Full text of Federal Reserve Bulletin : November 1966
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FEDERAL RESERVE BULLETIN BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON 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, Ouatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy, elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. The Bulletin may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D. C. 20551, and remittance should be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. (Stamps and coupons not accepted) CONTENTS VOLUME 5 2 • NUMBER 11 • NOVEMBER 1966 Interest Rates in U.S. Capital Markets 1575 Staff Economic Studies: Toward Understanding of the Whole Developing Economic Situation 1591 A Revised Index of Manufacturing Capacity 1605 Law Department 1617 Announcements 1642 National Summary of Business Conditions 1644 Guide to Tabular Presentation 1646 Financial and Business Statistics, U.S. (Contents on p. 1647) 1648 International Financial Statistics (Contents on p. 1711) 1712 Board of Governors and Staff 1731 Open Market Committee and Staff; Federal Advisory Council 1732 Federal Reserve Banks and Branches 1733 Federal Reserve Board Publications 1734 Index to Statistical Tables 1737 Map of Federal Reserve System Inside back cover EDITORIAL COMMITTEE Charles Molony Ralph A. Young Daniel H. Brill Robert C. Ho]]and Robert Solomon Elizabeth B. Sette The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial committee. This committee is responsible for opinions expressed except in official statements and signed articles. INTEREST RATES IN U.S. CAPITAL MARKETS 1575 L, ' ONG-TERM interest rates in the United States rose steeply from July 1965 through August 1966. Rates on long-term bonds then declined through late October, erasing as much as a third of their earlier advance. But most recently they have turned up again. During the earlier period of advance, increases in rates ranged up to 1% percentage points, and rate levels on good-quality issues reached the highest point in 40 years. At these highs, rates exceeded 6 per cent on new high-grade corporate bonds, 7 per cent on new investment-grade municipal bonds (after adjustment to a tax-equivalent-yield basis), and IV2 per cent on conventional mortgages in some parts of the country. The upswing in rates was caused by a combination of factors. Chief among these were mushrooming demands of businesses for external financing, large Federal borrowing through agency securities and participation certificates, and a monetary policy that exerted increasing restraint on growth in the supply of funds available to meet these demands. Business demands for funds rose when outlays for plant and equipment, inventories, and accelerated tax payments ran increasingly ahead of the supply of internal funds. At the same time, the combination of sharply rising private and governmental expenditures pressed harder on the country's resource capabilities, so that prices and wages began to rise faster. In these circumstances, the Federal Reserve gradually intensified its policy of monetary restraint. The counterpart of these developments in financial markets was a growing shortage of funds relative to rising demands, a progresLONG-TERM INTEREST RATES Change (percentage points) Type of rate Bonds: U.S. Govt. (20-year maturity) Corporate Aaa (new issue) State and local govt. Aaa1 (Tax equivalent value) FHA mortgages (30-year maturity) 11/4/66 to 11/18/66 Level (percent), 11/18/66 7/2/65 to 9/2/66 9/2/66 to 11/4/66 + .84 + 1.40 -.24 -.38 +.10 +.30 4.90 5.90 + 1.32 -.47 +.14 5.94 + 1.14 n.a. n.a. 2 6.60 n.a. Not available. 1 Tax equivalent value calculated for individuals in 36 per cent personal income 2 tax bracket. September figure, the latest available. NOTE.—Changes are based on weekly averages except for FHA, which are based on bid quotations for 1 day each month. See also notes to Chart 1. 1576 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 sive worsening of investor expectations regarding the probable course of securities prices, and a sharp increase in interest rates of all kinds. As interest rates rose, shifts also developed in patterns of financial saving as among financial intermediaries and market securities. This added to constraints on the availability of funds in certain key markets, notably those for mortgages and State and local government securities. Much of the decline in bond yields from late August to late October represented a reversing of the sharp late-summer rate increases that had immediately preceded the August highs. Market developments in late summer were strongly influenced by expectations of large fall credit demands in a period when available funds were expected to be restrained further. But in the early fall, events did not bear out these expectations. In addition to administration actions designed to reduce the pressure of Federal borrowing operations on interest rates, total funds raised by private borrowers declined. To some extent these lower demands for financing reflected supply constraints on funds and resources. In addition, they apparently reflected a temporary drop in financing because of INTEREST RATES in capital markets rise steeply after mid-1965 CHART 1 FHA MORTGAGES BONDS: STATE AND LOCAL GOVT. Aaa [tat equivalent! NEW CORPORATE Aaa U.S. GOVERNMENT |2O-year| • With call protection. Monthly averages. Yields on FHA-insuted mortgages are weighted averages of private secondary market prices of certain new-house mortgages converted to annual yield—25-year mortgages through June 1961; 30-year mortgages thereafter. Yields on State and local govt. Aaa bonds are from Moody's Investors Service, adjusted to tax equivalent basis assuming 36 per cent individual income tax rate; on corporate bonds, yields are weighted averages of new publicly offered bonds rated Aaa, Aa, and A by Moody's Investors Service and adjusted to an Aaa basis (beginning January 1966, includes only issues with 5-year call protection). Thin-portion lines for FHAInsured mortgages indicate periods of adjustment to changes in FHA ceiling on contractual rates; break for corporate new Issues indicates no eligible offerings. INTEREST RATES IN U.S. CAPITAL MARKETS 1577 previous anticipatory borrowing and postponements of borrowing prompted by expectations that interest rates would decline further. Most recently, a resurgence of demands for long-term funds has contributed to the recent upturn in bond yields. USERS OF The primary demand factor accounting for the steep rise in longLONG-TERM FUNDS . • , ^^^ • . . . term rates after mid-1965 was the sheer size and sustained intensity of business demands for external financing. Businesses. Needs of nonfinancial corporations for external financing expanded primarily because of the record gap which opened up between capital outlays and internal sources of funds (chiefly depreciation allowances and retained earnings). After late 1964, and especially after mid-1965, dollar outlays for fixed CAPITAL OUTLAYS of corporations rise more than their internal funds particularly since mid-1965 CHART 2 wmm—m—mmmmm I L Flow of funds data for nonfinancial corporate business. Quarterly totals at seasonally adjusted annual rates. Outlays comprise fixed investment and change in inventories. Funds comprise profits, less profits-tax accruals and dividend payments, plus capital consumption allowances. Third quarter 1966, preliminary. assets and inventories increased much more than the dollar flow of internal funds (Chart 2). During the first three quarters of 1966, such outlays exceeded internal funds by more than $13 billion (annual rate) or 23 per cent. In the same periods of 1960 and 1957, the excess amounted to 17 per cent. Thus the gap this year has been unusually wide, even when compared with crests in previous expansion periods. In addition to their enlarged capital outlays, corporations ex- 1578 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 panded their external financing to cover extensions of credit to customers and to meet expanded tax payments required under the revised schedules for prepayment of Federal income and withheld taxes. As a result, total funds raised by nonfinancial corporations in credit and equity markets, which had totaled $14 billion in 1964 and $19 billion in 1965, rose to an annual rate of more than $25 billion in the first three quarters of 1966. Almost all of the rise in external financing requirements from 1964 to 1965 had been accommodated at commercial banks (Chart 3). Hence, net funds raised in security markets during 1965 were no larger than the $5.4 billion raised in 1964. In 1966, on the other hand, while corporate borrowing at banks was at a record rate in the second quarter when accelerated tax payments were due, the total of such borrowing for the first three quarters as a whole was slightly below the 1965 annual rate. Thus, all of the year-to-year increase in corporate external financing for the threequarter period was centered in securities markets and the total of such offerings rose to a seasonally adjusted annual rate of more than $13 billion. This striking expansion in issues of nonfinancial corporations exerted strong upward pressures on long-term rates, which were offset to only a small extent by a reduction in the volume of offerings by financial corporations. CHART 3 1966 spurt in EXTERNAL FINANCING by corporations reflects expansion in security issues Flow of funds data for nonfinancial corporate business. Quarterly and 9-month totals at seasonally adjusted annual rates. Third quarter 1966, preliminary. INTEREST RATES IN U.S. CAPITAL MARKETS 1579 Had U.S. corporations and their foreign affiliates not issued more than $1 billion of securities in overseas markets during this period—chiefly to help implement the Commerce Department's program of voluntary restraints on direct investment abroad— some part of this total would undoubtedly have been financed in U.S. securities markets and would have added further to upward rate pressures in this country. U.S. Government. In contrast with the upsurge in business finaning, net funds borrowed by the Federal Government showed an increase of less than $ 1 billion during the fiscal year beginning at mid-1965. This figure understates the demand pressures of Federal operations on long-term interest rates, however, for $3 billion of Federal cash requirements in fiscal 1966 were accommodated through the sale of certificates of participation in pools of outstanding Federal loans. CASH BORROWING BY U.S. GOVERNMENT (Billions of dollars) Item Net cash borrowing Pool sales ( Total Memo: Net offerings of Federal agencies2 July '64June '65 July '65.lune '66 Change 4.3 .8 2.6 3.1 +2.3 5.1 5.7 + .6 1.4 4.1 + 2.7 -1.7 1 Pool sales enter the Federal budget as negative expenditures and are not a part of 2net cash borrowing. Federal agency debt offerings are a part of net Federal cash borrowing. Substitution of such "pool" sales for regular Treasury cash borrowing put greater upward pressure on long-term interest rates than would have resulted from an equivalent volume of ordinary Treasury issues. Not only was the market for participation certificates less well developed, but also the average maturity of such certificates was longer than for issues offered in other recent Treasury borrowing operations. Moreover, $1.8 billion of these pool sales were concentrated in the second quarter of 1966—at a time when the volume of debt offerings by Federal agencies was also rising steeply. Large net offerings of agency issues developed when weakness in the home mortgage and housing markets added abruptly to private demands 1580 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 for funds from the Federal Home Loan Bank System and the Federal National Mortgage Association. This augmented the needs of these institutions for security market financing of their own. In the second quarter the combined net volume of both agency securities and participation certificates amounted to $16 billion at a seasonally adjusted annual rate. Even though $12 billion (annual rate) of regular short-term Treasury debt was being retired in that period, interest rates on agency issues and on participation certificates rose more steeply than those on other types of securities. The projected Federal budget program calling for large additional pool sales in fiscal 1967 continued to exert an important impact on market expectations until early September. At that point, the President—as part of a broad program designed to reduce upward pressures on interest rates—announced that pool sales would be discontinued until market conditions were more favorable. On the other hand, with Federal cash outlays rising more rapidly because of the Vietnamese war, estimates of fourthquarter Treasury cash borrowing needs rose to the highest level since 1959 and, during the late summer and early fall, reinforced market expectations of further general increases in rates. Others. Both of the other two major types of borrowers in capital markets—State and local governments, and households seeking mortgage financing for homes—reduced their financing in the first three quarters of 1966 relative to 1965. The impetus for this cut-back by both types of borrowers came chiefly from restraints imposed on the supply of funds. It should be noted that since multifamily housing and commercial construction are undertaken by businesses, financing of such construction is included in the totals for nonfinancial corporations already discussed. While State and local government needs for funds may have been moderated to some extent by unexpectedly large tax receipts, over-all State and local outlays have continued to grow. Thus the volume of their financing appears to have been affected most strongly by the high costs of borrowing and by the tendency for market rates to exceed rate ceilings imposed on borrowers by statute or bond authorizations. During the latter half of 1965 home builders were expecting some rise in demands. While they anticipated no major revival, the abrupt cut-back of savings flows in 1966 to the types of lenders most active in home financing sharply curtailed the financial means for making these demands effective. INTEREST RATES IN U.S. CAPITAL MARKETS MONETARY POLICY 1581 Even before the December 1965 Federal Reserve discount rate action, a series of events including escalation of the war in Vietnam, the rapid further move of the economy toward full employment, and the sharp expansion of business demands for credit had all been widely interpreted in financial circles as presaging a period of intensified monetary restraint and higher interest rates. This combination of fact and forecast had set off a sizable—and partly anticipatory—general advance in rates even before the increase in the discount rate. SELECTED FINANCIAL INDICATORS level off and tend downward at different times in 1966 CHART 4 MONEY SUPPLY TOTAL BANK CREDIT TIME DEPOSITS _, I NEGOTIABLE CD'S 1969 19S6 Monthly averages of daily figures, except total bank credit and negotiable CD's which are last Wednesday of month figures (except June 30 and Dec. 31). All data seasonally adjusted except negotiable CD's. Latest data plotted, September. Increased monetary restraint during 1966 reflected itself not only in a further rise in interest rates and tightening of other credit terms, which were also a result of expanded credit demands, but in changes in other financial variables as well. For example, the supply of nonborrowed reserves at member banks and the money stock both leveled off in the spring, and in the early fall both 1582 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 measures tended downward. Total bank credit continued to grow until summer, but the funds financing this growth came wholly from increases in time deposits. Some of these funds in turn were bid away from nonbank intermediaries, thus adding further to constraints on other forms of credit expansion. Since August, bank credit has contracted slightly. A major factor contributing to this change has been the net run-off of large denomination negotiable time certificates of deposit (CD's) at banks. Contraction of such CD's after mid-August reflected increases in rates on market instruments, which put CD's limited to the 5Vi per cent ceiling rate at a competitive disadvantage. SPREAD OF CREDIT RESTRAINT The spread of credk restraint during 1965 and 1966 from the commerciai banking system and the money market—where Federal Reserve actions exert their initial impact—to other types of financial institutions and to long-term markets has been characteristic of periods of monetary stringency. But the relative steepness of the rise in long-term rates after mid-1965 developed in part because of the particular institutional changes that had occurred during the preceding years of extended monetary ease. In that earlier period, interest rate relationships had encouraged an unusually rapid growth of savings at depositary-type financial intermediaries, particularly the commercial banks. Because a large part of these essentially liquid savings were then loaned by the intermediaries in long-term markets, long-term rates tended to be held down even though short-term rates rose. During 1965 and 1966, as rates on market securities rose faster than those on claims at depositary-type institutions, savings growth at financial intermediaries slowed down. As a result, flows of institutional funds into long-term uses shrank, and long-term rates rose more relative to short-term than they had in periods of monetary restraint during the 1950's. Bank response to monetary restraint. The combination of heavy business demands for credit and a more restrictive monetary policy exerted growing pressures on bank liquidity positions during 1965 and 1966. With business demands so large and business loans so profitable, however, bankers were naturally reluctant to turn down long-standing customers, and in many instances they could not do so because of prior commitments. To satisfy as much of the business demand as possible, bankers attempted to augment their business lending capacity by cutting back acquisitions of other assets and by continuing to bid aggressively for savings. INTEREST RATES IN U.S. CAPITAL MARKETS 1583 During the first three quarters of 1966, they liquidated $4.5 billion of U.S. Government securities at a seasonally adjusted annual rate; their net acquisitions of municipal securities dropped to one-third the volume acquired in the comparable quarters of 1965; increases in loans to other types of borrowers—such as securities and finance companies—were cut back, in some cases drastically; and ultimately, in the face of continuing demands, many banks rationed credit to businesses. While bank extensions of mortgage credit held up surprisingly well in the first half of the year, they too dropped below the 1965 rate, particularly in the third quarter. Likewise bank extensions of consumer credit dropped below the 1965 rate in all quarters. On the liability side, bankers attempted to match the competition of market rates with rate increases of their own on time deposits. In the spring they raised rates paid on large CD's to the 5l/i per cent maximum first permitted by regulation in December 1965. And later, without reducing the rate, they shortened the maturities of new CD's to as little as 30 days. In addition, to buttress their savings flows further, they turned more actively to the promotion of smaller-denomination forms of consumer-type time deposits. Finally, banks with foreign branches added more than $2 billion to their U.S. funds by drawing on dollars acquired by their branches in the Euro-dollar market. As liquidation of securities, expanded competition for savings, enlarged money market borrowing, and repatriation of Eurodollars added to the cost of bank funds, bankers took advantage of the heavy credit demands to raise their own loan charges. The prime rate on short-term business loans was increased on four occasions—from 4V2 per cent in November 1965 to 6 per cent by August 1966. And some other loan charges were raised even more steeply. For example, by August some users of bank credit for stock market purposes were paying as much as 8 per cent. Impact on securities markets. Bank operations thus had a doublebarreled impact on interest rates in bond markets. On the one hand, with constraints on the growth in total bank credit forcing banks both to ration business loans and to raise their costs, the volume of business demands seeking accommodation in securities markets more than doubled relative to the first three quarters of 1965 (Chart 3). At the same time, with fewer bank funds available for investment, a rising share of security offerings had to be absorbed by other types of investors. The significance of this change was most noticeable in the market for State and local 1584 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 government securities where bank takings as a share of net growth in securities outstanding dropped from more than 75 per cent in the first half of 1965 to about 40 per cent in the like period of 1966 and to only 3 per cent in the quarter ending with September. Similarly, in markets for Federal agency securities and participation certificates, the rate advance accompanying the large second-quarter expansion in net offerings would obviously have been less if the banks had had more funds to invest. NONFINANCIAL PUBLIC shows preference for market securities over depositary-type claims in '66 CHART 5 60 40 20 THROUGH MARKET - 0 Flow of funds annual data except for 1966, which is an average of the first three quarters at a seasonally adjusted annual rate. Nonfinancial public includes households, all nonfinancial business, and State and jocal governments. Fjows through depositary-type intermediaries are changes in time and savings deposits (including negotiable CD's) at commercial banks, deposits in mutual savings banks, and share capital at savings and loan associations and credit unions. Flows through insurance and pension fund intermediaries include reserves of life insurance companies and private pension funds, plus employee retirement funds of State and local governments. Flows through market represent direct acquisition of securities by nonfinancial public. Total flows include demand deposits and currency. In corporate bond markets upward pressures on interest rates were created not only by the large over-all expansion in net debt offerings, already noted, but also by an increase in the proportion of new issues taking the form of public offerings. Dollar for dollar, public offerings generate stronger direct pressures on long-term rates than private placements do. While commitments on issues placed privately with institutional investors were large in late 1965 and early 1966, they dropped off sharply as the year INTEREST RATES IN U.S. CAPITAL MARKETS 1585 progressed, reflecting a growing constriction in the availability of investment funds at life insurance companies. The volume of bonds offered publicly by nonfinancial corporations in the first three quarters of 1966 was thus almost 40 per cent larger than in the like period of 1965. The combination of greatly expanded security offerings, reduced bank takings, and growing constraints on new commitment activity at life companies could be resolved in only one way— namely, by increases in long-term rates large enough to draw funds directly from the nonfinancial public into the securities markets. The resulting redirection of savings flows was the largest experienced since 1959—the last preceding period of monetary restraint and high rates on market securities (Chart 5). Competition among intermediaries. Increased buying of highyielding market securities by the nonfinancial public occurred largely at the expense of depositary-type financial savings. Although all types of institutions attracting such savings have experienced a shrinkage of their inflows during 1966 (Chart 6), Among depositary-type institutions, SAVINGS FLOWS down most at S & L's CHART 6 COMMERCIAL BANKS SAVINGS & LOAN ASSNS. MUTUAL SAVINGS BANKS Flow of funds annual data except for 1966, which is an average of the first three quarters at a seasonally adjusted annual rate. Commercial bank flows include negotiable CD's but exclude demand deposits and currency. over the first 7 months the shrinkage occurred mainly at savings and loan associations and mutual savings banks. While commercial banks also dropped somewhat behind the year-earlier growth rate in that period, 1965 had been their record year. The greater relative success of commercial banks in competing 1586 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 for savings during this period reflected more aggressive efforts to match rising market rates by increasing rates paid on both large CD's and consumer-type time deposits. Banks, with assets that are more diversified and of shorter average maturity than those of the savings and loan associations and mutual savings banks, found it easier to match higher costs for deposits with higher interest earnings. Moreover, banks were more successful than the other two groups in differentiating the types of claims they offered. As a result, the maximum interest rate paid by banks usually applied to a relatively small share of their total liabilities. Finally, the freedom of the savings and loan industry to compete was further constrained by the efforts of the Federal Home Loan Bank Board to limit increases in dividend rates and borrowing by its member associations. These restraints were part of a continuing policy designed to achieve a sounder basis for growth than had occurred at some associations earlier in the 1960's, when they had promoted high dividend rates and had greatly increased borrowings from the home loan banks. SAVINGS GROWTH AT MAJOR DEPOSITARY-TYPE INSTITUTIONS (In per cent) Period 1964 1965 1966 (seas. adj. annual rates): January-July August October Commercial banks Savings & loan assns. Mutual savings banks Without CD's' With CD's 11.5 8.2 9.6 7.4 11 6 14 4 12.6 15.8 2.4 3.3 4.1 6.0 9.8 8.6 11.0 1 .4 1 Excludes CD's at weekly reporting banks. NOTE.—Net growth of share capital at all insured savings and loan associations, savings deposits at mutual savings banks, and time and savings deposits at commercial banks as percentage of amounts outstanding at end of preceding year. August-October rates are based on preliminary October data for S & L's and mutuals. Because savings and loan associations and mutual savings banks are the major lenders that finance homes, the sharp further shrinkage of their net savings flows—along with added pressures on the more diversified commercial bank and life insurance company lenders—led to an abrupt tightening of the home mortgage market and a steep rise in mortgage rates. During the second and third quarters, commitments to make new mortgage loans dropped to a fraction of their early pace, and as the backlog of prior loan INTEREST RATES IN U.S. CAPITAL MARKETS 1587 commitments was drawn down, housing starts declined sharply to less than their recession low of 1960. By the summer, questions of social and economic priority were being posed by the contrast between the abrupt squeeze on home financing and the continued strong support being provided by bank credit to the business capital boom. In these circumstances, even though further advances in short-term market interest rates began to put CD rates at a competitive disadvantage, the maximum permissible deposit interest rates set by the Board's Regulation Q were not raised—as they had been on four earlier occasions in the 1960's when market rates had risen close to such ceilings. Also, when Congress acted to provide the necessary additional statutory flexibility, the maximum permissible rate payable on bank time deposits of less than $100,000 was rolled back from 5Vz to 5 per cent. This change was part of a coordinated set of rate actions by Federal supervisory agencies designed to stop the escalation of rate competition for savings among depositarytype intermediaries. As the table shows, growth of total time deposits at banks did slow down rather abruptly from August through October. While most of this slow-down was attributable to the net liquidation of large CD's, growth of consumer-type deposits at banks also slowed. Impact on life insurance companies. As has already been noted, changes in credit availability at life insurance companies played a part in the spread of monetary restraint. Because of their contractual character, net savings flows to life insurance companies were not greatly affected by the intensified competition for savings created by high yields on market securities. As Chart 5 suggests, the relative insensitivity of contractual savings flows to cyclical swings in interest rates is typical, and was also evident in the 1959 period of high rates. Some life insurance companies have, nevertheless, found themselves with smaller than expected supplies of loan funds this year, because changes in interest rate relationships have caused their gross cash flows to fall short of anticipated levels. As a rule, insurance companies are able to predict their basic cash inflows with a high degree of accuracy. But this year, prepayments of mortgages dropped off with the rise in mortgage rates and the reduced turnover of existing housing. Withdrawals of policy proceeds that had been left on deposit with life companies (for a fixed rate of return) increased as rates on alternative types of financial assets rose. And policy loans—which most life companies are committed by 1588 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 contract to make on the cash surrender value of their policies at rates no higher than 5 per cent—accelerated sharply, thereby preempting an unexpectedly large share of the gross cash flow. As a result of the smaller than expected gross cash flow, some companies had a serious liquidity problem. This reflected two general characteristics of life insurance company operations, which have developed over the years: (1) Normally accurate predictions of cash flows have encouraged these companies to invest most of their available funds in illiquid, high yielding assets; and (2) their gross cash flows are so large that most companies commit a large share of funds in advance. During the 1961-64 period when the supply of long-term funds was large relative to demands, insurance companies had substantially increased the share of anticipated cash flow being committed in advance. Late in 1965 and early in 1966 when longterm rates first began their steep rise, this back-log of outstanding commitments was expanded still further to take advantage of the higher yields. But as 1966 progressed and it became clear that gross flows to life insurance companies were falling below projections, some companies had to resort to unusual actions in order to be in a position to meet take-downs of their outstanding commitments. Among other things they drew on their limited cash balances, liquidated securities, rescheduled acquisitions of mortgages from their servicing agents, and borrowed from banks. At the same time they began to stretch out the timing of new loan commitments, arranging for deferred delivery of a substantial part of the funds. When policy loan increases in particular continued their sharp rise, some companies most severely affected stopped making new loan commitments for the time being. RT5CENX LOPMK During the third quarter spreading realization of the strength of prospective credit demands and of the growing effects of credit restraint created general market expectations of more sharply rising interest rates. This change in market psychology, together with the actions it both reflected and encouraged, led to an exaggerated late summer upsurge in bond yields (Chart 7). Large city banks in particular were confronted with the prospect of a sizable net run-off of their near-dated CD maturities, as market rates rose. This prospect, occurring as it did at a time when new loan commitments were also being steeply curtailed at some life insurance companies, seemed to pose the possibility of INTEREST RATES IN U.S. CAPITAL MARKETS 1589 a serious imbalance between available funds and fall credit demands. In these circumstances, a variety of precautionary actions were undertaken by lenders and borrowers alike. A number of moneymarket banks attempted to anticipate expected net September run-offs of their CD's by liquidating large blocks of municipal securities in the secondary market. But they found it difficult to attract buyers for their securities even at sharply increased yields. At the same time, a number of large corporations moved to float new security issues in the capital markets in what is usually a slack period of financing. Their purpose was to insure coverage of future needs before the cost and availability of funds tightened further. As a result, the August volume of corporate bonds offered in the public market ballooned to $ 1.1 billion, the largest volume on record for a single month. August-October decline. When events failed to confirm the extreme expectations of an early fall credit-availability crisis, the steep August advance in rates was reversed. Some of the roll-back reflected changes in administration policies in response to the August upsurge of rates. For example, President Johnson's request for special legislation to help moderate the business capital boom, along with his announcements that nonmilitary Federal spending would be cut, that the volume of anticipated Federal agency borrowing and pool sales would be reduced, and that further tax Most of the SHARP RATE ADVANCES in late summer of '66 have been erased CHART 7 STATE AND LOCAL GOVT. A n [tax equivalent) NEW CORPORATE Aaa PRIME DATE U.S. GOVERNMENT 120 yearj Weekly averages except State and local govt, which are Thursday figures. Yields on new corporate issues for offerings with 5-year call protection only. See also notes to Chart 1. 1590 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 action would be requested if needed to balance increases in spending for the Vietnamese war, all helped to calm the earlier fears of impending crisis. Fears were further alleviated when the Federal Reserve announced that its credit would be available to help banks adjust to reserve losses arising from time deposit withdrawals. Following these early September announcements, evidence suggesting that economic and financial developments in the private sector might also not be living up to earlier market expectations reinforced the general rate decline. While bank credit expansion was small and CD's at banks experienced a net run-off of more than %2Vi billion from mid-August to the end of October, the drain was a smaller share of total CD maturities than many had feared— indicating that banks were able to encourage investors to hold CD's on other bases than strict comparison of rate spreads. Moreover, as yields on short-term Treasury bills declined, rates paid on 30-day CD maturities became competitive again. Equally important, during September and October business capital market financing was not as large as in preceding months, even though business loan growth dropped to about one-third the rate earlier in the year. This evidence together with some other signs of a less ebullient economy raised questions among market participants whether private spending might be tapering off cyclically. With questions also being raised whether spending to support the U.S. commitment in Vietnam might rise less rapidly in 1967, market expectations about interest rates shifted, and some investors began to position bonds in anticipation of further rate declines. Recent rate advance. Around the end of October bond yields started to reverse their course again, and by mid-November they had recovered a sizable part of their earlier fall declines—as was shown in the table on page 1575. The upturn was attributable chiefly to a resurgence of business demands for long-term funds in a period when the availability of bank credit was significantly limited. In addition, State and local government demands for funds expanded, and large borrowings by the U.S. Government in shortterm markets continued to exert general upward pressures on rates. Finally, interest rate expectations were apparently being affected by an increase in the odds that market participants were placing on the chance of a further offering of Federal participation certificates and a decrease in the odds being placed on a Federal tax increase early in 1967. STAFF ECONOMIC STUDY TOWARD UNDERSTANDING OF THE WHOLE DEVELOPING ECONOMIC SITUATION Frank R. Garfield—formerly of the staff of the Board of Governors The Federal Reserve BULLETIN from time to time publishes, in full, staff studies on economic and financial subjects that are of general interest in the field of economic research. This paper was prepared by Mr. Garfield, who was an Adviser in the Division of Research and Statistics of the Board of Gov- ernors until his retirement on October 31, 1966. It was delivered at a seminar at the Board of Governors on October 19, 1966. As in all staff studies, the author is responsible for the analyses and conclusions set forth, and the views expressed are not necessarily those of his colleagues or of the Board of Governors. The brief title first considered for this paper —"Toward Understanding"—conveyed the idea of continuing inquiry but otherwise seemed rather vague. Even the present long title is subject to more than one interpretation. If someone thinks that the subject is the whole developing economic situation late in the autumn of 1966, he will be surprised to find only a long list of observations concerning understanding of developing economic situations in general. extent of control is bound to be limited, and partly because the term implies more responsibility for the course of events than most people who have a hand in public policy-making want to assume. "Prediction" in the world of economics is obviously a very different sort of activity from prediction in the world of astronomy. Partly on this account "projections"—sometimes "A" and "B" to take care of different basic assumptions—have rather generally superseded "predictions." Paradoxical as it may appear, in the world of economics "projections" seem more scientific and therefore more persuasive than "predictions"—and at the same time are easier to live with when the facts make themselves known. Many historians see little need to justify their search for understanding in terms of impact on policy; it is enough to be known to one's self and one's peers as an expert on what happened—what happened only yes- TOWARD UNDERSTANDING Why do some people spend most of their working lives trying to understand what goes on in the world? The justifying phrase in my academic days was "prediction and control." Neither "prediction" nor "control" proved to be a good bureaucratic word. "Control" clearly is a word to be avoided, partly because no one in this country wants a society controlled from the top, partly because the 1591 1592 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 terday or what happened in the olden times. One advantage of going back a way is that information on olden times is not subject to further revision—at least until someone discovers some scrolls in a cave or some new arrangements of pollen deep beneath the surface of a marsh. Another advantage in dealing exclusively with olden times is that a high degree of objectivity is less difficult to achieve; not much can be done about those times no matter how they are interpreted. Thoughtful study of the past certainly is satisfying for its own sake, and it is important as a prerequisite to understanding of the present and the future. For many students of affairs, however, more significant as well as more exciting challenges are to be found in working at the shifting frontier of time dividing the present from the future—in deriving from preliminary information fairly objective analyses of prospects, analyses that hopefully will be serviceable in shaping current policies to achieve carefully considered goals. I have in mind especially goals for large groups, including people from many walks of life— or social strata, if you prefer. STATING GOALS Goals—many people's goals—are important features of the whole developing situation. But here we can honor them and pass on. Most of us want full employment, high and rising standards of living. We want an equitable distribution of income, no longer thinking much about the distribution of wealth. We want money incomes whose worth in real terms will not be jeopardized by sharp price advances. We also seek a balance of group participation and individual freedom—from government, business, or other institutional domination— that will permit life to sparkle and encourage creative activity of many sorts, the world over. We seek—perhaps not actively enough —more peaceful relationships among nations. To achieve such broad objectives we set up more specific goals such as maximum sustainable growth in output of goods and services; stability in broad averages of prices; and viable financial relationships within and among nations. Then we qualify these goals. We do not really want maximum output at the expense of some sort of balance between population and nonhuman resources such as air and water, and land that can be tilled or mined or subdivided. Nor do we want maximum output at the expense of a tolerable division of time between shop and family life. Now, just one more note about goals, short-run and long-run. In a growing economy, tomorrow and the day after tomorrow will be at least as important as today. They should be so regarded today, with allowance only for different degrees of uncertainty as one plans farther into the future. In this view the Phillips trade-off between unemployment tomorrow and price advances tomorrow is a quite inadequate formulation of a problem; what about the impact of price advances tomorrow on unemployment the day after tomorrow? DESCRIBING AND PROJECTING DEVELOPMENTS Moving now from comment on goals to comment on description and projection, I shall keep in mind a recent professorial observation that while mathematical models usually include too little, verbal models usually include too much. Perhaps we can simplify a little by noting that projection is only description of the future subject to less restraint of hard facts TOWARD UNDERSTANDING than description of the past, and that policy formation to achieve goals may be regarded for the moment only as part of what is to be described and projected. Also, suppose we take a short-cut, not stopping to look at and reflect on the bits and pieces of real life that we see around us —and their interactions—but rather stating observations and using selected bits and pieces as illustrative supporting evidence. Most of these observations are quite familiar, but all are, I believe, of some significance to recall in moving toward understanding. FRAMEWORKS 1. If we are to describe and project meaningfully, we need to have one or more broad frameworks into which we organize the heterogeneous mass of detail that is economic life; we should not expect newspaper editors to do this for us. Reserving further comment until later, I hope you will be thinking about frameworks in connection with each observation along the way. CONCEPTS 2. We need at all times to be as clear as we can on concepts, on what, specifically, we are talking about. We should try to understand, for example, such a distinction as that indicated in a Survey of Current Business article for November 1962, where it is said that "when the aim is to get at a measure of productive capacity, the present techniques [of measuring real capital] are not satisfactory because identical amounts of real capital as now measured will represent different capacities to produce goods and services over time." We might also inquire what a "household" is the next time we use Census Bureau figures in analyzing housing demand. Again, although as a matter of practice we seem to find acceptable uses for 1593 more than one loose phrase such as "economic and financial," we should no doubt continually be searching for tighter language. INFORMATION 3. While well-developed frameworks and concepts are necessary for good analysis, they are not sufficient; we need good data both to fill in prearranged conceptual boxes and to help determine the shape and arrangement of the boxes. And we need restraint in using poor data, not just recognition of the need for good data while reaching for whatever numbers may be readily at hand. Further, we need users of data who are not content to know that data are good for something but want to know whether the data are good for their purposes, and how good. And we need producers of data who really understand something about the uses to which the information they collect will be put. Much more needs to be written on this subject and I trust will be when projects are proposed for improving statistics by setting up various new arrangements for collecting and analyzing data. 4. We need information that cannot be fully quantified, information, for example, about the way people who make decisions think and react. We can obtain such information partly by studying opinion polls and intentions surveys, partly by being acquainted with many people, including people whose thinking is organized around problems quite different from our own. ANALYSIS OF INFORMATION 5. In order to use numerical and other information for serviceable analysis we need first to study the information; then to apply such mathematical and other techniques as seem appropriate for adjustment and inter- 1594 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 pretation; then to review preliminary results in the light of information available on related subjects; and finally to take such further steps as may be required. This may mean going over the whole study to look for significant errors in transcription or key punching; or surprising interpretations of questions asked; or unusual circumstances that make usual methods of adjustment inappropriate. To the uninitiated the idea of testing the reasonableness of methods in a particular instance by the reasonableness of the results obtained in that instance may seem to involve a sort of circularity and to open the way for abuse by analysts wishing to discard results not to their liking. But risks are everywhere and the risks associated with ready acceptance of first results or uncritical allegiance to a method seem to me very high indeed. the legacies of war. World War I and the terms of the peace that followed—including uncollectible war debts—were among the important sources of the troubles of the 1920's and 1930's although, in the light of post-World War II experience, they are not now usually put so high on the list of causes as they once were. In the past year and a half, escalation of war activities in Southeast Asia has had an important influence on new orders and expenditures, resource utilization, and speculation about a variety of future war-related developments. (I might have referred to this influence as "decisive" rather than "important" if 40 years ago Herbert Davenport had not pounded the table when he said "at the margin, not by the margin.") Among the tools essential for transforming crude data into materials useful for interpretation are electronic computers and electronic charting devices—and telephones. Now, equipped with all these, what do we study? 