 ,458 7,305 ....................................21 365 4,191 12,713 5,952 76,457 39,430 50,142 15,129 3,497 2,036 1 ,461 7,096 ....................................28 5,073 13,371 6,015 78,093 40,388 51,470 15,572 3,370 1 ,950 1 ,423 7,582 4,510 14,180 6,013 78,415 40,450 51 ,486 15,379 3,248 1 ,831 1 ,417 8,345 .....................................11 4,128 15.039 5,981 79,529 41,748 53,133 14,706 2,956 1 ,574 1 ,382 9,176 .....................................18 ii2 4,256 15,390 5,967 78,500 40,673 51,648 15,746 2,802 I ,483 1 ,319 9,346 .................................."25 Outside New York City 1968 237 6,569 7,548 15,428 201,061 109,408 159,496 58,676 13,594 8,254 5,340 1,613 .......................June 5 354 6,149 7,594 15,436 201,437 109,391 159,246 59,769 13,526 8,219 5,307 1 ,757 ....................................12 1 ,055 6,045 7,542 15,397 203,639 110,993 160,849 59,280 13,340 8,079 5,261 1 ,621 ....................................19 221 6,765 7,692 15,423 201,856 111,159 160,470 60,324 13,453 8,168 5,285 1 ,844 ....................................26 1969 648 9,369 9,376 16,536 218,149 122,790 174,207 60,675 13,726 8,486 5,240 2,886 ........................May 7 343 9,733 8,792 16,521 220,073 123,071 173,911 61,966 13,666 8,492 5,174 2,667 ....................................14 771 10,817 9,444 16,502 218,740 122,400 172,664 60,987 13,536 8,402 5,134 2,764 ....................................21 914 9,967 9,704 16,531 217,322 122,547 172,593 61,911 13,476 8,355 5,121 2,945 ....................................28 700 11,258 10,303 16,622 221,312 123,345 173,493 61 ,452 13,250 8,196 5,054 3,475 300 10,534 10,648 16,609 218,731 124,029 174,123 63,473 13,027 8,105 4,922 3,727 ...............11 565 10,846 10,987 16,583 222,153 125,692 175,490 61,445 12,677 7,846 4,831 4,212 ....................................18 937 10,900 11,230 16,635 219,517 125,634 175,017 62,656 12,468 7,728 4,740 4,263 ..................................*25 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 5 Includes certified and officers’ checks, not shown separately. 19, page A-83. 6 Deposits of foreign governments and official institutions, central Note.—Beginning June 29, 1966, coverage of series was changed from banks, and international institutions. Weekly Reporting Member Banks to Weekly Reporting Large Commer 7 Includes U.S. Government and postal savings not shown separately. cial Banks (earlier figures for 1966 are comparable with the new series). 8 Exclusive of loans to domestic commercial banks. Also beginning June 29, 1966, detailed breakdown is shown of “All other ’All demand deposits except U.S. Government and domestic com loans,” of “Other securities,” and of ownership of time certificates of mercial banks, less cash items in process of collection. deposit in denominations of $100,000 or more. For description of revisions, i° 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 □ JULY 1969 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during Industry 1969 1969 1969 1968 1968 June June June June May 1st 2nd 25 18 4 28 June May Apr. II IV half half Durable goods manufacturing: Primary metals................................... 1,956 1 ,955 2,013 I ,996 1 ,997 -55 18 -36 87 -224 Machinery.............................................. 5,317 5,350 5,145 5,104 5,091 193 -79 107 221 454 675 Transportation equipment............ 2,093 2,132 2,048 I ,971 2,019 8 -44 -50 157 109 107 64 Other fabricated metal products. . . 2,177 2,207 2,169 2,153 2,139 29 7 140 176 142 -67 -56 Other durable goods............................ 2,436 2,449 2,413 2,360 2,350 47 75 54 176 38 - 67 214 -27 Nondurable goods manufacturing: Food, liquor, and tobacco.......... 2,544 2,473 2,400 2,426 2,383 198 22 -9 211 -607 570 -396 740 Textiles, apparel, and leather...... 2,710 2,666 2,643 2,610 2,603 78 54 121 253 241 -217 494 -89 Petroleum refining............................ 2,068 2,074 2,054 2,042 2,018 42 2 98 I 42 315 32 457 117 Chemicals and rubber..................... 2,742 2,752 2,767 2,758 2,725 7 153 96 256 -7 204 249 -29 Other nondurable goods................ 1,885 I ,877 I ,856 1,820 I ,831 22 40 17 79 4 -82 83 -30 Mining, including crude petroleum and natural gas......................... 4,906 4,887 4,873 4,907 -94 54 -41 236 195 -31 Trade: Commodity dealers..............9..5..6... . 964 I ,004 1 ,003 I ,073 -119 -97 -140 -356 -16 302 -372 2IR Other wholesale.........3..,..5 58 3,542 3,505 3,522 3,542 29 -73 77 33 167 160 200 214 Retail.........4...,.3...0..6... .......4...,.3...39 4,238 4,212 4,164 118 -136 443 425 -179 566 246 306 Transportation................................................ 5,479 5,441 5,387 5,335 5,330 100 68 -62 106 144 272 250 213 Communication.............................................. 1 ,198 1,195 1 ,110 1 ,122 91 -32 79 138 -104 191 34 78 Other public utilities................................. 2,818 2,833 2,806 2,733 2,588 165 -48 -39 78 -196 -118 662 Construction.................................................... 3,312 3,301 3,286 3,251 3,259 20 125 156 205 79 361 144 Services............................................................... 6,757 6,839 6,829 6,791 6,760 -54 48 191 185 545 432 730 433 All other domestic loans........................... 8,912 8,943 8,873 8,852 8,724 135 59 340 534 432 472 966 481 Bankers’ acceptances................................... 525 504 446 454 458 72 -151 36 -43 -155 -30 -198 -83 Foreign commercial and industrial loans.................................................. 2,430 2,411 2,403 2,453 2,459 -37 -55 -76i -43 58 Total classified loans.................................. 71,085 71 ,158 70,282 69,850 69,542 1,141 -90 1 ,516 2,567 I ,860 3,198 4,427 3,305 Total commercial and industrial loans. 78,343 78,422 77,474 76,983 76,636 1 ,179 23 1 ,162 2,768 1 ,922 6,608 4,690 3,793 See Note to table below. “TERM" COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) — Outstanding Net change during— 1J 69 1968 1969 1968 1969 Industry ! June May Apr. Mar. Feb. Jan. Dec. Nov. Oct. 1st 25 28 30 26 26 29 25 27 30 11 I IV in half Durable goods manufactur ing: Primary metals........................ 1 ,352 1 ,390 1,358 1 ,388 1,356 1 ,354 1 ,338 1 ,414 1,417 -38 50 -128 127 14 Machinery.................................. 2,474 2,432 2,488 2,429 2,238 2,323 2,261 2,245 2,212 42 168 -77 59 213 Transportation equipment. 1 ,097 1 ,086 1,110 1,163 1 ,127 1 ,095 1,035 969 909 11 128 104 23 62 Other fabricated metal products............................ 798 789 776 714 709 694 738 714 748 9 -24 -63 42 60 Other durable goods............ 1 ,068 1,039 1 ,014 1 ,048 1 ,051 1 ,026 1,032 994 991 29 16 33 -29 36 Nondurable goods manufac turing: Food, liquor, and tobacco. 859 813 767 708 681 703 775 779 755 46 -67 -74 28 84 Textiles, apparel, and leather................................ 646 619 618 622 633 621 629 602 601 27 -7 41 22 17 Petroleum refining................. 1 ,667 1 ,632 1 ,633 1,528 1 ,536 1 ,504 I ,212 1,217 1,167 35 316 -16 2 455 Chemicals and rubber......... 1 ,695 1,672 1,587 1 ,600 1 ,568 1 ,583 1 ,688 1,544 1 ,544 23 -88 150 -81 7 Other nondurable goods. . 1 ,051 1,036 1 ,012 1 ,025 1 ,025 1 ,059 1 ,061 1 ,072 1 ,083 15 -36 -26 36 -10 Mining, including crude pe troleum and natural gas. 4,203 4,230 4,302 4,270 4,355 4,442 4,033 3,828 3,829 -27 237 70 -158 170 Trade: Commodity dealers. . 114 111 112 1 10 112 114 118 114 114 3 -8 6 -1 -4 Other wholesale........... 671 659 653 674 628 653 643 613 616 12 31 58 -49 28 Retail................................. 1,155 1,154 1,163 1,154 1,147 1,124 1,135 1.159 1,144 1 19 21 -30 20 Transportation.............................. 4,081 4,014 3,988 4,032 3,972 4,025 3,906 3,744 3,680 67 1 26 233 -30 175 Communication........................... 440 409 440 437 429 438 441 459 449 31 -4 -31 26 -1 Other public utilities................. 1 ,149 1,135 1,109 1 ,230 1 ,228 1 ,245 1 ,224 1,181 1,077 14 6 153 256 -75 Construction................................. 891 886 847 874 875 863 808 799 782 5 66 14 25 83 Services............................................. 2,H69 2,885 2,891 2,869 2,816 2,675 2,576 2,517 2,386 -16 293 215 58 293 All other domestic loans .... 1 ,020 1 ,023 1 ,025 1 ,019 1 ,885 987 959 957 940 -3 60 38 16 61 Foreign commercial and in dustrial loans............. 1 ,836 1,869 1 ,853 1 ,824 1,015 1 ,901 1 ,919 1 ,914 1 ,876 -33 -95 38 -53 -83 Total loans...................................... 31,136 30,883 30,746 30,718 30,386 30,429 29,531 28,835 28,320 253 1,187 759 289 1,605 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 I 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
JULY 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) May Feb. May Feb. May Feb. May Feb. May Feb. May Feb. 1969 1969 1969 1969 1969 1969 1969 1969 1969 1969 1969 1969 Percentagedistribution of dollar amount Less than 7,50...................................... 3.3 69.7 7.0 29.9 4.7 32.0 4.4 53.2 3.6 71.3 2.6 83.8 7.50............................................................ 38.4 7.6 7.9 !2.1 9.8 15.3 20.3 11.5 33.0 7.7 53.4 4.5 7.51 -7.99................................................. 25.6 9.7 13.2 18.7 14.5 20.8 26.5 13.6 30.4 8. 1 26.4 6.2 8.00............................................................ 8.9 5.1 15.9 14.1 17.3 12.6 7.7 9.6 5.3 5.4 2.7 8.01-8.49................................................. 8.5 3.4 16.6 12.7 20.4 13.9 5.9 8.4 3.5 3.8 1 .2 8.50............................................................. 5.2 1.7 1 1 .8 3.8 11,0 3.3 8.2 3.0 5.0 1.2 2.7 1.1 8.51-8.99.................................................. 3.7 0.8 14.5 3.1 9.7 2.4 5.1 1.5 3.9 0.6 1.6 0.2 9.00............................................................. 3 .0 0,7 4.6 1.6 3.8 2. 1 2.8 1.6 2.1 0.7 3.1 0.1 Over 9.00................................................ 3.4 1.2 8.4 3.8 8.7 4.5 6.1 2.2 3.8 1.5 0.9 0.2 Total........................................... 100.0 100,0 100,0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Total loans; Dollar (millions). ........................ 4,471.4 3,880.5 55.1 49.3 470.9 421.6 944.4 793.3 638.5 498.2 2,362.5 2,118.2 Number (thousands).................... 36.5 32.2 14.4 12.8 15.2 13.6 4.9 4.1 1. 1 0.8 1 .1 0.9 Center Weighted average rates (per centper annum) 35 centers................................................ 7.86 7.32 8.22 7.73 8.23 7.70 8.01 7.46 7.84 7.29 7.70 7.16 New York City.............................. 7.66 7.13 8.23 7.76 8.14 7.65 7.81 7.30 7.65 7.13 7.60 7.06 7 Other Northeast......................... 8. 18 7.59 8.31 7.88 8.50 8.03 8.31 7.76 8.16 7.48 7.84 7.18 8 North Central.............................. 7.89 7.41 8.09 7.79 8.20 7,81 8.07 7.60 7.95 7.49 7.76 7.26 7 Southeast........................................ 7.66 7.01 7.96 7.37 7.91 7,20 7.72 7.09 7.44 6.79 7.45 6.84 8 Southwest....................................... 7,87 7.25 8.27 7.56 8.09 7.42 7.89 7.21 7.80 7.23 7.76 7.18 4 West Coast................................... 7. 83 '7.35 8.51 8.09 8.23 7,8. 7.97 '7.54 7.75 7.26 7.70 7.18 Note.—Beginning Feb. 1967 the Quarterly Survey of Interest Rates on 1968—Apr. 19 6 >4 1969—Jan. 7 7 Business Loans was revised. For description of revised scries see pp. 721 Sept. 25 6-6*4 Mar. 17 7*4 27 of the May 1967 Bulletin. Nov. 13 6% June 9 8*4 Bank prime rate was 6 per cent during the period Jan. 1, 1968-Apr. Dec. 2 6*^ 18, 1968. Changes thereafter to new levels (in per cent) occurred on the Dec. 18 6% following dates; MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance Prime co. Prime Period coml. paper bankers’ Federal 3-month bills 5 6-month bills 5 9- to 12-month issues paper. placed accept funds 3- to 5- 4- to 6- directly, ances, rate 3 year months * m 3 o - n to th s 6 - 2 90 days 1 n R ew at e is s o u n e M y a ie r l k d et n R ew at e is 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 ) s Other 6 issues 7 1967.................................... 5.10 4.89 4.75 4.22 4 321 4.30 4.630 4.61 4.71 4.84 5.07 1968.................................... 5.90 5.69 5 75 5 66 5 339 5.33 5,470 5.48 5.45 5.62 5.59 1968—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 7 41 6 150 6,11 6 168 6.13 6 03 6.11 6.15 May..................... 7.35 6.54 7.38 8.67 6.077 6.03 6.149 6.15 6.10 6.26 6.33 June..................... 8.23 7.25 7,99 8.90 6.493 6 43 6.725 6.75 6,86 7,07 6.64 Week ending—• 1969—May 31.............. 7.47 6 69 7.50 8 92 6 124 6.10 6 218 6.28 6 19 6 53 6.50 June 7. 7.68 6.91 7.50 9 20 6.191 6.25 6.454 6.58 6,61 6.78 6.57 14...........8...20 7.08 7 90 9 13 6 591 6.65 6 927 6.88 6 89 7 16 6.60 21............. 8.40 7. 31 8 08 8 54 6. 666 6 57 6.654 6.70 6 77 6 94 6.57 28............. 8,55 7.59 8.38 8.34 6.524 6.29 6.866 6.84 7.09 7.28 6.77 i Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance companies, for varying closing bid prices. maturities in the 90-179 day range. s Bills quoted on bank discount rate basis, 3 Seven-day average for week ending Wednesday. 6 Certificates and selected note and bond issues. 2 Selected note and bond issues. 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A 32 INTEREST RATES □ JULY 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 ’ term) Total 1 Aaa Baa Aaa Baa In tr d ia us l R ro a a i d l P u u ti b lit li y c fe P r r r e e d C m o o m n C m o o m n 1961............................................................. 3.90 3,60 3.27 4.01 4.66 4,35 5.08 4,54 4,86 4.57 4.66 2.98 4 76 1962............................................................. 3.95 3.30 3.03 3.67 4.62 4.33 5.02 4.47 4.86 4.51 4.50 3.37 6 06 1963............................................................. 4.00 3.28 3,06 3.58 4.50 4.26 4.86 4.42 4.65 4.41 4.30 3.17 5 68 1964............................................................. 4.15 3.28 3.09 3.54 4,57 4.40 4,83 4.52 4.67 4.53 4.32 3.01 5 54 1965 ............................................................ 4.21 3.34 3.16 3,57 4.64 4.49 4.87 4.61 4.72 4.60 4.33 3.00 5 87 1966............................................................ 4.66 3.90 3,67 4.21 5.34 5.13 5.67 5.30 5.37 5.36 4.97 3.40 6 72 1967............................................................. 4.85 3.99 3.74 4,30 5.82 5.51 6.23 5.74 5.89 5.81 5.34 3.20 5 71 1968............................................................. 5.25 4,48 4,20 4.88 6.51 6.18 6.94 6.41 6.77 6.49 5,78 3.07 5 84 1968—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 Aug............................................... 5.04 4.29 4.00 4,72 6.37 6.02 6.82 6.26 6.72 6.30 5.59 3,09 Sept............................................... 5.09 4.45 4.23 4.78 6.35 5.97 6.79 6.24 6.70 6.27 5.53 3.01 5 68 Oct................................................ 5.24 4.49 4.21 4.89 6.43 6.09 6.84 6.35 6.72 6.39 5. 16 2.94 Nov............................................... 5.36 4.60 4.33 4.98 6.56 6.19 7.01 6,47 6,78 6.58 5. 12 2.92 Dec................................................ 5.65 4.76 4.50 5.18 6.80 6.45 7.23 6.72 6.97 6.85 5.93 2.93 5 76 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 May.............................................. 5.85 5.39 5. 19 5,63 7.10 6.79 7.52 6.69 7.27 7.15 6.>0 3,02 June............................................. 6.06 5.78 5.58 6.01 7.27 6.98 7.70 7.16 7.37 7.38 6,33 3.18 Week ending— 1969—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 6.88 7.06 7.12 6.(17 3.16 15...................................... 6.07 5.20 4,92 5.60 7.05 6.75 7.46 6,92 7.13 7.18 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 7,12 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 7.1 1 6.80 7.50 7.03 7.29 7.14 6. 6 3.05 (0...................................... 5.70 5.19 4.95 5.50 7.10 6.79 7.49 7.00 7,27 7,13 6. 3 3.03 17...................................... 5.77 5.30 5.10 5.55 7.06 6,75 7.48 6.96 7.24 7.10 6. 5 2.98 24..................................... 5.92 5.47 5.30 5.67 7.09 6.78 7.55 6.98 7.26 7.16 6,23 3.02 31...................................... 6.11 5.58 5.40 5.80 7.14 6.83 7,58 7,03 7.30 7.22 6.28 3.05 June 7...................................... 6.09 5.73 5.55 5.95 7.19 6.90 7.62 7,10 7.31 7.28 6.27 3.07 14...................................... 6.05 5.82 5.60 6.05 7.24 6.96 7.66 7.16 7.31 7.33 6.29 3.17 21...................................... 6.03 5.82 5.60 6,05 7.31 7.03 7,74 7.21 7.38 7.43 6.:7 3.22 28...................................... 6.04 5.75 5.55 6,00 7,33 7.03 7,77 7.19 7.45 7.46 6.38 3.27 Number of issues 2............................. 9 20 5 5 108 18 30 38 30 40 14 500 500 i 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/pricc ratios are 2 Number of issues varies over time; figures shown reflect most recent based on Wed. figures; earnings/pricc 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 arc seasonally Monthly and weekly yields are computed as follows: U.S. Govt, bonds: adjusted at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
JULY 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, (965-50) Stock Exchange ( G t l e U o o r . n m S v g t . ) , S l a o t n c a d a te l p A C o A r o a r A t e Total In t d ria u l s R ro a a i d l P ut u il b it li y c Total In tr d ia us l T p t r o i a o r n t n a s Utility na F n i c e in t d o e ta x l > NYSE AMEX 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--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 «3.7 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 30. 14 11,287 5,153 May.................. 66.68 82.3 70.3 104.62 114.53 49.97 66.91 58.50 61.50 50.46 45.75 75,10 31.12 12,222 6,451 June................... 64.84 78.6 68.9 99. 14 108,59 46.43 63.29 55.20 58.07 47.70 43.39 68.62 29.14 11,203 5,029 Weekending— 1969--May 31............ 64.40 79.9 69.2 103.66 113.49 49.32 66.31 57.97 60,95 50.07 45.39 73.97 30,98 10,684 5,543 June 7............ 64.53 79.0 69.3 102.61 112.35 48.70 65.56 57.38 60.31 49.99 45.05 72.51 30.74 11,222 6,061 14........... 64.88 78.2 68.9 99.62 109.08 47.01 63.69 55.60 58.55 48,34 43.50 68.91 29.73 11,970 5,365 21............ 65.03 78.2 68.6 97.60 106,92 45.46 62.23 54.29 57. 16 46.97 42.56 67.24 28.56 11,291 4,548 28........... 64.96 79.0 68.6 97.03 106.32 44.86 61.85 53.73 56.52 45,87 42.53 66.21 27.78 10,841 4,454 * 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 514-hour trading day; beginning Jan. 1969 a computed as follows: U.S. Govt, bonds, derived from average market 4-hour trading day. yieldsin table at bottom of preceding page on basis of in assumed 3 per TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period C c t ( r r e p a a o n e t c n e t r t ) c F c h e e ( a p e n r s e g t ) r e & 1 s M (y a e t a u r r s it ) y L c p r ( o a e p ri a t e n c io n r t e ) / (t d h c o o p P h l u r l a u i a c s s r r e . e s o ) f (t a h d m o o L l u o l o a a s u r . n s n o ) t f C c t ( r r e p a a o n e t c n e t r t ) c F c h e ( e a p e n r e s g t ) r e & * s M (y a e t a u r r s i ) ty L p c r ( o a e p ri a t n e c io n t r e ) / (th d c o o p P h u l r l u a i a s c s r r . e e s o ) f (th a d L o o m o u ll o a a s u r . n s n 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-—May............... 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........ 7.32 .93 25.8 73.8 33.0 24 0 7.35 .84 23.0 72.7 28.2 20.2 Apr................. 7.47 .96 25,4 72 6 34 4 24 8 7.46 85 23.0 71.8 28.2 19,9 May’............. 7.50 .88 25.8 73.0 35.1 25,2 7,54 .83 22.8 72.0 27.9 19.8 > 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 □ JULY 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/collatcral value margin customers by'— Cus tomers* Net tomers’ net credit Total End of period net free ex Unre ad debit credit tended strict Restricted justed Brokers Banks Total bal bal by End of ed debt 1 2 ances ances brokers period (mil lions Under 30-39 40-49 50-59 60 per of 1968—May.................... 6,640 2,360 9,000 8,268 3,064 5,204 20 20-29 per per per cent dol June.................... 6,690 2,410 9,100 8,728 3,293 5,435 cent cent cent or more lars) July.................... 6,500 2,420 8,920 8,861 3,269 5,592 Aug..................... 6,460 2,490 8,950 8,489 2,984 5,505 Sept.................... 6,390 2,520 8,910 8,723 3,126 5,597 1968—May . 121.9 45.0 9.4 4.9 18.8 12,820 Oct...................... 6,250 2,560 8,810 8,859 3,407 5,452 June. 0.8 22.1 47.3 8.5 4.0 17,3 12,590 Nov..................... 6,200 2,630 8,830 9,029 3,419 5,610 July.. 1.2 21.3 43,5 10.4 5.1 18.5 12,060 Dec..................... 6,200 2,710 8,900 9,790 3,717 6,073 Aug.. 2.7 25.9 37,9 10.1 4.9 18.6 11,900 Sept.. 5.4 32.4 29.6 8.8 4.1 19,7 11 ,910 1969—Jan.'.................. 5,930 2,750 8,680 9,042 3,597 5,445 Oct... 4.3 35.9 27.0 8.9 4.2 19.7 11,540 Feb.r................. 5,750 2,810 8,560 9,148 3,647 5,501 Nov.. 10.6 36.4 21.4 7.6 3.6 20,4 11,460 Mar.................... 5,590 2,780 8,370 8,318 3,294 5,024 Dec.. 3.8 38.9 20,2 7.5 3.8 26.3 12,060 Apr.r................. 5,570 2,760 8,330 8,044 3,077 4,967 May’4................. 5,670 2,770 8,440 8,474 3,084 5,390 1969—Jan... 5.9 40.6 20.9 8.1 4.4 20.1 11,180 Feb,.. 2.7 38.8 22.9 9.4 5.1 21.1 10,840 Mar.. 5.5 37.3 21.1 9.3 4.9 21.9 10,520 1 End of month data. Total amount of credit extended by member firms Apr.r 7.4 35.1 19.6 8;8 4.6 24.5 10,720 of the New York Stock Exchange in margin accounts, estimated from May’’ 4.8 37.4 19,9 8.5 4.7 25,6 10,770 reports by a sample of 38 firms. 2 Figures are for last Wed. of month for large commercial banks re porting weekly and represent loans made to others than brokers or dealers i Unrestricted. for the purpose of purchasing or carrying securities. Excludes loans col lateralized by obligations of the U.S. Govt. Note.—Adjusted debt is computed in accordance with requirements set Note.—Customers* net debit and free credit balances are end-of-month forth in Regulation T and often differs from the same customer’s net debit ledger balances as reported to the New York Stock Exchange by all balance mainly because of the inclusion of special miscellaneous accounts member firms that carry margin accounts. They exclude balances carried in adjusted debt. Collateral in the margin accounts covered by these data for other member firms of national securities exchanges as well as balances now consists exclusively of stocks listed on a national securities exchange. of the reporting firm and of its general partners. Net debit balances arc Unrestricted accounts are those in which adjusted debt does not exceed the total debt owed by those customers whose combined accounts net to a loan value of collateral; accounts in all classes with higher ratios are debit. Free credit balances are in accounts of customers with no unfulfilled restricted. commitments to the broker and are subject to withdrawal on demand. Net credit extended by brokers is the difference between customers’ net debit and free credit balances since the latter are available for the brokers’ use until withdrawn. 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 End of lions AT BROKERS, BY EQUITY STATUS OF ACCOUNTS period of 70 or Under dol more 60-69 50-59 40-49 40 (Per cent of total, unless otherwise indicated) lars)! Equity class of accounts 1968—May.. 6,640 51.0 24.9 8.6 4.4 11.0 Net in debit status Total End of period credit balance status 60 per cent Less than (millions 80 or Under or more 60 per cent of dollars) more 70-79 60-69 50-59 40-49 40 1968—May........................... 49.6 46.2 4.1 5,370 June . 6,690 14.9 33.2 28.8 8.2 4.3 10.6 June........................... 50.0 45.7 4.2 6,150 July.. 6,500 15.4 28.1 30.6 9.5 4.9 11.6 July............................ 51.7 44.4 3.9 6,000 Aug.. 6,460 17.3 28,8 28.2 9.1 4.8 11,8 Aug............................. 49.8 46.4 3.8 5,780 Sept.. 6,390 20.0 31.1 25.0 8.1 4.4 11.5 Sept............................ 51.0 45.3 3.6 5,840 Oct... 6,250 20.9 31.3 23.3 8.7 4.0 11.8 Oct.............................. 52.9 40.3 5.2 5,640 Nov., 6,200 25.5 31.4 19.4 7.4 3.9 12.5 Nov............................. 53.2 43.3 3.5 5’550 Dec.. 6,200 24.0 30.2 19.4 8.0 4.2 14.2 Dec............................. 54.4 40.4 5.2 5^690 1969—Jan... 5,930 24.4 29.3 20.8 7.9 4.6 13.1 1969—Jan.............................. 52.6 43.2 5.1 5,700 Feb.. 5,750 20.5 28.2 22.6 9.0 5.4 14.1 Feb.............................. 52.7 41.7 5.6 5’680 Mar,. 5,590 22.1 27.9 20.5 9.5 5.2 14.8 Mar............................. 52.9 40.9 6.1 5*400 Apr.. 5,570 24.0 26.2 20.0 9.5 4.9 15.4 Apr.r......................... 52,5 42.5 5.0 5,120 MayP 5,670 23.0 26.4 19.0 9.7 5.2 16.8 May11......................... 52,2 42,3 5.5 5,020 1 See footnote 1 to table above. Note.—Special miscellaneous accounts contain credit balances that may be used by customers as the margin deposit required for additional Note.—Each customer’s equity in his collateral (market value of col purchases. Balances may arise as transfers based on loan values of other lateral less net debit balance) is expressed as a percentage of current col collateral in the customer’s margin account or deposits of cash (usually lateral value. sales proceeds) occur. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
JULY 1969 □ OPEN MARKET PAPER; SAVINGS INSTITUTIONS A 35 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS’ ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held by- Based on— End of period Accepting banks F.R. Goods stored in or Total th P r la o c u e g d h P di l r a e c c e t d Total Banks Others p I i o m n r t t o s p fr E o o x r m t s Do e l x la r shi p pp o e in d t s b e in tw — een dealers 1 ly 2 Total O bi w lls n bo B u il g ls h t Own F ei o gn r U S n ta i t t e e s d U S n ta it t e e d s change United Foreign acct. corn States countries 1963............................ 6,747 1,928 4,819 2,890 1,291 1,031 260 162 92 1,345 567 908 56 41 1,317 1964............................ 8'361 2'223 6’138 3 385 1 >71 1’301 370 94 122 1,498 667 999 111 43 1 >65 1965............................ 9 >58 1 '903 7'155 3 392 1 >23 1 >94 129 187 144 1,837 792 974 27 35 1 >64 1966............................ 13,279 3’089 10,190 3,603 1 >98 '983 215 193 191 2>22 997 829 103 80 1 >95 1967............................ 16,635 4’901 11 ',634 4 317 1 >06 1,447 459 164 156 2 >90 1,086 989 37 162 2 >42 1968—May............ 18,417 5,761 12,656 4,359 1 ,624 1 ,282 342 56 132 2,547 1,267 1 ,007 17 77 1,992 June............. 18,798 5,822 12,976 4 286 I ,677 1 ,366 31 I 134 112 2 364 1,338 944 23 55 1,925 July............... 19,746 6,270 13’476 4*330 1 ,751 i >10 341 99 128 2>52 1,390 917 42 54 1 >27 Aug............... 20,734 7,091 13,643 4*418 1 >19 1,474 344 51 149 2>99 1>35 932 100 52 1 >99 Sept.............. 20 >64 7 >37 12,527 4 327 1,714 1 ,393 321 86 124 2 >03 1 >20 945 78 46 1 '838 Oct................ 20'839 7’592 13'247 4*420 1 >51 1’280 271 56 119 2,695 I >79 921 80 53 1 >87 Nov............... 22 >20 7’758 14>62 4’389 1 >05 1 >52 253 58 114 2’612 1 '476 922 68 55 1 >69 Dec............... 20 >97 7,201 13,296 4,428 1 >44 1,344 200 58 109 2,717 1,423 952 52 68 1 >34 1969—Jan................. 21 ,813 7,873 13,940 4 370 1 ,407 I ,211 195 50 104 2,809 1,405 906 93 111 I ,854 Feb............... 22’865 8’342 14,523 4 >20 1 >73 1 >63 210 91 99 2>57 1 >49 859 82 120 1 >10 Mar............... 23 >81 9 >03 14’678 4 >64 1 ,499 1 >33 266 94 122 2>49 I ’ 460 872 77 1 19 1 ,937 Apr............... 24'390 10,076 14,314 4’510 I >48 1 ,293 255 142 125 2,695 1 '523 875 58 95 1 ,958 May............. 25 >95 10,121 15 >74 4’668 1 >68 1 >60 208 76 183 2'940 1 >91 910 45 90 2,032 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 Cash Other liabili Depos Other reserve (in months) End of period State Corpo 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 1945 .......................... 4,202 62 10 650 1 257 606 185 16,962 15,332 48 1,582 n a I960.......................... 26,702 416 6 243 672 5 076 874 589 40,571 36,343 678 3,550 1 200 1961.......................... 28 >02 475 6 160 677 5 040 937 640 42,829 38,277 781 3,771 n a. n a 1,654 1962.......................... 32 >56 602 6*107 527 5,177 956 695 46 121 41 336 828 3 957 2 548 1963.......................... 36>07 607 5 ,863 440 5 074 912 799 49 702 44,606 943 4 153 2 549 1964.......................... 40,328 739 5 ,791 391 5 099 1 004 886 54,238 48,849 989 4 400 2 820 1965.......................... 44,433 862 5 485 320 5 170 1 017 944 58 232 52 443 1 124 4 665 2 697 1966.......................... 47,193 1,078 4,764 251 5*719 *953 1 024 60,982 55,006 1114 4*863 n.a. n a 2*016 1967......................... 50,311 1,203 4,319 219 8,183 993 1,138 66,365 60J21 1,260 4,984 742 982 799 2,523 1968 ......................... 53 286 1 ,407 3 834 1 94 10 180 996 1 256 71 1 52 64 507 1 372 5 273 81 1 1 034 1 166 3 011 1968—May.......... 51,402 1 ,474 4,374 421 9,213 877 I ,215 68,768 61 ,926 1,732 5,110 650 1,069 949 2,669 June........... 51.621 1,387 4,235 206 9,403 951 1,230 69,034 62,411 1,503 5,120 640 1,051 1,018 2,709 July............. 51,869 1,385 4,213 205 9,616 924 1 ,218 69,429 62,607 1 ,706 5,116 737 1,046 996 2,779 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 I *253 70,203 63,381 I *628 5 194 889 1 *067 1 *015 2*971 Oct.............. 52,636 1,431 3,999 195 9>13 911 1 227 70 312 63,550 1 567 5 195 835 1 144 1 090 3’070 Nov............ 5 2 >46 1,532 3,913 200 10,001 914 1,267 70*773 63,800 1,707 5 ,266 945 1 132 1 125 3,202 Dec............. 53,286 1 >07 3’834 194 10 180 996 1 256 71 ,1 52 64,507 1 372 5,27.3 811 1 034 1166 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 07 3 1 186 3 020 Feb............. 53,807 1,559 3 ,989 190 10 429 888 1 *269 72,132 65 >87 1 *692 5 >53 711 1 *165 1 >10 3*085 54’005 1 >62 3 990 194 10 649 900 1 ’293 72’593 65 >59 1 476 5 359 778 1*266 1 171 3 214 Apr 54 209 1 >19 3 900 199 10 721 792 1 ’270 72,610 65 575 1 663 5’372 796 1 *270 1 '241 3’308 MayP. ... 54,442 1 ,713 3,821 197 io>6o 897 1 >88 73 ’ 159 65,888 1 >43 5 >28 818 1 >37 1 >55 3,310 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 arc 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 □ JULY 1969 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period Total Mort Real Policy Other assets Total U S n ta i t t e e s d Sta lo te c a a l nd Foreign 1 Total Bonds Stocks gages estate loans assets 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: 1966.................................................... 167,022 10,864 4,824 3,131 2,909 68,677 61,141 7,536 64,661 4,888 9,91! 8,80! 1967. 177,361 10,530 4,587 2,993 2,950 73,997 65,015 8,982 67,575 5,188 10,060 11,011 1968. 187,695 10,483 4,365 3,036 3,082 79,403 68,575 10,828 70,071 5,573 11,284 10,881 1968-- Apr.r................................... 180,727 10,823 4,590 3,202 3,031 76,093 66,652 9,441 68,1 12 5,309 10,445 9,945 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 70,07! 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 I 1 ,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 Mar....................................... 190,827 10,795 4,398 3,217 3,180 81,424 69,941 11 ,483 70,480 5,670 11,699 10,759 Apr....................................... 191,362 10,709 4,295 3,222 3,192 81,635 70,010 11,625 70,661 5,654 11,903 10,800 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 arc 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) Mortgage loan Assets Liabilities commitments3 Total assets— Rod of period U.S. Total Reserves Outstand Mort Govt, liabilities Savings and un Bor Loans Made ing at gages secur Cash Otheri capital divided rowed in Other during end of ities profits money2 process period period 1960.............................. 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 n.a. 1 ,340 1961.............................. 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1 ,550 1,136 n.a. 1 ,872 1962.............................. 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1 ,999 1 ,221 n.a. 2,193 1963.............................. 90,944 6,445 3,979 6,191 101,385 101,887 7,899 5,601 2,239 1 ,729 n.a. 2,572 1964.............................. 101,333 6,966 4,015 7,041 119,355 101,887 7,899 5,601 2,239 1,729 n.a. 2,549 1965.............................. 110,306 7,414 3,900 7,960 129,580 110,385 8,704 6,444 2,198 1 ,849 n.a. 2,707 1966'............................ 114,427 7,762 3,366 8,378 133,933 113,969 9,096 7,462 1 ,270 2,136 n.a. 1 ,482 1967r............................ 121,805 9,180 3,442 9,107 143,534 124,531 9,546 4,738 2,257 2,462 n.a. 3,004 1968.............................. 130,782 9,531 2,964 9,548 152,825 131,620 10,311 5,672 2,444 2,778 n.a. 3,584 1968—May............... 125,173 10,101 2,760 9,691 147,725 126,423 9,536 4,955 2,562 4,249 n.a. 3,931 June............... 125,900 9,822 3,006 9,583 148,311 127,917 9,849 5,194 2,592 2,759 n.a. 3,708 July................ 126,618 9,700 2,449 9,513 48,280 127,312 9,840 5,276 2,536 3,316 1 ,308 3,860 Aug................ 127,492 9,604 2,409 9,615 149,120 127,707 9,834 5,274 2,438 3,873 1 ,330 3,794 Sept................ 128,302 9,533 2,528 9,608 149,971 128,834 9,834 5,324 2,422 3,557 1 ,276 3,727 Oct.................. 129,147 9,605 2,568 9,658 150,978 129,329 9,831 5,335 2,416 4,067 1 ,421 3,802 Nov................. 129,879 9,671 2,693 9,890 152,133 129,977 9,834 5,331 2,392 4,599 I ,317 3,788 Dec................. 130,782 9,531 2,964 9,548 152,825 131,620 10,311 5,672 2,444 2,77« I ,275 3,584 1969—Jan.................. 131,404 9,920 2,372 9,527 153,223 131,529 10,318 5,665 2,403 3,308 1 ,351 3,718 Feb................. 132,075 10,119 2,519 9,712 154,425 132,134 10,303 5,587 2,470 3,931 1 ,497 4,028 Mar................ 132,992 10,136 2,550 10,019 55,697 133,504 10,294 5,614 2,644 3,641 1 ,688 4,373 Apr.r............. 134,018 9,868 2,380 10,027 156,293 132,988 10,292 6,058 2,800 4,155 1 ,787 4,601 May............... 135,144 9,884 2,426 10,483 157,937 133,629 10,286 6,246 2,911 4,865 1 ,674 4,607 1 Includes other loans, stock in the Federal home loan banks, other Noth.—Federal Home Loan Bank Board data; figures are estimates for investments, real estate owned and sold on contract, and office buildings all savings and loan assns. in the United States. Data arc based on and fixtures. monthly reports of insured assns. and annual reports of noninsured assns. 2 Consists of advances from FHLB and other borrowing. Data for current and preceding year are preliminary even when revised. 3 Insured savings and loan assns. only. Data on outstanding commit Figures for Jan. and June 1968 reflect conversion of one savings and loan ments are comparable with those shown for mutual savings banks (on assn, to a mutual savings bank. Figures for June 1968 also reflect exclu preceding page) except that figures for loans in process are not included sion of two savings and loan assns. in proces of liquidation. above but are included in the figures for mutual savings banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
JULY 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 e o d r e t r g a a l g N e a A ti s o s n n a , l Banks Federal Federal secondary market Ibr intermediate land Assets Liabilities and capital operations) cooperatives credit banks banks Rnd of — — —--------—- —---—--------- --------------. period v m a A n t e o d c m e s I m nv e e n s ts t p C a o d a n s e s d i h t s B n a o o n n te d d s s p M o 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 o g n r e s t - D t n u e a o r n b t e e d e s s n c L a o o t o i t v a o p e n e s s r D t e u b re e s n- c L o a d o u n i a s n d n t s s D t e u b re e s n- M lo ga a o g n r e s t - Bonds bers (A) (L) (A) (L) (A) (L) (A) (D — —— ----------— -----------— —— ---------------- 1961................. 2,662 1,153 159 1,571 1,180 1,107 2,770 2,453 697 435 1 ,650 1.585 2,828 2,431 1962................. 3,479 1,531 173 2,707 1,214 1,126 2,752 2,422 735 505 1 ,840 1,727 3,052 2,628 1963................. 4,784 1,906 159 4,363 1,151 1,171 2,000 1 ,788 840 589 2,099 1,952 3,310 2,834 1964................. 5,325 1 523 141 4,369 1 ,199 1,227 I ,940 1 ,601 958 686 2,247 2,112 3,718 3,169 965.................. 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 3,41 1 3,214 5,609 4,904 1968—May.. 4,719 2,337 97 4,151 1,319 1,425 6,25! 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 I ,189 1 ,406 6,465 5,550 1 ,454 1 ,291 4,031 3,862 6,004 5,214 Aug... 4,997 2,264 68 4,501 1 ,177 1 ,401 6,502 5,822 1 ,450 1 ,280 3,998 3,871 6.033 5,384 Sept... 5,026 2,283 93 4,501 1 ,253 I ,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 1,11! 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 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 Apr., . 5,764 2,051 99 5,021 1 , 1 79 1 ,447 7,574 7,317 1 ,648 1 ,426 n.a. 3.907 6,412 5,719 May.. 5,971 2,393 73 5,521 1 ,202 1 ,448 7,718 7,241 1 ,614 1 ,395 n.a. 4,044 6,483 5,716 Non:.- Data from Federal Home Loan Bank Board, Federal National bonds held within the I ill.B 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 lor 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 Ibr other agencies. clude only publicly offered securities (excluding, for the home loan banks. OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, APRIL 30, 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: July 25, 1969............. ...5.75 400 Debentures: July 15, 1969.................... ...414 130 Aug. 25, 1969.................. ....« 300 Sept. 10, 1971............ ........4W 96 July 15, 1969.......................4K 60 Oct. 27, 1969................. ■ ■ ■ .^i 400 Sept. 10, 1971............. ..............51/4 350 July 15,1969.................... ..6.70 200 Jan. 26. 1970.................. ...6.75 500 Nov. 10,1971.......... ...........6.85 350 Sept. 22, 1969.................... 279 Feb. 10, 1972............ ..............5’/, 98 Oct. 20, 1969.................... 209 Bonds: Mar. 10, 1972.......... ........654 250 Jan. 20, 1970.................... ...554 209 June 25, 1969................. . . .6.30 550 June 12, 1972............ .............454 100 Feb. 20, 1970.................... ■ - .5% 82 Sept. 25, 1969................. .... 6 400 June 12, 1973............ ..............41/4 146 Feb. 20, 1970.................... ..6.30 344 Nov. 25, 1969................. 6 500 Oct. 1, 1973.............................6 250 Apr. 1, 1970.................... 83 Feb. 25, 1970................. .6 200 Feb. 10, 1977...................4J4 198 Apr. 20, 1970.................... ..6.20 362 Feb. 25, 1970................. .7 450 June 22, 1970.................... ..6.70 174 Mar. 25, 1970..................... . . .6 200 June 22, 1970.................... ...61/4 203 Mar. 25, 1970................. ...6.85 346 Banks for cooperatives July 20, 1970.......................5>4 85 Apr. 27, 1970.................. 6 225 Debentures: July 20,1970.................... . .6 241 May 25, 1970................. . . .5.80 300 June 2, 1969.......... ..........6.05 '303 Oct. 20, 1970.................... ..6.30 223 Aug. 25, 1970.................. ...6.70 200 July 1, 1969.......... ..........6.40 '269 Feb. 23, 1971.................... ..6.80 431 Feb. 25, 1971................. ...6.60 200 Aug. 4, 1969.......... ..........6.60 -376 May 1, 1971.................... ...354 60 May 25, 1971.................. .7 350 Oct. 1, 1969.......... ..........6.80 ’’244 Oct. 20, 1971.................... ..6.00 447 Federal National Mortgage Associa Nov. 3, 1969.......... ...........6.70 224 Feb. 15, 1972.................... . .5,70 230 tion—Secondary market opera Sept. 15, 1972.................... ...3’/, 109 tions Oct. 23, 1972.......................5J4 200 Federal intermediate credit banks Feb. 20, 1973-78............ ...4‘/, 148 Discount notes. 2,379 De b J e u n n tu e r e 2 s , : 1969.........................5.65 356 A Fe p b r. . 2 2 1 0 , , 1 1 9 9 7 7 5 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 4 % U 2 1 0 5 0 5 July 1,1969...................55^ 326 Feb. 24, 1976.................... . .5 123 Debentures: Aug. 4,1969.........................5.80 4(4 July 20, 1976.................... ...5K 150 June 10, 1969. 6.10 250 Sept. 2,1969..........................6.05 r436 Apr. 20, 1978.......................5i/, 150 July 10, 1969. ..5% 250 Oct. 1,1969..........................6.35 502 Jan. 22, 1979.................... . ..5 436 Dec. 12, 1969. .6 550 Nov. 3, 1969.........................6.60 490 Lob. 10, 1970. .6.60 250 Dec. I, 1969..........................6.70 490 Tennessee Valley Authority Apr. 10, 1970. .4% 142 Jan. 5,1970..........................6.85 525 Short-term notes.................. '380 June 10, 1970. 6.60 400 Feb. 2,1970..........................6.90 526 Bonds: Sept. 10, 1970, .4% 119 Nov. 15, 1985.................... .4.40 50 Oct. 13,1970. .5% 400 Federal land banks July 1, 1986.......................4H 50 Mar. 11, 1971 .6 350 Bonds: Feb. 1, 1987.......................4^ 45 June 10, 1971. .6.85 250 Feb. 15, 1967-72...................4>/* 72 May 15, 1992.................... ..5.70 70 Aug. 10, 1971. .4% 64 Oct, 1, 1967-70...................4^ 75 Nov. 13, 1992.................. ..654 60 Noth.—These securities arc not guaranteed by the U.S. Govt.; see also note to tabic above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 38 FEDERAL FINANCE □ JULY 1969 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing Receipt-expend Borrowings from the public 2 Less: Cash and Memo: iture account monetary assets Net Period r B e u c d e g ip e ts t p tu e N e r n x e e d t s i le N in n e g d t B la o u y d u s g t e 1 t s B d u u e ( r o d p f - i r g c l ) u e it s t s P d e t u i e c e b u b s l r t i c i A s P e g t l c i e u e u n s s r c ; i y S m L p e e e n a s c t s c i s a : c l o b I u y n n v G ts e o s v t t, S n L p o e e t s e c s i s a : 2 l b E T o q i r o n u r t g o a a w l l s : b o a T p s l i r e a n u e g n r r a a y c t e Other f m O in n in e t a o e h a g n f t e n , 4 c s r t o p r s w a r d h i n e t v n o i a s b p e f t t 2 e r e r issues Other i’iscal year: 965.............................. 116,813 117,182 1 ,249 118,431 -1,618 5,561 704 2,023 308 -126 4,060 1 ,231 I ,096 -116 1966............................... 130 >64 130,822 3,832 134^654 -3 >90 2,633 4,042 2,470 773 354 3,077 -552 ’160 321 1967............................... 149’562 153,299 5,053 158,352 -8'790 "6,314 5,079 5,035 4,001 -482 "2>38 -■5,222 303 1 ,017 1968............................... 153,676 172,806 6,057 178,862 -25', 187 21,357 5,944 3,371 1 ,949 -1,119 23,100 -397 1 ,700 3,394 Half year: 967-—July-Dec.... 67,181 84,862 1 ,666 86,527 -19,340 18,442 1 ,650 1 ,079 577 -436 18,872 -131 32 375 968—Jan.-June... 86,495 87,941 4,393 92,335 -5,841 2,915 4,294 2.292 1 ,372 -683 4,228 -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 >76 -598 -105 -1 >96 9,853 Month: 1968—May................ "11,727 "15,407 857 "16,265 "-4,538 5,310 120 2,199 450 -5 2,785 -1 ,226 " --965 ’ -438 June................ "19,566 "14,880 "1,112 "15,992 "3,575 -4>I6 904 370 -35 -405 -3,742 5 "805 "977 July.................. rll ,651 "13,903 313 "14,217 -2^566 3,500 75 -641 169 -12 4; 059 714 -335 -1,114 Aug................. "13,203 "16,165 189 "16,355 -3 J 52 3,278 1 ,369 1,184 639 -15 2 >39 -1 ,420 329 -778 Sept ............. "18,753 "16,029 207 16,235 2,518 387 28 -374 31 758 4,003 78 806 5,284 Oct................... "10,716 "16,553 286 16,839 -6,122 2,451 292 -857 482 -7 3,125 -2 >73 -325 599 Nov................. 12,737 15,070 55 15,124 -2,387 -331 -80 209 230. -165 -686 -3,754 338 -343 Dec.................. 15 >20 14,465 -71 14,394 1 ,’427 I , 1 66 -238 99 35 -185 979 1,932 -279 -753 4,565 969—-Jan................... 15,845 15,798 -37 15,761 84 1 ,383 -.13 612 112 -1 ,000 1 ,626 2,504 789 1 ,583 Feb. . 14,590 14,361 171 14,734 - 144 -648 195 1,159 274 -1 ’887 -2,304 -126 -399 Mar ............. 13,727 15,637 2 15’639 -1 ,912 782 9I 150 122 418 -1 14 -171 1 ,208 Apr.................. 23,596 15,922 50 15,972 7^ 625 -1 080 -559 1 ,266 -449 -2,456 3,380 2,1 19 330 May................ 13,346 15,279 485 15,764 -2318 1 ,599 - 137 2,571 375 -1 ,485 -2,458 -1 ,843 -400 Selected balances Treasury operating balance Federal securities Memo: End of Less: Debt of Govt.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 ala o n ld c e Total se P c d u u e b r b i l t t i i c e s s A ec g u e r n it c ie y s Sp G I e n c o v i v e a t s l , t m ac e c n o t O s u n t o h ts f e r S n L p o e e t s e c s i s a : 3 l E p T h q u o b e u b y t l a d a l i l c l s : s c p p o o r N i r n v p o s a s o w t . e r — e s d issues Fiscal year; 1964............................... 939 9,180 120 10,238 "311 ,713 8,632 46,627 12,581 3,581 r257,556 7,195 1965............................... 672 10,689 108 11,469 "317,274 9,335 48,650 12,888 3,455 "261,616 8,309 1966............................... 766 10,050 102 10,917 "319,907 13,377 51,120 13,662 3,810 "264,693 10,436 1967............................... 1 ,311 4,272 112 5,695 ’•326,221 18,455 56,155 17,662 3,328 "267,531 9,220 1968............................... J ,074 4,113 111 5,298 "347,578 24,399 59,526 19,611 2,209 "290,631 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 21,481 Month: 1968—May................ 956 4,225 11 1 5,293 352,294 "23,495 59,156 19,646 2,614 '294,373 9,409 June................ I ,074 4,113 11 1 5,298 347,578 24,399 59,526 19,611 2,209 290,631 10,041 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 7,448 111 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 11 1 4,700 358,029 15,064 59,146 20,266 1 ,825 291,855 21,481 1969—Jan.................... 517 6,576 11 1 7,204 359,412 15,031 59,759 20,378 825 293,481 21,840 Feb................... 505 4,284 III 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 22,699 Apr.................. 950 7,105 11 1 8,166 358,466 14,575 62,334 20,325 825 289,557 23,524 May................. 621 4,976 112 5,708 360,065 14,437 64,905 20,700 825 288,072 n.a. 1 Equals net expenditures plus net lending. J Represents non-interest-hearing 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