8. Again, we must assess the significance in our time of government actions not associated with war, actions reflected in numerous printed forms to be used in meeting payrolls, writing purchase contracts, collecting income taxes and customs duties, and keeping track of social security affairs. Conditions in this respect are now appreciably different from those in 1913 when the Federal Reserve Act was passed. At that time total Federal outlays amounted to only $700 million—1913 dollars—although the population was nearly half as large as it is today. Quite understandably, in writings of that time by Wesley C. Mitchell and others, profit was emphasized as even more of a central organizing force in the economy than it is now and only modest hopes were held out for dampening of cyclical fluctuations through government action. There was not much of a budget to balance or unbalance, myth or no myth. Today the situation is different—but how ECONOMIC LIFE 6. If we confine our analyses to "economic life" we need to define economic life broadly enough to include almost everything —even though we know we cannot specialize in everything to quite the same degree. IMPACTS OF WAR 7. We cannot ignore, for example, the impacts of war or even the diplomatic activities relating to war. The record is clear that for much of the past half century—the whole life of the Federal Reserve System so far—production, employment, price, and credit developments have been profoundly affected by wars, preparations for war, and ROLE OF GOVERNMENT 1595 TOWARD UNDERSTANDING different? Are government functions now so important and government economists and administrators so well informed and so ingenious in shaping policies and gaining public support for them—especially for policies of restraint in periods of excessive demand—that only one projection has validity, a projection of steady, rapid growth? In a luncheon conversation not long ago, one man took the position that we could believe this; another talked about the recent emergence of overcapacity for the production of dacron and competitive products and the announcement of a sharp cut in the price of dacron. While attributing the price cut chiefly to overcapacity, he noted that the price cut would stimulate a number of new uses and would increase consumption in old uses. A third participant in the discussion asked how much government expenditures at large would have had to be increased to bring about absorption of this particular overcapacity without a price cut. TECHNOLOGY 9. Still considering the wide range of subjects to be covered, we need to take account —for some countries more than for others— of the now highly organized search for better technical ways of doing things, whether in connection with business, government, academic, or other enterprises. Technological developments—in the art of making glass or selling bonds or teaching the young—all have their economic impacts, impacts on demands and the availability of resources to meet them, on costs and prices, and on saving and investment. Population forecasts these days need to recognize in one way or another the potential effects of revolutionary changes in techniques of birth control. Electric power experts are already beginning to think about problems that would develop if individually owned electric cars were to become popular for short distance travel. REAL AND FINANCIAL DEVELOPMENTS 10. Approaching the problem of what we are to deal with from another angle, we need information and analyses concerning the "real" world of physical production and employment, the "financial" world of transactions of the sort handled at banks and similar institutions, and the relationships among real and financial affairs. This might go without saying except that many of the early mathematical models ignored the financial world altogether and that financial analyses often have treated the intricacies of the real world rather lightly. In the market place, real and financial affairs are intertwined; production, distribution, and consumption must be financed, and the demand for credit depends in good part on the volume of real output—and prices. If in some analyses there is still underemphasis on financial affairs, it may be partly because basic goals relate to real things such as jobs and goods and services. If in some analyses there is still underemphasis on real affairs, it may be partly because many policy actions relate directly to dollar amounts, of bank reserves to be required and provided, of tax receipts to be sought and expenditures to be made. Other policy actions relate to prices to be paid for the use of funds or, in the case of income policies, to prices to be paid for the services of workers and for currently produced goods. PRICES, QUANTITIES, AND VALUES 11. Prices of many sorts need to be studied—prices of commodities, prices of houses, prices of high buildings on city street corners and low buildings in industrial parks, prices of government and industrial 1596 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 bonds and shares in enterprises; and a variety of prices expressed as so much per time period, including rentals of houses, yields on fixed return securities over the whole range of maturities, and rates of pay for work. Prices multiplied by quantities yield values; and prices, quantities, and values together comprise an important part of the raw material of our study. (The term "quantity," incidentally, has a double usage, first as what we multiply by price to get value, and second as the value itself, which is what we intend when we speak of "the quantity of money." If, however, we say that the quantity of money is equal to its value, we find that value has a second meaning—the value of money is what in real terms a unit of currency will command now as compared with what it did command a while ago.) Now, before further aspects of subject matter are explored, attention may be directed to various types of change encountered in studying time series for prices, quantities, and values. TYPES OF CHANGE 12. Approximate identification of several types of change that go to make up the net change reflected in time series is feasible much of the time and needs to be undertaken to facilitate understanding of the developing situation. SEASONAL FLUCTUATIONS 13. First of all, seasonal variations— mainly repetitive from year to year but in some degree shifting over time, sometimes suddenly—need to be measured as well as may be for two purposes. The first purpose is to take account of them, as in open market operations, and the second is to eliminate them from series to permit analysis of nonseasonal movements. Recognizing the advantages of using the computer for all it is worth in this area—and that is a great deal —I am still impressed with the need for thoughtful examination of series before they are fed to the computer and with the desirability, wherever possible, of making prior adjustments for important known irregularities. The advantages of prior adjustments were demonstrated long ago for workingday differences—now provided for in some computer programs—and have been demonstrated more recently for steel strikes. Programed procedures have not proved adequate to handle periods of sharp cyclical reversal of direction, such as the spring of 1958; this has been established for many production series by study of the results of adjustments on tier charts and by observation of the subsequent reversal of changes in the seasonal factors that might have been used. IRREGULAR FLUCTUATIONS 14. With seasonal fluctuations taken care of, changes shown by the commonly used seasonally adjusted measures need to be interpreted in terms of three types of change that they reflect in all sorts of combinations —short-term irregular fluctuations, cyclical changes, and long-term trends. For some series the irregular changes—reflecting both the economic impact of hurricanes, strikes, new banking regulations and shifts in the timing of Treasury financing and the statistical impact of reporting and processing aberrations—are relatively unimportant. For series of this sort month-to-month or at least quarter-to-quarter changes shown by seasonally adjusted measures may be regarded as reflecting mainly cyclical changes and trends. Quarterly GNP figures and monthly figures for nonagricultural employment and industrial production might be so classified. Changes shown by series at lower levels of 1597 TOWARD UNDERSTANDING aggregation or for shorter periods of time are likely to be more subject to irregular fluctuations. When irregular fluctuations are important, their causes may be known or not known. If causes are known—and they often can be ascertained, if time does not run out on efforts to find out what happened—then approximate special allowances can be made; for a strike this may mean lowering a production series a little before and after the strike, raising it considerably during the strike. When the causes of irregular fluctuations are not known, these fluctuations may be allowed for informally in chart reading or they may be formally suppressed, more or less, by using moving averages, with the length of the moving average depending on the relative importance of irregular fluctuations. Irregular changes are smoothed out this way in many series shown in Business Cycle Developments. Useful as such smoothing often is, the curves so calculated do not come up to the last minute; to do that they would need to be based in part on assumptions as to the future. And they are averages, in which significant short-term changes may be averaged out along with the irregulars. Partly because irregular changes include many changes from causes unknown, they are sometimes lumped together, with or without irregular changes of known origin, as "random" fluctuations. Considering the nature of many of these changes and what ought to be done about them, the term "irregular" seems to me preferable. The position might be taken that trends and cycles, while clearly not random, are in varying degree irregular and that, therefore, the term "irregular" has its limitations for use here. TRENDS AND CYCLES 15. The trend-cycle curves that we have, once seasonal variations have been allowed for and irregulars have been brought under control, need to be studied to see how far they reflect long-term trends and how far cyclical changes. In recent years efforts to measure trend have been extended—we now have "growth triangles" that show growth rates calculated from every past year for which data are available to each later year. Meanwhile, the calculation of separate cycle curves, pushed by some analysts in the 1920's, has never regained the position lost in the 1930's. The National Bureau of Economic Research in its far-reaching study of cycles has preferred to work with "cycles of experience," including trends within cycles, excluding shifts in level from one cycle to another. While the basic idea of trends seems simple enough and while useful trends can be quickly established for some series in some periods, quite often great difficulties are encountered and the results need to be interpreted with great care. Trends change. Cycles, cycles of varying length, present problems in the choice of initial and terminal dates. While the computer may be quite willing to calculate trends from any set of data, the economist needs to take care, if the returns obtained are to be meaningful. Suppose, for example, that there is a fairly long period—say 5 years—of rapid advance due partly to growth in resources and partly to transition from under-utilization of resources to nearly full utilization; suppose, further, that this period is followed by a period of less rapid advance; then, how should the two periods be characterized in terms of trends and deviations therefrom? Pushing the time horizon back a decade or so or a cycle or 1598 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 two might clarify the picture somewhat and still leave some puzzling problems. 16. We need to study the fluctuations that go under the name of "business cycles" whatever we think of that term. To some people the term is objectionable because it seems to promise more than can be delivered. Cyclical fluctuations are of varying amplitude and duration and shape; the troughs of the recessions of 1954 and 1958 were well described by the letters U and V. Some periods, moreover, fit so poorly into any cyclical mold, of advance or decline, that the idea that the economy is always in one stage or another of a cycle seems open to question. Proponents of the term "business cycles" from the outset have pointed to dissimilarities as well as similarities among periods; but in computing averages of duration and other characteristics from small samples of diverse cycles they may have pushed the idea of regularity too far; averages, like aggregates, sometimes confuse rather than clarify. Again, to some people the concept of business cycles is objectionable because it seems to imply inevitable failure of government efforts to eliminate cyclical unemployment and achieve steady growth—steady, rapid growth. While these analysts might not assert that this is a new world, they might prefer a term such as "economic fluctuations" to "business cycles." For our times "economic" may be preferable to "business." But "fluctuations" may be questioned as covering many types of change and not having one significant connotation that the term "cycles" does carry; each situation does develop out of the previous situation in a continuous process, and advances and declines are more intimately related by cumulative forces than the term "fluctuations" may seem to imply. Description, projection, and policy-making to achieve steady, rapid growth need to take this basic idea into account. How much help cyclical analysis of one sort or another may be in projecting the course of events or in shaping and timing policy actions is another matter. In my view cyclical analysis should not be limited to or thought of principally as leading-indicator analysis although investigation of leads and lags throughout the economy is a very important part of all analytical work. I would put much emphasis on the search for such causal interconnections as may be evident in sequences; on consideration of each cyclical fluctuation of the fairly recent past as a whole; and on assessment of the basic nature of the particular period ahead, certain to be unique in some respects, hopefully in some respects that can be discerned in advance from intensive study of recent developments. With the necessity for understanding seasonal movements, irregular fluctuations, long-time trends, and cycles in mind, we are now in a position to consider more specifically—or less generally—what subjects we need to study, what types of data we need to obtain, and what methods we may use most advantageously in describing the past and projecting the future. TIME PERIODS FOR FLOW INFORMATION 17. If budget messages and directives to the manager of the open market account are to be written to good purpose, those responsible for writing them, quite aware of the various types of economic change referred to above, need to have before them information and analyses for appropriate periods of time—promptly. They need specifically to have flow information for many different time intervals, including the calendar divisions of years, quarters, and months and 1599 TOWARD UNDERSTANDING even some finer divisions; and also for such economic divisions of time as their views on stages of cycles or stages of growth may require. Limiting ourselves to the calendar, we can see very quickly that annual data, serving some purposes well enough, are wholly inadequate for many other purposes. They would have been of no help in solving the problem of autumnal pressures in the London money market that intrigued W. Stanley Jevons in 1866. In a paper on this subject, he used weekly, monthly, and quarterly figures based on the Bank of England accounts as he had done 4 years earlier in his pioneering paper on the subject of seasonal variations. Edwin W. Kemmerer, in his largescale study of seasonals in interest rates for the National Monetary Commission in 1910, had his Cornell students work from weekly figures. In 1932, with runs on banks threatened all the time and occurring all too often, the Board's staff made daily seasonal adjustments of currency in circulation. During the 1920's increased efforts were made to obtain monthly or shorter-term data promptly in order to facilitate quick responses to economic changes. There was also a new emphasis on benchmark data, used formally at first to improve the quality of past records and analysis, but not to make advance allowances for biases in currently reported figures. For total manufacturing employment the Board's upward adjustment to levels established by the Census of Manufactures was at the rate of about 2 per cent per year after 1923. Later, with a good many monthly data in strategic areas available—and combined into measures such as the Board's index of industrial production—and with a drive to obtain the sort of completeness of coverage for the economy represented by the national accounts, great emphasis was put on quarterly figures. Quarterly figures have the advantage of being less difficult to estimate for areas not well covered in current reports. Also, even where reliable monthly figures are available, averaging them will suppress some irregular changes and thereby may facilitate current interpretation as well as the establishing of some relationships among series. On the other hand, certain relationships significant to know about in dealing with some types of change disappear when monthly figures are averaged; and significant monthly turning points such as that in April 1958 are often lost from view. One should not be obliged to choose between quarterly and monthly figures—or to think of the significance of the news reported every day only in terms of one particular segment of time. RELATED STOCK AND FLOW INFORMATION 18. We need analysis and data relating not only to what happens during a period but also to conditions at the start and finish of a period. Currently, there is great emphasis on flows during a period—flows of goods and services and funds—but economic balance sheets as well as income statements are recognized as materials for study. Interest in measurement of capacity and rates of capacity utilization continues. Also, improved information on rental housing vacancies has been made available to help analyze residential real estate markets. It is true that no adequate analysis has yet been made of structural changes affecting the significance of inventory—sales ratios, and that not enough attention may be given to the amount and nature of mortgage debt outstanding; but there are plenty of neglected problems also in the area of flow analysis. 1600 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 NET AND GROSS 19. We need flow data net and gross. In the consumer credit area, for example, information on changes in outstandings is useful, but analysis of such net data can be greatly improved by having gross figures on extensions and repayments. Being affected by developments in quite different time periods, extensions and repayments behave quite differently on occasion. Besides, changes in the rate of credit extensions taken separately can be compared meaningfully with current developments in retail trade, and repayments can be related usefully to disposable income. TOTAL AND PARTS 20. Closely allied to the observation concerning net and gross is another concerning the need for data and analysis at many levels of aggregation. In the field of population, for example, one figure quite relevant for high school construction programs and related local expenditures is the number of children of high school age. For all public school construction, more age groups need to be included. In some recent periods, information on total population would have been next to worthless for either purpose; but a total population figure is useful for making broad comparisons with the past or with other countries and for computing some per capita figures that are of significance. In the field of prices, broad averages at the retail and wholesale levels are still often used in analyses of general economic developments, and a total consumer price index is often used in wage negotiations, without analysis in terms of components. But price analysis in depth needs to deal with prices at many stages along the way from raw materials to finished products and from primary markets to retail markets. Changes in prices of farm products and foods ordinarily reflect changes in supply factors to a greater extent than prices of industrial commodities, occur in their own good time, and often result in changes in the broad averages that are subject to misinterpretation. Prices of hogs and cattle, in particular, have their own individual swings related to short and long production cycles dependent in part on biological considerations. Detailed price, production, and other data need to be studied to appraise fluctuations in prices for industrial commodities and their effects on expectations, new orders, and inventory accumulation, not to mention earnings, the amount of internal funds available for capital outlays, and the demands of business for short- and long-term credit. One of the finer arts in economic analysis is to take full advantage of what can be learned from study of data at many levels of aggregation—or of "disaggregation," if you are accustomed to thinking of the broad aggregates as the starting point for thinking. The present leading view of one of the relationships among broad aggregates most important for making projections—the relationship between consumer expenditures and personal disposable income—seems to be that some components, notably auto sales, should be estimated separately, taking account of factors other than income. The ratio between expenditures and incomes (and the saving rate) thus should be regarded as changeable from quarter to quarter on this account as well as because of leads and lags that may appear in connection with developments such as the tax cut of 1964. Moving away from the view that the saving rate should be expected to be constant from quarter to quarter makes sense to me, especially in view of the many difficul- 1601 TOWARD UNDERSTANDING ties in the way of calculating the income and expenditure figures and consequent uncertainties as to how closely they—and the difference between them—reflect what is happening. Aggregates, as sums of components, often benefit from offsets of errors of opposite direction but may still be subject to significant net inaccuracies. Thus, estimating consumption expenditures requires discretion in the handling of numbers at many points and not merely in the estimation of the "exogenous" elements so basic to income estimates—notably, defense and other government expenditures, plant and equipment outlays, residential building, and the rate of inventory change. MULTIPLE CLASSIFICATIONS OF DATA 21. Fortunately for economic analysis, with proper care the same data can be used in different groupings to help answer many different questions. Production in one industry, for example, can be grouped with production in other industries turning out materials or finished products, as the case may be, and also with production of goods more or less durable in use. Both lines of classification are among those important for understanding differences in amplitude and timing of fluctuations. Again, production of goods can be usefully classified according to the status of principal purchasers of products, notably private producers, private consumers, and governments, national and local. These groups have different objectives, hold different positions in markets, make different credit arrangements, and alter their demands at different times. In some periods such as the present, grouping of industrial products as business equipment, defense equipment, consumer durables, and consumer staples points to important differences in rates of expansion, already long continued. Production may also be classified as to whether it is going into business inventories or being delivered to final purchasers; the differences in behavior are often striking. The rate of accumulation and the level of holdings relative to production and sales are in themselves significant facts, and to the extent that information can be obtained concerning the areas of accumulation and the voluntary and involuntary nature of the accumulation, the full significance of inventory developments can be better appraised. In general, at different times different lines of classification will be especially important for indicating the type of situation that may be developing. COMPARABILITY OF GROUPINGS FOR INDUSTRY ANALYSIS 22. Unfortunately for economic analysis, while some industry groupings are closely comparable with each other—those for manufacturing employment, hours, and production, for example, all on an establishment basis—not all groupings for the same industry are closely related; profit figures, for example, are based on data for enterprises reaching far across the industry lines based on establishment data. Happily, the comparability of enterprise sales, inventory, and order data with establishment data has been improved in recent years through reporting on a divisional basis by most large enterprises whose activities cross industry lines. Also, increased efforts have been made to reconcile various types of data drawn from corporate and establishment reports. At the higher levels of aggregation, problems of this particular sort tend to be reduced. FLEXIBILITY IN ANALYSIS 23. The usefulness of classifying and studying data for the past in trying to see 1602 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 what may lie ahead depends in part on the extent of our flexibility in using what we learn to ferret out actual elements of continuity in the economy and elements of change that alter economic behavior and economic relationships. If, for example, the goal of steady growth were to be achieved, conclusions drawn from an era of cycles would need to be reexamined. This would be true whether or not earlier generalizations had been expressed in mathematical terms. That formal models of the economy —however elaborately conceived and constructed to take care of accelerators, multipliers, and the like—will be flexible enough to capture the individual peculiarity of each different period in a rapidly changing world seems much less certain than that those who construct the models will in the course of their work learn a great deal about the operation of the economy. For current analysis and current decision-making, one essential requirement I see is a degree of flexibility available only to human minds, human minds steeped in the history of economic developments—at home and abroad—and trained to make use of a variety of tools of economic analysis. One further note about flexibility: in all research more of it is needed than is cultivated when pressure to define and test a particular hypothesis rigorously is so strong that the researcher is unable to appreciate what the data are trying to tell him about some other subject that may be just as important. (What constitutes rigorous testing is, incidentally, a subject that warrants a further sharp look.) FRAMEWORKS 24. If, as I requested, you have been thinking all along about frameworks, where have you come out? Are you perhaps wondering how everything I have mentioned so far as important to understanding can be brought within any single framework? So am I. How much of the whole developing situation, for example, is likely to be encompassed in study of real things such as production of goods and services, and employment? How much in study of prices for goods and services and for the use of goods and funds? How much in the study of values, particularly expenditures and incomes and flows of funds, as quantities of real things and of all sorts of claims are transferred at prevailing prices? Perhaps, with everything related to everything else, one can go as far as one can go anyway by starting out to explain changes in quantities; or in prices; or in values. But wherever one starts, one winds up talking about all three or one is not doing much of a job of relating goals and policies and developments in the market place. All three, moreover, need enough direct attention to reveal whatever of significance they have to tell. And as a practical matter, all three need to be approached in their own ways, not in some way dictated by the desire to integrate everything into one unified system. What are some of the problems involved in measuring and relating values, quantities, and prices and building a reasonably complete account, beginning with study of any one? In some ways the simplest broad concepts are those of total value, value of expenditures and value of income associated with production of goods and services. Conceptually, the starting point for the expenditure total is the individual sales slip for final products and such data as are needed to estimate the current dollar value of inventory change. The values on sales slips reflect quantities and prices that have already been multiplied without any averaging. In these figures, both quantities and TOWARD UNDERSTANDING prices change from one period to another as they do in actual transactions. In contrast, a quantity index generally assumes constant price relationships and a price index constant quantity relationships. And quantity measures relate to goods at various stages of fabrication and distribution, not just to one. Thus, to avoid overlapping (such as occurs in shipments series), the structure in the weight year is taken as one of net output at various stages of production, and the series used to carry this structure forward through time must represent changes in net output—by what means best is one of the current issues of measurement in this area. In practice, the sales slips needed to obtain total expenditures (current dollar GNP) are not all available; some values, as for new autos, are calculated from totals of units sold and estimates of average prices; the value of services of government employees is the sum of paychecks rather than sales slips; and estimating the value of inventory change involves many steps and more than a little uncertainty as to the results. For these and other reasons, the actual current value GNP derived from the expenditure side is not the simple aggregate that it may seem to be in broad concept. The total value of current expenditures, no matter how well estimated at the final product level, cannot tell the whole story of economic change; it is quantity of output— output of steel in tons or "constant" dollars —that is related to all sorts of change in employment and productivity, and it is prices that are involved most directly in maintaining the value of the currency and avoiding such speculative developments as might arise from widespread price changes in one direction or the other. Also, changes throughout the economy, along vertical lines from raw material to finished product, are significant 1603 to analyze along with horizontal differences in behavior among different groups of final products. Recognizing the importance of quantity and price measures, is it feasible to move with assurance from measures of current values to measures of quantities and prices? The difficulties of working in the other direction—from quantity and prices indexes to value measures-—are readily perceived. They include various data and other problems in quantity and price measurement already noted and also the technical problem of obtaining a value measure from quantity and price measures; base-weighted quantity and indexes of prices, when multiplied, will not yield a precise value measure, and given (changing) year weighted indexes for either have their special limitations. Problems of the same nature are inherent in any move from value to quantity or price measures and, further, any differences between current value estimates and actual values will affect quantity and price measures derived from current value estimates. Also, detail by stage of fabrication and distribution needed for analysis of changing supply and demand positions and the transmission of the impact of events through the whole economy cannot be obtained from final product figures alone. Direct approaches to quantity and price measurement present problems of their own that should not be minimized; for many products deflation of value figures may seem to be the best way to handle baffling problems of nonhomogeneity of product. But the evidence seems to me clear that much is to be gained by approaching quantity and price as well as value measurement and analysis directly. One special advantage is that of potential improvement in quality all around that can come from approaching measurement problems from different points 1604 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 of view and then comparing the results. This is one way that data limitations for example—going all the way back to the kind of records people keep and affecting analysis in different ways in different approaches —can be partially overcome. This discussion of frameworks has focused on approaches to quantity, price, and value measurement and analysis, almost exclusively with reference to currently produced goods and services. Transactions in existing property, real and other, are also highly significant, as is readily apparent in analyzing problems relating to housing and mortgage markets and to international payment balances. And, you may have noticed, the emphasis on "real" aspects has left "financial" aspects—the financing of value transactions of all sorts—scarcely mentioned. That, in some sense, analysis will always be incomplete seems inevitable, but that we can make further substantial progress toward a truly comprehensive story seems to me equally clear. We can increase the range and depth of our understanding, I think, by looking at broad problems from several points of view. "Framework" is a word that, like "cycle," seems to me more meaningful when used in the plural. With this comment on frameworks the discussion has returned to the point of beginning—almost. TOWARD UNDERSTANDING—AGAIN As already noted, I take the chief aim of working toward understanding of economic developments to be some contribution toward policy-making—public and private. And public policy-making in the economic area I take to be aimed at the variety of purposes touched on at the beginning of this paper. They may be summarized in general terms, first as encouraging growth of a sort sustainable and consistent with various other broad goals and, second, as working actively toward meeting such major, persistent, speial problems as the present 8 per cent unemployment rate for nonwhites in this country. No one set of policies—fiscal or monetary or other—has the versatility needed to handle the variety of problems to be dealt with by one means or another. Whatever the organizational arrangements for policymaking may be in the future, the need for broad understanding on the part of individuals dealing with highly specialized problems in particular areas will be very great. Policies reasonably well adapted to the situation and to each other can best be developed among people of such understanding in whatever branch or agency of the government they may be working. And such policies can be adopted and then implemented effectively only if many people throughout the country take an active interest in economic affairs and work to broaden their understanding of economic developments and economic policies, both domestic and international. STAFF ECONOMIC STUDY A REVISED INDEX OF MANUFACTURING CAPACITY Frank de Leeuw—Staff, Board of Governors With Frank E. Hopkins and Michael D. Sherman The Federal Reserve BULLETIN from time to time publishes, in full, staff studies on economic and financial subjects that are of general interest in the field of economic research. This paper was prepared by Mr. de Leeuw, a member of the staff of the Board of Governors, together with Messrs. Hop- kins and Sherman, who were research assistants at the Board during the summer of 1966. As in all staff studies, the author is responsible for the analyses and conclusions set forth, and the views expressed are not necessarily those of the Board of Governors or of other members of the Board's staff. This article describes a set of estimates of capacity and capacity utilization in U.S. manufacturing industries. The estimates represent a revision of a series maintained at the Federal Reserve Board for the past 6 years.1 They are crude and subject to much larger measurement errors than many other time series in common use. Although the estimates appear to be helpful in interpreting current economic developments, users should bear in mind that more thinking about underlying concepts, better coverage of some key manufacturing industries, and further experimentation with alternative approaches to collecting capacity information all are probably necessary before truly reliable estimates can be developed. METHODOLOGY AND USES l See Frank de Leeuw, "The Demand for Capital Goods by Manufacturers," Econometrica, Vol. 30, No. 3, July 1962, pp. 410-11; Peter Gajewski and Frank de Leeuw, "An Index of Manufacturing Capacity," July 1964 (unpublished); and U.S. Council of Economic Advisers, Annual Report, 1966, p. 249. The method of calculating the capacity estimates, described in detail below, can be summarized in a few sentences. The general level and major movements of capacity utilization in the estimates are those that emerge from McGraw-Hill surveys of capacity utilization of manufacturing companies. Dividing these utilization rates into Federal Reserve indexes of production gives the general level and trend of the capacity estimates. The final capacity estimates are extrapolated before the first utilization survey and after the most recent one through the use of capital stock estimates and McGraw-Hill survey information on yearly capacity changes. These two sources of information are also used to smooth the capacity estimates during the period of the utilization surveys. The meaning of "capacity" as measured in these estimates is of necessity imprecise. 1605 1606 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 The unit of measurement is output per quarter, expressed as an index on a 1957-59 base. That is, the capacity index is an estimate of the quantity of output per quarter, relative to quarterly output in 1957-59, which the current stock of plant and equipment in manufacturing industries is capable of producing. But there are many ways of interpreting the phrase "capable of producing." It may refer to output that can be produced at minimum average cost, or it may refer to output that can be produced at anything less than prohibitively high cost; it may refer to peak seasonal output, or it gative time series. One such relationship, depicted in Chart 1, is that of capacity utilization for all manufacturing to the backlog of appropriations for new plant and equipment by manufacturers, with the latter variable expressed as a ratio to estimated capacity. Periods of high backlog follow, after a brief lag, periods of high utilization, with the 1959 peak in both cases below the 1955-56 peak and the current level. The two series diverge in recessions, probably reflecting in part the influence of financial conditions on the volume and timing of new appropriations. CHART 1 CHART 2 Backlog of appropriations is the estimated dollar volume of backlog at the end of each quarter for all manufacturing, deflated by the GNP implicit deflator for producers' durable equipment and divided by the capacity index for total manufacturing. Capacity utilization is for total manufacturing. Data are from National Industrial Conference Board, U.S. Commerce Department, and Federal Reserve. Price change is the absolute change from a year earlier in the quarterly average of a special Federal Reserve grouping of wholesale price indexes (1957-59 = 100) for industrial materials. Capacity utilization is for primary processing industries. Data are from Bureau of Labor Statistics and Federal Reserve. may refer to output after adjustment for normal seasonal variation; it may refer to the sum of separate product capacities, or it may refer to some normal product-mix; it may be restricted to single-shift output, or it may include second-shift or third-shift potential. There is no information available as to exactly what respondents to capacity surveys have in mind. The usefulness of the utilization estimates in spite of these defects, however, is illustrated by their relationship to other aggre- Price changes for industrial materials also appear to be related to estimated capacity utilization, particularly to one of the two components of the total—utilization in primary processing industries. Chart 2 illustrates the general correspondence of fluctuations in these two series. There are, of course, important forces affecting materials prices not captured in the utilization measure. At times, the influences of these other forces—for example, changes in agricultural prices and in wage levels—have prob- INDEX OF MANUFACTURING CAPACITY 1607 ably outweighed the influence of capacity utilization. processing industries reached their highest postwar utilization rate just after the outbreak of the Korean war, whereas advanced processing industries did not reach their postwar peak until near the end of that conflict. Again, in 1965 primary processing utilization was not so high as it had been in 1955-56, but advanced processing utilization was as high as in the earlier period. Those familiar with the timing of postwar fluctuations in prices will appreciate the closer correspondence of industrial price movements with primary processing utilization than with advanced processing utilization—a correspondence to which a number of economists have referred.2 The "primary processing" and "advanced processing" classifications used here are not the same as the "materials" and "finished products" classification used in the industrial production index. The ones used in the industrial production index represent broader coverage and a cleaner separation of industries producing SUMMARY OF REVISION The changes responsible for the revision of past estimates are summarized before presentation of the new estimates in detail. The new estimates differ from the old for three reasons: (1) Separate estimates have been prepared of capacity (and of utilization) for two subgroups of manufacturing, primary processing industries and advanced processing industries. (2) On the basis of recent evidence, it is now assumed that respondents to the McGraw-Hill surveys (the most important source of information for these capacity estimates) adjust their responses for seasonal variation. And (3) in preparing the estimates additional data were used—an additional year's data for all the time series involved, and a completely different set of data for estimates of the stock of capital goods owned by manufacturers. Estimated utilization rates for primary processing industries and advanced processing industries generally move in the same direction, as seen in Chart 3. But the two series show some significant differences during peak periods. For example, primary 2 See, for example, Murray Altmann, "Price Analysis and Economic Developments," Staff Economic Study, Federal Reserve Board, 1965; and Ruth Mack, "The Destabilizing Influence of Raw Materials Prices," in U.S. Joint Economic Committee, The Relationship of Prices to Economic Stability and Growth, 1958, pp. 269-84. CHART 3 - 90 - so - I Latest figures, third quarter. I I I I I 70 1608 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 for further fabrication and industries producing for distributors or for final users; but data limitations make it impossible to use the production index separation in the present study. The changed assumption about seasonal adjustment underlies the difference between earlier and current estimates of total manufacturing utilization during the past 10 years, as illustrated in Chart 4. Earlier it was assumed that the end-of-year utilization rates that companies reported to McGrawHill were not adjusted for seasonal variation. Because the end of the year is, on balance, a slack season for manufacturing production, our seasonally adjusted utilization rates were above the figures reported by McGraw-Hill. Now it is assumed that the rates reported to McGraw-Hill are seasonally adjusted—for reasons discussed below —and our seasonally adjusted utilization estimates are lower than they were, and no longer above the McGraw-Hill reported rates. As for the other divergences, including the slight excess of the revised over the earlier estimates for the first few years, a great many minor changes in data are responsible and no one factor is dominant. CHART 4 Latest figures, third quarter. The fact that minor changes in data have caused revisions of one or two points in the utilization rate for some quarters underscores once more the large degree of uncertainty surrounding these estimates and the need for further work. CONSTRUCTION OF THE ESTIMATES As earlier, three kinds of series entered into the construction of capacity estimates: A perpetual inventory measure of the gross stock of capital goods, a McGraw-Hill index of capacity, and a Federal Reserve index of production divided by a McGraw-Hill rateof-operations measure. In contrast to previous estimates, however, each of the three series was separated into two components, one for primary processing industries and one for advanced processing industries. Stock of capital goods. The data for the construction of the gross capital stock series were obtained principally from official censuses of manufacturers and from the surveys of manufacturers published in noncensus years since 1947 (with the exception of 1948). Census data rather than CommerceSecurities Exchange Commission data for plant and equipment investment expenditures were employed because this informa- INDEX OF MANUFACTURING CAPACITY tion is collected on an establishment basis (rather than by companies which often produce in several industries). A common method for measuring perpetual inventory of gross capital stock consists of adding each year's gross investment expenditure to the previous year's stock of capital goods and subtracting from this total the gross investment expenditure of « years ago, where ™ is the useful life of capital goods. An implication of this method is that the change in the capital stock in the current year depends not only upon current investment expenditures, but also upon gross investment expenditures exactly « years ago. If gross investment expenditures % years ago were subject to any unusual fluctuation, the current capital stock measure would also tend to fluctuate abnormally. In order to eliminate these echo effects, we used a technique similar to one developed by Dale Jorgenson.* This technique consists of (1) assuming that retirement is a constant fraction of the capital stock, or in equation form where s, is the stock at the start of period t, I, is investment expenditures in period t, and k is the retirement rate; and (2) calculating the retirement rate k by averaging the common perpetual-inventory estimates of retirements as a fraction of capital stock over a period of years. An unpublished set of capital stock estimates for industry prepared by Michael Gort were used to obtain estimates of capital stock as of the end of 1947 and estimates of k for materials and for final products. The retirement rate k was estimated 11 Dale Jorgenson, "Anticipations and Investment Behavior," in James S. Duesenberry, et. al., editors, The Brookings Quarterly Econometric Model of the United States, Rand McNally, 1965, pp. 51, 57. 1609 at 2.9 per cent for primary processing industries and 3.6 per cent for advanced processing industries. The choice of a gross rather than a net measure of capital was based on the assumption that the amount of services that a capital good yields per year or per quarter during its lifetime is approximated better as a constant amount than as an amount proportional to the remaining lifespan of the capital good. Census figures for gross investment expenditures were not available for 1948, 1965, and 1966. Thus estimates for these years were obtained by interpolative and extrapolative approximations utilizing the Commerce-SEC data. Census data do not include the sale of Government surplus capital stocks to private manufacturing industries. Because these sales were sizable in the years just after World War II, estimates utilizing data based on a study by Bert Hickman * were added to the Census series to obtain the final expenditure estimates. The two capital stock series are plotted in Chart 5, together with the other capacity indicators used in construction of the final series. Noteworthy features of their timepaths are (1) their very slight deceleration during the years 1958-62, in contrast to much more marked deceleration in some other capital stock estimates, and (2) their acceleration during the last 2 or 3 years. McGraw-Hill capacity indexes. Annual McGraw-Hill indexes r' were combined into primary processing and advanced processing totals with weights based on points in the Federal Reserve index of industrial production in December 1950, the base period of * Bert Hickman, Investment Demand and U.S. Economic Growth, Brookings, 1964, pp. 234-35. "' McGraw-Hill Company, Annual Surveys (released in April). 1610 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 the capacity indexes. Proportions of total capacity would be more appropriate as weights than proportions of total output would be, but only the latter are readily split into (1) industrial chemicals (S.I.C. codes 281 and 282), assigned to primary processing industries, and (2) chemical products (S.I.C. codes 283 through 289), CHART 5 PRIMARY PROCESSING INDUSTRIES Capital stock is in billions of 1958 dollars, output -^ utilitization is an index with 1957-59 output=100, capacity index has the end of 1950=100. All data plotted at end of year. Data are from McGraw-Hill Company, Department of Commerce, and Federal Reserve. available. The two aggregate indexes also appear in Chart 5. Industries classified as "primary processing" in constructing the new capacity estimates were textiles, lumber, paper, and pulp, petroleum, rubber, stone, clay, and glass, primary metals, fabricated metals, and a portion of chemicals. Where possible the chemical industry was assigned to advanced processing industries. Where only a total chemicals series was available, that total chemicals series was used with an industrial chemicals weight and with a chemical products weight. In addition to chemical products, the food, beverages, tobacco, apparel, furniture, printing and publishing, leather, machinery, transportation equipment, instruments, ord- INDEX OF MANUFACTURING CAPACITY 1611 nance, and miscellaneous industry groups were classified as "advanced processing." utilization reports for that month were first collected by McGraw-Hill.7 Besides providing an interim check on capacity levels during the year, these figures were employed to determine whether McGraw-Hill respondents, on the average, correct their responses for normal seasonal variation. September figures are useful in this determination because the level of capacity should display almost no seasonal variation, for it consists at any moment of time almost entirely of equipment installed in the past and only to a very minor extent of equipment installed since the last month or last quarter. If seasonally adjusted output divided by utilization rates displays marked seasonal vari- Output divided by utilization. A company producing 100 units per year and operating at 80 per cent of capacity has a capacity of 100 divided by 80 or 125 units of output per year. If in a subsequent period the company produces 91 units per year and is operating at 70 per cent of capacity, its capacity has risen to 91 divided by 70 or 130 units per year. An output measure divided by a utilization measure, in other words, is one indicator of capacity. Two aggregative indexes constructed in this way, one for primary processing industries and one for advanced processing industries, were the third kind of capacity series in this study. The output measures used for primary processing and advanced processing industries were groupings of the manufacturing component of the index of industrial production index for each December, specially calculated according to the classification described above. The utilization measures were weighted combinations of the McGraw-Hill end-of-year utilization rates.0 Weights for combining the utilization indexes were based on the 1957 proportions of production through 1960 and on 1963 proportions starting in I960. There was very little difference between the two 1960 estimates. Final utilization numbers for 1960 were averages of the two weighted indexes, with 1959 and 1961 utilization rates adjusted slightly to avoid any abrupt changes due to changing weights. Utilization rates were constructed not only for the end of each year, but also for September of each year since 1959, when " Ibid. These utilization rates are based on answers to the survey question, "How much of your capacity were you operating at the end of 19 ?" CHART 6 OUTPUT/UTILIZATION - 160 - 120 Unadjusted I I ADVANCED PROCESSING INDUSTRIES 120 Adjusted figures are seasonally adjusted Federal Reserve indexes divided by McGraw-Hill utilization rates. Unadjusted figures are Federal Reserve indexes not adjusted for seasonal variation divided by McGraw-Hill utilization rates. 7 McGraw-Hill Company, Fall Surveys (released each November). 1612 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 ation between September and December and seasonally unadjusted output divided by utilization does not, reported utilization rates are probably not corrected for seasonal variations in output. If it is the adjusted output divided by utilization which displays no seasonal variation, then reported utilization rates are likely to have been corrected for seasonal fluctuations in output. The second of these two possibilities fits the facts much better than the first, as Chart 6 demonstrates. Unadjusted output divided by utilization rates produces a sawtooth seasonal pattern in estimated capacity and implies an actual drop in capacity from September to December each year. Adjusted output divided by utilization, in contrast, is a smooth line. Consequently the assumption that McGraw-Hill respondents adjust their replies for normal seasonal variation seems more logical. It is different from the assumption we had made in previous estimates (and one we had decided on before McGraw-Hill began its September utilization surveys), and its effect is to lower our estimates of seasonally adjusted utilization rates. COMBINING THE THREE CAPACITY INDICATORS As in the earlier estimates, the McGraw-Hill capacity index and the capital stock series are assumed to have a gradually shifting relationship to the desired capacity measure; many of their differences from the desired measure—in weighting, in treatment of capital retirements, and in implied treatment of quality changes—have effects that develop by degrees over time. A randomly distributed bias is assumed in the outputdivided-by-utilization measure; the direct link of this measure to the output index probably prevents a major trend in its errors (at least, relative to errors in the output index), but probably its dependence on single-month figures produces some random errors. The ratio of the output-dividedby-utilization measure to each of the other two measures should depend upon time and a random disturbance. The mathematical representation of this relationship, which was estimated in logarithmic form and calculated separately for primary processing and for advanced processing industries, appears in Equations 1 and 2 below: (1) *!/*„ (2) X 1/* \b\Ut a b V 22t where xl = Federal Reserve index of industrial production divided by McGraw-Hill estimates of end-of-year rate of operations; x2 = McGraw-Hill capacity index; x, = capital stock series; a, = the antilogarithm of the intercept regression coefficient for the ith equation ( i = 1, 2 ) ; h, =. the antilogarithm of the time trend regression coefficient for the /th equation (« = 1,2); u,v, = random disturbances in the appropriate equations; and / = time in years (1954 = 1). The final capacity measure was estimated by multiplying the "calculated" values in Equation 1 by xt and the "calculated" values in Equation 2 by xt and averaging these two estimates. Regression estimates of a and b for advanced processing industries follow: (1) Ratio of output divided by utilization to capacity index o = 0.79915 6_ = 0.99397 (<-ratio = 4.21) R* = 0.56 (2) Ratio of output divided by utilization to capital stock a = 1.6567 b_ = 1.01227 (<-ratio = 8.71) fls = 0.86 These regressions indicate a downward 1613 INDEX OF MANUFACTURING CAPACITY trend in the output-divided-by-utilization measure relative to the McGraw-Hill capacity index of about six-tenths of 1 per cent per year (because b is roughly equal to 0.994). The output-divided-by-utilization measure rose relative to the capital stock by about 1.2 per cent per year. The McGrawHill measure and the capital stock measure were adjusted for these differences in trends as well as for differences in level and then averaged to calculate capacity for advanced processing industries. There was one further adjustment in the capacity index for advanced products industries—namely, a flat reduction of 1 per cent in the capacity index for each year starting at the end of 1958. The reason for this adjustment was to preserve consistency between our estimate of the end-of-year utilization rate for all manufacturing and the published McGraw-Hill end-of-year manufacturing utilization figures. In our calculations (except for the adjustment just referred to), the end-of-year utilization rate for recent years tended to be a shade below the McGraw-Hill published total figures, partly because we had to estimate some of the unpublished detail of the McGraw-Hill surveys and partly because of weighting differences. Because our method of arriving at a total utilization rate is considered no more accurate than McGraw-Hill's, and because it is a convenience to users to have the two end-of-year utilization estimates approximately equal, we made the small arbitrary adjustment referred to in order to bring the two totals closer together. Regression estimates for primary processing industries are as follows: (3) Ratio of output divided by utilization to capacity index a = 0.8450 b = 1.0008 (/-ratio = .51) W = 0.19 [Equation not used; mean ratio of 0.8495 used instead. See below.] (4) Ratio of output divided by utilization to capital stock (a) entire period, 1954-65 a = 1.089 b_ = 1,01764 ((-ratio = 12.63) ft2 = 0.93 (b) first 4 years, 1954-57 a = 1.13837 b_ = 0.99956 ((-ratio = .28) R? = 0.19 (c) last 8 years, 1958-65 a = 1.15081 b_= 1.01947 ((-ratio = 9.80) R2 = 0.92 [4c used for 1958-65; mean 1954-57 ratio of 1.1369 used for earlier years. See below.] The regressions for primary processing industries indicated no significant trend in output divided by utilization relative to the McGraw-Hill capacity index. The ('-ratio of the trend term in the regression was only 0.5 and the value of fl2 only 0.19. Instead of using the regression coefficients, therefore, the McGraw-Hill index was simply multiplied by the mean ratio of Xi to x2 —0.8495—to form the first of the two semifinal capacity estimates for this grouping. Output divided by utilization did display a significant upward trend relative to capital stock for primary processing industries, as regression results 4a demonstrate. However, inspection of the data revealed that there was no trend in one series relative to the other for the first few observed years and a rather sharp one in the last 8 years (see Chart 2). For this reason, regression equation 4a was not used; instead regression equation 4c was used for 1958 and subsequent years and the mean 1954-57 ratio of Xi to x,—1.1369—was used in place of any regression results for 1957 and earlier years. Separate regressions for subperiods were also run and tested for significant differences in all other cases, but this was the 1614 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 only one in which a significant difference emerged. Quarterly capacity estimates are simply linear interpolations between the final endof-year figures. Quarterly output estimates are quarterly averages of the specially calculated breakdown of manufacturing output described above. Capacity indexes for 1966 are projected on the basis of antici- pated additions to capacity as reported to McGraw-Hill and anticipated capital spending as reported to the Commerce Department. Quarterly rates of utilization are available a month or less after the end of each quarter.8 8 Requests for the quarterly estimates should be addressed to Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. TOTAL MANUFACTURING: O U T P U T AND CAPACITY (1957-59 output - 100) Output Capacity' Year QI QII 1948 1949 1950 68.5 66.5 68.1 69.0 64.2 73.9 69.5 65.1 80.1 1951 1952 1953 1954 1955 83.0 82.9 93.2 85.5 92.7 83.0 82.2 94.5 85.6 96.8 80.7 84.4 1956 1957 1958 1959 I960 99.7 102.5 89.7 103.0 111.7 1961 1962 1963 1964 103.1 116.6 121.3 129.4 141.4 1965 1966" 154.5 QHI QI QII QHI QIV 68.7 64.6 81.4 78 82 84 79 82 85 80 83 86 81 84 86 86.0 99.0 81.0 91.1 88.8 88.0 100.7 87 92 97 102 107 88 93 99 103 108 90 95 100 104 109 91 96 101 106 111 99.9 101.9 89.4 109.4 98.8 102.0 94.9 105.9 108.7 102.2 96.7 98.7 105.4 105.0 112 118 124 128 133 114 120 125 129 134 115 121 126 131 135 117 123 127 132 137 108.4 115.0 119.9 138 142 147 153 159 139 143 149 154 162 140 141 124.9 132.5 143.5 112.3 119.7 126.0 134.7 146.1 145 150 156 165 146 151 157 167 157.7 160.0 170 173 176 110.2 118.6 94.1 f1 Preliminary. When manufacturing output as shown here is divided by the capacity index shown here, the result may differ very slightly from the estimated utilization rate for total manufacturing as shown in the following table. The differences are due in part to rounding and in part to the fact that the utilization rate for manufacturing has been calculated as a weighted average of utilization for primary- QIV 127.2 135.9 148.9 processing industries and utilization for advanced processing industries, rather than as the ratio of total manufacturing output to total manufacturing capacity. Output is seasonally adjusted. NOTE.—Estimates based on data from Federal Reserve Board, Department of Commerce, and McGraw-Hill Economics Department. 1615 INDEX OF MANUFACTURING CAPACITY RELATION OF OUTPUT TO CAPACITY (In per cent) Total manufacturing Primary processing industries Advanced processing industries QI QII QIII QIV QI QII QIII QIV QI QII QIII QIV 1948 1949 1950 88 82 80 88 78 87 88 78 94 86 76 95 89 83 83 90 77 91 89 77 98 87 75 88 82 79 87 79 84 86 79 91 85 77 92 1951 1952 1953 1954 1955 96 91 96 84 91 88 95 82 91 90 95 88 84 91 100 92 96 82 89 100 84 97 82 91 95 87 95 82 95 95 93 90 96 85 85 91 90 96 83 88 88 90 87 95 88 96 83 90 89 95 89 82 89 1956 1957 1958 1959 I960 89 87 72 81 84 88 85 71 85 82 86 84 75 81 80 88 79 78 80 77 93 89 71 83 86 9?, 87 71 89 82 86 87 77 78 79 91 80 80 79 74 86 85 73 79 83 86 84 72 82 82 1961 1962 1963 1964 1965 75 82 82 85 89 78 83 84 86 89 80 83 84 82 82 84 72 83 82 87 87 86 89 89 90 78 82 85 87 90 81 81 84 88 90 82 81 84 89 89 76 82 83 84 88 78 83 83 85 88 84 84 85 88 1966" 91 91 91 91 92 91 91 91 91 'Preliminary. NOTE.—Seasonally adjusted estimates based on data from Federal 99 92 96 87 85 94 83 88 86 82 74 83 81 80 86 78 76 80 79 82 83 84 85 89 Reserve Board, Department of Commerce, and McGraw-Hill Economics Department. LAW DEPARTMENT Administrative interpretations, new regulations, and similar material Loan Guarantees for Defense Producton SUPPLEMENT TO REGULATION V The Board of Governors has amended Regulation V entitled "Loan Guarantees for Defense Production" by adding a Supplement (section 7) containing the current maximum rates of interest, the schedule of guarantee fees, and commitment fees on V-Loans. Section 1 of the Regulation was also amended to show the current Executive Order and the present guaranteeing agencies, and section 5 was amended to contain a reference to the text of the new Supplement. The amendment reads as follows: SECTION 7. MAXIMUM RATES OF INTEREST, AMENDMENTS TO REGULATION V (32A CFR Chapter XV) GUARANTEE F E E S , AND C O M M I T M E N T F E E S Effective September 27, 1966 Pursuant to the provisions of the Defense Production Act of 1950 and Executive Order No. 10480, dated August 14, 1953, as amended, the Board of Governors of the Federal Reserve System hereby prescribes the maximum rate of interest, guarantee fees, and commitment fees which may be charged with respect to guaranteed loans executed through the agency of any Federal Reserve Bank: (a) Maximum rate of interest.—The maximum interest rate charged a borrower by a financing institution with respect to a guaranteed loan shall not exceed IVi per cent per annum. (b) Guarantee fees.—The schedule of fees with respect to guaranteed loans is as follows: Effective September 27, 1966, sections 1, 5 and 7 are amended to read as follows: Per cent of loan guaranteed 70 or less 75 80 85 90 95 Over 95 SECTION 1. AUTHORITY This regulation is based upon and issued pursuant to the Defense Production Act of 1950 (referred to in this regulation as the "act"), and Executive Order No. 10480, dated August 14, 19S3 as amended (3 CPR 1949-1953 Comp., p. 962) (referred to in this regulation as the "order"), and after consultation with the heads of the guaranteeing agencies designated in the act and the order, namely, the Department of the Army, the Department of the Navy, the Department of the Air Force, the Department of Commerce, the Department of the Interior, the Department of Agriculture, the General Services Administration, the Atomic Energy Commission, the Defense Supply Agency, and the National Aeronautics and Space Administration. In any case in which the rate of interest on the loan is in excess of 6 per cent, the guarantee fee shall be computed as though the interest rate were 6 per cent. (c) Commitment fees.—In any case in which a commitment fee is charged a borrower with respect to a guaranteed loan, such fee shall not exceed 'A of 1 per cent per annum. In any such case, the financing institution will pay to the guaranteeing agency a percentage of such commitment fee, based on the guaranteed portion of the credit, equal to the same percentage of the interest payable on the loan which is required to be paid by the financing institution to the guarantor as a guarantee fee. SECTION 5. RATES AND F E E S Rates of interest, guarantee fees, commitment fees, and other charges which may be made with respect to guaranteed loans and guarantees executed through the agency of any Federal Reserve Bank under this regulation will from time to time be prescribed, either specifically or by maximum limits or otherwise, in section 7 (the Supplement) by the Board of Governors after consultation with the guaranteeing agencies. Guarantee fee (Per cent of interest payable by borrower on guaranteed portion of loan) 10 15 20 25 30 35 40-50 Calculating Deposits in Determining Aggregate Liabilities of Edge Corporations The question has been raised as to the proper method of calculating deposits in determining aggregate liabilities for the purpose of section 211.9 (c) of Regulation K, which provides, in part, that "Except with prior Board permission, a Corporation's aggregate outstanding liabilities, on account 1617 1618 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 of acceptances, monthly average deposits, borrowings, guarantees, endorsements, debentures, bonds, notes, and other such obligations shall not exceed ten times its capital and surplus". The Board has concluded that in determining "monthly average deposits" in calculating the limitation on aggregate outstanding liabilities in section 211.9(c), a Corporation may deduct from the amount of its gross demand deposits the amounts permitted in section 204.2(b) of Regulation D, Reserves of Member Banks. Meaning of "obligor or maker" in Determining Limitation on Securities Investments From time to time the New York State Dormitory Authority offers issues of bonds with respect to each of which a different educational institution enters into an agreement to make "rental" payments to the Authority sufficient to cover interest and principal thereon when due. The Board of Governors of the Federal Reserve System has been asked whether a member State bank may invest up to 10 per cent of its capital and surplus in each such issue. Paragraph Seventh of section 5136 of the United States Revised Statutes (12 U.S.C. 24) provides that "In no event shall the total amount of the investment securities of any one obligor or maker, held by [a national bank] for its own account, exceed at any time 10 per centum of its capital stock . . . and surplus fund". That limitation is made applicable to member State banks by the twentieth paragraph of section 9 of the Federal Reserve Act (12 U.S.C. 335). The Board considers that, within the meaning of these provisions of law, "obligor" does not include any person that acts solely as a conduit for transmission of funds received from another source, irrespective of a promise by such person to pay principal or interest on the obligation. While an obligor does not cease to be such merely because a third person has agreed to pay the obligor amounts sufficient to cover principal and interest on the obligations when due, a person that promises to pay an obligation, but as a practical matter has no resources with which to assure payment of the obligation except the amounts received from such third person, is not an "obligor" within the meaning of section 5136. Review of the New York Dormitory Authority Act (N. Y. Public Authorities Law §§ 1675-1690), the Authority's interpretation thereof, and materials with respect to the Authority's "Revenue Bonds, Mills College of Education Issue, Series A" indicates that the Authority is not an "obligor" on those and similar bonds. Although the Authority promises to make all payments of principal and interest, a bank that invests in such bonds cannot be reasonably considered as doing so in reliance on the promise and responsibility of the Authority. Despite the Authority's obligation to make payments on the bonds, if the particular college fails to perform its agreement to make rental payments to the Authority sufficient to cover all payments of bond principal and interest when due, as a practical matter the sole source of funds for payments to the bondholder is the particular college. The Authority has general borrowing power but no resources from which to assure repayment of any borrowing except from the particular colleges, and rentals received from one college may not be used to service bonds issued for another. Accordingly, th Board has concluded that each college for which the Authority issues obligations is the sole "obligor" thereon. A member State bank may therefore invest an amount up to 10 per cent of its capital and surplus in the bonds of a particular college that are eligible investments under the Investment Securities Regulation of the Comptroller of the Currency (12 CFR 1), whether issued directly or indirectly through the Dormitory Authority. Financial Institutions Supervisory Act The Act of Congress, approved October 16, 1966 (Public Law 89-695), known as the "Financial Institutions Supervisory Act of 1966", to strengthen the regulatory and supervisory authority of the several Federal agencies over insured banks and insured savings and loan associations, authorizes such agencies to institute cease and desist proceedings following prescribed determinations, and proceedings directed at the removal from office of directors or officers of institutions under their supervision. Provision is also made for temporary cease and desist and removal orders, as well as for judicial relief therefrom on petition of the affected institution or party. In addition, the Act increases from $10,000 to $15,000 the insurance coverage of deposits insured by the Federal Deposit Insur- LAW DEPARTMENT ance Corporation and acounts insured by the Federal Savings and Loan Insurance Corporation. The provisions containing the regulatory and supervisory authority are made effective only until June 30, 1972. The text of the Act (except Title I containing provisions relating entirely to the Federal Home Loan Bank Board and the Federal Savings and Loan Insurance Corporation) reads as follows: AN ACT To strengthen the regulatory and supervisory authority of Federal agencies over insured banks and insured savings and loan associations, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited asthe "Financial Institutions Supervisory Act of 1966". TITLE II—PROVISION RELATING TO THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM, AND THE COMPTROLLER OF THE CURRENCY SEC. 201. Paragraph (6) of subsection (j) of section 7 of the Federal Deposit Insurance Act (12 U.S.C. 1817(j)(6)) is repealed and section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813) is amended by adding the following new subsection (q): "(q) The term 'appropriate Federal banking agency' shall mean (1) the Comptroller of the Currency in the case of a national banking association or a District bank, (2) the Board of Governors of the Federal Reserve System in the case of a State member insured bank (except a District bank), and (3) the Federal Deposit Insurance Corporation in the case of a State nonmember insured bank (except a District bank)." SEC. 202. Section 8 of the Federal Deposit Insurance Act (12 U.S.C. 1818), is amended by redesignating subsections (b), (c), and (d) thereof as (o), (p), and (q) and by adding after subsection (a) thereof the following new subsections (b) through (n), inclusive: "(b) (1) If, in the opinion of the appropriate Federal banking agency, any insured bank or bank which has insured deposits is engaging or has engaged, or the agency has reasonable cause to believe that the bank is about to engage, in an unsafe or unsound practice in conducting the business of such bank, or is violating or has violated, or the agency has reasonable cause to believe that the bank is about to violate, a law, rule, or regulation, or any condition imposed in writing by the agency in connection with the granting of any application or other request by the bank, or any written agreement entered into with the agency, the agency may issue and serve upon the bank a notice of charges in respect thereof. The notice shall contain a statement of the facts constituting the alleged violation or violations or the unsafe or unsound practice or practices, and shall fix a time and place at which a hearing will be held to determine whether an order to cease and desist therefrom should issue against the 1619 bank. Such hearing shall be fixed for a date not earlier than thirty days nor later than sixty days after service of such notice unless an earlier or a later date is set by the agency at the request of the bank. Unless the bank shall appear at the hearing by a duly authorized representative, it shall be deemed to have consented to the issuance of the cease-and-desist order. In the event of such consent, or if upon the record made at any such hearing, the agency shall find that any violation or unsafe or unsound practice specified in the notice of charges has been established, the agency may issue and serve upon the bank an order to cease and desist from any such violation or practice. Such order may, by provisions which may be mandatory or otherwise, require the bank and its directors, officers, employees, and agents to cease and desist from the same, and, further, to take affirmative action to correct the conditions resulting from any such violation or practice. "(2) A cease-and-desist order shall become effective at the expiration of thirty days after the service of such order upon the bank concerned (except in the case of a cease-and-desist order issued upon consent, which shall become effective at the time specified therein), and shall remain effective and enforceable as provided therein, except to such extent as it is stayed, modified, terminated, or set aside by action of the agency or a reviewing court. "(c) (1) Whenever the appropriate Federal banking agency shall determine that the violation or threatened violation or the unsafe or unsound practice or practices, specified in the notice of charges served upon the bank pursuant to paragraph (1) of subsection (b) of this section, or the continuation thereof, is likely to cause insolvency or substantial dissipation of assets or earnings of the bank, or is likely to otherwise seriously prejudice the interests of its depositors, the agency may issue a temporary order requiring the bank to cease and desist from any such violation or practice. Such order shall become effective upon service upon the bank and, unless set aside, limited, or suspended by a court in proceedings authorized by paragraph (2) of this subsection, shall remain effective and enforceable pending the completion of the administrative proceedings pursuant to such notice and until such time as the agency shall dismiss the charges specified in such notice, or if a cease-and-desist order is issued against the bank, until the effective date of any such order. "(2) Within ten days after the bank concerned has been served with a temporary cease-and-desist order, the bank may apply to the United States district court for the judicial district in which the home office of the bank is located, or the United States District Court for the District of Columbia, for an injunction setting aside, limiting, or suspending the enforcement, operation, or effectiveness of such order pending the completion of the administrative proceedings pursuant to the notice of charges served upon the bank under paragraph (1) of subsection (b) of this section, and such court shall have jurisdiction to issue such injunction. "(d) In the case of violation or threatened violation of, or failure to obey, a temporary cease-and-desist order issued pursuant to paragraph (1) of subsection (c) of this section, the appropriate Federal banking agency may apply to the United States district court, or the United States court of any territory, within the jurisdiction of which the home office of the bank is located, for an injunction to enforce such order, and, 1620 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 if the court shall determine that there has been such violation or threatened violation or failure to obey, it shall be the duty of the court to issue such injunction. " ( e ) ( l ) Whenever, in the opinion of the appropriate Federal banking agency, any director or officer of an insured State bank (other than a District bank) has committed any violation of law, rule, or regulation, or of a cease-and-desist order which has become final, or has engaged or participated in any unsafe or unsound practice in connection with the bank, or has committed or engaged in any act, omission, or practice which constitutes a breach of his fiduciary duty as such director or officer, and the agency determines that the bank has suffered or will probably suffer substantial financial loss or other damage or that the interests of its depositors could be seriously prejudiced by reason of such violation or practice or breach of fiduciary duty, and that such violation or practice or breach of fiduciary duty is one involving personal dishonesty on the part of such director or officer, the agency may serve upon such director or officer a written notice of its intention to remove him from office. "(2) Whenever, in the opinion of the Comptroller of the Currency, any director or officer of a national banking association or a District bank has committed any violation of law, rule, or regulation, or of a ceaseand-desist order which has become final, or has engaged or participated in any unsafe or unsound practice in connection with the bank, or has committed or engaged in any act, omission, or practice which constitutes a breach of his fiduciary duty as such director or officer, and the Comptroller determines that the bank has suffered or will probably suffer substantial financial loss or other damage or that the interests of its depositors could be seriously prejudiced by reason of such violation or practice or breach of fiduciary duty, and that such violation or practice or breach of fiduciary duty is one involving personal dishonesty on the part of such director or officer, the Comptroller of the Currency may certify the facts to the Board of Governors of the Federal Reserve System. "(3) Whenever, in the opinion of the appropriate Federal banking agency, any director or officer of an insured State bank (other than a District bank), by conduct or practice with respect to another insured bank or other business institution which resulted in substantial financial loss or other damage, has evidenced his personal dishonesty and unfitness to continue as a director or officer and, whenever, in the opinion of the appropriate Federal banking agency, any other person participating in the conduct of the affairs of an insured State bank (other than a District bank), by conduct or practice with respect to such bank or other insured bank or other business institution which resulted in substantial financial loss or other damage, has evidenced his personal dishonesty and unfitness to participate in the conduct of the affairs of such insured bank, the agency may serve upon such director, officer, or other person a written notice of its intention to remove him from office and/or to prohibit his further participation in any manner in the conduct of the affairs of the bank. "(4) Whenever, in the opinion of the Comptroller of the Currency, any director or officer of a national banking association or a District bank, by conduct or practice with respect to another insured bank or other business institution which resulted in substantial financial loss or other damage, has evidenced his personal dishonesty and unfitness to continue as a director or officer and, whenever, in the opinion of the Comptroller, any other person participating in the conduct of the affairs of a national banking association or a District bank, by conduct or practice with respect to such bank or other insured bank or other business institution which resulted in substantial financial loss or other damage, has evidenced his personal dishonesty and unfitness to participate in the conduct of the affairs of such bank, the Comptroller of the Currency may certify the facts to the Board of Governors of the Federal Reserve System. "(5) In respect to any director or officer of an insured State bank (other than a District bank) or any other person referred to in paragraph (1) or (3) of this subsection, the appropriate Federal banking agency may, if it deems it necessary for the protection of the bank or the interests of its depositors, by written notice to such effect served upon such director, officer, or other person, suspend him from office and/or prohibit him from further participation in any manner in the conduct of the affairs of the bank. Such suspension and/or prohibition shall become effective upon service of such notice and, unless stayed by a court in proceedings authorized by subsection (f) of this section, shall remain in effect pending the completion of the administrative proceedings pursuant to the notice served under paragraph (1) or (3) of this subsection and until such time as the agency shall dismiss the charges specified in such notice, or, if an order of removal and/or prohibition is issued against the director or officer or other person, until the effective date of any such order. Copies of any such notice shall also be served upon the bank of which he is a director or officer or in the conduct of whose affairs he has participated. "(6) In respect to any director or officer of a national banking association or a District bank, or any other person referred to in paragraph (2) or (4) of this subsection, the Comptroller of the Currency may, if he deems it necessary for (he protection of the bank or the interests of its depositors that such director or officer be suspended from office or prohibited from further participation in any manner in the conduct of the affairs of the bank, certify the facts to the Board of Governors of the Federal Reserve System. "(7) In the case of a certification to the Board of Governors of the Federal Reserve System under paragraph (2) or (4) of this subsection, the Board may serve upon the director, officer, or other person involved, a written notice of its intention to remove him from office and/or to prohibit him from further participation in any manner in the conduct of the affairs of the bank. In the case of a certification to the Board of Governors of the Federal Reserve System under paragraph (6) of this subsection, the Board may by written notice to such effect served upon such director, officer, or other person, suspend him from office and/or prohibit him from further participation in any manner in the conduct of the affairs of the bank. Such suspension and/or prohibition shall become effective upon service of such notice and, unless stayed by a court in proceedings authorized by subsection (f) of this section, shall remain in effect pending the completion of the administrative proceedings pursuant to the notice served under the first sentence of this paragraph and until such time as the Board shall dismiss the charges specified in such notice, or, if an order of removal and/or prohibition is issued against the director or officer or other person, until the effective date of LAW DEPARTMENT any such order. Copies of any such notice shall also be served upon the bank of which he is a director or officer or in the conduct of whose affairs he has participated. For the purposes of this paragraph and paragraph (8) of this subsection, the Comptroller of the Currency shall be entitled in any case involving a national bank or a District bank to sit as a member of the Board of Governors of the Federal Reserve System and to participate in its deliberations on any such case and to vote thereon in all respects as a member of such Board. "(8) A notice of intention to remove a director, officer, or other person from office and/or to prohibit his participation in the conduct of the affairs of an insured bank, shall contain a statement of the facts constituting grounds therefor, and shall fix a time and place at which a hearing will be held thereon. Such hearing shall be fixed for a date not earlier than thirty days nor later than sixty days after the date of service of such notice, unless an earlier or a later date is set by the agency at the request of (A) such director or officer or other person, and for good cause shown, or (B) the Attorney General of the United States, Unless such director, officer, or other person shall appear at the hearing in person or by a duly authorized representative, lie shall be deemed to have consented to the issuance of an order of such removal and/or prohibition. In the event of such consent, or if upon the record made at any such hearing the agency shall find that any of the grounds specified in such notice has been established, the agency may issue such orders of suspension or removal from office, and/or prohibition from participation in the conduct of the affairs of the bank, as it may deem appropriate. Any such order shall become effective at the expiration of thirty days after service upon such bank and the director, officer, or other person concerned (except in the case of an order issued upon consent, which shall become effective at the time specified therein). Such order shall remain effective and enforceable except to such extent as it is stayed, modified, terminated, or set aside by action of the agency or a reviewing court. "(f) Within ten days after any director, officer, or other person has been suspended from office and/or prohibited from participation in the conduct of the affairs of an insured bank under subsection (e) (5) or (e) (7) of this section, such director, officer, or other person may apply to the United States district court for the judicial district in which the home office of the bank is located, or the United States District Court for the District of Columbia, for a stay of such suspension and/or prohibition pending the completion of the administrative proceedings pursuant to the notice served upon such director, officer, or other person under subsection (e) (1), (e) (3), or (e_) (7) of this section, and such court shall have jurisdiction to stay such suspension and/or prohibition. "(s) (1) Whenever any director or officer of an insured bank, or other person participating in the conduct of the affairs of such bank, is charged in any information, indictment, or complaint, authorized by a United States attorney, with the commission of or participation in a felony involving dishonesty or breach of trust, the appropriate Federal banking agency may, by written notice served upon such director, officer, or other person suspend him from office and/or prohibit him from further participation in any manner in the conduct of the affairs of the bank. A copy of such notice shall also be served upon the bank. Such 1621 suspension and/or prohibition shall remain in effect until such information, indictment, or complaint is finally disposed of or until terminated by the agency. In the event that a judgment of conviction with respect to such offense is entered against such director, officer, or other person, and at such time as such judgment is not subject to further appellate review, the agency may issue and serve upon such director, officer, or other person an order removing him from office and/or prohibiting him from further participation in any manner in the conduct of the affairs of the bank except with the consent of the appropriate agency. A copy of such order shall also be served upon such bank, whereupon such director or officer shall cease to be a director or officer of such bank. A finding of not guilty or other disposition of the charge shall not preclude the agency from thereafter instituting proceedings to remove such director, officer, or other person from office and/or to prohibit further participation in bank affairs, pursuant to paragraph (1), (2), (3), (4), or (7) of subsection (e) of this section. "(2) If at any time, because of the suspension of one or more directors pursuant to this section, there shall be on the board of directors of a national bank less than a quorum of directors not so suspended, all powers and functions vested in or exercisable by such board shall vest in and be exercisable by the director or directors on the board not so suspended, until such time as there shall be a quorum of the board of directors. In the event all of the directors of a national bank are suspended pursuant to this section, the Comptroller of the Currency shall appoint persons to serve temporarily as directors in their place and stead pending the termination of such suspensions, or until such time as those who have been suspended, cease to be directors