JULY 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 J held with- funds total re funds empl. re total hcld ceipts Pay insur. ceipts 2 roll Selftaxes cmpl. Fiscal year: 1965......... 116,81236,84016,820 4,86948,79226,131 670 17.359 3,819 1,07922,256 14,570 1,442 2,716 I ,574 1966.......... 130,86342,811 18,486 5,851 55,44630,834 761 20,662 3,777 1 ,127 25,565 13,062 1 ,767 3,066 I ,884 1967.......... 149,56250,521 18,850 7,845 61 ,52634,918 946 26,041 1 ,776 3,659 1 ,865 33,347 13,719 1 ,901 2,978 2,120 1968......... 153,67657,301 20,951 9,527 68,72629,897 1 ,23227,679 1,544 3,346 2,051 34,620 14,079 2,038 3,051 2,498 Half year: 1967—July-Dec. '67,181127,211 4,150 '556 r3O,8O511,345 '57612,679 105 1 ,335 964 15,082 '7,076 993 1,332••1,125 1968—Jan.-June ’■86,494 '30,08916,802 '8 ,971 '37,921 18,551 -655 15,001 1 ,439 2,011 1 ,087 19,538 '7,003 1 ,045 1 ,718 '1 ,373 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—May UI ,727 5,564 5 39 2,289 3,814 763 124 3,979 173 843 182 5,177 1 ,309 191 361 '235 June 19,566 4,821 2,978 216 7,584 7,419 112 2,499 54 45 195 2,792 1 ,182 176 239 286 July. 11,651 4,560 605 151 5,013 2,259 84 2,093 114 204 2,411 1 448 205 232 167 Aug. 13,203 6; 200 272 112 6’360 654 116 3 >64 618 167 4 >49 l ,175 210 229 242 Sept. 18,753 5,565 3,682 48 9,199 5,133 133 2,273 110 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 6^68 376 46 6,397 5,273 114 I ,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 Apr.. 23,596 5,164 9,540 2,598 12,106 5,554 231 2,555 958 162 206 3,881 1 ,160 224 631 271 May, 13,346 6,681 804 2,725 4,760 959 152 4,545 190 821 192 5,748 1 ,272 213 310 237 Budget outlays1* Com- Educa Period Total t f i e N o d n e n a s a e l a I f n fa t i i r , s s S e p r a e a r c c e h A t c u g u re r l i so N u u r r r e a c a t e l s t C m ra a e o n n r m s d c p e . d h e o m a v u e n u s l d n i o n . p g , p m t o a io n w a d n n e r w H e a e l n a fa d lt r h e e V ra e n t s In e t s e t r g G e o r e v a n t l . t I t g i r n o a a o t n c n r v a s s t, 3 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............................................... 1 78,862 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.......................................... 184,901 1970'4.......................................... 192,899 Half year: 1967—July-Dec.................. 86,527 •38,739 2,292 1968—Jan.-June.................... 92,335 •41 ,784 2,429 July-Dec....................... 93,163 39,803 1 ,906 2,133 4,924 1 ,268 4,501 685 3,382 23,899 3,664 7,609 1 ,419 -2,033 Month: 1968—May................................. '16,265 7,169 540 425 418 184 469 261 543 4,487 613 1 ,255 176 -276 June................................ '15,992 '7,550 n.a. 450 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. July.................................. '14,217 5,813 327 277 588 -55 731 305 474 3,854 592 1 ,270 244 -203 Aug.................................. '16,355 6,736 310 434 1,100 341 851 113 594 4,044 602 1 ,249 263 -281 Sept................................. '16,235 6,660 244 342 1 ,447 251 770 10 591 4,008 625 1 ,292 172 -178 Oct................................... '16,839 7,068 612 393 893 321 929 338 553 3,930 599 1,147 321 -265 Nov.................................. 15,124 6,603 319 334 576 207 619 -84 532 4,107 619 1 .327 227 -265 Dec.................................. 14,394 6,923 94 353 320 203 601 3 638 3,956 627 1 ,324 192 -841 1969—Jan.................................... 15,761 6,887 271 347 626 144 635 234 576 4,103 636 1 ,280 226 -204 Feb................................... 14,734 6,416 381 335 271 72 406 204 721 4,058 651 1 ,349 173 -302 Mar................................. 15,639 6,815 286 385 327 152 583 -79 569 4,405 715 1 .411 278 -210 Apr.................................. 15,972 6,934 c377 353 448 '199 '537 46 632 4,373 695 1 ,407 226 -255 May................................ 15,764 6,733 459 367 153 154 657 273 744 4,197 686 1 ,388 244 -291 1 Old-age, disability, and hospital insurance, and Railroad Retirement 4 Outlays by functional categories are now published in the Monthly accounts. Treasury Statement (beginning April 1969). Monthly back data (beginning 2 Supplementary Medical Insurance premiums and Federal employee July 1969) are published in the Treasury Bulletin of June 1969. retirement contributions. 5 Consists of government contributions for employee retirement and 3 Deposits of earnings by Federal Reserve Banks and other miscellane interest received by trust funds. ous receipts. 6 Estimates presented in Apr. 1969 Budget Review. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 40 U.S. GOVERNMENT SECURITIES □ JULY 1969 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues End of period p T g u r o o b t s l a i s c l Marketable Con Nonniarketablc i S ss p u e e c s ia 4 l debt 1 Total Total Bills C c e a r te ti s fi Notes Bonds 2 b v o ib e n l r e d t s Total ■' b S i o n a n g v 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 56.5 49.8 24.6 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 ...........5..9.....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 ...........6..1......4 95.2 2.6 54,9 51.7 57.2 1968—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, I 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 ..........7...6.....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 May.................................................................. 360.1 293.3 234. 1 75.3 78.9 79.8 2.5 56.7 52.2 64.9 June.................................................................. 353.7 284.9 226.1 68.4 ..........7...8.....9. 78.8 2.5 56.4 52.2 66,8 1 Includes non-interest-bearing debt (of which $636 million on June 30, 1956, tax and savings notes; and before Oct. 1965, Scries A investment J969, 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. • * 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 o b t b s a li t s c l ag G t U a e r o u n n .S v s c d t . i 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 M s b a a u v n i t n u k g a s s l p I c a n a o n s n 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 lo a o t n c a v d a t t s e l . Savi I n n g d s i vidu O al t s her n F a i o n a ti r t n o e e d n i r g a n l 1 O i m n to v t i h s r e s c e s . r 2 funds bonds securities 1939—Dec..................... 41.9 6.1 2.5 33.4 12.7 2.7 5.7 2.0 .4 1 .9 7.5 .2 .3 1946—Dec.................... 259.1 27.4 23.4 208.3 74,5 11.8 24.9 15.3 6.3 44.2 20.0 2.1 9.3 1962—Dee.................... 303.5 53.2 30.8 219.5 67.1 6.0 11.5 18.6 20.1 47,0 19.1 15.3 14.8 1963—Dec..................... 309.3 55.3 33.6 220.5 64.2 5.6 11.2 18,7 21.1 48.2 20.0 15.9 15.6 1964—Dec.................... 317.9 58.4 37.0 222.5 63.9 5,5 11.0 18.2 21.1 49.1 20.7 16.7 16.3 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—Dee.................... 329.3 65.9 44.3 219.2 57.4 4.6 9.5 14.9 24.9 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—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.fi 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. ( 14.3 26.7 51.3 23.4 13.1 21.1 Aug.................... 354,4 76.9 53.0 224.5 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 15.0 20.2 Dec..................... 358.0 76.6 52.9 228.5 65.5 3.6 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 17.8 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 D7.6 28.1 51.4 25.0 11.8 22. 1 Apr.................... 358.5 79.8 53. 1 225.6 58.6 3.5 7,6 17.0 28.7 51,4 25,2 12,3 21 .2 May.................. 360. 1 82.7 53.8 223.6 56.4 3.7 7.9 17.4 28.5 51.4 25.4 13.3 19.5 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. Ranks and U.S. Govt, agencies deposit accounts. and trust funds; Treasury estimates for ocher groups. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
JULY 1969 □ U.S. GOVERNMENT SECURITIES A 41 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value in millions of dollars) Within 1 year Type of holder and date Total 1-5 5-10 10-20 Over years years years 20 years Total Bills Other All holders: 1966—Dec. 31........................................................................ 218,025 105 218 64.684 40,534 59,446 28,005 8,433 16,923 1967—Dec. 31.................................................... .. 226,476 104,363 69,870 34,493 78,159 18,859 8,417 16,679 1968—Dec. 31........................................................................ 236,812 108,611 75,012 33,599 68,260 35,130 8,396 16,415 [969—Apr. 30........................................................................... 234,968 101 159 75,339 25,820 73 407 35 726 8 386 16.291 May 31......2...3..4...,.0...9..7.............1. .1..1.. .,.’.8...5..5...............7..5.. .>...3...6 36,519 62 >69 34,837 8 >80 16,257 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-Apr. 30......................... 15,464 2,196 965 1,231 4,716 I 057 2 059 3,437 May 31.........1..5...,.8...0..9.................2... ...1..7..7................ 916 1 ,245 4,870 3 >66 2:059 3,437 Federal Reserve Banks; 1966—Dec. 31.................................................... 44,282 35,360 12,296 23,064 7,502 I ,007 153 260 1967—Dec. 31............................................................... 49.112 31 ,484 16,041 15,443 16,215 858 178 377 1968—Dee. 31............................................................ 52,937 28,503 18,756 9,747 12,880 10,94.3 203 408 1969—Apr. 30............................................................ 53 III 20,549 18,533 2,016 18,536 1 3 187 21 1 429 May .11.........5..3.. .>...5...9...............3..1.. ..,.9...2..0...............1.9,073 12,847 7,71 1 1.^465 217 445 Held by private investors: 1966—Dec. 31.................................................... 1967—Dec. 31.............................................................. 1968—Dec. 31.............................................................. 168,473 77,670 55,222 22,448 50,877 21,223 6,133 12,569 1969—Apr. 30.............................................................. 166,391 78,414 55 841 22,573 50,155 19,282 6 116 12,425 May 31......1...6..4...:.5...2..9...............7..7...,.7...5...8..............5..5 >27 22,427 50,188 18,106 6 >04 12,375 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 26,370 6,386 485 502 1968—Dec. 31..................................................... 53,174 18,894 9,040 9,854 23,157 10,035 611 477 1969—Apr. 30.................................................... 47’227 14,898 4,929 9,969 22,553 8,793 558 425 45:305 13 185 4,014 9,171 22,821 8,308 557 434 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—Apr. 30.................................................... 3,516 751 423 128 1 1 49 647 216 754 May 31...........3...,.7..0...8......................7...7..6...... 448 328 1 ,385 584 213 749 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 2,056 914 1,175 2,400 1968—Dec. 31.................................................... 6,857 903 498 405 1,892 721 1,120 2,221 1969—Apr. 30..................................................... 6,562 871 429 442 1 ,765 599 1 ,196 2,131 May 31...........6...,.8...2..5......................8..9...9..... 383 515 1 ,922 603 1 ,283 2,118 Nonfinancial 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—Apr. 30.......................................... 6,964 5,1 39 3,187 1 ,951 1,307 498 12 8 May 31 ..... .........7...,.1...8..9..................5..,.1. 30 3,224 1 ,906 I ,570 467 1.5 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—Apr. 30..................................................... 4,825 1 ,246 740 506 1 ,796 977 345 461 May 31...........4..,..7..8...8.................1. ..,.2...2..4...... 709 515 1,873 888 343 460 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 5,975 4,855 1,120 2,224 937 1,557 3,995 1968—Dec. 31.......................................... 13,426 5,323 4,231 I 092 2,347 805 1 ,404 3,546 1969—Apr. 30..................................................... 14,437 6; 508 5,355 1 >53 2,495 746 1 ,308 3,381 May 31.........1..4...,.1..7...1.................6...,.3...4...0..... 5,007 1 ,333 2,503 655 1 ,347 3,325 All others: 1966—.................................................... 1967—Dec. ............. ...................... 1968—Dec. 31.................................................... 80,853 46,524 37,591 8,933 19,526 7,316 2,411 5,075 1969—Apr. 30.................................................... 82,860 49,001 40,778 8,224 19,090 7,022 2,481 5,265 May 31........8...2..,..5..4...3...............5..0...,.2...0...4..... 41,542 8,659 18,114 6,601 2,346 5,281 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 Dec. 1968, certain Govt.-sponsored but privately-owned about 90 per cent by the 5,811 commercial banks, 499 mutual savings agencies and certain Govt, deposit accounts have been removed from U.S. banks, and 753 insurance companies combined; (2) about 50 per cent by Govt, agencies and trust fundsand added to “All others.” Comparable data the 469 nonfinancial 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 □ JULY 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 W 1 y it e h a in r ye 1 a -5 rs y 5 e - a 1 r 0 s 10 O y v e e a r rs U.S. Govt, m b C a e o n r m c k i s a l o A th l e l r securities Other 1968—May...................................... 2,247 1,756 295 174 22 719 75 831 622 262 June...................................... 2,400 2,006 258 103 33 912 76 847 565 311 July....................................... 2,448 2,087 244 75 42 949 87 908 504 280 Aur........................................ 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....................................... 2,254 1,962 180 69 43 829 91 837 496 319 Apr........................................ 2,270 1,998 165 69 39 803 97 840 530 387 May...................................... 2,286 1,852 210 189 35 853 102 781 549 360 Week ending— 1969—May 7 r............................ 2,546 1 ,916 245 352 33 935 125 942 545 256 14r............................ 2,339 1 ,910 207 189 33 826 104 755 655 231 21 r............................ 2,231 1 ,854 213 134 30 866 93 702 569 438 28 r............................ 2,006 1 ,675 186 107 38 763 87 694 462 415 June 4.............................. 2,292 2,047 154 55 36 870 1 19 789 514 454 11.............................. 2,302 1 ,943 212 113 35 996 1 13 712 481 298 18.............................. 2,177 1 ,847 218 79 34 974 94 747 363 399 25............................... 2,711 2,381 222 70 38 461 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 mat A ur ll i ties W 1 y it e h a in r ye 1 a -5 rs 5 O y v e e a r r s s a e G g c e u o n r v i c t t i y , e s Period so A ur l c l e s Y N o e r w k w E h ls e e re C t o io r n p s o r 1 a o A th l e l r City 1968—May. .... 3,204 2.585 306 312 382 June.......... 3,308 2,826 222 261 576 1968—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 I '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 Dec...... 4 093 3,606 1 36 352 615 Nov............... 4’, 191 '877 1,199 1,325 791 Dec............... 4,431 1 ,212 886 1,461 871 1969—Jan.............. 2,918 2,757 0 162 508 2’389 2’193 34 161 449 1969—Jan................. 3,100 737 641 1 ,310 412 Mar............ 2,230 2JI9 -37 1 49 507 Feb............... 2’660 417 361 1 ,311 573 Apr............. 3 107 2 997 -60 170 740 Mar............... 2J22 396 370 1 ;03l 526 May.......... 2,585 1 /J64 71 550 792 3 392 963 497 1 ,086 847 May............. 3 J03 542 376 1 ;O72 1 ,112 Week ending— Week ending— 1969-—Apr. 2.. 2,702 2,559 -50 193 603 9. . 3,178 3,040 -54 192 566 1969—Apr. 2... 2,505 465 440 926 674 16. . 3,439 3,320 -65 185 676 9. .. 3,317 1 ,025 456 990 846 23. . 3,021 2,908 -46 159 835 16. 3,848 1 ,319 609 1,189 731 30.. 2,993 2,938 -82 136 901 23 . .. 3,507 974 560 1 ,161 812 30. .. 3,080 660 384 1 ,048 988 May 7.. 3,240 2,943 13 284 836 14. . 3,031 2,008 231 793 750 May 7 , .. 3,650 847 454 1,100 1 ,250 21 . . 2,127 1 ,434 75 618 803 14, .. 3,574 642 396 1,126 J ,410 28. . 2,008 1 ,507 -14 515 793 21 . . . 2,832 417 341 1 ,109 966 28. . . 2,554 301 316 1 ,012 925 Note.—The figures include all securities sold by dealers under repur chase contracts regardless of the maturity date of the contract, unless the i 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
JULY 1969 □ GOVERNMENT SECURITIES A 43 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, JUNE 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. July 3, 1969..................... 2,705 Dec. 1969. I ,301 May 15,1972 474 5,310 Nov. 5, 1973.... 4% 4,349 July 10, 1969.................... 2,704 Dec. 18, 1969. 1 JOI Oct. 1,1972. IVz 33 Feb. 5, 1974... . 4i/8 3,128 July 17, 1969.................... 2,702 Dec. 26, 1969. 1,100 Apr. 1, 1973. 1'^ 34 May 5, 1974.. . . 4/4 3,585 July 24, 1969.................... 2,698 Dec. 31 , 1969. I ,500 Oct. I, 1973 I’/z 30 Nov. 5, 1974.... 3% 2,240 July 31, 1969.................... 4,209 Jan. 1970. 1 ,501 Apr. 1, 1974, l’/2 6 May 5, 1975-85. 4% 1 ,215 Aug. 7, 1969.................... 2,801 Feb. 28, 1970. I ,501 Aug. 15, 1974 5% 10,284 June 5, 1978-83. 31/4 1 ,558 Aug. 14, 1969.................... 2,802 Mar. 31 , 1970. I ,501 Nov. 15.1974 5% 3,981 Feb. 5, 1980.... 4 2,598 Aug. 21 , 1969.................... 2,805 Apr. 30, 1970. 1 ,001 Feb. 15, 1975. 5% 5,148 Nov. 5, 1980.... 3*/z 1,906 Aug. 28, 1969..................... 2,802 May 31, 1970. I ,000 May 15, 1975 6 6,760 May 5, 1985.... 31/4 1 ,097 Aug. 31, 1969.................... 1 ,506 June 30, 1970. 1 ,201 15, 1976 6% 3,726 Aug. 5, 1987-92. 41/4 3,815 Sept. 4, 1969..................... 2,802 May 15, 1976. 61/2 2,697 Feb. 5, 1988-93. 4 249 Sept. 11 , 1969..................... 2,800 Treasury notes Muy 5, 1989-94 41/8 1 ,559 Sept. 18, 1969.................... 2,701 Aug. 1969. 3,366 Treasury bonds Feb. 1990.. . . 31/2 4,848 Sept. 25, 1969..................... 2,701 Oct. 1969. O/i 159 Dec. 15, 1964-69... 21/2 2,485 Feb. 1995.... 3 1 ,484 Sept. 30, 1969.................... 1 ,501 Apr. 1970 O/2 88 Mar. 15, 1965-70.. . 2>/z 2,281 Nov. 5, 1998..............31/z 4,262 Oct. 2, 1969.................... 1,100 May 1970 5% 7,793 Mar. 15, 1966-71... 2>/2 I ,221 Oct. 9, 1969.................... 1,101 May 1970, 6)6 8,759 June 15, 1967-72...21/2 I ,244 Oct. 16, 1969.................... 1,101 Aug. 1970. 2,329 Sept. 15, 1967-7 2... 21/2 1 ,951 Oct. 23, 1969.................... 1,103 Oct. 1970. ■ - 1 l/z Doc. 15, 1967-72. 2,595 Oct. 30, 1969.................... 1,100 Nov. 15. 1970. ..5 7,675 Oct. 1, 1969.,. 4 6,241 Oct. 31, 1969.................... 1 ,502 Feb. 15, 1971 ..5^ 2,509 Feb. 15, 1970.. . 4 4,381 Nov. 6, 1969.................... 1 ,300 Apr. 1971. .. I >/i 35 Aug. 15, 1970... 4 4,129 Nov. 13, 1969.................... I ,300 May 15 1971. ..51/4 4,265 Aug. 15. 1971... 4 2,806 Nov. 20, 1969.................... 1,301 Oct. ..n/z 72 Nov. 15, 1971.. . 3% 2.760 Nov. 28, 1969.................... I , 300 Nov. 15, 1971. ..5% I ,734 Feb. 15, 1972. 4 2,344 Convertible bonds Nov. 30, 1969.................... I ,501 Feb. 1972, . .4% 2,006 Aug. 15, 1972. 4 2,579 Investment Scries B Dec. 4, 1969.................... I ,301 Apr. I, 197 2. . J ‘/z 34 Aug. 15, 1973. 4 3,899 Apr. 1, 1975-80. . .21/4 2,459 t Tax anticipation series. Nott.—Direct public issues only. Rased on Daily Statement of U.S. Treasury. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refundint0 Issues for new capital — Type of issue Type of isstzer Total Use of proceeds amount Period Total G g o a e b a t n i l o l e i n r s R n e u v e e HAA1 G l U o o a .S v n t s . , State S d a i p s a s u t e n t a t r c d h t i i , c a . t l Other2 d e e re li d v 3 Total c E a d tio u n b R r a i o d n a g d d e s s i U tie t s il 4 H in o g u s s V a e a n t i e d s r ’ O p p o t s u h e e r s r 1962...................... 8,845 5,582 2,681 437 145 1,419 2,600 4,825 8,732 8,568 2,963 1,114 1,668 521 125 2,177 1963...................... 10,538 5,855 4,180 254 249 1,620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,369 1964...................... 10,847 6,417 3,585 637 208 1 ,628 3,812 5,407 10,069 10,201 3,392 688 2,437 727 120 2,838 1965...................... 11,329 7 J77 3.517 464 170 2,401 3,784 5 J44 11 ,538 10,471 3,619 900 I ,965 626 50 3,311 1966...................... 11,405 6,804 3,9 5 5 325 3(2 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—May.... 1,143 686 251 144 61 222 314 609 n.a. 1 J 40 402 52 204 161 321 June.... 1 ,395 694 669 32 87 547 764 1.395 374 185 259 8 570 July.,.. 1 ,469 813 637 20 257 597 615 1'466 396 114 282 4 670 Aug........ 1 ,699 791■ 755 129 23 264 792 643 1 ^688 488 126 412 133 529 Sept........ 1 ,444 1 003 419 22 292 353 801 n.a. 1 ,435 409 157 200 3 671 Oct......... 2,230 1 ,437 773 20 617 819 791 n.a. 2,227 732' 407 28 686 Nov........ 1 ,021 585 320 111 6 223 324 473 n.a. 997 271 75 115 121 465 Dec......... 1,140 337 781 22 20 415 706 n.a. 1,138 146 196 20 707 1969—Jan.......... 1 ,260 940 310 II 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........ 525 320 194 II 110 145 270 n.a. 525 254 94 70 3 105 Apr........ 1 ,779 994 776 8 539 732 '507 n.a. 1.777 354 36 296 5 1 ,085 May”... 1 ,085 621 264 177 23 266 331 487 n.a. 1,071 313 109 112 191 ...........3..4..7 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. Joans. 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 Rankers Assn, data; par amounts of long-term issues 4 Water, sewer, and other utilities. based on date of sale unless otherwise indicated. Components may not add to totals due to rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 44 SECURITY ISSUES □ JULY 1969 TOTAL NEW ISSUES (In millions of dollars) Proposed use of net proceeds, Gross proceeds, all issues all corporate issues 6 Noncorporate Corporate New capita1 Re I’erio3 tire Total U.S. U.S. Bonds Stack Total Other m o e f n t G U o . v S t . . 2 G a c g o y e v n 3 t , l S o a c t n a a d te l 4 Other 5 Total Total of P l f i e c u r l b y e d p v l P a a t c r e i e ly d fe P r r r e e d C m o o m n Total m N on ew ey 7 p p o u se r s s ri e ti c e u s 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............ 65,562 18,025 7,666 16,374 1 ,531 21,966 17,383 10,732 6,651 637 3,946 n.a. n.a. n.a. n.a. 1968--Apr 3,423 404 225 1,277 88 1 ,428 1,157 719 438 49 221 1,397 1,385 1,210 175 1 2 Ma '.......... 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 Jun 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 Aufe 9,821 5,850 580 1 ,729 230 1 ,432 1 ,037 637 400 93 303 1,397 1 ,394 1 ,074 320 3 Sep .......... 3,819 361 250 1 ,423 228 1 ,557 1,159 726 433 1 397 1,513 1,497 1 ,281 216 15 Oct 6,111 430 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 1 ,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 4,284 427 424 1 ,244 113 2,075 1 ,616 980 636 67 393 n.a. n.a. n.a. n.a. n.a. Feb 4,086 443 450 974 174 2.045 1 .237 842 395 72 736 n.a. n.a. n.a. n.a. n.a. Mat 3,514 382 453 520 61 2,098 1 .344 835 5 09 98 657 n.a. n.a. n.a. n n.a. Apr 5,736 412 981 1 ,627 9 2,707 I,902 1 267 (34 68 737 n.a. n.a. n.a. na. n.a. 1 Pr□ poser usBS of net proceeds, inajar groupa of coi*Porate isSU(irs Manufaduring C m om isc n l e e ll a c n ia e l o a us r id Trtinsptjrtation Publicutility Communicatian a R nd e a f l i r e la s r t i a c t i e a l Period Retire Retir e Re tire- Retire Reti re- Ftetire- New ment of New ment of Ne w me nt of view ment o New ment of N ew ITlent of capital8 secu capitala secu capitai8 se cu capital8 secu capitaI9 sect j- captai9 secu rities rities rities rities rititss rities 1961.......... 3,691 287 1.109 3 651 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 (Jan.-Sept.)9 5,106 46 2,232 17 1 .286 2 3,738 52 1 ,422 9 1 ,756 16 1968—Apr ............................. 353 11 317 203 178 189 1 146 Maj 550 1 175 1 106 2 549 103 ♦ 341 I Jun 750 5 394 1 154 474 27 237 326 1 July 818 5 401 2 204 236 235 195 Aug 349 212 110 438 92 2 193 Sep 9 , 432 3 208 « 108 469 155 125 12 1 Gross proceeds are derived by multiplying principal amounts or 6 Estimated gross proceeds less cost of flotation. number of units by offering price. 7 For plant and equipment and working capital. i Includes guaranteed issues. 8 All issues other than those for retirement of securities. J Issues not guaranteed. 9 Figures not available after Sept. 1968. 4 See Note to table at bottom of opposite page. Note.—Securities and Exchange Commission estimates of new issues 5 Foreign governments. International Bank for Reconstruction and maturing in more than 1 year sold for cash in the United States. Development, and domestic nonprofit organizations. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
JULY 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 ssucs Retirements Net change New Retire Net New Retire Net issues ments change issues ments change In c v o e 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 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 1968. 39,271 16,234 26,078 19,381 5,418 1.3,962 9,945 6.057 3,857 6,959 6,088 -900 1968--Ir.................... 8,983 3,021 5,172 3,997 1 ,286 2,711 2,493 1 ,230 823 912 1 ,670 319 ID.................. 8,870 3,933 6,665 5 ,1 24 1 ,308 3.816 1 ,873 1 ,424 1 ,053 1.572 820 -147 IIP................. 8,986 4,112 6,324 4,732 1 ,249 .3.482 2,127 1 ,421 949 1 ,914 1 ,178 -493 IV................. 12,432 5,168 7,917 5,528 1 ,575 3,953 .3,452 1 ,982 1 ,032 2,561 2,420 • 579 1969--I....................... 11,945 4,520 8,043 4,949 1 ,272 3,676 .3,498 2,184 1 ,065 2,183 2,433 .................... Type of issuer Manu Commercial Transpor Public Communi Real estate Period facturing and other 2 tation 3 utility cation and financial 4 & B n o o n t d e s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 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 1968. ......................... 4,418 -2,214 2,242 1 ,080 987 149 3,669 892 1 ,579 120 1 ,069 5 ,347 1968--Ir.................... 991 -60 191 112 170 -26 956 309 295 31 109 1 ,624 II'.................. 1 ,550 -127 375 371 260 10 818 244 524 33 288 143 IIP................. 1 ,210 484 716 -123 300 -62 585 187 491 6 181 1,161 IV................. 667 -1,171 960 461 757 7| 1,310 152 269 50 491 2,419 1969 --1....................... 1 ,458 -372 360 259 539 75 674 331 405 45 239 2,096 1 Open-end and closed-end companies. exclude foreign and include offerings of open-end investment cos., sales of 2 Extractive and commercial and mi sc. companies. securities held by affiliated cos., special offerings to employees, and also 3 Railroad and other transportation companies. new stock issues and cash proceeds connected with conversions of bonds 4 Includes investment companies. into stocks. Retirements include the same types of issues, and also securi ties retired with internal funds or with proceeds of issues for that purpose Note.—Securities and Exchange Commission estimates of cash trans shown on 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 s a it s io h n 3 Other Sales 1 Re ti d o e n m s p s N al e e t s Total 2 po C s a it s io h n3 Other 1957.................. 1,391 406 984 8,714 523 8,191 1968—May. . 502 366 136 48,054 3,495 44,559 1958.................. 1’620 511 1,109 13,242 634 12^08 June.. 535 374 161 48,426 3,273 451153 1959.................. 2,280 786 1 ,494 151818 860 14,958 July. . 582 344 237 47,342 3,113 44,229 Aug... 531 309 222 481470 31459 451011 I960.................. 2,097 842 1,255 17,026 973 16,053 Sept... 494 292 202 51,030 3,747 47,283 1961.................. 2,95! 1,160 1,791 22,789 980 21.809 Oct.... 653 396 257 51,633 3,384 48,249 1962.................. 2,699 1,123 11576 21,271 1,315 19,956 Nov... 688 313 375 54,860 3,413 51,447 Dec... 653 319 354 52,677 3,187 49,490 1963 .................. 2,460 1,504 952 25,214 1,341 23,873 1964.................. 3'404 11875 1,528 29J16 1,329 27',787 1969—Jan.... 876 397 479 53,323 3,831 49,492 1965.................. 41359 11962 2,395 351220 1 1803 33,417 Feb... 625 379 246 50,512 3,880 46,632 Mar... 628 285 143 51,663 4,331 47,332 1966.................. 4,671 2,005 2,665 34,829 2,971 31,858 Apr... 654 348 306 52,787 4,579 48,208 1967.................. 41670 2,745 11927 44,701 2’,566 42’135 May. . 529 364 165 521992 41262 48 >30 1968.................. 6; 820 31841 21979 52,677 3 J 87 49390 1 Includes contractual and regular single purchase sales, voluntary 3 Cash and deposits, receivables, all U.S. Govt, securities, and other and contractual accumulation plan sales, and reinvestment of invest short-term debt securities, less current liabilities, ment income dividends; excludes reinvestment of realized capital gains dividends. Non:.—Investment Company Institute data based on reports of mem 2 Market value at end of period less current liabilities. bers, which comprise substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect newly formed companies after their initial offering of securities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 46 BUSINESS FINANCE □ JULY 1969 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1967 1968 i Industry 1964 1965 1966 1967 1968 I 11 III IV I 11 III IV Manufacturing Total (177 corps.): Sales................................................... 158,253 177,237 177,738 201,399 225 ,027 48,585 51,679 48,317 52,818 53,781 57,767 53,760 59,719 Profits before taxes................... 18,734 22,046 23,487 20,898 25,492 5,153 5,608 4,232 5,867 6,045 6,938 5,526 6,982 Profits after taxes........................ 10,462 12,461 13,307 12,664 13,754 2,918 3,190 2,268 3,268 3,312 3,624 2,975 3,842 Dividends...................................... 5,933 6,527 6,920 6,989 7,196 1,670 1,701 1 ,721 1 ,897 1,712 1,719 1,7.31 2,034 Nondurable goods industries (78 corps.):2 Sales........................................................ 59,770 64,897 73,643 77,969 84,598 18,743 19,535 19,695 19,996 20,304 21,060 21,325 21,910 Profits before taxes......................... 6,881 7,846 9,181 9,039 9,982 2,153 2,250 2,209 2,427 2,447 2,553 2,490 2,492 Profits after taxes................................. 4,121 4,786 5,473 5,379 5,765 1 ,319 1 ,323 1 ,313 1 ,431 1 ,442 1 ,426 1 ,416 1 ,481 Dividends.................................................. 2,408 2,527 2,729 3,027 3,050 720 756 770 781 743 742 752 812 Durable goods industries (99 corps.): 3 Sales................................................... 98,482 112,341 122,094 123,429 140,429 29,842 32,144 28,622 32,821 33,477 36,707 32,435 37,809 Profits before taxes................... 11 ,853 14,200 14,307 11 ,822 15,510 3,000 3,358 2,024 3,440 3,598 4,386 3,036 4,490 Profits after taxes....................... 6,341 7,675 7,834 6,352 7,989 1 ,599 1 ,847 1 ,068 1,871 2,198 1 ,559 2,361 Dividends........................................ 3,525 4,000 4,191 3 ,964 4,146 950 945 952 968 977 979 1 ,222 Selected industries: Foods and kindred products (25 corps.): Sales......................................................... 15,284 16,427 19,038 20,134 22,109 4,963 5,060 5,131 4,980 5,184 5,389 5,737 5,799 Profits before taxes......................... 1 ,579 1 ,710 1 ,916 1 ,967 2,227 447 482 526 512 498 563 590 576 Profits after taxes................................. 802 896 1 ,008 1 ,041 1 ,093 236 253 284 268 255 260 285 293 Dividends.................................................. 481 509 564 583 590 148 144 146 145 150 146 146 147 Chemical and allied products (20 corps.): Sales........................................................ 16,469 18,158 20,007 20,561 22,808 4,998 5,163 5,117 5,284 5,436 5,697 5,782 5,893 Profits before taxes......................... 2,597 2,891 3 ,073 2,731 3,117 694 700 636 701 760 807 806 744 Profits after taxes............................ 1 ,400 1 ,630 1 ,737 1 ,579 1 ,618 396 404 363 416 390 419 412 398 Dividends.......................................... 924 926 948 960 1 ,002 238 235 235 252 236 236 243 287 Petroleum refining (16 corps.): Sales........................................................ 16,589 17,828 20,887 23,258 23,955 5,390 5,808 5,985 6,075 6,038 6,048 5,874 5,995 Profits before taxes....................... 1 ,560 1 ,962 2,681 3,004 2,983 684 741 744 835 827 753 685 717 Profits after taxes............................ 1 ,309 1 ,541 1 ,898 2,038 2,173 505 504 504 540 606 534 506 527 Dividends............................................. 672 737 817 1 ,079 1 ,036 232 280 286 281 253 255 258 271 Primary metals and products (34 corps.): Sales........................................................ 24,195 26,548 28,558 26,532 29,721 6,801 7,040 6,525 6,166 7,150 8,427 7,461 6,683 Profits before taxes......................... 2,556 2,931 3,277 2,487 2,921 693 670 477 647 669 915 601 735 Profits after taxes............................ 1 ,475 1 ,689 I .903 1 ,506 1 ,750 395 41 1 290 410 376 550 343 482 Dividends............................................. 763 818 924 892 924 222 214 228 228 224 230 233 237 Machinery (24 corps.): Sales........................................................ 22,558 25,364 29,512 32,721 .15,660 7,704 7,933 8,994 8,994 8,371 8,864 8,907 9,517 Profits before taxes......................... 2,704 3,107 3,612 3,482 4,134 868 807 837 970 9.16 1 ,008 1,112 1 ,079 Profits after taxes............................ 1 ,372 1 ,626 1 ,875 1 ,789 2,014 42! 417 438 513 448 499 537 531 Dividends........................................... 673 774 912 921 976 232 233 227 229 243 244 244 245 Automobiles and equipment (14 corps.): Sales........................................................ 35,3.38 42,712 43,641 42,306 50,526 10,413 11 ,785 8,354 11,664 12,343 13,545 9,872 14,767 Profits before taxes......................... 4,989 6,253 5,274 3,906 5,916 1 ,050 1 ,436 216 1 ,204 1 ,507 1 ,851 640 1 ,918 Profits after taxes............................ 2,626 3,294 2,877 1 ,999 2,903 583 782 62 572 783 847 330 943 Dividends............................................. 1 ,629 1 ,890 I ,775 1 ,567 1 ,642 363 365 362 477 364 .364 364 550 Public utility Railroad: Operating revenue. . .......................... 9,778 10,208 10,654 10,366 10,854 2.536 2,628 2,529 2,673. 2,610 2,757 2,707 2,781 Profits before taxes.............................. 829 980 1 ,088 391 632 145 163 83 1 125 205 1 15 186 Profits after taxes................................. 694 816 902 325 566 121 143 78 -17 1 10 174 108 174 Dividends.................................................. 438 468 496 539 517 124 156 103 155 116 1 36 98 166 Electric power: Operating revenue............................... 15,156 15,816 16,959 17,954 19,421 4,709 4,291 4,417 4,537 5,106 4,553 4,869 4,892 Profits before taxes.............................. 3,926 4,213 4,414 4,547 4,789 I ,278 1 ,026 1 ,155 1 ,088 1 ,351 1 ,040 1 ,271 1 ,125 Profits after taxes................................. 2,375 2,586 2,749 2,908 3,002 798 665 717 728' 863 641 764 73.1 Dividends.................................................. 1 ,682 1 ,838 I ,938 2,066 2,201 516 508 513 529 539 555 543 565 Telephone: Operating revenue............................... 10,550 1 I,320 12,420 13,311 14,430 3,229 3,312 3,341 3,429 3,486 .3,544 3,629 .1,771 Profits before taxes.............................. 3,069 3,185 3,537 3,694 3,951 869 923 953 949 971 989 990 1 ,001 Profits after taxes............................... 1 ,590 1 ,718 1 ,903 1 ,997 1 ,961 472 498 515 513 525 441 493 502 Dividends.................................................. 1 ,065 1 ,153 1 ,248 1 ,363 1 ,428 334 337 341 351 351 318 396 363 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 Note,—Manufacturing corporations: Data are obtained primarily from Lines and General Depts, of American Telephone and Telegraph Co.) published reports of companies. and for 2 affiliated telephone companies. Dividends are for the 20 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