of the bank and their respective successors take office. "(h) (1) Any hearing provided for in this section shall be held in the Federal judicial district or in the territory in which the home office of the bank is located unless the party afforded the hearing consents to another place, and shall be conducted in accordance with the provisions of chapter 5 of title 5 of the United States Code. Such hearing shall be private, unless the appropriate Federal banking agency, in its discretion, after fully considering the views of the party afforded the hearing, determines that a public hearing is necessary to protect the public interest. After such hearing, and within ninety days after the appropriate Federal banking agency or Board of Governors of the Federal Reserve System has notified the parties that the case has been submitted to it for final decision, it shall render its decision (which shall include findings of fact upon which its decision is predicated) and shall issue and serve upon each party to the proceedings an order or orders consistent with the provisions of this section. Judicial review of any such order shall be exclusively as provided in this subsection (h). Unless a petition for review is timely filed in a court of appeals of the United States, as hereinafter provided in paragraph (2) of this subsection, and thereafter until the record in the proceeding has been filed as so provided, the issuing agency may at any time, upon such notice and in such manner as it shall deem proper, modify, terminate, or set aside any such order. Upon such filing of the record, the agency may modify, terminate, or set aside any such order with permission of the court. "(2) Any party to the proceeding, or any person 1622 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 required by an order issued under this section to cease and desist from any of the violations or practices stated therein, may obtain a review of any order served pursuant to paragraph (1) of this subsection (other than an order issued with the consent of the bank or the director or officer or other person concerned, or an order issued under paragraph (1) of subsection (g) of this section) by the filing in the court of appeals of the United States for the circuit in which the home office of the bank is located, or in the United States Court of Appeals for the District of Columbia Circuit, within thirty days after the date of service of such order, a written petition praying that the order of the agency be modified, terminated, or set aside. A copy of such petition shall be forthwith transmitted by the clerk of the court to the agency, and thereupon the agency shall file in the court the record in the proceeding, as provided in section 2112 of title 28 of the United States Code. Upon the filing of such petition such court shall have jurisdiction, which upon the filing of the record shall except as provided in the last sentence of said paragraph (1) be exclusive, to affirm, modify, terminate, or set aside, in whole or in part, the order of the agency. Review of such proceedings shall be had as provided in chapter 7 of title 5 of the United States Code. The judgment and decree of the court shall be final, except that the same shall be subject to review by the Supreme Court upon certiorari, as provided in section 1254 of title 28 of the United States Code. "(3) The commencement of proceedings for judicial review under paragraph (2) of this subsection shall not, unless specifically ordered by the court, operate as a stay of any order issued by the agency. *(i) The appropriate Federal banking agency may in its discretion apply to the United States district court, or the United States court of any territory, within the jurisdiction of which the home office of the bank is located, for the enforcement of any effective and outstanding notice or order issued under this section, and such courts shall have jurisdiction and power to order and require compliance herewith; but except as otherwise provided in this section no court shall have jurisdiction to affect by injunction or otherwise the issuance or enforcement of any notice or order under this section, or to review, modify, suspend, terminate, or set aside any such notice or order. "(j) Any director or officer, or former director or officer of an insured bank, or any other person, against whom there is outstanding and effective any notice or order (which is an order which has become final) served upon such director, officer, or other person under subsections (e) (5), (e) (7), (e) (8), or (g) of this section, and who (i) participates in any manner in the conduct of the affairs of the bank involved, or directly or indirectly solicits or procures, or transfers or attempts to transfer, or votes or attempts to vote, any proxies, consents, or authorizations in respect of any voting rights in such bank, or (ii) without the prior written approval of the appropriate Federal banking agency, votes for a director, serves or acts as a director, officer, or employee of any bank, shall upon conviction be fined not more than $5,000 or imprisoned for not more than one year, or both. "(k) As used in this section (1) the terms 'cease and desist order which has become final' and 'order which has become final' mean a cease-and-desist order, or an order, issued by the appropriate Federal banking agency with the consent of the bank or the director or officer or other person concerned, or with respect to which no petition for review of the action of the agency has been filed and perfected in a court of appeals as specified in paragraph (2) of subsection (h), or with respect to which the action of the court in which said petition is so filed is not subject to further review by the Supreme Court of the United States in proceedings provided for in said paragraph, or an order issued under paragraph (1) of subsection (g) of this section, and (2) the term 'violation' includes without limitation any action (alone or with another or others) for or toward causing, bringing about, participating in, counseling, or aiding or abetting a violation. "(1) Any service required or authorized to be made by the appropriate Federal banking agency under this section may be made by registered mail, or in such other manner reasonably calculated to give actual notice as the agency may by regulation or otherwise provide. Copies of any notice or order served by the agency upon any State bank or any director or officer thereof or other person participating in the conduct of its affairs, pursuant to the provisions of this section, shall also be sent to the appropriate State supervisory authority. "(m) In connection wtih any proceeding under subsection (b), (c) (1), or (e) of this section involving an insured State bank or any director or officer or other person participating in the conduct of its affairs, the appropriate Federal banking agency shall provide the appropriate State supervisory authority with notice of the agency's intent to institute such a proceeding and the grounds therefor. Unless within such time as the Federal banking agency deems appropriate in the light of the circumstances of the case (which time must be specified in the notice prescribed in the preceding sentence) satisfactory corrective action is effectuated by action of the State supervisory authority, the agency may proceed as provided in this section. No bank or other party who is the subject of any notice or order issued by the agency under this section shall have standing to raise the requirements of this subsection as ground for attacking the validity of any such notice or order. "(n) In the course of or in connection with any proceeding under this section, the agency conducting the proceeding, or any member or designated representative thereof, including any person designated to conduct any hearing under this section, shall have the power to administer oaths and affirmations, to take or cause to be taken depositions, and to issue, revoke, quash, or modify subpenas and subpenas duces tecum; and such agency is empowered to make rules and regulations with respect to any such proceedings. The attendance of witnesses and the production of documents provided for in this subsection may be required from any place in any State or in any territory or other place subject to the jurisdiction of the United States at any designated place where such proceeding is being conducted. Any party to proceedings under this section may apply to the United States District Court for the District of Columbia, or the United States district court for the judicial district or the United States court in any territory in which such proceeding is being conducted, or where the witness resides or carries on business, for enforcement of any subpena or subpena duces tecum issued pursuant to this subsection, and such courts shall have jurisdiction and power to order and require compliance therewith. Witnesses subpenaed LAW DEPARTMENT under this section shall be paid the same fees and mileage that are paid witnesses in the district courts of the United States. Any court having jurisdiction of any proceeding instituted under this section by an insured bank or a director or officer thereof, may allow to any such party such reasonable expenses and attorneys' fees as it deems just and proper; and such expenses and fees shall be paid by the bank, or from its assets." SEC. 203. Subsections (b) and (c) of section 10 of the Federal Deposit Insurance Act (12 U.S.C. 1820 (b), (c) ) are amended to read as follows: "(b) The Board of Directors shall appoint examiners who shall have power, on behalf of the Corporation, to examine any insured State nonmember bank (except a District bank), any State nonmember bank making application to become an insured bank, and any closed insured bank, whenever in the judgment of the Board of Directors an examination of the bank is necessary. In addition to the examinations provided for in the preceding sentence, such examiners shall have like power to make a special examination of any State member bank and any national bank or District bank, whenever in the judgment of the Board of Directors such special examination is necessary to determine the condition of any such bank for insurance purposes. In making examinations of insured banks, examiners appointed by the Corporation shall have power on behalf of the Corporation to make such examinations of the affairs of all affiliates of such banks as shall be necessary to disclose fully the relations between such banks and their affiliates and the effect of such relations upon such banks. Each examiner shall have power to make a thorough examination of all of the affairs of the bank and its affiliates, and shall make a full and detailed report of the condition of the bank to the Corporation. The Board of Directors in like manner shall appoint claim agents who shall have power to investigate and examine all claims for insured deposits. Each claim agent shall have power to administer oaths and affirmations and to examine and to take and preserve testimony under oath as to any matter in respect to claims for insured deposits, and to issue subpenas and subpenas duces tecum, and, for the enforcement thereof, to apply to the United States district court for the judicial district or the United States court in any territory in which the main office of the bank or affiliate thereof is located, or in which the witness resides or carries on business. Such courts shall have jurisdiction and power to order and require compliance with any such subpena. "(c) In connection with examinations of insured banks, and affiliates thereof, the appropriate Federal banking agency, or its designated representatives, shall have the power to administer oaths and affirmations and to examine and to take and preserve testimony under oath as to any matter in respect of the affairs or ownership of any such bank or affiliate thereof, and to issue subpenas and subpenas duces tecum, and, for the enforcement thereof, to apply to the United States district court for the judicial district or the United States court in any territory in which the main office of the bank or affiliate thereof is located, or in which the witness resides or carries on business. Such courts shall have jurisdiction and power to order and require compliance with any such subpena. For purposes of this section, the term 'affiliate' shall have the same meaning as where used in section 2(b) of the Banking Act of 1933 (12 U.S.C. 221a(b)) except that the term 1623 'member bank' in said section 2(b) shall be deemed to refer to an insured bank." SEC. 204. The first five sentences of section 8(a) of the Federal Deposit Insurance Act (12 U.S.C. 1818(a)) are amended to read as follows: "SEC. 8. (a) Any insured bank (except a national member bank or State member bank) may, upon not less than ninety days' written notice to the Corporation, terminate its status as an insured bank. Whenever the Board of Directors shall find that an insured bank or its directors or trustees have engaged or are engaging in unsafe or unsound practices in conducting the business of such bank, or is in an unsafe or unsound condition to continue operations as an insured bank, or violated an applicable law, rule, regulation or order, or any condition imposed in writing by the Corporation in connection with the granting of any application or other request by the bank, or any written agreement entered into with the Corporation, the Board of Directors shall first give to the Comptroller of the Currency in the case of a national bank or a district bank, to the authority having supervision of the bank in the case of a State bank, and to the Board of Governors of the Federal Reserve System in the case of a State member bank, a statement with respect to such practices or violations for the purpose of securing the correction thereof and shall give a copy thereof to the bank. Unless such correction shall be made within one hundred and twenty days, or such shorter period not less than twenty days fixed by the Corporation in any case where the Board of Directors in its discretion has determined that the insurance risk of the Corporation is unduly jeopardized, or fixed by the Comptroller of the Currency in the case of a national bank, or the State authority in the case of a State bank, or Board of Governors of the Federal Reserve System in the case of a State member bank as the case may be, the Board of Directors, if it shall determine to proceed further, shall give to the bank not less than thirty days' written notice of intention to terminate the status of the bank as an insured bank, and shall fix a time and place for a hearing before the Board of Directors or before a person designated by it to conduct such hearing, at which evidence may be produced, and upon such evidence the Board of Directors shall make written findings which shall be conclusive. If the Board of Directors shall find that any unsafe or unsound practice or condition or violation specified in such statement has been established and has not been corrected within the time above prescribed in which to make such corrections, the Board of Directors may order that the insured status of the bank be terminated on a date subsequent to such finding and to the expiration of the time specified in such notice of intention. Unless the bank shall appear at the hearing by a duly authorized representative, it shall be deemed to have consented to the termination of its status as an insured bank and termination of such status thereupon may be ordered. Any insured bank whose insured status has been terminated by order of the Board of Directors under this subsection shall have the right of judicial review of such order only to the same extent as provided for the review of orders under subsection (h) of this section." SEC. 205. Subsection "Fourth" of section 9 of the Federal Deposit Insurance Act (12 U.S.C. 1819 "Fourth") is amended to read as follows: "Fourth. To sue and be sued, complain and defend, in any court of law or equity, State or Federal. All 1624 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 suits of a civil nature at common law or in equity to which the Corporation shall be a party shall be deemed to arise under the laws of the United States, and the United States district courts shall have original jurisdiction thereof, without regard to the amount in controversy; and the Corporation may, without bond or security, remove any such action, suit, or proceeding from a State court to the United States district court for the district or division embracing the place where the same is pending by following any procedure for removal now or hereafter in effect, except that any such suit to which the Corporation is a party in its capacity as receiver of a State bank and which involves only the rights or obligations of depositors, creditors, stockholders, and such State bank under State law shall not be deemed to arise under the laws of the United States. No attachment or execution shall be issued against the Corporation or its property before final judgment in any suit, action, or proceeding in any State, county, municipal, or United States court. The Board of Directors shall designate an agent upon whom service of process may be made in any State, Territory, or jurisdiction in which any insured bank is located." SEC. 206. Nothing contained in this title shall be construed to repeal, modify, or affect the provisions of section 19 of the Federal Deposit Insurance Act (12 U.S.C. 1829). SEC. 207. Section 30 of the Banking Act of 1933 (12 U.S.C. 77) is hereby repealed. TITLE III—INCREASE IN INSURANCE LIMIT FEDERAL DEPOSIT INSURANCE CORPORATION SEC. 301. (a) The first sentence of section 3(m) of the Federaj Deposit Insurance Act (12 U.S.C. 1813(m) ) is amended by changing "$10,000" to read "$15,000". (b) The first sentence of section 7(i) of the Federal Deposit Insurance Act (12 U.S.C. 1817(0) is amended by changing "$10,000" to read "$15,000". (c) The last sentence of section l l ( a ) of the Federal Deposit Insurance Act (12 U.S.C. 1821(a)) is amended to read: "The maximum amount of the insured deposit of any depositor shall be $15,000." (d) The fifth sentence of section 11 (i) of the Federal Deposit Insurance Act (12 U.S.C. 1821(0) is amended by changing "$10,000" to read "$15,000". (e) The amendments made by this section shall not be applicable to any claim arising out of the closing of a bank where such closing is prior to the date of enactment of this Act. ADMINISTRATIVE AUTHORITY SEC. 303. (a) Section 3(m) of the Federal Deposit Insurance Act (12 U.S.C. 1813(m)) is amended by adding the following new sentence at the end: "For the purpose of clarifying and defining the insurance coverage under this subsection and subsection (i) of section 7, the Corporation is authorized to define, with such classifications and exceptions as it may prescribe, terms used in those subsections, in subsection (p) of section 3, and in subsections (a) and (i) of section 11 and the extent of the insurance coverage resulting therefrom." (b) Section 405(a) of title IV of the National Housing Act (12 U.S.C. 1728(a)) is amended by adding the following new sentence at the end: "For the purpose of clarifying and defining the insurance coverage under this subsection and subsection (b) of section 401, the Corporation is authorized to define, with such classifications and exceptions as it may prescribe, terms used in those subsections and in subsection (c) of section 401 and the extent of the insurance coverage resulting therefrom." TITLE IV—EXPIRATION SEC. 401. The provisions of titles I and II of this Act and any provisions of law enacted by said titles shall be effective only during the period ending at the close of June 30, 1972. Effective upon the expiration of such period, each provision of law amended by either of such titles is further amended to read as it did immediately prior to the enactment of this Act and each provision of law repealed by either of such titles is reenacted. Approved October 16, 1966. Orders Under Bank Merger Act The following Orders sued in connection with Governors with respect proval of the merger of and Statements were isactions by the Board of to applications for apbanks: DEPOSITORS TRUST COMPANY, AUGUSTA, MAINE In the matter of the application of Depositors Trust Company, for approval of merger with First Maine Trust Company. ORDER APPROVING MERGER OF BANKS FEDERAL SAVINGS AND LOAN INSURANCE CORPORATION SEC. 302. (a) Section 401 (b) of title IV of the National Housing Act (12 U.S.C. 1724(b)) is amended by changing "$10,000" to read "$15,000" each place it appears therein. (b) Section 405(a) of title IV of the National Housing Act (12 U.S.C. 1728(a)) is amended by changing "$10,000" to read "$15,000". (c) The amendments made by this section shall not be applicable to any claim arising out of a default, as defined in section 401 (d) of the National Housing Act, where the appointment of a conservator, receiver, or other legal custodian as set forth in that section becomes effective prior to the date of enactment of this Act. There has come before the Board of Governors, pursuant to the Bank Merger Act, (12 U.S.C. 1828(c), as amended by Public Law 89-356), an application by Depositors Trust Company, Augusta, Maine, for the Board's approval of the merger of that bank and First Maine Trust Company, Augusta, Maine, a newly organized bank, under the charter and title of Depositors Trust Company. Notice of the proposed merger, in form approved by the Board, has been published pursuant to said Act. 1625 LAW DEPARTMENT Upon consideration of all relevant material in the light of the factors set forth in said Act, including reports furnished by the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Attorney General on the competitive factors involved in the proposed merger, IT IS HEREBY ORDERED, for the reasons set forth in the Board's Statement accompanying its Order of this date concerning the application of Depositors Corporation, Augusta, Maine, to become a bank holding company, that said application for merger be and hereby is approved, provided that said merger shall not be consummated (a) before the thirtieth calendar day following the date of this Order or (b) later than three months after said date. Dated at Washington, D.C., this 24th day of October, 1966. By order of the Board of Governors. Voting for this action: Chairman Martin, and Governors Robertson, Shepardson, Maisel, and Brimmer. Absent and not voting: Governors Mitchell and Daane. (Signed) KENNETH A. KENYON, Assistant Secretary. Bank and Trust Company would become branches of the resulting bank. Notice of the proposed merger, in form approved by the Board, has been published pursuant to said Act. Upon consideration of all relevant material in the light of the factors set forth in said Act, including reports furnished by the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Attorney General on the competitive factors involved in the proposed merger, IT IS HEREBY ORDERED, for the reasons set forth in the Board's Statement of this date, that said application be and hereby is approved, provided that said merger shall not be consummated (a) before the thirtieth calendar day following the date of this Order or (b) later than three months after said date. Dated at Washington, D.C., this 31st day of October, 1966. By order of the Board of Governors. Voting for this action: Chairman Martin, and Governors Shepardson, Mitchell, Daane, and Brimmer. Voting against this action: Governors Robertson and Maisel. (Signed) KENNETH A. KENYON, [SEAL] Assistant Secretary. .STATEMENT The Statement in this case was combined with the Statement accompanying the Board's Order approving an application by Depositors Corporation, Augusta, Maine, to become a bank holding company: THE COLONIAL BANK AND TRUST COMPANY, WATERBURY, CONNECTICUT In the matter of the application of The Colonial Bank and Trust Company for approval of merger with Puritan Bank and Trust Company. ORDER APPROVING MERGER OF BANKS There has come before the Board of Governors, pursuant to the Bank Merger Act, as amended (12 U.S.C. 1828(c), Public Law 89356), an application by The Colonial Bank and Trust Company, Waterbury, Connecticut, a State member bank of the Federal Reserve System, for the Board's prior approval of the merger of that bank and Puritan Bank and Trust Company, Meriden, Connecticut, under the charter and title of The Colonial Bank and Trust Company. As an incident to the merger, the four offices of Puritan [SEAL] STATEMENT The Colonial Bank and Trust Company, Waterbury, Connecticut ("Colonial Bank"), with total deposits of about $128 million, has applied, pursuant to the Bank Merger Act (12 U.S.C. 1828(c), as amended by Public Law 89-356), for the Board's prior approval of the merger of that bank with Puritan Bank and Trust Company, Meriden, Connecticut ("Puritan Bank"), which has total deposits of about $10 million.1. The banks would merge under the charter and name of Colonial Bank, which is a member of the Federal Reserve System. As an incident to the merger, the four offices2 of Puritan Bank would become branches of Colonial Bank, increasing the number of its offices to 16. Competition. The head office and three branches of Colonial Bank are in Waterbury; the bank operates eight other branches within a radius 'Figures are as of April 5, 1966. Includes an authorized branch to be located in Meriden. 2 1626 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 of 12 miles of the city. Waterbury, located about 29 miles southwest of Hartford, has a population of about 110,000, making it the fourth largest city in Connecticut. The head office and one branch of Puritan Bank are 16 miles east of Waterbury in Meriden, a community with an estimated population of 55,000. The bank also operates a branch six miles south of Meriden in Wallingford, a community with a 1960 population of about 30,000. Puritan Bank, which has largely developed its business in the Meriden vicinity and southward, obtains very little business from the area served by Colonial Bank. Colonial Bank, which has largely developed its business to the west of the Meriden-Wallingford area, derives some deposits and loans from the area served by Puritan Bank. However, these amounts, drawn mostly from the Meriden vicinity, are equal to less than three per cent and eight per cent, respectively, of Puritan Bank's deposits and loans. Further, it appears that this business arises chiefly from customers whose needs cannot be met by Puritan Bank. The merger would eliminate the minor amount of competition that exists between Colonial Bank and Puritan Bank, but the banks draw the vast bulk of their business from separate geographical markets. It does not appear that significant competition would develop between Colonial Bank and Puritan Bank if they did not merge. With the exception of Colonial Bank's branch office at Cheshire, which is about five miles west of Meriden and the same distance northwest of Wallingford, none of its branches is measurably nearer to Puritan Bank than is its main office. While adequate highways connect Cheshire to Meriden and Wallingford, none of these routes is a major thoroughfare. The home-office-protection feature of State law precludes Colonial Bank from establishing a de novo branch in Meriden and, although Colonial Bank could enter Wallingord with a de novo branch, that community is already served by five branch offices of four banks, so that the opportunity for establishing new branches there is limited. The merger would have no material effect on banking competition in the area presently served by Colonial Bank; the principal effect would be in the area served by Puritan Bank. In Meriden, Puritan Bank and two other banks operate a total of seven offices; Wallingford is served by one office of each of these three banks and by two offices of a New Haven-based bank. Puritan Bank holds about 11 per cent and 12 per cent, respectively, of the deposits and loans held by the 12 banking offices in the Meriden-Wallingford area. The other Meriden-headquartered bank holds about 37 per cent and 36 per cent, respectively, of area deposits and loans. The remaining deposits and loans in the area are held by offices of the State's second and tenth largest banks. Thus, the extension of Colonial Bank, with its greater resources than Puritan Bank, into the MeridenWallingford area, would tend to strengthen banking competition in that market. It does not appear that any banking offices would be adversely affected by the merger. The effect of the merger on competition would not be significantly adverse. Financial and managerial resources and future prospects. The banking factors with respect to each of the banks proposing to merge are satisfactory, as they would be with respect to the resulting bank. Convenience and needs of the communities. The banking convenience and needs of the communities presently served by Colonial Bank would not be appreciably affected by the merger. The replacement of Puritan Bank, the smallest bank in the Meriden-Wallingford area, by offices of Colonial Bank would provide the Meriden and Wallingford communities with an alternative source of full banking services and an additional facility for meeting the growing credit needs that are attendant upon the area's rapid economic development. Summary and conclusion. In the judgment of the Board, the proposed merger would clearly benefit the banking convenience and needs of the Meriden-Wallingford area, and would not have significantly adverse effects for banking competition. Accordingly, the Board concludes that the application should be approved. DISSENTING STATEMENT OF GOVERNOR ROBERTSON IN WHICH GOVERNOR MAISEL CONCURS In my judgment, the merger of Colonial Bank and Puritan Bank is not warranted under the standards of the amended Bank Merger Act, whether the Meriden-Wallinford area is treated LAW DEPARTMENT as the relevant geographical market, as it is by the majority, or whether the analysis of the merger's effects for banking competition takes into account the combined area served by the merging banks, as I think the facts require. Potential competition and the relevant market. There is every indication that if this merger application were denied, Colonial Bank would seek other means to extend further into the MeridenWallingford area. Although the home-office-protection feature of State law precludes Colonial Bank from establishing a de nova branch in Meriden at this time, the bank can establish branches on the outskirts of Meriden. In addition, Colonial Bank can establish a de novo branch in Wallingford. Unlike the majority, I am not convinced that Wallingford—with a 1960 population of 30,000, reflecting an increase of 76 per cent over that of 1950 and still growing rapidly—does not (or will not soon) have adequate business to support an additional banking office. As the majority acknowledges, Colonial Bank already draws deposits and loans from the area served by Puritan Bank that are nearly equal to three per cent and eight per cent, respectively, of the total deposits and loans of Puritan Bank. The record indicates that a large percentage of these deposit accounts are derived from residents of the Meriden-Wallingford area who commute to work in Waterbury. The development of further business of this kind seems likely. Waterbury, only 16 miles from Meriden, is the largest city in west-central Connecticut. The city has over 400 manufacturing plants as the base of its economy, and it also serves as a prominent retail trade center for an area containing about 360,000 persons. If, as the majority concludes, much of the business derived by Colonial Bank from the area served by Puritan Bank arises from customers whose needs cannot be met by Puritan Bank, it only follows that Colonial Bank is vying for business with Puritan Bank's local competitors, the Meriden-Wallingford offices of the second and tenth largest banks in Connecticut. To facilitate the development of business in the Meriden-Wallingford vicinity, Colonial Bank established a branch at Cheshire in 1963, only about five miles equidistant from Meriden and Wallingford. The observation of the majority that Colonial Bank theretofore "largely developed its business to the west of the Meriden-Wallingford area" is immaterial; our concern ought to be with what the 1627 bank is doing in this respect now, and with what reason dictates it will probably do in the future. In this connection, I must confess surprise at the implicit contention of the majority that the development of competition between the banking offices in Meriden, Wallingford and Cheshire is impeded by the fact that none of the routes connecting these communities is a major thoroughfare—it is necessary for the development of such competition that the communities be connected by adequate highways, and they admittedly are. Colonial Bank seeks to enhance its position in the Meriden-Wallingford area for the simple reason that it recognizes an excellent business opportunity when it sees one. Colonial Bank and Puritan Bank serve a populous area along, and to the west of, a line between New Haven and Hartford, The area is supported by diversified industry, and the level of economic activity is high. Particularly rapid growth is, and has been, taking place along the New Haven-Hartford corridor, which includes the greater part of the area served by Puritan Bank. Colonial Bank, quite understandably—-from the standpoint of its own corporate interests—wants a vantage point that will enable it to get a larger piece of the economic cake; its acquisition of Puritan Bank will serve this purpose well. But the fact that the bank has decided that it would be to its best corporate advantage to enhance its position in the Meriden-Wallingford area by the merger route is not the sole consideration; the transaction must meet the standards of the Bank Merger Act, which require that the public interest be accorded paramount consideration. In short, the reasons advanced by the majority for according no significance to potential competition cannot withstand close examination. Colonial Bank already competes in the Meriden-Wallingford area and its proposal to acquire Puritan Bank is a plain indication that it wishes to enlarge its role in that area. This factor, the locations of the present offices of the two banks and the future branching possibilities, considered in the light of the economic character of (and orientations within) the region, as well as its excellent growth prospects, lead me to conclude that the combined area served by them is a meaningful market. The competitive factor and the antitrust laws. The merger will eliminate Puritan Bank, a sound institution, and strengthen the already dominant position of Colonial Bank, which now holds more 1628 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 than 45 per cent of the commercial banking resources in the combined Waterbury, Meriden and Wallingford area. Following the merger, Colonial Bank will hold nearly 50 per cent of the total commercial bank deposits (about 68 per cent together with the next largest bank) and about 50 per cent of the total commercial bank loans (about 68 per cent together with the next largest bank). The merger is anticompetitive within the meaning of section 7 of the Clayton Act, as construed in United States v. Philadelphia National Bank, 374 U.S. 321 (1963); and the legislative history of the amended Bank Merger Act makes it clear that the competitive standard to be applied in bank merger cases is that of the antitrust laws, statutes and case law.1 In the Philadelphia case, the Court said: [We] think that a merger which produces a firm controlling an undue percentage share of the relevant market [here 30% of the "commercial banking business" in the relevant areal, and results in a significant increase in the concentration of firms in that market [the merger would have increased the market share of the two largest banks from 44% to 59%], is so inherently likely to lessen competition substantially that it must be enjoined in the absence of evidence clearly showing that the merger is not likely to have such anticompetitive effects. Id. at 363. In addition, the Court observed that "if concentration is already great, the importance of preventing even slight increases in concentration and so preserving the possibility of eventual deconcentration is correspondingly great." Id. at 365 n. 42. The competitive consequences are hardly better if the analysis centers on the Meriden-Wallingford area. Following the merger, Colonial Bank, the eighth largest commercial bank in Connecticut, together with offices of the State's tenth and second largest banks, will hold approximately 63 per cent of the total commercial bank deposits and of the loans in the Meriden and Wallingford communities. These three large banks presently hold nearly one-fourth of all the commercial bank deposits in Connecticut; these three large banks and the remaining seven of the State's 10 biggest banks hold nearly 80 per cent of all the deposits held by the 60-odd commercial banks in Connecticut. The importance of preventing even slight increases in concentration in these circumstances certainly ought to be regarded as great. But the majority, unaccountably, ignores this aspect of the case and, inl See H.R. Rep. No. 1221, 89th Cong., 2d Sess. 3 (1966); 112 Cong. Rec. 2233-35, 2337 (1966). credibly, actually concludes that the elimination of Puritan Bank will tend to strengthen banking competition. Outweighing anticompetitive effects. This merger may not be allowed under the amended Bank Merger Act unless the diminution of competition (if not sufficient to be violative of section 2 of the Sherman Act) would be "clearly outweighed in the public interest by the probable effect of the transaction in meeting the convenience and needs of the community to be served." The comments of the principal sponsors of the bill that amended the Merger Act indicate that this requirement of the law "intentionally creates a heavy burden for the proponents of a merger, and .. . [that] very few cases [were anticipated] in which this burden could be sustained." - An example given of such a case suggests that one of the banks would have to be in difficulty with no feasible alternative solution to its problem.3 Certainly, a very rigid requirement in this respect is appropriate, for it is fundamental that a competitive banking market is the first requisite to a proper meeting of the banking convenience and needs of a community. The "convenience and needs" factor. The majority concludes that the merger of Colonial Bank and Puritan Bank will provide the Meriden and Wallingford communities with an alternative source of full banking services and an additional facility for meeting local credit needs. In truth, the merger will eliminate Puritan Bank—which is certainly in no difficulty—as an alternative source of credit and other banking services. The Cheshire office of Colonial Bank is only five miles from Meriden and Wallingford; these two communities, only six miles apart, contain 12 banking offices, including offices of the State's second and tenth largest banks. The merger is in no way essential to the convenience and needs of the communities involved, and the majority makes no claim that it is. Even if it could be concluded that the merger is not anticompetitive within the meaning of section 7 of the Clayton Act, the adverse competitive considerations outweigh the evidence that can be marshalled to show a probable public benefit under the convenience and needs factor. Conclusion. The evidence in this case leads inevitably to the conclusion that the merger of Colo34. 3 112 Cong. Rec. 2337 (1966); see also Id. at 2333See 112 Cong. Rec. 2338 (1966). 