JULY 1969 □ BUSINESS FINANCE A 47 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b ta e ro x fo e fi r s t e s c ta o I x n m e s e P t a a r f o x te e fi s r ts d C d e a i n v s d i h s tr U p ib r n o u d f t i i e t s s d co c a n a t l i s l p o o u i n w t m a l p Quarter P b ta e ro x fo e fi r s t e s c ta o I x n m e e s P t a a r f o x te e fi s t r s d C d e a i n v s d i h s tr U p ib r n o u d f t i i e t s s d co c a n t a i l o s l p o n u i w t m a l p ances 1 ances * 1961.................. 50.3 23.1 27.2 13.8 13.5 26.2 1967—in... 80.8 33.2 47.6 23.5 24. 1 44. 1 1962.................. 55.4 24.2 31.2 15.2 16.0 30. 1 IV. .. 85.4 35.1 50.3 22.5 27.9 44.9 1963.................. 59.4 26.3 33.1 16.5 16.6 31.8 1964.................. 66.8 28.3 38.4 17.8 20.6 33.9 1968 -I. . .. 88.9 39.8 49. 1 23.6 25.5 45.7 II.. .. 91.8 41.1 50.7 24.4 26.3 46.7 1965 .................. 77.8 31.3 46.5 19.8 26.7 36.4 HI. .. 92.7 41.5 51 .2 25.2 26.0 47.6 1966.................. 85.6 34.6 51.0 21.7 29.3 39.7 IV. . . 95.7 42.8 52.8 25.4 27,5 48.5 1967.................. 81.6 33.5 48.1 22.9 25.2 43.4 1968................... 92.3 41 .3 51.0 24.6 26.3 47. 1 1969- I. ... 96.5 43.2 53.3 25.4 27.9 49.3 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 i F n e c d o e m ra e l Other ties G U o . v S t . .1 Other G U o .S vt . .1 Other taxes 1962....................................... 155.6 326.5 43.7 19.6 3.7 144.2 100.7 14.7 170.9 2.0 ' 19.1 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 ' 30.4 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 ! 40.3 17.0 42.2 1965....................................... I HO. 7 410.2 50,0 17.0 3.9 190.2 126.9 22.3 229.6 3.1 60.4 19.1 46,9 1966 ...................................... 190.2 443.4 50.1 15.7 4.5 205.1 144.5 23.6 253.2 4.4 ’ 76.2 19.1 53,6 1967-—III............................ 197.2 452.7 49.1 10.8 4.7 211.5 151.2 25.4 255.4 5.7 . 78.6 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 81.9 17.3 60.2 n,............................ 209.8 481 .9 51.4 13.3 4.7 223.6 159.9 29.1 272.1 6.2 88.0 15.4 62.5 in........................... 210.9 492.2 52.8 12.9 4.8 229.5 163.7 28.6 281.3 6.3 93.8 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 1969 I................................ 216.7 516.4 52.8 15.7 4.8 239.8 170.9 32.3 299.7 6.9 203.0 19.9 69.8 1 Receivables from, and payables to, the U.S. Govt, exclude amounts Note.—Securities and Exchange Commission estimates; excludes offset against each other on corporations’ books. banks, savings and loan assns., insurance companies, and investment companies. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Total Period Total Durable du N r o a n bl e Mining Railroad Other u P ti u li b ti l e ic s n C ic o a m ti m on u s Other 1 a ( r n S a n t . u e A ) a . l ....................... 1962.................................................... 37.31 7.03 7.65 1.08 .85 2.07 5.48 3.63 9.52 1963..................................................... 39.22 7.85 7.84 1.04 1.10 1.92 5,65 3.79 10.03 1964..................................................... 44.90 9,43 9.16 1.19 1.41 2.38 6.22 4.30 10.83 1965..................................................... 51,96 11.40 11.05 1.30 1.73 2.81 6.94 4.94 11.79 1966.................................................... 60,63 13.99 13.00 1.47 1.98 3.44 8.41 5.62 12.74 1967..................................................... 61.66 13.70 13.00 1.42 1.53 3.88 9.88 5,91 12.34 1968..................................................... 64.08 13.51 12.93 1.42 1.34 4.31 11.54 6.36 1 2.67 19692................................................... 72.17 15.61 14.38 1.58 1.54 4.83 13.09 7.60 13.54 1967—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—I.............................................. 14.25 2.96 2.82 .36 .37 .98 2.33 1.48 2.93 64.75 n.......................................... 15.86 3.22 3.28 .36 .36 1.04 2.97 1.51 3.(1 62.60 Ill.......................................... 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—I............................................. 15.21 3.26 2.95 .36 .32 1.06 2.66 1.68 2.91 68.90 IP......................................... 18.21 3.96 3.65 .43 .38 1 .24 3.40 5.17 72.00 Ill2........................................ 18.49 3.95 3.68 .39 .40 1,24 J.50 5,33 73.45 1 Includes trade, service, finance, and construction. Note.—Dept, of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corporate and noncorporate business, excluding agriculture. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 48 REAL ESTATE CREDIT □ JULY 1969 MORTGAGE DEBT OUTSTANDING (In billions of dollars) 1 All prejperties Farm Non fa mi i ; Other 1- to 4-family houses4 Multifamily and Mortgage holders2 commercial properties5 type* End of Finan- Iinanperiod All cial All cial Other All hold- insti- Indi- hold- insti- hold- hold- FHA— ers tutions1 U.S. viduals ers tutions 1 ers3 ers Finan, Other Finan, Other VA- (’onagen- . and Total insti hold Total insti hold under vencies others tutions1 ers tutions1 ers written lional 1941............. 37.6 20.7 4.7 12.2 6.4 1.5 4.9 31.2 18.4 11.2 7,2 12.9 8.1 4.8 3.0 28.2 1945 ............. 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12.2 6,4 12.2 7.4 4.7 4.3 26.5 1964............. 300.1 241.0 11.4 47.7 18.9 7.0 11.9 281.2 197.6 170.3 27.3 83.6 63.7 19.9 77.2 204.0 1965 ............ 325.8 264.6 12.4 48.7 21.2 7.8 13.4 304.6 212.9 184.3 28.7 91.6 72.5 19.1 81 .2 223,4 1966............. 347.4 280.8 15.8 50.9 23.3 8.4 14.9 324.1 223.6 192. 1 31.5 100,5 80.2 20.3 84. 1 240.0 1967".......... 370.2 298.8 18.4 53.0 25.5 9.1 16.3 344.8 236.1 201 .8 34.2 108.7 87.9 20.9 88.2 256.9 1968".......... 397.5 319.9 21.7 55.9 27.5 9.7 17.8 370.0 251.2 213.1 38. 1 118.7 97. 1 21.6 92.8 277.2 1967—I" .. 350.5 282.9 16.4 51.3 23.7 8.5 15.3 326.8 224.9 192.8 32. 1 101 .9 81.6 20.3 84.4 242.4 II".. 356.2 287.6 16.7 51.9 24.3 8.7 15.6 331.9 227.8 195.3 32.5 104.1 83.6 20,5 85.3 246.6 III". 363.3 293.3 17.5 52.5 24.9 8.9 16.0 338.3 232.0 198.7 33.3 106.4 85.7 20,7 86.4 251.9 IV". 370.2 298.8 18.4 53.0 25.5 9.1 16.3 344.8 236.1 201.8 34.2 108.7 87.9 20.9 88,2 256.6 1968—1".. 375.8 302.6 19.6 53.5 26.0 9.3 16.7 349.8 239.1 203.7 35.4 1 10.6 89.6 21.0 89.4 260.4 11".. 382.9 308.1 20.6 54.2 26.7 9.6 17.1 356.1 243.2 206.7 36.5 112.9 91.7 21 .2 90.7 265.4 III". 389.8 313.5 21.1 55.1 27.2 9.6 17.5 362.6 247.0 209.7 37.3 115.6 94.1 21 .5 92.0 270.6 IV". 397.5 319.9 21.7 55.9 27.5 9.7 17.8 370.0 251.2 213. 1 38. 1 1 18.7 97. 1 21.6 92.8 277.2 1969—I".. 403.7 324.7 22.6 56.4 28.0 9.7 18.3 375.7 254.8 215.8 39.0 120.9 99.2 21 .7 94.5 281,2 1 1 Commercial banks (including nondeposit trust companies but not 3 Derived figures; includes small amounts of farm loans held by saving 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 well as FHA, VA, PHA, Farmers Home Admin., and in earlier years, RFC, HOl.C, and FFMC. They also include U.S. Note.—Based on data from Federal Deposit Insurance Corp., Federal sponsored agencies—new FNMA and Federal land hanks. 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. 4 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 1 Residential Residential End of period Other i Other Tota 1 non- farm Total non- Farm IHA- VA- Con- farm FHA- VA- Con- farm Total in- guar- ven- Total in- guar- vensti red an teed tional sured an teed tional — — — -------- — . ----------------- .— 1941........................................ 4,906 3,292 1 ,048 566 4,812 3,884 900 28 1945........................................ 4,772 J ’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 II,121 13,079 4,016 53 1965........................................ 49’675 32 387 7’702 2’688 21 997 14’377 2,91 1 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 17'642 7’709 2 696 27’237 I7>31 3,446 50,490 44,641 15 ,074 11 ,795 17,772 5,732 117 1968........................................ 65,696 41 433 7 >26 2 >08 30 800 20,505 3,758 53,456 46,748 15,569 12,033 19,146 6,592 117 1966—HI............................. 5 3 606 14 469 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 34876 7’544 2’599 24'713 16 166 3,138 47,337 42,242 14,500 11,471 16,272 5,041 53 1967— I I. l . . ... . ... . ... . ... . ... . ... . .. . ... . ... . ... . .. 5 5 5 4 ' , 7 5 3 3 1 1 3 34 5 ’4 8 8 9 7 0 7 7 3 4 9 44 6 2 2 ' , 4 5 9 4 5 7 2 2 5 4 ,8 5 9 9 9 6 1 16 6 ,9 4 7 68 0 3 3 , , 1 2 7 7 3 4 4 48 8 , , 8 1 9 0 3 7 4 4 2 3 , , 8 5 7 2 9 6 1 1 4 4 , ,7 9 2 4 3 7 1 1 1 1 , , 7 6 6 1 8 9 1 1 6 6 , , 8 5 1 3 1 7 5 5 , , 3 1 1 76 6 5 51 2 HI............................. 57,482 36'639 7’584 2,’601 26*454 17 475 3,368 49,732 44,094 15,016 1 I,785 17,293 5,526 112 IV.............................. 59’019 37 642 7 709 2,696 27,237 17 >31 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 11............................... 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 HI.............................. 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 >33 7,926 2 >08 30 >00 20 >05 3,758 53,456 46,748 15,569 12,033 19,146 6,592 117 1969—I................................. 67,146 54,178 ............... 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
JULY 1969 □ REAL ESTATE CREDIT A 49 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans ^cquired Loans outstanding (end of period) Nonfarm Non farm Period ----------— —--------- ----------- .. . ---------— -------------- --------------- Total Total in F s H ur A e - d a g n V u t A c a c r - - d Other J Farm 1 Total Total in F s H ur A e - d a g n V u tc A 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 6,395 26,931 3,400 1963 ............... 9,172 8,306 1 ,598 678 6,030 866 50,544 46,752 10,756 6,401 29,595 3,792 1964............... 10,433 9,386 1 ,812 674 6,900 1,047 55,152 50,848 11,484 6,403 32,961 4,304 1965............... 11,137 9,988 1 ,738 553 7,697 1,149 60,013 55,190 12,068 6,286 36.836 4,823 1966............... 10,217 9,223 1 ,300 467 7,456 994 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 64,268 12,015 5,982 46,271 5,803 1968—Apr.’ 535 448 42 21 385 87 68,112 62,449 12,116 6,093 44,240 5,663 May. 648 583 55 23 505 65 68,339 62,634 12,075 6,047 44,512 5,705 June. 568 519 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 62,969 12,036 6,046 44,887 5,739 Auk.. 616 575 71 30 474 41 68,909 63,154 12,029 6,034 45,091 5,755 Sept.. 542 497 58 25 414 45 69,024 63,248 12,003 6,012 45,233 5,776 Oct.. 615 578 84 30 464 37 69,212 63,434 12,003 6.002 45,429 5,778 Nov.. 623 589 62 29 498 34 69,407 63,627 11 ,999 5,993 45,635 5,780 Dec.. 1 ,207 1 ,123 84 29 1 ,010 84 70,071 64,268 12,015 5,982 46,271 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 Mar.. .................. 626 54! 53 21 467 85 70,480 64,694 11,947 5,943 46,804 5,786 Apr...................... ........... 607 549 48 24 477 58 70,661 64,855 11 ,924 5,919 47,012 5,806 1 Certain mortgage Iosins 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 dilTer from end-of-year figures because (I) 1959 and with “other” nonfarm thereafter. These Joans 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 arc more complete. Note.—Institute of Life Insurance data. For loans acquired, the MORTGAGE ACTIVITY OF SAVINGS AND FEDERAL HOME LOAN BANKS LOAN ASSOCIATIONS (In millions of dollars) (In millions of dollars) Advances outstanding Loans made Loans outstanding (end of period) (end of period) Period va A n d c es K m e e p n a ts y M d e e m po b s e it r s s’ Period h N o e m w e Home FHA- VA- Con Total S te h rm or t 1 t L e o rm ng 2 Total i con pur Total 2 in guar- ven struc chase sured untced tional tion 1945............................. 278 213 195 176 19 46 1961.............................. 2,882 2,220 2,662 1,447 1 216 1,180 1945 ................. 1 ,91 3 181 1 .358 5,376 ( 1 9 9 6 6 2 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 5,6 1 0 1 1 1 4 3 ' ' 2 2 9 9 6 4 4 3 , , 7 47 8 9 4 2 2, , 8 0 6 0 3 5 1 1 '9 4 2 7 1 4 1 1 ,2 1 1 5 3 1 1961.................. 17,731 5 212 7,317 68 834 4 167 7 152 57 515 1964............................. 5,565 5’025 5,325 2,846 2 479 1,199 1962.................. 21,153 6,'l 15 8 ,’650 78'770 4 476 7^010 67 284 1963 .................. 25 J 73 7 J85 10,055 90’944 4,696 6^ 960 79,288 1965............................. 5,007 4,335 5,997 3,074 2,923 1,043 1964................. 24,913 6,638 10,538 101 333 4 894 6,683 89 756 1 19 9 6 6 7 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1 , ' 8 5 0 2 4 7 4 2 ' , 0 8 7 6 6 6 6 4 , '3 93 8 5 6 5 3 , ,9 0 8 0 5 6 1,9 4 2 01 9 1 1 , 3 0 3 3 2 6 1965.................. 24,192 6,013 10,830 110,106 5 145 6,398 98 763 1968............................. 2,734 1 '861 5’259 4^867 392 1 ’382 1966.................. 16'924 3/>53 7’828 114 427 5 269 6 157 101 001 1 1 9 9 6 6 7 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 1 0, '9 1 8 2 3 2 4 4 ,9 2 1 4 6 3 1 9 1, ’ 2 6 1 0 5 4 1 1 2 3 1 0 , , 8 7 0 8 5 2 5 6 ,6 7 5 91 8 7 6 ^ 0 35 1 1 2 1 11 0 7 9 ’ J 6 1 6 2 3 1968—May.............. 2 24 8 5 2 1 7 0 5 8 4 4 , ’ 7 8 1 8 9 9 4 4 , ’ 1 4 9 0 7 8 4 5 8 2 1 2 1 I , '3 2 8 93 2 July............... 334 235 4,988 4,535 453 1,184 1968— J J M u u a n ly e y . . . . . . . 2 1 1 , , , 1 9 8 8 0 59 3 6 4 4 5 3 0 1 0 2 0 1 1 1 , . , 0 0 0 7 3 5 5 8 0 1 1 1 2 2 2 6 5 5 , , , 6 1 9 1 7 0 3 8 0 6 6 6 , , , 0 1 0 7 7 2 7 9 6 6 6 6 , , , 6 5 5 3 9 5 1 3 9 1 1 1 1 1 1 3 3 2 , , , 8 2 5 2 1 8 0 8 8 O Se c p t. t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 6 7 9 5 3 8 1 1 1 6 8 3 8 4 6 5 4 5 ’ ,0 9 () 3 9 2 5 7 6 4 4 4 ^ , , 6 6 5 0 6 2 1 3 7 4 4 4 0 2 3 7 7 3 1 1 1 , ’ '2 1 2 8 7 5 5 1 4 S A e u p g t . . . . . . 1 1 , , 9 8 9 4 5 0 4 3 1 9 4 6 1,1 9 5 8 6 4 1 1 2 2 7 8 , , 4 3 9 0 2 2 6 6 , , 2 3 7 7 9 0 6 6 , , 6 75 8 3 9 1 11 14 5, , 1 5 7 2 9 4 N De o c v . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 1 0 5 1 5 1 8 5 1 0 5 5 ^ ,0 2 4 59 0 4 4 , '8 6 6 4 7 3 3 3 9 97 2 1 1 , '3 32 8 1 2 Oct.... 1 ,949 466 995 129,147 6,459 6,845 115,843 N De o c v . . . . . . 1 1 , , 7 8 2 8 4 6 4 3 0 9 7 2 8 8 6 6 8 9 1 1 2 3 9 0 , , 8 7 7 8 9 2 6 6 , , 5 6 2 5 9 8 6 7 , , 9 0 1 1 9 2 1 1 1 1 6 7 , , 4 1 3 1 1 2 1969—J M a a n r .. . . . . . . . . . . . . . . . . . . . .. . . . . .. . 2 1 1 7 5 2 7 5 0 1 1 1 2 7 7 8 2 9 5 5 5 , , ’ 3 3 2 3 5 9 1 7 8 4 4 4 , , , ' 9 9 9 7 4 8 5 3 0 3 3 3 5 4 8 8 9 2 f 1 1 ’ , , ’ 1 2 1 1 4 3 3 0 0 1969--J F a e n b . . . . . . . 1 1 , , 5 5 9 8 2 0 . 3 1 6 4 4 8 7 7 8 6 3 7 1 1 3 3 2 1 , , 0 4 7 0 5 4 6 6 , , 7 8 4 5 8 7 7 7 , ,1 0 2 7 9 41 1 1 1 7 8 , , 5 0 8 8 2 9 A M p a r y.............. 5 3 4 2 5 7 1 1 2 13 0 5 5^ ’9 7 7 6 1 4 5 5 , ; 4 6 2 4 3 7 3 3 4 2 1 4 1 1 J ;2 7 o 8 i Mar... 1 ,870 440 896 132,992 6,972 7,194 I 18,826 Apr.. . 2,073 485 1 ,023 134,018 7,120 7,271 I 19,627 May". 2,150 482 1,117 135,144 7,257 7,367 120,520 1 Secured or unsecured loans maturing in 1 year or less. 2 Secured loans, amortized quarterly, having maturities of more than 1 year but not more than 10 years. 1 Includes loans for repairs, additions and alterations, refinancing, etc., not shown separately. Note.—Federal Home Loan Bank Board data. 2 Beginning with 1958, includes shares pledged against mortgage loans; 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 □ JULY 1969 MORTGAGE DEBT OUTSTANDING MORTGAGE DEBT OUTSTANDING ON ON RESIDENTIAL PROPERTIES NONFARM 1- to 4-FAMILY PROPERTIES (In billions of dollars) (In billions of dollars) All residential Multifamily1 Governmentunderwritten E p n e d ri o o d f 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 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 io o d f Total Total F i H n A- g V u A ar - t C i v o e o n n n a l 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 ................. 264,0 223.7 40.3 40. 3 31,5 8 8 1967".................. 236.1 79 9 47.4 32.5 156.1 1967".................. 280,0 236.6 43.4 43.9 34.7 9 2 1968".................. 251.2 83 8 50.6 33.2 167.4 1968".................. 298.6 250,8 47.8 47.3 37.7 9.6 1966—III.......... 221.9 75.4 44.4 31.0 146.5 1966—III ... 261,6 222.1 39.5 39.7 31.0 8.7 IV.......... 223.6 76.1 44.8 31.3 147.6 IV .. . . 264,0 223.7 40.3 40. 3 31.5 8.8 1967—I"........... 224.9 76.4 45.2 31.2 148.4 1967—I"........... 265.9 225.0 40.9 41 .0 32.2 8.8 IH......... 227.8 77.2 45.7 31.5 150.6 IP'.. 269,7 228.3 41.4 41.9 32.9 8.9 III".. . . 232.0 78.3 46.6 31.7 153.7 III"... 274,8 232.5 42.3 42.8 33.8 9.0 IV".... 236.1 79.9 47.4 32.5 156.1 III"... 280,0 236.6 43.4 43.9 34.7 9.2 1968—1"......2...3..9.1 81.0 48.1 32.9 158.1 I%g_lp.......... 283.7 239 0 44.7 44.6 35.3 9. 3 II".......... 243.2 82.1 48.7 33,4 161.1 ii".... 288.6 242.7 45.9 45.3 35.9 9.4 III"... . 247.0 83.2 49.6 33.6 163.8 Hi"... 293,3 246.4 46.9 46.2 36.7 9.5 IV". .. . 251.2 83.8 50.6 33.2 167.4 IV"... 298.6 250.8 47.8 47.3 37.7 9.6 1969—1"......2...5..4.8 85.3 51.4 33.9 169.5 1969-I".......... 302,9 254.1 48.8 48.1 38.3 9.8 1 Includes outstanding amount of VA vendee 1 Structures of 5 or more units. accounts held by private investors under repurchase agreement. Note.—Based on data from same source as for ’’Mortgage Debt Out Note.—For total debt outstanding, figures are standing” table (second preceding page). FHLBB and F.R, estimates. For conventional, figures are derived, Based on data from Federal Home Loan Bank GOVERNMENT-UNDERWRITTEN RESIDENTIAL Board, Federal Housing Admin., and Veterans Admin LOANS MADE DELINQUENCY RATES ON HOME MORTGAGES (In millions of dollars) (Per 100 mortgages held or serviced) FHA-insured VA-guaranteed Loans not in foreclosure Mortgages Mortgages but delinquent for— Loans in Period Prop fore Pro erty End of period closure Total h N om ew es h is o E t m i x n e g s jects 1 m pr i e m o n v t e s 2 TotaP h N om ew es h is o E t m i x n e g s Total 30 days 60 days o 9 r 0 m da o y r s e 1963.................... 3.30 2.32 .60 .38 . 34 1945 ............... 665 257 217 20 171 192 1964.................... 3.21 2.35 55 .31 .38 1963 ................ 7,216 1 ,664 3,905 843 804 3 045 1,272 1 770 1964............... 8,130 1 ,608 4'965 895 663 2*846 1 '023 1 ’821 1965................... 3.29 2.40 .55 .34 .40 1965 ............... 8'689 1 ,705 5 '760 591 634 2 652 ’876 1 774 1966.................... 3.40 2.54 .54 .32 .36 1966............... 7,320 1 ,729 4,366 583 641 2’600 980 1 ’618 1967.................... 3.47 2.66 .54 .27 .32 1967............... 7’150 1,369 4’516 642 623 3 405 1,143 2 259 1968.................... 3.17 2.43 .51 .23 .26 1968 ............... 8^75 1 ,572 4’924 1,123 656 3 774 1 ’430 2 343 1965—III.... 3.20 2.30 .56 .34 .38 1968—May. 686 121 374 131 60 280 112 168 IV. . . . 3.29 2.40 .55 .34 .40 June. 674 123 371 122 58 241 98 143 July,. 712 135 438 72 66 327 120 207 1966—I............. 3.02 2.13 .55 .34 ,38 Aug.. 752 135 460 94 63 341 122 218 n.......... 2.95 2.16 .49 .30 .38 Sept.. 727 135 453 78 61 322 111 211 HI. . 3.09 2.25 .52 .32 .36 Oct... 869 158 549 95 67 360 122 237 IV.. . . 3.40 2.54 .54 .32 .36 Nov.. 749 126 473 101 49 377 138 239 Dec.. 702 117 409 118 58 365 136 229 1967—1............. 3.04 2.17 .56 .31 .38 II.......... 2.85 2.14 .45 .26 .34 1969—Jan... 762 134 474 105 48 369 145 225 III.. 3,15 2.36 .52 .27 .31 Feb.. 614 106 388 80 39 296 114 182 IV.... 3.47 2.66 .54 .27 .32 Mar.. 642 110 381 100 50 329 122 207 Apr.. 681 113 428 82 57 301 11 1 191 1968—1............. 2.84 2.11 .49 .24 .32 May. 704 111 409 123 62 323 115 208 II.......... 2.89 2.23 .44 .22 .28 in.... 2.93 2.23 .48 .22 .26 IV. . . . 3,17 2.43 .51 .23 .26 1 Monthly figures do not reflect mortgage amendments included in annual totals. 1969—1............. 2,77 2.04 .49 .24 .26 2 Not ordinarly secured by mortgages. 2 Includes a small amount of alteration and repair loans, not shown separ ately; only such Ioans in amounts of more than $1,000 need be secured. Note.'—Mortgage Bankers Association of America data from reports on 1- to 4-family FHA-insured, VA-guaranteed, and con Note.—Federal Housing Admin, and Veterans Admin, data. FHA-insured ventional mortgages held by more than 400 respondents, including loans represent gross amount of insurance written; VA-guaranteed loans, mortgage bankers (chiefly), commercial banks, savings banks, and gross amounts of loans closed. Figures do not take into account principal savings and loan associations. repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type arc derived from data on number and average amount of loans closed. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
JULY 1969 a REAL ESTATE CREDIT A 51 GOVERNMENT NATIONAL MORTGAGE FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY ASSOCIATION ACTIVITY (In millions of dollars) (Iti millions of dollars) Mortgage Mortgage Mortgage holdings transactions Com Mortgage holdings transactions Com (during mit (during mit End of period) ments End of period) ments period FHA- VA- un period FHA- VA- un Total in guar- dis Total in guar dis sured antecd ch P a u s r e s Sales bursed sured anteed ch P a u s r e s Sales bursed 1965................................... 2,212 1,540 671 156 154 332 1965.................................. 2,519 1,864 656 757 47 462 1966................................... 2,667 2,062 604 620 491 1966.................................. 4,396 3,345 1,051 2,081 214 1967................................... 3,348 2,756 592 860 ......1..,.1...7..1. 1967.................................. 5,522 4,048 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. ..,.2...8..7 1968—May.................... 3,805 3,166 639 103 1,135 1968—May................... 6,477 4,671 1,806 177 477 June.................. 3,880 3,235 646 95 1,158 June................... 6,623 4,767 1,856 173 601 July.................... 3,949 3,298 652 86 1,170 July.................... 6,707 4,820 1 ,887 108 842 Aug..................... 4,018 3,361 656 86 1 ,205 Aug.................... 6,780 4,867 1 ,913 99 1,014 Sept.................... 4,063 3,406 657 66 I ,215 Sept.................... 6,844 4,909 1 ,935 89 ......1...,.0..H...5 Oct...................... 4,125 3,468 657 82 1 ,225 Oct...................... 6,943 4,975 1 ,968 126 ......1...,.1..5...0 Nov,......... 4,166 3,5lf 655 58 ......1. ..,.2...4..8 Nov.................... 7,048 5,045 2,003 132 1 ,236 Dec...................... 4,220 3,569 651 7 J 1 ,266 Dec..................... 7,167 5,121 2,046 146 ............... 1,2«7 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 I ,296 Feb...................... 7,510 5,345 2,165 201 1,406 Mar..................... 4,328 3,687 641 44 1 ,31 i Mar.................... 7.689 5,467 2,222 205 1,621 Apr..................... 4,357 3,721 636 50 1 ,312 Apr.................. . 7,851 5,576 2,276 192 1 ,887 May.................... 4,395 3,764 631 61 1 ,321 May................... 7.998 5,678 2,320 176 ............... 2,237 Noth.-—Government National Mortgage Assn. data. Data prior to Note. - Federal National Mortgage Assn. data. Data prior to Sept. Sept. 1968 relate to Special Assistance and Management and Liquidating 1968 relate to secondary market portfolio of former FNMA. portfolios of former FNMA and include mortgages subject to participation pool of Government Mortgage Liquidation Trust, but exclude conven tional mortgage loans acquired by former FNMA from the RFC Mortgage Co., the Defense Homes Corp., the Public Housing Admin,, and Com munity Facilities Admin. HOME-MORTGAGE YIELDS FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY UNDER FREE MARKET SYSTEM (Per cent) Primary market Secondary Implicit yield, by market Mortgage amounts co mm it ment period (in months) FHA series Period ( F e H ffe L c F t i I v B e s r e a ri t e e s ) New o i n n Y s F i u e r H l e d d A - Au da c t t e ion — Acce — pted .. — homes new By commitment (U.S. homes Offered period (in months) 3 6 12-18 New Existing average) Total ---------homes homes ............ 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 1 1 9 9 6 6 8 7 6 6 . . 9 4 7 6 7 6 . . 0 5 3 2 7 6 . . 1 5 2 3 7 6 . . 2 5 1 5 . -------- — . . ---------— --------- -..........-.. .— 1969 1968-—June............... 7.03 7.12 7.25 7.52 July................ 7.17 7.23 7.30 7.42 Apr. 1............ 182.9 93.1 4.6 47.2 41.4 8.10 8.11 7.98 Aug................ 7.24 7.26 7.30 7.35 7............. 175.9 102.5 8.2 57.8 36.5 8,12 8.13 8.01 Sept............... 7,24 7.25 7.30 7.28 14............ 144.7 101.1 7.9 52.3 40.9 8. 10 8. 10 7.98 Oct................. 7,23 7.22 7.25 7.29 21............ 128.1 100.9 4.6 59.8 36.5 8,05 8.05 7.9.1 Nov................ 7.21 7.21 7.30 7.36 28............ 157.7 84. 1 4.8 58.7 20.5 7.94 7.94 7.86 Dec................ 7.23 7.23 7.40 7.50 May 5............ 170.8 84.4 6.7 58.2 19.5 7.89 7.90 7.83 1969-—Jan.................. 7.30 7.32 7.55 12............ 210.4 85.0 9.3 55,9 19.8 7.87 7.89 7.81 Feb................. 7.39 7.42 7.60 7.99 19............ 236.2 83.3 13.8 51.0 18.5 7.87 7.88 7.81 Mar............... 7.47 7.49 7.65 8.05 26............. 263.0 96.1 12.3 67.8 16.0 7.89 7.91 7.84 Apr................ 7.62 7.60 7.75 8.06 May............... t’7.64 ^7,67 7.75 8.06 June 2............. .304.6 103.0 15.3 65.5 22.1 7,92 7.95 7.86 June............... 8.00 8.35 9............. 291 .6 100.2 21.3 57.7 21.2 7,99 8.01 7.92 16............. 409.7 100.5 15.4 66.8 18.2 8.31 8.26 8.14 23............ 304.1 124.3 8.7 92.5 23.1 8.37 8.40 8.26 Note,—Annual data are averages of monthly figures. The .30............. 245.6 121,5 22.7 84.0 14.8 8.39 8.4.3 8.27 FHA data arc based on opinion reports submitted by field offices on prevailing local conditions as of the first of the succeeding July 7............. 195,5 121.0 24. 1 85. 1 11.7 8.43 8.47 8.32 month. Yields on FHA-insured mortgages are derived from 14............ .................. (130.0) weighted averages of private secondary market prices for Sec. 203, 30-year mortgages with minimum downpayment and an assumed prepayment at the end of 15 years. Gaps in the data Note.—Implicit secondary market yields are gross—before deduction of 50are due to periods of adjustment to changes in maximum per basis-point fee paid for mortgage servicing. They reflect the average accepted bid missible contract interest rates. The FHA series on average price for Government-underwritten mortgages after adjustment by Federal Reserve contract interest rates on conventional first mortgages in primary to allow for FNMA commitment fees and FNMA stock purchase and holding markets are unweighted and are rounded to the nearest 5 basis requirements, assuming a prepayment period of 15 years for 30-ycar Joans. Com points. The FHLBB effective rate series reflects fees and charges mitments for 12-18 months are for new homes only. _ , as well as contract rates (as shown in the table on conventional Total accepted shown in parenthesis for most recent week indicates FNMA first mortgage terms, p. A-33) and an assumed prepayment at announced limit before the ‘’auction” date. end of 10 years. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 52 CONSUMER CREDIT □ JULY 1969 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Other Repair Total m A o u b to ile co g n o s o u d m s e r e a r n n d i z m at o io d n Pe lo r a so n n s al Total loans . a C cc h o a u r n Ke ts S c e r r e v d ic it e paper paper loans 1 1939..................................................... 7,222 4,503 I ,497 1 ,620 298 t .088 2,719 787 1,414 518 1941..................................................... 9^172 6 J 08 5 2,458 1,929 376 1 ,322 3,087 845 1 J 645 597 1945..................................................... 5’665 2,462 '455 816 1 82 1 ,009 3,203 746 1 ,612 845 1962..................................................... 63 821 48,720 (9,381 12,627 3,298 13,414 15,101 5,456 5,684 3,961 1963..................................................... 71 ,739 55’486 22’254 14'177 3’437 15,618 16,253 6 J01 5 ,903 4,249 1964..................................................... 80^268 62^692 24^934 16'333 3^577 17,848 17’576 6^874 6,195 4’507 1965..................................................... 90 314 71 ,324 28 619 18,565 3,728 20,412 18,990 7 ,671 6,430 4,889 1966..................................................... 97 543 77^539 30 556 20’978 3 818 22 J 87 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 6,968 5^810 1968..................................................... 1 13 J 91 89^890 34’130 24'899 3,925 26,936 23’301 9 1 38 7,755 6’408 1968—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 ;<>52 21 J87 8 ,’674 6’368 6,145 July....................................... 105'680 84348 32^874 22’452 3,808 25,314 21,232 8,695 6357 6’,080 107,090 85,684 33,325 22^777 3,857 25,725 21,406 8,774 6,574 6’05 8 Sept....................................... 107,636 86,184 3 3',336 22,988 3’881 25,979 21’452 8*868 6,550 6^034 Oct......................................... 108’643 87’058 33’698 23,248 3,910 26’202 21,585 8’943 6'692 5 ,950 Nov...................................... 110 035 87 953 33/325 23’668 3,931 26^429 22’082 9’024 6,964 6^094 Dec........................................ 113 191 89 890 34'l30 24'899 3 925 26,936 23 ,’301 9’l38 7’755 6^408 1969—Jan......................................... 112 117 89 492 34.013 24,682 3,886 26,911 22,625 9 038 7,097 6,490 Feb........................................ 111'569 89'380 34 05 3 24’404 3,875 27’048 22 J 89 9’050 6’403 6’736 Mar....................................... 1 H ,'950 89,672 34,262 24 J06 3,874 27^230 22'278 9,139 6,340 6'799 Apr....................................... 113'231 90*663 34’731 24'399 3’903 27,628 22,568 9 216 6’557 6,795 May...................................... 114,750 91,813 35’,230 24,636 3,964 27;983 22;937 9’218 6,971 6’748 * Holdings of financial institutions; holdings of retail outlets arc in- loans. For back figures and description of the data, see'‘Consumer Credit,” eluded in “other consumer goods paper.” Section 16 (New) of Supplement to Hanking and Monetary Statistics, 1965, Note.—Consumer credit estimates cover loans to individuals for house- un^ Oec. 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 Other 1 Total mobile retail banks cos. unions finance1 dealers2 outlets 1939. 4,503 3,065 1,079 1,197 132 657 1,438 123 1,315 1941. 6,085 4,480 1,726 1 ,797 198 759 1,605 188 1,417 1945................................................... 2,462 1,776 745 300 102 ...............6...2..9... 686 28 658 1962. 48,720 41 ,878 19,005 11,405 4,875 4,765 1,828 6,842 345 6,497 1963. 55,486 47,819 22,023 12,630 5,526 5,582 2,058 7,667 351 7,316 1964. 62,692 53,898 25,094 13,605 6,340 6,492 2,367 8,794 329 8,465 1965. 71 ,324 61 ,533 28,962 15,279 7,324 7,329 2,639 9,791 315 9,476 1966. 77,539 66,724 31,319 16,697 8,255 7,663 2,790 10,815 277 10,538 1967. 80,926 69,490 32,700 16,838 8,972 8,103 2,877 11,436 285 11,151 1968................................................... 89,890 77,457 36,952 18,219 10,178 8,913 3,195 12,433 320 12,113 1968--May...................................... 82,312 71,560 34,079 17,010 9,271 8,175 3,025 10,752 298 10,454 June..................................... 83,433 72.610 34,585 17,239 9,461 8,302 3,023 10,823 303 10,520 July...................................... 84,448 73,573 35,103 17,448 9,574 8,397 3,051 10,875 308 10,567 Aug....................................... 85,684 74,690 35,672 17,670 9,739 8.490 3,119 10,994 313 10,681 Sept....................................... 86,184 75,114 35,923 17,680 9,851 8,530 3,130 11,070 313 10,757 Oct........................................ 87,058 75,871 36,352 17,823 9,962 8,588 3,146 11,187 317 10,870 Nov....................................... 87,953 76,446 36,560 17,960 10,049 8,685 3,192 11,507 319 11,188 Dec....................................... 89,890 77,457 36,952 18,219 10,178 8,913 3,195 12,433 320 12,113 1969--Jan......................................... 89,492 77,360 37,005 18,175 10,101 8,879 3,200 12,132 319 11,813 Feb........................................ 89,380 77,577 37,056 18,219 10,153 8,896 3,253 11,803 319 11,484 Mar....................................... 89,672 78,006 37,257 18,253 10,294 8,927 3,275 11,666 320 11,346 Apr........................................ 90,663 79,062 37,854 18,418 10,508 9,008 3,274 11,601 325 11,276 May..................................... 91 ,813 80,155 38,347 18,636 10,699 9,080 3,393 11,658 329 11,329 i Consumer finance companies included with “other” financial insti- 2 Automobile paper only; other instalment credit held by automobile tutions until 1950, dealers is included with “other retail outlets.” See also Note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
JULY 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 End of period Total ch P a u s r e p d ape D r irect s O g p c u o a t o m o h p n d e e e s r r r e m l r o a t n i a n o o iz n d n d a s s lo P o a e n n r a s l End period Total m p A a o u p b t e o il r e s g O p c u o a o t m o h p n d e e e s r r r m R iz o l a o e a d n a p t e d i n a o r s n i n r l s o P o a e n n r a s l 1 1 1 9 9 9 3 4 4 9 1 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 , ' ' 7 7 0 2 4 7 5 6 9 2 44 3 6 7 7 6 3 1 1 3 4 7 8 3 8 1 3 1 0 6 1 9 6 4 1 1 1 6 3 1 1 5 0 4 3 3 7 6 1 1 3 2 1 1 19 9 9 4 3 4 5 9 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 , ’ 1 7 3 9 9 0 7 7 0 1 ,3 8 1 6 7 6 3 8 4 1 1 1 2 6 5 7 4 2 1 0 4 5 1 8 8 5 6 5 6 6 4 1 1 1 9 9 9 6 6 6 3 2 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 1 2 5 9 , , , 0 0 0 2 0 9 3 5 4 6 7 8 , , > 3 1 8 8 9 1 4 ! 4 4 3 , , , 1 4 7 5 0 3 1 2 4 2 3 3 , , ’ 2 8 6 1 2 7 3 4 0 2 2 2 , , / 2 3 5 6 7 7 1 7 4 4 5 , ’ ’ 2 9 5 8 5 4 5 0 2 1 1 1 9 9 9 6 6 6 3 2 4 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 3 2 ^ ’ 6 4 6 0 0 3 5 5 0 7 7 8 , ’ ’ 2 9 2 5 8 2 1 5 2 2 2 3 , , , 4 6 0 6 9 2 5 9 2 2 2 2 1 1 0 3 7 4 2 1 1 ’7 0 4 9 9 7 1 5 6 1 1 1 1 9 9 9 9 6 6 6 6 7 5 6 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 3 3 1 2 8 6 , , , , 7 9 9 3 0 6 5 1 0 2 2 9 1 1 1 1 J 0 0 2 / , , , 2 9 2 0 1 2 2 0 3 7 4 9 5 5 6 7 , , , , 2 1 6 9 6 0 5 5 7 5 9 6 4 6 4 5 ^ , , , 0 1 1 68 2 6 6 1 6 0 6 2 2 2 2 , ' > ’ 5 6 7 4 7 2 1 1 7 9 9 6 7 7 8 , , , ' 0 3 7 8 1 5 5 5 1 7 5 1 1 1 1 1 9 9 9 9 6 6 6 6 5 6 7 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 5 6 6 8 ^ , , 6 8 2 2 9 3 7 1 7 8 9 9 9 9 9 9 , ’ 0 5 2 9 6 5 7 8 8 2 2 6 3 4 4 4 , , ' , 5 5 2 8 1 5 5 4 8 6 6 9 1 1 1 5 7 8 1 1 5 4 4 2 2 2 3 ^ ,3 7 4 9 1 1 7 5 8 0 0 4 1968— J J M u u a n ly y e . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 4 4 5 , , , 5 0 1 8 7 0 5 9 3 1 1 1 1 1 1 , ' > , 3 7 4 5 4 1 5 4 6 6 6 , , , 6 7 8 5 6 7 8 3 2 5 5 5 , , 4 3 5 4 5 5 3 8 9 2 2 2 , , , 5 6 6 8 0 3 5 8 9 8 8 8, , > 1 2 1 2 9 7 7 8 1968- May................. J ... u ... l . y . ...... 1 1 1.. 7 . 7 7. . ’ ’.. 0 2 4.. 1 3 4... 0 9 8......... 9 9 9 3 5 7 8 0 4 8 9 4 4 4 4 * ,5 5 5 2 8 9 8 2 6 8 8 8 8 2 4 3 3 3 , , 0 0 0 6 0 2 1 6 9 S O N e c o p t v . t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 3 3 5 5 6 6 6 , , , , > 9 6 3 9 6 2 7 5 5 3 2 0 2 2 1 1 1 1 1 1 1 2 2 2 , ' ' , 1 9 9 2 1 4 8 5 1 9 3 0 3 3 0 7 6 7 6 7 ^ , , > > 9 1 9 0 6 2 0 1 0 3 5 4 6 5 5 5 6 5 , , > ’ ’ 6 8 0 8 4 6 1 6 5 3 8 2 5 0 2 2 2 2 2 , , , , ’, 6 6 7 7 7 7 9 1 1 2 5 7 6 9 3 8 8 8 8 8 , , > ’, ’ 5 4 7 8 > 8 5 8 5 2 7 1 2 5 9 S O N D e c e o p t c v . t . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 1 7 7 8 7 7 ’ ’, 6 6 9 8 2 8 7 6 2 1 0 3 0 0 9 9 9 9 9 9 , , , 7 8 8 8 9 5 2 9 1 8 8 3 8 2 6 4 4 4 4 4 , , ' * ’ , 6 6 7 7 8 6 9 3 7 4 3 5 8 7 9 7 6 7 7 7 3 9 4 4 4 3 3 3 3 3 , , , 1 1 2 3 1 5 8 1 2 1 8 9 0 2 0 1969—J M |« a ’e a n b . r . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 3 7 7 7 , , , 0 0 2 0 5 5 5 7 6 1 1 1 2 2 2 , ’ 1 / 1 2 6 5 4 0 3 7 7 7 , ' J 1 1 1 0 6 8 7 8 6 6 6 , ' J 1 1 3 8 6 5 8 8 2 2 2 , , ' 6 6 6 9 7 7 2 0 6 9 8 8 , ’ ’ 9 9 0 1 0 4 0 7 2 1969 J M a a n r .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 8 8 8 ’ ’ 2 1 2 5 7 1 5 3 9 9 9 9 , , 9 9 9 6 8 51 2 8 4 4 4 , , ’ 8 8 8 6 6 5 7 8 7 7 7 7 1 1 0 3 3 3 ,2 3 1 9 2 1 6 7 9 May................. 3 3 7 8 ,3 8 4 5 7 4 1 12 2 / 3 4 8 1 8 7 7 ; 2 3 7 6 3 7 6 6 > 2 1 9 0 9 6 2 2 ’ 6 72 9 1 0 9 9 ,3 2 1 0 2 4 May.................. A ... p .... r......1 1 ..8 8 .. . > ..4. > ..1 3 ..8 6 ..........1 1 0 0 ’,2 0 4 95 6 4 4; ’ 9 8 4 9 5 6 7 6 0 9 3 3 '3 3 7 5 6 7 See Note co first table on previous page. See Note to first table on previous page. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL INSTITUTIONS (In millions of dollars) (In millions of dollars) Single Other Repair payment Charge accounts Auto con and Per loans End of period Total mobile sumer modern sonal paper goods ization loans Total Service paper । loans End of period Com Other credit mer finan Retail Credit 1939........................................ 789 81 24 15 669 b c a i n a k l s in ci s a t l i outlets cards1 1941........................................ 957 122 36 1 4 785 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>73 1941.................... 3 >87 693 152 1 '645 597 1964........................................ 15’199 2’895 1 ,176 91 3 10 215 (945.................... 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 >49 1967................................. 19 952 3’993 1 ,600 1 ,046 13,313 1964.................... 17>76 5’950 924 5’587 608 4 >07 1968........................................ 22,286 4,506 1 ,877 1 ,132 14,771 1965................... 18,990 6,690 981 5,724 706 4,889 1968—May......................... 20 471 4,123 1 .671 1 ,071 13,604 1966................... 20,004 6,946 1,026 5,812 874 5,346 June......................... 20,786 4,200 1 ,703 1 ,077 13,806 1967.................... 21 >06 7’340 1 ,088 5,939 1 ,029 5,810 July........................... 21 '022 4,250 1 '730 1 >87 13’955 1968.................... 23'301 7’975 1,1 63 6*450 1 ; 305 6,408 Aug.................... 21,348 4,323 1 i765 1,109 14,151 Sept........................... 21,511 4,369 1 ,793 1115 14*234 1968 -May... 21,099 7,526 1,137 5,254 1 ,022 6,160 Oct........................... 21,696 4,415 1 ,829 1 J 20 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 1 4 896 Dec.... 23,301 7,975 1 ,1 63 6,450 1,305 6,408 Apr,......................... 22’790 4; 652 1 >28 1 J 43 15 >67 May......................... 23,172 4,747 f ,956 1,174 15,295 1969—Jan.. . . 22,625 7,878 1,160 5,763 1 ,334 6,490 Feb.... 22,189 7,877 1,173 5,087 1,316 6,736 Mar.... 22,278 7,961 1,178 5,037 J ,303 6,799 Note.—Institutions represented arc consumer finance companies, credit Apr.. .. 22,568 8,040 1,176 5,237 1 ,320 6,795 unions, industrial loan companies, mutual savings banks, savings and May... 22,937 8,017 1 ,201 5,609 1 ,362 6,748 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 arc included in estiniate.T 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 □ JULY 1969 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper Other consumer Repair and goods paper modernization loans Personal loans Period S.AJ N.S.A. N.S.A. S.AJ N.S.A. S.AJ N.S.A. S.AJ j 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 2,225 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 97,053 31,424 30’,593 2; 268 32^768 1968-—May...................................... 8 033 8,377 2 590 2,853 2 535 2,520 97 236 2 711 2,768 June..................................... 8 003 8,115 2 570 2*735 2 536 2,441 79 94 71 8 2’745 July....................................... 8 247 8,738 2 673 2 ,*974 2 622 2,631 95 228 2 757 2*905 Aug,...................................... 8 187 8^02 2 684 2,774 2 483 2’531 85 22S 2 835 2,972 Sept,............................ 8 41 6 7,682 2 78.3 2,354 2 560 2,462 96 199 2 877 2 ’ 667 Oc'r......................................... 8 533 8*687 2 782 2’917 2 645 2 J52 202 211 2 904 2*807 Nov....................................... 8 288 8J66 2 681 2’546 2 640 2,739 91 90 2 776 2 691 Dec........................................ 8 277 9,568 2 592 2,*489 2 656 3,608 92 63 837 3*308 1969-—Jan......................................... 8 371 7,557 2 661 2,369 2 654 2,449 79 37 2 877 2,602 Feb......................................... 8 414 6,971 2 716 2,344 2 598 1 ,985 201 899 2,493 Mar....................................... 8 381 8,132 2 730 2’750 2 625 2,423 98 79 1 828 2,780 Apr........................................ 8 720 9,024 2 772 3 02.3 2 76.3 2,668 219 216 966 3 117 May...................................... 8 680 8,960 2 757 2*985 2 767 2,760 209 246 2 947 2; 969 Repayments 1962 51,360 17,447 14,935 2,010 16,969 1961. 56 825 19*254 16,369 2,046 19 156 1964..................................................... 63 470 21’369 18,666 2 0R6 21 349 1965..................................................... 69,957 23,543 20,518 2, 16 23,780 1966..................................................... 76,120 25’404 23,178 2 10 25 428 1967..................................................... 81 ,306 26,499 25,535 2’142 27’110 1968..................................................... 88,089 28*018 28,089 29,850 1968-—May...................................... 7 301 7 393 2 327 2,366 2 .312 2,350 84 87 2 478 2,490 June...................................... 7 287 6,994 2 289 2,189 2 324 2,204 75 71 2 499 2 430 July....................................... 7 390 7,723 2 352 2*464 2 374 2,427 81 89 2 483 2’643 Aug,..................................... 7 25 3 7,266 2 327 2,323 2 209 2,206 70 76 2 547 2 561 Sept....................................... 7 701 7 182 2 482 2*343 2 428 2 251 79 75 2 612 2313 Oct......................................... 7 586 7 813 2 391 2*555 2 451 2’492 77 82 2 567 2,584 Nov....................................... 7 454 7,271 2 363 2,319 2 388 2,319 75 69 2 528 2,464 Dec.............................. 7 502 7,’631 2 357 2*284 2 422 2,377 75 69 2 548 2,801 1969-—Jan......................................... 7 730 7,955 2 467 2,486 2 442 2,666 73 176 2 648 2 627 Feb....................................... 7 616 7,083 2 468 2,304 2 352 2^263 72 60 2 624 2’356 Mar....................................... 7 735 7,840 2 501 2,541 2 461 2,521 80 80 2 593 21598 Apr........................................ 7 960 8,033 2 519 2,552 2 569 2,575 85 87 2 687 2 719 May...................................... 7 8.34 7,810 2 488 2,488 2 507 2,523 83 85 2 656 2’614 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 2 155 139 2,229 1965..................................................... 8,629 3,684 2,232 50 2,563 1966..................................................... 6,215 1 ^937 2413 90 1,775 1967..................................................... 3,387 ’168 I *417 29 1’831 1968..................................................... 8,964 3,406 2*504 36 2,918 1968--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 11015 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 -1 235 182 Apr........................................ 760 991 253 471 194 93 34 29 279 398 May...................................... 846 I ,150 269 497 260 237 26 61 291 355 1 Includes adjustments for differences in trading days. purchases and sales of instalment paper, and certain other transac a 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 anil 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