1629 LAW DEPARTMENT nial Bank and Puritan Bank contravenes section 7 of the Clayton Act. The majority does not offer a single sound reason why the merger should be permitted—indeed, I think there are none to be found. And, by permitting the merger, the majority gives its sanction to one more step in the development of a complete commercial banking oligopoly in Connecticut—exactly the kind of development the Bank Merger Act was designed to thwart. I would deny the application. THE BANK OF NEW YORK, NEW YORK, NEW YORK In the matter of the application of The Bank of New York for approval of merger with Empire Trust Company. ORDER APPROVING MERGER OF BANKS There has come before the Board of Governors, pursuant to the Bank Merger Act, as amended (12 U.S.C. I828(c), Public Law 89-356), an application by The Bank of New York, New York, New York, a State member bank of the Federal Reserve System, for the Board's prior approval of the merger of that bank and Empire Trust Company, New York, New York, under the charter and title of The Bank of New York. As an incident to the merger, the two offices of Empire Trust Company would become branches of the resulting bank. Notice of the proposed merger, in form approved by the Board, has been published pursuant to said Act. Upon consideration of all relevant material in the light of the factors set forth in said Act, including reports furnished by the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the Attorney General on the competitive factors involved in the proposed merger, IT IS HEREBY ORDERED, for the reasons set forth in the Board's Statement of this date, that said application be and hereby is approved, provided that said merger shall not be consummated (a) before the thirtieth calendar day following the date of this Order or (b) later than three months after said date. Dated at Washington, D. C, this 7th day of November, 1966. By order of the Board of Governors. Voting for this action: Chairman Martin, and Governors Shepardson, Daane, Maisel, and Brimmer. Voting against this action: Governors Robertson and Mitchell. (Signed) MERRITT SHERMAN, Secretary. [SEAL] STATEMENT The Bank of New York, New York, New York ("BONY"), with total deposits of about $823 million, has applied, pursuant to the Bank Merger Act, as amended (12 U.S.C. 1828(c), Public Law 89-356), for the Board's prior approval of the merger of that bank with Empire Trust Company, New York, New York ("Empire"), which has total deposits of about $295 million.1 The banks would merge under the charter and title of BONY. As an incident thereto, the two offices of Empire would become branches of BONY, increasing the number of its offices to eight. Competition. The head office of each bank is situated in the downtown financial district of New York City. The five branch offices of BONY are in the midtown section of Manhattan, as is the single branch of Empire. Both banks are essentially wholesale institutions, dealing in large loan and deposit relationships, and offering specialized services. BONY has made an effort in recent years to attract retail business, savings and special checking accounts. Empire is one of the few remaining commercial banks in the metropolitan area which confines itself to wholesale business. The retail market is considered to be preponderantly local in character, and dependent largely on branching locations, although capable of being expanded to some extent through banking by mail, specialized mobile offices, and the like. In that market, Empire and BONY are not present competitors. Nor is it probable that the two would compete in this field in the future, were the application denied, since Empire lacks resources to acquire the branches that would be needed for any important expansion into retail banking. After consummation of the merger, both former offices of Empire would, of course, offer retail services, and the addition of two offices to its present system would make BONY a slightly stronger competitor in the retail banking field. Nevertheless, the effect on competition in the relevant market, whether regarded as the metropolitan area, the City of New York (comprising the five boroughs), or 'Figures are as of March 31, 1966, 1630 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 the borough of Manhattan, would be minimal. The resulting bank would operate, for example, eight out of some 700 banking offices in New York City and some 350 in Manhattan or about 1 and 2 per cent, respectively. Moreover, each of the eight offices of the two banks is located in a highly competitive area with numerous offices of commercial banks in the immediate vicinity. In the wholesale banking field, there is competition between BONY and Empire, but this competition is not regarded as important. The two institutions are relatively specialized, BONY having developed expertise and customer connections in the fields of transportation, communications, public utilities, commodities, and durable goods manufacturing, while Empire has emphasized the oil and natural gas, chemical and drug industries. Nevertheless, changes in emphasis could bring the two into more active competition in the future, if the merger did not take place. In addition, the two banks presently compete in the personal and corporate trust areas. In the wholesale field, however, BONY and Empire compete with other institutions of comparable and larger size in a market that is far broader than New York City, that is indeed national, and at times international, in scope. In this broader market, each plays a relatively minor role. Reliable figures on the wholesale market, as such, are not readily available, but taking the relative importance of the two banks in the New York City banking structure as a rough indicator, the resultant bank would have only about 2 per cent of total deposits and would rank ninth among commercial banks headquartered in New York City, as against 1.5 per cent of such deposits and a rank of tenth for BONY at present. Accordingly, the merger would tend to create a slightly stronger competitor for the largest banks not only in New York but in other financial centers as well. The competitive effects of the proposal would not be significantly adverse. Financial and managerial resources and future prospects. The banking factors with respect to both BONY and Empire are satisfactory, and would be satisfactory with respect to the resulting bank. Convenience and needs of the communities. Customers of the two banks would benefit to some extent from the availability of a larger lending limit as a result of consummation of the merger. Both BONY and Empire have experienced some difficulty in serving customers that have grown to a size where banking prudence or statutory limits prevented one bank or the other from maintaining its "lead" position in loans to such customers. In addition, strengthening of the international department of the combined bank, as a result of the merger, would be of some benefit to that segment of the community which is interested in international trade. Summary and conclusion. In the judgment of the Board, the effect on banking competition would not, on balance, be significantly adverse and there would be some benefit to the community as a result of the increased lending limit and improved international department of the resulting bank. Accordingly, the Board concludes that the application should be approved. DISSENTING STATEMENT OF GOVERNOR MITCHELL IN WHICH GOVERNOR ROBERTSON CONCURS In the world's largest financial center the merger of two banks, one with $932 million in resources and the other with $341 million, is likely to be slurred over as an insignificant transaction because of the giant size of the major banks in that community. But, looking at the United States instead of New York, even the smallest of these two banks is a large bank. Each is among the 1 per cent or so of U.S. banks that control over 50 per cent of the nation's deposits. Combined, they will become the 35th or 36th largest bank in the country. No merger resulting in a $1 billion bank can be dismissed summarily as one unlikely to have a substantial effect on banking competition. Both banks serve some routine local needs for which there are numerous banking office alternatives, but in the aggregate these activities appear to constitute only about 10 per cent of their business. Our concern is for the particular needs of industrial or public utility-type customers in which both banks have specialized. These clients are in New York, elsewhere in the nation, and abroad. The record shows that such services are available at other large New York banks with whom the ongoing bank expects to be in more aggressive competition. The managements of both banks clearly are of the view that their corporate interest will be served by the merger. But the Board's responsibility is to consider the implication for the public interest. Size alone, in a financial institution, is not neces- LAW DEPARTMENT sarily inimical to the public interest, and even if achieved by merger, the anticompetitive effects of great size can be outweighed by other factors under the statute. In this case, however, the applicant desires increased size in order more aggressively to seek out and service larger corporate customers than either of the proponent banks individually is now able to satisfy. In this frame of reference, what happens to the less formidable among their present customers? Potentially—and in our judgment— they may well get the kind of attention that goes to less-than-carload-lot customers when the same salesman handles carload lots, and sees the possibility of a trainload sale! Many alternatives for financing and technical industrial know-how are available to our largest corporations at several large U.S. and foreign banks. The intermediate and smaller-sized company's business is not so prized. The applicant has made it plain that it seeks such business now only in default of larger accounts. It asks for approval of this merger in order to enable the on-going bank "to compete more effectively with the larger wholesale banks for a principal role in serving commercial customers [of BONY] with growing credit requirements." The applicant believes that a higher loan limit will enable the on-going bank "to compete for position as a principal bank of the large corporate customers of Empire which now use that bank chiefly for special banking and financial services and do not utilize it as one of their principal banks in New York City." In a world in which time, attention, and credit are not unlimited, the moderate-sized customers for whom each now serves as a principal bank will be left to fend for themselves as best they may. The anticompetitive effects of the proposed merger not only are not outweighed by the probable effect of the transaction in meeting the convenience and needs of the community to be served, but are reinforced in our view by an actual detriment to present customers of both banks. We would deny the application. Orders Under Section 3 of Bank Holding Company Act The Board of Governors issued the following Order extending the period of time within which a bank holding company may acquire voting shares of an additional bank, Orders and Statements approving applications for permission to become 1631 bank holding companies, and an Order and Statement approving an application for an existing bank holding company to acquire voting shares of an additional bank: VIRGINIA COMMONWEALTH CORPORATION, RICHMOND, VIRGINIA In the matter of the application of Virginia Commonwealth Corporation, Richmond, Virginia, for approval of the acquisition of voting shares of The First Valley Bank, Weber City, Virginia. ORDER EXTENDING PERIOD OF TIME PRESCRIBED BY PROVISO IN ORDER OF APPROVAL WHEREAS, by Order dated July 28, 1966, the Board of Governors, pursuant to section 3 (a) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a), as amended) and section 222.4 (a) of Federal Reserve Regulation Y (12 CFR 222.4(a)), approved an application on behalf of Virginia Commonwealth Corporation, Richmond, Virginia, a registered bank holding company, for the Board's prior approval of the acquisition of 80 percent or more of the voting shares of The First Valley Bank, Weber City, Virginia, a proposed new bank; and said Order was made subject to the proviso "that the acquisition so approved shall not be consummated . . . (b) later than three months after said date [of Order]", and "that The First Valley Bank shall be opened for business within six months [of the date of the Board's Order]"; and WHEREAS, Virginia Commonwealth Corporation has applied to the Board for an extension of the time within which the approved acquisition may be consummated and within which The First Valley Bank is to be opened for business; and it appearing to the Board that reasonable cause has been shown for the extensions of time requested, and that such extensions would not be inconsistent with the public interest; IT IS HEREBY ORDERED, that the Board's Order of July 28, 1966, as published in the Federal Register on August 4, 1966 (31 Federal Register 10485), be and it hereby is amended so that the proviso relating to the dates by which the acquisition approved shall be consummated, and The First Valley Bank opened for business, shall read: "(b) later than March 15, 1967, and provided, further, that The First Valley Bank shall be opened for business no later than April 1, 1967." 1632 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 Dated at Washington, D. C , this 19th day of October, 1966. By order of the Board of Governors. (Signed) KENNETH A. KENYON, Assistant Secretary. [SEAL] FIRST FLORIDA BANCORPORATION, HAINES CITY, FLORIDA In the matter of the application of First Florida Bancorporation, Haines City, Florida, for approval of the acquisition of voting shares of 11 banks in the State of Florida. filed with the Board have been considered by it. IT IS HEREBY ORDERED, for the reasons set forth in the Board's Statement of this date, that said application be and hereby is approved, provided that the acquisition so approved shall not be consummated (a) before the thirtieth calendar day following the date of this Order or (b) later than three months after said date. Dated at Washington, D. C , this 19th day of October, 1966. By order of the Board of Governors. Voting for this action: Chairman Martin, and Governors Robertson, Shepardson, Maisel, and Brimmer. Absent and not voting: Governors Mitchell and Daane. ORDER APPROVING APPLICATION UNDER BANK HOLDING COMPANY ACT There has come before the Board of Governors, pursuant to section 3(a) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a), as amended by Public Law 89-485) and section 222.4 (a) of Federal Reserve Regulation Y (12 CFR 222.4(a)), an application by First Florida Bancorporation, Haines City, Florida, for approval of action to become a bank holding company through the acquisition of a sufficient number of voting shares in each of the following banks so as to bring Bancorporation's direct ownership in each bank up to at least 51 per cent: National Bank of Melbourne and Trust Company, Melbourne; Florida State Bank of Sanford, Sanford; State Bank of Haines City, Haines City; Bank of Zephyrhills, Zephyrhills; The DeSoto National Bank of Arcadia, Arcadia; Okeechobee County Bank, Okeechobee; The First State Bank, Fort Meade; Bank of Lake Alfred, Lake Alfred; Bank of Mulberry, Mulberry; National Bank of West Melbourne, West Melbourne; and The United State Bank of Seminole, Sanford. As required by section 3(b) of the Act, the Board notified the Comptroller of the Currency and the Comptroller of Florida of receipt of the application and requested their views and recommendations. Each of these authorities recommended approval of the application. Notice of receipt of the application was published in the Federal Register on July 30,1966 (31 Federal Register 10343), which provided an opportunity for submission of comments and views regarding the proposed transaction. Time for filing such views and comments has expired and all those (Signed) KENNETH A. KENYON, Assistant Secretary. [SEAL] STATEMENT First Florida Bancorporation, Haines City, Florida ("Bancorporation" or "Applicant"), has requested prior approval of the Board, pursuant to section 3(a)(l) of the Bank Holding Company Act of 1956, as amended ("the Act"), of a proposal whereby Bancorporation would become a bank holding company through the acquisition of a sufficient number of voting shares in each of the following 11 banks in the State of Florida so as to bring its direct ownership in each bank up to at least 51 per cent: National Bank of Melbourne and Trust Company, Melbourne (deposits, $21.9 million) ("Melbourne Bank"); Florida State Bank of Sanford, Sanford (deposits, $13.3 million) ("Sanford Bank"); State Bank of Haines City, Haines City (deposits, $9.3 million) ("Haines City Bank"); Bank of Zephyrhills, Zephyrhills (deposits, $11.5 million) ("Zephyrhills Bank"); The DeSoto National Bank of Arcadia, Arcadia (deposits, $9.3 million) ("Arcadia Bank."); Okeechobee County Bank, Okeechobee (deposits, $6.0 million) ("Okeechobee Bank"); The First State Bank, Fort Meade (deposits, $6.3 million) ("Fort Meade Bank"); Bank of Lake Alfred, Lake Alfred (deposits, $5.3 million) ("Lake Alfred Bank"); Bank of Mulberry, Mulberry (deposits, $6.0 million) ("Mulberry Bank"); National Bank of West Melbourne, West Melbourne (deposits, $1.2 million) ("West Melbourne Bank"); The United State Bank of Seminole, Sanford (deposits, $1.8 million) ("Seminole Bank"). LAW DEPARTMENT Bancorporation is an outgrowth of the so-called "McNulty Group of Banks", which commenced operations in 1934, was incorporated in 1960, and adopted its present corporate title in March 1966. Bancorporation presently owns more than 20 per cent, but less than 25 per cent, of the outstanding voting shares of six of the banks named, and between 10 and 18 per cent of the remaining five banks. As of December 31, 1965, * the banks had combined total deposits of approximately $92 million, and are organized and operated as a group under the direction of an executive committee composed of the principal executive officers of each bank. In addition, the Melbourne and West Melbourne Banks are affiliated through common stockholders, as are the two banks in Sanford, and the Haines City Bank and Lake Alfred Bank. Views and recommendations of supervisory authorities. As required by section 3(b) of the Act, notice of receipt of the application was given to, and views and recommendations requested of, the Comptroller of the Currency and the Comptroller of Florida. Each of these authorities recommended approval of the application. Statutory considerations. Section 3(c) of the Act, as amended, provides that the Board shall not approve this acquisition if it will result in a monopoly, or if it is in furtherance of any combination or conspiracy to monopolize or to attempt to monopolize the business of banking in any part of the United States. Nor shall the Board approve this acquisition if the effect in any section of the country may be substantially to lessen competition, or to tend to create a monopoly, or if the transaction in any other manner would be in restraint of trade, unless the Board finds that the anticompetitive effects of the proposed transaction are clearly outweighed in the public interest by the probable effect of the transaction in meeting the convenience and needs of the community to be served. The Board is required to take into consideration the financial and managerial resources and future prospects of the proposed bank holding company and the banks concerned, and the convenience and needs of the communities to be served. Competitive effect of proposed acquisition. The 11 proposed subsidiary banks are located in six 1 Unless otherwise noted, all banking data are as of this date. 1633 counties in Central and South-Central Florida. Four of the banks (Lake Alfred, Haines City, Fort Meade, and Mulberry) are located in Polk County; two (Melbourne and West Melbourne) serve the same area and are both in Brevard County; and two (Sanford and Seminole) are in Seminole County and share the same service area. The Arcadia Bank, Okeechobee Bank, and Zephyrhills Bank are located, respectively, in DeSoto, Okeechobee, and Pasco Counties. The 11 banks, alone or in combination, control the following percentage of total deposits in the six counties: Brevard—14; Seminole—40; Polk—10; DeSoto and Okeechobee—100 (Applicant's proposed subsidiary is the only bank in each county); and Pasco—27. Presently, banks controlled by existing bank holding companies operate in three of the six counties in which Applicant's proposed subsidiary banks are located. In Polk County, where four of Applicant's proposed subsidiary banks are located, consummation of Applicant's proposal would result in bank holding company control (Applicant and one other holding company group) of 29 and 30 per cent, respectively, of total deposits and banking offices. In Brevard County, location of two of Applicant's proposed subsidiary banks, bank holding company banks would control 29 and 18 per cent, respectively, of total deposits and banking offices. In Seminole County, bank holding company subsidiaries would control, respectively, 73 per cent of the total deposits and operate three of the five (60 per cent) banking offices. Upon consummation of this proposal, Applicant's 11 banks would control 2.5 per cent of the banking offices and 1 per cent of the total deposits of banks in the State. Of the eight bank holding companies operating in the State, Applicant's system would rank sixth in size of total deposits held. The eight holding companies would control 71 of the State's 443 banks (16 per cent) and would hold $2.0 billion of deposits, representing 26 per cent of all such deposits in the State. Measured by total deposits, Applicant's system would rank fourteenth in size of the State's banking organizations. The Board concludes that consummation of Applicant's proposal would not result in a monopoly nor be in furtherance of an attempt to monopolize the business of banking in the 1634 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 State of Florida, or in any part thereof served by Applicant's proposed subsidiary banks. As to the likelihood of any substantial lessening of competition, or tendency to monopoly, as a result of this proposal, the Board is unable to conclude that either circumstance is likely to occur. The record establishes that little effective competition now exists between or among Applicant's proposed subsidiary banks. With the exception of the banks in Melbourne-West Melbourne, Sanford, and Haines City-Lake Alfred, Applicant's proposed subsidiary banks are separated by distances ranging from 19 to 148 miles. Consideration of these distances and of the size of the banks involved preclude a finding as to the existence of measurable competition between and among them, or the likelihood that significant competition will develop in the foreseeable future. A similar conclusion is warranted with respect to competition between Melbourne Bank and West Melbourne Bank, the two banks in Sanford, and Haines City Bank and Lake Alfred Bank. Although the two banks in each of the three areas are located near one another, and in two cases serve the same areas, the existing common ownership of the two banks in each of these areas negatives any suggestion of existing or potential viable competition between them. On the basis of the record before it, the Board finds unlikely any substantial lessening of competition as between Applicant's proposed subsidiaries and the banks with which they compete. Four of Applicant's proposed subsidiaries are the only banks located in their respective primary service areas. Five of the other subsidiaries have deposits ranging from $1 million to approximately $9 million. The proposed affiliation with Applicant will not, in the Board's judgment, offer sufficient increased competitive strength to these institutions as to constitute them an undue force with respect to banks competing in the same market areas. The largest of Applicant's proposed subsidiary banks, Melbourne Bank ($22 million of deposits), is one of 17 banks in Brevard County. The largest bank in the county, a bank holding company subsidiary with deposits of approximately $25.5 million, competes within Melbourne Bank's service area. Also competing with Melbourne Bank in this area are nine other banks, two of which each has deposits of about $12 million. In Seminole County, the area primarily served by Sanford Bank ($13 million of deposits) and Seminole Bank ($1.8 million of deposits), there are three other banks with deposits ranging from $12.5 to $4 million. Consummation of Applicant's proposal will effect in both Brevard County and Seminole County a holding company system affiliation of the largest and smallest banks, a result not likely to adversely affect the larger banks in either county, nor the smaller banks therein which are presently competing successfully against banks of a size nearly as large as or larger than that of Applicant's two proposed subsidiaries combined. On the basis of the foregoing considerations, the Board concludes that consummation of Applicant's proposal would not have the effect of substantially lessening competition, nor tending to create a monopoly. Financial and managerial resources and future prospects. Applicant's financial and managerial resources and its prospects are considered satisfactory. The financial and managerial resources of the proposed subsidiary banks are viewed as generally satisfactory. Assuming the continuation of the existing "group operation", the prospects of the 11 banks are also viewed as satisfactory; however, their prospects would appear somewhat more favorable if the existing affiliation were formalized pursuant to Applicant's proposal. This conclusion reflects the Board's judgment that the banks, operating under Applicant's proposed control, will be better able to raise any necessary equity capital, and to attract and retain qualified management personnel, a factor presently a problem in certain of the banks. Convenience and needs of the communities involved. The aforementioned advantages likely to be realized by the banks when operated under Applicant's control are also a factor in the Board's analysis of the probable effect of this proposal on the convenience and needs of the communities to be served. The record in this matter does not reflect unserved major banking needs in any of the areas involved. However, in terms of more efficient, higher quality bank operations, such results with respect to certain aspects of the banks' operations appear sufficiently probable under Applicant's proposed increased ownership and control as to constitute a consideration favorable to approval of the application. Summary and conclusion. On the basis of the findings herein, the Board concludes that consum- LAW DEPARTMENT mation of Applicant's proposal would not have resulting adverse competitive consequences, and that considerations relating to the banking factors involved and to the convenience and needs of the communities to be served offer some weight toward approval of the application. In the light of the factors set forth in the Bank Holding Company Act, and on the basis of the relevant facts of record, it is the Board's judgment that the subject proposal is in the public interest and that the application should be approved. DEPOSITORS CORPORATION, AUGUSTA, MAINE 1635 (31 Federal Register 10704), providing an opportunity for interested persons to submit comments and views with respect to the proposed transaction. Time for filing such views and comments has expired and all those received have been considered by the Board. I T IS HEREBY ORDERED, for the reasons set forth in the Board's Statement of this date, that said application be and hereby is approved, provided that the transaction so approved shall not be consummated (a) before the thirtieth calendar day following the date of this Order or (b) later than three months after said date. Dated at Washington, D. C , this 24th day of October, 1966. In the matter of the application of Depositors Corporation, Augusta, Maine, for approval of action to become a bank holding company through the acquisition of 100 per cent of the outstanding voting shares of Depositors Trust Company, Augusta, Maine, and at least 80 per cent of the outstanding voting shares of The Liberty National Bank in Ellsworth, Ellsworth, Maine. Voting for this action: Chairman Martin, and Governors Robertson, Shepardson, Maisel, and Brimmer. Absent and not voting: Governors Mitchell and Daane. ORDER APPROVING APPLICATION UNDER BANK HOLIDING COMPANY A C T STATEMENT There has come before the Board of Governors, pursuant to section 3 ( a ) ( l ) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a)(l), as amended by Public Law 89-485), and section 222.4(a)(l) of Federal Reserve Regulation Y (12 CFR 222.4(a)(l) ), an application by Depositors Corporation, Augusta, Maine, for the Board's prior approval of action whereby Applicant would become a bank holding company through the acquisition of 100 per cent of the outstanding voting shares of Depositors Trust Company, Augusta, Maine, and at least 80 per cent of the outstanding voting shares of The Liberty National Bank in Ellsworth, Ellsworth, Maine. As required by section 3(b) of the Act, the Board notified the Bank Commissioner of the State of Maine and the Comptroller of the Currency of receipt of the application and requested their views and recommendations. The Commissioner expressed no objection to approval of the application; the Comptroller recommended its approval. Notice of receipt of the application was published in the Federal Register on August 11, 1966 By order of the Board of Governors. (Signed) KENNETH A. KENYON, Assistant Secretary. [SEAL] Depositors Corporation, Augusta, Maine ("Applicant"), has filed with the Board, pursuant to section 3 ( a ) ( l ) of the Bank Holding Company Act of 1956, as amended ("the Holding Company Act"), an application for approval of action to become a bank holding company through the acquisition of 100 per cent of the outstanding voting shares of Depositors Trust Company, Augusta, Maine ("Depositors Trust"), and at least 80 per cent of the outstanding voting shares of The Liberty National Bank in Ellsworth, Ellsworth, Maine ("Liberty National"). Incident to the holding company proposal, the Board's approval has also been requested, pursuant to the Bank Merger Act of 1960, as amended ("the Merger Act"), of the proposed merger of Depositors Trust with First Maine Trust Company, Augusta, Maine (a newly organized bank not yet in operation), under the charter and title of Depositors Trust Company. Application has also been made for the admission of First Maine Trust Company to membership in the Federal Reserve System. Applicant is newly organized and its financial resources will consist entirely of its equity in 1636 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 the capital accounts of the two proposed subsidiary banks. Depositors Trust Company was organized in 1933 and presently operates 29 offices generally within a 45-mile radius of Augusta, Maine. With deposits of $122 million, Depositors Trust is the largest commercial bank in the State. Liberty National, also organized in 1933, operates three offices within a 20-mile radius of Ellsworth, Maine, and has total deposits of $6 million. It is the smallest of the four commercial banks doing business in this area. Views and recommendations of supervisory authorities. As required by section 3(b) of the Holding Company Act, inasmuch as both a State and nationally-chartered bank are involved, the Board notified the Bank Commissioner of the State of Maine and the Comptroller of the Currency of receipt of the application and requested their views and recommendations thereon. The Bank Commissioner offered no objection to the formation of the holding company and the Comptroller of the Currency recommended its approval. As required by the Merger Act, the Board notified the U. S. Attorney General, the Federal Deposit Insurance Corporation, and the Comptroller of the Currency of receipt of the application and requested them to furnish reports on the competitive factors involved in the merger proposal. All three of said governmental authorities reported to the Board that competition would not be adversely affected by consummation of Applicant's merger proposal. Statutory considerations. The statutory criteria embodied in the Holding Company Act and the Merger Act are virtually identical. Both Acts prohibit Board approval of a proposed transaction which would result in a monopoly, or further any combination, conspiracy, or attempt to monopolize the business of banking in any relevant area. Nor may approval be given where the Board finds that the effect of a proposal may be substantially to lessen competition, or in any other manner be in restraint of trade, unless such anticompetitive effects are clearly outweighed by the probable effect of the transaction in meeting the convenience and needs of the communities to be served. Both statutes require the Board to consider also the financial and managerial resources and future prospects of existing and proposed institutions, and the convenience and needs of the communities to be served. Since the merger proposal is primarily one of form, incidental only to the formation of the holding company, the facts pertinent to both the holding company and merger proposals are discussed in common; and while these facts have been considered in relation to the statutory criteria in both Acts, the Board's Statement herein is couched principally in terms of its consideration of the holding company proposal. Competitive effects of the proposed transaction. Latest available banking office and deposit data reflect that Depositors Trust operates 29 banking offices in 9 of Maine's 16 counties. An additional office, to be located in Augusta, was approved by the Board on August 12, 1966. With one exception, all of the offices are within a 45-mile radius of Augusta, the head-office city. Within this area, which is Depositors Trust's primary service area, and considered by the Board to be the relevant area for purposes of competitive analysis, there are located 73 banking offices holding in the aggregate approximately $300 million of deposits of individuals, partnerships, and corporations ("IPC deposits"). At year-end 1965, Depositors Trust's total IPC deposits of $100 million represented, respectively, 33 per cent and 17 per cent of the total IPC deposits of all commercial banks and of all banks * in the aforementioned area. Within Liberty National's primary service area there are, in addition to Liberty National's three offices, four commercial banking offices and one savings bank office. Liberty National's total IPC deposits of $6 million represent, respectively, 27 per cent and 23 per cent of the total IPC deposits of all commercial banks and of all banks in that area. On a State-wide basis, of the $846 million and $1,466 million of total deposits held by commercial banks and all banks, respectively, Applicant's proposed subsidiaries combined would control 14 per cent and 8 per cent. Little, if any, competition presently exists between the two proposed subsidiary banks. Neither bank has offices located in the primary service area of the other, nor does either bank have offices in any of the counties served by the other. Depositors Trust's Belfast office (being the nearest 1 Reference herein to "all banks" includes mutual savings banks as well as commercial banks. LAW DEPARTMENT office to Liberty National) is located 18 miles from Liberty National's Bucksport office. The record before the Board reflects that neither bank derives any significant portion of its deposits or loans from the service area of the other. Nor, in the Board's judgment, is there likelihood that significant competition between the proposed subsidiary banks will evolve in the foreseeable future. This conclusion takes into account the great disparity in size of the two banks, the distance separating their closest offices, and the presence between these offices of a competing bank office. It also gives appropriate weight to the existence of a State law which has the effect of limiting the possibility of Depositors Trust's expanding its operations, through establishment of branches, into Liberty National's primary service area. Accordingly, it is concluded that consummation of Applicant's proposal will not result in the elimination of significant existing competition between its two proposed subsidiary banks, nor foreclose any real potential for future competition between them. Regarding the probable effect of Applicant's control of Depositors Trust and Liberty National on the banks with which they are in competition, the Board concludes that the competitive force and abilities of these banks will not be adversely affected in undue measure or manner. Depositors Trust's affiliation with the $6 million Liberty National will afford no marked competitive advantage to Depositors Trust over that it may now have with respect to its larger and smaller competitors. More significant, but in the Board's view not undue, would be the effect of the proposed affiliation on Liberty National's competitors. Liberty National is the smallest of the commercial banks operating an office within its primary service area. While its competitive force would be strengthened somewhat under Applicant's control, the resulting impact cannot be regarded as adverse to the larger banks with which it competes. Based on the foregoing considerations, it is the Board's judgment that consummation of Applicant's proposal will not create a monopoly or tend substantially to lessen competition, nor will it be in any other manner in restraint of trade. Financial and managerial resources and future prospects. Applicant's financial resources, to consist entirely of its equity in the capital accounts of the two proposed subsidiary banks, are considered satisfactory. The financial resources of the 1637 subsidiary banks are regarded as only generally satisfactory, inasmuch as a strengthening of their capital structures by the addition of new capital appears warranted. Applicant's potential ability to render assistance in raising additional capital funds for both banks is a consideration consistent with approval of the application. Applicant's management will be composed principally of the management of Depositors Trust, which is considered generally satisfactory. While the management resources of Liberty National are similarly satisfactory, existing problems related to management succession would likely find a more suitable and certain solution under Applicant's direction than would otherwise be the case. This likelihood weighs somewhat toward approval of the application. Applicant's prospects mirror those of its proposed subsidiary banks. The record reflects that both proposed subsidiary banks have had favorable growth in assets, loans, and deposits during the past five years. Indications of favorable future economic conditions in the banks' operating areas suggest a continuation of the banks' favorable growth. Despite a favorable earnings record in Depositors Trust, it would appear that the bank has not retained earnings commensurate with its aforementioned growth. However, the prospects for improvement in earnings, retention appear likely, in view of the bank's continued favorable earnings prospects, accompanied by a reduction in previously substantial transfers to certain reserve accounts. On the basis of the foregoing, the Board concludes that Applicant's prospects are satisfactory and that the prospects of Depositors Trust and Liberty National are also satisfactory, whether the banks are operated under Applicant's control or continue operations under existing ownerships. Convenience and needs of the areas to be served. The record establishes that the major banking needs within the service areas of both proposed subsidiary banks are presently being served, and that approval of the application would have no significant effect within either area. The benefits that Applicant asserts would be derived by and through Liberty National as a result of its affiliation with Depositors Trust, while consistent with approval of the application, offer but slight weight toward approval thereof. This for the reason that, in major respects, similar benefits would 1638 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 appear to be available to and through Liberty National on a corresponding bank basis. Only with respect to Liberty National's access to Depositors Trust's data processing equipment does it appear that the proposed affiliation will contribute to the convenience and needs of Liberty National's service area beyond that bank's present potential for such contribution. Accordingly, considerations bearing on the convenience and needs of the communities to be served, while consistent with approval of the application, offer but slight weight for approval. Summary and conclusion. On the basis of the findings herein, the Board concludes that consummation of Applicant's proposal would not have resulting adverse competitive consequences, and that considerations relating to the banking factors involved and to the convenience and needs of the communities to be served offer some weight toward approval of the application. In the light of the factors set forth in the Holding Company and Merger Acts and on the basis of the relevant facts of record, it is the Board's judgment that the subject proposal is in the public interest and that the applications for the merger of Depositors Trust and First Maine Trust Company and for the formation of the holding company should be approved. THE FIRST NATIONAL BANK OF TAMPA AND UNION SECURITY & INVESTMENT COMPANY, TAMPA, FLORIDA In the matter of the applications of The First National Bank of Tampa and Union Security & Investment Company for approval of the acquisition of voting stock of First National Bank of Brooksville, Brooksville, Florida. curity & Investment Company of 55 per cent of the 20,000 voting shares to be issued by First National Bank of Brooksville, Brooksville, Florida, a proposed new bank. As required by section 3(b) of the Act, the Board notified the Comptroller of the Currency of receipt of the applications and requested his views and recommendation. The Comptroller recommended approval of the applications. Notice of receipt of the applications was published in the Federal Register on August 11, 1966 (31 Federal Register 10704), which provided an opportunity for submission of comments and views regarding the proposed acquisition. Time for filing such comments and views has expired and all those filed with the Board have been considered by it. IT IS ORDERED, for the reasons set forth in the Board's Statement of this date, that said applications be and hereby are approved, provided that the acquisition so approved shall not be consummated (a) before the thirtieth calendar day following the date of this Order or (b) later than three months after said date, and provided further that the First National Bank of Brooksville shall be opened for business not later than six months after said date. Dated at Washington, D. C , this 26th day of October, 1966. By order of the Board of Governors. Voting for this action: Chairman Martin, and Governors Robertson, Shepardson, Mitchell, and Brimmer. Absent and not voting: Governors Daane and Maisel. (Signed) KENNETH A. KENYON, Assistant Secretary. [SEAL] STATEMENT ORDER APPROVING APPLICATIONS UNDER BANK HOLDING COMPANY ACT There has come before the Board of Governors, pursuant to section 3 (a) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a), as amended by Public Law 89-485), and section 222.4(a) of Federal Reserve Regulation Y (12 CFR 222.4(a)), applications on behalf of The First National Bank of Tampa and Union Security & Investment Company, both registered bank holding companies located in Tampa, Florida, for the Board's approval of the acquisition by Union Se- The First National Bank of Tampa ("First National") and Union Security & Investment Company ("US & I"), both of which are registered bank holding companies located in Tampa, Florida, have filed with the Board, pursuant to section 3(a) of the Bank Holding Company Act of 1956, as amended ("the Act"), applications for approval of the acquisition of 55 per cent of the voting shares to be issued by First National Bank of Brooksville, Brooksville, Florida ("Bank"), a proposed new bank. (First National and US & I are referred to collectively herein as "Applicants".) LAW DEPARTMENT US & I, a majority of the stock of which is trusteed for the benefit of the shareholders of First National, owns controlling stock of Broadway National Bank of Tampa and Second National Bank of Tampa. At December 31, 1965,1 the three banks in the group had total deposits aggregating about $197 million. Bank, a proposed new institution which will be located about 45 miles north of Tampa, is expected to have deposits of $5 million after three years of operation. Views and recommendation of supervisory authority. As required by section 3(b) of the Act, notice of receipt of the applications was given to, and views and recommendation requested of, the Comptroller of the Currency. The Comptroller recommended approval of the applications. Statutory considerations. The Act prohibits Board approval of any proposed acquisition which would result in a monopoly, or further any combination, conspiracy, or attempt to monopolize the business of banking in any relevant area. Nor may approval be given where the Board finds that the effect of a proposal may be substantially to lessen competition, or in any other manner be in restraint of trade, unless such anticompetitive effects are clearly outweighed by the probable effect of the transaction in meeting the convenience and needs of the area to be served. The Board is also required to consider the financial and managerial resources and future prospects of the bank holding company and banks concerned, and the convenience and needs of the communities to be served. Competitive effects of proposed acquisition. There are eight bank holding company groups either operating, or approved by the Board to commence operations, in the State of Florida. Combined, they control 71 banks, or 16 per cent of the banks in the State, and they hold about $2 billion of deposits, representing 26 per cent of the deposits of all banks in the State. Applicants' holding company system controls less than 3 per cent of the total deposits in the State. First National's service area includes generally all of Hillsborough County. The service areas of the Applicants' two subsidiary banks lie wholly within Hillsborough County. Applicants' group represents 3 of 24 banks in Hillsborough County, and controls about 32 per cent of the total deposits 1 Unless otherwise indicated, all banking data noted are as of this date. 1639 of those banks. Although the proportion of deposits in the County which are under control of the Applicants is significant, the degree of concentration in that area would not be increased by the proposed acquisition inasmuch as Bank will be located some distance away, in Hernando County. Hernando County is located to the north of Hillsborough County, and is separated from Hillsborough County by Pasco County. There are four banks presently located in Pasco County and only one bank in Hernando County, Hernando State Bank at Brooksville, which has deposits of about $11 million. There is also a savings and loan association located in Brooksville. Applicants propose to establish and acquire control of a new bank in an area where no holding companies are presently represented; and since there is some distance separating Bank's location from Applicants' existing subsidiaries, it is the Board's judgment that the transaction proposed would not result in a monopoly, nor does it appear to be in furtherance of any combination or conspiracy to monopolize or to attempt to monopolize the business of banking in any relevant area. Since the proposal involves the acquisition of a new bank, no existing competition will be eliminated. Nor is there a likelihood that any significant potential competition will be foreclosed between Bank and Applicants' other subsidiaries as a result of the proposal. As before noted, Bank will be located about 45 miles from Tampa and outside the primary service areas of Applicants' banks. First National is the only one of the group's banks which derives deposits or loans from Hernando County. Such business, whether related to First National's total deposits and loans held, or to such held by Bank, is insignificant in number or amount. It is not anticipated by Applicants, nor does it appear likely in the judgment of the Board, that Bank will derive any significant amount of business from the Tampa area. On the basis of the foregoing, it is concluded that consummation of the proposal would have no significant effect on present or potential competition between the proposed new bank and the banks now comprising Applicants' group. Referring now to the probable competitive effect on the only existing bank in Hernando County, Hernando State Bank, Brooksville, it is noted that the county has a population of nearly 13,000. The 1640 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 two neighboring counties of Citrus and Sumter, with respective populations of about 12,000 and 14,000, each has two banks. Pasco County, which adjoins Hernando County to the south, has four banks and a population of 40,800. The establishment of Bank in Hernando County will, in the Board's judgment, prove beneficial in that it will introduce into that County an added source of banking service, and healthy competition for Hernando State Bank, a well-established institution with $11 million of deposits and of adequate size to compete effectively with the proposed new bank. In this regard, the president of Hernando State Bank submitted a written statement in opposition to Applicants' establishment and control of Bank, stating that Hernando State Bank would have no objection to local ownership and operation of Bank, but that it objected to the "adverse competitive position in which our bank [Hernando State] will be placed in competing with First National Bank of Tampa and its affiliates." The Board recognizes that Bank, as a subsidiary of Applicants' system, will probably exert a stronger competitive force initially than would a completely independent new bank. However, when considering that Tampa is 45 miles away, that Applicants' banks compete principally with more than 20 other banks in Hillsborough County, and that there are four banks located in Pasco County, which separates Hillsborough County from Hernando County, the Board concludes that the establishment of Bank in Brooksville, as proposed, would not be inimical to the competitive position of Hernando State Bank. There appear to be no other banks in sufficiently close proximity to Bank's proposed site as to be affected competitively to any measurable extent by the proposed establishment and operation of Bank. It is the Board's judgment, based on the foregoing considerations, that Applicants' acquisition of Bank will not tend substantially to lessen competition nor will it in any other manner be in restraint of trade. Financial and managerial resources and future prospects. Although Applicants' bank holding company system has been in operation only since mid-1964. US & I and each of the group's banks have been in existence for a number of years. The financial resources of Applicants and their subsidiary banks are satisfactory and, on the basis of their past operations records, their prospects are viewed as favorable. Management of US & I is drawn from the management staff of First National and, with respect to both companies, is considered to be capable and experienced. Managements of the subsidiary banks are considered similarly satisfactory. The pro forma financial condition of Bank is regarded as satisfactory and its prospects, viewed in light of the satisfactory economic prospects for the area it will serve, are considered favorable. The Board finds reasonable Applicant's position that consummation of the proposed acquisition will assure the placement in Bank of experienced and well-trained management. The Board finds the "banking factors" to be consistent with approval of the application. Convenience and needs of the area to be served. Bank's designated primary service area includes all of Hernando County. Hernando County, which is situated north of Tampa on the Gulf Coast, has a population of nearly 13,000—about double its 1950 population. Total employment in the county has increased moderately in recent years, with more than 30 per cent of the total labor force being engaged in mining activities. Personal income in Hernando County is reported to have nearly doubled between 1956 and 1964, although per capita income is still below the State average. A major portion of the County's income is derived from mining, agriculture, and fisheries. While the economy of Hernando County should continue its relatively moderate growth in the immediate future, the geographic expansion of the Tampa-St. Petersburg Metropolitan Area is expected to have, at a later date, a significantly favorable effect on the economy of Hernando County. As earlier noted, Hernando State Bank is presently the only bank located in Hernando County. Applicants do not propose that Bank will provide services of a scope or nature different than those generally available in Bank's service area either through Hernando State Bank or other banks located in surrounding counties. However, Bank's establishment as an affiliate of Applicants will make available to the public, more immediately and more certainly than would be the case were Bank to be independently established, an alternative source of modern banking services and facilities. LAW DEPARTMENT Although there is no evidence in the record that major banking needs in Hernando County are going unserved or are being inadequately served, it is the Board's judgment that the installation of another banking facility in the county will prove beneficial to the convenience and needs of certain of the area's businesses and residents. It is therefore concluded that considerations relating to the convenience and needs of the area to be served provide some support for approval of the applications. Summary and conclusion. On the basis of the record before it, the Board concludes that the acquisition of control of Bank by Applicants will 1641 not have any significant adverse competitive consequences, and that considerations relating to the financial and managerial resources and prospects of Applicants and Bank, and to the convenience and needs of the area to be served, are consistent with approval of the applications, and in certain respects provide affirmative support for such approval. In light of the factors set forth in the Bank Holding Company Act, and on the basis of the evidence of record, it is the Board's judgment that the proposed acquisition is in the public interest and that the applications should be approved. ANNOUNCEMENTS CHANGES IN THE BOARD'S STAFF Frank R. Garfield, an Adviser in the Division of Research and Statistics, retired on November 1, 1966, after 37 years as a member of the Board's staff. Associated with the Federal Reserve since June 1929, he began his career as a Research Assistant. In June 1946 he was made Chief of the Domestic Business Section, Division of Research and Statistics, and in January 1956 was appointed Adviser in that Division. He is a Fellow in the American Statistical Association and in the American Academy for the Advancement of Science and is a member of Phi Beta Kappa. Mr. Garfield is known for his contributions to the development of the Federal Reserve index of industrial production, to the measurement of seasonal influences in economic time series, and to the development of audio-visual presentation of economic and statistical information. The Board has announced the appointment of Charles C. Walcutt as Assistant Chief Federal Reserve Examiner, effective November 29, 1966. Mr. Walcutt is a graduate of Ohio State University and a Certified Public Accountant. Prior to his appointment, Mr. Walcutt was associated with the auditing firm of Haskins & Sells in New York City. He has also held positions as Assistant to the Controller at the Martin Marietta Corporation, and as a Manager in the Army Audit Agency with responsibility for audit reviews of cost systems of private firms engaged in defense contracts. APPOINTMENT OF DIRECTOR On November 15, 1966, the Board of Governors announced the appointment of Lawrence E. Walkley as a director of the Pittsburgh Branch of the Federal Reserve Bank of Cleveland to serve for the remainder of the term expiring December 31, 1966. Mr. Walkley is President of Westinghouse Air Brake Company, Pittsburgh, Pennsylvania. As a director of the Pittsburgh Branch he succeeds Dr. George L. Bach, former Maurice Falk Professor of Economics and Social Science, Carnegie Institute of Technology, Pennsylvania, who had resigned. Pittsburgh, VOLUNTARY FOREIGN CREDIT RESTRAINT PROGRAM During the third quarter of 1966 financial institutions continued to cooperate in the voluntary foreign credit restraint program (VFCR). U.S. commercial banks helped by reducing their holdings of foreign loans and investments by almost $300 million. As a result of the reduction, banks' holdings of such lo?ns and investments on September 30 were more than $375 million below the December 1964 base and about $1.2 billion below the Federal Reserve's suggested ceiling on credits effective on that date. The number of banks with loans in excess of the suggested target was reduced from 24 at the end of June to 13 at the end of the third quarter, and the aggregate amount by which these banks were over their targets was reduced from $26 million to $17 million. Both of these figures are the lowest since the beginning of the VFCR program; all of the banks involved have very small bases, and most of them are in excess of their targets because of the necessity of meeting previous commitments or requests for priority credits. Nonbank financial institutions reduced those foreign assets for which targets were suggested by $185 million during the first half of 1966. Most of the reduction occurred in equity investments in developed countries other than Canada and Japan. The total outflow of credit, including increased holdings of assets for which no targets were suggested, was $173 million during the first half of 1966, which was more than accounted for by an increase in investments in Canada. This compares with a total outflow during 1965 of $730 million. REVISIONS IN INDUSTRIAL PRODUCTION INDEXES The Federal Reserve indexes of industrial production have been revised back to January 1964 to incorporate revisions in seasonal adjustment factors and in data. These changes have been combined 1642 ANNOUNCEMENTS with a reprint of the 1961-63 Industrial Production Indexes. This new booklet, Industrial Production Indexes, 1961-65, has been distributed with the November 1966 Business Indexes (G.12.3). Copies may be obtained from Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. SUPPLEMENT TO BANKING AND MONETARY STATISTICS "Bank Debits," Section 5 of Supplement to Banking and Monetary Statistics, is now available. Bank debits and deposit turnover are shown annually and monthly for the period 1943-64, and bank debits to demand deposit accounts are shown annually. For the period 1941-64, bank debits by Federal Reserve district and by report- 1643 ing center are shown annually. Full descriptions are provided of revisions in the series during the period covered. Requests for copies should be sent to Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D. C. 20551. Remittance should accompany order and be made payable to the order of the Board of Governors of the Federal Reserve System (prices shown on page 1734). ADMISSION OF STATE BANK TO MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM The following bank was admitted to membership in the Federal Reserve System during the period October 16 through November 15, 1966: South Carolina Johnsonville Johnsonville State Bank NATIONAL SUMMARY OF BUSINESS CONDITIONS Released for publication November 16 Industrial production and nonfarm employment rose somewhat in October but retail sales changed little and construction activity declined further. Industrial prices continued stable while prices of foodstuffs declined. Bank credit and the money supply declined. Between mid-October and midNovember yields on U.S. Government, corporate, and municipal securities declined and then rose, but on balance were about unchanged. Common stock prices advanced in this period. INDUSTRIAL PRODUCTION Industrial production in October was 158.6 per cent of the 1957-59 average—0.3 per cent above September and 9.0 per cent above a year earlier. Auto assemblies increased while over-all production of other consumer goods was unchanged. Output of business equipment rose slightly further but production of durable materials declined. Auto assemblies rose sharply in October from the low September rate to 178 per cent of the 1957-59 average. Schedules for November are set at about the October level. Output of furniture and some household appliances declined but production of consumer nondurable goods was about unchanged. Output of industrial and commercial equipment rose somewhat further. Production of iron and steel and construction materials declined while that of equipment parts changed little. Output of textile mill products has been declining since June and is now 4 per cent below the peak. Production of some other nondurable materials increased in October. CONSTRUCTION New construction outlays declined further in October and were at the lowest annual rate— $71.8 billion—in more than a year as residential construction expenditures continued downward. Both private nonresidential and public construction expenditures remained at about their September rates. EMPLOYMENT Nonfarm payroll employment rose in October by 192,000, reflecting substantial increases in retail trade and services. In manufacturing, advances occurred in most durable and nondurable goods industries. Construction employment declined further to a level little higher than a year earlier. The average workweek in manufacturing was 41.3 hours, down slightly from the September level of 41.5 hours. The unemployment rate was 3.9 per cent in October, as compared with 3.8 per cent in September and 4.3 per cent a year earlier. DISTRIBUTION INDUSTRIAL PRODUCTION MAIKIAIS,./^ ~ tOTAl j* _ j—- V \L/ I 7 ^ MtODUCIJ I I I I r / DURABLE / MANUFACTUMS y v ' / * - : / IUSINISS *P~~ /? \]f 1 : COMMODITY PRICES A_^r jW^NONDUIAilt MANUFACTURES- ^ £ & 1 I 1 | 1 OOODS 1 1 1 1 1 mo mi i»4 m i ing in: IM4 mi F.R. indexes, seasonally adjusted. Latest figures shown are for October. The value of retail sales in October was unchanged from September and 6 per cent higher than a year earlier. Sales at durable goods stores declined 2.5 per cent, largely because of declines in sales of new domestic autos and sales at furniture and appliance stores. Sales at nondurable goods stores rose 1 per cent and were 7.5 per cent above a year ago. In early November, sales of new domestic autos apparently increased moderately. The wholesale price index for industrial commodities was again stable from mid-September to mid-October, at a level 2 per cent higher than a year earlier, reflecting further decreases in such sensitive materials as hides and lumber and con- 1644 1645 NATIONAL SUMMARY OF BUSINESS CONDITIONS tinuing increases among machinery and equipment and consumer goods. Since mid-October, prices of sensitive materials have tended to level out. Wholesale prices of foodstuffs declined 2.5 per cent over the month to mid-October in response to expansion in supplies of meats and most other fresh foods. Since mid-October, with expansion in supplies continuing, prices of foodstuffs have declined about 1.5 per cent further. BANK CREDIT, MONEY SUPPLY, AND RESERVES Commercial bank credit declined somewhat further in October, following a small net reduction over the previous two months. An increase in loans was more than offset by heavy liquidation of U.S. Government securities, despite large bank subscriptions to new Treasury bills in mid-October. The money supply declined $900 million in October offsetting the September expansion. Since March, there has been only a small net rise in the money stock. U.S. Government deposits rose somewhat in October following declines in the PRICES previous two months. Time deposits at commercial banks declined slightly after showing sharply reduced growth in September, reflecting in part substantial run-offs of negotiable CD's at city banks in both months. Net borrowed reserved averaged about $430 million over the four statement weeks ending October 26; they were relatively high early in the month but declined in the second half. Member bank borrowings averaged the same as in September but excess reserves declined somewhat. Total and required reserves also declined. SECURITY MARKETS Yields on U.S. Government, corporate, and municipal securities declined in the latter half of October, but subsequently turned around and were about unchanged on balance as of mid-November. The 3-month Treasury bill was bid at 5.45 per cent on November 15. Common stock prices advanced between mid-October and mid-November in moderately active trading. INTEREST RATES 1457-59=100 120 A l l COMMODITIES I I I , 1 I \ N- - I I U M l ITEMS 1»S FOOD FOODS AND / FOODSTUFFS/ «O7/ j^T^hr^// J - INDUSTRIAL COMMODITIES I I _L I 1 I 1 U mi Bureau of Labor Statistics indexes. Latest figures shown for consumer prices, September; for wholesale prices, October. 19M IMI 1110 Discount rate, range or level for all F.R. Banks. Weekly average market yields for U.S. Govt. bonds maturing in 10 years or more and for 90-day Treasury bills. Latest figures shown, week ending Nov. 4. GUIDE TO TABULAR PRESENTATION SYMBOLS AND ABBREVIATIONS N.S.A. e Estimated c Corrected Preliminary P Revised r Revised preliminary rp I, II, III, IV Quarters Not available n.a. Not elsewhere classified n.e.c. Monthly (or quarterly) S.A. for seasonal variation IPC SMSA A L S U Monthly (or quarterly) figures not adjusted for seasonal variation Individuals, partnerships, and corporations Standard metropolitan statistical area Assets Liabilities Sources of funds Uses of funds * Amounts insignificant in terms of the particular unit (e.g., less than 500,000 when the unit is millions) (1) Zero, (2) no figure to be expected, or (3) figure delayed ... GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left} of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. "U.S. Govt. securities" may include guaranteed issues of U.S. Govt. agencies (the flow of funds figures also include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local govt." also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that^ do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. LIST OF TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Annually—Continued Page Oct. 1966 1526-35 Flow of funds. Banking and monetary statistics, 1965 State 1248 1249 Annually Bank holding companies: List of, Dec. 31,1965 June 1966 Banking offices and deposits of group banks, Dec. 31,1965 Aug. 1966 Page Mar.'1966 414-23 June 1966 901-04 Banks and branches, number of, by class and Semiannually Banking offices: Aug. 1966 Analysis of changes in number of On, and not on, Federal Reserve Par List Aug. 1966 number of Issue 905 1250 Flow of funds (assets and liabilities) Apr. 1966 600-01 Oct. 1966 1536-46 Income and expenses: Federal Reserve Banks Feb. 1966 270-71 Member banks: „_. Calendaryear June 1966 892-900 Operating ratios Apr. 1966 602-04 Stock exchange firms, detailed debit and credit Insured July 1046 1408 balancescommercial banks Sept. 1966 1966 1646 FINANCIAL AND BUSINESS STATISTICS • UNITED Member bank reserves, Reserve Bank credit, and related items; Federal funds . . . . Reserve Bank discount rates; margin requirements; reserve requirements Bank deposits; open market transactions; Federal Reserve Banks Bank debits; currency in circulation Money supply and bank reserves; banks and the monetary system Commercial and mutual savings banks, by classes Commercial banks, by classes Weekly reporting banks Business loans i648 1653 1655 1658 1660 1662 1666 1668 1672 Interest rates Security prices; stock market credit Open market paper; savings institutions Federally sponsored credit agencies Federal finance U.S. Government securities Security issues Business finance Real estate credit Consumer credit 1673 1674 1675 1677 1678 1680 1684 1686 1688 1692 Industrial production Business activity; construction Employment and earnings Wholesale and consumer prices National product and income series Flow of funds 1696 1700 1702 1704 1706 1708 Guide to tabular presentation Index to statistical tables 1646 1737 The data for F.R. Banks and member banks and for consumer credit are derived from regular reports made to the Board; production indexes are compiled by the Board on the basis of data collected by other agencies; and flow of funds figures are compiled on the basis of materials from a combination of sources, including the Board. Figures for gold stock, currency, Fed- eralfinance,and Federal credit agencies are obtained from Treasury statements. The remaining data are obtained largely from other sources. For many of the banking and monetary series back data and descriptive text are available in Banking and Monetary Statistics and its Supplements (see list of publications at end of the BULLETIN). 1647 1648 NOVEMBER 1966 BANK RESERVES AND RELATED ITEMS MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors absorbing reserve funds Factors supplying reserve funds Deposits, other than member bank reserves, with F.R. Banks F. R. Bank credit outstanding Period or dale U.S. Govt. securities Discounts Toand Float i tal 2 Bought Repur chase adTotal outagree- vances right ments Gold stock reas- Curury cur- rency in rency ciroutstand- culation ing Member bank reserves reasOther ury F.R. cash acholdcounts With ings Treas- ForF.R. ury eign Other i Banks and :oin ^ Total Average* ol daily figures 2,314 2,211 11,473 12,812 16,027 17,391 2,314 2,211 11,473 12,812 16,027 17,391 459 372 345 262 361 394 983 19,240 247 998 19,535 186 1,063 19,420 337 1,174 18,899 348 1,195 18,628 19,240 19,535 19,420 18,899 304 18,932 522 514 587 879 944 250 229 222 160 181 495 244 290 206 186 869 42,048 13,857 5,496 40,734 ,965 42,649 13,845 5,537 41,372 349 43,853 13,799 5,565 42,206 800 1,024 801 930 808 683 169 174 154 209 224 231 142 18,323 3,635 21,958 296 18,235 3,723 21,958 389 18,747 3,972 22,719 427 498 571 647 743 685 767 730 774 749 ,253 43,449 870 43,116 ,824 42,943 ,934 43,339 877 43,891 ,936 44,498 624 45,737 290 45,348 074 45,631 949 45,604 13,733 13,734 13,700 13,632 13,565 13,500 13,415 13,311 13,258 '13,257 5,608 5,653 5,700 5,768 5,838 5,916 5,971 6,019 6,072 "6,138 41,588 41,224 41,394 41,671 41,858 42,296 42,825 '42,884 42,991 '43,121 819 700 798 479 861 311 941 670 968 824 1,033 1,066 1,059 1,067 1,107 869 1,078 758 1,122 160 140 158 148 138 152 196 135 131 145 245 234 291 398 386 394 419 409 407 439 465 789 746 505 51 535 338 316 978 61 1,317 12 2,208 250 8 83 2,612 5 170 2,404 652 24,744 24 381 142 1,117 21,606 4,024 4,030 17,518 22,759 20,047 22,879 2,018 4.400 210 2,295 5,455 272 2,956 7,609 2,402 3,239 10,985 2,189 4,322 28,452 2,269 4,629 27,806 1,290 30 81 616 592 625 615 30 164 739 1,531 1,247 920 353 840 706 716 564 911 ,389 26,853 ,633 27,156 ,443 26,186 496 28,412 426 29,435 21,689 21,942 22,769 20,563 19,482 5,008 5,064 5,144 5,230 5,311 31,265 31,775 31,932 32,371 32,775 777 772 768 691 396 434 463 385 470 524 78 37 72 103 231 94 152 305 360 266 665 29,060 31,217 298 33,218 434 36,610 423 39,873 17,954 16,929 15,978 15,562 15.388 5,396 5,587 5,561 5,583 5,401 33,019 33,954 35,281 37,603 39,698 408 422 398 389 595 21 113 515 485 490 175 198 11 4: 117 19 11 150 10 20 1929—June. 1933—June. 1939—Dec.. 1941—Dec. 1945—Dec.. 1950—Dec. 179 1,933 2,510 2,219 179 1,933 2,510 2,219 23,708 23,708 20,345 20,336 1955—Dec. 1956—Dec. 1957—Dec.. 1958—Dec. 1959—Dec. 24,602 24,765 23,982 26.312 27,036 24,318 24,498 23,615 26,216 26,993 284 267 367 96 43 1960—Dec 1961—Dec 1962—Dec 1963—Dec 1964—Dec 27,248 29,098 30.546 33.729 37,126 27,170 29,061 30,474 33,626 36,895 39,601 39,580 1965—Oct Nov..... 40,128 40,127 40,885 40,772 Dec 376 350 248 292 493 739 1,029 1,112 1,048 1,215 1,093 16,688 17,259 16,932 17,303 17,964 18,812 18,482 18,414 18,766 18,762 18,679 19,220 18,759 217 19,268 19,409 2,595 2,859 3,108 3,443 3,645 3.938 3,751 3,746 3,762 3,725 3,855 3,870 3,896 3,972 »3,924 19,283 20,118 20,040 20,746 21,609 22.750 22,233 22,160 22,528 22,487 22,534 23,090 22,655 23,240 '23,333 40,626 40,635 40,398 40,629 41,129 41,672 42,221 42,280 42,735 42,837 40,451 40,437 40,387 40,587 41,012 41,653 42,210 42,130 42,725 42,817 39,850 39,779 39,486 39,292 39,850 39,749 39,424 39,292 54 507 611 372 1,721 42,196 1,717 42,061 2,210 42 •^,,347 1,916 41 ,642 13,857 13,857 13,858 13,857 5,478 5,493 5,501 5,50. 40,492 40,814 40,848 40,729 794 1,048 802 1,021 810 1,053 803 975 187 178 170 161 221 218 204 196 233 18,557 3,495 22,052 203 18,175 3,530 21,705 78 18,544 3,730 22,274 17 24 39,829 40,253 40,048 39,788 39,829 40,249 40,048 39,788 533 369 522 39. 1,635 . . . j 42,082 1,925 42,616 1,988 42,605 2,264 42,501 13,858 13,858 13,859 13,843 5,512 5,532 5,540 5,542 40,817 41,112 41,389 41,520 786 927 792 1,063 79 1,045 806 884 15 179 180 180 21 215 231 217 176 26 234 319 1 8 15 22 29 40,535 41,014 40,879 40,824 40,852 40,535 40,911 40,824 40,802 40,631 567 51 518 247 592 1,802 43,018 1,860 43 43,519 2,053 43,571 2,876 876 44,066 2,713144,289 13,808 13,809 13,808 13,809 13,786 5,544 5,548 5,556 5,572 5,585 41,73 41,929 42,260 818 81 803 42,367 802 42,348 817 761 670 63 720 687 159 155 158 146 159 235 225 225 230 226 412 18,253 3,939 22,192 460 18,622 3,712 22,334 41C 18,442 4,02 22,463 35! 18,822 3,98. 22,804 349 19,074 4,00 23,080 41,030 41,145 40.333 40,210 40,607 40,823 40,333 40,210 423 322 19 26 600 613 242 374 2,366 44 ,181 2,390 44 ,309 2,441 43,128 2,085 42.816 13,733 13,734 13,733 13,733 5,583 5,597 5,609 5,615 42,053 41,963 4l,61f 41,23 788 804 827 83' 612 68 708 746 166 178 136 144 295 232 24: 23 34 49C 47 48 19,23 19,29 18,459 18,485 4,03 3 94! 4,00! 3,96< 23,270 23,232 22,467 22.451 2 9 16 23 40,548 41,117 40,809 40,224 40,299 40,708 40,542 40,22 249 409 267 439 523 473 540 1,907 1,671 1,739 2,041 43,005 43,425 43,130 42,912 13,732 13,734 13,733 13,733 5,635 5,646 5,647 5.66C 41,08. 41,19 41,28 41.21S 83C 83 83 84C 834 87: 910 68 178 152 135 12' 23. 23. 23< 23: 54C 71 74: 87' 18,66$ 18,79 18,36 18,325 3,869 3,527 3,785 3,77 22,538 22,323 22,153 22,106 484 63. 556 623 521 1,974 42,73 11779 42,987 1 " 74 " I 42,848 2,087 43,193 1,74 42,916 13,73: 13,73: 13,73 5,685 41,480 13,704 5,709 41 455 5,67 41,23 5,677 41,31' 13,63 5,73 41,34! 82! 829 822 863 936 64 429 346 506 560 13 157 180 140 13 23 241 24' 30: 37' 871 868 81 67! 611 18,18 18,55 18,371 18,65< 18*31 3,93 22,116 3,49: 22,045 3,743 22 121 3.74C 22,396 3.86C 22,176 643 623 706 666 1,637 1,869 2,17. 1,988 13,63 13,63: 13,63: 13,63: 5,735 5,76C 5,77< 5,78 41,51 41,864 41,768 41,563 93( 93: 951 94! 30S 13i 268 466 17 15 14< 133 38 395 406 404 601 551 44! 45. 18,78: 18,771 18,713 18,695 3,571 3,62. 3,91. 3,91 1966—Jan Feb Mar Apr May June July Aug Sept Oct 834 Week ending— 1965 Oct. 6 13 20 27 Nov. 3 . 10 Dec. 103 55 22 221 18,058 3,782 21,840 18,377 18,386 18,134 17,959 3,734 3 518 3 743 3,79 22,111 21,904 21,877 21,750 1966 Jan. 5 12 Feb. Mar. 2 9 16 23 30 Apr , -.?::::::: 20 27 40,152 40,152 40,425 40,425 40,399 40,352 40,31 40,311 40,50. 40,505 40,92. 40,82 40,30 40,44« 40,779 40,787 40,301 40,446 For notes see opposite page 14; 34 43,325 43,43 43,29 43,25 22,358 22,402 22,627 22,615 NOVEMBER 1966 BANK RESERVES AND RELATED ITEMS 1649 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors supplying reserve funds F.R. Bank credit outstanding Period or date U.S. Govt. securities Discounts ToRepurFloat» tals Bought chase and adTotal out- agreeright ments vances Factors absorbing reserve funds Deposits, other than member bank Member bank Treas- Curreserves, reserves ury rency Treas- with F.R. Banks Other curury in Gold rency F.R. cash cirstock outacholdcounts With Curstand- culaings tion Treas- For- Other' ing F.R. rency Total ury eign and Banks coin 3 Averages of daily figures Week ending— 1966 637 702 685 674 1,928 1,777 2,025 1,983 43 ,560 43 ,831 43 771 43 ,827 13,633 13,618 13,532 13,532 5,797 5,819 5,833 5,860 41,605 41,834 41,924 41,859 935 941 966 988 41,457 41,457 41,682 41,661 832 567 800 697 776 1,670 44 ,139 1,765 44 ,230 1,809 44 ,450 2,254 44 ,665 1,979 44 ,783 13,534 13,533 13,533 13,505 13,432 5,869 5,888 5,911 5,931 5,933 41,988 42,226 42,356 42,327 42,251 995 992 ,018 ,052 ,076 July 6 13 20 27 Aug. 3 42,585 42,656 41,684 41,873 42,581 42,653 41,684 41,873 832 818 631 682 2,006 45 ,659 2,430 46 ,085 3,1 "" ,615 2,775 45 ,396 5,965 5,972 5,966 5,969 42,637 43,019 42,921 42,747 10 17 24 31 42,445 42,583 42,003 41,813 42,597 42,287 42,231 41,809 41,813 42,597 778 786 731 720 693 2, 439 45,713 2, 324 45,743 2, 524 45,305 -45,121 2,541 I, 1775 — 45,114 13,434 13,435 13,434 13,406 13,332 13,333 13,332 13,312 13,258 5,993 6,003 6,014 6,030 6,041 Sept. 7 14 21 28 42,977 42,936 42,525 42,493 42,977 42,895 42,525 42,493 751 893 782 662 ,754 45,531 914 45,791 485 45,841 ,197 45,399 13,258 13,258 13,257 13,257 Oct. 42,999 42,969 42,521 42,794 42,989 42,969 42,521 42,715 843 947 805 533 825 880 155 043 13,258 13,258 13,256 13,256 May ,!::::::: 18 25 June 1 40,837 41,239 40,947 41,015 40,755 40,940 40,812 41,015 82 299 135 157 131 137 130 400 391 384 375 417 411 436 640 18,966 19,044 18,700 18,372 3,769 3,549 3,775 3,869 22,735 22,593 22,475 22,241 149 146 136 155 152 393 392 388 394 390 633 617 567 499 472 18,545 18,542 18,518 18,876 18,952 3,823 3,662 3,812 3,843 3,984 22,368 22,204 22,330 22,719 22,936 208 147 160 144 428 418 433 400 454 437 332 270 19,554 19,383 18,951 18,916 3,619 3,869 3,984 4,031 23,173 23,252 22,935 22,947 ,286 ,105 ,065 ,056 ,083 319 139 131 126 138 420 404 414 401 412 168 283 265 386 352 19,042 19,194 18,708 18,519 18,578 3,945 3,684 3,898 3,935 4,063 22,987 22,878 22,606 22,454 22,641 42,982 43,228 43,000 42,804 ,063 988 ,071 835 ,084 622 ,092 1,032 127 125 128 138 410 409 403 401 286 234 168 218 18,981 19,218 19,767 19,056 3,688 4,013 3,984 4,077 22,669 23,231 23,751 23,133 42,878 43,228 43,267 43,088 ,091 ,099 ,120 ,138 693 680 706 924 146 157 148 127 442 445 439 432 88 19,748 3,866 23,614 92 19,570 3,788 23,358 - 5 6 19,309 J-3,998 '23,307 - 4 5 19,187 "4,077 '23,264 42,518 42,518 42,907 42,907 42,975 42,975 ... 44,437 13,259 6,053 42,910 1,037 1,614 386 1,485 760 773 1 748 - - 45,475 13,258 6,109 42,802 1,077 809 410 2, 044 45,501 "13,"'" 257 *6i,I66 »43,081 "1,160 170 159 194 395 430 426 224 73 -84 42,991 42,623 12,403 42,037 42,991 42,623 42,403 42,037 681 238 907 991 ,071 1,027 ,083 575 ,090 1,079 ;091 1)313 142 129 115 159 397 407 400 404 279 146 209 193 18,552 18,612 19,095 18,070 »3,33O •2,833 •2,296 •2,764 43,262 42,833 42,296 42,613 132 134 138 141 478 452 433 428 104 41 -63 -46 19,995 18,463 18,881 18,766 is'.'.'.'.'-'.'. 41,659 41,601 41,528 41,528 22 41,795 41,795 29 5 12 19 26 158 352 194 41 10 79 45,722 45,891 45,532 45.440 ,065 ,066 ,062 ,076 510 517 591 855 839 737 909 799 855 710 1,022 1,156 1,216 42,752 42,908 43,000 42,894 42,771 ,052 ,047 ,069 ,081 ,079 6,050 6,069 6,074 6,086 6,106 6,121 6,145 6,154 End of month 1966 Aug Sept. 30 17,399 4,507 21,906 19,538 4,332 23,870 19,338 »3,787 '23,125 Oct. 31 Wednesday 1966 Sept. 7 14 21 28 Oct. 5 12 19 26 1 68 151 844 458 810 597 1,701 45,421 I , 908 " " 44,817 ,614 2, 1, 647 44,723 755 537 062 524 46,029 44,921 45,219 44,974 13,259 13,259 13,259 13,259 6,053 6,069 6,070 6,086 43,265 43,193 42,955 42,838 13,259 13,259 13,259 13,259 6,112 6,122 6,149 6,163 43,081 ,103 43,376 ,117 43,237 1,133 43,111 1,156 Beginning with 1960 reflects a minor change in concept; see Feb. 1961 BULLETIN, p. 164. 2 Includes industrial loans and acceptances, when held. (Industrial loan program discontinued Aug. 21,1959.) For holdings of acceptances on Wed. and end-of-month dates, see subsequent tables on F.R. Banks. See also note t. 506 718 868 840 3,945 "22,497 4,538 »23 ",150 4,416 "23 ,511 4,555 "22,625 3,963 4,294 "4,378 "4,524 23,958 22,757 "23,259 "23,290 3 Part allowed as reserves Dec. I, 1959-Nov. 23, 1960; all allowed thereafter. Beginning with Jan. 1963 figures are estimated except for weekly averages. 1650 NOVEMBER 1966 BANK RESERVES AND RELATED ITEMS RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks City of Chicago New York City Period Reserves Total held Required Borrowings at F.R. Banks 1deserves Free reserves Total held Required Excess Total held Required Excess Free reserves 161 133 601 848 924 1,011 1,191 1 78 540 295 14 13 8 63 192 38 58 161 211 1,141 1 143 939 1,024 1,199 -162 -91 -105 -81 -109 1,166 1,149 1,136 1,077 1,038 1,164 1,138 1,127 1,070 1,038 2 12 8 7 85 97 85 39 104 -62 78 540 295 14 7 3 -83 -86 -77 -31 -104 4 -4 -22 -11 -21 -31 -80 -30 —8 42 974 5,011 3 390 1*491 986 1,027 3 5 334 224 142 -932 179 5,008 3 385 1,157 762 885 762 861 5,623 5 142 4,118 4,404 4,742 755 792 3,012 4 153 4,070 4,299 4,616 7 69 2,611 989 48 105 125 174 6,462 9 422 16,027 14',536 17,261 16,275 17.391 16,364 35 57 34 11,473 Borrowings at F.R. Banks ]Reserves Free reserves -167 69 2,611 989 -144 67 67 2,275 2,314 1929 June 1933—June 1939 Dec Excess Borrowings at F.R. Banks 1945 1947 1950 Dec Dec Dec 19S5 1956 1957 1958 Dec Dec Dec Dec 19,240 19,535 19,420 18,899 18 932 18,646 18,883 18,843 18.383 18 450 594 652 577 516 482 839 688 710 557 906 -245 -36 -133 -41 -42A 4,432 4,448 4,336 4,033 3,920 4,397 4,392 4,303 4,010 3,930 -10 197 147 139 102 99 1960 Dec 1961 Dec 1962 Dec 1963 Dec 1964 Due 19,283 20 118 20,040 20,746 21,609 18,527 19,550 19,468 20,210 21,198 756 568 572 536 411 87 149 304 327 243 669 419 26! 20S 16S 3.687 3,834 3,863 3,951 4,083 3,658 3,826 3,817 3,895 4,062 29 7 46 56 21 19 57 108 37 35 10 -50 -62 19 -14 958 987 1,042 1,056 1,083 953 987 1,035 1,051 1,086 7 5 -3 8 22 18 26 28 1965 Oct Nov Dec 21,958 21,614 21,958 21,589 22,719 22,267 344 36S 452 490 452 45^ -146 -83 ^ 4,112 4,002 4,301 4,104 3,992 4,260 8 10 41 36 87 111 -28 -77 -70 1,090 1,086 1,143 1,085 1,084 1,128 5 2 15 85 32 23 1966 Jan Feb Mar Apr 22,750 22,233 22 160 22,528 22,487 22,534 23,090 22,655 23,240 "23.333 22,392 21,862 21,855 22,170 22,117 22,212 22,682 22,317 22,842 "23.028 358 371 305 358 370 322 408 338 398 "305 402 - 4 4 4,313 4,278 47f -107 4.168 4.150 551 - 2 4 6 4,194 4,188 626 - 2 6 8 4,326 4,270 722 - 3 5 2 4,276 4,230 674 - 3 5 2 4,257 4,290 766 -358 4,437 4,350 728 - 3 9 0 4,224 4,210 766 -367 4,454 4,424 733 "-428 "4,438 "4,435 35 18 109 -74 1,112 1,116 93 1,092 1,088 -75 -37 43 1,102 1,099 85 1,128 1,123 -29 86 -40 1,149 1,144 110 - 1 4 3 1,116 1,118 93 —6 1 142 1 130 40 -26 1,098 1,094 123 -93 1,122 1,117 127 »-I24 "1 112 »1 109 -4 4 3 5 5 -2 12 4 "3 45 30 65 38 8 10 66 28 69 98 -49 -26 -62 -33 -3 -12 -54 -24 -64 "-95 6... 13... 20... 27... 22,052 21,705 22,274 21.840 21,609 21.405 21.781 21,643 443 300 493 197 536 495 591 338 -93 -195 -98 -141 4,209 4,035 4,136 4,115 4,205 3,998 4,125 4,108 4 37 11 7 4 83 35 11 -46 -24 -4 1 090 1,063 1,098 1,096 1 089 1,059 1,092 1,094 1 4 6 2 119 93 154 9 -118 -89 -148 -7 4... 18.1! 22,449 22,253 22,156 21,927 286 340 319 314 617 680 663 653 -331 -340 -344 -339 4,456 4,282 4,225 4,168 4,441 4,253 4,218 4,162 15 29 25... 22,735 22,593 22,475 22,24 115 82 73 21 -100 -53 —66 -16 1,194 1,154 1,151 1,128 1,189 1,148 1 151 1*124 I'- 2 -2 -13 -2 1... 8... 15... 22... 29... 22,368 22,204 22,330 22,719 22,93 21,932 21,997 21,865 22,437 22,477 436 207 465 282 459 812 547 788 69 77 -376 -340 -323 -409 -312 4,260 4,195 4,194 4,438 4,386 4,175 4,195 4,164 4,387 4,375 86 90 21 107 185 150 —21 -77 -134 -140 —4 1,115 1,115 1,086 1,147 1,142 1,121 1,106 1,073 1,148 1J42 9 13 -1 6... 20... 27'.. 23,17 23,25 22,935 22.947 22,823 22,528 22,764 22,671 350 724 17 276 827 818 631 680 -477 -94 -460 -404 4,596 4,291 4,465 4,324 4,482 4,259 4,360 4,328 114 31 105 1,175 1,126 1,140 1,113 1,167 1,118 1,128 1,119 8 8 12 —6 107 129 30 16 -100 -121 -18 -22 3'.. 10'.. 17'.. 24... 31'.. 22.987 22,878 22,606 22.454 22,64 22,634 22,417 22,329 22,080 22,277 353 46 277 374 364 778 782 730 719 69 -425 -32 -453 -345 -327 4,347 4,239 4,224 4,143 4,266 4,331 4,230 4,185 4,137 4,220 16 ( 39 6 46 1,129 1,097 1 101 1,084 1,097 1,117 1,089 1 094 1^083 1,093 12 i 27 25 20 29 31 -15 -17 -13 -28 -27 Sep.^7... 21... 28... 22,669 23,23 23,75 23,133 22,332 22,729 23,159 23,066 337 502 592 67 749 888 77 650 -412 -386 -179 -583 4,249 4,438 4,528 4,578 4,237 4,350 4,528 4,539 8! 1,098 1,119 1 14 1,124 1,101 1,103 I 141 li 61 135 46 48 -64 -119 -46 -47 5... 12... 19... 26... 23,614 23.358 '23,307 "23.264 23,300 22,945 "22,828 "23,117 314 413 "479 "147 828 - 5 1 4 4,653 4,640 928 - 5 1 5 4,389 4,355 790 " - 3 1 "4,306 "4,302 518 " - 3 7 "4,514 "4,501 13 34 "5 "13 -26 1,147 1,144 -200 1,073 1,084 " - 9 4 "1,093 "1,080 "5 "1,139 "1,130 -1 »13 July r Aug. r Sept Oct 23 6 56 46 -33 87 14 30 "3 6 5 Week ending— 1965—Oct 1966—May June July Aug. Oct. i For notes see opposite page. 6 30 51 11 —i 39 167 120 104 16 20 133 39 -54 -8! -20 -12' 4< 21 110 159 16 274 234 9! i -22 — 159 -122 e 6 c r,i23 ll 1 -12 1 -4 -13 —5 -27 30 -259 248 13 y-123 18 "-9 NOVEMBER 1966 BANK RESERVES AND RELATED ITEMS 1651 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Reserves Period Borrowings at F.R. Banks Total held Required 1929 June.. 1933 June 1939 Dec 1941 Dec 1945—Dec 1947 Dec 1950 Dec 761 648 3 140 4,317 6,394 6,861 6,689 749 528 1,953 3,014 5,976 6,589 6,458 12 120 1 188 1,303 418 271 232 409 58 1955—Dec 1956—Dec 1957 Dec . . 1958 Dec 1959 Dec... 7,924 8,078 8,042 7,940 7,954 7,865 7,983 7,956 7,883 7,912 I960—Dec 1961—Dec 1962—Dec 1963—Dec 1964—Dec 7,950 8,367 8,178 8 393 8,735 1965 Oct Nov Dec 1966—Jan Feb Mar Apr May July Sent.... Oct Country banks Reserves Free reserves Borrowings at F.R. Banks Free reserves Total held Required Excess 632 441 1 568 2^210 4,576 4,972 4,761 610 344 897 1,406 3,566 4,375 4,099 22 96 671 804 1,011 597 663 327 126 -305 -30 96 123 50 -397 62 1 188 1,302 322 148 182 4 46 57 29 800 965 540 634 60 96 86 57 41 398 300 314 254 490 -338 -203 -228 -198 -449 5,716 5,859 5,906 5,849 6,020 5,220 5,371 5,457 5,419 5,569 497 488 449 430 450 159 144 172 162 213 338 344 277 268 237 7,851 8,308 8,100 8,325 8,713 100 59 78 68 22 20 39 130 190 125 80 20 -52 -122 -103 6,689 6,931 6,956 7,347 7,707 6,066 6,429 6,515 6 939 7,337 623 502 442 408 370 40 31 48 74 55 583 471 394 334 315 8 814 8,800 9,056 8,776 8,757 8,989 38 43 67 245 221 228 -207 -178 -161 7 941 8,069 8,219 7,650 7,755 7,889 291 314 330 124 112 92 167 202 238 9 033 8.827 8,768 8 905 8,936 8,913 9 203 9,039 9 269 "9,344 9,010 8,771 8,743 8,882 8,852 8,878 9,140 9,018 9,198 »9,310 23 56 25 23 84 35 63 21 71 "34 164 204 243 261 309 258 375 300 288 279 -141 -148 -218 -238 -225 -223 -312 -279 -217 "-245 8,291 8,146 8,096 8,169 8,126 8,249 8,308 8,294 8,395 "8,439 7,988 7,852 7,825 7,895 7,891 7,926 8,067 7,995 8 103 "8,174 303 294 271 274 235 323 241 299 292 "265 84 151 200 242 319 296 232 360 286 229 219 143 71 32 -84 27 9 -61 6 "36 Excess Week ending— 1965—Oct. 6. 13 20 27 8 8 8 8 765 755 907 795 8,739 8,714 8,870 8,771 26 41 37 24 304 194 278 186 -278 -153 -241 -162 7,987 7,853 8,133 7,833 7,576 7,635 7,693 7,670 411 218 440 163 109 125 124 132 302 93 316 31 1966—May 4 11 18 25 8 982 8,950 8,902 8,827 8,938 8,908 8,865 8,775 45 42 37 52 263 293 323 231 -219 -251 -286 -179 8,102 8,207 8,198 8,118 7,881 7,944 7,921 7,867 222 263 277 251 236 298 254 394 -14 -35 23 -143 8 15 22 29 8,814 8 873 8 786 8,992 9 033 8,806 8,805 8,744 8,944 8,991 9 68 42 48 42 348 177 303 223 382 -340 -110 -261 -175 -340 8,178 8,021 8,264 8,142 8,376 7,830 7,891 7,884 7,957 7,970 348 130 379 185 406 367 341 361 271 234 -20 -211 18 -86 172 9,211 9 101 9 269 9*201 9,135 9,046 9 214 9,157 76 56 55 44 285 393 333 417 -209 -337 -278 -373 8,192 8,734 8,062 8,309 8,039 8,104 8,062 8,067 152 630 242 268 176 164 231 -115 454 -164 11 -371 -257 -314 -284 -141 8,341 8,433 8,223 8,281 8,193 8,032 8,045 8,022 7,942 7,956 309 388 201 339 237 345 313 327 376 442 -36 75 -126 -37 -205 July ... 6 »; 20 27' 10' 17' 24 31' Sept. 7 14 21 28 Oct. 5 12 19 26 9 169 9 108 9 058 8 947 9,085 9,154 9,054 9,028 8,919 9,008 15 54 30 28 77 386 311 344 312 218 9,054 9,299 9 325 9 293 9,004 9,200 9,289 9,268 50 99 36 25 334 342 293 196 -284 -243 -257 -171 8,268 8,375 8,757 8,137 7,990 8,076 8,201 8,136 278 299 556 1 333 301 273 245 -55 -2 283 -244 9 418 9,387 "9 256 "9,373 9,383 9,295 "9,253 "9,320 35 92 238 212 348 272 -203 -120 "-344 "-218 8,397 8,508 "8,651 "8,238 8,134 8,211 »8,192 "8,166 263 297 "459 "72 286 234 207 220 -23 63 "252 "-148 j>4 "54 > This total excludes, and that in the preceding table includes, $51 million in balances of unlicensed banks. NOTE.—Averages of daily figures. Monthly data are averages of daily figures within the calendar month; they are not averages of the 4 or 5 weeks ending on Wed. that fall within the month. Beginning with Jan. 1964, reserves are estimated except for weekly averages. Total reserves held: Based on figures at close of business through Nov. 1959; thereafter on closing figures for balances with F.R. Banks and opening figures for allowable cash; see also note 3 to preceding table. Required reserves: Based on deposits as of opening of business each day. Borrowings at F.R. Banks: Based on closing figures. S52 NOVEMBER 1966 MAJOR RESERVE CITY BANKS BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars unless otherwise noted) Reporting batiks and week ending— Excess reserves1 Related transactions with U.S. Oovt. securities dealers Interbank Federal funds transactions Basic reserve position Net transactions Cross transactions Less- Net- Net interBorbank rowings at F.R. Federal funds Banks trans. Per cent of Surplus avg. or deficit required reserves Purchases Sales Total 2-way Purtranschases actions 2 of net buying banks Sales of net selling banks Loans to dealers^ Borrowings from dealers * Net loans Total—46 banks 57 177 38 51 219 395 315 294 -981 818 1,481 - 1 , 7 0 0 1,461 - 1 , 7 3 9 959 - 1 , 2 0 3 9.8 16.7 16.7 11.5 2,846 2,934 3,320 3,088 2,027 1,453 1,858 2,129 1,370 ,183 ,447 1,406 1,475 ,751 ,873 ,682 657 270 412 723 803 790 891 637 174 136 112 95 630 654 779 542 44 63 22 45 361 578 431 133 825 - 1 , 1 4 1 1,512 - 2 , 0 2 8 1,332 - 1 , 7 4 2 -891 803 10.7 19.9 17.2 8.5 2,726 3,298 3,211 2,844 1,901 1,786 1,879 2,041 1,167 ,377 ,381 ,412 ,558 ,921 ,830 ,431 734 409 498 629 710 535 624 782 90 118 103 75 620 417 520 707 Sept. 7 14..:... 21 28 20 90 26 27 21 111 159 161 29 502 431 -66 -31 -523 -565 -68 .8 12.9 13.3 1.6 1,028 1,239 1 392 1,121 999 737 961 1,187 587 604 790 585 441 635 602 536 411 132 171 602 484 513 559 435 104 65 78 76 380 448 481 359 Oct. 19 32 7 13 265 234 96 7 5 656 437 -22 -251 -858 — 525 28 5.8 21.1 13.1 .7 1,443 1 330 999 915 909 786 893 1,021 461 691 693 675 454 751 637 324 448 95 200 346 550 384 431 458 78 85 62 63 472 299 370 395 36 86 12 23 198 284 156 133 789 -950 979 - 1 , 1 7 7 1,031 - 1 , 1 7 4 1,025 - 1 , 1 3 5 15.8 19.3 18.9 18.3 1,817 1,695 1,928 1,967 1,028 716 897 942 783 579 657 821 1.034 1,116 1,271 1,146 245 137 241 121 320 277 332 202 70 70 34 19 250 207 298 183 25 30 14 31 96 345 335 126 819 -890 856 - 1 , 1 7 1 896 - 1 , 2 1 7 824 -919 14.1 19.0 19.9 14.7 1,811 1,855 1,881 1,844 992 999 985 1,020 706 685 688 737 1,105 1,170 1,193 1.107 285 314 298 283 160 151 193 324 12 32 42 13 148 119 151 312 -2 12 -1 1 49 124 35 39 314 400 300 385 -365 -512 -336 -422 37.1 52.0 32.7 41.9 518 572 556 639 204 172 256 254 204 159 222 222 314 413 335 417 12 35 32 43 19 14 10 43 19 14 10 2 -12 17 3 11 237 116 413 317 428 329 -422 -566 -526 -327 40.9 58.5 54.5 32.2 614 546 613 541 201 229 186 211 179 198 144 176 435 348 470 364 22 31 42 35 10 5 7 18 10 5 39 75 13 22 149 161 121 94 475 579 730 640 -585 -664 -838 -712 11.6 13.0 16.2 13.7 ) 299 ,123 ,372 ,328 824 544 641 688 578 419 435 599 720 704 936 729 245 125 206 89 277 259 318 192 70 70 34 19 207 188 284 173 23 42 -3 29 84 108 220 126 407 539 468 495 -468 -604 -691 -592 8.9 11.7 13.4 11.3 ,197 ,309 ,267 304 790 770 800 809 527 487 544 561 670 822 724 743 263 284 256 248 150 146 186 306 12 32 42 13 138 114 144 293 P 21 28 Oct 14...... 5 12 19 26 ' In New York City 5 12 19. 26 38 outside New York City Sem 7 U.. 21 28 Oct 5 ... 12.. 19 26 .. . In City of Chicago Sept. 7 P 14 21 28 Oct. 5 12 19 26 7 18 33 others Sept. 7 P 14. 21 28 Oct. 5 12 19 26... . Based upon reserve balances, including all adjustments applicable to reporting period. Carryover reserve deficiencies, if any, are deed. Derived from averages for individual banks for entire week. Figure each bank indicates extent to which its weekly average purchases sales are offsetting. Federal funds loaned, net funds supplied to each dealer by clearing 3 , repurchase agreements (purchases of securities from dealers set to resale), or other lending arrangements. * Federal funds borrowed, net funds acquired from each dealer by clearing banks, reverse repurchase agreements (sales of securities to dealers subject to repurchase), resale agreements, and borrowings secured by Govt. or other issues. NOTE.—Weekly averages of daily figures. For description of series and back data, see Aug. 1964 BuujmN, pp. 944-74. NOVEMBER 1966 1653 DISCOUNT RATES FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member basks Advances and discounts under Sees. 13 and 13a 1 Federal Reserve Bank Rate on Oct. 31 Effective date Boston New Y o r k . . . Philadelphia.. Cleveland.... Richmond... Atlanta Chicago St. Louis Minneapolis.. Kansas City.. Dallas San Francisco Dec. Dec. Dec. Dec. Dec. Dec. Dec Dec. Dec. Dec. Dec. Dec. Previous rate Advances to all others3 under last par. Sec. 13 Advances under Sec. 10(b)* Rate on Oct. 31 Effective date 8,1965 6,1965 10,1963 10,1965 10,1965 8,1965 6,1965 10,1965 10,1965 13,1963 10,1965 10,1965 Previous rate Rate on Oct. 31 Dec. 8, 1965 Dec. 6, 1965 Dec 10, 1965 Dec. 10,1965 Dec 10, 1965 Dec. 8, 1965 Dec. 6, 1965 Dec. 10,1965 Dec. 10,1965 Dec 13, 1965 Dec. 10,1965 Dec. 10,1965 > Advances secured by U.S. Govt. obligations and discounts of, and advances secured by, eligible paper. Rates shown also apply to advances secured by obligations of Federal intermediate credit banks maturing within 6 months. Maximum maturity: 90 days, except that discounts of certain bankers' acceptances and of agricultural paper may have maturities not over 6 months and 9 months, respectively, and advances Effective date Previous rate Nov. 24,1964 Dec 6, 1965 Dec 10, 1965 Dec 10, 1965 Dec. 10,1965 Dec 8 1965 Dec. 6, 1965 Dec 10, 1965 Dec. 10,1965 Dec 13, 1965 Dec. 10,1965 Dec 10, 1965 4M h 6 5 5 5 5 5 secured by FICB obligations are limited to 15 days. 1 Advances secured to the satisfaction of the F.R. Bank. Maximum maturity: 4 months. 3 Advances to individuals, partnerships, or corporations other than member banks secured by U.S. Govt. direct obligations. Maximum maturity: 90 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Effective date In effect D e c 31,1941 Range (or level)— all F.R. Banks F.R. Bank of N.Y. Effective date Range (or level)— all F.R. Banks Apr. 11 Oct. 15 30 1946 pr. 25 10 Jan. 12 19 Aug. 13 23 w ta-1 1 l ta 12.'.'.'.'.'. Sept. 9 Nov. 1 8 ! . ' ! ! " 23 , *•£::::::: Nov. 15 Dec. 2 1950 **&:::::::::::: Jan. 16 23 Feb. 5 IS Apr. 14 16 May 21 1953 134-2 1954 Oct. 24::!!;:; Nov. 7 „ t Preferential rate of a of 1 per cent for advances secured by U.S. Govt. obligations maturing in 1 year or less. The rate of 1 per cent was continued for discounts of, and advances secured by, eligible paper. NOTE.—Discount rates under Sees. 13 and 13a (as described in table above). For data before 1942, see Banking and Monetary Statistics, 1943, pp. 439-42. The rate charged by the F.R. Bank of N.Y. on repurchase contracts 3 3 .~}Vl 3 &' $ h 3.3a 1963 «2* 3 A July 17 26 3 3 ^ 1964 Nov. 24 30 , , F.R. Bank of N.Y. 1960 3 1958 Jan. 22 24 Mar. 7 13 21 Apr. 18 May 9 Aug. 15 Sept. 12 254-3 June 3 10 14 Aug. 12 Sept. 9 1936 1957 Range [or level)— all F.R. Banks 1959 Mar. 6 16 May 29 June 12 Sept. H 18 -»:::::: May 2 Aug. 4 Apr. 13 20 Aug. 24 1948 Effective date 1955 1 -1H Apr 1942 F.R. Bank of N.Y. 314-4 1965 Dec. 6 13 1966 In effect Oct. 31 4 4 ^ 4a 4a against U.S. Govt. obligations was the same as its discount rate except in the following periods (rates in percentages): 1955—May 4-6, 1.65; Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. 24-29, 2.73: 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29, 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23. Nov. 3, 2.75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15,17, 22, 24, 28,30,31,3.875; 1965—Jan. 4-8,3.875. 1654 NOVEMBER 1966 RESERVE REQUIREMENTS RESERVE REQUIREMENTS OF MEMBER BANKS (Per cent of deposits) Effective date' Central reserve city banks Jan. Jan. 1953 July 1954—June July 1958 Feb. Mar. Apr Nov 24 1962 Country banks 5 5 13 14 13 12 1962 1%6 6 5 5 Time deposits Reserve city banks Country banks Oct 25 Nov 1 4 4 July 14 21 4 ( ) C) Sept (') (5) 5 Reserve city banks Country banks 8 15 In effect Nov. 1, 1966 161/5 12 () (3) 10 22 7 14 3 6 3 6 Present legal requirement: 16V4 12 16V4 ITA Minimum Maximum (3) (') lulv 28 Effective date 1 6 |J» IS 17* IS* it* Central reserve and reserve city banks 12 19 20 19 23 24 22 21 20 11, 16 25, Feb. 1 9,1 24, 16 29, Aug. 1 27, Mar. 1 20, Apr. 1 17 Country banks 18 22 In effect Dec. 31, 1949 1951 Reserve city banks Net demand deposits 2 Time deposits Net demand deposits * 3 On savings deposits—4 per cent; on other time deposits up to $5 million—4 per cent; on other time deposits in excess of $5 million— 6 per cent. NOTE.—-All required reserves were held on deposit with F.R. Banks, June 21,1917, until late 1959. Since then member banks have been allowed to count vault cash also as reserves as follows: country banks—in excess of 4 and 2V4 per cent of net demand deposits, effective Dec. 1,1959, and Aug. 25, 1960, respectively; central reserve city and reserve city banks— in excess of 2 and 1 per cent effective Dec. 3, 1959, and Sept. 1, I960, respectively; all member banks were allowed to count all vault cash as reserves, effective Nov. 24, 1960. > When two dates are shown, the first applies to the change at central reserve or reserve city banks and the second to the change at country banks. 2 Demand deposits subject to reserve requirements are gross demand deposits minus cash items in process of collection and demand balances due from domestic banks. 3 Authority of the Board or Governors to classify or rectassify cities as central reserve cities was terminated effective July 28 1962. * On savings deposits—4 per cent; on other time deposits up to $5 million—4 per cent; on other time deposits in excess of $5 million— 5 per cent. MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS (Per cent per annum) Rates Nov. 1, 1933—July 19, 1966 Rates beginning July 20, 1966 Effective date Type and maturity of deposit Savings deposits: 12 months or more Less than 12 months Other time deposits:! 