JULY 1969 □ CONSUMER CREDIT A 55 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks S c a o le m s p f a in n a ie nc s e Ot i h n e s r ti t f u in ti a o n n c s ial Retail outlets Period S.A.i | N.S.A. S.A.i | N.S.A. S.A. i N.S.A. S.AJ N.S.A. S.A.I N.S.A. ____________l_.___________ Extensions 1962............................................. 56.191 ....................... 20,474 11,269 14,787 9,659 1963 ............................................. 63 591 23,344 12 J52 16,768 11,327 1964..................................................... 70,670 25 /950 12,6(3 18,797 13,310 1965 ..................................................... 78,586 29,528 13,722 20,906 14,430 1966..................................................... 82’335 30,073 14’278 21,490 16,494 1967 ........................................... 84 693 30^850 1 3 >33 22,574 17,436 1968..................................................... 97,053 36,312 15>O9 25 >77 19/135 1,369 1 1968—May...................................... 8,033 8,377 2,980 3,233 1 ,332 2,157 2,241 1 ,564 1 ,534 June...................................... 8,003 8>15 2/938 3,030 1 .302 1 ,358 2,177 2,231 I >86 1 >96 July....................................... 8’247 8^738 3'018 3,'343 1,366 1 >95 2,190 2 >07 1 >73 1 ,593 Aug.,................................... 8 187 8,502 3’066 3,245 1 ,289 1 ,329 2,248 2,344 1,584 1,584 Sept....................................... 8,416 7 >82 3 >84 2,953 1 ,349 1 ,217 2,236 2 >43 1,547 1,469 Oct........................................ 8,533 8’687 3 >52 3'306 1 ,367 1 ,437 2 >09 2,246 1,605 1 >98 Nov....................................... 8 288 8 166 3 111 2’877 1 ’,411 I >68 2 >39 2 >39 1 >27 1,782 Dec....................................... 8 277 9,568 3 J 39 3 >94 1 ,362 1 ’535 2,208 2,571 1 >68 2 >68 1969—Jan....................................... 8 371 7 557 3,135 2/908 1 ,381 I ,227 2,250 1 ,977 1 605 1 ,445 Feb........................................ 8 414 6/971 3>55 2,728 1,419 1 J 92 2,315 1 ,972 1 ,525 1 >79 Mar...................................... 8’381 KJ 32 3; 199 3’155 1 ,429 1,359 2,239 2’219 1 >14 1,399 Apr....................................... 8 720 9’024 3 318 3 >85 1 ,405 1 >63 2,378 2,447 1’619 1 ,529 May..................................... 8 >80 8/360 3; 236 3 >36 L«l 1 >78 2^65 2,428 1 ,628 1 >18 Repayments 1962..................................................... 51 360 18,468 10,200 13,455 9,237 1963..................................................... 56 825 20,326 10 >27 15 >70 10>02 1964..................................................... 63 470 22’971 11,638 16 >64 12 097 1965 ..................................................... 69 957 25,663 12,048 18,813 13 433 1966..................................................... 76*120 27 >16 12,860 20 >74 15*470 1967..................................................... 81 306 29’469 13 >92 21,330 16 815 1968..................................................... 88 089 32 080 14,528 23,443 18 038 1968 May...................................... 7 301 7 393 2 653 2 716 1,222 1,227 1,939 1 940 I 487 1 510 June..................................... 7 287 6 994 2*666 2 524 1 *164 1 '129 1 ,957 1 916 1 500 1 *425 July...................................... 7 390 7’723 2*662 2 825 1 >58 1 >86 1 >42 2 071 1 *528 1 >41 Aug....................................... 7 253 7 266 2*610 2 676 I 156 1 J 07 2 >23 2 018 1 *464 1 ’465 S O e c p t. t . , . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 7 7 5 0 8 1 6 7 7 8 1 1 8 3 2 2 2* ’ 7 8 6 4 4 9 2 2 ’7 8 0 7 2 7 i 1 > -3 3 2 0 3 1 1 ’ > 2 9 0 4 7 2 2 ,0 0 5 2 2 6 2 1 , > 06 8 1 0 1 t * 5 5 0 4 1 0 1 1 > ’5 9 8 3 1 Nov....................................... 7 * 454 7*271 2 769 2 ’ 669 1 ’254 1 >31 1 >50 1 >09 1 >81 1 *462 Dec....................................... 7 ’ SO? 7 631 2 761 2*702 1 ’21 5 1,276 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 ’211 1 J48 2 >66 1 850 1 *450 1 *408 Mar.................................... 7 7 840 2 *928 2954 1 '287 1,325 2 011 2*025 1 *509 1 * 536 Apr....................................... 7 8 033 ?’967 2*988 1 *236 1 298 2 140 2*151 1 *617 1 *594 May...................................... 7,834 7Xl0 2/917 2/943 1 ;278 1 >60 2,091 2 >46 1 >48 1 *561 Net change in credit outstanding 2 1962..................................................... 4 831 1,997 1,078 1,332 422 1 %3..................................................... 6,766 3,018 1,225 1 >98 825 1964..................................................... 7 200 3’065 975 2,033 1,127 1965 ................................................ 8,629 3,865 1,674 2,093 997 1966 ................................................ 6 215 2,357 1,418 1,416 1,024 1967 ................................................ 3,387 1,381 '141 1 ,244 621 j 968 ................................................ 8 964 4,252 I ,381 2,334 997 1968 May. .................................... 732 984 327 517 110 142 218 301 77 24 June...................................... 716 I 121 272 506 138 229 220 315 86 71 July...................................... 857 1,015 356 518 108 209 248 236 145 52 Aug..................................... 934 1,236 456 569 133 222 225 326 120 119 Sept....................................... 715 500 435 251 26 10 210 163 44 76 Oct........................................ 947 874 488 429 137 143 257 185 65 117 Nov...................................... 834 895 342 208 157 137 189 230 146 320 Dec....................................... 775 1 937 378 392 147 259 189 360 61 926 1969 Jan ...................................... 641 -198 323 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 Apr........................................ 760 99! 351 597 169 165 238 294 2 -65 May...................................... 846 1,150 319 493 173 218 274 382 80 57 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 Norn 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. □ JULY 1969 MARKET GROUPINGS (1957-59= 100) 1957-59 1968 1969 pro 1968 Cirouping por aver tion age/' May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar.' Apr.r Mayr Total index................................................ 100.00 1 65.4 164.2 165.8 166.0 164.6 165,1 166.0 167.5 1 68.7 169,1 170 1 171.4 171.7 172.7 47.35 165.0 16 1.0 165.2 164. 7 164.8 165. 7 167.0 167.9 168.1 168.2 169.3 170.8 170.4 171.0 Consumer goods.................................... 32.31 156,8 154.6 156.8 156,4 156.8 157 3 159 6 159,2 160 1 161 0 1 61 7 162 8 1 62.0 162 0 Equipment, including defense. . . . 15.04 182.8 181.1 183.2 182.6 181.9 183.6 183.0 186.5 185.3 183.5 185.5 187.8 188.5 190.1 Materials.......................................................... 52.65 165.7 165.2 166.7 167.4 164.2 165,1 165,7 167 6 169.3 169.6 170.8 172,1 172,7 174.2 Consumer goods Automotive products............................... 3.21 174. 4 178.1 180.7 180.4 177.1 175.6 178.9 181.2 177.8 176.2 174. 7 175.4 165.4 165.1 Autos.................................................................. 1.82 174.8 182.3 183.5 183.7 182.4 177,4 180.3 180.6 174.5 170.6 165 0 1 65.0 1 49.6 148,9 Auto parts and allied products........... 1.39 173.9 172.6 177.1 176. 1 170.2 173,2 177,0 182,1 1 82. 2 183.5 187 6 189 0 1 86 1 1 86 4 Home goods and apparel.................. 10.00 156.4 149.9 155.7 154.1 155.8 156.3 158.1 158.6 157.6 160.8 160.5 162.8 162.7 163,8 Home goods.................................................. 4.59 175.5 170.4 173.4 171.5 174,6 175.9 176.7 178.3 180.0 184.3 183,0 186. 3 186.0 187. 1 Appliances, TV, and radios............. 1.81 168.5 156.7 161.6 161.8 168,0 170.4 171.8 171.9 173.2 177.7 179.1 182,9 182.0 182.4 Appliances............................................. 1.33 174.2 158,5 165.2 166.5 172.8 175,5 175.1 177.2 181.7 186.9 187.3 189.4 190.1 19.3.2 TV and home radios....................... .47 152.4 151.7 151.3 148.5 154.5 156,2 162.5 156.9 149.4 151.5 156.0 164.4 158.9 151.9 Furniture and rugs.,............................ 1.26 173.7 174.6 174.8 174,5 174,0 175.5 174.2 177.0 180.2 184.3 181.2 182,0 183.3 184,2 Miscellaneous home goods............... 1.52 185.2 183. 1 186.2 180.5 182.9 182.8 184.7 187.0 187.9 192.2 189.0 193.8 193.1 195.1 Apparel, knit goods, and shoes..... 5.41 1 39.5 139.5 140.8 139,4 139,8 139.6 142.3 142.0 138.7 140.8 141.4 142.9 142.9 Consumer staples. ...................................... 19.10 154.0 151.2 153.4 1.5.1.5 153.9 154.9 157. 1 155.8 158.4 158.6 160.2 160.8 161.1 160,6 Processed foods............................................ 8.43 132.6 131.0 132.2 132.9 132.5 132.5 133.2 132.0 134.7 134.8 136.7 136.4 1 37.0 136.4 Beverages and tobacco. .......................... 2.43 141 .0 136.6 142.9 139.6 144,7 145,2 145,9 142. 3 145.4 144.6 147.5 1 50.9 143.7 Drugs, soap, and toiletries..................... 2.97 193.3 190.0 192.0 192.6 190.6 193.6 199.8 200.4 201 .4 203.7 203.7 205.0 210.0 208 0 Newspapers, magazines, and books. 1.47 1 43.3 145.3 143.6 144.2 143.6 140.7 145.8 146.0 147.1 146.3 145.7 1 43.3 145.9 147.3 Consumer fuel and lighting.................. 3.67 182.9 177,0 180.8 180.8 182.6 186.0 188.7 186.1 190.2 190.0 192.0 1 93.6 194.1 Fuel oil and gasoline............................ 1.20 138.9 140.2 142.8 140.3 138,3 142,6 141.4 140.6 141 . 3 129.9 139.6 141,6 142 4 141,7 Residential utilities................................ 2.46 204.4 194,9 199.3 200. 6 204.2 207.2 211.8 208.3 214.0 219.3 217.6 218 9 219,3 Electricity.............................................. 1.72 223.3 209.0 218.0 219.0 224.0 228,0 233.6 228.0 235.7 242.8 239.9 240.6 240.6 Gas........................................ .... .74 171.4 Equipment business equipment...................................... 11.63 184.8 182.5 184.3 183.4 182.4 185.2 186.8 191.2 191.1 191.4 191.9 192.9 194.1 195. 7 Industrial equipment................................. 6.85 168.1 165.8 168.0 167.5 164.7 167,8 170.2 174.0 174.9 175,9 175.7 \16.7 178.6 180.9 Commercial equipment............................. 2.42 205.3 203.6 204.6 202.4 204.6 205.9 207.3 208.7 205.3 209.9 214.3 217. 3 220.1 221 7 Freight and passenger equipment. .. 1.76 234.5 231.5 234,0 234.3 233.2 235.6 234.3 247.4 247.2 245.5 244.4 242.3 239.7 238.4 Farm equipment......................................... .61 146.1 145.1 144.2 139.6 145.8 152.9 155.3 152.4 134.0 136.1 133,0 135 6 133.9 Defense equipment....................................... 3.41 Materials Durable goods materials........................... 26.73 158.0 159.4 160.4 159.8 153.3 153.3 155.4 157.6 159.7 161.2 162.6 164.0 165.6 165.8 Consumer durable...................................... 3.43 164.5 163.0 166.2 \67.7 153.5 166.1 166.5 169.6 161 .0 162.2 167.7 163.2 1 57 9 155.0 Equipment....................................................... 7.84 185.2 183.6 184.8 185.8 185,3 185. 1 184.7 187.7 187.5 187.4 189.3 190.7 190’3 191 5 Construction................................................... 9.17 145.9 145.3 145.6 143.7 143.3 145,5 146.3 148.3 152.2 153.5 154.2 154.5 152.8 153.4 Metal materials n.e.c.................................. 6.29 137.9 145.0 143.3 146.6 127.4 122.3 126.6 131 .8 140.5 144.6 150.2 153,3 151 3 I 50 O Nondurable materials................................. 25.92 173.7 171.2 173.9 175.3 175.5 177.2 176.4 177.9 179.2 178.3 179.2 180.3 180 1 182,9 Business supplies........................................ 9.11 157.5 154.5 159.0 157.9 158.4 161.1 162.3 161.7 163.2 164.2 164.4 165.3 1623 1 65.3 Containers.................................................. 3.03 157.0 155.6 158.9 156.0 154.2 163.4 167.4 161.5 164.8 167,4 168.1 1 70 4 165.0 168.5 General business supplies.................. 6.07 157.8 154.0 159.0 158.8 160.5 160.0 159.8 161.8 162.4 162.6 162.5 162’7 160,9 163.7 Nondurable materials n.e.c.................... 7.40 221.8 216.4 218.5 223.8 223,6 227.3 228.2 230.3 233.6 229.3 231 .6 232.7 231 .5 234.5 Business fuel and power......................... 9.41 151 .6 151.7 153.2 154. 1 154.3 153,3 149.3 152.5 151.9 151.8 152.3 153.7 156.9 159,3 Mineral fuels............................................. 6.07 132.8 133,7 136.4 136.9 136.6 134.1 126.0 131.4 130.0 127.8 127,7 130.2 134.2 137.5 Nonrcsidcntial utilities........................ 2.86 199.3 197.0 196.7 198.2 200.3 202.8 206.3 205.7 206.7 21 1 .5 212,5 211 7 213.7 Electricity....................... 2.32 202.4 202.0 198.9 200.2 202.2 204.8 208.6 207.1 208.1 213.7 214.8 214 7 216.7 General industrial........................ 1.03 197.5 197.4 193.7 195.1 197.0 199.3 203.6 202.0 204.2 206.2 209.2 2083 712 4 Commercial and other............... 1.21 216.7 215.7 213,0 214,8 216.9 220.0 223.6 222,0 222,2 231.2 230.7 231.2 231 .1 Gas............................................................ .54 171.4 Supplementary groups of consumer goods Automotive and home goods............... 7.80 175.0 173.6 176.4 175.2 175.6 175.8 177.6 179.5 179.1 181 .0 179.6 181.8 177.5 178 0 Apparel and staples................................... 24.51 150.8 148.6 150.6 150.4 150.7 151.5 153.9 152.8 154.1 154.7 156.0 156.8 157.1 For notes see page A-59. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
JULY 1969 □ INDUSTRIAL PRODUCTION: S.A. A 57 INDUSTRY GROUPINGS (1957-59 = 100) 1957-59 1968 1968 1969 Grouping pro aver por tion age” May June July Aug. Sept. Oct. Nov, Dee. Jan. Feb. Mar.T Apr.r Mayr Total index................................................ 100.00 165.4 164.2 165.8 166.0 164.6 165,1 166,0 167.5 168.7 1 69,1 170.1 171.4 171,7 172.7 Manufacturing, total................................... 86.45 166.8 165.8 167.3 167.4 165.7 166.3 167.8 169.1 170.2 170.2 171.8 173. 1 173. 1 173.9 Durable....................................................... 48.07 169.9 169.8 171.0 170.8 167.8 168.7 169.3 171.3 172.4 173.0 174,5 175.9 175.7 176.9 Nondurable............................................... 38.38 163.0 160.8 162.7 163.0 163.0 163.3 165.9 166.3 167.4 166.7 168.3 169.5 169.8 170.2 Mining............................................................... 8.23 126.4 126.9 129.2 130.0 129.4 127.0 120.7 126.4 127,4 125.8 124.8 126.7 128.7 130.6 Utilities............................................................. 5.32 201.6 196.1 197.9 199.3 202.1 204.8 208.9 206.9 210.1 215.1 214.9 215,1 216.3 217.9 Durable manufactures Primary and fabricated metals............. 12.32 150.7 155.7 156.2 154.7 141.8 141.1 144.5 148.6 152.9 155.6 158.4 160.3 161.1 162.0 Primary metals............................................. 6.95 137.3 148,5 148.6 145.8 122.8 120,6 123.1 129.3 135.4 139,5 143.6 146.2 147.8 1 49.0 Iron and steel.......................................... 5.45 131.0 146,4 148.4 146.6 112.9 107.3 108.1 115,8 124.6 1 26.8 133.7 139.0 141.1 142.7 Nonferrous metals and products,. 1.50 160.1 150.4 150.4 153.6 153.9 166.2 174.0 173.8 180,7 179.6 183.4 186.9 186.1 185.7 Fabricated metal products..................... 5.37 168. 1 165.0 166. 1 166.2 166.3 167.6 172.2 173.5 1 75.6 176,4 177.6 178.5 178.3 178.7 Structural metal parts......................... 2.86 1 62.3 159.8 161.8 159.7 159.1 161.1 165.1 1 68.3 170,3 170.1 174.5 175.8 174.4 173.1 Machinery and related products.......... 27,98 183.9 181.4 183.5 184.0 184.4 185.6 185.0 186.2 185.6 185,2 186.3 187.9 187.4 188.6 Machinery....................................................... 14.80 184.4 179.9 181.7 182.7 183.8 186.4 186.1 187.4 188,6 191 .8 192,7 194.7 194.6 197.0 Nonelectrical machinery.................... 8.43 181 .3 176.9 178.8 179,8 179.1 182.6 183.7 184,4 185.3 188.3 189.6 190.2 190.8 193.2 Electrical machinery............................. 6.37 188.6 184.2 185.5 186.5 190. 1 191,4 189.3 191.4 193.0 196. 4 196,9 200.7 199.5 201 .9 Transportation equipment..................... 10.19 179.6 180.4 182.6 183.2 181.7 180.5 180.4 180.2 176.4 171.2 173.1 174,1 172.4 171.8 Motor vehicles and parts.................. 4.68 171.6 173.6 174.2 174.3 175.4 173.5 177.0 177.7 172.3 167.3 167.7 167.6 1 60.8 156.8 Aircraft and other equipment. . . . 5.26 185,1 185.4 188.6 189.3 185.7 184.7 181.0 179.6 177.0 170.9 174.1 176.0 178.7 180.8 Instruments and related products. .. 1.71 184.2 181.2 181.3 179.2 182.6 184.3 185.8 188,5 189,7 191 .6 190.4 192.8 195.4 198.6 Ordnance and accessories....................... 1.28 Clay, glass, and lumber............................ 4.72 137.2 137.7 137.1 136.2 135.5 138.8 139.9 141.5 144.3 143.8 145.6 145. J 142.6 144.6 Clay, glass, and stone products.......... 2.99 146.2 145.4 145. 1 145.2 147.5 150.0 151,8 150,4 151.2 156.2 156.5 153.4 154,2 156.4 Lumber and products.............................. 1.73 121,7 122.7 123.4 120.6 1 14.7 119.4 119.4 126,1 132.3 122.5 126,7 130.8 122.6 124,3 Furniture and miscellaneous.................... .3.05 169.9 169.8 169.5 169.5 170.1 170.9 171.3 172.2 174.2 176.6 175.7 176.5 178.4 179.0 Furniture and fixtures............................. 1,54 178.3 178.9 178.0 177.8 178.6 179.7 180.4 181 .7 182.9 186.8 186.5 187.0 188.9 190,2 Miscellaneous manufactures................. 1.51 161,3 160,6 160.9 161.1 161.4 162.0 162.1 162.5 165.3 166.2 164,7 165.7 1 67.6 167,5 Nondurable manufactures Textiles, apparel, and leather................ 7.60 145.3 144.1 145.2 144.2 144. / 144.8 146.8 147.5 145.0 143.6 142.6 144.7 145.3 147.3 Textile mill products................................ 2.90 151,5 147.2 148.8 150.9 151.4 152.0 153.3 155,1 153.5 152.9 152.0 152.9 154.1 155.2 Apparel products........................................ 3.59 149.9 149.6 151.4 150.4 149.0 149.9 152,1 152.5 149.2 148.1 147.9 150.2 151.3 Leather and products............................... Ml 111 .3 118.0 115.8 107.0 109.5 109,3 113.0 til.7 109.2 105.0 101.3 105.6 103.4 Paper and printing...................................... 8. 17 155.6 154.5 155.2 155.6 156.5 156.8 157.7 159.8 159.7 160. 2 161.2 162.2 162.3 164.2 Paper and products................................... 3.43 1 63.9 161.1 162.9 164,1 164.1 166,1 166.7 170,1 169.9 171,1 173.9 175.0 175.8 175.8 Printing and publishing........................... 4.74 149.6 149.8 149.6 149,5 151 . 1 150.0 151,2 152.3 152.3 152,4 152.1 153.0 152.7 1 55.9 Newspapers............................................... 1.53 136.1 134.4 134.7 134,7 137.7 140,9 138.4 140.8 139.5 141.2 141 .7 141.4 137.5 142.8 Chemicals, petroleum, and rubber.... 11.54 207. 1 203.1 206.6 208.2 207.6 207.9 212.8 213.6 216.8 214.1 218.0 219.6 221.5 221. i Chemicals and products......................... 7.58 221.3 216.6 219.3 222.4 221.0 222,4 227.8 228.7 231.8 231.3 234.4 235.2 238.1 237.4 Industrial chemicals............................. 3.84 261 .0 255.5 258.0 264.4 262.7 263.2 268.2 268.0 275,0 273.4 276.7 277,7 281 .6 Petroleum products................................... 1.97 139.8 139.9 140.6 139.5 140.7 141.9 142.2 141.4 141.2 131 .0 140.2 142.7 142.2 142.8 Rubber and plastics products............... 1.99 219.7 214.3 218.0 222.4 223.1 223.4 225.8 227,5 234.6 230.8 232.8 236.2 Foods, beverages, and tobacco.............. 11.07 134.6 132.9 134.5 134.2 134.4 134,5 136.1 134.9 U7.0 138.0 139.5 139.8 138.2 137. 4 Foods and beverages................................ 10.25 135.7 134.0 135.5 135.1 135.3 135.4 137.3 136.1 138.8 139.4 140.9 141 .5 140.4 139.6 Food manufactures............................... 8.64 132.7 131.9 132.2 132,7 131.5 131.5 133.3 132.8 134.6 136.1 137.2 136.7 136.6 136.6 Beverages.................................................... 1.61 152.6 145.0 153.1 147.9 155.7 156.0 158.6 153,7 161.6 157.4 160.9 167.2 160.6 Tobacco products...................................... .82 120.9 120.0 122.8 123.4 123,1 124,0 120.8 119.9 113.6 119.5 121.2 118.7 110.5 ............. Mining Coal, oil, and gas........................................ 6. SO 125.0 125.6 128.1 128.7 127.9 125.8 118.9 124.6 124.2 122.4 120.2 121.9 125.7 128.7 Coal.................................................................... 1.16 117.8 120.4 126.7 126,6 121.3 120.8 86.6 115.9 118.3 115.3 112.4 1 14.3 120.2 123.9 Crude oil and natural gas...................... 5.64 126.5 126.6 128.4 129.2 129.3 126,8 125.5 126.3 125.4 123.9 121 .8 123.5 126.9 129.7 Oil and gas extraction......................... 4.91 136.3 136.8 138.7 139.3 140.2 137.3 135,3 135.1 132.8 130.8 1 31.3 134.0 137.5 140.7 Crude oil............................................... 4.25 130.6 131.2 132.4 134.0 134.8 131,2 129,1 128.6 126.4 1 24.0 124.0 127.0 1 30.2 133.3 Gas and gas liquids......................... .66 172.6 Oil and gas drilling............................... .73 60.0 57.7 59.1 60.7 55.9 55.8 59,5 67.3 75.4 Metal, stone, and earth minerals......... 1.43 132.9 133.5 134.3 135.8 136.2 132.8 129.2 135.3 143.0 142.1 146.4 149.9 142.9 139. 7 Metal mining................................................ .61 126.4 131.4 130,8 134.1 134.5 127.7 125.1 135.1 137.6 140.2 142.7 149.1 144.9 137.6 Stone and carth minerals....................... .82 137.7 135.0 136.9 137.1 137.5 136.5 132.2 135.5 147.0 143.5 149.2 150.5 141.4 141.2 Utilities Electric.............................................................. 4.04 211.3 205.0 207.0 208.2 211.5 214.7 219.3 216.0 219.9 226. 1 225.5 225.7 226.9 Gas...................................................................... 1.28 171 .4 168.4 169.2 171.3 172.6 For notes sec p. A-59. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 58 INDUSTRIAL PRODUCTION: N.S.A. □ JULY 1969 MARKET GROUPINGS (1957-59^ 100) 1957-59 1968 1969 1968 pro Cirouping por aver tion age" May June July Aug. | Sepl. Oct, Nov. Dec. Jan. Feb. Mar.r Apr.r M ayr Total index................................................ 100.00 J 65. 4 165.2 169. 4 160.3 163.3 1 69. 5 170. 7 169.1 166,3 166,5 170.5 173,1 172, 1 173.1 Final products, total...................... 47.35 165.0 162.6 168,8 159. 1 162.0 171.9 172.6 169,2 165.6 169.3 171.9 168.8 169.6 Consumer goods..................................... 32.31 156.8 153.7 161.2 149.6 154.2 165.9 167.5 161 .7 155.8 158.9 161 .8 163.9 159.4 159.8 Equipment, including defense. . . . 15.04 182.H 181.6 185.1 179.6 178.6 184.6 183.6 185.4 186.6 183.1 185.4 1 89.0 189.2 190,5 Materials.......................................................... 52.65 1 65.7 167.6 169.9 161.3 164.5 167.5 169.0 169.5 166 9 166.4 171 .5 174.3 174.6 175,8 Consumer goods Automotive products.................................. 3.21 174.4 189.5 194.7 148.4 101.1 170,8 197.2 198.3 185.5 185.4 183.6 186.0 174.7 171.7 Autos............................................................... 1.82 1 74.8 202.4 208.3 1 34. I 45.6 165,0 207.4 212.2 192,0 187.7 181.5 184.8 1 64.6 165.3 Auto parts and allied products........... 1.39 173.9 172.7 176.7 167.4 1 74.1 178.4 183,8 180.1 1 76.9 182.3 186.3 187 5 187.9 1 84.7 Horne goods and apparel.......................... 10,00 156.4 153. 1 161.0 140. 4 155.8 162.2 167. 4 162. 7 149. 2 155. 9 164.2 168. 9 16J. 2 164.2 Home goods................................................... 4.59 175.5 170.8 177.4 157.1 169.8 183.9 178 8 182,8 187.7 191 2 188.7 189.7 Appliances, TV, and radios............. 1.81 168.5 163.3 171 .7 1 39.8 151.6 180.5 187.5 180.1 1 61.5 183.2 195.0 198.8 194.7 194.7 Appliances............................................ 1 .33 174.2 167.4 180,4 149.5 147.8 183.5 186.1 180.7 172,2 191.8 206.0 21 1 7 213 1 212.6 TV and home radios....................... .47 152.4 151.7 147.5 112.4 162.2 171 .8 191 .7 178.2 131.5 158.9 164.1 1 62 6 1 41 0 144.3 Furniture and rugs................................ 1.26 173.7 168.0 174.8 166. 1 178,0 180.4 183.3 183,5 186.9 180.2 179.0 179,8 178.2 177,2 Miscellaneous home goods............... 1.52 185.2 182.0 1 86.2 170.2 1 84.7 191 .0 196.9 195.6 192.6 184.5 186.2 191.7 190 2 193,9 Apparel, knit goods, and shoes.......... 5.41 139.5 138.1 147.1 126.2 144,0 143.8 148,7 142,7 124.1 133,1 144.2 150.0 141.5 Consumer staples............................... . 19. K) 154.0 148.1 151.8 154.6 162. 3 167.0 162.6 155.0 154. i 15 5.9 156.8 1.57.6 154 8 155,2 Processed foods........................................... 8.43 132.6 125.1 1 32.2 132.2 140.2 152 6 147 9 137,0 132 4 j 28. 1 129.2 128.6 1 26 9 128.2 Beverages and tobacco............................ 2.43 141.9 146.7 163.7 146.4 156.7 1 48 9 150.0 135,0 125.9 126.9 134.5 147 5 145 4 Drugs, soap, and toiletries..................... 2.97 193.3 192. 8 198.7 187.8 196.9 199.4 204.6 201.4 196.8 199.6 203.7 205 0 707 8 203 8 Newspapers’ magazines, and books. 1 .47 1 43.3 144.9 143.0 142.8 145.3 142,0 145.7 144.1 146.8 145.0 145.1 145.4 146.5 146*9 Consumer fuel and lighting.................. 3.67 182,9 165.7 174.1 1 88.8 195.5 195,9 176.5 175,0 191 .3 206.9 200.5 196,4 184 1 Fuel oil and gasoline............................ 1.20 1 38.9 135.6 141.3 142.8 142.5 1 42.7 137.7 139.7 144.6 135.3 143.0 140,0 135. 1 137,1 Residential utilities,............................ 2.46 204.4 Electricity.............................................. 1.72 223.3 188.1 204.9 234.3 248.6 249 I 210.2 205.0 235 7 275.1 255.7 247.8 224 5 Gas............................................................ .74 171.4 Equipment Business equipment..................................... 11.63 184.8 183.6 187.4 180.2 178.6 186.6 187.0 188.3 191,3 190.2 191.8 194 6 19.5.5 196 8 Industrial equipment........................... 6.85 168.1 166.0 169.7 165.8 164.2 1 69.3 169.2 172.4 175.8 175.5 174.8 1 76 9 178 6 1811 Commercial equipment............................ 2,42 205.3 201.2 205.2 198,4 204.6 209,0 209.4 211.2 209.8 210,1 212.8 215 3 215J) 219’0 Freight and passenger equipment. .. 1.76 234.5 238.4 243.4 229.6 219.2 238,0 240,2 240.0 239.8 238,1 244.4 249 6 249,3 245.6 Farm equipment.......................................... .61 146. 1 153.6 152.9 126.8 119,1 143.4 145.7 126,8 131.1 138.6 146.8 1 52 8 1 49 6 Defense equipment...................................... 3.41 Materials Durable goods materials........................... 26.73 158.0 162.4 164.8 155.1 153.1 157.4 158.9 159.6 158.2 157,0 162.8 165 9 166.2 167 7 Consumer durable...................................... 3.43 164.5 167.9 169.5 153.4 145.8 164.4 169 0 174,7 169,0 167.9 170.2 1 68 1 162 6 159.7 Equipment....................................................... 7.84 185.2 184.9 1 86.6 180.0 179.7 183.2 184. 1 187.9 190.3 189,1 191 .0 192 8 192'4 1 92 8 Construction.................................................. 9.1 7 145.9 147.5 155.1 149.4 153.3 154.2 153.6 148,0 143.1 136,6 143.4 148'3 151,3 155,7 Metal materials n.e.c................................. 6.29 137.9 153.0 149.3 133.4 123.7 126.0 129.6 132.9 134.3 140,8 151.6 157,0 1 57 4 158.3 Nondurable materials................................ 25.92 173. 7 173.0 175.1 167.6 176.3 177.9 179. 3 179.6 176.0 176.2 180,6 182.8 183. 1 184.1 Business supplies......................................... 9.11 157.5 1571. 160.6 148.1 1 58.8 163.0 168.9 165.3 157.7 158,4 163.7 1 68.3 166 9 168.1 Containers.................................................. 3.03 157.0 157.2 163.8 152.1 165.0 169.0 175.9 161.1 146.7 159,0 166,1 171.3 170; 9 1 70 2 General business supplies.................. 6.07 157.8 157.1 159.0 146.1 155,7 160.0 165.4 167.5 163.2 158.0 162.5 166.8 1 64 9 I 67 0 Nondurable materials n.e.c.................... 7.40 221 .8 221.8 222.9 211 .0 221.4 225.0 230,5 232.6 228,9 228.2 236.2 237.4 238’4 238 J) Business fuel and power......................... 9.41 151.6 150. 1 151.6 1 52.4 157.7 155 2 149 2 151,9 152,0 1 52. 5 153.1 153.9 155 4 1 57 2 Mineral fuels..................................... 6.07 132.8 133.8 132.8 130.1 134.9 132^6 126. 1 1 32.7 131 6 129.9 131,8 133.0 135’9 137‘.4 Nonrcsidential utilities........................ 2.86 199. 3 Electricity.............................................. 2.32 202.4 195.3 202.9 212.2 220.7 216.7 208.3 201.2 203,8 210,2 205.9 207.7 206.4 General industrial........................ 1 .03 197.5 198.4 197.6 198.0 202.9 202 3 204.0 202.0 202.2 205.2 202.7 207.3 209.6 Commercial and other............... 1.21 216.7 202.1 217.3 235.2 247.3 240,2 222,7 210.9 215.5 225.4 219.2 218,7 214 3 Gas............................................................. .54 171 .4 Supplementary groups of consumer goods Automotive and home goods............... 7.80 175.0 178.5 184,5 153,5 141.5 178.5 192.7 191,2 181.5 183.9 186 0 1 89 1 182.9 183.1 Apparel and staples................................... 24.51 150.8 145.9 153.8 148.3 158.3 161,9 159,5 152.3 147,6 150,9 154 1 156^ 151 9 For notes see page A-59. 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JULY 1969 □ INDUSTRIAL PRODUCTION: N.S.A. A 59 INDUSTRY GROUPINGS (1957-59= 100) 1957-59 1968 1969 1968 , Grouping p po ro r aver- : ■ tion *" 1 May June July Aus. । Sept. Oct. Nov, Dec. Jan. Feb. Mar.T Apr.r May ’ Total index................................................ 100.00 165.4 165,2 169.4 160.3 163.3 169.5 170.7 169.1 166.3 166.5 170.5 173. 1 172.1 173.1 Manufacturing, total.................................. 86.45 166.8 167.4 171.6 160.4 163.0 170.5 173,4 171.4 167.5 167.0 172.1 175.1 174.0 174.7 Durable....................................................... 48.07 169.9 172.1 175.4 164. 1 160.5 170.6 173.5 174,2 172.6 171.4 175,3 178.6 177.6 178.7 Nondurable............................................... 38.38 163.0 161 .6 167,0 155,7 166.3 170.5 173.3 168,0 161,2 161.4 168.0 170.8 169.4 169.7 Mining.............................................................. 8.23 126.4 128.6 128.9 127, 1 130,7 128.6 122.H 126.8 126.3 124.1 124.2 125.4 1 30. 1 133.3 Utilities....................................................... 5.32 201.6 Durable manufactures Primary and fabricated metals............. 12,32 150. 7 158.3 159.7 146.2 140.5 143.9 147.5 149.8 150.6 153.7 160.1 164.0 164.1 164.5 Primary metals............................................. 6.95 137.3 153.7 150.8 1.32. 7 117.9 119.4 124.3 129.3 131.3 139.5 150.3 155.3 155.2 154.2 Iron and steel.......................................... 5.45 131.0 149.3 148.4 131.2 108.4 106,2 109.7 117.0 121 .5 129.3 140.4 146.0 146.7 145.6 Nonferrous metals and products.. 1.50 160. 1 169.7 159.7 138.2 152.4 167.4 177.3 173.8 167.0 176.5 186.2 189.0 186,2 185.4 Fabricated metal products.................... 5.37 168.1 164.2 171,1 163.7 169.6 175.6 177,4 176.3 175.6 172.2 172.8 175.3 175.6 177.8 Structural metal parts......................... 2.86 162.3 159.0 165.0 159.7 163.1 167.5 170.1 170.8 172.0 166.7 167.5 168.9 169.2 172.2 Machinery and related products.......... 27.98 183.9 184.4 187.6 175.7 169.8 185.3 188,4 190.3 188.4 186.8 189.3 192. 1 190,0 190.8 Machinery....................................................... 14.80 184.4 182.4 185.8 176.0 177.9 187.0 I8H.1 189. 1 188.4 191.7 195.0 197.6 197.4 198.6 Nonelectrical machinery.................... 8.43 181.3 181 .0 183.8 175.3 172.5 180.2 180.4 182.6 185.3 188.3 192.3 195.5 196.5 198.0 Electrical machinery............................ 6.37 188.6 184.1 188.5 176.9 185.0 196. J 198.3 197.6 192.4 196. 1 198.6 200.5 198.6 199.5 Transportation equipment..................... 10.19 179.6 185.3 188,1) 170.5 150,1 178.3 186.4 188.3 183.8 176.0 178.2 181.4 176.2 175.6 Motor vehicles and parts.................. 4.68 171.6 184.1 188,3 152.0 110,5 170.0 188.9 192.6 181.5 176.6 176. 3 177.7 1 67.9 165.7 Aircraft and other equipment. . . . 5.26 185.1 184.7 186.0 184.8 182,4 184.0 181 .9 182.3 183.2 172.6 176.7 181.1 179,6 180.1 Instruments and related products. .. 1.71 184.2 179,4 183.1 177.4 184,1 186.3 187.8 190,0 192.0 189.3 189.4 191 . H 192.5 196.6 Ordnance and accessories...................... 1.28 Clay, glass, and lumber............................ 4.72 137.2 139.2 146.6 142.0 147.6 148.6 148.3 139.4 133.2 127.6 134.6 140. 1 142.2 146.2 Clay, glass, and stone products.......... 2.99 146,2 148.7 155. 1 154,4 159,3 158.6 160.1 150.4 143.2 138.4 141.0 147.4 153.6 158.9 Lumber and products.............................. 1,73 121,7 122.7 132.0 1 20. 6 127.3 131.3 127.8 120.4 1 15.8 109.0 123.5 127.5 122.6 124.3 Furniture and miscellaneous................... 3.05 169.9 165.9 170.6 164. 1 175.0 177.3 180.5 180.0 177.7 169.8 171.0 173.3 173.7 174.8 Furniture and fixtures.............................. 1.54 178.3 169.4 179.4 173.4 183,6 185.1 187.3 186.8 189.8 183.1 183.7 184.H 183.8 184.5 Miscellaneous manufactures................. 1 .51 161.3 158.2 161 .7 154,7 166.2 169,3 173.5 173.1 165.3 156.2 158,1 161.6 163,4 165,0 Nondurable manufactures Textiles, apparel, and leather................ 7.60 145.3 144.3 151.1 129.0 146.9 147.6 151.6 148.0 133.2 140.6 148.7 154.5 147.0 148.9 Textile mill products................................ 2.90 15 1.5 151.6 156.2 136.6 152,2 155.0 156.4 157.4 146.6 150.6 154.3 1 59.8 155.7 159,9 Apparel products........................................ 3.59 149.9 148.9 158.2 133. 1 152,0 152,9 158.9 152.5 132.0 143.7 156.8 1 63.7 154.3 Leather and products............................... 1.11 HI.3 1 10.9 115.2 96.3 1 16.6 110,9 115.8 109.5 101 .9 104.5 108.3 1 10.9 101.3 Paper and printing...................................... 8.17 155.6 156.4 156.2 146.3 155.1 158,9 165.4 163. 1 155.9 157.0 162.0 165.9 165,3 165.5 Paper and products................................... 3.43 163.9 163.5 166,6 151.0 164.1 168.6 178.4 177.0 156.3 168.5 178.2 180.3 178.4 176. 7 Printing and publishing........................... 4.74 149.6 151.2 148.8 142.9 148.6 151.9 156.1 157.4 155.6 148.7 150.3 155.6 155.7 157,4 Newspapers............................................... 1.53 136.1 143.3 135,4 117.2 128.8 140.2 148.5 154.9 143.0 129.9 136.0 144.9 146.4 152.2 Chemicals, petroleum, and rubber.... 11.54 207. 1 206.8 211.8 199.8 208.9 212,4 216.9 214.3 212.2 210.2 220.8 221.3 223.5 221.2 Chemicals and products......................... 7,58 221.3 222.0 224,1 214.7 222.7 225.9 230.4 230,9 227.8 226.5 236. 1 237.3 240.8 237.5 Industrial chemicals.............................. 3.84 261 .0 260.7 259.3 253. 8 261.4 265.8 270.9 274.7 275.0 269.3 280.9 280.5 284.4 Petroleum products................................... 1.97 139.8 139.9 144.8 146.9 148.2 147.6 143.6 139.6 137.8 127.1 137.4 137,7 136.5 141 .4 Rubber and plastics products............... 1.99 2(9.7 215.4 225.7 195.7 216,4 230.8 238.2 225,2 226.4 230.8 244.9 243.5 ............. Foods, beverages, and tobacco............... 11.07 134.6 130.0 139. 1 135. 1 143.4 151, 1 148.5 136.9 131.2 128.2 130. 7 133. 1 131.3 133.4 Foods and beverages................................ 10.25 135.7 130.5 139.7 137,2 144,2 152.9 149.8 138.0 134.2 129,0 131.6 134.4 133,0 134.9 Food manufactures.............................. 8.64 132.7 125.3 132.2 131.9 139.7 151.8 (48.0 137.4 132.6 128.6 129.7 129.0 127.3 128.4 Beverages.................................................... 1.61 15 2.6 158,1 180,1 165,3 168.6 159.1 159.4 141.4 143.0 131 .3 141.6 163.0 1 63.2 Tobacco products....................................... .82 120.9 124.3 131.4 109,2 133.2 128.8 131.6 122,3 92.5 118.2 120.6 116.9 1 10.3 ............. Mining Coal, oil, and gas........................................ 6.80 125.0 125.4 124.8 122. 7 126.9 124.8 119.1 125.7 125.6 124.4 123.9 124.1 128.3 129.7 Coal................................................................... 1.16 117.8 121 .6 1 18.3 105.2 127,6 127,8 94.4 120.6 116.2 113.0 113.7 115.2 121 .0 125.1 Crude oil and natural gas...................... 5.64 126.5 126,2 126.1 126.3 126,7 124,2 124.2 126,7 127.5 126.8 126.0 125.9 129.8 130.6 Oil and gas extraction......................... 4.91 136.3 136.6 1 36.2 1 36.0 136.7 133.8 133.5 135,5 135.2 134.0 136.1 1 37.2 139,4 140.3 Crude oil............................................... 4.25 130.6 131.9 131.1 131.3 132, 1 128,6 127.8 128,6 127.7 125.9 127.7 129.5 1 32,3 134.0 Gas and gas liquids......................... .66 172,6 Oil and gas drilling.............................. .73 60.0 55.7 57.9 61.1 59.4 59.2 61.0 67,0 75.2 ............. Metal, stone, and earth minerals......... 1.43 132. 9 243.7 148.4 147. 7 149.1 146.9 140. 3 132.1 129.5 122.2 125. 7 131.5 138.6 150. 4 Metal mining................................................ .61 126.4 144.5 1 47.8 143.5 145.3 144.3 133.9 125,6 123.8 123.4 128.4 132.7 1 34.8 151.4 Stone and earth minerals....................... .82 137.7 143,1 148.8 150.9 151.9 148,8 144.8 136.9 133.8 121.4 123,7 130.6 141.4 149.7 Utilities Electric............................................................. 4.04 21 1.3 192.3 203.7 221.6 232.6 230.5 209.1 202.8 217.4 237.9 227.1 224.8 214. 1 Gas..................................................................... 1.28 171,4 Note,—Published groupings include some series and subtotals not Industrial Production—1957-59 Rase. Figures tor 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 □ JULY 1969 SELECTED BUSINESS INDEXES (1957-59 = 100, unless otherwise noted) | Prices 4 Industrial production fac M tu a r n in u g 2 Ca Nonag- 1 Major market groupings pacity Con ricul- Period Total Final products Mate Ma g j r o o r u p in in d g u s stry i u n ( t c t p i i e o m l e i n n z r f t a g ) . s tr t c t i a r o o u c n n c ts T m o p l e u e t l m o a r n a y l t l — t m p E l e o m n y - t P ro a l y ls T s re a o t l t e a a s i l l 3 s C u o m n e r W m c s o o h a m l o d e l i e 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 itie ti 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 99.8 106.7 100.2 92 94.7 96.2 1957. 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 83.6 93 100.7 104.7 101.4 97 98.0 99.0 1958. 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 74.0 102 97.8 95.2 93.5 98 100.7 100.4 1959.......................... 105.6 105.7 106.6 104. 1 105.4 106.0 99.7 108.0 81.5 105 101.5 100. 1 105. 1 105 101.5 100.6 I960. 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 80.6 105 103.3 99.9 106.7 106 103.1 100.7 1961. 109.7 111.2 112.6 108.3 108.4 109.6 102.6 122.3 78.5 108 102.9 95.9 105.4 107 104.2 100.3 1962. 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 82.1 120 105.9 99.1 113.8 115 105.4 100.6 1963. 124.3 124.9 125.2 124.2 123.7 124.9 107.9 140.0 83.3 132 108.0 99.7 117.9 120 106.7 100.3 1964.......................... 132.3 131.8 131.7 132.0 132,8 133.1 111.5 151.3 85.7 137 111.1 101.5 124.3 128 108.1 100.5 1965. 143.4 142,5 140.3 147,0 144.2 145.0 114.8 160.9 88.5 143 115.8 106,7 136.6 138 109.9 102.5 1966. 156.3 155,5 147.5 172.6 157.0 158.6 120.5 173.9 90.5 145 121.9 113.5 151.7 148 113,1 105.9 1967.......................... 158.1 158.3 148,5 179,4 157.8 159.7 123.8 184.9 85.3 153 125.7 113.5 155.0 153 116.3 106.1 1968 173 1968-—May............ 164.2 163.0 154,6 181.1 165.2 165,8 126.9 196.1 }s”H4.8 172 129.1 114,7 166.1 165 120.3 108.5 June............ 165,8 165.2 156.8 183.2 166,7 167.3 129.2 197.9 160 129.5 115.3 167.7 167 120.9 108.7 July............. 166.0 164.7 156.4 182.6 167.4 1 67.4 130.0 199,3 187 129.8 115.2 167.2 168 121 .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 1 14.9 167,8 170 121.9 108.7 Sept............. 165.1 165.7 157,3 183,6 165.1 166,3 127.0 204,8 183 130.2 114.9 171.2 169 122.2 109. 1 Oct............... 166.0 167.0 159,6 183.0 165.7 167.8 120.7 208.9 200 130.8 115.3 172.2 168 122.9 109. 1 Nov............. 167.5 167.9 159.2 186.5 167.6 169. I 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 M85 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.............. 170.1 169.3 161.7 185.5 170.H 171.8 124.8 214.9 205 133.2 117.0 174.3 171 124.6 HI . 1 Mar............. 171.4 170.8 162.8 187.8 172. 1 173.1 126.7 215.1 177 133.6 117.3 178.2 169 125,6 111.7 Apr.............. 171 .7 170,4 162.0 188.5 172.7 173. 1 128.7 216.3 i ”84.6 183 132.9 117.0 177.8 172 126.4 111.9 May............. 172.7 171.0 162.0 190. 1 174.2 173.9 130.6 217.9 1 210 133.3 1 17.2 178.1 171 126.8 112,8 June".......... 173.9 172.3 163,8 190.4 175.1 175.0 133.6 219.0 133.7 117.5 180.0 169 113.2 1 Employees only: excludes personnel in the Armed Forces. Capacity utilization: Based on data from Federal Reserve, McGraw- 2 Production workers only. Hill Economics Department, and Department of Commerce. 3 F.R. index based on Census Bureau figures. Construction contracts: F. W. Dodge Co. monthly index of dollar ^ Prices are not seasonally adjusted. value of total construction contracts, including residential, nonresidential, 5 Figure is for second quarter 1968. and heavy engineering; does not include data for Alaska and Hawaii. Employment and payrolls: Based on Bureau of Labor Statistics data; Noth.—Al/ series; Data are seasonally adjusted unless otherwise noted. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. 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 s r t s ru h c ip ti o a n nd 1967 1968 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May Total construction 1................................. 54,514 61,732 6,170 5,589 5,956 6,318 5,170 6,171 4,863 4,543 4,766 4,802 5,003 5,895 7,081 By type of ownership: Public................................................ 19,039 19,597 2,036 1 ,860 2,256 1,924 H ,549 1,728 1 ,558 1,278 1,546 1,572 1 ,632 1 ,791 ............. Private 1........................................... 35,475 42,135 4,135 3,730 3,700 4,394 3,621 4,443 3,305 3,265 3,220 3,230 3,371 4,104 By type of construction: Residential building 1............. 21,155 24,838 2,543 2,243 2,287 2,295 2,125 2,408 2,043 1,743 1,746 1 ,820 1 ,957 2,546 2,620 Nonresidential building.......... 20,139 22,512 2,227 2,030 2,414 2,128 1 ,815 2,370 1,992 1,849 2,145 1 ,885 1 ,772 2,136 2,680 Nonbuilding...................................... 13,220 14,382 1,400 1,316 1,255 1,895 1 ,230 1,393 828 951 875 1,097 1 ,274 1 ,213 1 ,780 Private housing units authorized... 1,141 1,330 1,280 1,281 1,289 1 ,290 1 ,393 1 ,378 1 ,425 1,463 1,40.1 1,477 1,421 -1 ,502 I ,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
JULY 1969 □ CONSTRUCTION A 61 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Conser Period Total Total N f r a e o r s m n i Buildings Total M tar il y i H w ig ay h d v e a v & t e io lo n p Other 2 dential Total Indus Com b O u th il e d r Other ment 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 1960...................................... 53i94I 38378 21’706 16’372 2’851 4 J 80 3’118 6>23 15>63 1 >66 5,437 1’175 7 >85 1961...................................... 55347 38,299 21’680 16,619 2’, 780 4,674 3’280 5 >85 17,148 IJ71 5,854 1'384 8,539 1962 3................................... 59’667 41398 24’292 17,506 2 >42 5,144 3’631 5 >89 171869 1>66 6,365 I >24 8,714 1963*.................................... 63,’423 44,057 26,’187 17,870 2'906 4’995 3,'745 6,224 19,366 1,189 7,084 l>90 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>39 4’735 7’393 22,066 852 7,550 2,019 11,645 1966....................................... 75 J 20 51 J 20 23'971 27’149 6 >79 6>79 5>37 8,554 24,000 769 8,355 2,195 12,681 1967....................................... 76,'160 50387 23,736 26>51 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 >73 9,373 27,696 824 9,295 2.’046 15,531 1968—May........................ 85,707 57,260 29,628 27,632 5,275 8,111 5,121 9,125 28,447 767 9,895 2,054 15,731 June........................ 82,050 54,981 28'187 26,794 4,852 8 J 22 4'678 9,142 27,069 660 9,168 2,026 15,215 July......................... 81 358 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 56382 28’325 281357 5^575 8'641 4’772 9 >69 27,054 812 9,181 1 ,894 15,167 Sept . ■■ r85'266 57’444 29 3 50 28 094 5,492 8'534 4 539 9 ’ 5 29 '27 >22 Oct...................... r87 757 59’259 29*821 29 436 6 096 8 *939 4 * 680 9 721 r28’498 Nov r87 812 59 01 4 30 1 52 28 862 6 ’ 271 8 * 262 4 716 9 613 r28 798 Dec . r88O68 5 8 * 899 30*917 27 >62 5,905 8 ‘ 046 4 * 449 9 562 r27 169 1969 Jan .................... r91 788 62 691 10 900 3! 791 6,800 9 971 5 142 9 878 '29 097 r9l 680 62 ’164 31 050 31 114 6,318 9 ’ 941 5 198 9 657 r29 516 Mar....................... 91 ’295 61 ’872 11’531 30 339 6 019 9*751 4’827 9 ’ 742 29’423 Anr . . . 91 873 62 071 32 041 30,032 5 857 9 066 5 ’273 9 836 29’800 91 ,*604 61,’ 763 J 1 599 30,164 5 >52 8,*976 5'447 9 >89 29,841 1 Includes religious, educational, hospital, institutional, and other build- 4 Beginning 1963, reflects inclusion of new series under "Public” (for ings. Slate 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 are at seasonally adjusted annual rates. Figures private nonresidential groups. for period shown are Census Bureau estimates. NEW HOUSING UNITS (In thousands) Unitsstarted Private (S.A., A.K.) 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 South West l- 2- to 4- 5- or east Central family family more- Total Private Public Total FHA VA family 1959................................. 1,517 268 368 512 369 1 ,234 283 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 1 ,313 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 1,021 589 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 1968................................. 1,508 227 369 619 294 900 81 527 1,548 1 ,508 40 283 227 56 G18 1968—May.................. 1,364 215 322 561 266 838 86 440 145 141 4 26 20 6 r28 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 G1 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.................... 1,686 216 578 662 230 975 112 599 95 90 5 17 13 3 28 Mar.................... I ,584 265 430 554 335 828 92 664 136 132 4 23 19 4 32 Apr.1’............... I ,556 253 357 582 364 788 86 682 159 158 1 27 23 4 35 May'’................ 1 ,509 228 343 606 332 875 80 554 157 155 2 25 21 4 33 Note.—Starts arc 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 Homes Manufac- Hirers Assn. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 62 EMPLOYMENT □ JULY 1969 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force, S.A. Period in p T s o o N t p t i a t . u u S l l t a . i n A o t o i . n o n a n - l l N ab o N o t . r S in . f A o t . r h c e e l 7 f a S o 'o b r . c A t o a e . r i Total E In m n p o lo n y a e g d r i- 1 U pl n o e ye m d U (p n e m e r S a r m e . t c A e n p e . 2 t l n o t y ) Total cultural In industries agriculture 196.1................................... 125,154 50,583 74,571 71,833 67,762 63,076 4,687 4,070 5.7 1964................................... 127,224 51,394 75,830 73,091 69,305 64,782 4,523 3,786 5.2 1965................................... 129,236 52,058 77,178 74,455 71,088 66,726 4,361 3,366 4.5 1966................................... 131,180 52,288 78,893 75,770 72,895 68,915 3,979 2,875 3.8 1967................................... 133,319 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’-June.................... 135,440 50,986 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 Aug.................... 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 Mar............. .. 137,143 54,373 83,999 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 May.................... 137,549 54,464 83,593 80,071 77,265 73,460 3,805 2,806 3.5 June.................... 137,737 51 ,857 83,957 80,433' 77,671 73,966 3,705 2,762 3.4 1 Includes self-employed, unpaid family, and domestic service workers. Note.—-Bureau of Labor Statistics. Information relating to persons 16 z 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 arc averages Description of changes available from Bureau of Labor Statistics. of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n ri u n f g ac • Mining c C o o n t n i s o t t n r r a u c c t T ti l o i r c a n n u s & ti p l i o t p ie r u t s a b Trade Finance Service G m ov e e n r t n 1963............................................................................ 56,702 16,995 635 2,963 3,903 1 1 ,778 2,877 8,325 9,225 1964........................................................................... 58,332 17,274 634 3,050 3,951 12,160 2,957 8,709 9,596 1965........................................................................... 60,832 18,062 632 3,186 4,036 12,716 3,023 9,087 10,091 1966........................................................................... 64,034 19,214 627 3,275 4,151 13,245 3,100 9,551 10,871 1967........................................................................... 66,030 19,434 616 3,203 4,271 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—-June............................................................ 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 4,346 14,117 3,350 10,498 12,256 Aug............................................................. 68,314 19,748 638 3,195 4,358 14,181 3,376 10,548 12,270 Sept............................................................. 68,382 19,755 639 3,252 4,365 14,222 3,387 10,545 12,217 Oct..................................................... 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 14,475 3,474 10,852 12,548 Mar............................................................. 70,159 20,124 645 3 ,443 4,447 14,540 3,486 10,913 12,561 Apr.............................................................. 69,789 20,111 624 3,363 4,439 14,533 3,531 11,044 12,144 May31.......................................................... 70,024 20,140 622 3,397 4,441 14,608 3,538 1 1 ,077 12,201 June*'......................................................... 70,216 20,181 621 3,449 4,440 14,634 3,544 1 I,085 12,262 NOT SEASONALLY ADJUSTED 1968—June............................................................ 68,724 19,897 647 3,387 4,375 14,139 3,365 10,634 12,280 July............................................................. 68,327 19,729 652 3,498 4,394 14,112 3,407 10,687 11,848 Aug............................................................. 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 3,498 4,400 14,328 3,404 10,631 12,439 Nov............................................................. 69,585 20,015 639 3,374 4,414 14,561 3,412 10,648 12,522 Dec............................................................. 70,123 19,990 637 3,241 4,409 15,124 3,421 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 19,874 628 2,990 4,340 14,126 3,439 10,668 12,670 Mar............................................................. 69,225 19,957 629 3,068 4,389 14,229 3,462 10,782 12,709 Apr............................................................. 69,462 19,952 619 3,255 4,403 14,398 3,517 11,044 12,274 May3’.......................................................... 69,942 20,006 624 3,394 4,428 14,516 3,531 II ,143 12,300 June3’......................................................... 70,894 20,319 637 3,584 4,484 14,686 3,572 11 ,262 12,350 Note.—Bureau of Labor Statistics; data include all full- and part- domestic servants, unpaid family workers, and members of the Armed time employees who worked during, or received pay for, the pay period Forces are excluded. that includes the 12th of the month. Proprietors, self-employed persons, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
JULY 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 June Apr. May" June" June Apr. May" June" Total......................................................................................................... 14,534 14,739 14,766 14,803 14,642 14,604 14,652 14,915 Durable goods................................................................................... 8,455 8,634 8,659 8,690 8,547 8,612 8,645 8,784 Ordnance and accessories.................................................. 194 193 192 194 193 191 189 192 Lumber and wood products............................................ 517 525 529 525 533 515 523 542 Furniture and fixtures.......................................................... 392 413 412 413 392 407 407 413 Stone, clay, and glass products..................................... 516 529 526 527 529 526 528 541 Primary metal industries.................................................... 1,050 1,057 I ,062 1,071 1 ,076 1,069 1,076 1 ,098 Fabricated metal products............................................... 1,072 1,118 1,121 1,127 1,084 1,110 1,114 1,139 Machinery................................................................................... 1,337 1,370 1 ,369 1,374 1,349 1 ,379 1,373 1,386 Electrical equipment and supplies................................. 1,319 1 ,369 I ,383 1,387 1,315 1,354 1 ,362 1,383 Transportation equipment................................................ 1,437 1 ,420 I ,426 1 ,431 1 ,452 1 ,430 1 ,439 1,445 Instruments and related products................................. 282 292 293 295 283 291 291 296 Miscellaneous manufacturing industries.................... 339 348 346 346 341 340 343 349 Nondurable goods............................................................................. 6,079 6,105 6,107 6,113 6,095 5,992 6,007 6,131 Food and kindred products............................................. 1 ,204 1 ,205 1,206 1 ,204 1 ,192 1,126 1,140 1,192 Tobacco manufactures........................................................ 72 68 69 68 63 59 59 59 Textile-mill products............................................................ 881 875 872 870 892 872 869 880 Apparel and related products......................................... 1,250 I ,252 1,255 1,256 1,262 1,239 1 ,247 1,268 Paper and allied products.................................................. 536 549 552 554 543 544 548 561 Printing, publishing, and allied industries............... 665 672 669 671 666 672 667 672 Chemicals and allied products........................................ 608 617 615 619 610 623 617 622 Petroleum refining and related industries.................. 119 118 118 1 19 121 116 117 122 Rubber and misc. plastic products................................. 433 449 451 454 433 446 447 455 Leather and leather products.......................................... 311 300 300 29H 313 295 296 300 Note.—Bureau of Labor Statistics; data cover production and related workers only (full- and part-time) who worked during, or received pay for, the pay period that includes the 12th of the month. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES Average hours worked Average weekly earnings Average hourly earnings (per week; S.A.) (dollars per week; N.S.A.) (dollars per hour; N.S.A.) Industry group 1968 1969 19(58 1969 1968 1969 June Apr. May" June" June Apr. May" June" June Apr. May" June" Total....................................................4...0......9...........4...0.....8..........40.7 40.7 123.30 127.58 128.61 129.65 3.00 3.15 3.16 3.17 Durable goods..................................................................... 41.6 41.4 41.4 41.3 132.92 137.20 138.69 139.03 3.18 3.33 3.35 3.35 Ordnance and accessories.................................. 41.7 40.9 40.9 41.5 134.78 138.11 139.47 142.00 3.24 3.41 3.41 3.43 Lumber and wood products............................ 40.8 40. 2 40.2 40.4 106.97 106.13 108.81 110.43 2.59 2.64 2.68 2.70 Furniture and fixtures.......................................... 41.0 40.9 40.8 40.8 101.52 103.46 104.78 106.34 2.47 2.58 2.60 2.60 Stone, clay, and glass products....................... 41.9 42.0 42.0 41.9 127.20 131.57 134.09 134.83 3.00 3.14 3. 17 3. 18 Primary metal industries.................................... 42. 1 41.8 41.7 41.8 149.67 157.45 157. 13 158.30 3.53 3.74 3.75 3.76 Fabricated metal products................................ 41.9 41.8 41.5 41.8 132.62 136.21 137.70 139.44 3. 15 3.29 3.31 3.32 Machinery... ........................................................... 42. 1 42.6 42.7 42.7 141.37 150.80 152.01 152.80 3.35 3.54 3.56 3.57 Electrical equipment and supplies................. 40.5 40.9 40.7 40.7 118.15 122.92 124.24 125.66 2.91 3.05 3.06 3.08 Transportation equipment................................. 42. 5 41.5 41. 1 41.1 155.55 157.44 158.18 157.41 3.66 3.84 3.83 3.83 Instruments and related products.................. 40.6 40.8 40.7 40.8 120.88 125.96 127.08 128.84 2.97 3. 1 1 3.13 3.15 Miscellaneous manufacturing industries... 39.6 39. 5 39. 1 39.3 99.00 102.44 102.96 104.54 2.50 2.62 2.64 2.66 Nondurable goods............................................................. 400 39.8 39.8 39.9 109.47 113.08 114.34 115.60 2.73 2.87 2.88 2.89 Food and kindred products............................. 40.9 40.9 40.7 40.7 115.08 117.89 119.48 120.25 2.80 2.94 2.95 2.94 Tobacco manufactures....................................... 38.5 36.4 38.2 39,6 102.31 95.94 102.92 110.40 2.63 2.68 2.73 2.76 Textile-mill products............................................. 41.4 41.1 41.0 41.2 90.69 92.92 94.07 95.22 2. 18 2.30 2.30 2.30 Apparel and related products......................... 36.4 36.0 36.0 36.3 80.30 81.85 82.44 84.08 2.20 2.28 2.29 2.31 Paper and allied products................................. 43.0 43.4 43.0 43.1 130.59 135.99 136.74 139.10 3.03 3. 17 3.18 3.22 Printing, publishing, and allied industries. 38.2 38.3 38.4 38.4 132.94 138.68 140.56 140.93 3.48 3.64 3.67 3.67 Chemicals and allied products........................ 41.8 41.6 41.7 42.0 136.27 142.46 142.96 144.48 3.26 3.40 3.42 3.44 Petroleum refining and related industries , 42.3 42.9 42.8 42.7 158.90 174. 10 173.26 172.86 3.73 4.03 4.02 4.02 Rubber and misc. plastic products............... 41.8 41.4 41.4 41.5 121.64 123.82 125.25 126.99 2.91 3.02 3.04 3.06 Leather and leather products.......................... 38.6 37.7 37.7 37.5 87.36 85.78 87.89 89.07 2.24 2.35 2.35 2.35 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 □ JULY 1969 CONSUMER PRICES (1957-59= 100) Housing Health and recreation Fur Apparel Trans Period ite A m ll s Food Total Rent o H w s o h n m i e p e r- F c a o o u n i a e d l l l t e r G a i l c e n a i c d s t - y o n i p a n is e n g h d r s a up a k n e d e p p t o io rt n a Total M c ic a e a r d e l s c P o a e n r r a e l r R e a c i e n n r a g e d d a g O s a o e t n o h r d d v e s r tion tion ices 1929. 59.7 55.6 85.4 1933. 45.1 35.3 60.8 1941 . 51.3 44.2 61.4 64.3 45.2 88.3 51.2 50.6 47.6 57.3 58.2 1945. 62.7 58.4 67.5 66.1 53,6 86.4 55.4 57,5 63,6 75.0 67,3 1958. 100.7 101.9 100,2 100.1 100.4 99.0 100.3 99.9 99.8 99.7 100.3 100.1 100.4 100.8 99.8 1959. 101,5 100.3 101 .3 101.6 101 .4 100.2 102.8 100.7 100.6 103.8 102.8 104.4 102.4 102.4 101.8 1960. 103.1 101.4 103.1 103.1 103.7 99.5 107.0 101.5 102.2 103.8 105.4 108.1 104.1 104.9 103.8 1961 . 104.2 102.6 103.9 104.4 104.4 101.6 107.9 101 .4 103.0 105.0 107.3 111.3 104.6 107.2 104.6 1962. 105.4 103.6 104.8 105.7 105,6 102.1 107.9 101.5 103.6 107.2 109.4 114.2 106.5 109.6 105,3 1963. 106.7 105.1 106.0 106.8 107.0 104.0 107.8 102.4 104.8 107.8 111.4 117.0 107.9 111.5 107,1 1964. 108.1 106.4 107.2 107.8 109.1 103.5 107.9 102.8 105.7 109.3 113,6 119.4 109,2 114,1 108.8 1965 . 109.9 108.8 108.5 108.9 111.4 105.6 107.8 103.1 106.8 111.1 115.6 122.3 109.9 115,2 111.4 1966. 113.1 114.2 111.1 110.4 115.7 108.3 108.1 105.0 109.6 112.7 119.0 127.7 112.2 117.1 114.9 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--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 1 15.4 109.4 112.9 119.9 119.7 129.7 144,4 120.1 125.6 123.5 July.................... 121.5 120.0 1 19.5 115.1 127.8 115,7 109.5 113. 1 119.7 119.8 130.2 145.1 120.4 125.9 123.9 Aug.................... 121.9 120.5 120.1 115.4 128.8 115.7 109.7 113.3 120.3 120.0 130.5 145.5 120.9 126.3 124.2 Sept................... 122.2 120.4 120.4 115.7 129.1 115.8 109.3 113.9 122.2 119.5 131.1 146.4 121.5 126.7 124.4 Oct.............. 122.9 120.9 120.9 116.0 130.0 1 15.9 109.1 114.2 123.3 120.6 131 .9 147.4 122. 1 127.5 125.1 Nov................... 123.4 120.5 121.7 1 16.3 131.1 115.9 109.9 114.8 124.0 121.2 132.4 148.2 122.8 128.0 125.4 Dec.................... 123. 7 121.2 122,3 116.7 132,0 116.2 1 10.0 115. 1 124.3 120.2 132.8 149. 1 123.4 128.2 125.6 1969--Jan..................... 124. 1 122.0 122,7 1 16.9 132.7 1 16.7 1 10.2 115,2 123.4 120.7 133.3 150.2 123.7 128.4 125.6 Feb.................... 124.6 121,9 1 23.3 117.2 133.6 1 16,9 1 10.2 115.8 123.9 122.0 133.7 151.3 1 24. 1 128.4 125.8 Mar................... 125.6 122.4 124.4 1 17.5 135.7 1 17.2 1 10.6 1 16.4 124.9 124.3 134.3 152.5 124.8 128.7 126. 1 Apr.................... 126.4 1 23.2 1 25.3 117.8 137. 1 1 17.4 1 11.2 116.9 1 25.6 124.6 1 35. 1 153.6 125.5 129.6 126.6 May.................. 126.8 123.7 125.8 118.1 138,0 117,5 111.2 117.4 126.6 124.0 135.7 154.5 125.8 130.2 126.9 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 Period com prod foods chin Non- T ransm ti o e d s i ucts fe a e n d d s Total t T e il e e tc x s . , H e id tc e . s, F e u tc e . l, C ic e h a t e c ls m . , R b e u e tc r b . , L b e u e tc m r . , P e a t p c e . r, M e a t l e c s . , t e a q e n r u y d i p F t e u u t r c r e . n , i t m a m l i e n li e e p t q o io u r n l i a p - n c M e e o l i l s u 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 I960. 100.7 96.9 100.0 101.3 101,5 105.2 99.6 100.2 99.9 100,4 101.8 101.3 102.9 100.1 101 .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--May....................... 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. III.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.......................... 110.7 104.9 116.0 110.9 107.4 123.5 102.4 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 Apr......................... 111.9 105.6 1 17.3 112.1 107. 1 126.0 104.5 97.9 101.2 143.3 108.0 116.5 118.0 105.8 112.3 100,1 112.7 May....................... 112.8 110.5 119.4 112.2 106.9 126. 1 104.5 98.1 101 .1 138.0 108.1 117.5 118.3 105.9 112.6 100.2 112.8 1 For transportation equipment, Dec. 1968 = 100 . Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
JULY 1969 □ PRICES A 65 WHOLESALE PRICES: DETAIL (1957-59= IOO) 1 96H 1969 1 968 1969 Group Group May Mar. Apr. May May Mar. Apr. May Farm products: Pulp, paper, and allied products: Fresh and dried produce........................... 123.6 112.1 106 8 126.7 Pulp, paper and products, excluding Grains................................................................... 86 4 81.6 83.1 86.7 building paper and board............... 106.0 107.7 108.3 108. J Livestock............................................................ 105.4 112.5 113 8 1 2.3.0 Woodpulp....................................................... 98.0 98.0 98 0 98 0 Live poultry....................................................... 85.4 95.5 87 6 90 7 Wastepaper....................................................... 98.2 108.1 109.1 107.1 Plant and animal fibers.............................. 75 8 67. 3 67.3 67.7 Paper.................................................................... 113.5 116 1 116.4 116.7 Fluid milk......................................................... 128 3 1 32. 8 1 3) 5 134.1 Paperboard........................................................ 91.7 93.6 93.5 93.5 Eggs........................................................................ 72.6 110.9 97.3 80.6 Convened paper and paperboard.... 106.4 107,6 108.3 108.4 1 lay and seeds.................................................. 1 1 4. 1 112.5 113 8 115.1 Building paper and board........................ 92.3 99.6 100.4 100.7 Other farm products..................................... 101.8 106.8 106. 1 105.6 Metals and metal products: Processed foods and feeds: Cereal and bakery products.................... 117. 1 119.3 1 19.3 119 4 Iron and steel.................................................. 104,9 108.8 108.9 109.9 Meat, poultry, and fish............................... 107.0 112.2 114 0 1 21 0 Steelmill products......................................... 107.9 1117 1119 112.7 Dairy products................................................ 1 28 9 1 30. 4 1 31 4 1 32 5 Nonferrous metals........................................ 1 24.1 129.9 1 32.4 1 34.2 Processed fruits and vegetables.............. 114 6 1 15. 1 115 4 115 7 Metal containers........................................... 116.9 119.4 119.7 1 19.7 114.2 119.5 120.2 122.7 116.7 119.1 I 19.9 119.9 Beverages and beverage materials.... 109.4 111.3 III 4 111.8 Plumbing equipment................................... 1 14.6 1 16.6 116,6 117.1 Animal fats and oils..................................... 66.6 96. 1 90.8 89 0 11 eating equipment...................................... 94.7 96.6 96.8 97,0 Crude vegetable oils..................................... 92.7 83.0 80.6 81.0 Fabricated structural metal products. 106.7 109.6 1 10.2 110.8 Refined vegetable oils.................................. 98 9 91.6 89. 4 89.4 M isccllaneous metal products............... 115.5 120.4 120.4 120.5 Vegetable oil end products....................... 100. 2 103.1 103.3 103.3 Miscellaneous processed foods............... 113.9 119. 3 119.0 H8.6 Manufactured animal feeds.,.............. H7.8 115.7 118.3 114.9 Machinery and equipment: Textile products and apparel: Agricultural machinery ami equip,... 126.3 131.7 131.8 131.9 Construction machinery and equip... 129.4 134.0 134,1 134.3 Cotton products............................................. 104.9 104.6 104 5 104.6 Metalworking machinery and equip.. 128.0 131.4 131.8 132.1 Wool products................................................. 103 5 104.2 104. 3 104.3 General purpose machinery and Man-made fiber textile products........... 89 7 92. 1 92 4 92.6 equipment................................................ 117.0 1 19.8 120.0 120.3 Silk yarns............................................................ 183.8 155 0 155 4 157.9 Special industry machinery and Apparel............ . - ............................................. 109 4 112.8 113 0 112.9 equipment (Jan. 1961= 100).......... 121.8 126.9 127.2 128.0 Textile housefurnishings............................ II 0.6 107 7 107.7 103 2 Elcctrim) machinery and equip .... 102.9 104.2 104. 3 104.5 Miscellaneous textile products............... 110.1 121.9 119 7 1 147 Miscellaneous machinery......................... 114.2 116.5 116.6 117.6 Hides, skins, leather, and products: Furniture and household durables: Hides and skins.............................................. 98.2 109. 1 125. 8 122.6 Leather................................................................. H2 5 11 6. 4 122 3 121.7 Household furniture.................................... 116.9 121.3 121.5 121.9 Footwear............................................................ 127.0 131.5 1319 132 1 Commercial furniture................................. 115.1 117 8 118.0 119.0 Other leather products................................ 112.5 115.3 116.0 117.0 Floor coverings.............................................. 95.1 95 5 95.0 94.6 Household appliances................................. 92.2 92.8 93,0 93.0 Fuels and related products, and power: Home electronic equipment.................... 81.8 78.6 78.5 78,1 Other household durable goods........... 124.5 129.6 130.0 130,0 Coal....................................................................... 105.2 II 2.7 112.8 113.5 Coke...................................................................... 117 0 120 3 120 3 1 20. 3 Gas fuels (Jan. 1958= 100)....................... 123 6 124 6 121.8 121.6 Nonmetaliic mineral products: Electric power (Jan. 1958 = 100)............ loi 3 102 3 102 3 102.5 Crude petroleum............................................ 99.0 103 7 104.8 104 7 Flat glass........................................................... 109.4 112,3 113.4 114.6 Petroleum products, refined.................... 100.5 101.7 102.5 102.4 Concrete ingredients................................... 109.1 115.5 115.6 115.6 Concrete products........................................ 107.6 111.2 111.3 111.6 Chemicals and allied products: Structural clay products excluding refractories............................................. 112.5 116.0 116.7 116.8 Industrial chemicals................................ 99 0 97.9 96.7 96.9 Refractories...................................................... 112,5 1 12.6 113.6 113.6 Prepared paint................................................. 114 4 118 7 11 8.7 118 7 Asphalt roofing.............................................. 97,6 99.2 99.2 97.9 Paint materials...................................... 92.4 91 9 92.2 92 8 Gypsum products......................................... 105,1 106.2 106.2 108,7 Drugs and pharmaceuticals...................... 93 4 93.6 93.7 93 8 Glass containers........................................... 109.7 1 16.1 116.1 116,1 Fats and oils, inedible................................. 78.4 80.4 83.7 83.3 Other nonmetallic minerals.................... 103.7 107.6 109.0 109,0 Agricultural chemicals and products.. 101 .6 92.3 92. I 92. 1 Plastic resins and materials...................... 82.3 81.3 80.9 80. 8 Other chemicals and products................ 110.0 111.2 11 2.2 112.7 Transportation equipment: Rubber and products: Motor vehicles and equipment............. 104.2 106,3 106.4 106.5 Railroad equipment (Jun. 1961 = 100), 105. 4 110.2 110.2 1 1 1. 1 Crude rubber.................................................... 84.5 88.9 90.1 89.5 Tires and tubes............................................... 98.7 96.3 96 3 96. 3 Miscellaneous rubber products............... >06.9 109.7 110.1 110.2 Miscellaneous products : Lumber and wood products: Toys, sporting goods, small arms, ammunition........................................... 108,2 1 10.5 110.8 1 10.7 Lumber...................... ........................................ 125.3 164.7 164.9 155 9 Tobacco products......................................... 114.9 1 16.7 1 16.9 117.0 Millwork............................................................. 117 8 128 8 132 3 134 3 Notions............................................................... 108.1 100.7 100.8 102.0 Plywood............................................................... 97.3 1 46.9 11 I 0 103 5 Photographic equipment and supplies 113.8 112.0 112. 1 112.4 Other wood products (Dec. 1966= 1 (M)) 106.3 JI2.4 112.6 114.7 Other miscellaneous products................ 110.6 111.4 111 .7 111.7 Note.—Bureau of Labor Statistics indexes as revised in Mar. 1967 to classification changes. Back data not yet available for some new classiincorporate (I) 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 □ JULY 1969 GROSS NATIONAL PRODUCT (Iii billions of dollars) 1950 I 1968 ’ 1969 Item 1929 1933 1941 1964 ! 1965 1966 1967 1968 III IV Gross national product 103. 1 55.6 124.5/ 284.8 632.4 684.9 747.6 789.7 860.6 831.2 852.9 871.0 887.4 903.3 101.4 57.2 120. I 626.6 675.3 732.8 783.6 852.9 829.1 842. I . <W.5| 876.8 896.4 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. I 546.8 557.4 Durable goods................................9 .2 30. 5 59.2 66. 3 70.5 72.6 82.5 79.0 8I.O1 85. I 85. I 86.8 Nondurable goods....................... 37.7 22.31 42.9 98. 1 178.7 191.1 206.7 215.8 230.3 226.5 228.2 232.7 233.7 238. I Services...............................3..0..... ..3.1.......2.0.1! 28. I 62.4 163.3 175.5 188.3 203.8 218.7 223.4 228.0 232.5 Gross private domestic investment 16.2| 17.9 54. I 94.0 108. 1 120.8 114.3 127.7! 119.7 127.3 127. 1 136.6 139.0 14.5' 47.3 88. 2 98.5 106. / 108.2 119.9' 117.6 116.5 119.6 126.0 132.1 Nonresidential........................................ 10.61 2.4 61. I 71.3 81.3 83.6 90.0 88.6 87.0 90. I 94.3 99.6 Structures........................................... 21.2 25.5 28.5 27.9 29.2 29.6 28.5 28.8 32.2 Producers’ durable equipment 1. 5 18.71 39.9 45.8 52.8' 55.7 60.8 59.0 58.5 64. 5 67.4 Residential structures....................... 4.0 .6 19.4i 27. 1 27.2 24.8 24.6 29.9 29. I 29.5! 29.5. 32.5 Nonfarm............................................. . 5 3.7 18.6| 26. 6 26.7 24.3 24.0 29.3 28.5 28.9i 28.9 31.0; 31.8 Change in business inventories. ... I .7 6.8t 5.8 14.7 7.7 2. I 10.81 10.61 Nonfarm.................................................. 1.8 4.0, 6.0 6.4 8.6 14.9 5.6 1.6 10.4 9.7 6.2 Net exports of goods and services .4 1.8 8.5 6.9, 4.8 2.0 1.5 2.0 1.0 .0 Exports................................................... 7.0 2.4 37. I 39.2: 43.1 45.8 50.0 47,5 49.9 52.6 50. 1 46.6 Imports................................................ 4.6. 28.6 32.3. 38. 1 41.0 48. I 46.0 47.9 49.4 49. I 46.6 Government purchases of goods and services.. 8.5 8.0 24.81 37.9 128.7 137.0। 156.2 178.4 197.2 190.5 195.7 199.6 203.0 206.9 Federal............................................................................ 2.0 16. 9\ 18.4 65.2 66.9\ 77.4 90.6 iOO.O 97. I 100.0 101.2 101.7 IO2.4 National defense.................................................. 14. I 50.0 50.l! 60. 6 12.4 78.9 76.8 79.0 79.6 80.0 80.2 Other........................................................................... 15.2 16.8: 16.8 18.2 21 . I 20.3 21.0 22.2 State and local............................................................ 7.2 6.0 63.5 70. I 78.8 87.8: 97.2 93.4 95.6 98.4 101.2 104.5 Gross national product in constant (1958) dollars........2...0...3.....6...|. ...1...4...1.....5.......2...6..3.....7.......3...5...5.....3... 581.1 617.8 657. Ii 673.1 706.7 692.7 703.4 712.3 718.4 723.5 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 1929 1933 1941 1950 1964 1965 1966 1967 1968 — ._. . Item 1 11 III IV 1 ... —.......... _ .------------------------ —........ ------------ —— -------.— ..........-_. . - - .. -—--------- ------- ._ _._ .— National income............................................................... 86.8 40.3 104.2 241.1 518, I 564.3 620.8 652.9 712.8 688. 1 705.4 722.5 735.1 749.2 Compensation of employees...................................... 51.1 29.5 64.8 154.6 365.7 393.8 435.6 468.2 513.6 496.8 507. 1 519.7 530.7 545.2 Waxes and salaries................................................... 50.4 29.0 62.1 146.8 333.7 358.9 394.6 423.4 463.5 448.3 457.6 469.0 479.0 490.8 Private......................................................................... 45.5 23.9 51.9 124.4 269,4 289.6 316.9 337. 1 367.2 355.7 326.8 370.9 379.2 389.4 Military..................................................................... .3 .3 1.9 5.0 11.7 12.1 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 waxes 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 insurance.................................................................. . 1 . 1 2.0 4.0 15,4 16.2 20.2 21.5 23.9 23.5 23.7 24.2 24.4 26.3 Other 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 63.6 Business and professional.................................... 9.0 3.3 11.1 24.0 40.2 42.4 44.8 46.3 47.8 47.2 47.8 48.0 48.2 48.3 Farm................................................................................. 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 profits 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 90.6 Profits before tax....................................................... 10.0 1.0 17.7 42.6 66.8 77.8 85.6 81.6 92.3 88.9 91.8 92.7 95.7 96.5 Profits tax liability................................................ 1.4 .5 7.6 17.8 28.3 31.3 34.6 33.5 41.3 39.8 41.1 41.5 42.8 43.2 Profits after tax..................................................... 8.6 .4 10.1 24.9 38.4 46.5 51.0 48.1 51.0 49. 1 50.7 51.2 52.8 53.3 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 20.6 26.7 29.3 25.2 26.3 25.5 26.3 26.0 27.5 27.9 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 28.4 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
JULY 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 1 Gross national product................................................ 103.1 55.6 124.5 284.8 632.4 684.9 747.6 789.7 860.6 831.2 852.9 871.0 887.4 903.3 I-css: Capital consumption allowances............ 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 3.1 3.3 Statistical discrepancy................................... .7 .6 .4 1.5 -1.3 -3. 1 -3.3 -.1.5 -4.8 -4.7 -3.6 -5.3 -5. 5 -6.9 Plus: Subsidies less current surplus of gov ernment enterprises................ -. 1 J .2 1.3 1.3 2.3 1.6 . 7 . 5 .7 1.0 . 6 ,9 Equals: National income........................................... 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. 1 749.2 1.ess: Corporate profits and inventory valu ation 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 90.6 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 I Excess of wage accruals over disburse ments ............................................................ Plus: Government 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 .1.3 3.3 Equals; Personal income............................................ 85.9 47.0 96.0 227.6 497.5 538.9 586.8 628.8 685.8 662.7 678.1 694.3 708.2 721.7 1-ess: 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 91.9 101.6 105.8 112.5 Equals: Disposable personal income.................... 83.3 45.5 92.7 206.9 438.1 473.2 511.6 546.3 589.0 574.4 586.3 592.7 602.4 609.2 Less: Personal outlays............................................... 79.1 46.5 81.7 193.9 411.9 444.8 478.6 506.2 548.2 533.5 542.3 555.6 561.6 572-3 Personal consumption expenditures. 77.2 45.8 80.6 191.0 401.2 432.8 465.5 492.2 533.« 519.4 527.9 541.1 546.8 557.4 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 36 9 Disposable personal income in constant (1958) dollars........................................................................ 150.6 112.2 190.3 249.6 407.9 435.0 459.2 478.0 497.5 491.8 497.1 499.2 501.7 502.8 Note.—Dept, of Commerce estimates. Quarterly data arc seasonally adjusted quarterly totals at annual rates. Sec also Note to table opposite. PERSONAL INCOME (In billions of dollars) 1968 1969 Item 1967 1968 May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May7’ Total personal income................................. 628.8 685.8 678.2 683.7 689.2 694.1 699.7 703.2 708.0 713.5 716,1 <721.2 121.1 731.2 735.0 Wage and salary disbursements............. 423.4 463.5 457.5 462.2 465.4 468.7 472.8 474.9 478.9 483.3 486.5 490.4 495.7 498.0 500.6 Commodity-producing industries... 166.6 180.6 179.3 179.9 180,6 181.1 183,3 184.7 186. 1 188.5 189,2 190.4 193.3 194.3 195.4 Manufacturing only............................. 134.1 145.4 144.3 145.6 146.0 146.3 147.8 148.8 149.7 151. 1 151.9 151.8 154.6 151 ; 156. 1 Distributive industries........................... 100.5 109.4 107.4 109.7 109.9 111.2 112. 1 112.1 113.3 113.2 114.8 116.0 117. 1 117.8 118.3 Service industries...................................... 70.0 77.2 76. 1 77.0 77.5 78.2 78.8 79. 1 79.8 SO. 7 81.6 82.6 83.3 83.3 83.7 Government................................................ 86,3 96.3 94.7 95.5 97.4 98.2 98,6 99.0 99.6 100.9 100,8 101.4 102.0 102.7 103.3 Other labor income...................................... 23.3 26. 1 25.7 26.0 26.3 26.5 26.8 27.0 27.3 27.6 27.8 28.0 28.3 28.5 28.7 Proprietors’ income...................................... 60.7 62.9 62.6 62.7 63.1 63.4 63.7 63.7 63.7 6.1 • 8 61.8 63.6 63.4 63.5 63.7 Business and professional.................... 46.3 47.8 47.8 47.9 48.0 48.0 48.0 48.1 48.2 48.3 48.4 48.4 48.3 48.4 48.5 Farm................................................................ 14.4 15.1 14.8 14.8 15.1 15.4 15.7 15.6 15.5 I5.5 15.4 15.2 15.1 15. 1 15.2 Rental income.................................................. 20.3 21.0 20.9 20.9 21.0 21.0 21.1 21.2 21.2 21.3 21.3 21.4 21.5 21.5 21.6 Dividends........................................................... 22.9 24.6 24.7 24.3 25.0 25.2 25.3 25.3 25.4 25.5 25.3 25.4 25.5 25.6 25.7 Personal interest income............................ 46.8 52.1 51.3 51.9 52.4 52.9 53,4 54.0 54.3 54-7 55.1 55.5 56.1 56.5 56.9 Transfers payments...................................... 51.7 58.6 58,2 58.5 59.1 59.6 59.9 60.4 60.8 61-0 61.7 62.4 62.9 63.4 63.8 Less; Personal contributions for social insurance........................................................ 20.4 22.9 22.8 22.9 23.1 23.2 23.3 23.4 23.5 23-5 25.4 25.5 25.6 25.8 25.9 Nonagricultural income............................... 609.3 665.4 658.1 663.4 668.7 673.3 678.6 682.2 687.0 692.5 695.1 700.3 707.0 710.3 714.0 Agriculture income........................................ 19.S 20.5 20.2 20.2 20.5 20.8 21.1 21.0 21.0 2I» 21.0 20.8 20.7 20.9 21.0 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. Sec also Note to tabic opposite. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 68 FLOW OF FUNDS □ JULY 1969 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) | 1967 | 1966 1967 1968 Transaction category, 1964 1965 1965 1968 or sector i ,V I II 111 IV I ll HI : 1V I. Savings and investment 1 Gross national saving................................ 160 J 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 1 louseholds............................................. 98 3 108.9 1 18.6 129,6 141.6 125 3 125.3 125.4 129,6 137.1 138.0 144.f 140.( 143.4 2 3 1 4 5 15.2 1 5.9 16.8 18.6 17.1 17.C 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. f 61.8 63 .'5 60. 2 64.2 66.1 65.9 4 5 U.S, Government................................. 4 3 . . | -. 6 -14 1 -6.5 4 0 - 1 2 7 — 15 1 — 14.1 -14.3 -10,0 -11.9 -3 7 — .2 5 6 State and local govt............................. -14 -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 1 4. 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 5i 119.6 126.0 II 12 Households.......................................... 23'0 22.9 21.5 20.3! 25.3 1 8 9 17.6 1 8.4 21 5 23 6 25 0 25 31 25.2 25.9 12 1 1 3 4 N Fi o n n a f n in c a ia n l . s b e u c s to in rs e . s .. s .. . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. 64. . 3 9 74 . . 8 8 83 1 . .0 6 87. , 0 9 93 1 . . 4 2 86 1 .0 0 86. . 2 8 86. . 1 8 86 1. . 1 7 88/9 9 91 1 . . 2 4 90 1 . . 0 21 93 1. . 2 2 98 1 . .2 9 1 13 4 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 | 90.1 17 17 Net funds raised—Nonfinan. sectors. 67.0 72.31 69.9 83. 1 99.2 499 74.3 44.3 104.6 108.9 101.2 84.8 119.2 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 61 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 6i 67.9 19 By sector 20 U.S, Government...................................... 7. 1 3.6 6.3 12 7 16.6 2 9 8.0 -21.31 14.7 29.2 28.2 13.8 119 -7.6 70 21 Short-term mkt. securities............... 4 0 3 5 2.2 6.4 10 1 9.9 - 35.7 30.9 20.7 18 1 — 1.3 2.91-17.4 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 29.01 9.8 2.2 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 I 3 1.3 2 1 .0 1.0 1.6 I .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... ...... fg 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 Hank 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. I 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 ll 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 ll 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 11.2 35 36 Net sources of credit (= Jine 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.. .. H. 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 5'6’9 45.3 21 2 61 .5 51 7 56.2 34.1 31 .9 29.9 51.6 67.6 44 45 Demand dcp. and currency. 6.5 7.7 2.9 12.0 12.6 6.5 10.8 10.6 15.2 11.1 . 1 13.4 8.7 28.4 45 46 Time and avgs. 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 A t commercial banks.... 13.0 19.5 !2,5 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................... 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 48 49 Short-term U.S. Govt. sec.... -2.3 3.0 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 5J 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 III. 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 ndnfin............................ 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 H.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. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