12 months or more 6 months to 12 m o n t h s . . . Less than 90 days (30-89 days) Nov. 1. 1933 3 3 Effective date 1935 Jan. 1, 1936 Jan. 1, 1957 Jan. 1, 1962 July 17, 1963 Nov. 24, 1964 Dec. 6, 1965 % $ 3 3 4 3W 4 314 4 4 4 4 3 3 2'A 4 3V4 4 4 4 1 4 % 5V4 5Vi Feb. 3 3 3 3 2 1 3» ' For exceptions with respect to foreign time deposits, see Oct. 1962 BULLETIN, p. 1279, and Aug. 1965 BULLETIN, p. 1094. NOTE.—-Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. Under this regulation the rate payable by a member bank may not in Type of deposit Savings deposits Other time deposits:* Multiple-maturity: 90 days or more Less than 90 days (30-89 days) Single-maturity: $100,000 or more Less than $100,000 July 20; 1966 Sept. 26, 1966 4 4 5 4 5 4 5 5 any event exceed the maximum rate payable by State banks or trust cos. on like deposits under the laws of the State in which the member bank is located. Effective Feb. 1, 1936, maximum rates that may be paid by insured nonmember commercial banks, as established by the FDIC, have been the same as those in effect for member banks. For rates for postal savings deposits, see Board's Annual Reports. MARGIN REQUIREMENTS Effective date Regulation Regulation T: For extensions of credit by brokers and dealers on listed securities For short sales Regulation U : For loans by banks on stocks Jan. 4, 1955 Apr. 23, 1955 Jan. 16, 1958 Aug. 5, 1958 Oct. 16, 1958 July 28, 1960 July 10, 1962 Nov. 6, 1963 60 60 70 70 50 50 70 70 90 90 70 70 50 50 70 70 60 70 50 70 90 70 SO 70 NOTE.—Regulations T and U, prescribed in accordance with Securities Exchange Act of 1934, limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a specified per- centage ofits market value at the time of extension; margin requirements are the difference between the market value (100 per cent) and the maximum loan value. NOVEMBER 1966 1655 BANK DEPOSITS; OPEN MARKET ACCOUNT DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks Item New York City City of Chicago Reserve city banks Country banks Other All member banks Item Four weeks ending Aug. 17,1966 Gross demand—Total.... Interbank U.S. Govt Other Net demand l Time Demand balances due from dom. banks Currency and coin B a l a n c e s w i t h F.R. Banks Total reserves held Required Excess 143,287 15,467 5,244 122,576 6,592 1,260 292 5,040 5,258 5,289 53,146 7,174 2,173 43,799 128,958 27,299 5,091 969 21,241 20,249 19,626 7,631 3,890 148 302 262 75 1,976 1,175 18,965 22,855 22,520 335 3,981 4,283 4,269 14 1,035 1,110 1,105 5 7,960 9,135 9,099 36 115,582 42,081 48,787 New York City City of Chicago Country banks Other Four weeks ending Sept. 14,1966 56,250 Gross demand—Total 1,943 Interbank 1,810 U.S. Govt 52,497 Other 47,994 Net demand i 55,256 Time Demand balances due 5,245 from dom. banks 2,337 Currency and coin B a l a n c e s with F.R. 5,990 Banks 8,327 Total reserves held 8,048 Required 279 Excess 1 Demand deposits subject to reserve requirements are gross demand deposits minus cash items in process of collection and demand balances due from domestic banks. 141,100 15,406 3,761 121,933 113,768 129,415 26,624 4,803 630 21,192 19,895 19,499 6,479 1,249 191 5,040 5,159 5,289 52,291 7,379 1,472 43,439 41,301 49,002 55,707 1,976 1,467 52,263 47,415 55,626 7,724 3,925 185 309 242 78 1,948 1,196 5,350 2,342 18,824 22,749 22,364 385 3,966 4,275 4,242 33 1,022 1,100 1,095 5 7,900 9,096 9,034 62 5,938 8,280 7,994 286 NOTE.—Averages of daily figures. Balances with F.R. Banks are as of close of business; all other items (excluding total reserves held and excess reserves) are as of opening of business. TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt. securities by maturity Treasury bills Total Others within 1 year Month Gross purchases Gross sales 1965—Sept Oct Nov Dec 1,692 652 1,666 816 770 671 598 615 1966—Jan Feb Mar Apr. May June July Aug Sept 894 1,114 960 929 1,208 1,448 2,607 1,602 1,976 919 979 314 748 392 650 2,489 1,273 1,419 Gross purchases Gross sales 198 98 150 297 1,541 652 1,666 816 770 671 598 615 198 98 150 297 228 171 101 201 50 110 894 1,070 873 887 1,174 1,296 2,526 1,602 1,976 919 979 314 748 392 650 2,489 1,273 1,419 228 171 101 201 50 110 Redemptions 98 170 Redemptions Gross sales Over 10 years Gross purchases 1965—Sept Oct Nov Dec 1966 Jan Feb Mar Apr. May June July Gross sales Gross purchases 4 40 144 8 39 Sept 12 -160 Gross sales Exch. or maturity shifts 957 33 78 18 -281 108 55 Gross sales Exch. or maturity shifts 5,582 11 9 25 34 88 29 -957 144 281 -108 84 Repurchase agreements (U.S. Govt. securities) 76 Bankers' acceptances Net change in U.S. Govt. securties Outright, net Under repurchase agreements, net Net change in U.S. Govt. securties & acceptances Gross purchases Gross sales 450 352 24 1,661 450 352 24 1,372 725 -117 918 193 3 2 8 25 4 21 16 52 732 -94 941 270 1,595 272 222 682 421 185 120 364 97 1,545 611 222 682 421 185 26 457 97 -203 -376 545 -20 766 689 212 138 388 -2 -75 12 1 30 20 58 -157 -280 -365 549 14 786 748 24 135 387 NOTE.—Sales, redemptions, and negative figures reduce System holdings; all other figures increase such holdings. Gross purchases 107 Month Exch. or maturity shifts Exch. maturity shifts or redemptions -5,582 98 170 Outright transactions in U.S. Govt. securities—Continued 5-10 years Gross purchases 1-5 years 3 4 -1 2 -30 -3 -1 1656 NOVEMBER 1966 FEDERAL RESERVE BANKS CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) End of month Wednesday 1966 1966 Item 1965 Oct. Sept. Oct. 10,968 1,824 10,973 1,803 10,960 1,819 11,905 1,677 12,792 12,776 12,779 13,582 Oct. 26 Oct. 19 Oct. 12 Oct. 5 Sept. 28 10,958 1,805 10,960 1,808 10,960 1,813 10,960 1,819 12,763 12,768 12,773 12,779 Assets Gold certificate account Redemption fund for F.R. notes. Total gold certificate reserves. 306 308 310 317 320 306 324 146 582 15 795 15 443 15 829 15 979 12 395 15 758 15 452 58 51 38 51 51 42 51 49 48 51 21 47 42 44 10,796 10,479 11,016 11,445 10,220 11,158 11,090 8,279 4,366 21,013 6,438 4,366 21,013 6,438 4,366 21,013 6,438 4,366 21,013 6,438 4,366 21,013 6,438 4,366 21,013 6,438 4,366 21,013 6,438 24,828 6,550 42,613 151 42,296 42,833 43,262 68 42,037 42,975 42,907 39,657 Total U.S. Govt. securities. 42,764 42,296 42,833 43,330 42,037 42,975 42,907 39,657 Total loans and securities Cash items in process of collection... Bank premises Other assets: Denominated in foreign currencies. IMF gold deposited > Allother 43,450 6,728 104 43,157 8,033 104 43,384 7,037 104 44,274 7,025 104 43,076 6,817 104 43,457 6,345 104 43,727 6,325 104 40,253 5,764 103 730 211 490 726 211 468 727 211 453 727 211 407 600 203 386 783 211 513 742 211 391 820 Total assets. 64,782 65,775 64,999 65,844 64,298 64,495 64,603 61,116 F.R. notes Deposits: Member bank reserves U.S. Treasurer—General account. Foreign Other: IMF gold deposit1 Allother 37,914 38,038 38,196 37,910 37,696 37,900 37,618 35,888 18,766 840 141 18,881 868 138 18,463 718 134 19,995 506 132 18,070 1,313 159 19,338 809 194 19,538 760 159 18,204 1,053 144 211 217 211 222 211 328 211 267 203 201 211 215 211 219 211 Total deposits... 20,175 2,0320 19,854 21,111 19,946 20,767 20,887 19,612 5,204 227 5,971 219 5,413 254 5,270 252 5,170 220 4,301 242 4,577 246 4,112 298 63,520 64,548 63,717 64,543 63,032 63,210 63,328 59,910 566 551 145 566 551 110 566 551 165 566 551 184 566 551 149 566 551 168 565 551 159 546 524 136 64,782 65,775 64,999 65,844 64,298 64,495 64,603 61,116 Cash Discounts and advances: Member bank borrowings Other Acceptances: Bought outright Held under repurchase agreements. U.S. Govt. securities: Bought outright: Bills Certificates—Special Other Notes Bonds Total bought outright Held under repurchase agreements. 448 Liabilities Deferred availability cash items Other liabilities and accrued dividends Total liabilities Capital Accounts Capital paid in Surplus Other capital accounts Total liabilities and capital accounts Contingent liability on acceptances purchased for foreign correspondents U.S. Govt. securities held in custody for foreign account 222 225 234 238 248 230 243 156 7,278 7,348 7,287 7,222 7,097 7,336 7,092 7,974 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank)... Collateral held against notes outstanding: Gold certificate account Eligible paper U.S. Govt. securities Total collateral. I See note 2 to table at bottom of p. 1714. 41,133 41,273 41,437 41,393 41,515 41,109 41,449 38,692 6,455 39 36,431 6,547 50 36,431 6,547 9 36,431 6,547 39 36,431 6,547 88 36,411 6,455 61 36,431 6,547 87 36,411 6,470 34 33,270 42,925 43,028 42,987 43,017 43,046 42,947 43,045 39,774 NOVEMBER 1966 1657 FEDERAL RESERVE BANKS STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON OCTOBER 31, 1966 (In millions of dollars) Item Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minne- Kansas apolis City Dallas San Francisco Assets Redemption fund for F.R. notes F.R. notes of other Banks Discounts and advances: Secured by U.S. Govt. securities... Other. Acceptances: Bought outright Held under repurchase agreements. U.S. Govt. securities: Held under repurchase agreements. Cash items in process of collection... Other assets: Denominated in foreign currencies. 10,973 1,803 750 99 2,443 429 785 94 941 148 900 162 843 104 1,791 325 394 63 204 32 332 70 283 60 1,307 217 12,776 849 2,872 879 1,089 1,062 947 2,116 457 236 402 343 1,524 859 306 90 14 214 30 61 12 81 42 63 19 73 31 74 45 26 33 33 7 31 15 37 20 76 38 269 141 i 31 8 3 41 1 14 11 83 9 38 2 17 2 2 • 7 41 63 25 2 51 21 51 21 42,973 2,235 10,771 2,076 3,419 3,061 2,182 7,167 1,524 944 1,773 1,715 6,108 43,457 2,239 10,882 8,248 104 2,120 3,425 3,086 2,274 7,207 1,543 946 1,781 1,819 6,135 569 1,377 9 504 3 585 5 655 5 668 20 1,412 20 421 8 257 3 525 8 524 10 731 10 38 •205 211 129 42 70 40 47 112 27 19 35 45 103 25 40 35 25 87 18 12 22 21 73 All other 783 211 513 Total assets 67,257 3,828 15,929 3,646 5,337 4,965 4,085 11,073 2,533 1,513 2,819 2,819 8,710 38,759 2,306 8,857 2,193 3,210 3,546 2,221 7,075 1,419 694 1,474 1,240 4,524 19,338 U.S. Treasurer—General account.. 809 194 Other: 2 211 IMF cold deoosit 215 All other 825 53 6 4,843 301 398 875 46 7 1,374 22 12 883 34 7 1,132 63 8 2,861 42 19 743 56 4 514 14 3 917 79 6 1 172 31 7 3 199 68 17 1 211 152 1 * 4 1 1 1 I 2 1 50 20,767 885 5,605 929 1,408 928 1,204 2,923 804 532 1,004 1,211 3,334 6,204 242 562 13 1,071 62 445 11 586 19 405 17 570 12 845 40 257 8 252 5 276 10 286 10 649 35 3,766 15,595 3,578 5,223 4,896 4,007 10,883 2,488 1,483 2,764 2,747 8,542 147 144 43 30 30 8 51 50 13 29 28 12 82 79 29 20 19 6 14 13 3 25 24 6 33 32 7 73 72 23 3,828 15,929 3,646 5,337 4,965 4,085 11,073 2,533 1,513 2,819 2,819 8,710 26 Liabilities F R notes Deposits: ..... Deferred availability cash items Other liabilities and accrued dividends. 65 972 Capital Accounts Other capital accounts 566 551 168 Total liabilities and capital accounts.. 67,257 Ratio of gold certificate reserves to F.R. note liability (per cent): Oct. 31,19667. SeDt. 30 1966 Oct 31, 1965 Contingent liability on acceptances purchased for foreign correspond- 27 27 8 35 33 10 33.0 33.1 37.1 36.8 32.9 36.0 32.4 30.9 37.5 40.1 32.3 36.0 33.9 31.9 36.5 29.9 34.6 35.7 42.6 34.9 35.8 29.9 33.3 37.3 32.2 29.7 34.2 34.0 31.5 34.4 27.3 36.3 37.4 27.7 44.1 44.4 33.7 33.5 38.5 230 11 <66 12 20 11 13 32 8 5 10 13 29 7,440 1 ,507 739 1 ,549 1,343 4 ,837 ]Federal Reserve Notes—Federal Reserve Agents Accounts F.R, notes outstanding (issued to Bank) Collateral held against notes outstanding: Gold certificate account 41 IW ? 411 9,401 2 ,299 3 689 2 ,391 6 ,455 500 1,000 459 600 785 450 1,100 225 180 735 ? 016 8,700 2 ,000 3 000 2 945 2 ,075 6,500 294 19 1,310 127 16 ,411 655 1 ,400 1,230 4 ,600 42 ,947 2 ,516 9,700 2 ,501 3 600 3 730 2 ,525 7,600 1 ,623 782 1 ,623 1,410 5 ,335 1 After deducting J578 million participations of other F.R. Banks. 2 See note 2 to table at bottom of page 1714. 3 481 3 After deducting $96 million participations of other F.R. Banks. * After deducting S164 million participations of other F.R. Banks. 1658 NOVEMBER 1966 FEDERAL RESERVE BANKS; BANK DEBITS MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) End of month Wednesday 1965 1966 1966 Item Oct Sept. Oct. Oct. 26 Oct. 19 Oct. 12 Oct. 5 Sept. 28 Within 15 days 597 579 IS 810 794 16 458 442 16 844 826 18 991 975 16 * 410 392 18 773 723 50 510 470 40 Within 15 davs 89 52 37 51 11 40 93 51 42 100 55 45 48 '7 '41 72 34 38 47 6 41 86 53 33 42.764 1,735 5.427 20,314 13,699 1,192 397 42,296 1,305 5,456 20,247 13,699 1,192 397 42,833 1,078 6,127 20,340 13,699 1,192 397 43,330 1,070 6,317 20,655 13,699 1,192 397 42.037 1,200 5 589 19,960 13,699 1,192 397 42,975 1,761 5,146 20,780 13,699 1,192 397 42,907 572 6,499 20,548 13,699 1,192 397 39,657 6,993 3,774 18,572 8,484 1,449 385 Netherlands guilders Swiss francs U.S. Government securities—Total Within 15 days* .... Over 10 years. > Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) End of period Total Founds sterling Belgian francs 1965—Nov. Dec. 671 629 600 534 52 53 1966—Jan.. Feb. Mar. Apr. May June July. 398 166 218 299 364 482 702 303 51 51 103 163 271 566 53 53 53 53 53 54 54 Canadian dollars French francs German marks Italian lire Japanese yen 11 34 34 44 74 81 116 124 75 10 24 47 24 24 2 BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 (in billions of dollars) Period Leading SMSA's Turnover of demand deposits N.Y. 6 others* Total 224 SMSA's (exd. N.Y.) 5,146.8 5,126.9 2,128.0 2,104.3 ,141.0 ,142.9 3,018.8 3,022.6 1,877.8 1,879.7 48.4 47.2 99.4 95.4 44.9 44.1 35.5 35.3 31.7 31.4 Nov. Dec. 5,129.9 5,408.3 5,523.1 2,061.0 2,229.4 2,273.5 ,165.4 ,215.0 ,234.5 3,068.9 3,178.9 3,249.6 1,903.5 1,963.9 2,015.1 47.4 50.5 50.6 96.3 104.7 102.2 43.8 47.6 47.7 35.1 37.0 37.5 31.4 32.1 33.3 1966—Jan., Feb. Mar. 5,509.6 5,605.6 5,811.7 2,311.5 2,341.7 2,414.6 ,218.4 ,251.2 ,336.6 3,198.1 3,263.9 3,397.1 1,979.7 2,012.7 2,060.5 50.7 50.9 52.3 104.5 105.6 107.1 47.3 47.6 49.1 37.0 37.0 38.3 32.7 32.5 33.5 Apr. May June 5,934.1 5,797.5 5,868.8 2,544.0 2,449.4 2,491.7 ,304.2 ,311.3 ,314.7 3,390.1 3,348.1 3,377.1 2,085.9 2,036.8 2,062.4 52.8 52.4 53.7 112.0 109.3 109.1 47.8 49.8 51.1 37.7 37.8 39.0 33.3 32.8 33.7 July. Aug. Sept. 5,989.1 6,149.9 6,141.8 2,480.6 2,676.1 2,625.2 ,366.1 ,348.5 ,378.7 3,508.5 3,473.8 3,516.6 2,142.4 2,125.3 2,137.9 53.1 54.4 53.6 108.3 112.7 109.5 51.1 52.2 51.1 38.9 39.3 39.4 33.8 34.1 34.3 Oct.. 6,038.9 2,551.8 1,363.5 3,487.1 2,123.6 53.0 108.2 50.6 38.8 33.8 Total 225 SMSA's 1965—Aug. Sept, Oct. 1 Excludes interbank and U.S. Govt. demand deposit accounts. * Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and Los Angeles-Long Beach, Leading SMSA's other SMSA's Total 225 SMSA's N.Y. 218 6 others* Total 224 SMSA's (excl. N.Y.) 218 other SMSA's NOTE.—Total SMSA's includes some cities and counties not designated as SMSA's. For a description of the revised series, see Mar. 1965 BULLETIN, p. 390. NOVEMBER 1966 1659 U.S. CURRENCY DENOMINATIONS IN CIRCULATION (In millions of dollars) Total in circulation » Total Coin $1 2 S2 $s $10 1939 1941 1945 1947 1950 1955 7,598 11,160 28,515 28,868 27,741 31,158 5,553 8,120 20,683 20,020 19,305 22,021 590 751 1,274 1,404 1,554 1,927 559 695 1,039 ',048 ,113 ,312 36 44 73 65 64 75 1,019 1,355 2,313 2,110 2,049 2,151 1958 1959 1960 1961 1962 1963 1964 32,193 32,591 32,869 33,918 35,338 37,692 39,619 22,856 23,264 23,521 24,388 25,356 26,807 28,100 2,182 2,304 2 427 2,582 2,782 3,030 3,405 ,494 ,511 ,533 ,588 ,636 ,722 ,806 83 85 88 92 97 103 111 1965—Aug. Sept. Oct.. Nov. Dec, 40,165 40,443 40,754 41,824 42,056 28,506 28,724 28,926 29,829 29,842 3,751 3,808 3,856 3,956 4,027 1966—Jan.. Feb.. Mar. Apr.. May. June. July. Aug., Sept.. 41,092 41,252 41,469 41,538 42,102 42,554 42,708 42,910 42,802 28,982 29,149 29,323 29,373 29,868 30,228 30,311 30,455 30,318 4,060 4,096 4,152 4,192 4,231 4,264 4,285 4,317 4,342 ,761 ,783 ,807 ,858 ,908 ,818 ,818 ,824 ,838 ,876 ,884 ,880 ,885 ,899 End of period Coin and small denomination currency Large denomination currency $20 Total $50 $100 $500 $1,000 1,772 2,731 6,782 6,275 5,998 6,617 1,576 2,545 9,201 9.U9 8,529 9,940 2,048 3,044 7,834 8,850 8,438 9,136 460 724 2,327 2,548 2,422 2,736 919 1,433 4,220 5,070 5,043 5,641 191 261 454 428 368 307 425 556 801 782 588 438 20 24 7 5 4 3 32 46 24 17 12 12 2,186 2,216 2,246 2,313 2,375 2,469 2,517 6,624 6,672 6,691 6,878 7,071 7,373 7,543 10,288 10,476 10,536 10,935 11,395 12,109 12,717 9,337 9,326 9,348 9,531 9,983 0,885 10 11,519 2,792 2,803 2,815 2,869 2,990 3,221 3,381 5,886 5,913 5,954 6,106 6,448 7,110 7,590 275 261 249 242 240 249 248 373 341 316 300 293 298 293 3 3 3 3 3 3 2 9 5 10 10 10 4 4 118 120 121 124 127 2,442 2,474 2,489 2,571 2,618 7,513 7,599 7,624 7,882 7,794 12,921 12,941 13,029 13,439 13,369 11,659 11,719 11 11,828 11,994 12,214 3,389 3,392 3,411 3,469 3,540 7,735 7,792 7,883 7,990 8,135 243 243 243 243 245 286 286 285 286 288 3 3 3 3 3 4 4 4 4 4 127 128 129 130 133 135 136 138 138 2,489 2,495 2,496 2,502 2,555 2,570 2,550 2,561 2,551 7,514 7,586 7,607 7,585 7,732 7,805 7,770 7,780 7,730 12,974 12,110 13,027 12,103 12,147 13,11612 13,125 12,166 13,342 12,234 13,569 12,326 13,690 12,397 13,774 12,456 \2 13,659 12,483 3,482 3,470 3.478 3,485 3,507 3,542 3,560 3,568 3,562 8,092 8,098 8,136 8,148 8,196 8,254 8,307 8,358 8,392 243 243 242 242 241 241 240 240 239 286 286 285 285 284 283 283 283 283 3 3 3 4 4 4 3 4 4 4 4 4 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational breakdown is not available. $5,000 $10,000 3 3 3 2 Paper currency only; $1 silver coins reported under coin. NOTE.—Condensed from Statement of United States Currency and Coin, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Kind of currency Gold Gold certificates F.R. notes Treasury currency—Total. Standard silver dollars... Silver bullion Silver certificates Fractional coin 4 United States notes In process of retirement'. Total—Sept. 30, 1966. Aug. 31, 1966. Sept. 30, 1965. Total outstanding, As security against Aug. 31, gold and Treasury 1966 cash silver certificates 13,258 (12,779) 41,450 6,109 485 811 (581) 4,399 323 92 «60,817 s60,805 6 57,639 (12,779) 2 479 (581) 114 485 1 3,835 324 233 2 241 8 13 298 13 3 578 (13,360) (13,375) (14,355) » Outside Treasury and F.R. Banks. Includes any paper currency held outside the United States and currency and coin held by banks. Estimated totals for Wed. dates shown in table on p. 1649. 2 Includes $156 million reserve against United States notes and $211 million gold deposited by and held for the International Monetary Fund. 3 Consists of credits payable in gold certificates: (I) the Gold Certificate Fund—Board of Governors, FRS; and (2) the Redemption Fund for F.R. notes. ., •Through Dec. 31, 1965, shown separately as subsidiary silver coin and minor coin. For this breakdown see earlier BULLETINS. For F.R. Banks and Agents Currency in circulation Held by F.R. Banks and Agents 312,778 1,077 1,037 779 12,778 12,787 13,585 4,160 4,072 2,832 l 1966 Sept. 30 Aug. 31 37,501 5,300 37,630 5,280 35,506 4,937 482 482 482 566 3,860 302 90 569 3,835 303 90 721 3,326 301 106 42,802. 42,910 40,443 s Redeemable from the general fund of the Treasury. * Does not include all items shown, as some items represent the security for other items; gold certificates are secured by gold, and silver certificates by standard silver dollars and monetized silver bullion. Duplications are shown in parentheses. NOTE.—Prepared from Statement of United States Currency and Coin and other data furnished by the Treasury. For explanation of currency reserves and security features, see the Circulation Statement or the Aug. 1961 BULLETIN, p. 936. 1660 NOVEMBER 1966 MONEY SUPPLY; BANK RESERVES MONEY SUPPLY AND RELATED DATA (In billions of dollars) Not seasonally adjusted Seasonally adjusted Money supply Money supply Period Total Demand Currency deposit component component Time deposits adjusted ' Total Demand Currency deposit component component Time deposits adjusted i U.S. Govt. demand deposits ' 1939 Dec I960 D e c 1961 Dec 1962 Dec 1963 Dec 1964—Dec 141.9 141.1 145.5 147.5 153.1 159.7 28.9 28.9 29.6 30.6 32.5 34.2 113.1 112.1 116.0 116.9 120.6 125.4 67.4 72.9 82.5 97.8 112.2 126.6 145.6 144.7 149.4 151.6 157.3 164.0 29.5 29.6 30.2 31.2 33.1 35.0 116.2 115.2 119.2 120.3 124.1 129.1 66.6 72.1 81.8 96.7 111.0 125.2 4.9 4.7 4.9 5.6 5.1 5.5 1965 Oct Nov Dec 165.2 165.6 167.2 36.0 36.1 36.3 129.3 129.5 130.9 143.7 145.5 146.9 165.7 167.3 172.0 36.0 36.5 37.1 129.7 130.8 134.9 143.5 144.3 145.2 5.0 4.1 4.6 1966_jan Feb Mar Apr May June July 168.0 168.2 169.3 170.9 170.2 171.1 169 6 169.6 170.5 169.6 36.6 36.8 36.9 37.1 37.3 37.4 37.7 37.8 37.9 37.9 131.4 131.4 132.3 133.7 132.9 133.7 e 132 0 131.8 132.6 131.7 147.8 148.5 149.5 151.4 153.0 2153.7 155.3 <• 156.6 157.1 156.8 173.0 167.8 167.8 171.6 166.9 168.8 167.9 166.9 169.5 170.1 36.5 36.4 36.6 36.8 37.0 37.3 37.8 37.8 37.9 38.0 136.5 131.4 131.3 134.8 129.9 131.5 130.1 129.0 131.5 132.1 147.3 148.7 150.2 152.2 153.9 2154.1 155.8 157.0 156.9 156.6 3.8 5.2 4.6 3.1 7.2 6.3 8.1 5.2 4.5 4.8 170.5 170.1 171.7 170.0 37.8 38.0 38.0 37.9 132.6 132.1 133.7 132.1 157.1 157.1 157.0 157.2 168.4 169.9 172.0 167.7 38.2 38.1 37.9 37.6 130.2 131.8 134.1 130.1 157.1 157.2 156.6 156.8 4.7 3.2 3.1 6.3 170.7 170.2 169.6 168.9 37.9 38.0 37.9 37.9 132.8 132.2 131.7 131.0 157.0 156.9 157.0 156.6 169.8 170.0 170 3 169.5 37.9 38.3 38 1 37.8 131.9 131.7 132 2 131.7 156.9 156.9 156 8 156.3 6.7 4.5 3.2 5.6 Sept Oct p .... Week ending— Sept. 7 14 21 28 Oct. ... ... . 5 12 19 26 > At all commercial banks. 2 Effective June 9, 1966, balances accumulated for payment of personal loans were reclassified for reserve purposes and are excluded from time deposits reported by member banks. The estimated amount of such deposits at all commercial banks ($1,140 million) is excluded from time deposits adjusted thereafter. NOTE.—For description of revision of series and for back data beginning Jan. 1959, see Sept. 1966 BULLETIN, pp. 1303-15; for monthly data 1947-58, see June 1964 BULLETIN, pp. 679-89. Averages of daily figures. Money supply consists of (1) demand deposits at all commercial banks other than those due to domestic commercial banks and the U.S. Govt., less cash items in process of collection and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) currency outside the Treasury, F.R. Banks, and vaults of all commercial banks. Time deposits adjusted are time deposits at all commercial banks other than those due to domestic commercial banks and the U.S. Govt. AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Seasonally adjusted Deposits subject to reserve requirements 2 Member bank reserves* Period Total Nonborrowed Not seasonally adjusted Required Total Deposits subject to reserve requirements? Member bank reserves' Time PriU.S. and vate Govt. savings demand demand Total Nonborrowed Required Total Time and savings PriU.S. vate Govt. demand demand 1962—Dec 1963—Dec 1964—Dec 20.22 20.96 21.84 19.99 20.64 21.59 19.74 20.51 21.53 187.4 201.5 216.7 80.1 92.4 104.2 101.8 104.3 107.5 5.5 4.8 5.0 20.73 21.48 22.39 20.43 21.15 22.15 20.16 20.94 21.98 189.5 203.7 219.1 79.2 91.3 103.0 105.3 107.9 111.3 5.0 4.5 4.8 1965—Oct Nov Dec 22.74 22.75 23.01 22.25 22.34 22.52 22.44 22.40 22.66 233.5 234.5 236.4 118.7 120.2 121.2 110.2 110.4 111.2 4.5 4.0 4.0 22.81 22.79 23.59 22.32 22.34 23.13 22.46 22.42 23.13 233.5 234.1 239.0 118.4 119.1 119.8 110.6 111.5 115.2 4.5 3.5 4.0 1966—Jan Feb Mar Apr May.... JuneJ... July.... Aug Sept Oct 23.14 23.22 23.27 23.53 23.54 23.52 23.73 23.33 23.46 23.26 22.70 22.76 22.67 22.88 22.88 22.84 22.96 22.66 22.67 22.53 22.79 22.84 22.90 23.12 23.16 23.17 23.32 23.03 23.03 23.01 238.0 238.7 239.8 242.9 243.9 244.2 246.0 245.4 245.3 244.6 121.8 122.1 122.8 124.8 126.2 126.3 128.0 129.0 129.2 128.7 111.7 111.6 112.7 113.5 112.9 113.5 112.4 112.1 112.6 111.6 4.5 5.0 4.3 4.7 4.8 4.3 5.6 4.2 3.5 4.3 23.63 23.08 23.02 23.41 23.37 23.42 23.73 23.07 23.36 23.33 23.22 22.60 22.47 22.79 22.65 22.75 22.96 22.34 22.60 22.60 23.27 22.71 22.71 23.05 23.00 23.10 23.32 22.73 22.97 23.03 241.1 238.3 239.1 242.4 243.1 243.9 246.5 243.4 244.6 244.6 121.4 122.4 123.7 125.4 126.8 127.0 128.4 129.2 129.0 128.3 116.4 111.4 111.5 114.4 109.8 111.5 111.0 109.7 111.8 112.0 3.3 4.5 4.0 2.7 6.5 5.5 7.2 4.5 3.9 4.3 1 Back data on member bank reserves adjusted to eliminate effects of changes in reserve requirement percentages. Series reflect current percentage reserve requirements made effective Sept. 15,1966. 2 Deposits subject to reserve requirements include total time and savings deposits and net demand deposits as defined by Regulation D . Private demand deposits include all demand deposits except those due to the U.S. Govt., less cash items in process of collection and demand balances due from domestic commercial banks. 3 Effective June 9. 1966. balances accumulated for renavmeni n f n » . sonal loans were eliminated from time deposits for reserve purposesTime and total deposits were thereby reduced by an estimated $850 million; this reduced member bank reserves by $35 million. NOTE.—For further explanation of these data, see announcement in the October 1966 Bulletin, p. 1460. Back data for the period 1948 to date may be obtained from the Banking Section, Division of Research and Statistics, Board of Governors of the Federal Reserve System, Washing> n r .4-iu. c NOVEMBER 1966 1661 BANKS AND THE MONETARY SYSTEM CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Bank credit Date Gold 1947_Dec. 31.. 1930—Dec. 30.. 1963—Dec. 20.. 1964—-Dec. 31.. 1965—June 30.. Oct. 27.. Nov. 24.. Dec. 31.. 1966—Jan. 2 6 . . Feb. 2 3 . . Mar. 3 0 . . Apr. 27*. May 25".. June 29". July 27". Aug. 31".. Sept. 28'", Oct. 26"., Treasury currency outstanding U.S. Government securities Total Total Com]. and savings banks Federal Reserve Banks Other Other securities Loans, net i Liabilities and capital Total assets, netTotal liabilities and capital, net Total deposits and currency Capital and misc. accounts, net 22,754 22,706 15,582 15,388 13,934 13,900 13,800 13,733 4,562 4,636 5,586 5,405 160,832 43,023 171,667 60,366 333,203 189,433 365,366 214,254 107,086 96,560 103,273 106,825 81,199 72,894 69,068 68,779 22,559 20,778 33,552 37,044 3,328 2,888 653 1,002 10,723 14,741 40,497 44,287 188,148 199,008 354,371 386,159 175,348 184,384 323 251 352,964 12,800 14,624 31,118 33,193 5,413 5,500 5,500 5,575 378,834 385,900 389,100 399,779 228,721 231,900 234,300 242,706 102,318 104,300 105,500 106,716 62,606 64,000 64,400 65,016 39,100 39,200 40,100 40,768 612 1,000 1,100 932 47,795 49,700 49,300 50,357 398,181 405,200 408,500 419,087 362,370 368,300 370,500 383,727 35,814 36,900 38,000 35,359 ,700 ,700 ,600 600 ,500 ,400 ,300 ,300 ,300 ,300 5,600 5,700 5,700 5,800 5,900 6,000 6,000 6,000 6,100 6,200 394,800 393,900 397,700 401,200 402,100 406,600 405,800 407,800 409,600 409,400 238,600 239,500 244,100 246,800 248,500 253,100 251,400 252,000 253,500 253,000 106,100 103,800 102,500 102,300 101,000 100,600 100,400 101,800 101,700 102,200 65,200 62,900 61,000 60,700 58,800 57,600 57,600 58,500 58,400 58,200 40,000 40,000 40,500 40,700 41,100 41,800 42,000 42,500 42,000 42,800 900 900 1,000 900 1,100 1,100 900 50,000 50,700 51,100 52,100 52,600 53,000 54,100 54,100 54,400 54,100 414,100 413,300 417,100 420,600 421,500 426,000 425,100 427,200 428,900 428,800 377,600 374,900 379,400 383,300 382,700 387,800 387,300 387,200 387,400 387,800 36,500 38,400 37,800 37,300 38,900 38,200 37,800 39,900 41,600 41,000 800 1,300 1,200 DETAILS OF DEPOSITS AND CURRENCY Money supply Seasonally adjusted Date Total Currency outside banks 2 Demand deposits adjusted 3 Related deposits (not seasonally adjusted) Time Not seasonally adjusted Total DeCurmand rency deposits outside adbanks justed 3 ForPostal eign, Mutual Savings Comn et5 mercial savings Sysbanks ' banks* tem Treasury cash holdings At coml. and savings banks At F.R. Banks 26,476 87,121 56,411 35,249 25,398 92,272 59,246 36,314 33,468 124,636 155,713 110,794 34,882 132,258 175,898 126.447 17,746 20,009 44,467 49,065 3,416 2,923 452 386 ,682 £.518 ,206 ,724 1,336 1,293 392 612 188,348 195,900 196,500 199,427 137,088 143,800 144,200 146,433 50,918 51,900 52,000 52,686 342 300 300 309 ,631 600 500 ,780 779 800 800 760 12,062 672 4,300 1,100 5,700 900 5,778 668 200,700 201,700 204,700 205,800 207,300 207,800 209,900 210,800 210,800 210,300 147,600 148,400 151,000 152,400 153,800 154,100 156,000 156,700 156,400 155,800 52,800 53,000 53,400 53,100 53,200 53,500 53,700 53,800 54,200 54,400 300 300 300 300 300 200 200 200 200 200 ,600 ,600 ,700 ,700 ,700 ,800 ,800 ,900 1,800 1,800 800 800 900 900 1,000 1,100 1,100 1,100 1,100 1,200 4,200 700 900 5,700 500 5,400 300 5,300 700 8,000 800 10,900 6,600 1,300 1,600 5,100 6,400 1,800 800 5,100 1947—Dec. 1950—Dec. 1963—Dec. 1964—Dec. 31... 30... 20... 31... 110,500 114,600 153,100 159,300 26,100 84,400 113,597 24,600 90,000 117,670 31,700 121,400 158,104 33,500 125,800 167,140 1965—June Oct. Nov. Dec. 30... 27... 24... 31... 161,000 163,900 162,600 167,100 34,100 35,200 35,300 35,400 126,900 128,700 127,300 131,700 158,878 164,600 165,100 175,314 34,524 35,100 36,300 36,999 124,354 129,500 128,800 138,315 1966—Jan. 2 6 . . . Feb. 2 3 . . . Mar. 3 0 . . . Apr. 27".. May 25".. June 29".. July 27".. Aug. 31".. Sept. 28".. Oct. 26".. 167,200 165,000 169,300 169,200 165,800 167,600 166,800 168,200 167,200 167,800 36,000 36,100 36,200 36,200 36,300 36,300 36,800 36,800 36,800 37,200 131,200 128,900 133,100 133,000 129,500 131,300 130,000 131,400 130,400 130,600 169,500 164,200 166,100 169,300 163,900 165,400 166,700 166,900 166,100 168,500 35,500 35,700 35,800 35,900 36,200 36,600 37,000 37,100 36,900 37,100 134,000 128,500 130,300 133,400 127,600 128,800 129,700 129,800 129,200 131,400 1 Beginning with data for June 29,1966, about $1.1 billion in "Deposits accumulated for payment of personal loans" were excluded from "Time deposits" and deducted from "Loans" at all commercial banks. These changes resulted from a change in Federal Reserve regulations. 2 Series begin in 1946; data are available only last Wed. of month. 3 Other than interbank and U.S. Govt., less cash items in process of collection. * Includes relatively small amounts of demand deposits. Beginning with June 1961, also includes certain accounts previously classified as other liabilities. 5 Rectification of deposits of foreign Total U.S Government 1,452 2,989 6,986 6,770 870 668 850 820 central banks in May 1961 reduced this item by $1,900 million ($1,500 million to time deposits and $400 million to demand deposits). NOTE.—For back figures and descriptions of the consolidated condition statement and the seasonally adjusted series on currency outside banks and demand deposits adjusted, see "Banks and the Monetary System," Section I of Supplement to Banking and Monetary Statistics, 1962, and BULLETINS for Jan. 1948 and Feb. 1960. Except on call dates, figures are partly estimated and are rounded to the nearest $100 million. 1662 NOVEMBER 1966 COMMERCIAL AND MUTUAL SAVINGS BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions or dollars) Deposits Loans and investments Class of bank and date Total Total assets— Total Securities liaCash bilities assets > and Loanst capital Total' U.S. acGovt. Other :ounts2 Interbank > Other Borrowngs Demand De- Time land Total Numpita! ber of banks Time 3 U.S. Other AU banks: 1941—Dec. 3 1 . . 1945—Dec. 3 1 . . . 1947—Dec. 31*. 1964—Dec. 3 1 . . 61.126 40.227 34.924 329,739 26.615 30,361 43.002 :I6,674 25.511 01.288 81.199 68,779 8,999 8,577 0,723 4 ,287 17,344 5,415 8.388 il ,493 90,908 77,332 175,091 01,161 10,982 44.355 81,816 105.935 65,612 14,065 61,865 2,793 240 1,346 94,381 156,308 7.938 821 6,517 155,248 1965—June 3 0 . Oct. 2 7 . . Nov. 2 4 . . Dec. 3 1 . 42,138 51,010 353.070 362,320 131,737 137.290 139,370 146,946 62,606 64.040 64,370 65,016 17,795 19,680 19,330 :O,357 8,083 3.870 5,940 11,916 10,935 15,530 19,650 •35,483 62,611 163.760 166,700 185,196 6,172 5.710 5.770 8,426 ,034 ,030 ,030 ,009 1,802 4,120 5,440 5,532 88,284 95.850 96,440 199,381 3,726 5,780 5,970 4,564 14,015 34,510 34,720 34,935 14,295 14,303 14,309 14,309 1966—Jan. 2 6 . . . Feb. 2 3 . . . Mar. 3 0 . . . Apr. 27*. . May 2 5 * . . June 2 9 " . . July 2 7 " . . Aug. 31 >•.. Sept. 28 '*. Oct. 2 6 ' . . 158,890 158,990 161,710 164,070 165.000 169,920 169,210 71.280 372,320 371,650 143.740 145,440 149,580 151,280 153,590 159,330 157,570 158,690 159,520 159.310 65,180 62,900 61,030 60,740 58,790 57,620 57,560 58,520 58,420 58,200 19,970 !O,65O 11,100 12,050 12,620 12,970 4,080 4.070 4,380 14,140 5,420 25,520 6,560 26,640 5,030 28,100 7,490 132,790 15,580 431,960 18,310 440,150 17,980 439,230 16,""" 980 440.390 16,740 441,070 18,"" 390 41,810 172,850 172,700 174,580 180,280 177,630 184,390 182,200 182,480 182,750 83,670 5,410 5,830 5,240 5,560 4,920 6,150 5,390 5,840 6,200 5,930 ,050 ,060 ,070 ,090 ,080 ,060 ,090 ,130 ,060 ,010 3,930 151 780 200,680 5,440 148 730 201,640 5,120 148 470 204,680 5,030 152,890 205,710 7;780 146;560 207,290 0,660 1481680 207,840 6,350 149,430 209,940 4,830 210,790 6,150 210,850 4,840 151J490 210,400 6,170 6,750 6,160 4,940 5,610 7,100 7,230 7,150 7,050 6,970 34,910 35,020 15,180 5,380 15,550 5,690 5,760 6,120 16,260 6,350 14,299 14,299 14,306 14,307 14,307 14,307 14,305 14,305 14,294 14,294 50.746 24.019 16.284 177.376 21.714 26.083 38.057 75.589 21.808 90,606 69.221 62.991 7,225 7,331 9.006 38,796 26.551 34.806 37,502 60,489 79.104 60,312 155.377 346,921 10,982 44,349 71.283 105,921 50,227 14,065 240 1,343 94,367 144,103 2,792 819 6,510 155,184 307.170 7,938 23 15,952 219 30,241 65 35.360 126.720 2.679 7.173 8.950 0,059 17,795 14,278 14.011 14.181 13,761 88,641 56,853 42,229 7,063 92.800 58.450 44 ,080 52,890 94,560 58.820 43 ,760 15.040 '.01,65859,547 44 ,855 60,899 54,553 57,920 61,840 177,264 11,632 11,860 114,690 132,436 6,171 5,710 5,770 8,426 1,032 1,030 1,030 1,008 1,796 4.120 5,440 5,525 45,266 137 ,366 47.000 144.000 47,970 144,480 60,780 146,697 3,682 5,780 5,970 4,472 19,479 19,890 30,060 30,272 13,791 13,799 13,805 13,804 119,970 119,670 121,090 127,120 124,360 130,880 328,480 328,590 328,480 329,220 5,410 5,830 5,240 5,560 4,920 6,150 5,390 5,840 6,200 5,930 1,050 1,060 1,070 1,090 1,080 1,060 1,090 1,130 1,060 1,010 3,930 5,440 5,120 5,030 7,780 0,660 6,350 4,830 6,150 4,840 151,730 147,850 148,680 148,660 148,420 151,240 152,840 152,600 146,510 154,070 148,630 154,380 149,380 156,270 149,840 156,950 148,440 156,630 151,440 156,000 6,170 6,750 6,160 4,940 5,610 7,100 7,230 7,150 7,050 6,970 30,240 30,310 30,440 30,670 30,790 30,930 31,020 1,290 1,440 1,560 13,794 13,794 13,801 13,802 13,802 13,802 13,801 13,801 13,790 13,789 12.347 208 24,210 54 28,340 103,676 2,48 5.886 7,589 8,464 22,90' 6.619 6.884 6.923 6,225 Commercial banks: 1941—Dec. 3 1 . . 1945—Dec. 3 1 . . 1947—Dec. 3 1 * . 1964—Dec. 3 1 . . 145,319 147,050 148,020 160,847 23 26.479 227 45,613 66 53,105 75.785 2,700 .414 14,826 0,542 4.553 1,948 14,714 2,196 14,226 1965—June 30. Oct. 27. Nov. 24. Dec. 3 1 . 287,723 295.330 297,140 306,060 1966—Jan. 2 6 . . . Feb. 2 3 . . . Mar. 30. . . Apr. 2 7 * . . May 2 5 " . . June 2 9 * . . July 2 7 " . . Aug. 3 1 " . . Sept. 2 8 ' " . Oct. 2 6 * . . 302.190 198,130 302,030 199,610 304,350 203,490 306,900 205,080 207,130 307,570 207 312,490 212,740 311,350 210,590 312,960 211,360 313,870 212,020 313.070 211,510 59,630 44 ,500 57,310 45 640 55,430 45 ,130 55,400 46 ,640 53,450 46,990 54,730 172,710 52,460 47,290 57,340 180,740 52,450 48,310 57,120 379,460 53,470 48,130 56,150 380,230 53,340 48,510 55,890 380,740 53,270 48,290 57,590 381,400 43.521 107.183 97.846 228.497 18.021 22.775 32.628 147,690 19.539 78,338 57.914 48.717 61.717 29,670 22.528 !55.724 0.385 13,576 2.353 7.007 140 1,709 64 22 ,179 50 1,176 664 5,838 1965—June 3 0 . Oct. 27. Nov. 24. Dec. 3 1 . 237,328 243,144 244,260 251,57' 158,832 162.156 163,597 169,800 43,396 35 ,100 50,198 296,049 259,743 44,438 36,550 46.119 297 297,67. 258,443 44,552 36,111 48,110 300,784 260,630 44,992 36,785 52,81 313,384;275,517 5,355 4.815 4,875 ,7,454 851 848 850 840 0,806 120,077 112,654 3,760 120,904 118,116 4,927 121,503 118,475 4,890 132,131 120,202 3,455 24,323 5,462 !4,654 5,691 14,768 4,234 14,926 6,235 6,223 6,225 6,221 1966—Jan. Feb. Mar. Apr. May June July Aug. 247,92 166,71 247,810 168,112 249,847 171,495 252,103 172,702 252,528 174,354 257,305 179,604 255,81 177,210 257,315 178,023 257,809 178,42 256,79 177,818 44,809 36,395 47,366 304,163 264,155 4,606 42,732 36,966 48,453 305 11 264,032 5,054 41,230 37,122 46,883 305 819 265,256 4,477 41,370 38,031 49,323 3io;342 270,866 14,795 39,686 38,488 47,548 309,18 268,286 14,198 39,031 38,670 316 497 274,069 15,291 39,072 39,537 315 ,068 271,464 14,630 39,984 39,308 48,650 315,63' 271,521 15,047 39,807 39,581 48,663 316.01 271,225 15,225 39,652 39,327 50,210 316,324 271,65 15,120 879 895 89' 918 916 89 923 963 891 3,387 124,179 121,104 4,691 121,740 121,652 4,431 121,558 123,893 4,617 125,479 125,057 6,858 120,016 [26,29 9,430 121,879 126,57, 5,523 122,416 127,97 4,202 122,874 128,43 5,448 121,728 127,93 4,309 124,263 127,11 5,873 6,361 5,75" 4,55. 5,11' 6,61' 6,80 6,63 6,68 6,57 24,896 24,955 25,050 25,23r 25,34 25,45 25 53 25,766 25,843 25,94: 6,212 6,208 6,203 6,199 6,198 6,194 6,184 6.175 6,171 6,163 Member banks: 1941—Dec. 1945—Dec. 1947—Dec. 1964—Dec. 31 31 31 31 26 23 30 27 25 29" 27 31 Sept. 2 8 ' Oct. 26* Mutual savings banks: 1941—Dec. 3 1 . . . 1945—Dec. 3 1 . . . 1947—Dec. 3 H . . 1964—Dec. 3 1 . . . 5.961 23.123 6.070 29 .845 7.304 32 .845 32.089 52,737 10,37' 4,90 3.704 1,774 793 16.208 4.279 10.682 1,246 609 18,64 4,944 11,978 1,718 88 52,363 41,085 5,788 5.49C 1,004 68.121 38.304 32,060 289.142 11.804 17,020 19.714 54,23' 84 37,136 69.640 80,609 128,539 10,53 15,38 17,76 49,13 10,52 15,37 17,74; 64 49,06: 1,24 1,59: 1,88! 4,401 548 542 533 505 14 1965—June 3 0 . Oct. 27. Nov. 24. Dec. 3 1 . 54,415 55.680 55,930 56,260 43,096 44.490 44,810r 45,28, 5,753 5.590 5,550 5,470 5,566 1.02C 56,38. 5.600 98C 57,611 5.57C 90C 57,811 5,501 1,01 58,21' 5O,98( 51,9(X 52,01 52.76C 53 50 <0 67 50,91 51.85C 51.96C 52,68< 4,53i 4.62C 4.66C 4,662 504 504 504 505 1966—Jan. 2 6 . . Feb. 2 3 . . Mar. 3 0 . . Apr. 2 7 . . May 25. . June 2 9 . . July 2 7 . . Aug. 3 1 . . Sept. 2 8 ' . Oct. 26". 56,700 56,960 57,360 57,170 57,430 57,430 57,860 58,320 58,450 58,580 45,610 45,830 46,090 46,200 46,460 46,590 46,980 47,330 47,500 47,800 5,550 5,590 5,600 5,340 5,340 5,160 5,110 5,050 5," 4,930 5,54C 5.54C 5,67 5,63 5,63 5,68 5,77 5,94 5,871 5,85 52,88 53.O3C 53.49C 53.16C 53.27C 53.51C 53.72C 53.89C 54.27C 54,45' 50 50 50 50 50 50 50 50 50 50 52.83C 52.98C 53.44C 53,IK 53.22C 53.46C 53.67C 53,841 54,221 54,401 4,671 4.71C 505 505 505 505 505 505 504 504 504 505 notes see end of table. Digitized forFor FRASER 92C 920 90C 85C 85C 97C 86C 83 85C 80C 58.59C 58,85 59.26C 59,01 59,25) 59,411 59.77C 60.I6C 60,33C 60,41 4.74C 4,71( 4.76C 4.76C 4,V 4.83C 4,820 4.79C NOVEMBER 1966 1663 COMMERCIAL AND MUTUAL SAVINGS BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Class of bank and d ate Total Reserve city mem ber banks: New York Cits : 5. 6 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31 1964—Dec. 31 . 1965 June Oct Nov. Dec. 12, 896 4, 072 7, 265 1, 559 26, 143 7, 334 17, 574 1, 235 20, 393 7 179 11, 972 1, 242 39, 507 27 301 6 , 178 6, 028 4 1 775 10 4 ' 411 in 41 977 in 44, 763 33 30.. 27 24 . 31 26 23 , Mar 30 . Apr 27 May 25 . . 29 July 27 31 28 26J> City of Chicago: 3 1941—Dec 3 1 . . 1945 Dec 31 1947 Dec. 31 . . 1964—Dec. 31 t 5 5 10 u ii 1966 Jan 26 Feb 2.1 _ Mar 30 Apr 27 25. 29 . July 27 . 31 Sept. 28 Oct i i •>07 ii 760 i i 148 i i 571 i i 400 ii 495 518 i i ">98 n 15 147 <16w 04(1 84 670 30 27 24 . 31 19, 862 32, 887 27. 982 53, 867 17, 932 30, 121 25, 216 45, 191 6, 147 7 186 6 654 9 , 5ns 6 185 10 098 6, 435 1 1 , 876 57, I5n 54 477 54 647 59, 517 47 17? 5,065 44. 014 4,286 41 957 4,370 49, 270 5,225 8 5 ' f, 154 n 141 181 ''fin 6, W5 •1 771 5, 995 in 49n 4 4?fi 6, 185 in 957 94? 5, 975 in 711 4 nfii 6 075 i i 774 4 ns7 6, i?n 1 416 4 410 6 n?i in 574 511 6 ni9 i i 075 4 •vp 5' 894 i i 761 n' n n 4,429 5,001 4,526 4,804 4,564 5,144 4,813 59 19? 46 869 4,647 59 19fi 46 736 4,630 58 598 46 194 4,788 176 185 197 587 i 566 i 489 i 719 ?. 166 7 167 7 555 7 774 1 761 707 697 681 516 7 111 11 535 11 ? 141 11 619 II 7, 171 11 855 11 ?. 426 14 290 12 8 719 7 7 8 8 8 8 8 8 8 8 7 8 11 57 777 877 inn 161 n64 619 651 1 700 • 6 866 11 289 1,035 1,312 6 402 1,217 11 807 1,448 g 467 105 514 19 "IV 1(1 196 16 176 1 7 7 10 776 8 518 74 410 04? 11 7,86 51 898 196 13 066 49 659 789 21 607 109 051 14 nin 12 116 19 M 017 1? 508 18 14 198 17, 417. 19 14 154 17 576 71 029 159 759 583 81? 648 791 085 718 760 12 17 1? 13 11 11 11 11 13 11 512 686 771 071 706 709 990 807 822 616 19 19 18 20 19 19 20 19 19 20 7? 49 46 97 1,297 547 1,236 834 1,240 475 1,437 699 579 2 561 553 836 546 789 522 1,271 26. 5 5 5 5 5 5 5 5 i 5 257 100 035 412 087 106 224 157 4,890 638 613 5,075 619 5,115 367 5,123 428 5,183 595 5,178 637 5,234 5,241 886 148 5,060 1,033 830 239 4,807 1,125 1,122 1,123 1,131 1,143 1,143 1,146 1,165 1,156 1,166 11 11 11 11 11 11 11 11 11 491 30 8,221 22 405 134 2,195 1?. 24 28 46 557 655 990 883 1,967 351 359 353 182 35 32 26 25 31 29 26 27 98 559 6,992 98 188 6,990 98 661 6,900 100 ,917 6,896 100 ,037 6,702 102 ,066 6,841 101 ,489 6,795 101 ,572 7,261 101 ,100 7,056 101 ,512 7,158 210 1,368 212 1,875 184 1,610 194 1,720 193 2,824 203 3,775 238 2,242 292 1,562 281 1,921 252 1,630 . Digitized for For FRASER notes see end of table. 15 ,638 15 733 15 ,666 15 ,782 15 402 16 325 15 ,796 16 ,086 15 ,542 15 ,880 121 ,086 120 ,993 121 ,660 122 ,524 122 ,671 124 ,270 124 ,552 124 ,923 125 ,209 125 ,9U 108 ,484 108 ,224 108 ,599 11W,49!* 109 ,125 110 ,757 111 ,141 l i t ,204 111 ,642 112 ,27< 62 ,445 62 621 61 ,617 64 371 65 ,157 65 ,878 66 ,352 66 ,270 66 ,818 66 ,983 24 ,175 71 ,780 71 168 22 ,891 22 ,451 21 ,912 21 ,831 21 ,994 22 ,078 22 ,225 1,971 1,889 1,873 1,76: 2,098 1,862 1,938 2.38C 1,981 12 121 223 203 530 457 648 310 248 358 405 25 39 104 16 ,228 16 ,445 16 ,786 16 ,946 17 184 17 419 17 ,721 17 ,822 18 ,028 18 ,117 102 ,848 107 846 . . mi 571 104 ,208 104 ,792 105 ,209 105 904 106 ,086 106 ,924 107 ,325 12 12 12 12 12 12 12 926 0.11 978 656 4,356 6,418 5,627 8,289 115 ,302 118 ,109 119 ,433 123 |227 12 4 5 4 5 19 311 085 467 145 15 837 IS ,478 15 ,829 17 ,366 12 396 32 792 17 ,415 43 ,418 1,207 44,443 1.0S6 101,581 2,182 103 ,304 1,825 105 ,572 1,994 106 ,688 1,991 HO ,738 2,371 12 12 699 268 552 345 34 19 ,466 46 ,059 47 ,553 112 ,932 12 27 1,174 1,182 1,222 1,169 1,208 1,160 1,201 1,159 1,193 6 ,402 10 ,632 10 778 16 ,944 13 22 72 1,214 518 5 ,890 4 ,377 2 ,250 596 76 999 2 408 on? 10 ,199 22 ,857 3 ,268 324 759 55 711 74 141 11 685 97 041 59 411 7? 697 14 935 100 ,156 60 ,922 23 ,543 15 ,691 101 199 61 ,562 23 ,806 15 ,831 101 16? 61 118 71 ,71.5 16 ,288 5 094 5 137 5 142 5,114 1 423 1 808 2 072 1,987 2 1 4 5 127 1,552 419 476 719 46? 201 913 362 4,578 288 377 426 204 1,056 13 12 14 12 438 623 460 355 1,096 1,114 1,117 1,132 11 11 4,749 4,993 5,039 4,999 4,806 9,760 1,423 9,645 42 971 42,781 43 ,C20 44,694 43 ,749 44,843 47 ,092 45,541 44 ,251 45,738 43 ,095 46,016 43 ,116 46,851 44 ,751 47,356 42 ,365 47,953 43 ,13i 48,112 43 ,716 48,498 43 48,730 43 48,580 44 ,066 48,406 6 12 IS 36 91 36 37 37 13 ?r 173 4,325 205 1,472 208 2,077 206 1,773 113 025 112 909 112 776 115 509 114 547 117 020 116 873 608 117 027 590 116 951 426 117 ,442 ?? iRn 6 738 7 0 , 546 7 813 ?n 414 7,818 24, 265 7,988 1,648 2,120 2,259 4,471 618 ?1 707 8,278 2 104 5 101 822 71 745 7,868 2.304 5,115 578 607 980 71 75fi 8,557 2,169 5,096 621 1,401 7? 475 8,830 1,200 5,126 626 1,400 71 fill 8,999 1,708 5,148 589 2,102 ?? 195 9,051 2,472 5,142 419 9.035 2,574 5,161 580 1,008 857 ?i 955 8,842 2,071 5,250 568 509 1,510 71 756 8,331 2,093 5,206 490 1,030 22 W9 7,577 1,944 5,228 790 HI 469 97 ,290 7,299 810 112.849 98 ,151 7,274 147 116 350 103 ,0J4 8,422 313 095 555 021 064 656 070 Time 566 514 606 570 319 922 165 959 876 751 671 864 110 063 97 418 7,168 Bor- Total Number row- :apkal acof ings :ounts janks 866 12, 051 6 807 17 6,940 17, 287 1,236 " i 9 5 12 267 19, 040 1,445 30 436 1,486 23, 896 4,285 1,224 4 057 7 046 501 7 774 11 675 11 5in 2 444 13 857 11 57n 7 172 11 900 11 679 ? 568 14 289 12 461 1 671 2 149 13 989 11 408 1 517 2 466 14 474 12 161 7n6 2 447 14 371 11 656 2 182 14 297 11 475 480 692 2 506 14 455 11 <1">5 fiSn ? 641 14 368 11 449 555 ni? 041 4 161 7 459 751 511 * 51? 470 598 111 164 166 191 4,202 4,640 4,453 5,088 56 177 45 598 57 158 46 014 57 481 46 4?6 58 n?n 48 111 57 97? 47 20? fin 711 49 081 59 77? 46 875 1 4in 4 "Ml ~>890 1 871 1 146 14 11 1? 743 12 817 11 781 11 718 11 91 994 68 in? 1? 93 899 68 ,359 11 91 6^7 68 711 1) 30 27 24 31 23 30. 27. 25 29 27 31 28P' 26 907 ->19 897 203 6, 637 6, 439 7, 261 11, 820 954 | 111 1 801 7 10? 90 687 64 40 857 65 41 n7i 66 92 397 66 97 155 66 44 118 68 91 519 67 Country member banks:!1941—Dec. 31 1945 Dec 31 1947—Dec. 31 1964 Dec 31 1966—Jan. Feb. Mar Apr. May June July Aug. Sept. Oct. 125 87 775 61 079 89 7n6 61 161 40 081 61 471 41 997 65 117 1966—Jan. 26 Feb 23 Mar 30 27.,. M a y 25 29 July 27 Aug 31 Sept. 28 Oct 26" June Oct. Nov. Dec 058 455 in, 976 in 940 Other reserve city:'' < 1941 Dec 1' 1945 Dec 31 1947 Dec 31 1964 Dec 31 1965 911 0H8 567 in 815 in 871 June 3 0 . . . Oct 27 Nov. 24 . Dec 3 1 . . 1965—June Oct Nov. Dec 7fiO •1 518 840 43 167 44 nni Feb 1965 975 43 410 1? 404 1? fin? 11 717 44, 718 11 477 44 711 14 116 46 411 16 147 •14 99fi 14 789 4V 740 15 787 45 448 14 878 44 547 14 411 1966 Ian Oct Deposits Total assets— Securitie Total Interbank ' Other liaCash l bilities assets and Demanc Loanst capital Total > DeU.S. Other acGovt. mand Time counts 2 U.S. Govt. Other 30 225 10 ,109 6,258 17 5,465 24 ,235 12,494 17 432 2a ,HH 14,560 71 1,760 52 ,398 45,169 71 3,222 49 ,800 48,386 71 1,184 51 ,707 50,616 71 1,509 52 ,342 50,775 74 1,501 53 ,118 51,675 2 2,566 1 2,844 841 8,488 8,774 8,892 8,928 9,007 9,015 9,032 9,089 9,167 9,200 9,260 9,291 9,361 9,368 2,999 9,387 1,271 2,388 2,562 1,548 2,537 2,676 2,155 2,225 1,990 2,568 2,744 11 11 11 179 176 172 171 171 171 170 170 170 170 170 170 170 170 i 1,982 6,219 11 2,525 6,476 2,934 6,519 213 8,886 6,018 323 643 597 343 594 71 1,280 s: ,964 52,198 71 1,771 51 ,800 52,693 768 51 ,651 966 52,841 98 71 2,177 50,951 54,163 97S 74 2,905 51,443 54,237 85C 74 1,963 52,031 55,205 74 1,535 52,032 55,622 1,07 74 1,659 51,56: 55,96" 73 74 1,244 52,64! 