JULY 1969 □ FLOW OF FUNDS A 69 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1966 1967 1..... 1968 Transaction category 1964 1965 1966 1967 1968 or sector IV I II III IV 1 n III IV .... I. Demand deposits and currency 1 Netincr, 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 1 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 H. 1 13.6 14.2 7.3 14.5 1.7 12. 1 27.0 18.2 5 6 Nonfinancial business............... -2. I -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 .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 I! Net increase—Total................................... 304 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 1 louseholds.......................................... 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 1 1 8 7 Me A m t o s : a v H in o g u s s e in h s o t l i d tu s ti t o o n ta s l . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 2 1 3 5 . . 9 9— 2 1 6 3 . . 5 0 1 7 9 . . 2 1— 3 1 2 7 . . 4 0 2 1 7 2 . . 6 4 1 9 7 . . 3 8 3 1 5 7 . .2 0 —2 3 1 8 . . 7 6 — 3 1 6 8 . . 7 3 —1 1 0 9 . . 7 2 3 1 0 2 . . 8 9—1 1 2 8 . . 3 2 2 1 8 1 . .3 2 3 1 3 3 . . 0 2 1 1 7 8 III. U.S. Govt, securities ------------ --------... —.------ .— . —- —— 19 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 18. 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 Non guaranteed................................. . 6 .8 2.8 1.2 -. 1 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 -2.6 2.1 -.5 -2. 1 2.6 1.9 -1.4 5.2 -.7 -.1.7 ■ > 2.5 33 34 Short-term........................................... - .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 Nonguarantccd................................. .4 1 .3 4. 6 .4 3.8 -J.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 12.5 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 ■3 .8 . 1 * .7 .2 .2 43 44 Finance companies.............................. 2. 1 1 .9 .8 .6 -.4 1.7 -.3 1.0! .1 .9 .8 .6 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. 1 45 46 Net purchases............................................... 14.6 16.2 18.7 29.6 25.9 1.25 28.1 28. 1 31.4 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 -.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 1.6 1.3 1.6 1.9 2.5 3.0 1.3 3.1 -LI -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.(1 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 17.3 190 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................................. J.7 .4 -.2 -.3 -.3 -.5 -.6 -.8 .8 -.5 -.4 -. 1 -.3 -.5 74 Note.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 70 U.S. BALANCE OF PAYMENTS □ JULY 1969 1. U.S. BALANCE OF PAYMENTS (Tn millions of dollars) 1 1967 I96« 1969 Hem ; 1966r 1967 ' I96S' 1 IV' Ill' | IV P Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets—Seasonally adjusted 1 ! 50,594 Exports of goods and services—Total 1............................. 43,36(1 46,188 11,667 11,934 12,668 13,344 12,653 11,890 Merchandise............................................................................... 29,389 30,681 33,598 7,601 7,941 8.39 5 8,879 8,383 7,474 Military sales.............................................................................. 829 1 .240 1 ,427 332 305 353 406 364 416 Transportation.......................................................................... 2.608 2,775 2.924 682 717 731 757 720 637 Travel............................................................................................. 1 .590 1 .646 1 ,770 423 440 424 450 456 508 Investment income receipts, private.............................. 5.659 6.234 6,934 1 .709 1 ,562 1,768 1 ,828 1 ,777 1 ,841 Investment income receipts, Govt................................ 593 638 765 170 209 205 212 140 234 Other services............................................................................ 2,693 2,973 3,177 750 760 79 2 812 813 780 Imports of goods and services—Total................................ -38,081 -41 ,011 -48,078 - 10,706 -11,463 11,827 12,435 -12,352 -11,525 Merchandise............................................................................... -25,463 26,821 -32.972 -7.154 -7,817 --8,131 -8,566 -8.458 7,577 Military expenditures............................................................ -■3,764 -4,378 -4,530 -1,112 -1,102 -1,116 -1,143 -1,169 - 1.198 Transportation........................................................................ ■2.922 2,990 -3,248 -763 -785 -786 -841 -836 -742 Travel............................................................................................. - 2.657 3,195 3.022 - 739 -763 -732 -792 -735 -791 Investment income payments........................................... -2,142 -2,362 -2,933 - 607 671 -742 -770 - 749 ■894 Other services............................................................................ -I M3 1,266 - 1 ,174 - 331 - 325 - 320 -323 -405 -323 Balance on goods and services1............................................. 5,279 5,177 2,516 961 471 841 909 301 365 Remittances and pensions......................................................... -923 1,196 1,159 - 253 -276 -274 -325 -285 -283 1. Balance on goods, services, remittances and pensions ........................................................................ 4,356 3,981 1,357 708 195 567 584 16 82 2. U.S. Govt, grants and capital flow, net....................... - 3,444 -4,224 -3,955 -1,072 -1,097 1,055 -968 -835 - 783 Grants,2 loans, and net change in foreign cur rency holdings, and short-term claims.......... -4,676 -5,227 5,347 - 1.360 -1,426 -1,365 1.301 • 1,254 -1,104 Scheduled repayments on U.S. Govt, loans. . . 803 997 1,123 288 287 307 278 250 277 Nonsclicdulcd repayments and selloffs.................. 429 6 269 ♦ 42 3 55 169 44 3. U.S, private capital flow, net........................................... - 4,310 -5,655 -5,157 - 1,797 -806 -1,537 -1,868 -947 -1,201 Direct investments............................................................ - 3,639 3,154 -3,025 -956 -472 -1,009 •■• 1 .262 -283 --776 Foreign securities............................................................... -481 - 1.266 - 1.266 -301 -311 ■164 -337 -455 -325 Other long-term claims: Reported by banks.................................................. 337 255 358 140 49 165 4 133 Reported by others...................................................... -112 -281 -174 -85 34 -32 -57 -119 -85 Short-term claims: Reported by banks.................................................. -84 -730 -89 96 194 - 255 - 124 -62 Reported by others...................................................... “331 - 479 -960 -455 -293 -575 -122 30 - 86 4. Foreign capital flow, net, excluding change in liquid assets in U.S....................................... 2,5.12 3,360 5,564 480 1,556 2,517 1,806 2,688 1,599 Long-term investments................................................... 2,156 2,41 1 5,942 355 1,300 1,461 1 ,267 1 ,915 1 ,635 Short-term claims............................................................... 296 499 750 132 43 269 236 202 44 Nonliquid claims on U.S. Govt, associated with— Military contracts.......................................................... 346 64 137 120 -28 6 -141 27 -79 U.S. Govt, grants and capital............................... - 205 -84 2 -12 -5 15 -6 -2 Other specific transactions...................................... - -12 1 -3 -10 -27 -6 41 - 10 ■ 8 Other nonconvertible, nonmarket able, me dium-term U.S. Govt, securities1.................. 49 469 2.010 135 273 772 409 556 95 5. Errors and unrecorded transactions............................... 489 -1,007 - 717 6 -410 -540 286 -52 -1 ,398 Balances A. Balance on liquidity basis Seasonally adjusted (= 1+24-3 + 4 + 5)............... 1,357 -3,544 93 -1,688 -564 -51 162 870 -1,704 Less; Net seasonal adjustments............................... 191 -297 -96 269 124 -388 Before seasonal adjustment.......................................... -1,357 -3,544 93 -1,879 -267 45 -431 746 -1,316 B. Balance on basis of official reserve transactions Balance A, seasonally adjusted............. -1,357 -3,544 93 -1,688 -564 -SI -162 870 -1,704 Plus: Seasonally adjusted change in liquid assets in the U.S. of— Commercial banks abroad...................................... 2,697 1 ,272 3,450 902 457 2,358 724 -89 3,001 Other private residents of foreign countries.. 212 414 374 227 4 102 45 223 -23 International and regional organizations other than IMF........................................... “525 -214 63 -45 79 -86 19 51 -88 Less: Change in certain nonliquid liabilities to foreign central banks and govts................ 761 1,346 2,341 313 355 770 529 687 35 Balance B, seasonally adjusted................................... 266 -3,418 1,639 -917 -379 1,553 97 368 1,151 Less: Net seasonal adjustments............................... 492 -470 3 25 442 -560 Before seasonal adjustment.......................................... 266 -3,418 1,639 -1,409 91 1,550 72 -74 1,711 For notes see end of table. 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JULY 1969 □ U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE A 71 1. U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1967 1968 1969 Item 1966 1967 '• 1968’- r । ip- | nr | iv IV' I" Transactions by which balances were settled—Not seasonally adjusted A. To settle balance on liquidity basis.............................. 1,357 3,544 93 1,879 267 -45 431 746 1,316 Change In U.S. official reserve assets (increase, —)....................................................................... 568 52 -880 - 181 904 -137 -571 -1,076 -48 Gold................................................................................... 571 1 , 170 1,173 1.012 1,362 22 -74 -137 56 Convertible currencies............................................. -540 -1,024 1,183 - 1,145 -401 267 -474 -575 -73 IMF gold tranche position................................... 537 -94 -870 -48 -57 -426 -23 -364 -31 Change In liquid liabilities to all foreign accounts 789 3,492 787 2,060 -637 92 / ,002 330 1,364 Foreign central banks and govts.: Convertible nonmarket able U.S. Govt. securities4............................................................. ■945 455 - 10 212 100 -49 61 -25 Marketable U.S. Govt, bonds and notes4 . -245 48 - 379 -3 - 359 8 -26 -2 -3 Deposits, short-term U.S. Govt, securitics, etc.................................................................... 582 1 .495 ■ 2,708 1 ,091 -1,107 -2,187 37 549 1,679 177 22 3 X -JI I Commercial banks abroad.................................... 2.697 1,272 3,450 578 638 2,266 976 -430 3,181 Other private residents of foreign countries. 212 414 374 227 4 102 45 223 -23 International and regional organizations other than IMF....................................................... -525 ■214 63 45 79 -86 19 51 -88 B. Official reserve transactions............................................. -266 3,418 1,639 1,409 - 91 -1,550 72 74 -1,711 Change in U.S. official reserve assets (increase, —)...................................................................... 568 52 -880 - 181 904 - 137 -571 -1.076 - 48 Change in liquid liabilities to foreign central banks and govts, and IMF (see detail above under A.)........................................................................ - 1.595 2,020 -J,100 1 ,300 -1,358 -2,190 -38 486 -1,706 Change in certain nonliquid liabilities to foreign central banks and govts.: Of U.S. private organizations......................... 793 894 535 190 116 150 131 138 -45 Of U.S. Govt............................................................ 32 452 I ,806 100 247 627 406 526 88 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 1 966 1967 1968 1969 1966 1967 1968 1969 1966 1967 1968 I960 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 J2.297 2,013 2,216 2,592 32,655 339 366 184 -359 Mar......................... 2,530 2,525 32,439 3.3,196 2,050 2,166 32,589 32,981 480 359 -150 215 Apr........................... 2,317 2,608 32,856 3,355 2,091 2,198 32,604 3,177 226 410 252 178 May......................... 2,416 2,549 2,742 3,292 2,061 2,118 2,755 3,276 355 432 -13 16 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 Nov.......................... 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 .............2..7..1... 184 54 .................... Quarter: 1.............................. 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 HI............................. 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 .................... 88! 620 39 Year 4......................... 29,403 31,011 34,117 ................2...5.,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. Details may not add to totals be entries into bonded warehouses. cause of rounding. 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A 72 U.S. GOLD TRANSACTIONS □ JULY 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) 1968 1969 Area and country 1960 1961 1962 1963 1964 1965 1966 1967 1968 I II III IV I Western Europe: Austria.................................... -1 -143 -82 -55 -100 -25 Belgium........................................ -141 -144 -63 -40 -83 -58 -25 -33 France.................. -173 -456 -518 -405 -884 -601 600 220 240 140 50 Germany, Fed. Rep. of,.. -34 -23 -225 Ireland.......................................... -1 -2 -2 -2 -52 -12 -32 -II 3 Italy................................................ ioo 200 -80 -60 -85 -209 -184 -25 -76 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 -25 United Kingdom.................... -550 -306 -387 329 618 150 80 -879 -8.15 -900 50 15 Bank for Inti. Settlements. -36 -23 Other............................................. -96 -53 -12 1 -6 -35 -49 16 -47 -1 -22 -16 -8 -1 Total................................... -1,718 -754 -1,105 -399 -88 -1,299 -659 -980 -669 -1 .195 163 213 150 -52 Canada............................................. 190 200 150 50 50 Latin American republics: Argentina................................... -50 -90 85 -30 -39 -1 -25 -5 -15 - 5 Brazil............................................. -2 -2 57 72 54 25 -3 -I • * Colombia................................... -6 38 10 29 7 Venezuela................................... -25 Other............................................. -42 -17 -5 -II -9 -13 -6 11 -40 -28 -7 -3 -3 -7 Total................................... -100 -109 175 32 56 17 -4! 9 -65 -28 -12 -18 -8 -7 Asia: Iraq........................................... -30 -10 -4 -21 -42 -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 -15 -26 -18 -6 5 Total................................... -113 -101 -93 12 3 24 -86 -44 -366 143 -146 -71 - 6 5 All other........................................... -38 -6 -1 -36 -7 -16 -22 1-166 1-68 -1 -16 1-51 -1 -2 Total foreign countries............ -1,969 -970 -833 -392 -36 -1,322 -608 -1,031 -1,118 -1,317 -10 73 136 -57 Inti. Monetary Fund............... 2 300 150 3-225 M77 422 4-3 48 4-11 4 1 Grand total.................... -1,669' -8201 -833 -392 -36 -1,547 -431 -1,009 -1,121 -1,309 -22 73 136 -56 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 1959 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. Notes to Table 5 on opposite page: 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 3 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. 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JULY 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) Gold stock 1 Con Reserve Gold stock 1 Con Reserve Total vertible position Total vertible position End of year reserve foreign in End of month reserve foreign in assets Total 2 Treasury currencies IMF 3 assets Total 2 Treasury c c u ie rr s e n 5 IMF 3 1956 ............. 23,666 22,058 21,949 1 ,608 i 968—June.........1...4..,.063 10,681 10,367 2 479 903 1957 ............................ 24,832 22,857 22’781 1 ,975 July............... 14,366 10,676 10,367 2,'773 917 1958 ......................... 22,540 20’582 20,534 1,958 Aug................. 14,427 10,681 10,367 2'817 929 1959 ...... 21 504 19507 19356 .................... 1 '997 Sept................ 14,634 10,755 10,367 2,953 926 I960............................... 19,359 17,804 17367 .................... 1^555 Oct............... . 14’427 10,788 10;367 2’703 936 Nov................. 15,660 10,897 10,367 3 ^655 1,108 1961............................... 18,753 16,947 16,889 116 1,690 Dec................. 15^710 10’,892 10,367 3'528 1 ’ 290 1962............................... 17,220 16^057 15 378 99 C064 1963............................... 16'843 15,596 15,513 212 1,035 1969—Jan.........1...5..,.4...54 10,828 10,367 3,338 1,288 1964 ............................ 16,672 15,471 15,388 432 '769 Feb.........1..5...,.4..99 10,801 10,367 3,399 1,299 (965............................... isjso 4 13,806 <13,733 781 4 863 Mar................. 15,758 10,836 10,367 3,'601 1,321 Apr................. 15,948 10,936 10,367 3,624 1,388 1966............................... 14 882 13,235 13,159 1,321 326 May............... 16,070 11 ,153 10,367 3.474 1 ,443 1967............................... 14,830 12^065 11,982 2,345 420 June............... 16,057 II ,153 10,367 3,355 1 ,549 1968............................... 15JI0 10,892 101.167 3,528 1,290 1 Includes (a) gold sold to the United States by the International Mon 4 Reserve position includes, and gold stock excludes, $259 million gold etary Fund with the right of repurchase, and (b) gold deposited by (he 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. s For holdings of F.R. Banks only, see pp. A-12 and A-13. 3 In accordance with IMF policies the United States has the right to draw foreign currencies equivalent to its reserve position in the IMF vir Noth.-Sec Table 22 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. U.S. transactions with IMF Transactions by reserve other countries position Period with IMF in IMF P s t u d a io b o y n m o s ll s c a f e r r . n i i s n p t s by s g N I a o M l e e ld t s F i T t c f i r o c o u a i r n e r n e r s s s e ig a n 2 i n n c I i M d n o c F l i o n la m n rs e e t D d ra o o w lla f in 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 ( e e r n io d d o ) f 3 1946—1957...................................... 2,063 * 594 -45 —2,664 827 775 115 28 1,975 1958—1963................................ . 1,031 150 60 -1’666 2,740 2,315 3,090 75 1,035 1964—1966..................................... -776 1,640 45 -723 ’ 6 1 ,744 4,834 94 5.326 1967..................................................... 20 -114 -94 4,740 92 420 1968.................................................... -84 20 -806 -870 3,870 75 1 ,290 1968—June.............................. -I -408 -409 4,257 83 903 July....................................... 4 - 18 -14 4,243 82 917 Aug.,. -1 -11 -12 4,231 82 929 Sept....................................... 3 3 4'234 82 926 Oct ....................................... 2 — 12 - 10 4,224 82 936 Nov..................................... -125 -1 -46 -172 4'052 79 1,108 Dec................................ - 159 4 — 27 -182 3,870 75 1 ',290 1969—Jan........................................ 2 2 3,872 75 I ,288 Feb........................................ 2 -13 -11 3,861 75 1 ,299 Mar.. ................... 2 -24 -22 3^39 74 1,321 Apr.................. . . 1 -68 -67 3'772 73 1 ,’388 May...................................... I -56 -55 3,717 72 1,443 June........................... 5 1 -112 -106 3^611 70 I ,’549 For notes sec opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 74 INTL. CAPITAL TRANSACTIONS OF THE U.S. ° JULY 1969 6. U.S. LIQUID LIABILITIES TO FOREIGNERS (In millions of dollars) Liabilities to Inti. Liabilitiesto foreign counirie Liabilities to ion- M fro o m ne g ta o r l y d F tr u a n n d s a a c r t i i s o i n n s g ------------------------- . .................. ---------------.-. __--.- ----. ---. reg m io o n n a e l t a o r r y g a in n t i i z , ; i a ti n o d n s 5 Official institutiois ■• Banks and other foreigners —............... ——------------ . . . _ _-------- ---------------—— ----------— Non- E o n f d Total S te h r o m rt- Market- m a a b rk le et- Short- Market- S te h r o m rt- Marketperiod 'Total G d o e l - d in G v o e l s d t- Total i p t l i i c o a s r b t e i r l e d - - G a U o b .S v le t . . co U n ib v . l S e c . rt- Total i p t l i i e o a r s b t e i r l d e G a U o b .S l v e . t. Total i p t l i i e o a s r b t e i r l d e - - G a U o b .S l v e . t. posit 1 ment 2 by bonds Treas- bonds by bonds hanks and ury banks and banks and in U.S. notes 4 bonds in U.S. notes 4 in U.S.A notes 4 and notes -------------- . — — _._ --------------- . ----------- — -------------- ---------------_... - _. . . -------- —...................— 1957............... 7I5,825 200 200 n.a. 7,917 n.a. n.a. 5,724 n.a. n.a. 542 n.a. 1958............... 716,845 200 200 n.a. 8,665 n.a. n.a. 5,950 "a- n.a. 552 n.a. 1959............... 19,428 500 500 10,120 9,1 54 966 7,618 7,077 541 1 ,190 530 660 1960 8............ (20,994 MX) 800 I 1,078 10,212 866 7,591 7,048 54.1 1 ,525 750 775 21 ,027 800 800 I 1,088 10,212 876 7,598 7,048 550 1 ,541 750 791 1961 8............ '2 2 2 2 , , « 9 5 3 3 6 8 8 0 00 0 8 8 0 0 0 0 1 1 1 1 , ,8 8 3 3 0 0 1 1 0 0 , , 9 9 4 40 0 8 8 9 9 0 0 8 8 , , 2 3 7 5 5 7 7 7, , 8 7 4 5 1 9 5 51 1 6 6 1 1 , , 9 9 4 4 8 9 7 7 0 0 3 4 1 1 , ,2 2 4 4 5 5 1962 8............ 24,068 800 800 12,748 11,997 751 ........8...,.3...5..9. 7,91 1 448 2,161 1 ,250 91 1 124,068 800 800 12,714 It ,96.1 751 8,359 7,911 448 2,195 1 ,284 911 1963 8............ ( 1 2 2 6 6 , , 3 3 6 2 1 2 8 8 0 0 0 0 8 8 0 0 0 0 1 1 4 4 , , 3 3 8 5 7 3 1 1 2 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 5 4 1 1 1 1 , , 9 9 6 6 5 0 8 8 0 0 8 8 1 1 , , 1 1 5 57 2 19648............ (28,951 800 800 15,428 13,224 1 ,125 I ,079 11 ,001 10,625 376 1 ,722 818 904 29,002 800 800 15,424 13,220 1 ,125 1 ,079 11,056 10,680 376 1 ,722 818 904 1965............... 29,115 834 34 800 15,372 13,066 1 ,105 1 ,201 11,478 11,006 472 1 ,431 679 752 19668............. / 2 2 9 9 , , 9 7 0 7 4 9 1 1 , , 0 01 1 1 1 2 2 1 1 1 1 8 8 0 0 0 0 1 1 3 3, , 6 6 5 0 5 0 1 1 2 2 , , 5 4 3 8 9 4 8 8 6 6 0 0 2 2 5 5 6 6 1 1 4 4 , , 3 2 8 0 7 8 1 1 3 3 , , 8 6 5 8 9 0 5 5 2 2 8 8 9 90 0 5 6 5 5 8 8 1 0 3 3 2 2 5 5 19678............. 33,271 1 ,033 233 800 15,653 14,034 908 71 I 15,894 15,336 558 691 487 204 [33,1 19 1 ,033 233 800 15,646 14.027 908 71 1 15,763 15,205 558 677 473 204 1968-Apr... 32,988 1 ,045 245 800 14,374 13,014 549 81 1 16,745 16,133 612 824 619 205 May . . 33,150 1 ,047 247 800 13,615 12,247 557 81 1 17,867 17,257 610 621 454 167 June.. 32,574 1 ,030 230 800 1 2,101 10,733 557 811 18,773 18,160 613 670 504 166 July.. . 33,152 1 ,030 230 800 12,608 11,239 557 812 18,755 18,128 627 759 599 160 Aug.. . 33,603 1 ,030 230 800 1 2,437 11,155 520 762 19,381 18,745 636 755 595 160 Sept.. . 33,576 1 ,030 230 800 12,063 10,770 531 762 19,794 19,168 626 689 613 76 Oct... . 33,973 1 ,030 230 800 12,136 10,843 531 762 20,035 19,415 620 772 704 68 Nov.. . 35,602 1 ,030 230 800 13,688 12,397 5 29 762 20,116 19,492 624 768 700 6H 33,906 1 ,030 230 800 12,549 11,319 529 701 19,587 18,978 609 740 698 42 33,692 1 ,030 230 800 12,482 11,319 462 701 19,443 18,978 465 737 698 39 1969-Jan... . 33,777 1 ,031 231 800 10,728 9,565 462 701 21,331 20,837 494 687 647 40 Feb 34,405 1 ,031 231 800 10,779 9,644 459 676 21,941 21,439 502 654 616 38 Mar.. . 35,051 1 ,031 231 800 10,775 9,640 459 676 22,617 22,122 495 628 590 38 Apr.". 36,148 I ,033 233 800 10,968 9.794 459 715 23,480 22,983 497 667 628 39 1 Represents liability on gold deposited by the International Monetary securities arc 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 16). Data in for the purpose of making gold subscriptions to the IMF under quota in cluded on the second line are based on a benchmat k suivcy 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 J Includes Bank for International Settlements and Furopean 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 Non:.-—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 deferences. 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 ofthe.se 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 dilference, 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 ® 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 arc comparable with those they may differ because revisions of Treasury data have been incorporated shown for the preceding date; figures on the second line arc 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
JULY 1969 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 75 7. U.S. LIQUID LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) End of period fo T r o e t i a gn l E W u e ro st p e e rn 1 Canada Am L e a r t i i c n a n Asia Africa cou O n t t h ri e e r s 2 countries republics 1966.................................................................................................................. 13,655 7,488 1 ,189 1,134 3,339 277 228 1967................................................................................................................... 15,646 9,872 996 1 >31 3,145 249 253 1968—Apr..................................................................................................... 14,374 8,624 1 ,040 1 ,371 2,862 247 230 May.................................................................................................... 13’615 7’919 1 ,035 1 >80 2'795 251 235 June.................................................................................................... 12 101 7 045 ’671 1 197 2 >40 259 189 July.................................................................................................... 12’60S 7/)54 709 I ,528 2,848 284 185 Aug,................................................................................................... 12337 6349 780 1 ’432 2'929 242 205 Sept.................................................................................................. 12,063 6,962 438 1 ’ 196 2.963 293 211 Oct...................................................................................................... 12J36 6'854 416 1 ,’262 3,1 20 271 213 Nov................................................................................................... 13 388 8 397 574 1 '357 3 J 60 271 229 Dec. 3............................................................................................ ( 1 1 1 2 2 , , 4 5 8 4 2 9 7 7, ' 0 0 0 0 1 9 5 5 . 3 3. 2 3 1 1 ' , 3 3 5 5 4 4 3 .3 ; , 1 1 2 6 2 8 2 2 5 48 9 2 22 2 5 6 1969—Jan .................................................................................................... 10,728 5,4.37 564 1,350 2,930 250 197 Feb..................................................................................................... 1 O’, 779 5 252 512 1 >13 3,070 262 270 Mar.................................................................................................... 10,775 5,191 466 1 ,373 .3,208 246 291 Apr J*................................................................................................. I0.96S 5,525 446 1 ,445 2,980 264 308 1 Includes Bank For International .Settlements and European Fund. Note.—Data represent short-term liabilities to the official institutions * 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. J Sec note 9 to Table 6. securities with an original maturity of more than I year. 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) To nonmonetary international To all foreigners and regional organizations3 Payable in dollars IMF Deposits End of period Total 1 Total Deposits b T c i r l e l U e s a r . S t s i a l . u i n - r d y s O t h e t o h rm r e t r P f r o c a r n y i e n c a i i g b c n l s e i m n g v e o e l n s d t t 4 Total Demand Time2 b I c i r l c e l e U s a a r . t S t s e i a f u s . i n r d y s l O t i h e a t r o h b m r e . t 3 r Demand Time 2 eates liab. J 1966...................................... 27,599 27,010 9,884 5,869 7,547 3,710 589 800 580 56 139 212 173 1967 6.................................... 1 1 3 3 0 0 , , 5 65 0 7 5 3 3 0 0 , , 4 2 2 7 8 6 1 1 1 1 , , 5 7 7 47 7 5 5 , , 7 7 7 8 5 0 9 9 , , 1 1 7 7 3 3 3 3 , , 7 72 5 7 0 2 2 2 2 9 9 8 8 0 0 0 0 4 4 7 8 3 7 6 6 7 7 1 12 2 0 4 1 1 7 7 8 8 1 1 1 0 8 7 1968—May....................... 30,758 30,438 13,543 5,429 7,171 4,296 320 800 454 46 118 203 87 J une....................... 30,197 29,874 14,005 5,368 6,154 4,347 323 800 504 79 118 215 92 July......................... 30,766 30,254 14,091 5,466 6,1 10 4,587 512 800 599 75 1 31 254 138 Aug......................... 31,295 30,788 14,526 5,523 6,252 4,487 507 800 595 53 138 265 139 31,351 30 >92 14,566 5 ,546 6,188 4,491 559 800 613 78 131 290 114 Oct.......................... 31,762 31,211 14,917 5 >93 6,405 4,396 551 800 704 56 123 404 121 Nov......................... 33,389 32,818 15,078 5,437 7,843 4,460 571 800 700 44 1 I0 428 118 Dec......................... 31,795 31,159 14,461 5,493 6,797 4,408 636 800 698 68 120 394 116 1969—Jan.......................... 31,849 31,344 15,838 5,498 5,422 4,586 505 800 647 59 100 361 126 Feb....................... 32,499 31,942 16,164 5 ,576 5,486 4,716 557 800 616 62 96 307 151 Mar......................... 33,152 32,578 16,366 5,607 5,376 5'229 574 800 590 69 98 211 212 Apr. ’’.................... 34,205 33’620 16,826 5,622 5,706 5,466 585 800 628 63 85 225 254 May7’.................... 35,921 35>55 16,807 5,634 7,301 5,’61 3 566 800 671 59 82 236 294 For notes see the following page. 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A 76 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JULY 1969 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—Continued (Amounts outstanding; in millions of dollars) 'I o rjsidents offoreign countries To official nstitutions7 Payable n dollars Payable n dollars End of period ..........- ---------------- . ------------ Payable -------- _ —------------ . Payable Total Deposits U.S. Other foreign Total Deposits U.S. Other in Demand Time2 T b c r i c l e e l a s a r t t s e a if u s n i r d y l s l t i h e a o r b m rt j re c n u c r ie s Demand Time2 b Ir c i e l c e ls a a r t s t e a i u f s n i r d y s l t i h e a o r b m r J t cu fo rr r e e n ig c n ie s ---------- ---------------- ---------------- — .-------------- .._...... . ....—..... .............. ----------. - 1........— - — . .. .. 1966.............................. 26,219 9,829 5,730 6,535 3,537 589 12,539 1 ,679 2,668 6,316 1 .359 517 1967 <»............................ i ( 2 2 9 9 , , 3 2 7 3 0 2 1 1 1 1 , ,5 6 1 8 0 0 5 5, , 6 6 5 5 5 6 8 8 , , 1 1 9 9 5 5 3 3, , 6 6 4 1 3 0 2 2 2 2 9 9 1 1 4 4 , , 0 0 2 3 7 4 2 2, , 0 0 5 5 4 4 2 2 , , 4 4 5 6 8 2 7 7 , , 9 9 8 8 5 5 1 1 , , 3 3 8 7 1 8 1 1 5 52 2 1968—May............... 29,504 13,478 5,310 6,167 4,209 320 12,247 2,419 2,054 6,033 1 ,524 217 June............... 28,893 13.925 5,250 5 ,1 39 4,256 323 10,733 2,103 1 ,942 1 5,000 1 ,471 217 July................ 29,367 14,015 5,335 5,056 4,448 512 ll ,239 2,306 2,058 4,927 1 ,544 404 Aug................. 29,900 14,473 5,384 5,187 4,348 507 11 ,155 2,152 2,102 5,021 1 ,476 404 Sept................ 29,938 14,488 5,415 5,099 4,377 559 10,770 1 ,997 1 ,966 4,965 I ,438 404 Oct................. 30,258 14,861 5 ,369 5,201 4,275 551 10,843 2,001 1 ,987 5,089 1 ,362 404 Nov................ 31,889 15,034 5,328 6,615 4,342 571 12,397 2,253 1 ,909 6,494 1 ,337 404 Dee................. 30,297 14,393 5,373 5,602 4,292 636 11,319 2,149 1 ,899 5,486 1 ,322 463 1969—Jan.................. 30,402 15,779 5,398 4,261 4,460 505 9,565 1 ,941 1 ,940 4,125 I ,221 338 Feb................. 31,083 16,102 5,480 4,379 4,564 557 9,644 I ,844 I ,928 4,265 1 ,219 388 Mar................ 31,762 16,297 5,509 4,364 5,018 574 9,640 2,012 1 ,879 4,218 1,143 388 Apr.*............. 32,777 16,763 5,536 4,681 5,212 585 9,794 1 ,869 1 ,898 4,531 1 ,108 388 May"............. 34,450 16,748 5,552 6,265 5,319 566 11 ,306 1 ,792 I ,989 6,092 1 ,045 388 To banks « To other foreigners To banks Payable in dollars and other End of period Total ------- - - - -........ - -, --—------------- _ .. . . . ........._. ........._.... — . . f p o a r y e a ig b n le e r in s: Total Dema D n e d posi T ts ime2 T b c r i c l e e L l a s a L r t s t e S a i u s f . n i r d y s O l t i h e a t o r h h m r e . t r 1 'Total Dema D nd eposi T ts ime2 T b c i r c l e e U l a s a r t S t e s a if s u . n i r d y s O l t i h a e t o h r b m e r .- t r ’ f r o e c r n e u c i r i g e n s — _ ... 1966............................... 13,680 9,864 6,636 1 ,243 137 1 ,848 3,744 1,513 1,819 83 329 72 I967<'............................ f I 1 15 5 , , 2 3 0 3 5 6 1 1 1 1 , , 0 1 0 3 8 2 7 7 , , 9 7 3 6 3 3 1 1 , , 1 1 4 4 2 2 1 1 2 2 9 9 1 1 , , 9 9 2 7 7 3 4 4 , , 1 1 2 2 7 0 1 1 , , 6 6 9 9 3 3 2 2 , , 0 05 5 2 4 8 81 1 2 3 9 02 2 7 7 7 7 I96H—May............... 17,257 13,103 9,497 1 ,212 47 2,34« 4,051 1 ,582 2,045 88 336 10.3 June............... 18,160 13,883 10,128 1 ,261 52 2,443 4,171 1 ,694 2,048 88 342 106 July................ 18,128 13,908 10,097 1 ,210 50 2,551 4, II 1 1 ,613 2,067 79 352 109 Aug................. 18,745 14,516 10,740 I ,214 85 2,477 4,126 1 ,581 2,069 81 395 103 Sept................ 19,168 14,810 10,849 ! , 333 56 2,570 4,203 I ,641 2,116 78 368 1 55 Oct.................. 19,415 15,070 11,264 1 ,241 35 2,529 4,197 1 ,596 2,141 77 383 148 Nov................. 19,492 14,981 11,106 1 ,240 38 2,597 4,344 1 ,674 2,179 83 408 167 Dec................. 18,978 14,362 10,448 1 ,275 30 2,609 4,443 1 ,796 2,199 86 362 173 1969—Jan.................. 20,837 16,250 12,094 1 ,254 29 2,873 4,420 1 ,744 2,203 107 366 167 Feb................. 21,439 16,878 12,489 1 ,367 41 2,982 4,391 1 ,770 2,185 73 362 170 Mar................ 22,122 17,545 12,534 1 ,470 42 3,499 4,390 1 ,751 2,160 104 374 187 Apr.*............. 22,983 18,406 13,131 1 ,517 40 3,718 4,380 1 ,762 2,121 HO 386 197 May"............. 23,144 18,649 13,250 1 ,491 63 3,844 4,316 1 ,706 2,072 110 430 179 i 1 Data exclude “holdings of dollars’’ of the International Monetary with those shown for the preceding date; figures on the second line are Fund. comparable with those shown for the following date. 2 Excludes negotiable time certificates of deposit, which arc included 7 Foreign central banks and foreign central govts, and their agencies, in “Other.” and Bank for International Settlements and European Fund. J Principally bankers’ acceptances, commercial paper, and negotiable 8 [excludes central banks, which are included in “Official institutions.” time CD’s. Note.- •“Short-term” refers to obligations payable on demand or having 4 U.S. Treasury bills and certificates obtained from proceeds of sales of an original maturity of 1 year or less, For data on long-term liabilities gold by the IMF to the United States to acquire income-earning assets. reported by banks, see Table 10. Data exclude the “holdings of dollars” Upon termination of investment, the same quantity of gold can be re of the International Monetary Fund; these obligations to the IMF consti acquired by the IMF. tute contingent liabilities, since they represent essentially the amount of 5 Principally the International Hank for Reconstruction and Develop dollars available for drawings from the IMF by other member countries. ment and the Inter-American Development Bank. Data exclude also U.S. Treasury letters of credit and nonnegotiable, non Includes difference between cost value and face value of securities in interest-bearing special U.S. notes held by the Inter-American Develop IMF gold investment account. ment Bank and the International Development Association. * Data on the two lines shown for this date differ because of changes in reporting coverage. Figures on the first line are comparable in coverage Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
JULY 1969 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 77 9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (End of period; in millions of’dollars) 1966 19671 1968 1969 1 - Area and country ' Dec, Dec, ’ Dec. Dec. Jan. Feb. Mar. Apr." May'' Europe: Austria......................................................................*....................................... 196 231 231 162 136 144 155 159 1'15 Belgium Luxembourg2............................................................................. 420 601 632 313 337 331 310 350 337 Denmark............................................................................................................ 305 243 243 146 141 101 124 159 245 Finland . . ................................................................................................. 58 99 99 176 164 169 151 146 116 France............................................................................................................... I ,070 1,326 1 ,330 1 ,383 1,468 1 ,468 1 ,476 I ,260 1,139 Germany............................................................................................................. 2,538 2,218 2,217 2,640 1,329 1 ,368 1 ,064 1 ,597 3,653 Greece - - ._..,.,.................... * 129 170 170 183 195 178 170 190 176 Italy ..................................................................................................................... 1,410 1 ,948 1 ,948 729 629 601 633 669 628 Netherlands..................................................................................................... 364 589 589 276 217 272 268 302 360 Norway .........................................*.............................................................. 283 449 449 448 317 322 336 334 289 Portugal............................................................................................................ 358 437 432 345 330 319 325 318 300 Spain..................................................................................................................... 162 150 150 158 136 148 146 163 146 Sweden................................................................................................................ 656 492 492 453 453 391 419 391 319 Switzerland , ,...................................................-...................................... • ■ 1 ,085 1,732 1,732 2,155 2,050 1,816 2,154 1 ,960 1,783 T [T u n r i k te e d y . K .... i . n ... g ... d ... o ... m .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. * .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,81 4 7 3 4,85 3 1 3 4,66 3 7 3 6,20 2 0 9 8,13 3 0 3 8,59 3 9 3 9,02 3 4 0 9,80 2 1 8 9,89 3 3 6 YJipn^la vi;i......................................................................................................... 37 23 23 33 25 20 21 24 22 Other Western Europe J............................................................................. 234 736 706 357 411 385 383 386 387 USSR ....................'.................................................................................... 8 8 8 5 12 6 6 8 4 G(hcr Eastern Europe................................................................................ 40 44 44 48 34 35 35 41 38 Total.......................................................................................................... 13,933 16,378 16,194 16,238 16,549 16,705 17,229 18,285 19,985 Gandad .............................................................-............-..................................... 2,502 2,706 2,709 2,796 2,925 3,100 3,061 3,092 3,247 Latin America: O ( G B M A C h u r r e o a g h il x l z e e a o i i n c l m . . t . o . 1 b . . . . 0 . . . i . . . * . a . . . ' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ■ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . > . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 6 4 2 1 1 6 3 7 1 9 5 1 8 2 8 9 0 H 2 2 7 4 1 1 5 2 3 6 8 7 3 7 2 0 9 9 0 2 2 7 4 1 1 5 3 2 7 7 6 2 3 7 0 9 9 6 9 3 2 2 4 1 2 7 4 5 7 5 3 9 4 9 4 7 8 3 2 2 9 4 1 0 9 2 3 4 5 1 1 2 8 6 7 8 3 9 4 2 2 1 4 3 3 5 8 5 1 1 0 8 2 6 7 9 2 3 2 4 1 1 6 3 2 9 4 3 5 6 9 9 4 8 5 3 2 8 2 1 2 4 2 9 8 5 1 1 5 3 8 4 8 7 4 3 2 3 1 8 8 4 2 5 1 9 2 9 0 4 4 8 1 (KHlIlul, ..................*...................................................... ' • ■ 249 274 274 276 277 279 274 273 262 Peru ............................................................................................................... 161 147 1 47 149 149 155 150 1 46 145 F V [ a J e t r n h u e e g z r u u a 1 e y a l a t i . n .. . . . . . . . A . . . . . . m . . . . . . . . . e . . . . . r . . . i . . c . . . . . a . . . . . n . . . . . . . . . . r . . . . e . . . . . p . . . . . . u . . . . . b . . . . . . l . . i . . c . . . . . . s . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 5 1 0 2 7 7 7 2 5 2 7 2 3 9 3 3 3 5 2 7 3 2 9 3 3 3 6 2 7 1 6 9 6 2 1 7 5 2 9 9 8 9 9 2 8 3 5 6 0 8 5 5 8 7 6 4 5 3 0 0 4 2 7 6 4 1 5 2 7 2 9 4 7 5 5 0 8 2 7 9 N Ba e h th a e m rl a a s n d a s n d A B nt e il r l m es u d ri a nd ... .. S ... u ... r .. i . n ... a ... m .... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 1 4 7 11 1 1 8 10 1 9 8 8 3 8 0 10 31 5 1 3 04 0 9 3 5 4 9 31 7 9 3 9 2 Other Latin America................................................................................... 3,883 4,140 4,134 4,657 4,605 4,729 4,733 4,776 4,601 Total............................................................................................................ As r I T H i i n a n h o d d : i n m n ia g n ' . e .. K . M s .. o . i . a a .. n . . i . . n . . g . . . . l . . . a . . . . . . . . . n . . . . . . . d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 5 3 4 7 1 4 9 5 2 6 3 2 1 5 1 2 3 3 5 4 5 4 6 3 2 1 5 1 3 2 .1 7 4 5 4 6 2 2 2 8 1 7 5 1 9 0 0 2 2 1 6 1 6 3 9 5 9 2 0 7 2 2 1 3 5 6 5 3 6 6 6 4 7 2 2 1 5 3 6 6 5 3 8 9 2 4 2 2 1 5 7 3 8 4 3 8 0 4 4 2 2 1 5 9 7 5 3 8 0 7 7 8 Israel . ■ ............................................................................................ 2,671 2,563 2,612 3,319 3,248 3,382 3,546 3,417 3,441 Japan ................................................................................................................. 162 176 176 171 155 150 132 129 138 Korea................................................................................................................... 285 289 289 27| 237 217 265 243 214 T P a h i i w lip a p n in ... e ... s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 5 2 9 8 8 6 2 1 2 6 6 6 2 1 2 6 2 5 1 5 55 6 5 1 5 4 9 9 5 1 7 5 7 4 5 1 6 5 3 9 5 1 5 6 4 0 5 1 4 7 4 5 Other.................................................................................................................. 779 858 859 627 575 563 557 547 509 Total............................................................................................................ 5,250 5,492 5,541 5,956 5,696 5,793 5,998 5,840 5,840 Africa: C S M o o o u n r t g o h o c c A ( o K f . r i i n c . s . a . h .. . . a . . . . . . s . . . . . a . . . . . ) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........... 7 3 1 1 1 5 3 6 1 1 3 8 6 3 1 1 3 8 5 1 1 8 3 2 5 1 1 0 5 2 5 1 1 8 3 4 5 1 3 5 9 7 1 1 6 7 9 6 1 1 1 7 4 U A R (Envoi)............................................................................................... 39 16 16 18 19 18 19 1 9 24 Other ................................................................................................................... 229 221 221 260 265 297 267 257 255 Total. ............................................................................................... 385 349 349 .161 360 400 364 389 371 Other countries: Australia.............................................................................................................. 243 278 278 261 238 326 343 365 380 All other.............................................................................................................. 22 27 27 28 28 29 34 30 Total........................................................................................................... 266 305 305 289 267 355 377 395 407 Total foreign countries................................................................................... 26,219 29,370 29,232 30,297 30,402 31,083 31 ,762 32,777 34,450 International and regional: International4.......................................................................................... 1 ,270 1 ,181 1 ,175 1 ,388 1 ,328 1 ,303 1 ,256 1 ,309 1 ,348 Latin American regional........................................................................... 73 78 70 78 83 80 96 87 90 Other regional 5.............................................................................................. 38 28 28 32 36 33 38 32 33 Total............................................................................................................ I ,380 1 ,287 1 ,273 1 ,498 1 ,447 1 ,416 1 ,390 1 ,428 1 .471 Grant! total.............................. 27,599 30,657 30,505 31,795 31 ,849 32,499 33,152 34,205 35,921 1 Data in the two columns for this date differ because of changes in •'Includes Bank for International Settlements and European Fund; reporting coverage. Figures in the first coaunn are comparable in coverage beginning with the second column for Dec. 1967, excludes Luxembourg. with those shown for the preceding date; figures in the second column are 4 Data exclude "holdings of dollars” of the International Monetary comparable with those shown for the following date. Fund but include IMF gold investment. 2 Through the first column for Dec. 1967 Luxembourg was included in 5 Asian, African, and European regional organizations, except BIS and "Other Western Europe”. European Fund, which are included in “Europe.” Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 78 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JULY 1969 9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES BY COUNTRY—Continued (Amounts outstanding: in millions of dollars) Supplementary data (> (end of period) I 1969 1967 1968 1967 1968 1 969 Area or country Area or country Dec. Apr. Dec. Apr. Dec. Apr. Dec. Apr. Other Western Europe: Other Asia- Cont.: Cyprus....................................................... 1.7 20.9 8.0 2.3 Jordan...................................................... 39.8 6.6 3.0 4.0 Iceland....................................................... 4.3 3.3 5.6 4.4 Kuwait...................................................... 36.6 34.0 66 7 40 5 Ireland, Rep. of.................................... 9 4 14.7 23 8 20.5 1 .oas........................................................... 3 6 4.0 t [ 4 0 Luxembourg........................................... 31.3 (7) (’) (") I .ebanon.................................................. 1133 97.2 78' 3 81.9 Malaysia.................................................. 63.9 52.1 51 8 40.9 Other Latin American republics: Pakistan................................................... 54.8 54.1 59.7 23.6 Bolivia.................................................. 59.9 61.0 66.0 64.6 Ryukyu Islands (inch Okinawa).. 14.5 26.4 17.0 20.0 Costa Rica... ....................... 42 6 55.0 51,1 60.7 Saudi Arabia........................................ 61 2 70.3 29 0 47 9 Dominican Republic......................... 55.1 60.2 68.9 58.9 Singapore................................................ 159^5 156.9 66 6 40 1 Ecuador.................................................... 85.6 64.1 66 4 61 .9 Syria........................................................... 6.3 6.5 2 1 4 0 El Salvador............................................ 72.8 83.6 82 1 88.7 Vietnam.............................................. 148.2 123.0 50 5 40^4 Guatemala............................................... 73.0 96.4 85 8 89.9 Haiti............................................................ 15.8 17.4 16/2 18.0 Other Africa: Honduras................................................. 29.7 31 4 33 2 36. 5 Algeria...................................................... 6.9 7 9 8 1 6 2 Jamaica..................................................... 22.4 44.4 41 *7 28.5 Ethiopia, find. Eritrea)................... 23 8 22,5 13 2 15 io Nicaragua................................................. 45.6 57.9 67 0 78 5 Ghana.................................................... 4 3 13.0 3^3 7.6 Paraguay.................................................. 12.7 11.6 15 7 17 7 Kenya....................................................... 16*4 19.8 28 6 34.1 Trinidad & Tobago............................ 6.1 9.2 10.4 7. 7 Liberia...................................................... 24.9 26.4 25 2 27 8 Libya......................................................... 17 9 45.0 68/9 9.^5 Other Latin America: Nigeria.................................................... 37 9 24.0 19.6 British West Indies.............................. 13.8 20.6 25.2 25.3 Southern Rhodcsia............................ 2 4 4 2 1 4 2.0 Sudan...................................................... 23 2 1 5 J 2 9 Other Asia: Tanzania.................................................. 20.3 26.9 21 2 21 5 Afghanistan............................................. 5.5 5.6 6.2 7.6 Tunisia ................................................. 10 3 2 0 7 J 2,3 Burma........................................................ 10.8 16.6 4.7 5 2 Uganda.................................................... 1 4 10 0 5.8 Cambodia............................................... 1.9 2.7 2 4 2 0 Zambia..................................................... 24 8 21 ' 3 25.3 Ceylon....................................................... 5.0 4.5 4.2 5.1 Iran.............................................................. 49.6 38.4 41.3 43.9 All other: Iraq.............................................................. 34.6 10.0 86.1 New Zealand........................................ 17.5 15.4 16 8 19.6 6 Represent a partial breakdown of the amounts shown in the “other” categories (except “Other Eastern Europe”). 7 Included with Belgium. 10. LONG-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) To foreign countries Country or area To End of period Total H an il d l, Official Other Other Ail regional Total in ti s o t n it s u Banks 1 for e e r i s gn A t r i g n e a n Am La e t r i i n c a Israel Japan Thailand O A t s h i e a r co o u t n h t e r r ie s 1966....................................... 1 ,494 506 988 913 25 50 234 8 197 1 40 277 133 19672 ( ( 2 2 , , 5 5 4 6 6 0 6 6 9 8 8 9 1 1 , ,8 8 6 5 3 8 1 I , , 8 8 0 0 7 7 1 1 5 5 4 35 0 2 2 5 5 1 1 2 2 3 3 4 4 1 1 2 2 6 6 4 44 4 3 3 2 2 1 1 8 8 5 5 0 0 2 2 8 89 4 1968—May........................ 2,760 686 2,074 2 023 15 36 250 250 161 569 198 561 84 June....................... 2,791 668 2’123 2,'07 3 1 2 38 288 265 166 569 198 552 84 July......................... 2,627 639 I ’989 I /J33 18 38 88 264 190 591 202 569 85 Aug......................... 2,759 644 2,115 2'059 18 38 188 263 205 593 205 576 85 Sept......................... 2^910 649 2,261 2 204 15 42 247 267 244 61 6 197 610 80 Oct........................... 2/979 680 2 100 2 ,'240 12 47 247 266 242 644 201 622 78 Nov......................... 1 ’031 741 2 290 2'240 10 40 247 248 217 656 201 624 97 Dec.......................... 3,150 760 2,’390 2,342 8 40 284 257 241 658 201 652 97 1969—Jan........................... 3,158 768 2,390 2,347 6 38 273 251 240 658 201 648 120 Feb.......................... 3^130 770 2,360 2^316 8 36 284 247 228 658 200 614 129 Mar......................... 3^099 760 2,338 2,'298 5 36 284 242 221 658 200 607 125 Apr/’..................... 3,’045 769 2,276 2,234 5 37 284 205 208 658 201 593 127 May^..................... 2 ,’960 761 2,199 2,158 5 36 284 193 189 658 201 562 112 1 Excludes central hanks, which are included with “Official institutions." those shown for the preceding date; figures on the second line arc com 2 Data on the two lines for this date differ because of changes in report- parable with those shown for the following date. ing coverage. Figures on the first line are comparable in coverage with Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
JULY 1969 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 79 11. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. GOVERNMENT BONDS AND NOTES (End of period; in millions of dollars) 1968 1969 Area and country May June July Aug. Sept. Oct. Nov. Dec. Dec. Feb. Mar. Apr.” May/’ Europe: Denmark..................................... II 1! 11 11 11 1 1 10 10 9 Finland........................................ 2 2 2 2 2 2 France........................................... 7 7 7 7 7 7 7 7 5 Netherlands, ............................ 4 4 4 4 4 4 4 4 2 2 2 2 Norway........................................ 57 57 57 38 38 38 38 38 37 37 37 37 37 Spain............................................. Sweden......................................... 26 26 26 6 6 6 6 6 5 5 Switzerland................................ 92 91 91 90 90 90 87 87 39 45 45 45 45 44 United Kingdom.................... 427 432 445 455 449 444 446 432 350 371 377 370 371 351 Other Western Europe. .. . 48 47 47 46 46 46 46 46 30 30 30 30 30 30 Eastern Europe....................... 7 7 7 6 6 6 6 6 6 6 7 Total 682 685 697 666 660 655 654 6’41 488 520 512 514 494 377 377 376 374 371 370 375 373 384 386 387 388 388 388 Latin America: Latin American republics.. 5 5 5 5 5 5 Neth. Antilles & Surinam. 17 17 20 22 22 22 22 22 Other Latin America............ 2 2 2 2 2 1 25 25 27 29 28 28 28 Asia: Japan..... 10 10 10 10 10 10 10 Taiwan. .. 2 2 2 2 2 2 2 Other Asia 52 52 52 50 61 61 16 Total 63 63 63 62 73 73 28 28 Other countries 20 20 20 25 25 25 Total foreign countries 1,167 1,170 1 ,184 1 ,156 1 ,157 1 ,151 38 927 956 961 954 956 932 International and regional: International........................ 129 129 122 122 37 29 29 25 24 24 24 32 Latin American regional.. 37 37 38 38 38 38 15 Asian regional.................... 1 1 1 1 1 1 Total 166 167 160 160 76 68 43 40 38 38 39 48 Grand total 1 ,334 1 ,336 1,344 1 ,316 1 ,233 1,219 1,180 996 999 992 995 980 Note,—Data represent estimated official and private holdings of mar Data shown for Dec. 1968 (second column) through latest date are based ketable 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 16). 12. 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- S we- Tai- Thai- Aus- Bel- Ger- Swit- Total gium ada l — m .. a — rk Italy2 Korea d—en wan land Total tria gium many 3 Italy zerland B.I.S. —-----------------------------------—-------- —.—------.— — ■ —— — ... —----------- — .—----------- -------• ———------------ —--------- 1966................................... 695 353 144 84 ............. 25 342 25 30 50 125 III ............. 1967.................................... 1,563 516 ............. 314 ............. 77 ............ 25 1 ,047 50 60 60 i 125 211 ............. 1968—June..................... 2,506 1,108 12 914 10 47 25 1 ,398 50 60 852 125 311 ............. July...................... 2,521 1,122 12 914 10 146 15 25 1 ,399 50 60 852 125 311 Aug...................... 2,595 1,122 12 914 10 146 15 25 1 ,473 50 60 926 125 311 Sept...................... 2,865 1 ,392 12 1,164 20 146 15 25 10 1,473 50 60 926 125 311 Oct....................... 2,996 1 ,397 12 1,164 20 46 15 25 15 1 ,598 50 60 1,051 125 311 Nov...................... 2,969 1 ,370 12 1,134 20 46 15 25 18 1 ,598 50 60 1 ,051 125 .311 Dec....................... 3,330 1 ,692 32 1 ,334 20 46 15 25 20 100 1 ,638 50 ....1..,.0...5..1. 226 311 ............. 1969—Jan........................ 3,455 1,692 32 1 ,334 20 46 15 25 20 100 1 ,763 50 1 ,176 226 311 ............. Feb....................... 3,431 1,692 32 1,334 20 46 15 25 20 100 1 ,738 50 1,126 226 337 Mar...................... 3,405 1,667 32 1,334 41 15 25 20 100 1 ,738 50 1,126 226 337 Apr...................... 3,568 1 ,666 32 1 ,334 40 15 25 20 100 1 ,902 50 ............. 1 ,250 226 376 May.................... 3,518 1 ,666 32 1 ,334 40 15 25 20 100 1 ,852 50 1 ,200 226 376 June.................... 3,269 1,416 32 1 ,084 ...........4..0 15 25 20 100 1 ,853 50 ....1 ..,..2..0...0 226 377 ............. 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 (966, $144 million; end of 1967 through Oct. 1968, $114 J In addition, nonmarkctaWe U.S. Treasury notes amounting to JI25 million; and Nov. 1968 through latest date, S84 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
A 80 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JULY 1969 13. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (End of period; in millions of dollars) 1966 1967 • [ 1968 j 1969 Area and country i ■ Dec. Dec. Dec. Dec. Jan. Feb. Mar. Apr J’ May»' Europe: Austria................................................................................................................. 16 17 16 6 3 5 3 3 12 Belgium—Luxembourg 2.............................................................................. 67 66 83 40 45 52 46 53 55 Denmark.......................................................................................................... I <'2 37 37 36 34 42 31 29 31 Finland.............................................................................................................. I 91 78 78 63 63 61 57 59 59 France................................................................................................................ ! 74 88 88 66 59 53 58 66 89 Germany........................................................................................................... i 227 176 179 171 ■ 142 149 136 157 178 Greece.................................................................................................................. 1 16 19 19 12 11 12 12 12 15 Italy........................................................................................................................ 1 110 58 58 105 75 1 93 98 1 10 109 Netherlands.................................................................................................... , 40 35 ' 35 ; 40 37 34 41 38 38 Norway................................................................................................................. 76 61 61 43 38 35 32 39 42 Portugal.............................................................................................................. 41 26 26 10 9 8 1 8 9 9 Spain...................................................................................................................... 67 54 54 46 40 40 44 47 40 Sweden................................................................................................................. 75 75 75 58 59 54 56 53 54 Switzerland...................................................................................................... 88 98 98 93 95 124 108 125 108 Turkey.................................................................................................................. 52 38 38 38 26 26 35 31 28 United Kingdom............................................................................................ 193 244 244 318 303 305 338 339 338 Yugoslavia.......................................................................................................... 19 13 13 22 33 34 36 38 37 Other Western Europe-'.............................................................................. 40 30 13 15 11 11 11 11 12 U.S.S.R................................................................................................................ 2 3 3 3 1 1 3 4 Other Eastern Europe................................................................................. 16 18 18 21 18 18 18 21 25 Total............................................................................................................ 1 ,374 1 ,234 1 ,238 1 ,205 1 ,102 1,157 1,170 1 ,242 1 ,284 Canada....................................................................................................................... 61 1 597 597 523 503 593 663 696 74I Latin America: Argentina.......................................................................................................... 187 221 221 249 245 247 254 274 266 Brazil.................................................................................................................. 1 12 173 173 338 338 336 337 331 328 Chile...................................................................................................................... 158 177 177 193 176 168 165 164 161 Colombia............................................................................................................ 305 217 217 206 190 188 197 208 197 Cuba...................................................................................................................... 16 16 16 14 14 14 14 14 1 4 Mexico................................................................................................................ 757 960 960 943 914 931 966 948 953 Panama................................................................................................................ 85 47 47 56 52 57 58 55 55 Peru........................................................................................................................ 212 249 249 207 200 179 181 191 189 Uruguay.............................................................................................................. 45 42 42 44 40 43 42 41 43 Venezuela............................................................................................................ 220 226 226 232 213 204 203 21 1 212 Other Latin American republics............................................................ 261 289 289 280 268 270 273 263 273 Bahamas and Bermuda.............................................................................. 61 63 63 80 147 88 64 68 67 Netherlands Antilles and Surinam....................................................... 18 10 10 19 21 14 16 1 1 14 Other Latin America.................................................................................... 16 18 18 22 17 16 17 19 31 Total............................................................................................................ 2,453 2,707 2,707 2,884 2,837 2,756 2,787 2,798 2,802 Asia: China Mainland............................................................................................. 1 I 1 1 1 1 1 Hong Kong....................................................................................................... 31 28 30 32 27 26 33 42 38 India...................................................................................................................... 16 10 10 19 13 13 1 1 12 10 Indonesia............................................................................................................ 6 5 5 23 19 24 25 59 61 Israel...................................................................................................................... 98 57 57 84 80 SO 94 93 122 Japan..................................................................................................................... 2,572 3,147 3,154 3,113 2,998 2,972 3,053 2,916 3 ,035 Korea.................................................................................................................... 31 59 59 77 71 78 75 103 1 1 4 Philippines.......................................................................................................... 220 295 303 239 233 241 269 253 256 Taiwan................................................................................................................. 15 37 37 38 36 39 44 47 46 Thailand............................................................................................................... HI 100 100 99 93 87 84 84 86 Other............................................................................................................. 135 137 138 145 138 142 137 152 157 Total............................................................................................................. 3,206 3,875 3,894 3,872 3,709 3,703 3,825 3,762 3,927 Africa: Congo (Kinshasa) 1 1 1 3 3 2 2 4 7 Morocco.............................................................................................................. 2 2 2 2 2 3 4 3 4 South Africa...................................................................................................... 50 37 37 46 40 38 38 42 46 U. A.R. (Egypt)...............................................................................................: 25 11 11 8 10 8 8 10 11 Other.......................................................................................................................1 69 52 52 73 72 70 56 60 62 Total..............................................................................................................| 147 102 102 133 127 120 109 119 130 Other countries: Australia.............................................................................................................. 52 54 54 66 59 53 56 64 66 All other.............................................................................................................. 10 13 13 13 11 10 10 11 12 Total............................................................................................................. 62 67 67 79 70 63 65 75 78 Total foreign countries..................................................................................... 7,853 8,583 8,606 8,695 8,347 8,392 8,620 8,692 8,962 International and regional.............................................................................. 1 * * ♦ I 1 2 1 1 Grand total..........................................................................................| 7,853 8,583 | 8,606 8,695 8,348 8,393 8,622 8,693 8,963 1 Data in the two columns for this date differ because of changes in Note.—Short-term claims are principally the following items payable reporting coverage. Figures in the first column arc comparable in coverage on demand or with a contractual maturity of not more than I year: loans with those shown for the preceding date; figures in the second column 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 column 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 column for Dec. 1967, excludes Luxem their customers in the United States. Excludes foreign currencies held bourg. by U.S. monetary authorities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
JULY 1969 □ INTL CAPITAL TRANSACTIONS OF THE U.S. A 81 14. 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 Collec govt, se End of period Total Total Official t o io u n t s fo m a r n a c d a e e c s c t, Other Total W De it p h o fo si r ts c c u o r m itie l. s , Other Total institu Banks 1 Others st i a n n g d of for eigners a n n a d n c f e i tions eigners paper 1966...................................... 7,853 7,433 3,141 256 1,739 1,145 1 ,288 2,540 464 420 241 70 110 (8,583 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 70 67 1968—May....................... 8,331 8,010 3,076 270 1 ,619 1,187 1 ,610 2,886 438 321 220 44 57 June....................... 8,244 7’919 3,041 288 1 ’604 1,149 1 ,615 2,796 467 325 228 38 60 July........................ 8'179 7 ,’841 3 >02 287 1’566 1,148 1 ,586 2,787 467 338 230 44 65 Aug......................... 8 >30 7,903 3’022 300 1 ,570 1,152 1 ,606 2,824 452 326 225 38 62 Sept................... . 8,323 7'977 3,197 302 1 >31 1,163 1,621 2>45 415 346 250 29 67 Oct........................ 8,428 8'031 3J50 267 1 >05 1 ,178 1 ,657 2,773 451 397 306 28 63 Nov........................ 8’547 8,149 3>19 220 1 ,811 1 ,189 1 ,697 2,747 486 398 279 52 67 Dec......................... 8’695 8 >59 3,163 247 I '697 1 >19 1 >33 2>54 509 436 336 29 72 1969—jan........................... 8,348 7,984 3,038 217 1,667 1,154 1,623 2,794 528 364 249 50 65 Feb.......................... 8’393 8,014 3 J 38 222 1 >57 1,159 1 ,567 2>46 563 379 263 40 76 Mar......................... 8’622 8,195 3 >04 275 1 >81 1 ,149 1 ,634 2,777 580 427 267 70 90 Apr.”..................... 8’693 8>10 3; 160 290 1 762 1 ,108 1 ,711 2>73 565 483 318 67 98 May”..................... 8,963 8 >68 3 >04 295 1 >51 1 >58 I >33 2,899 632 495 290 100 104 1 Excludes central banks which arc included with “Official institutions.” with those shown for the preceding date; figures on the second line are 2 Data on the two lines shown for this date differ because of changes in comparable with those shown for the following date. reporting coverage. Figures on the first line are comparable in coverage 15. LONG-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Type Country or area Payable in dollars E p n er d io o d f Total Loans to— O lo t n h g e r P c fo u a r y r e i r n a e i g b n n le U K d n i o n i m te g d E O u t r h o e p r e Canada Am La e t r i i n ca Japan O A t s h i e a r co o u A t n h l t e l r i r e s Official : Other term cies Total institu Banks1 foreign claims tions ers 1966...................... 4,180 3,915 702 512 2,702 247 18 70 1 ,143 326 1 ,346 326 409 562 1967...................... 3,925 3’638 669 323 2,645 272 15 56 720 427 1 ,556 180 449 537 1968—May.. .. 3,791 3,435 602 292 2,541 345 II 65 632 429 1 ,442 151 553 518 June.... 3,736 3.380 568 292 2,520 345 11 65 601 417 1 ,435 152 559 506 July. . .. 3,627 3,272 541 274 2,457 343 11 65 552 414 1 ,411 145 545 495 Aug........ 3,612 3,262 526 268 2,467 339 12 70 519 414 1 ,401 138 567 502 Sept........ 3,571 3,217 516 266 2,435 342 12 71 506 418 1 ,384 136 558 498 Oct......... 3,645 3,285 582 267 2,436 346 13 71 495 416 I ,418 132 620 492 Nov........ 3,603 3,242 577 246 2,419 347 14 69 497 420 1 ,382 128 624 484 Dec......... 3,567 3,158 528 237 2,393 394 16 68 479 428 I ,375 122 617 479 1969—Jan.......... 3,509 3,117 509 230 2,379 376 16 67 473 408 1 ,376 118 611 456 Feb......... 3,534 3,114 501 24 3 2,370 402 18 67 474 432 1 ,382 117 610 452 Mar........ 3,434 3,017 485 211 2,321 401 16 67 473 400 1 ,336 114 571 473 Apr.”... 3,435 3,047 477 233 2,336 372 16 66 480 402 1 ,330 113 578 466 May”... 3,453 3,061 472 239 2,350 375 17 55 487 397 1 ,352 112 572 477 1 Excludes central banks, which are included with “Official institutions.” Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 82 INTL CAPITAL TRANSACTIONS OF THE U.S. □ JULY 1969 16. 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..................................... -489 -161 -328 -380 51 17,558 13,329 4 229 2,306 3,673 -1 '367 1 ,245 1 ,562 -316 1969—Jan.-May3*. . .. 14 9 5 -3 8 7,033 5,537 1 ,496 792 1,165 -373 650 815 -165 1968—May...................... -33 -39 6 8 -2 1 ,852 1 ,375 477 305 185 1 20 87 110 ■22 June...................... 3 2 - I 3 1 ,505 1 ,166 340 105 237 -131 94 11 3 - 19 July....................... 8 -6 14 14 1 ’496 1,109 387 167 253 -86 81 83 Aug........................ -28 -28 -36 8 1 '340 1 ,049 291 141 226 -85 100 187 -87 Sept....................... -83 -85 2 -9 1 '279 960 319 116 225 -110 97 201 - 104 Oct......................... -14 -8 -6 -6 1 '856 1 ,454 402 450 692 -242 216 154 62 Nov.. ........ 2 -2 3 1 ,610 1 ,270 340 1 72 361 -189 146 155 -9 Dec........................ -41 -26 - 15 -15 1 '803 1 ’468 334 104 166 -62 100 174 -74 1969—Jan......................... 30 1 29 29 1 ,660 1,134 525 1 68 344 ■176 130 109 21 Feb........................ 4 1 5 - 3 7 I ,416 1 ,065 351 121 227 - 106 123 191 -68 Mar....................... -7 -7 -7 1 270 981 289 244 264 —19 126 125 Apr.33.................... 3 1 2 * 2 1121 I -,019 102 103 180 -77 102 1 37 - 34 May3’................... -15 9 -24 * -24 1 '566 1 ,338 228 156 151 6 169 254 - 85 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 12. 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 arc not guaranteed by the United States. organizations. 17. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE STOCKS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y N la e n th d e s rSw la it n z d er K U in n g i d te o d m E O u t r h o e p r e E T u o ro ta p l e Canada Am La e t r i i n ca Asia Africa co O u t n h t e ri r e s r I e n g t i i o . n & a l 1967............................ 757 68 68 22 250 -115 49 342 265 84 49 3 14 1968............................ 2,270 201 169 298 822 -28 t 30 1 ,592 386 151 1 24 2 3 1 2 1969—Jan.-May p 961 31 83 46 445 -82 160 684 129 98 40 -I * 12 1968—May............. 92 5 26 13 -9 14 2 51 15 19 6 * * June............ 199 13 16 7 94 -8 6 128 37 14 19 * 1 July............. 222 20 8 -4 120 -IO 19 153 46 6 20 * 1 -2 Aug.............. 79 15 6 7 48 -9 13 80 9 -17 6 1 Sept 150 25 8 4 45 7 11 100 25 7 16 - 1 * 2 Oct............... 211 9 24 7 119 -II -4 144 21 30 15 2 Nov............. 284 48 17 18 92 26 6 207 40 18 18 * 2 Dec.............. 237 20 31 8 79 -21 34 151 39 39 6 * * 2 1969—Jan............... 362 9 27 8 152 15 213 94 30 22 -1 * 4 Feb............... 270 9 21 3 113 2 43 191 36 40 5 * * -1 Mar............. 99 4 18 13 82 -39 33 111 -9 -12 9 * Apr.?.......... 74 6 12 35 -21 19 51 9 10 3 1 Mayp.......... 156 3 5 22 63 -25 50 118 -1 30 1 * * 8 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
JULY 1969 □ INTL CAPITAL TRANSACTIONS OF THE U.S. A 83 18. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE BONDS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y N la e n th d e s rSw la it n z d er K U in n g i d te o d m E O u t r h o e p r e E T u o ro ta p l e Canada Am La e t r i i n c a Asia Africa co O u t n h t e ri r e s I r n e t g i, i o a n n a d l 1967........................... 313 114 38 9 177 -337 42 43 41 31 30 34 14 121 1968........................... 1,959 195 248 39 510 522 238 I ,752 68 12 -1 4 11 117 I960 —Jan.-May * 535 45 56 3 95 141 41 » 13 15 -14 * 24 118 1968—May............. 385 38 35 ll 110 150 70 413 5 6 6 ♦ -46 June........... 141 4 3 32 82 -6 116 17 5 1 * * 2 July............. 1 64 18 13 4 68 21 19 143 16 4 1 * * 2 Aug.............. 212 17 56 7 28 47 35 190 13 2 * 9 Sept............. 170 6 51 1 43 -8 9 102 4 -3 1 * 68 Oct....... 191 9 58 10 25 4 106 4 -11 -24 * 3 113 Nov............. 56 50 -I 1 24 -2 -6 66 •5 -1 -3 4 Dec.............. 98 9 3 * 38 34 9 93 -9 * 3 * 10 1 1969 -Jan............... 163 3 3 2 38 8 34 89 4 2 * 3 66 Feb.............. 81 1 3 7 46 -9 48 4 6 -3 * 10 16 Mar............. 190 32 43 -1 23 9 12 118 -6 -10 -11 • -2 102 Apr. *'.......... 28 -2 0 34 3 37 8 8 * 6 -32 May*’.......... 73 9 7 4 25 44 1 88 3 ♦ * 7 -34 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. 19. NET PURCHASES OR SALES BY FOREIGNERS OF LONG 20. FOREIGN CREDIT AND DEBIT TERM FOREIGN SECURITIES, BY AREA BALANCES IN BROKERAGE ACCOUNTS (In millions of dollars) (Amounts outstanding; in millions of dollars) Period Total gi I a o r n e n n t d i a , l c T e o f o o i u g t r n n a l r E op u e C a a da n A L i m a ca t e in r Asia r A ic f a O c t o r t i h u e e s n r E pe n r d io o d f fo b ( r C a d e l u i r a g e e n n d c e t i e o t r s s ) f ( o d b r u a e D l e i a g e n n f b r c e o i e t r m s s ) tries 1964.................................................. 116 91 1967......................... -1,320 -393 -927 3 -768 38 -152 -20 -27 1965.........................................1...5..8.... 1 19 1968........................ -1,084 -329 -1,354 7 -934 -300 -96 - 39 6 1966.................................................. 175 128 1967 ................................................. 311 298 1969—Jan.—May ^ -538 76 -614 -7 -417 -75 -105 -10 -3 1968—Mar..................................3.51 269 1968—May......... 97 137 -40 -13 -37 -6 18 -4 1 454 375 June......... -150 2 -152 8 -103 -27 -20 - 12 2 468 399 July........... -88 -14 -74 53 -56 -60 -7 -4 632 506 Aug.. . . . -173 -13 -159 -58 -92 -2 -8 -1 2 Sept..... -214 -18 -195 -69 -61 -44 -21 1969—Mar.'’..............................570 411 Oct............ -180 -218 39 79 -55 6 -7 16 Nov..... -198 -58 -140 41 -101 -60 -26 3 2 Dec...... -136 -6 -13! -68 -17 -5 -35 * -6 Note,—Data represent the money credit balances and money debit balances appearing on the books of reporting 1969—Jan............. -155 -32 -122 13 -129 ■5 -4 -1 3 brokers and dealers in the United States, in accounts of Feb........... -174 -5 -170 -3 -163 4 -9 2 foreigners with them, and in their accounts carried by Mar........... -18 102 -121 22 -20 -60 -45 -6 -11 foreigners. Apr.p.... HI 8 -119 -22 -62 •14 -21 * 1 May e. ... -79 3 -83 -16 -43 2 -26 * I Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 84 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JULY 1969 21. LIABILITIES OF U.S. BANKS TO THEIR FOREIGN BRANCHES (In millions of dollars) Wednesday Amount Wednesday Amount Wednesday Amount Wednesday Amount 1964 1966 1968' 1969' J F a e n b . . 2 2 9 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 , , , 0 0 0 4 4 77 0 6 J F M a e a n b . r . . 2 2 3 6 3 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 , , , 6 8 9 8 7 0 8 9 2 F M e a b r . . 2 27 8 J . . . . . . a . . . . n . . . . . . . . . . . . . . . . . 3 . . . . . . 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ............4 4 4 .. , , , .. 9 2 5 .. 2 5 3 . 0 9 0 ren. 1 1 2 9 . 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 8 H , , 4 0 ^ 0 7 3 2 / 1 Apr. 24................................... 5,020 26................................... 8; 947 Apr. 29................................... 1,146 Apr. 27.............................. 1 ,909 May 29................................... 5,888 May 27................................... 1 ,132 May 25................................... 2,003 6,241 June 24.................................. 917 June 29............................ 1,951 July 31.................... 6,217 Mar. 5.................................... 9,248 July 29................................... 1 ,008 July 27.................................... 2,786 7,060 12. .. 9,499 1,166 Aug. 31................................... 3,134 Sept. 25................................... 7,152 19.................................... 9,828 Sept. 30.................................. 1,166 Sept. 28................................... 3,472 26 9,743 Oct. 2................................... 6,936 Oct. 28.................................. 1,198 Oct. 26.................................... 3,671 9. . . . . 6,907 1,380 Nov. 30................................... 3,786 16..................... 7,260 Dec. 30.................................. 1,183 Dec. 28................................... 4,036 23................................... 7,517 9,260 30................................... 7,086 9, 9,620 1965 1967 16................................... 9,845 6,968 23................................... 10,473 Jan. 27................................... 1,358 3,653 13................................... 7,187 30 9,617 Feb. 24.................................. 1,592 Feb 22 ........... .. 3,396 20................................... 7,394 Mar. 31................................... 1,431 3,412 27................................... 7,279 Apr. 28.................................. 1 1 1 , , , 4 4 4 3 3 3 3 6 2 J A M u p a n r e y . 2 3 2 6 1 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 2 , , , 0 1 7 4 6 7 7 6 6 Dec. 2 1 1 4 5 1 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 7 7 6 , , , , 3 4 0 9 2 4 0 6 1 3 7 4 3 2 1 8................................... 1 1 1 9 0 0 0 , , , , 0 6 1 2 4 7 3 5 1 2 9 6 July 28.................................. 1,572 July 26................................... 3,660 Aug, 25.................................. 1 ,792 Aug, 30................................... 3,976 1969' Sept. 29................................... 1,611 Sept. 27................................ 4,059 6,106 8................................... 7,542 11 ,045 Oct. 27................................... 1,719 Oct. 25................................... 4,322 15................................... 8,207 11 12,072 Nov. 24.................................. 1 ,697 Nov. 29................................... 4,206 22 . 8,649 18................................... 13,388 Dec. 29.................................. 1,345 Dec. 27.................................... 4,241 29 8,725 25................................... 13,609 Note.—The data represent gross liabilities of reporting banks to their Jan. 1964-Mar. 1968, see May 1968 Bulletin, page A 104. branches in foreign countries. For weekly data covering the period 22. DEPOSITS, U.S. GOVT. SECURITIES, 23. SHORT-TERM LIQUID CLAIMS ON FOREIGNERS AND GOLD HELD AT F.R. BANKS FOR REPORTED BY NONBANKING CONCERNS FOREIGNERS (In millions of dollars) (In millions of dollars) Payable in Assets in custody Payable n dollars foreign currencies End of Deposits End of United period U.S. Govt. Earmarked period Total Short Short King Canada securities1 gold term term dom Deposits invest Deposits invest ments1 ments 1 1966.................. 174 7 036 1 2 946 1967.................. 135 9* 223 13 253 1966............... 973 757 48 109 59 441 301 1968—J J u u n ly e .. . . . 2 1 0 53 2 7 7, , 6 6 0 7 9 6 1 13 3 , , 2 2 8 3 1 2 19672 / 1 I 1 , , 1 0 6 7 3 8 7 8 6 5 8 2 1 1 3 3 3 3 1 1 2 2 8 7 4 49 9 5 62 3 1 7 3 3 0 0 9 9 S O N A D e u e o c p g c v t. t . . . . . . . . . . . . . . . 2 2 1 1 1 2 1 9 0 2 0 6 7 0 2 9 7 7 9 7 , , , , , 6 7 1 9 5 7 7 2 5 9 3 7 0 6 0 1 1 1 1 1 3 3 3 3 3 , , , , , 1 0 0 3 1 5 5 6 5 8 1 9 7 6 7 1968— J J A A M u u u p a n l g y r y e . . . . . . . . 1 1 1 1 1 , , , , , 8 9 4 7 8 3 9 9 2 5 7 6 0 4 0 1 1 1 1 1 , , , , , 2 4 5 5 7 1 4 3 3 0 3 9 9 7 4 1 1 1 1 1 1 0 0 1 2 6 0 4 4 4 1 1 1 1 1 3 3 3 2 3 1 7 2 9 4 4 4 6 4 3 3 5 8 4 4 1 1 1 1 , , , , 1 2 3 2 9 3 2 7 3 1 1 7 2 6 0 2 2 3 2 28 2 7 9 8 1 7 0 6 6 1969—J M A F a e p a n b r . r . . . . . . . . . . . . 1 1 1 1 2 6 2 3 1 4 6 0 7 8 8 8 , , , , 8 0 0 5 9 1 6 2 3 2 2 6 1 1 1 1 3 3 3 3 , , , , 1 1 1 1 3 6 7 2 2 0 6 8 S O N D e o e c p t v c . t . . . . . . . . 1 1 1 1 , , , , 8 7 6 8 3 6 3 2 5 8 8 9 1 I 1 1 > , , , 2 3 4 9 1 9 1 8 3 9 0 1 9 9 8 0 5 7 0 6 2 2 2 2 7 6 9 2 5 8 9 2 6 3 5 6 7 0 0 1 1 1 1 , > 1 9 1 5 8 7 3 5 3 9 4 2 2 2 2 4 6 4 8 1 1 2 0 J M u a n y e . . . . 1 1 5 0 5 7 1 7 0 , , 7 0 1 3 0 5 1 1 3 3 , , 0 0 3 3 7 9 1969—J F a e n b . . . . . . 1 1 ,8 7 4 6 6 6 1 1 ,3 3 8 5 8 0 1 9 1 2 2 2 2 4 38 5 1 7 07 9 1 1 > 0 9 7 9 6 3 3 2 9 4 0 Mar.. . 1,821 1 ,340 92 256 132 1 ,044 438 1 U.S. Treasury bills, certificates of indebtedness, Apr.. . 1 ,787 1 ,301 108 258 119 1 ,010 440 notes, and bonds; includes securities payable in foreign currencies. 1 Negotiable and other readily transferable foreign obligations payable on demand hel N d ot fo e r .— - i E nt x e c r l n u a d t e io s n a d l e p o o r s g it a s n iz a a n t d io n U s . . S . E G a o rm vt a , rk s e e d c ur g it o ie ld s o o r b l h ig a a v t i i n o g n a w c a o s n i t n r c a u c r t r u e a d l m by a t t h u e ri t f y o r o e f ig n n o e t r . more than 1 year from the date on which the is gold held for foreign and international accounts and 2 Data on the two lines for this date differ because of changes in reporting coverage. is not included in the gold stock of the United States. Figures on the first line are comparable in coverage with those shown for the preceding date; figures on the second line are comparable with those shown for the following date. Note.—Data represent the liquid assets abroad of large nonbanking concerns in the United States. They are a portion of the total claims on foreigners reported by nonbanking concerns in the United States and are included in the figures shown in Table 25. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
JULY 1969 n INTL. CAPITAL TRANSACTIONS OF THE U.S. A 85 24. 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. M ar. June Sept. Dec. Dec. Mar. June Sept. Dec. Europe: Austria.............................................................. 2 2 3 2 3 5 17 6 6 5 Belgium-Luxembourg1................................. 27 29 47 60 78 42 44 54 68 49 [Renmark............................................................... 7 4.3 8 8 4 11 10 9 10 12 Finland............................................... 3 4 4 4 4 6 7 9 9 9 France.................................................................... 64 68 92 114 112 Hl 128 136 157 145 Germany, Fed. Rep. of................................ 92 108 125 150 120 134 128 127 174 204 Greece................................................................... ll 12 15 14 11 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 70 112 116 29 31 32 71 39 Turkey.................................................................... 3 3 3 3 5 9 9 9 7 6 United Kingdom............................................. 310 255 274 407 393 774 1 ,095 1 ,527 1 ,450 1 ,219 Yugoslavia................................................... I 1 1 4 6 6 4 7 Other Western Europe1............................... 4 4 6 5 9 14 12 13 15 16 Eastern Europe................................................. 1 I 1 1 2 8 10 10 6 8 Total............................................................. 814 783 877 1 ,096 1 ,032 1 ,449 1 ,836 2,282 2,318 2,038 Canada....................................................................... 205 191 199 199 194 547 501 559 501 540 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 2 Mexico................................................................... 10 7 9 9 6 H2 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 I 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 20 64 59 63 72 82 Bahamas and Bermuda................................ II 9 12 10 18 23 35 36 46 66 Ncth. Antilles & Surinam........................... 5 5 4 4 5 7 5 6 5 6 Other Latin America..................................... 1 2 2 I 2 10 9 8 8 9 Total............................................................. 124 120 133 134 130 490 490 474 532 584 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 89 185 178 175 195 207 Korea..................................................................... 1 I 1 1 I 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............................................................. 151 165 176 175 176 397 383 392 423 477 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.K. (l-gypt)................................................. 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 6 5 10 12 10 9 11 Total............................................................. 69 60 53 49 49 72 69 72 68 65 International and regional.............................. * * * * * ♦ * 1 1 1 Grand total.............................................. t ,386 1,348 1,463 1 ,678 1 ,606 3,011 3,341 3,845 3,907 3,781 1 Beginning Dec. 1967 includes Luxembourg; prior to that time Lux Note.—Reported by exporters, importers, and industrial and com embourg was included in Other Western Europe. mercial concerns and other nonbanking institutions in the United States. Data exclude claims held through U.S. banks, and intercompany accounts between U.S. companies and their foreign affiliates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 86 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ JULY 1969 25. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (In millions of dollars) Liabilities Claims Payable in foreign currencies End of period Payable Pay in a ble Payable Total in foreign To tai in Deposits with dollars currencies dollars banks abroad Other in reporter’s name 1964—Dec............................................................................................................. 700 556 144 2,853 2,338 205 310 1965 Mar........................................................................................................... 695 531 165 2,612 2,147 189 277 740 568 172 2,411 1,966 198 248 779 585 195 2,406 1 ,949 190 267 Dec............................................................................................................. 807 600 207 2,397 2,000 167 229 Dec.1......................................................................................................... 810 600 210 2,299 1,91 1 166 222 849 614 235 2,473 2,033 211 229 894 657 237 2,469 2,063 191 215 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 2,116 192 246 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 3,34! 2,908 211 222 June............................................................................................................ 1 ;463 1 ,046 417 3,845 3,406 210 229 Sept............................................................................................................. 1 ,678 1,271 407 3,907 3,292 422 193 Dec.............................................................................................................. 1 ,606 1,223 382 3,781 3,172 36H 241 1 Data differ from that shown for Dec. in line above because of changes in reporting coverage. 26. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (In millions of dollars) Claims Country or area End of period lia T b o il t i a tie l s 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 m La t e h t r i e n ic 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.1............................ 147 1,139 31 112 236 209 65 198 98 87 85 18 1966—Mar................ 176 1,156 27 124 239 208 61 206 98 87 87 19 June.............................. 188 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 no 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,1............................ 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.............................. 747 1 ^68 32 288 345 205 67 251 129 134 83 33 Sept................................ 757 1 ,625 43 313 376 198 62 251 126 142 82 32 Dec................................ 1 ,087 1 ,739 142 312 381 194 73 231 128 156 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
JULY 1969 □ MONEY RATES A 87 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) 1 Australia Period Argentina Austria Belgium Canada Ceylon Denmark Finland (peso) (schilling) (franc) (dollar) (rupee) (krone) (markka) (pound) (dollar) 1964 ............................................................................. .71786 222.48 3.8698 2.0099 92.689 20.988 14.460 31.067 1965 ............................................................................. .59517 222.78 3.8704 2.0144 92.743 20.959 14.460 31.070 1966................................................................................ .48690 223.41 1111.22 3.8686 2.0067 92.811 20.946 14.475 31.061 1967 ........................................................................ .30545 111.25 3.8688 2.0125 92.689 20.501 14.325 229.553 1968 ........................................................................ .28473 111.25 3.8675 2.0026 92.801 16.678 13.362 23.761 1968—June.............................................................. .28470 110,84 3.8683 2.0058 92,846 6.662 13.373 23.763 July.................................................................. .28474 111.09 3.8706 2.0013 93.123 6.669 13.317 23.763 Aug,............................................................ .28469 111.14 3.8702 1.9982 93.213 6.673 13.302 23.763 Sept.............................................................. .28469 110.97 3.8702 1.9916 93.182 6.674 13.321 23.763 .28478 111.08 3.8706 1.9864 93.202 6.678 13.321 23.763 Nov.......................................................... .28476 110.89 3,8664 M,9927 93.177 6.675 *13.308 423.757 Dec.................................................................. .28500 110.82 3.8681 1.9935 93.177 6,678 13.340 23.763 1969—Jan ............................................................ .28512 110.95 3.8670 1.9921 93.206 6.678 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 May................................................................. .28490 110.93 3.8646 1.9925 92.837 16.694 13.269 23.785 June............................................... . . .28490 111.07 3.8647 1.9868 92.628 16.795 13.282 23,785 Germany Malay Neth Period F (f r r a a n n c c e ) (d m eu a ts rk c ) he (r I u n p d e ia e ) ( I p re o l u a n n d d ) ( I U ta ra ly ) J (y a e p n a ) n (do si l a la r) M (p e e x s i o c ) o ( e g r u la il n d d e s r) 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 1968............................................................................... 20.191 25.048 13.269 239.35 .16042 .27735 32.591 8.0056 27.626 1968—-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 13.241 239,1 1 .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............................................................... 420.121 <>25.153 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. 1 45 24.925 13.249 239.31 .15947 .27917 32.649 8.0056 27.520 May................................................................. 20.115 25.065 13. 21 2 238,65 .15919 .27899 32,636 8.0056 27.467 June................................................................ 20.110 24.992 13.223 238.95 .15946 .27880 32.638 8.0056 27.424 Period (pou N n e d w ) Zea ( la d n o d llar) N (k o ro rw n a e y ) (e P s g o c a u rt l d u o ) ( A S ra f o r n u ic d th a ) (p S e p s a e i t n a) S (k w ro ed n e a n ) ( e S fr r a w la n i n t c z d ) (p U K d o n i o u n it m n g e d - d ) 1964................................................................................ 276.45 13,972 3.4800 139.09 1,6663 19,414 23.152 279.21 1965................................................................................ 276.82 13.985 3.4829 139.27 1.6662 19,386 23.106 279.59 1966................................................................................ 276.54 13.984 3.4825 139.13 1.6651 19.358 23.114 279.30 1967................................................................................ 276.69 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—June................................................................ 110.95 14.000 3.4867 138,58 1.4279 19.352 23.233 238.46 July................................................................. 111.20 14.000 3,4863 138.89 1.4282 19,351 23.265 239.00 Aug................................................................ 111.26 13.999 3,4863 138.96 1.4284 19,369 23.223 239.11 Sept................................................................. 111.08 13.997 3,4846 138.74 I.4282 19.371 2.3.251 238.74 Oct.................................................................. 111.19 13.998 3,4844 138.88 I.4282 19.335 23,270 238.97 Nov............................................................... 111.01 413.999 43.4855 138.65 J1.4281 *19.323 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 1 3.988 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................................................................. 111.35 14.007 3.5036 139.08 1.4271 19,350 23.135 239.31 May................................................................ 111,04 13,999 3,4985 138.69 1,4262 19.337 23.117 238.65 J une................................................................ 111.18 14.014 3.4989 138.87 1.4260 19.327 23.176 238.95 I Effective Feb. 14, 1966, Australia adopted the decimal currency 7 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. s Effective June 6, 1966, the Indian rupee was devalued from 4.76 to Averages of certified noon buying rates in New York forcable 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 oi' Supplement to Hanking and Monetary Statistics, 1962, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 88 MONEY RATES □ JULY 1969 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes duringthe last 12 months Rate as of June JO, 1968 Rate Country 1968 1969 as of June 30, Per Month 1969 cent effective July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June 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 6.0 6.0 Brazil....................... 22.0 Jan. 1967 22 0 Burma..................... 4.0 Feb. 1962 । 4.0 Canada *......,, . 7.5 Mar. 1968 j26.5 6.0 6.5 7.0 7.5 7.5 Ceylon.................... 5.5 May 1968 5.5 Chile 3.................... 16.61 Jan. 1968 19.09 19.09 Colombia...................... 8.0 May 1963 8.0 Costa Rica.................... 4.0 June 1966 4.0 Denmark....... 6.5 June 1968 6.0 7.0 ........9.....0. 9 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 7.6 7.0 Germany, Fed. Rep. of... .. 3.0 May 1967 4.0 5.0 5.0 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...................... ! 7.44 June 1968 7.25 6.86 6.81 7.0 7.17 7.12 8.0 8.75 8.38 8.38 Israel..................................................■ 6.0 Feb. 1955 6.0 Italy.................................................. 3.5 June 1958 3.5 Jamaica..................... 6.0 Nov. 1967 5.0 5.5 6.0 6.0 Japan......................... 6.21 Jan. 1968 5.84 5.84 Korea...................... 28.0 Dec. 1965 2«.O 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 io.o 10.0 10.0 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 io. 8 10.8 Thailand......................................... 5.0 Oct. 1959 5.0 Tunisia................................ .. 5.0 Sent. 1966 5.0 Turkey........................................... 7.5 1 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 j Dec. I960 ----------- ! 1 5.5 5.5 1 On June 24, 1962, the bank rate on advances to chartered banks Brazil—8 per cent for secured paper and 4 per cent for certain agricultural was fixed at 6 per cent. Rates on loans to money market dealers will paper; continue to be .25 of 1 per cent above latest weekly Treasury bill tender Colombia—5 per cent for warehouse receipts covering approved lists of average rate, but will not be more than the bank rate. products, 6 and 7 per cent for agricultural bonds, anti 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 I, 1959, but the rates are Indonesia—virions 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—6 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 7.75 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 pcr cent for financial paper rediscounted for banks (rate shown the largest proportion of its credit operations. Other rates for some is Ibr 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 5 per cent for advances against govt, bonds, mortgages, or gold, pending on type of transaction; and 6 per cent for rediscounts of certain industrial paper and on advances against securities of Venezuelan companies. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
JULY 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 it n z d er Month 3 T m re b o a il n l s s t u h , r s y i m Da o d y a n - y e t o y2 3 B a a m a c n n c o c k e n e e p s t r h t , s s ' 3 T r m e b a i o ll s n s u t , h ry s D m a d o y a n - y e t o y a d B llo e a p w n o o k n a s e n i r t c s s e ’ m D o a d n y a e - y t y o 3 Tr 6 d e b 0 a a i - l y l s 9 s s u 0 , 4 r y m D o a d n y a e - y t y o 5 3 T r m e b o a ill n s s u t , h r s y D m a d o y a n - y e t o y d P is r r c a iv 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-—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 7.88 2.75 3.27 5.00 5.38 3.75 Mar................ 6,62 5.89 8.35 7.78 6.90 6.00 8.18 2.75 3.63 5.00 5.38 3.81 Apr................. 6.69 6.47 8.41 7.79 6.88 6.00 8.34 3.75 2.46 5.39 5,77 4,00 May............... 6,74 6.67 8.46 7.82 6.88 6.00 3.75 1.63 5.50 5,88 4,00 1 Based on average yield of weekly tenders during month 5 Monthly averages based on daily quotations. 2 Based on weekly averages of daily closing rates. Note.—For description and back data, sec ’'International Finance,” J Rate shown is on private securities. Section 15 of Supplement to Ranking and Monetary Statistics, 1962. 4 Rate in ellect at end of month. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Premium Date United P d ( r is + e c m ) o i u o u n r m t ince N n e t t iv e Canada d ( i + sc ) o u o n r t inc N en e t t i ve Kingdom Spread (favor Spread (-) on (favor q ( u a b o U d a t . s j a S . i t s . i t ) o o n U S n la it te e s d L ( o fa n o v d f o o r n ) f ( o p - r o w ) u a n o r d n d Lon o d f o n) C q a u A n o in a t s e d d a qu A b o U d a t j . a s . S i t s . i t o o n U S n ta i t t e e s d C ( a fa n o v a f o d r a ) C f d o a o r n w l a la a d r i r a s d n Can o a f da) 1969 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 b. 15 + .10 20................. 6.53 6.08 .45 -2. 14 -1.69 6.21 6.03 6.08 -.05 4-. 28 H23 28.................. 7.55 6. 17 1.38 --2.63 - 1 .25 6.43 6.24 6.17 ■I .07 4-. 50 4 .57 Mar. 7.................. 7.58 6.05 1 .53 -3.88 --2.35 6.65 6.45 6.05 I .40 + .43 + .83 14................. 7.64 5.99 1 .65 -3.38 -1.73 6.62 6.43 5.99 F.44 4 .48 1 .92 21................. 7.64 5.95 1 .69 -2. 80 -UI 6.63 6.43 5.95 + .48 F.6I ■1-1.09 28.................. 7.61 5.92 1.69 -2. HI •1.12 6.56 6.37 5,92 I-.45 4 .74 1-1.19 Apr. 3 7.60 6.05 1 .55 -2.79 -1.24 6.55 6.36 6.05 + .31 4-. 82 + 1.1 3 II.................. 7.63 6. 12 1 .51 -2. 78 -1.27 6.63 6.43 6.12 + .31 1.61 + .92 18................. 7.63 6. 17 1 . 46 -2.71 1 .25 6, 69 6.49 6.17 I-.32 I .65 1 .97 25.................. 7.63 6.07 1.56 -3.28 -1 .72 6.58 6.39 6.07 + .32 + .74 4-1.06 May 2.................. 7.63 5.91 1 .72 • 6,02 -4.30 6.82 6.62 5.91 + .71 4 .86 + 1.57 9.................. 7.64 5.92 1 .72 -10.72 9.00 6.80 6.60 5.92 4-. 68 1-1.08 4 1.76 16.................. 7.63 6.06 1 .57 -8.08 - 6.51 6.71 6.5! 6.06 + .45 4-1.12 -Fl.57 23.................. 7.67 5.98 1.69 - 7.25 -5.56 6.68 6.48 5.98 + .50 + 1.21 41.71 29................... 7,67 6.08 1 .59 - 7.09 ■5.50 6.70 6.50 6.08 + .42 4 1.38 4-1.80 June 6................... 7.66 6.34 1 .32 - 4. 62 - 3.30 6.80 6.60 6.34 + .26 1-1.60 1-1.86 13................. 7.71 6.73 .98 -4.04 -3.06 7.09 6.88 6,73 + .15 4- 1 .30 4-1.45 20................. 7.71 6.53 1 .18 -4. 04 -2.86 7. 1 1 6.89 6.53 + .36 |-1.64 4-2.00 27.................. 7.58 6.08 1 .50 -3,30 -1.80 7. 1 1 6.89 6.08 1 .81 4-1.41 + 2.22 July 3.................. 7,58 6.80 .78 3,30 -2.52 7.13 6.91 6.80 + .H 4 1.60 4 1.71 Note,—Treasury bills: All rates are on the latest issue of 91-day bills. All series; Rased on quotations reported to F.R. Bank of New York U.S, and Canadian rates are market offer rates II a.m. Friday; U.K. by market sources. rates are Friday opening market offer rides 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. 1 257, 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 GOLD RESERVES □ JULY 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 is tan tin a tralia tria gium —— ------------------------------------ world 1 .. Fu .. nd . - • w . orld _. — — — --------------- —.....- ■ — .. — ------— 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 ................................. M3,230 11 ,869 1.1,806 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—May.................. 2,735 10,468 31 84 235 701 i.w 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................... ''41 ,050 2,295 10,836 "27,920 31 109 256 714 1 ,522 45 84 863 47 Apr."................ 2,297 10,936 31 109 255 714 1 ,522 45 84 863 47 May a................— —2,301 1 1 ,153 .................. JI .............2...5..6 —714 1,522 ................8..4 863 46 -------------- _ — — ------------ .. — ----------------- . ... ------ Ger End of Co- Den- Fin- France many, Greece Ind ia Iran Iraq Ire- Israel Italy Japan period loinbia mark land Fed. — land 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 1 10 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—May.................. 33 107 46 5,235 3,973 141 243 166 193 62 46 2,452 341 June.................. 33 1 1 3 46 4,739 4,312 142 243 166 193 71 46 2,673 355 July.................... 3 3 1 13 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.................... JI 1 13 45 3,876 4,538 145 243 158 193 79 46 2,846 356 Dec..................... 31 114 45 3,877 4,539 140 243 158 193 79 46 2,923 356 1969—Jan...................... 31 1 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 1 14 45 3,827 4,541 1 32 243 158 193 79 46 2,924 357 Apr?’............... 30 114 45 3,726 4,541 131 243 158 193 79 46 2,924 359 May'’................ 29 88 45 3,551 4,542 130 243 158 193 79 46 2,926 359 — ................ — ----------. ——— — . _ — . .— ._ -----.- ---. ----- . E pe nd ri o o d f .. K -- u - w --- a --- i - t ---- . a F . n e . o . b n - —— Libya M — s a i l a ay- M c e o xi- — M o c o ro — c- N l e an th d e s r- --- — ---- N - w -- o a -- y r -- - -- P st a a k n i- — Peru --- P - p -- h i - n - i - e l - i - p s -- --.... P ... o g .. r a .. t . l u ... - .. — A S r a a u b d i i a 1962.................................. 49 172 3 3 95 29 1 ,581 30 53 47 41 471 78 1 963 ................................. 48 172 7 8 139 29 1 ,601 31 53 57 28 497 78 1964................................. 48 183 17 7 169 34 1 ,688 31 53 67 23 523 78 1965 .................................. 52 182 68 2 158 21 1 ,756 31 53 67 38 576 73 1966.................................. 67 193 68 1 109 21 1 ,730 18 53 65 44 643 69 1967 .................................. 136 193 68 31 166 21 1 ,71 1 18 53 20 60 699 69 1968—May................... 131 267 85 66 156 21 1 ,655 18 54 20 67 715 69 June.................. 133 288 85 66 165 21 I ,697 24 54 20 67 716 94 July.................... 122 288 85 66 165 21 1 ,697 24 54 20 6’9 761 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 20 58 857 119 Feb..................... 124 288 85 66 165 21 1 ,698 23 54 20 60 856 119 Mar.................... 288 85 65 165 21 1 ,698 24 54 25 65 856 119 Apr.11................ 288 85 21 1,698 24 54 25 67 860 119 May"................ ....................... 288 85 .................. 21 1 ,698 24 54 .................. 56 119 For notes see end of table. 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JULY 1969 □ GOLD RESERVES AND PRODUCTION A 91 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d i o o d f S A o fr u ic th 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 it m g ed g U u r a u y V zu e e n l e a Y sl u a g vi o a S I e f n o t t t r l i 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 '940 146 401 21 -424 1967....................................... 583 785 203 3’,089 81 92 97 93 1 '291 140 401 22 -624 946 785 203 2,628 81 89 97 93 1 33 401 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 I ,486 134 403 44 -265 Oct.......................... 1 J 45 785 225 2,626 81 92 97 93 134 403 44 -274 1 J 99 785 225 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--Jail........................... 1 287 785 225 2,623 81 92 97 93 133 403 50 -276 1 321 785 225 2,646 81 92 97 93 133 403 50 -278 Mar......................... i '367 785 225 2,645 81 92 97 93 1,476 136 403 50 -284 1 ’409 785 225 2'644 81 92 97 9.1 403 50 -286 1 ^282 785 225 2,'643 92 47 .......... 403 50 -282 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 J Excludes gold subscription payments made by some member countries Gold; excludes holdings of the U.S.S.R., other Eastern European coun in anticipation of increase in Fund quotas: for most of these countries tries, and China Mainland. the increased quotas became effective in Feb. 1966. The figures included for the Bank for International Settlements are 4 Net gold assets of BIS, i.c., 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 hack figures and description of the data in this and the countries. _ following tables on gold (except production), sec “Gold,” Section 14 of 2 Adjusted to include gold subscription payments to the IMF made by Supplement to flanking and Monetary Statistics, 1962. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Asia Other World Period produc tion 1 A S f o r u ic th a d R e h s o ia Ghana C s ( h K o a n i s n g a o ) U S n ta i t t e e s d C a a da n M ic e o x r N ag ic u a a Co b l i o a m India P p h in il e ip s t A ra u l s ia ot A h l e l r 1961...................................... 1,215.0 803.0 20.1 29.2 8.1 54.8 156.6 9.4 7.9 14.0 5.5 14. 8 37,7 53 9 1962..................................... 1,295.0 892,2 19.4 .11.1 7.1 54 5 146.2 8 3 7.8 13 9 5 7 14 8 37 4 56 6 1963...................................... 1,355.0 960,1 19.8 32.2 7.5 51 .4 139.0 8.3 7.2 11.4 4.8 13.2 35.8 64* 3 1964..................................... 1,405.0 1,018,9 20.1 30.3 6.6 51 4 131.0 7 4 7.9 12 8 5.2 14.9 33 7 62 8 1965..................................... 1,440.0 1,069.4 19,0 26.4 3.2 58.6 125.6 7.6 6.9 11.2 4.6 153 30.7 61.5 1966...................................... 1,445.0 1,080,8 19.3 24.0 5.6 63 1 114.6 7 5 7.0 9 8 4.2 15 8 32 1 61 2 1967...................................... r,4io.o 1,068,7 18.0 26.7 5.4 53.4 103.7 6.4 6.2 9 0 3.4 17.2 28.4 63 5 1968*.................................... 1,088,0 94. 1 8.4 1968—Apr........................ 91.8 2.0 8.2 .3 .7 .3 rl .5 2.5 May....................... 93. 1 2.1 8.4 . 3 , 7 .3 1.6 r2.4 June....................... 91,5 2.1 7.5 . 2 .6 1.6 2.9 July....................... 90.5 7.4 . 3 8 2.2 91,5 7.7 .6 2.3 93.7 8.3 . 6 24 6 2.3 Oct.................. 92.4 7.7 7 2.6 Nov....................... 87.9 7.5 6 1.9 Dec........................ 83.5 7.7 7 1969—Jan......................... 83.4 7.8 5 Feb......................... 86.7 7.1 ,7 Mar....................... 89. 1 7.6 Apr........................ 89.3 7.3 i Estimated; excludes U.S.S.R., other Eastern European countries, Note.—Estimated world production based on report of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data based on reports from individual 2 Quarterly data. countries and Bureau of Mines. Data for the United States are from the Bureau of the Mint. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
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. Hoi.land, Secretary of the Board J. Charles Partee, 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 the Board Robert E. Nichols, Special Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF FEDERAL RESERVE BANK Robert C. Holland, Secretary OPERATIONS Kenneth A. Kenyon, Deputy Secretary John R. Farrell, Director Elizabeth L. Carmichael, Assistant Secretary John N. Kiley, Jr., Associate Director Arthur L. Broida, Assistant Secretary James A. McIntosh, Assistant Director Robert P. Forrestal, Assistant Secretary P. D. Ring, Assistant Director Charles C. Walcutt, Assistant Director LEGAL DIVISION Lloyd M. Schaeffer, Chief Federal Reserve David B. Hexter, General Counsel Examiner Thomas J. O’Connell, Deputy General Counsel DIVISION OF SUPERVISION AND REGULATION Jerome W. Shay, Assistant General Counsel Frederic Solomon, Director Robert F. Sanders, Assistant General Counsel Brenton C. Leavitt, Deputy Director Pauline B. Heller, Adviser Frederick R. Dahl, Assistant Director DIVISION OF RESEARCH AND STATISTICS Jack M. Egertson, Assistant Director J. Charles Partee, Director Janet O. Hart, Assistant Director Stephen H. Axilrod, Associate Director John N. Lyon, Assistant Director Milton W. Sciiober, Assistant Director Lyle E. Gramley, Associate Director Stanley J. Sigel, Adviser Thomas A. Sidman, Assistant Director Tynan Smith, Adviser DIVISION OF PERSONNEL ADMINISTRATION Kenneth B. Williams, Adviser Peter M. Keir, Associate Adviser Edwin J. Johnson, Director John J. Hart, Assistant Director Murray S. Wernick, Associate Adviser James B. Eckert, Assistant Adviser DIVISION OF ADMINISTRATIVE SERVICES Bernard Shull, Assistant Adviser Louis Weiner, Assistant Adviser Joseph E. Kelleher, Director Joseph S. Zeisel, 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 Jerold E. Slocum, Director Robert F. Gemmill, Associate Adviser John P. Singleton, Associate Director Samuel Pjzer, Associate Adviser *On leave of absence. A 92 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. Brimmfr 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 David P. Eastburn, Associate Economist Kenneth A. Kenyon, Assistant Secretary Lyle EL Gramley, Associate Economist Charles Molony, Assistant Secretary Ralph T. Green, Associate Economist Howard H. Hackley, General Counsel A. B. Hersey, Associate Economist David B. Hexter, Assistant General Counsel Robert G. Link, Associate Economist J. Charles Partee, Economist John E. Reynolds, Associate Economist Stephen H. Axilrod, Associate Economist Robert Solomon, Associate Economist Ernest T. Baughman, 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 93 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 94 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. Treiber Buffalo............ ....14240 Gerald F. Britt A. A. Machines, 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, Jj. Donald F. Hagner Charlotte......... ....28201 James A. Morris Edmund F. MacDonald Atlanta................. ....30303 Edwin J. 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. Kantncr Chicago............... ....•60690 Franklin J. Lunding Charles J. Scanlon Emerson G. Higdon Hugh J. Helmer Detroit............ ....48231 Max P. Heavenrich, Jr. Daniel M. Doyle 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 95 FEDERAL RESERVE BOARD PUBLICATIONS Available from Publications Services, Division of Administrative Services, Hoard of Governors of the Federal Re serve System, Washington, D.C., 20551. Where a charge is indicated, remittance should accompany request and he made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. For a more complete list, including periodic releases, see pp. A 95—A 98 of the June 1969 Bvtl.i.wrin. (Stamps and coupons not accepted.) THE FEDERAL RESERVE SYSTEM—PURPOSES AND BANK MERGERS & THE REGULATORY AGENCIES: FUNCTIONS. 1963. 298 pp. APPLICATION OF THE BANK MERGER ACT OF 1960. 1964. 260 pp. $1.00 a copy; 10 or more ANNUAL REPORT. sent to one address, $.85 each. FEDERAL RESERVE BULLETIN. Monthly. $6.00 per BANKING MARKET STRUCTURE & PERFORMANCE annum or $.60 a copy in the United States and IN METROPOLITAN AREAS: A STATISTICAL its possessions, Bolivia, Canada, Chile, Colom STUDY OF FACTORS AFFECTING RATES ON bia, Costa Rica, Cuba, Dominican Republic, BANK LOANS. 1965. 73 pp. $.50 a copy; 10 or Ecuador, Guatemala, Haiti, Republic of Hon more sent to one address, $.40 each. duras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela; 10 FARM DEBT. Data from the 1960 Sample Survey or more of same issue sent to one address, $5.00 of Agriculture. 1964. 221 pp. $1.00 a copy; 10 per annum or $.50 each. Elsewhere, $7.00 per or more sent to one address, $.85 each. annum or $.70 a copy. TRADING IN FEDERAL FUNDS. 1965. 116 pp. $1.00 FEDERAL RESERVE CHART BOOK ON FINANCIAL a copy; 40 or more sent to one address, $.85 AND BUSINESS STATISTICS. Monthly. Annual each. subscription includes one issue of Historical Chart Book. $6.00 per annum or $.60 a copy in U.S. TREASURY ADVANCE REFUNDING, JUNE the United States and the countries listed above; 1960-JULY 1964. 1966. 65 pp. $.50 a copy; 10 10 or more of same issue sent to one address, or more sent to one address, $.40 each. $.50 each. Elsewhere, $7.00 per annum or $.70 a copy. MERCHANT AND DEALER CREDIT IN AGRICUL TURE. 1966. 109 pp. $1.00 a copy; 10 or more HISTORICAL CHART BOOK. Issued annually in Sept. sent to one address, $.85 each. Subscription to monthly chart book includes one issue. $.60 a copy in the United States and THE FEDERAL RESERVE ACT, as amended through countries listed above; 10 or more sent to one Nov. 5, 1966, with an appendix containing pro address, $.50 each. Elsewhere, $.70 a copy. visions of certain other statutes affecting the FLOW OF FUNDS IN THE UNITED STATES, 1939 Federal Reserve System. 353 pp. $1.25. 53. 1955. 390 pp. $2.75. REGULATIONS OF THE BOARD OF GOVERNORS OF DEBITS AND CLEARING STATISTICS AND THEIR THE FEDERAL RESERVE SYSTEM. USE. 1959. 144 pp. $1.00 a copy; 10 or more RULES OF ORGANIZATION AND PROCEDURE sent to one address, $.85 each. BOARD OF GOVERNORS OF THE FEDERAL RE THE FEDERAL FUNDS MARKET. 1959. Ill pp. SERVE SYSTEM. 1967. 16 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. ' PUBLISHED INTERPRETATIONS OF THE BOARD OF GOVERNORS, as of Dec. 30, 1968. $2.50. INDUSTRIAL PRODUCTION—1957-59 BASE. 1962. 172 pp. $1.00 a copy; 10 or more sent to one THE PERFORMANCE OF BANK HOLDING COM address, $.85 each. PANIES. 1967. 29 pp. $.25 a copy; 10 or more, sent to one address, $.20 each. SUPPLEMENT TO BANKING AND MONETARY STA TISTICS. Sec. 1. Banks and the Monetary Sys BANK CREDIT-CARD AND CHECK-CREDIT PLANS. tem. 1962. 35 pp. $.35. Sec. 2. Member Banks. 1968. 102 pp. $1,00 a copy; 10 or more sent to 1967. 59 pp. $.50. Sec. 5. Bank Debits. 1966. 36 one address, $.85 each. pp. $.35. Sec. 6. Bank Income 1966. 29 pp. $.35. Sec. 9. Federal Reserve Banks. 1965. 36 INTEREST RATE EXPECTATIONS: TESTS ON YIELD pp. $.35. Sec. 10. Member Bank Reserves and SPREADS AMONG SHORT-TERM GOVERNMENT Related Items. 1962. 64 pp. $.50. Sec. 11. Cur SECURITIES. 1968. 83 pp. $.50 a copy; 10 or . rency. 1963. 11 pp. $.35. Sec. 12. Money Rates more sent to one address, $.40 each. and Securities Markets. 1966. 182 pp. $.65. Sec. 14. Gold. 1963. 24 pp. $.35. Sec. 15. Inter SURVEY OF FINANCIAL CHARACTERISTICS OF national Finance. 1962. 92 pp. $.65. Sec. 16 CONSUMERS. 1966. 166 pp. $1.00 a copy; 10 or (New). Consumer Credit. 1965. 103 pp. $.65. more sent to one address, $.85 each. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 96 FEDERAL RESERVE BULLETIN □ JULY 1969 SURVEY OF CHANGES IN FAMILY FINANCES. 1968. STAFF ECONOMIC STUDIES 321 pp. $1.00 a copy; 10 or more sent to one Studies and papers on economic and financial sub address, $.85 each. jects that are of general interest in the field of economic research. REAPPRAISAL OF THE FEDERAL RESERVE DIS Summaries only printed in the Bulletin. COUNT MECHANISM: (Limited supply of mimeographed copies of full REPORT OF A SYSTEM COMMITTEE. 1968. 23 text available upon request for single copies.) pp. $.25 a copy; 10 or more sent to one ad dress, $.20 each. MEASURES OF INDUSTRIAL PRODUCTION AND FINAL DEMAND, by Clayton Gehman and Cor REPORT ON RESEARCH UNDERTAKEN IN CON nelia Motheral. Jan. 1967. 57 pp. NECTION WITH A SYSTEM STUDY. 1968. 47 THE LABOR MARKET AND POTENTIAL OUTPUT OF pp. $.25 a copy; 10 or more sent to one THE FEDERAL RESERVE-MIT ECONOMETRIC address, $.20 each. MODEL: A PRELIMINARY REPORT, by A. J. Telia and P. A. Tinsley. Aug. 1968. 26 pp. limited supply of the following papers relating to THE REGULATION OF SHORT-TERM CAPITAL MOVE the Discount Study, in mimeographed or similar MENTS: WESTERN EUROPEAN TECHNIQUES IN form, available upon request for single copies: THE 1960’s, by Rodney H. Mills, Jr. Sept. 1968. EVOLUTION OF THE ROLE AND FUNCTIONING 35 pp. OF THE DISCOUNT MECHANISM. 1968. 65 pp. A TECHNIQUE FOR FORECASTING DEFENSE EX PENDITURES, by Harvey Galper and Edward A STUDY OF THE MARKET FOR FEDERAL FUNDS. Gramlich. Oct. 1968. 13 pp. 1968. 47 pp. CHANGES IN BANK OWNERSHIP: THE IMPACT ON OPERATING PERFORMANCE, by Paul F. Jessup, THE SECONDARY MARKET FOR NEGOTIABLE Apr. 1969. 35 pp. CERTIFICATES OF DEPOSIT. 1968. 89 pp. CHARACTERISTICS OF MERGING BANKS, by David L. Smith. July 1969, 30 pp. THE DISCOUNT MECHANISM IN LEADING IN OPTIMAL FACTOR ADJUSTMENT PATHS: A GENER DUSTRIAL COUNTRIES SINCE WORLD WAR II. ALIZATION OF “STOCK ADJUSTMENT” DECISION 1968. 216 pp. RULES, by P. A. Tinsley. July 1969. 14 pp. Printed in full in the Bulletin. RESERVE ADJUSTMENTS OF THE EIGHT MAJOR (Reprints available as shown in following list.) NEW YORK CITY BANKS DURING 1966. 1968. 29 pp. DISCOUNT POLICY AND OPEN MARKET OPERA REPRINTS TIONS. 1968. 23 pp. (From Federal Reserve Bulletin unless preceded by an asterisk.) THE REDESIGNED DISCOUNT MECHANISM AND ADJUSTMENT FOR SEASONAL VARIATION. Descrip THE MONEY MARKET. 1968. 29 pp. tion of method used by Board in adjusting eco nomic data for seasonal variations. June 1941. SUMMARY OF THE ISSUES RAISED AT THE ACA H PP- DEMIC SEMINAR ON DISCOUNTING. 1968. SEASONAL FACTORS AFFECTING BANK RESERVES. 16 pp. Feb. 1958. 12 pp. A REVIEW OF RECENT ACADEMIC LITERATURE LIQUIDITY AND PUBLIC POLICY, Staff Paper by ON THE DISCOUNT MECHANISM. 1968. 40 pp. Stephen H. Axilrod. Oct. 1961. 17 pp. SEASONALLY ADJUSTED SERIES FOR BANK DISCOUNT POLICY AND BANK SUPERVISION. CREDIT. July 1962. 6 pp. 1968. 72 pp. INTEREST RATES AND MONETARY POLICY, Staff Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. REPORT OF THE JOINT TREASURY-FEDERAL RE SERVE STUDY OF THE U.S. GOVERNMENT RECENT CHANGES IN LIQUIDITY, Staff Paper by SECURITIES MARKET. 1969. 48 pp. $.25 a copy; Daniel H. Brill. June 1963. 10 pp. 10 or more sent to one address, $.20 each. MEASURES OF MEMBER BANK RESERVES. July 1963. 14 pp. (Limited supplies of the stall studies on the Government Securities Market Study, as MEASURING AND ANALYZING ECONOMIC GROWTH, listed on page 48 on the main report, are Staff Paper by Clayton Gehman. Aug. 1963. available upon request for single copies. 14 pp. These studies are printed in mimeographed CHANGES IN BANKING STRUCTURE, 1953-62. or similar form.) Sept. 1963. 8 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
FEDERAL RESERVE BOARD PUBLICATIONS A 97 ECONOMIC CHANGE AND ECONOMIC ANALYSIS, THE FEDERAL RESERVE-MIT ECONOMETRIC Staff Paper by Frank R. Garfield. Sept. 1963. MODEL, Staff Economic Study by Frank de 17 pp. Leeuw and Edward Gramlich. Jan. 1968. 30 pp. THE OPEN MARKET POLICY PROCESS. Oct. 1963. THE PRICE OF GOLD IS NOT THE PROBLEM. Feb. H PP- 1968. 7 pp. YIELD DIFFERENTIALS IN TREASURY BILLS, 1959 U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN 64, Staff Paper by Samuel I. Katz. Oct. 1964. 1960-67. Apr. 1968. 23 pp. 20 pp. BANKING AND MONETARY STATISTICS, 1967. REVISION OF BANK DEBITS AND DEPOSIT TURN Selected series of banking and monetary statis OVER SERIES. Mar. 1965. 4 pp. tics for 1967 only. Mar. and May 1968. 20 pp. TIME DEPOSITS IN MONETARY ANALYSIS, Staff MARGIN ACCOUNT CREDIT. June 1968. 12 pp. Economic Study by Lyle E. Gramley and REVISION OF MONEY SUPPLY SERIES. June 1968. Samuel B. Chase, Jr. Oct. 1965. 25 pp. 6 PP- CYCLES AND CYCLICAL IMBALANCES IN A CHANG MONETARY RESTRAINT AND BORROWING AND ING WORLD, Staff Paper by Frank R. Garfield. CAPITAL SPENDING BY LARGE STATE AND Nov. 1965. 15 pp. LOCAL GOVERNMENTS IN 1966. July 1968. RESEARCH ON BANKING STRUCTURE AND PER 30 pp. FORMANCE, Staff Economic Study by Tynan RECENT CHANGES IN STRUCTURE OF TIME AND Smith. Apr. 1966. 1 1 pp. SAVINGS DEPOSITS. July 1968. 20 pp. COMMERCIAL BANK LIQUIDITY, Staff Economic REVISED SERIES ON BANK CREDIT. Aug. 1968. Study by James Pierce. Aug. 1966. 9 pp. 4 PP- TOWARD UNDERSTANDING OF THE WHOLE DE FEDERAL FISCAL POLICY IN THE 1960’s. Sept. VELOPING ECONOMIC SITUATION, Staff Eco 1968. 18 pp. nomic Study by Frank R. Garfield. Nov. 1966. HOW DOES MONETARY POLICY AFFECT THE 14 pp. ECONOMY? Staff Economic Study by Maurice A REVISED INDEX OF MANUFACTURING CAPACITY, Staff Economic Study by Frank de Leeuw with Mann. Oct. 1968. 12 pp. Frank E. Hopkins and Michael D. Sherman. BUSINESS FINANCING BY BUSINESS FINANCE Nov. 1966. 11 pp. COMPANIES. Oct. 1968. 13 pp. THE ROLE OF FINANCIAL INTERMEDIARIES IN ECONOMIC UPSWING IN WESTERN EUROPE. Nov. U.S. CAPITAL MARKETS, Staff Economic Study 1968. 17 pp. by Daniel H. Brill, with Ann P. Ulrey. Jan. MANUFACTURING CAPACITY: A COMPARISON OF 1967. 14 pp. TWO SOURCES OF INFORMATION, Staff Eco REVISED SERIES ON COMMERCIAL AND INDUS nomic Study by Jared J. Enzlcr. Nov. 1968. TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. 5 PP- AUTO LOAN CHARACTERISTICS AT MAJOR SALES MONETARY RESTRAINT, BORROWING, AND CAP FINANCE COMPANIES. Feb. 1967. 5 pp. ITAL SPENDING BY SMALL LOCAL GOVERN SURVEY OF FINANCE COMPANIES, MID-1965. Apr. MENTS AND STATE COLLEGES IN 1966. Dec. 1967. 26 pp. 1968. 30 pp. MONETARY POLICY AND ECONOMIC ACTIVITY: A REVISION OF CONSUMER CREDIT STATISTICS. POSTWAR REVIEW. May 1967. 22 pp. Dec. 1968. 21 pp. MONETARY POLICY AND THE RESIDENTIAL MORT GAGE MARKET. May 1967. 13 pp. FINANCIAL DEVELOPMENTS IN THE FOURTH QUARTER OF 1968. Feb. 1969. 9 pp. BANK FINANCING OF AGRICULTURE. June 1967. 23 pp. CHANGES IN TIME AND SAVINGS DEPOSITS, EVIDENCE ON CONCENTRATION IN BANKING APRIL-OCTOBER 1968. Mar. 1969. 21 pp. MARKETS AND INTEREST RATES, Staff Eco TREASURY AND FEDERAL RESERVE FOREIGN EX nomic Study by Almarin Phillips. June 1967. CHANGE OPERATIONS. Mar. 1969. 18 pp. H PP- HOUSING PRODUCTION AND FINANCE. Mar. 1969. NEW BENCHMARK PRODUCTION MEASURES, 1958 7 PP. AND 1963. June 1967. 4 pp. BALANCE OF PAYMENTS PROGRAM: REVISED REVISED INDEXES OF MANUFACTURING CAPACITY AND CAPACITY UTILIZATION. July 1967. 3 pp. GUIDELINES FOR BANKS AND NONBANK FI NANCIAL INSTITUTIONS. Apr. 1969. 9 pp. THE PUBLIC INFORMATION ACT—ITS EFFECT ON MEMBER BANKS. July 1967. 6 pp. RECENT TRENDS IN THE U.S. BALANCE OF PAY MENTS. Apr. 1969. 18 pp. INTEREST COST EFFECTS OF COMMERCIAL BANK UNDERWRITING OF MUNICIPAL REVENUE QUARTERLY SURVEY OF CHANGES IN BANK LEND BONDS. Aug. 1967. 16 pp. ING PRACTICES. Apr. 1969. 5 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 98 FEDERAL RESERVE BULLETIN □ JULY 1969 FINANCIAL DEVELOPMENTS IN THE FIRST QUAR THE CHANNELS OF MONETARY POLICY, Staff Eco TER OF 1969. May 1969. 8 pp. nomic Study by Frank de Leeuw and Edward CHANGES IN TIME AND SAVINGS DEPOSITS, Gramlich. June 1969. 20 pp. OCTOBER 1968-JANUARY 1969. May 1969. 15 pp. CHANGES IN TIME AND SAVINGS DEPOSITS, OUR PROBLEM OF INFLATION. June 1969. 15 pp. JANUARY-APRIL 1969. June 1969. 10 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 99 INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, sec page A-3.) Acceptances, bankers’, 14, 31, 35 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 24, 26 Accumulated at commercial banks for payment Arbitrage, 89 of personal loans, 23 Assets and liabilities (See also Foreign liab. & claims): Adjusted, and currency, 18 Banks, by classes, 19, 24, 26, 35 Banks, by classes, 11, 19, 25, 28, 35 Banks and the monetary system, 18 Federal Reserve Banks, 12, 84 Corporate, current, 47 Postal savings, 18 Federal Reserve Banks, 12 Subject to reserve requirements, 17 Automobiles: Discount rales, 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, 79 Bankers’ balances, 25, 27 (See also Foreign liabilities and claims) Earnings and hours, manufacturing industries, 63 Banks and the monetary system, 18 Employment, 60, 62, 63 Banks for cooperatives, 37 Bonds (See also U.S. Govt, securities): Farm mortgage loans, 48, 49 New issues, 43, 44, 45 Federal finance: Yields and prices, 32, 33 Cash transactions, 38 Branch banks, liabilities of U.S. banks to their foreign Receipts and expenditures, 39 branches, 29, 84 Treasury operating balance, 38 Brokerage balances, 83 Federal funds, 8, 24, 31 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 Capacity utilization, 60 Federal National Mortgage Assn., 37, 51 Federal Reserve Banks: Capital accounts: Banks, by classes, 19, 25, 29 Condition statement, 12 U.S. Govt, securities held, 4, 12, 15, 40, 41 Federal Reserve Banks, 12 Central banks, 88, 90 Federal Reserve credit, 4, 12, 15 Certificates of deposit, 29 Federal Reserve notes, 12, 16 Coins, circulation, 16 Federally sponsored credit agencies, 37 Finance company paper, 31, 35 Commercial and industrial loans: Financial institutions, loans to, 24, 26 Commercial banks, 24 Weekly reporting banks, 26, 30 Float, 4 Flow of funds, 68 Commercial banks: Assets and liabilities, 19, 24, 26 Foreign: Currency operations, 12, 14, 73, 79 Consumer loans held, by type, 53 Deposits in U.S. banks, 4, 12, 18, 25, 28, 84 Deposits at, for payment of personal loans, 23 Number, by classes, 19 Exchange rales, 87 Trade, 71 Real estate mortgages held, by type, 48 Foreigners: Commercial paper, 31, 35 Claims on, 80, 81, 84, 85, 86 Condition statements (See Assets and liabilities) Liabilities to, 29, 74, 75, 77, 78, 79, 84, 85. 86 Construction, 60, 61 Consumer credit: Instalment credit, 52, 53. 54, 55 Gold: Noninstalment credit, by holder, 53 Certificates, 12, 16 Consumer price indexes, 60, 64 Earmarked, 84 Consumption expenditures, 66, 67 Net purchases by U.S., 72 Corporations: Production, 91 Sales, profits, taxes, and dividends, 46, 47 Reserves of central banks and govts., 90 Security issues, 44, 45 Stock, 4, 18, 73 ' Security yields and prices, 32, 33 Government National Mortgage Association, 51 Cost of living (See Consumer price indexes) Gross national product, 66, 67 Currency and coin, 4, 10, 25 Currency in circulation, 4, 16, 17 Customer credit, stock market, 34 Hours and earnings, manufacturing industries, 63 Housing permits, 60 Housing starts, 61 Debits to deposit accounts, 15 Debt (See specific types of debt or securities) Demand deposits: Income, national and personal, 66, 67 Adjusted, banks and the monetary system, 18 Industrial production index, 56, 60 Adjusted, commercial banks, 15, 17, 25 Instalment loans, 52, 53, 54, 55 Banks, by classes, 11, 19, 25, 28 Insurance companies, 36, 40, 41, 49 Subject to reserve requirements, 17 Insured commercial banks, 21, 23, 24 Turnover, 15 Interbank deposits, 11, 19,25 )xedni siht ni dettimo si ”A“ xiferp eht hguohtla 19-A hguorht 4-A segap ot era secnerefeR( Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
A 100 FEDERAL RESERVE BULLETIN □ JULY 1969 )xedni siht ni dettimo si ”A“ xiferp eht hguohtla 19-A hguorht 4-A segap ot era secnerefeR( 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., 90 Money market rates, 31, 89 Commercial banks, 25, 27 Mortgage yields, 51 Federal Reserve Banks, 12 Prime rate, commercial banks, 31 Member banks, 4, 6, 11, 17, 25 Time deposits, maximum rates, 11 Residential mortgage loans, 33, 48, 49, 50 Yields, bond and stock, 32 Retail credit, 52 International capital transactions of the U.S., 74-86 Retail sales, 60 International institutions, 72, 73, 88, 90 Inventories, 66 Investment companies, issues and assets, 45 Sales finance companies, loans, 52, 53, 55 Investments (See also specific types of investments): Saving: Banks, by classes, 19, 24, 27, 35 Flow of funds series, 68 Commercial banks, 23 National income series, 67 Federal Reserve Banks, 12, 15 Savings and loan assns., 36, 41, 49 Life insurance companies, 36 Savings deposits (See Time deposits) Savings and loan assns., 36 Savings institutions, principal assets, 35, 36 Securities (See also U.S. Govt, securities): Labor force, 62 Federally sponsored agencies, 37 Loans (See also specific types of loans): International transactions, 82, 83 Banks, by classes, 19, 24, 26, 35 New issues, 43, 44, 45 Commercial banks, 19, 23, 24, 26, 30 Silver coin and silver certificates, 16 Federal Reserve Banks, 4, 12, 15 State and local govts.: Insurance companies, 36, 49 Deposits, 25, 28 Insured or guaranteed by U.S., 48, 49, 50, 51 Holdings of U.S. Govt, securities, 40, 41 Savings and loan assns., 36, 49 New security issues, 43, 44 Ownership of securities of, 24, 27, 35, 36 Yields and prices of securities, 32, 33 Manufacturers: State member banks, 21, 23 Capacity utilization, 60 Stock market credit, 34 Production index, 57, 60 Stocks: Margin requirements, 10 New issues, 44, 45 Member banks: Yields and prices, 32, 33 Assets and liabilities, by classes, 19, 24 Borrowings at Reserve Banks, 6, 12 Deposits, by classes, 11 Number, by classes, 19 Tax receipts, Federal, 39 Reserve position, basic, 8 Time deposits, 11, 17, 18, 19, 25, 28 Reserve requirements, 10 Treasury cash, Treasury currency, 4, 16, 18 Reserves and related items, 4, 17 Treasury deposits, 4, 12, 38 Mining, production index, 57, 60 Treasury operating balance, 38 Mobile home shipments, 61 Money rates (See Interest rates) Money supply and related data, 17 Unemployment, 62 Mortgages (See Real estate loans and residential mort U.S. balance of payments, 70 gage loans) U.S. Govt, balances: Mutual funds (See Investment companies) Commercial bank holdings, 25, 28 Mutual savings banks, 18, 19, 22, 35, 40, 41,48 Consolidated condition statement, 18 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 Bank holdings, 18, 19, 24, 27, 35, 40, 41 Dealer transactions, positions, and financing, 42 Federal Reserve Bank holdings, 4, 12, 15, 40, 41 Open market transactions, 14 Foreign and international holdings, 12, 79, 82, 84 International transactions, 79, 82 Payrolls, manufacturing, index, 60 New issues, gross proceeds, 44 Personal income, 67 Open market transactions, 14 Postal Savings System, 18 Outstanding, by type of security, 40, 41, 43 Prices: Ownership of, 40, 41 Consumer and wholesale commodity, 60, 64 Yields and prices, 32, 33, 89 Security, 33 United States notes, 16 Prime rate, coipmercial banks, 31 Utilities, production index, 57, 60 Production, 56, 60 Profits, corporate, 46, 47 Veterans Administration, 48, 49, 50, 51 Real estate loans: Banks, by classes, 24, 26, 35, 48 Delinquency rates on home mortgages, 50 Weekly reporting banks, 26 Mortgage yields, 51 Type of holder and property mortgaged, 48, 49, 50, 51 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 * (f THE FEDERAL RESERVE SYSTEM o) $ Legend ■— Boundaries of Federal Reserve Districts -----Boundaries of Federal Reserve Branch Territories O Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis
Cite this document
Federal Reserve (1969, June 30). Federal Reserve Bulletin, 1969-07. Bulletin, Federal Reserve. https://whenthefedspeaks.com/doc/bulletin_196907
@misc{wtfs_bulletin_196907,
author = {Federal Reserve},
title = {Federal Reserve Bulletin, 1969-07},
year = {1969},
month = {Jun},
howpublished = {Bulletin, Federal Reserve},
url = {https://whenthefedspeaks.com/doc/bulletin_196907},
note = {Retrieved via When the Fed Speaks corpus}
}