56,32 79 9,359 9,511 9,581 9,673 6,032 6,024 6,030 6,027 9,655 6,018 9,686 6,014 9,85 9,90 9,93 9,99 10,11 10,16 6,005 6,001 5,991 5,982 5,978 5,970 1664 NOVEMBER 1966 COMMERCIAL AND MUTUAL SAVINGS BANKS PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Deposits Loans and investments Securities Class of bank and call date Insured commercial banks: 1941—Dec. 31. 1945—Dec. 31. 1947—Dec. 31. Cash assets < Total Loans U.S. Gon. Other Total assets— Total liabilities and capital accounts 2 Interbank ' Total i Other Bor- Total Number row- capital of acings counts banks Demand Demand Time Time 3 U.S. Govt. Other 25,788 34,292 36,926 76,820 157,544 152,733 69,411 1,762 41,298 15,699 10,654 147,775 276 29,876 13,883 23,740 80,"141,851 12,615 54 1,325 92,975 34,882 34,594 38,320 41,742 44,364 50,337 59,911 56,555 60,327 310,730 343,876 351,544 374,051 273,657 305,113 309,612 330,323 27,571 11,725 12,039 3,806 69,312 13,925 51,250 4,137 65,280 21,428 38,674 5,178 14,977 20,114 22,024 43,433 90,220 88,182 39,458 84,939 82,023 19,218 21,312 23,382 25,720 28,635 34,064 31,595 36,880 170,233 190,289 193,748 219,744 150,823 169,615 171,528 193,860 15,950 6,295 7,500 2,155 37,871 8,850 27,089 1,933 32,566 11,200 19,240 2,125 8,145 9,731 10,822 24,688 48,084 43,879 1963—Dec. 20.. 1964—Dec. 31.. 1965—June 30.. Dec. 31.. 72,680 77,091 80,339 74,972 9,855 10,777 11,718 11,065 15,760 18,673 18,603 15,934 91,235 98,852 102,301 93,640 78,553 86,108 88,215 81,657 Insured nonmember commercial banks: 1941—Dec. 31.. 1945—Dec. 31.. 1947_Dec. 31.. 5,776 14,639 16,444 3,241 1,509 1,025 2,992 10,584 1,063 4,958 10,039 1.448 2,668 4,448 4,083 8,708 19,256 20,691 7,702 18,119 19,340 129 244 262 1963—Dec. 20.. 1964—Dec. 31.. 1965—June 30.. Dec. 31.. 42,464 46,567 48,058 52,028 23,550 26,544 28,375 30,310 13,391 13,790 13,039 14,137 5,523 6,233 6,644 7,581 5,942 7,174 6,357 7 513 49,275 54,747 55,507 60,679 44,280 49,389 49,869 54,806 559 658 565 695 Noninsured nonmember commercial banks: 1941—Dec. 31.. 1945—Dec. 31.. 1947—Dec. 31«. 1,45 2:211 2,009 455 318 474 761 1,693 1,280 241 200 255 763 514 576 2,283 2,768 2|643 1,872 2,452 2,251 329 181 177 185 1963—Dec. 20.. 1964—Dec. 31.. 1965—June 30.. Dec. 31.. 1,571 2,312 2336 2,455 745 1,355 1,434 1,549 463 483 418 418 362 474 484 489 374 578 508 572 2,029 3,033 2,997 3,200 1,463 2,057 2,020 2,113 190 273 252 277 3,696 2,270 1,266 3,310 12,277 1,262 5,432 11,318 1,703 3,431 4,962 4,659 10,992 22,024 23,334 9,573 20,571 21,591 457 425 439 190 5,504 3,613 14 101 6,045 167 13,758 7,036 749 931 817 972 743 672 989 635 1963—Dec. 20. 1964—Dec. 31. 1965—June 30. Dec. 31. National member banks: 1941—Dec. 31. 1945—Dec. 31. 1947—Dec. 31. 1963—Dec. 20.. 1964—Dec. 31.. 1965—June 30., Dec. 31.. State member banks 1941—Dec. 31.. 1945—Dee. 31.. 1947—Dec. 31.. 49,290 21,259 21,046 6,984 121,809 25,765 88,912 7,131 114.2T 37,583 67,941 8,750 252,579 275,053 285,375 303,593 137,447 151,406 156,989 176,605 155,261 174,234 187,207 200,109 84,845 96,688 [03,377 il8,537 46,866 51,002 55,455 51,262 62,723 62,499 56,426 59,120 33,384 33,405 30,230 32,347 15,958 15,312 13,166 12,645 15,077 17,664 15,920 18,149 443 733 92S 923 6, 712 6,487 11,761 5,508 140,702 154,043 144,205 159,659 110,723 57125,277 126,185 2,580 17,377 ",051 136.798 3 , "562 ~ 29 146,084 4, 325 29 ,827 6,786 1,088 23,262 8,322 14,013 45,473 16,224 9,229 ,375 35 795 53,541 19,278 8,863 10,521 9,096 12,064 146 211 313 458 236 453 538 382 53 4,162 3,360 1,560 10,635 5,680 149 12,366 6,558 959 6,810 6 7 1,083 6,416 7 1,271 6,478 23,14019,793 25,504 22,509 24,128 24,144 27,528 25,882 4,234 4,488 4,739 4,912 7,173 7,262 7,294 7,320 253 365 478 13 329 279 325 852 714 783 832 1,141 1,061 1,121 341 534 568 612 93 99 120 147 389 406 417 434 285 274 262 263 83 86 104 85 1963—Dec. 20. 1964—Dec. 31. 1965—June 30. Dec. 31. 44,035 48,879 50,394 54,483 24,295 27,899 29,809 31,858 13,854 14,273 13,457 14,555 5,885 6,707 7,128 8,070 6,316 7,752 6,865 8,085 51,304 57,780 58,503 63,879 45,743 51,447 51,889 56,919 Insured mutual savings banks: 1941—Dec. 31., 1945—Dec. 31., 1947—Dec. 31., 1,693 10,846 12,683 642 3,081 3,560 629 7,160 8,165 421 606 958 151 429 675 1,958 11,424 13,499 1,789 10,363 12,207 1,789 10,351 12 12,192 41,664 45,358 47,031 48,735 32,300 36,233 37,970 39,964 4,324 4,110 3,975 3,760 5,041 5,015 5,085 5,010 722 893 910 904 43,019 47,044 48,806 50,500 38,657 42,751 44,293 45,887 292 38,359 . 2,416 374 43,912 359 45,520 72 99 108 91 1,291 1 905 18 1,392 7,233 16,849 18,454 For notes see end of table. 4,615 4,773 4,803 4,815 40,i,725 29 ,642 44,005 32 931 41,068 36,265 . ",680 39,598 34 2,295 2,234 4,085 1,606 Nonmember commercial banks 1941—Dec. 31. 1945—Dec. 31. 1947—Dec. 31. 1963—Dec. 20., 1964—Dec. 31.. 1965—June 30.. Dec. 31.. 4 3,640 5,117 78 4 644 5,017 45 5,409 5,005 1 2,246 1,502 130 2,945 ,867 9 3,055 ,918 1,795 7,506 ,497 1 372 7,853 ,452 432 1,769 8,470 1,607 7.492 ,406 726 649 955 618 144 156 181 168 3,284 3,486 13,528 3,540 3,691 76,836 61,288 1,704 3,548 3,604 84,534 70,746 70 1,109 5,048 6,721 79,009 76,389 1,685 5,853 3,284 92,— 2,627 7,434 :,533 '-,522 85 22,259 3,739 621 13,874 4,025 44,730 4,411 8,166 24,168 7,986 40,505 3,978 15 381 27,068 9,062 5,655 6,486 6,259 5,390 10 6,844 3,426 215 8,671 3,297 61 9,734 3,398 23,972 26,645 25,189 28,649 20,134 23,043 24,713 261495 18 1,288 7,662 11 1,362 7,130 12 1,596 71261 165 198 22i 238 38 20 43 91 4,623 4,894 5 156 5,345 7,458 7,536 7,556 7,583 164 1,034 1,252 52 192 194 3,57; 3 731 3,848 3,957 330 327 327 329 NOVEMBER 1966 COMMERCIAL AND MUTUAL SAVINGS BANKS 1665 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Class of bank and call date Total Noninsurcd mutual savings banks: 1941—Dec. 31 1945—Dec. 31 1947 Dec. 31 * Loanst Total assets— Securities Total liaCash bilities assets' and capital Totali U.S. acGovt. Other counts 2 Deposits Interbank' Other Bor- Total Number row- capita] acof ings counts banks Demand DeTime ro&nd U.S. Govt. Time 3 Other 8,687 5,361 5,957 4,259 1,198 1,384 3,075 1,353 3,522 641 3,813 760 642 180 211 9,846 5,596 6,215 8,744 5,022 5,556 6 2 1 8,738 5,020 2 5,553 1963—Dec. 20 1964—Dec. 31 6,425 7,005 4,380 4,852 1,548 1,678 498 475 104 111 6,602 7,195 5,859 6,387 1 8 5,851 6 6,381 1965—June 30 Dec. 31 7,385 7,526 5,126 5,325 1,778 1,710 481 491 110 113 7,576 7,720 6,686 6,874 1 1 20 6,666 8 6,865 6 1,077 558 637 496 350 339 633 670 179 178 688 706 177 177 1 1 f See note 1 on p. 1661. 1 Reciprocal balances excluded beginning with 1942. 2 Includes other assets and liabilities not shown separately. 3 Figures for mutual savings banks include relatively small amounts of demand deposits. Beginning with June 1961, also includes certain accounts previously classified as other liabilities. * Beginning with Dec. 31,1947, the series was revised; for description, J53O million and total deposits of $576 million were reclassified as country banks. NOTE,—Data are for all commercial and mutual savings banks in the United States (including Alaska and Hawaii, beginning with 1959). For definition of "commercial banks" as used in this table, and for other banks that are included under member banks, see NOTE p. 643, May 1964 see note 4, p. 587 May 1964 BULLETIN. Comparability of figures for classes of banks is affected somewhat by changes in F.R. membership, deposit insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. Data for Dee. 31,1964 and June 30,1965 for national banks have been adjusted to make them comparable with State bank data. (Dec 20,1963, data also adjusted to lesser extent.) Figures are partly estimated except on call dates. For revisions in series before June 30, 1947, see July 1947 BULLETIN, pp. 870-71. s Regarding reclassification of New York City and Chicago as reserve cities, see Aug. 1962 BULLETIN, p. 993. For various changes between reserve city and country status in 1960-63, see note 6, p. 587, May 1964 BULLETIN. < Beginning with May 18,1964, one New York City country bank with loans and investments of $1,034 million and total deposits of $982 million was reclassified as a reserve city bank. Beginning with May 13, 1965 (Toledo, Ohio), reserve city banks with total loans and investments of BULLETIN. LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Securities Period TotaU 1957 1958 1950 I960 Dec. Dec. Dec Dec. 1961 Dec 1962 Dec 1963 n e c 1964—Dec 31 31 31 31 30 31 31 31 1965 Oct 27 No V 24 Dec. 31 1966 Jan Feb Mar Apr May 26 23.. 30 27? 25». July 27* Aug 31*> Sept. 28* Oct. 26" .. . . . . . . . .. .. .. 1 2 Securities Total1 Loans' U.S. Govt. Other Loans' U.S. Govt. Other 166.4 181.2 185.9 194.5 91.5 95.6 107.5 113.8 56.9 65.1 57.9 59.8 17.9 20.5 20.5 20.8 169.3 184.4 189.5 198.5 93.2 97.5 110.0 116.7 58.2 66.4 58.9 61.0 17.9 20.6 20.5 20.9 209.6 227.9 246.2 267.2 120.5 134.1 149.7 167.4 62.2 64.5 61.5 61.1 23.9 29.2 35.0 38.7 214.4 233.6 252.4 273.9 123.9 137.9 153.9 172.1 66.6 66.4 63.4 63.0 23.9 29.3 35.1 38.8 289.9 291.5 294.4 188.6 189.8 192.0 57.4 57.5 57.7 43.9 44.2 44.8 290.2 292.3 301.8 187.7 189.8 197.4 58.5 58.8 59.5 44.1 43.8 44.9 297.4 297.5 300.3 302.7 304.3 3 305.4 308.2 309.8 307.7 307.1 194.5 196.2 198.6 200.7 202.0 S203.7 4205.9 206.1 205.6 206.8 58.0 55.9 56.0 55.8 55.0 54.5 54.1 55.9 S4.0 52.2 44.9 45.4 45.7 46.2 47.2 47.1 448.2 47.8 48.0 48.1 296.8 296.0 298.5 301.5 301.9 2 307.8 306.1 306.7 308.3 307.4 192.7 193.6 197.6 199.7 201.4 2 207.6 4205.3 205.1 206.4 205.8 59.6 57.3 55.4 55.4 53.5 52.9 52.5 53.5 53.3 53.3 44.4 45.1 45.4 46.4 47.0 47.3 448.3 48.1 48.5 48.3 Adjusted to exclude interbank loans. June 30,1966 estimated. 3 Beginning June 9, about $1.1 billion of balances accumulated for payment of personal loans were deducted as a result of a change in Federal Reserve regulations. . 4 Beginning July 13,1966, Commodity Credit Corp. certificates of interest and Export-Import Bank portfolio fund participation certificates totaling an estimated SI billion are included in "Other securities" rather than "Other loans." Not seasonally adjusted NOTE.—Data are for last Wed. of month except for June 30 and Dec. 31; data are partly or wholly estimated except when June 30 and Dec. 31 are call dates. For back data, see July 1966 BULLETIN, pp. 952-55. For description of seasonally adjusted series, see July 1962 BULLETIN, pp. 797-802. 1666 NOVEMBER 1966 COMMERCIAL BANKS LOANS AND INVESTMENTS BY CLASS OF BANK (In millions or dollars) Investments Other loans ' Total loans ' Fedand eral invest- funds Total ments Class of bank and call date Total: 2 1947—Dec. 1963—Dec. 1964—Dec. 1965—June Dec. 31. 20. 31. 30. 31. 116,284 254,162 277,376 287,723 306,060 2.103 AH insured 1941—Dec. 31. 49,290 1945—Dec. 31. 121,809 1947—Dec. 31. 114,274 2 Member, total 1941—Dec. 31. 43,521 1945—Dec. 31. 107,183 1947—Dec. 31. 97,846 U.S. Government securities 3 Other, ComReal to mer- Agriesin- Other cial cultate diand tur- To Bills vidinal brouals and Notes Bonds duskers To Banks Others Total certifitrial and others dealcates ers 38,057 18,167 1,660 830 ,220 156,006 52,947 7,470 5,353 2,509 175,589 60,: 542 2,843 2 188,641 65,: 066 2,912 199,555 71,437 8,212 5,258 3,231 155,261 52,:,743 7 ,444 5,321 2,476 174,234 ,746 7 ,482 5,""" 355 2",794 187,207 65^053 8)047 5)925 2 ,860 198,045 70,887 8,191 5,088 3,172 210,127 228,497 237,328 251,577 131,712 47,403 4,659 147,690 53,717 4,643 158,832 58,640 4,969 ,861 167,939 63,979 5,099 New York City: 1941—Dec. 31. 1945—Dec. 31. 1947—Dec. 31.. 12,896 26,143 20,393 4,072 2,807 7,334 3,044 7,179 5,361 20., 34,827 31., 39,507 30.. 42,225 31., 44,763 City o/Chicago: 1941—Dec. 31., 1945—Dec. 31., 1947—Dec. 31., 1963—Dec. 1964— Dec. 1965—June Dec. 9,615 10,562 10,835 11,455 Other reserve city: 1941—Dec. 31., 1945—Dec. 31., 1947—Dec. 31., 15,347 40,108 36,040 1963—Dec. 1964—Dec. 1965—June Dec. 20., 31.. 30., 31. 78,370 84,670 87,225 91,997 Country: 1941—Dec. 31. 12,518 1945—Dec. 31. 35,002 1947—Dec. 31., 36,324 1963—Dec. 1964—Dec. 1965—June Dec. Nonmember 1947_Dec. 1963—Dec. 1964—Dec. 1965—June Dec. 72 5,124 5,142 5,729 4J915 3 594 9,415 38,861 3^419 10)812 43)436 . 3,680 11,342 45 '951 2,093 13,148 49,026 412 169 2,453 1,172 545 267 32 26 93 26 2,677 30 2,742 16 3,657 20 2,866 569 623 561 665 954 732 1,333 760 1,801 1,418 48 211 73 52 233 87 3,378 3,870 4,099 4,642 497 510 465 444 181 203 232 244 6,220 7,102 7,367 8,147 7,105 3,456 8,514 3,661 13,449 7,088 300 205 225 39 47 1,007 1,179 1,212 1,010 114 194 427 1,503 170 484 8,875 31,009 27,908 3,765 10) " 179 34,587 32,024 4,824 10, 735 36,577 34,582 4,783 12)475 38,988 36,418 4,832 123 80 111 2,247 2,615 2,977 3,471 242 751 227 948 266! 1,007 188 1,201 4 17 15 659 648 818 20 42 23 183 471 227 2 4 5 12,831 3,374 14,556 ",493 15,641 3,713 16,478 3",840 708 830 629 650 496 599 616 698 966 710 796 174 1,591 1,730 1,675 1,983 31.. 20.. 31.. 30.. 31.. 5,432 1,205 614 24,295 ,544 2:,8ii 27,899 500 2:,862 29,809 6, 906 3 ,099 31,616 7, 458 31,113 242 20 229 400 336 343 156 373 432 470 516 2 166 241 272 151 604 733 729 817 If 1 Beginning with June 30, 1948, figures for various loan items are shown gross (i.e., before deduction of valuation reserves); they do not add to the total and are not entirely comparable with prior figures. Total loans continue to be shown net. 2 Breakdowns of loan, investment, and deposit classifications are not available before 1947; summary figures for earlier dates appear in the preceding table. 5,276 29,786 33,533 36,541 38)655 3,729 5,173 5,263 5,688 6,201 12,601 222,316 13,275185,939 8,84914)603 13,13413,233 27,806 30,285 32)974 33,858 29 29,559 294 33,294 36,295 _ 38 ,419 5,035 5,026 5,447 5,945 401 465 514 577 49,342 48,717 43,396 44,992 9,33918,072 9,93215,238 6,26011,430 9,44110,106 21,932 23,548 25,706 26,369 729 606 638 830 629 604 1,858 2,341 1,955 4,653 1,958 1,972 2,248 5,579 1,036 1,120 2,752 5,799 1,538 987 2,876 5,879 442 449 543 556 182 181 213 193 204 185 1,361 1,392 1,493 1,400 329 195 214 137 522 311 1,623 5,331 7,265 287 272, 17,574 3,910 3,325 10,339 558 9,772 564 238 11,972 1,642 2,257 1,068 2,654; ",371 2,832 ,419 2,928 1,340 6,154 6,178 4,907 5,203 95 1,430 256 51 40 4,213 1,600 149 26 2,890 367 153 1,022 749 1,864 248 2,274 594 669 702 762 599 397 299 273 318 430 308 316 1,705 1,873 1,761 1,700 25 ,210 3 ,864 28 ,374 3 715 31 )O36 4!,064 32,588 41,198 389 564 473 542 717 911 989 961 1,527 1,508 956 820 6,467 295 751 5,421 1,459 855 387 29,552 8,016 5,653 15,883 1,126 916 3,147 1,969 351 20,196 2,731 1,901 15,563 1,342 1,053 50,023 55,733 59,411 62,433 905 1,968 2,546 2,866 3,139 22 36 46 20., 87,316 31.. 93,759 30., 97,043 31., 103,362 18,454 44,035 48,879 50,394 54,483 34,383 4,015, 62,723 39)627 5)112 62,499 62 42,879 5 092 56,426 45,2905 155 59,120 51,891 18,,862 1,219 1,243 891 1,224 4,286 12,525 11,106 1,462 16,686 57,555 21,,102 1,095 1,060 986 1,134 4,887 13,611 12,802 1,977 16,326 61,079 22,817 1,214 978 1,034 1,241 5,076 14. •',213 13,636' ,981 14,030 471 64,646 24,784 ',206 954 1,108 635 5,820 15,056 •14,305 1,999 14,354 1 5,890 1,676 5,596 1,484 10,199 3,096 53,205 28)065 30,574 . 33,255 3,494 3,653 19,539 971 3,007 15,561 3,090 2,871 3,455 1,9001,057 78 . 3,254 2,815 78,338 19,260144,271 44,807 7,130 4,662 839 57,914 7,803 4,815 45,295 4,199 3,105 113 3,439 3,250 3,516 2,008 9,982 6,034 ... 12,717 22,415 377 19)039 13,37719,039 8,92014,678 State and Other local secugovt. rities securities 4,773 4,505 21,046 16,899 3,651 3,333 988 3,159 , 4,677 2,361 1,132 88 88,912 21,52616,045 6,045 51 51,342 3,873 3,258 9,266 5,654 914 67,941 9,676 5,918 52,347 5 , 129 3 " " ",621 40 49 114 2 ,136 2 ,411 2 ,442 2,714 12,332 14,189 16,082 18,075 23,577 27,301 30,975 412 32,713 2,760 5,931 5,088 20., 31., 30.. 31., 115 9,393 5,723 947 69,221 3,605 479 39,056 34,550 4,034 63,196 3,491 ,991 913 43,675 39,809 5, 3,788 11)463 46)223 43,056 5,148 56 853 59,547 2,158 13,291 49)300 45,468 5,215 18,021 8,671 972 594 598 22,775 8,949 855 3,133 3,378 32,628 16,9621 ,046 ••' 811 1,065 20. 31. 30. 31. 1963—Dec. 1964—Dec. 1965—June Dec. To financial institutions 21,259 9,2141 ,450 614 662 25,765 9 461 ,314 314 3,164 3,606 37,583 18,012 ,610 823 ,190 1963—Dec. 20. 252,579 1964—Dec. 31. 275,053 1965—June 30. 285,375 303,593 2,064 Dec. 31. 1963—Dec. 1964—Dec. 1965—June Dec. For purchasing or carrying securities 6,600 5,662 4,161 3,281 7,390 8,810 981 7,463 9,871 918 8,050 11,108 1,008 8 432 " " 11)504 1,022 1,823 1,528 4,377 110 481 1,881 707 359 26! •1,999 4, 544 3,827 1,979 224 22 ,857 5,732 2,108 3,063 16,114 13,951 917 24,797 4,395 8,531 17,964 15,899 , 1,047 24,341 4,209 7,206 18,98417,413 1,074 22,697 2,932 5,849 20 18,423 1,177 23,735 4,389 5,565 3,787 1, 222 1 ,028 16,722 1, 342 1 ,067 17,687 2,006 1,262 2,266 8,047 9,088 9,646 10,312 1,061 6,643 7,786 8,474 9,050 10911,318 269 13,854 328 14,273 366 13,457 383 14,555 2,697 3,200 1,819 2,972 2,179 3,378 3,445 2,660 n.a 1,219 4,343 3,801 3,248 11,871 12,925 13 13,915 14,098 7,920 6,133 7,026 7,549 n.a 10, 385 2,111 11,531 2,154 12, 637 — 2,299 13, 805 2,483 1,078 4,576 5,159 5,504 6',— 067 625 ,309 1,548 1,624 -;<»3 2 3 Beginning with Dec. 31,1965, components shown at par rather than at book value; they do not add to the total (shown at book value) and are not entirely comparable with prior figures. For other notes see opposite page. NOVEMBER 1966 1667 COMMERCIAL BANKS RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Class of bank and call date Totals 1947—Dec. 1963—Dec. 1964—Dec. 1965—June Dec. 31.... 20.... 31 30 31.... Reserves with F.R. Banks BalDeCur- ances mand rency with deand doposits coin mestic adbanks* justed 5 17,796 17,150 17,581 17,842 17,992 2,216 4,048 4,532 4,978 4,851 10,216 12,312 15,111 13,023 15,300 87,123 126,579 134,671 126,714 140,936 Interbank U.S. DoFor- Govt. mestic * eign' 11,362 ,430 1,343 6,799 14,048 ,218 6,729 12,256 16,369 1,569 6,510 13,519 14,696 ,476 11,796 13,291 16,794 ,632 5,525 14,244 All insured: 1941—Dec. 31 12,396 1,358 8,570 37,845 9,823 1945—Dec. 31 15,810 1,829 11,075 74,722 12,566 1947—Dec. 3 1 . . . . 17,796 2,145 9,736 85,751 11,236 1963—Dec. 1964—Dec. 1965—June Dec. 2 0 . . . . 17,150 4,033 11,984 125,615 31 17,581 4,515 14,613 133,336 30 17,842 4,961 12,599 125,471 3 1 . . . . 17,992 4,833 14,801 139,601 Member, total: 1941—Dec. 3 1 . . . . 12,396 1,087 1945—Dec. 31 15,811 1,438 1947—Dec. 31 17,797 1,672 1963—Dec. 1964—Dec. 1965—June Dec. 20.... 31.... 30 31.... State and local govt. 673 1,762 ,248 23,740 ,379 1,325 Time deposits Certified and officers' checks, etc. 2,581 4,494 5,970 6,001 5,978 IPC U.S. Govt. State Inter- and and bank Postal local Sav- govt. ings 84,987 240 124,784 526 135,694 819 125,974 1,032 140,558 1,008 3,677 5,098 6,692 1,077 2,585 2,559 36,544 72,593 83,723 158 70 54 59 103 HI 13,900 1,177 6,712 12,175 16,210 ,454 6,487 13,423 14,532 ,387 11,761 13,199 16,620 1,529 5,508 14,152 4,429 5,856 5,906 5,913 124,098 134,764 125,100 139,594 443 733 928 923 269 272 278 263 3,066 4,240 5,504 1,009 2,450 2,401 33,061 62,950 72,704 140 64 50 50 99 105 13,378 1,140 5,986 9,376 15,604 ,403 5,838 10,293 14,009 1,346 10,806 10,127 15,977 1,477 4,890 10,840 4,055 5,368 5,449 5,386 104,130 112,878 104,502 115,905 382 664 851 840 240 239 247 236 io 6,246 33,754 9,714 671 1,709 7,117 64,184 12,333 1,243 22,179 6,270 73,528 10,978 ,375 1,176 17,150 17,581 17,842 17,992 3,131 3,490 3,853 3,757 New York City: 1941—Dec. 31 1945—Dec. 31 1947—Dec. 31 5,105 4,015 4,639 93 111 151 141 10,761 78 15,065 70 16,653 3,595 607 866 3 535 1,105 6,940 267 3,236 ,217 319 237 290 450 1,338 1,105 11,282 15,712 17,646 6 17 12 1963—Dec. 1964—Dec. 1965—June Dec. 3,625 3,730 4,274 3,788 264 278 314 310 96 180 199 122 16,763 17,729 16,430 18,190 3,487 801 1,419 4,112 976 1,486 4,115 950 2,561 4,191 1,034 1,271 368 441 561 620 2,119 2,940 3,270 2,937 18,473 20,515 18,549 20,708 214 436 579 522 1941—Dec. 3 1 . . . . 1945—Dec. 3 1 . . . . i Q47 rw 31 1,021 942 1 070 43 36 30 298 200 175 2,215 3,153 3)737 ) (177 ,292 ,196 127 8 20 1,552 72 21 233 237 285 34 66 63 2,152 3,160 3,853 1963—Dec. 1964—Dec. 1965—June Dec. 1,019 1,006 1,028 1,042 49 55 64 73 98 150 97 151 4,144 4,294 3,881 4,571 ,169 ,389 ,237 !377 43 59 60 59 395 396 699 345 275 312 276 328 112 122 109 126 4,500 4,929 4,542 5,202 1941—Dec. 3 1 . . . . 1 9 4 5 — D e c . 31 1947—Dec. 31 4,060 6,326 7,095 425 494 562 2,590 11,117 2,174 22,372 2; 125 25,714 4,302 6,307 5,497 491 8,221 405 131 1,144 1,763 2,282 286 611 705 1963—Dec. 1964—Dee. 1965—June Dec. 7,587 93S 7,680 1,065 7,274 1,149 7,700 1,139 2,105 2,433 2,202 2,341 35,859 37,047 34,279 37,703 6.9S8 7,962 6,874 8,091 267 326 294 330 2,212 2,195 4,325 1,773 3,144 3,508 3,280 3,532 2,210 4,527 4,993 526 796 929 3,216 9,661 4,665 23,595 3,900 27,424 790 1,199 1,049 2 225 8 5,465 432 7 4,919 5,165 5,267 5,463 1,884 2,092 2,326 2,235 5,060 6,295 5,333 6,344 46,049 49,253 47,143 52,104 1,764 2,141 1,784 2,317 29 41 41 54 544 917 1,042 1,125 1,093 3,947 4,953 6,054 5,192 6,343 13,595 23,763 26,348 24,982 28,367 385 671 765 686 817 55 78 166 130 20.... 31.... 30 31.... City of Chicago: 20.... 31.... 30 31.... Other reserve city: 20.... 31.... 30 31.... Country: 1941—Dec. 3 1 . ; . . 1945—Dec. 3 1 . . . . 1947—Dec. 3 1 . . . . 1963—Dec. 1964—Dec. 1965—June Dec. 20.... 31.... 30... 31.... Nonmember:2 1947—Dec. 31 1963—Dec. 20 1964—Dec. 31 1965—June 30 Dec. 31 7,359 9,057 7,831 8,957 102,816 108,324 101,733 112,569 866 7,908 9,812 0,573 2,186 34,383 02,886 16,635 26,516 34,247 492 15,146 496 29,277 826 33,946 7,853 9,766 0,522 2,135 02,600 16,147 25,998 33,686 418 11,878 399 23,712 693 27,542 65 ,664 ,679 ,682 ,472 0,059 25,677 7,795 9,479 0,272 10 6,844 215 8,671 61 9,734 ,571 ,580 ,562 ,325 5,277 7,377 9,051 9,827 5,886 208 7,589 54 8,464 6,364 84,326 ,499 1,054 8,012 95,425 ,481 2,901 8,592 03,814 ,455 4,323 0,041 09,925 ,234 4,926 12 76 74 87 84 29 20 14 778 1,206 1,418 449 677 682 807 10,920 13,534 15,969 17,097 2 9 476 719 902 288 377 426 17 22 27 39 6 5 5 185 213 181 210 3,595 4,361 4,563 4,785 255 996 204 1,056 438 1,096 355 1,132 11,127 22,281 26,003 104 30 22 20 38 45 243 4,542 160 9,563 332 11,045 1,967 " 2 2,566 1 2,844 1,034 1,238 1,091 1,180 39,281 42,137 38,600 42,380 95 134 173 206 72 77 75 71 1,370 2,004 2,647 239 435 528 8,500 21,797 25,203 30 17 17 31 52 45 1,960 1,760 3,222 1,501 5,590 6,031 6,010 6,360 790 1,068 979 1,143 41,877 45,298 42,810 47,615 56 71 71 74 86 83 81 77 2,778 3,282 3,566 4,064 37,829 41,803 44,739 47,534 390 213 323 343 167 743 672 989 635 1,295 2,880 3,227 3,164 3,404 180 438 602 552 592 12,284 20,654 22,816 21,473 24,653 190 144 156 181 168 6 29 33 30 27 172 1,545 1,800 1,98 2,145 6,858 18,560 21,210 22,702 24,322 12 1,596 165 4,623 54 no 155 4 Beginning with 1942, excludes reciprocal bank balances. 5 Through 1960, demand deposits other than interbank and U.S. Govt., less cash items in process of collection; beginning with 1961, demand deposits other than domestic commercial interbank and U.a. Govt. less cash items in process of collection. «For ^classification of certain deposits in 1961, see note 6, p. 589, May 1964 BULLETIN. NOTE Data are for all commercial banks in the United States. (For definition of "commercial banks" as used in this table and for other banks 111 269 272 278 263 IPC Bor- Capital row- acings counts 2,950 3,840 4,163 4,960 1,648 195 2,120 30 2,259 ,438 ,224 ,423 ,987 3,984 4,471 5,094 5,114 31,982 1,416 7,697 35,728 841 8,488 38,543 1,271 8,774 40,510 1,548 9,007 146 6,082 219 12,224 337 14,177 4 1,982 11 2,525 23 2,934 19 22 23 8,377 8,886 9,359 9,673 4,894 5,156 5,345 that are included under member banks, see NOTE, p. 589, May 1964 BULLETIN.) These figures exclude data for banks in U.S. possessions except for member banks. Comparability of figures for classes of banks is affected somewhat by changes in F.R. membership, deposit insurance status, and the reserve classifications of cities and individual banks, and by mergers, etc. Data for Dec. 31,1964, and June 30,1965, for national banks have been adjusted to make them comparable with State bank data. (Data for Dec. 20,1963, also adjusted to lesser extent.) For other notes see opposite page. 1668 NOVEMBER 1966 WEEKLY REPORTING BANKS ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans2 For purchasing or carrying securities Wednesday Total loans and investments ' Loans' net of valua- Commertion cial reand serves industrial Agricultural To brokers and dealers To financial institutions To others U.S. Other U.S. Govt. Other se- Govt. sesesecuri- curi- curi- curities ties ties ties Banks Foreign Nonbank Domestic commercial Pers. and sales finan. Other 2,633 2,339 2,474 2,618 5,364 5,134 4,985 4,940 Real estate Consumer Foreign instal- govts. ment All other Valuation reserves 27,765 27,826 27,797 27,838 2,474 2,473 2,473 2,472 COS., etc. Large banks— Total 1965 174,069 176,281 176,079 175,949 122,825 123,181 122,910 122,923 50,543 50,793 50,660 50,639 ,736 ,738 ,739 ,729 386 863 742 687 134,084 134,387 135,268 134,954 58,284 58,619 59,382 59,399 ,805 ,794 ,795 ,795 744 3,074 28 184,368 184,764 185,500 185,581 793 3,123 531 3,014 112 108 106 106 5 12 19 26 185,466 184,043 185,416 183.882 135,681 134,920 135,178 134,039 59,611 59,568 59,584 59,483 ,786 ,779 ,781 ,780 390 384 886 611 3,158 2,926 2,885 2,657 96 92 94 95 40,238 40,583 41,051 40,812 29,686 29,430 29,799 29,501 16,247 16,334 16,229 16.156 181 1,677 448 1,631 484 1,637 369 1,598 28 42,996 43,156 43,590 43,605 33,248 33,251 33,787 33,613 19,183 19,354 19,782 19,824 415 364 409 234 5 12 19 26 43,292 42,750 43,557 42,720 33,860 33,505 33.866 33,180 19,916 19.923 19,846 19,807 177 134 385 332 133,831 135,698 135,028 135,137 93,139 93,751 93,111 93,422 34,296 .34,459 34,431 34,483 Sept. 7 14 21 28 141,372 141,608 141,910 141,976 100,836 101,136 101,481 101,341 Oct. 142,174 141,293 141,859 141,162 101,821 101,415 101,312 100,859 Oct. 6 13 20 27 3,001 2,967 2,993 2,936 2,103 2,109 2,111 2,110 5,009 5,012 5,004 4,980 25,050 25,138 25,172 25,227 2,187 1,508 3,027 5,939 4,689 2,176 ',488 2,999 5,932 4,722 2,168 ,495 2,590 6,406 4,687 2,170 ,510 2,942 6,130 4,692 27,149 27,230 27,264 27,331 15,970 1,149 11,219 2,772 15,979 ,152 11,146 2,770 15,943 ,148 11,134 2,766 15,996 !l32 10,972 2,766 2,154 2,140 2,142 2,133 15,976 ,143 15,973 ,162 16,070 1,159 16,075 1,155 1,611 1,638 1,608 1,592 1966 Sep M::::: 21 Oct. 658 3,154 3,172 2,979 3,123 2,981 6,482 6,287 5,977 5,692 4,676 4,597 4,519 4,516 27,332 27,373 27,412 27,448 573 577 579 583 812 1,058 833 553 819 1,092 809 1,039 1,666 1,559 1,460 1,437 1,138 1,132 1,145 1,148 2,829 2,835 2,839 2,838 ,739 ,806 ,781 ,706 601 596 595 593 839 999 831 836 836 755 841 1,035 1,868 1,866 2,034 1,781 1,179 1,175 1,189 1,183 3,211 3,238 3,243 3,264 ,282 ,281 ,278 |274 ,866 ,688 ,555 ,397 584 577 577 578 839 926 825 943 832 1,452 847 1,066 1,993 1,880 1,722 1,692 1,163 1,131 1,092 1,102 3,269 3,266 3,264 3,268 ,267 ,262 ,262 1,261 ,716 ,718 ,718 ,708 205 1,324 415 1,336 258 1,356 318 1,338 ,530 ,532 ,532 ,527 799 1,575 3,698 3,871 22,221 805 1,786 3,575 3,880 22,303 789 1,382 3,525 3,859 22,333 783 1,579 3,503 3,832 22,389 39,101 39,265 39,600 39,575 ,792 ,781 ,782 ,782 329 1,335 294 ,348 384 ,342 297 ,308 79 76 77 77 ,586 ,580 ,573 ,577 669 657 659 669 14,688 14,698 14,665 14,722 39,695 39,645 39,738 39,676 ,773 ,764 ,765 ,765 213 ,292 250 ,238 501 ,330 279 1,260 67 63 65 65 ,570 ,563 ,565 ,555 676 2,246 4,489 3,513 24,063 14,709 684 2,036 4,407 3,466 24,107 14,711 679 1,671 4,255 3,427 24,148 14,808 676 1,915 4,000 3,414 24,180 14,814 ,515 ,509 ,511 ,523 10,974 10,935 10,819 10,670 2,784 2,784 2,784 2,780 4,074 4,097 4,082 4,089 609 608 610 608 755 761 755 752 ,899 ,866 ,854 ,850 768 768 766 766 750 767 767 765 ,833 ,831 ,833 ,785 765 766 766 765 23,691 23,729 23,715 23,749 1,865 1,865 1,863 1,864 394 391 393 380 9,320 9,280 9,280 9,122 2,004 2,002 2,000 2,000 393 395 392 390 9,141 9,104 8,986 8,885 2,019 2,018 2,018 2,015 New York City 1965 Oct. 6 13 20 27 1966 Sept. 7 14 21 Oct. Outside New York City 1965 Oct. 6 13 20 27 1966 5 .... 12 19 26 For notes see p. 1671. 2,028 2,163 1,835 1,907 4,071 4,066 4,372 4,349 3,510 3,547 3,498 3,509 23,938 23,992 24,021 24,067 NOVEMBER 1966 WEEKLY REPORTING BANKS 1669 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments Cash assets U.S. Government securities Total Bills Other securities Notes and bonds maturing— Certificates Within lyr. 1 to 5 yrs. Obligations of States and political subdiv. Tax After war5 yrs. rants^ All other with— Other bonds, corp.stocks and securities Certif. or participation4 Total Other securities Cash All items Cur- Re- other in rency serves assets with process DoFor- and F.R. or mestic eign coin Banks banks banks col. Wednesday Large banks— Total 1965 25,009 26,781 26,938 26 858 2,848 4,661 4,839 4,776 22,750 22,840 22,663 23,127 2,872 3,060 2,881 3,355 22,332 21,784 23,045 22,699 2,632 2,181 3,465 3,154 4,393 4,390 4,357 4 374 10,443 10,448 10,468 10,419 7,325 7,282 7,274 7,289 739 743 732 739 3,158 3,102 3,121 3,168 9,414 9,407 9,381 9,276 6,567 6,528 6,548 6,589 3,015 3,026 2,951 2,995 21,209 21,152 21,239 21,171 726 706 696 695 3,232 3,239 3,245 3,286 9,209 9,147 9,166 9,159 6,533 6,511 6,473 6,405 3,023 2,998 2,879 2,911 21,118 21,061 21,008 20,891 26,235 26,319 26,231 26 168 35,545 40,432 37,028 35 408 16,144 3,854 19,769 4,148 16,984 3,953 15 833 198 2,189 13,160 7,134 206 2,441 13,868 7,007 208 2,371 13,512 6,853 215 13 077 ,024 ,008 ,062 ,066 2,286 2,351 2,317 2,268 39,187 42,044 39,730 37,783 18,758 20,802 18,594 17,438 3,932 4,412 4,091 3,734 205 204 200 191 2,435 2,608 2,562 2,623 13,857 14,018 14,283 13,797 7,771 7,714 7,563 7,779 Sept. 7 14 21 28 ,072 ,063 ,064 ,076 2,240 2,217 2,242 2,266 41,584 40,521 40,251 39,150 19,968 20,132 •8,828 18,086 3,847 4,125 4,356 3,918 217 193 200 216 2,329 2,566 2,561 2,645 5,223 3,505 4,306 4,285 7,804 7,785 7,724 7,577 Oct. Oct. 6 13 20 1966 5 12 19 26 New York City 1965 4,111 614 4,732 1,240 4,929 1,393 5,008 1,433 665 668 671 688 1,420 1,413 1,448 1,460 1,412 1,411 1,417 1,427 6,441 8,849 6,421 11,673 6,323 9,730 6,303 9,368 5,101 7,024 5,641 5.150 138 157 153 184 90 97 97 105 299 326 303 303 3,221 4,069 3,531 3,626 2,782 2,687 2,525 2.480 Oct. 6 13 20 27 1966 1,050 1,196 1,101 1,294 226 239 231 234 467 465 456 491 1,073 1,048 1,035 944 ,313 ,319 ,345 ,402 806 808 800 819 4,028 3,987 3,986 3,976 272 273 269 270 513 570 580 562 10,975 11,674 10,870 10,861 6,570 6,942 6,553 6,355 139 189 204 180 91 85 76 73 322 313 319 324 3,853 4,145 3,718 3,929 2,911 2,839 2,725 2,848 Sept. 7 14 21 28 3,804 803 3,623 624 4,170 1,152 4,065 1,052 216 217 232 221 487 483 491 524 951 953 924 963 ,347 ,346 ,371 ,305 856 872 803 773 3,959 3,933 3,896 3,856 263 267 258 262 550 550 564 584 12,262 10,914 10,310 11,073 7,302 6,870 6,287 6,956 195 166 207 197 92 68 77 91 318 333 321 325 4,355 3,477 3,418 3,504 2,886 2,892 2,853 2,708 Oct. 4,129 4,267 4,168 4,365 5 12 19 26 Outside New York City 1965 20 898 22 049 22*009 21 850 2 234 3*421 3446 3 343 18,621 18 573 18,495 18,762 1,822 1,864 1,780 2,061 18,528 18,161 18,875 18,634 1,829 1,557 2,313 2,102 023 035 020 959 19,794 19,898 19,908 19,865 26,696 28,759 27,298 26,040 11,043 12,745 11,343 10,683 3,716 3,991 3,795 3,650 108 109 111 110 1,890 2,115 2,068 2,146 9,939 9,799 9,981 9,451 4,352 4,320 4.32S 4,346 Oct. 6 13 20 27 3 728 3'722 3*686 3*686 9 9 9 8 513 504 501 505 2,691 2,637 2,665 2,677 8,341 8,359 8,346 8,332 5,254 5,209 5,203 5,187 2,209 2,218 2,151 2,176 17,181 17,165 17,253 17,195 752 735 793 796 ,773 ,781 737 ,706 28,212 30,370 28,860 26,922 12,188 13,860 12,041 11,083 3,793 4,223 3,887 3,554 114 119 124 118 2,113 2,295 2,243 2,299 10,004 9,873 10,565 9.868 4,860 4,875 4,838 4,931 Sep.^7 510 489 464 474 2,745 2,756 2,754 2,762 8,258 8,194 8,242 8,196 5,186 5,165 5,102 5,100 2,167 17,159 2,126 17,128 2,076 17,112 2,138 17,035 809 796 806 814 ,690 ,667 ,678 ,682 29,322 29,607 29,941 28,077 12,666 13,262 12,541 11,130 3,652 3,959 4,149 3,721 125 125 123 125 2,011 2,233 2,240 2,320 10,868 10,028 10,888 10,781 4,918 4,893 4,871 4,869 Oct. 5 5 5 5 913 871 857 862 1966 For notes see p. 1671. 21 28 5 12 19 26 1670 NOVEMBER 1966 WEEKLY REPORTING BANKS ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Wednesday Total unadjusted Total' IPC States and political subdivisions U.S. Govt. Time Domestic commercial banks IPC Foreign Govt. etc.« Com- Total' mercial banks Savings Other States and political subdivi- Domestic interbank Foreign Govt. etc. Commercial banks Large banks— Total 1965 01,635 : 07,985 04,626 02,479 74,047 77,847 76,809 76,248 5,327 5,057 4,925 5,287 2,707 4,884 4,119 3,121 13,223 13,469 12,340 11,759 690 748 795 709 ,320 1357 ,340 ,337 83,700 83,930 84,135 84,462 49,791 49,874 49,956 50,014 22,190 22,334 22,480 22,662 6,642 6,674 6,661 6,741 609 613 610 607 4,048 4,015 3,992 4,022 241 241 253 238 195,333 104,252 98,422 07,531 96,808 06,357 95,091 04,712 76,343 80,947 77,949 76,125 5,462 5,218 5,224 5,696 2,217 1,375 3,848 4,512 13,249 13,401 12,624 11,710 636 591 586 725 ,443 ,424 ,507 ,421 91,081 90,891 90,451 90,379 47,196 47,142 47,155 47,237 30,816 7,905 30,582 8,001 30,373 7,851 30,304 7,784 659 660 636 633 4,099 4,109 4,037 4,028 243 230 230 220 98,089 95,810 96,908 94,729 08,033 05,894 07,776 05,562 77,065 78,181 78,638 77,184 5,899 5,267 5,160 5,553 4,244 2,058 4,328 3,491 13,251 13,544 12,886 11,947 648 635 834 676 ,415 ,453 ,464 ,467 90,056 89,916 89,132 89,167 47,192 47,085 47,014 47,022 30,147 30,102 29,513 29,441 7,696 7,731 7,664 7,674 611 602 585 572 4,018 4,005 3,952 4,063 222 223 229 234 41,801 44,339 43,205 42,458 24,731 27,210 26,038 25,114 16,223 17,383 17,309 17,159 347 322 304 335 715 1,317 1,038 737 3,481 3,724 3,283 3,067 544 588 617 548 892 937 895 889 17,070 5,258 17,129 5,264 17,167 5,261 17,344 5,267 7,736 7,775 7,838 7,953 561 583 554 593 423 429 431 423 2,877 2,862 2,859 2,900 134 134 144 128 21 28 44,176 44,959 45,015 44,910 26,204 27,155 27,411 27,408 17,524 18,890 17,988 17,754 234 295 300 390 3,434 3,628 3,548 3,293 492 459 460 589 1,005 994 1,066 993 17,972 4,672 17,804 4,660 17,604 4,658 17,502 4,666 8,958 8,794 8,767 8,703 807 812 710 679 404 400 392 392 2,912 2,930 2,870 2,863 141 127 127 117 5 12 19 26 45,418 43,441 44,334 44,381 28,050 26,215 27,608 27,620 17,703 17,470 17,885 17,837 468 296 327 402 470 192 1,160 1,498 1,264 444 1,362 995 3,619 3,548 3,647 3,453 523 495 672 534 982 1,002 1,010 1,009 17,368 17,226 16,726 16,761 4,645 4,613 4,599 4,591 8,570 8,452 8,000 7,935 721 750 744 750 381 373 369 367 2,851 2,838 2,808 2,921 119 120 126 123 143,534 147,576 145,556 144,483 76,904 80,775 78,588 77,365 5.7,824 60,464 59,500 59,089 4,980 4,735 4,621 4,952 1,992 3,567 3,081 2,384 9,742 9,745 9,057 8,692 146 160 178 161 428 420 445 448 66,630 66,801 66,968 67,118 44,533 44,610 44,695 44,747 14,454 14,559 14,642 14,709 6,081 6,091 6,107 6,148 186 184 179 184 ,171 ,153 ,133 ,122 107 107 109 110 Sept. 7 14 21 28 151,157 153,463 151,793 150,181 78,048 80,376 78,946 77,304 58,819 62,057 59,961 58,371 5,228 4,923 4,924 5,306 1,747 1,183 2,688 3,014 9,815 9,773 9,076 8,417 144 132 126 136 438 430 441 428 73,109 73,087 72,847 72,877 42,524 42,482 42,497 42,571 21,858 21,788 21,606 21,601 7,098 7,189 7,141 7,105 255 260 244 241 ,187 ,179 ,167 ,165 102 103 103 103 Oct. 5 12 19 26 152,671 152,369 152,574 150,348 79,983 79,679 80,168 77,942 59,362 60,711 60,753 59,34" 5,431 4,971 4,833 5,151 2,980 1,614 2,966 2,496 9,632 9,996 9,239 8,494 125 140 162 142 433 451 454 458 72,688 72,690 72,406 72,406 42,547 42,472 42,415 42,431 21,577 21,650 21,513 21,506 6,975 6,981 6,920 6,924 230 229 216 205 ,167 ,167 ,144 14." 103 103 103 111 85,335 191,915 188,761 186,941 Oct. 6 13 20 27 1966 sept -.!:::::::::: 21 28 Oct. 5 12 19 26 New York City 1965 Oct. 6 13 20 27 1966 Sept. 7 14 Oct. Outside New York City 1965 Oct. 6 13 20 27 1966 For notes see opposite page. NOVEMBER 1966 1671 WEEKLY REPORTING BANKS ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings From FR Banks Memoranda Other liabilities Capital accounts From others Total assets— Total liabilities and capital accounts Total loans (net), adjusted* Total loans Demand (net), deposits adjusted, adjusted' and in- 9 vestments Large certificates of deposit10 Total issued Issued to IPC's Wednesday Issued to others Large banks— Total 1965 392 848 310 242 4,981 4,848 4,924 4,946 7,869 7,942 7,814 7,859 18,171 18 167 18,151 18,195 216,748 223,720 219,960 218,183 120,192 120,842 120,436 120,305 171,436 173,942 173,605 173,331 69,561 69,863 71,183 71,766 16,541 16,660 16,537 16,513 525 123 769 833 6,083 6,247 5,511 5,471 10,405 10,793 10,778 10,793 18,980 18,937 18,927 18,955 231,326 234,522 232,793 231,143 131,057 131,388 132,678 132,012 181,341 181,765 182,910 182,639 70,028 71,953 71,291 71,052 17,984 17,680 17,189 16,968 12,628 12,276 11,976 11,801 5,356 5,404 5,213 5,167 Sept. 7 14 21 28 614 355 722 451 6,549 6,309 6,003 5,713 10,566 10,823 10,747 10,699 19,036 19,052 19,011 19,017 234,854 232,349 233,391 230,609 132,509 131,941 132,063 131,058 182,294 181,064 182,301 180,901 70,570 70,160 71,734 72,038 16,672 16,618 15,941 15,891 11,522 11,437 10,832 10,772 5,150 5,181 5,109 5,119 Oct. Oct 6 20 27 1966 5 12 19 26 New York City 1965 3,482 3,522 3,403 3 424 5,001 5,002 5,000 5 000 51,869 54,943 53,306 52 660 28,628 28,877 28,707 28 462 39,180 40,030 39,959 39 773 15,434 15,145 16,076 16 160 6,897 6,957 6,992 6 948 2,367 2,330 1,927 1,738 5,216 5,302 5,082 5,277 5,075 5,070 5,063 5,060 56,882 57,669 57,185 57,314 32,249 32,415 33,032 32,578 41,997 42,320 42,835 42,570 15,730 16,393 16,150 16,262 6,927 6,710 6,598 6,504 4,980 4,792 4,787 4,709 1,947 1,918 1,811 1,795 Sept. 7 14 21 28 2,470 2,571 2,094 1,838 5,233 5,447 5,162 5,145 5,091 5,089 5,090 5,082 58,440 56,556 56,720 56,501 32,934 32,562 32,414 32,114 42,366 41,807 42,105 41,654 15,865 15,353 16,312 16,216 6,398 6,321 5,845 5,826 4,606 4,525 4,092 4,052 1,792 1,796 1,753 1,774 Oct. 180 23 79 1,585 1,900 1,675 1 699 48 8 98 329 228 8 40 55 Oct. 6 13 20 27 1966 5 12 19 26 Outside New York City 1965 91,564 91,965 91,729 91 843 132,256 133,912 133,646 133 558 54,127 54,718 55,107 55,606 9,644 9,703 9,545 9,565 Oct. 3,396 2,948 3,249 4,387 4,420 4,411 13,170 13,165 13,151 13 195 164,879 168,777 166,654 165 523 477 115 671 504 3,716 3,917 3,584 3,733 5,189 5,491 5,696 5,516 13,905 13,867 13,864 13,895 174,444 176,853 175,608 173,829 98,808 98,973 99,646 99,434 139,344 139,445 140,075 140,069 54,298 55,560 55,141 54,790 11,057 10,970 10,591 10,464 7,648 7,484 7,189 7,092 3,409 3,486 3,402 3,372 386 347 682 396 4,079 3,738 3,909 3,875 5,333 5,376 5,585 5,554 13,945 13,963 13,921 13,935 176,414 175,793 176,671 174,108 99,575 99,379 99,649 98,944 139,928 139,257 140,196 139,247 54,705 54,807 55,422 55,822 10,274 10,297 10,096 10,065 6,916 6,912 6,740 6,720 3,358 3,385 3,356 3,345 392 668 287 6 13 20 27 1966 1 2 After deduction of valuation reserves. Individual items shown gross. . . * Includes short-term notes and bills (less than 1 year to maturity) issued by States and political subdivisions. 4 Federal agencies only. 5 Includes certified and officers' checks, not shown separately. "Deposits of foreign governments and official institutions, central banks, and international institutions. 21 28 Oct. 5 12 19 26 11ncludes U.S. Government and postal savings, not shown separately 8 Exclusive of loans to domestic commercial banks. 9 All demand deposits except U.S. Government and domestic commercial banks, less cash items in process of collection. 10 Certificates of deposit issued in denominations of $100,000 or more. NOTE.—Beginning June 29,1966, coverage of series was changed from denominations of $100,000 or more. For description of revisions, see Aug. 1966 BULLETIN, PP. 1137-40. 1672 NOVEMBER 1966 BUSINESS LOANS OF BANKS COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Net change during— Outstanding 1966 1966 Industry Oct. 19 Oct. 963 3,957 1,761 1,627 1,982 968 3,974 1,755 1,639 1,986 971 3,960 1,804 1,638 1,999 979 3,947 1,784 1,641 1,997 1,010 3,903 1,766 1,674 1,981 2,451 2,011 1,777 2,215 1,525 2,424 2,087 1,773 2,214 1,541 2,351 2,142 1,773 2,239 1,570 2,374 2,177 1,769 2,239 1,592 2,289 2,205 1,775 2,216 1,592 -194 2 -1 -67 3,979 1,205 2,866 3,513 4,004 1,212 2,887 3,541 3,999 1,178 2,877 3,507 3,994 1,178 2,869 3,504 4,023 1,170 2,870 3,404 -44 35 -4 109 6,814 2,610 6,795 2,618 6,779 2,617 6,800 2,617 6,710 2,636 104 -26 387 352 379 394 Oct. 26 Oct. 12 5 Sept. 28 Durable goods manufacturing: Primary metals Machinery Transportation equipment Other fabricated metal products.. Other durable goods Nondurable goods manufacturing: Food, liquor, and tobacco Textiles, apparel, and leather Petroleum refining Chemicals and rubber Other nondurable goods Mining, including crude petroleum and natural gas Trade: Commodity dealers Other wholesale Retail Transportation, communication, and other public utilities Construction All other: > Bankers' acceptances All other types of business, mainly services Total classified loans 363 6,730 6,721 6,738 6,732 6,712 48,373 48,491 48,521 48,587 48,299 Commercial and industrial loans— All weekly reporting banks 59,483 59,584 59,568 59,611 59,399 1 Beginning Dec. 31, 1963, bankers' acceptances for the creation of dollar exchange are excluded from commercial and industrial loans and those relating to commercial transactions are shown in a separate category. Current figures are therefore not strictly comparable with figures previously reported, but differences are relatively small. Sept. Oct. -47 54 -5 -47 -75 241 52 27 31 1966 Aug. III 80 467 233 169 234 1966 1965 1st half 2nd half 153 213 125 96 156 233 680 358 265 390 17 121 -39 325 149 330 93 -156 550 256 353 309 760 -164 259 83 62 226 -222 155 466 118 -100 6 344 -322 161 455 243 436 183 -77 343 153 -123 36 220 189 961 26 18 -16 142 -14 -1 -75 360 239 72 78 55 28 -15 19 34 56 106 -92 81 127 156 -39 51 92 -72 32 -44 -164 222 22 42 -116 303 -55 -98 -27 370 -74 24 14 -61 -101 -231 -232 -186 18 74 33 1,023 -85 -186 -56 1,261 226 2,753 243 1,769 469 4,522 381 3,388 84 1,147 -441 1,153 3,152 2,011 5,163 3,782 1 162 112 -53 -1 106 111 -117 225 107 23 216 -11 -1 130 70 83 NOTE.—About 200 of the weekly reporting member banks are included in this series; these banks classify, by industry, commercial and industrial loans amounting to about 85 per cent of such loans held by all weekly reporting member banks, and about 60 per cent of those held by all commercial banks. BANK RATES ON SHORT-TERM BUSINESS LOANS (Per cent per annum) Area and period All loans Size of loan (thousands of dollars) 110 10100 100200 200 and over Year: 19 large cities: 1956 1957 1958 1959 4.2 4.6 4.3 5.0 5.2 5.5 5.5 5.8 4.8 5.1 5.0 5.5 4.4 4.8 4.6 5.2 4.0 4.5 4.1 4.9 I960 1961 1962 1963 1964 1965 5.2 5.0 5.0 5.0 5.0 5.1 6.0 5.9 5.9 5.9 5.9 5.9 5.7 5.5 5.5 5.5 5.6 5.6 5.4 5.2 5.2 5.2 5.3 5.4 5.0 4.8 4.8 4.8 4.8 4.9 Quarter:' 19 large cities: 1965—Sept Dec 5.00 5.27 5.90 5.96 5.60 5.74 5.32 5.51 4.80 5.11 1966—Mar June 5.55 5.82 6.30 6.13 6.39 6.73 5.96 6.25 6.65 5.76 6.03 6.51 5.41 5.68 6.18 Sept i Based on new loans and renewals for first 15 days of month. NOTE.—Weighted averages. For description see Mar. 1949 BULLETIN p. 228-37. Bank prime rate was 3V4 percent Jan. 1,1956—Apr. 12,1956. Changes Area and period Size of loan (thousands of dollars) All loans 110 10100 100- 200 200 and over 4.76 5.08 5.41 5.65 6.13 5.65 5.74 5.92 6.14 6.60 5.37 5.59 5.78 6.11 6.57 5.13 5.34 5.66 5.87 6.39 4.64 4.99 5.34 5.57 6.05 7 other northern and eastern cities: 1965—Sept Dec 1966—Mar. June Sept 5.03 5.32 5.58 5.86 6.40 5.88 5.95 6.10 6.32 6.62 5.62 5.80 6.05 6.35 6.75 5.31 S.56 5.82 6.08 6.60 4.87 5.19 5.46 5.74 11 southern and western cities: 1965—Sept Dec 1966—Mar June Sept 5.31 5.46 5.70 6.00 6.42 6.02 6.07 6.23 6.52 6.84 5.73 5.80 6.01 6.28 6.65 5.45 5.59 5.77 6.08 6.51 5.03 5.23 5.50 '5.82 6.26 Quarter—cont.:> New York City: 1965—Sept Dec 1966—Mar June Sept 6.31 thereafter occurred on the following dates (new levels shown in per cent): l 9 5 6 T , A p r - , 1 3 - W*' Au B- 2I> 4 : 1957—Aug. 6, 4H; 1958—Jan.22, 4; Apr. 21, 3V4; Sept. 11, 4; 1959—May 18, 4Vi; Sept. 1, 5; I960—Aug. 23, 4V4; 1956—Dec. 6, 5; and 1966—Mar. 10, 5"/i; June 29, 5%; and Aug. 17, 6. NOVEMBER 1966 INTEREST RATES 1673 MONEY MARKET HATES (Per cent per annum) Period 1965 Prime coml. paper, 4-to 6months ' U.S. Government securities (taxable) « Finance CO. paper placed directly, 3- to 6months * Prime bankers' acceptances, 90 days 1 Federal funds rate 3 3-month bills 5 Rate on new issue 6-month bills Market yield s Rate on new issue Market yield 9- to 12-month issues Bills (market yield) 5 Other 6 3- to Syear issues 7 4.38 4.27 4.22 4.07 3.954 3.95 4.055 4.05 4.06 4.09 4.22 Oct Nov Dec 4.38 4.38 4.65 4.32 4.38 4.60 4.25 4.25 4.55 4.08 4.10 4.32 4.032 4.082 4.362 4.02 4.08 4.37 4.197 4.238 4.523 4.18 4.24 4.54 4.16 4.23 4.56 4.18 4.29 4.66 4.33 4.46 4.77 1966—Jan Feb Mar Apr. May June July Aug Sept Oct 4.82 4.88 5.21 5.38 5.39 5.51 5.63 5.85 5.89 6.00 4.82 4.88 5.02 5.25 5.38 5.39 5.51 5.63 5,67 5.82 4.75 4.86 4.96 5.00 5.18 5.39 5.58 5.67 5.75 5.72 4.42 4.60 4.65 4.67 4.90 5.17 5.30 5.53 5.40 5.53 4.596 4.670 4.626 4,611 4.642 4.539 4.855 4.932 5.356 5.387 4.58 4.65 4.58 4.61 4.63 4.50 4.78 4.95 5.36 5.33 4.731 4.820 4.825 4.742 4.814 4.696 4.982 5.189 5.798 5.652 4.71 4.82 4.78 4.74 4.81 4.65 4.93 5.27 5.79 5.61 4.69 4.81 4.81 4.76 4.85 4.78 4.94 5.34 5.80 5.52 4.83 4.92 4.96 4.87 4.90 4.94 5.17 5.52 5.80 5.57 4.89 5.02 4.94 4.86 4.94 5.01 5.22 5.58 5.62 5.38 Week ending— 1966 Oct. 1 g 15 22 29 5.95 6.00 6.00 6.00 6.00 5.75 5.75 5.75 5.88 5.88 5.75 5.75 5.75 5.75 5.65 4.50 5.86 5.50 5.64 5.04 5.503 5.408 5.471 5.424 5.246 5.39 5.36 5.44 5.36 5.22 5.804 5.673 5.750 5.651 5.536 5.69 5.65 5.71 5.60 5.53 5.79 5.63 5.56 5.48 5.44 5.74 5.61 5.59 5.58 5.53 5.49 5.39 5.42 5.37 5.36 1965 i Averages of daily offering rates of dealers. 2 Averages of daily rates, published by finance cos., for varying maturities in the 90-179 range _._ day ay range. 3 Seven-day average for week ending Wed, * Except for new bill issues, yields are averages computed from daily closing bid prices. 5 Bills quoted on bank discount rate basis. 6 Certificates and selected note and bond issues. ' Selected note and bond issues. BOND AND STOCK YIELDS (Per cent per annum) Government bonds United States (longterm) Period Corporate bonds By selected rating State and local Stock i By group Dividend/ price ratio Earnings/ price ratio Total i Total 1 Aaa Aaa Baa Baa Industrial Railroad Public utility Preferred Common Common 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 1965 oct Nov Dec . 4.27 4.34 4.43 3.46 3.50 3.56 3.31 3.34 3.39 3.65 3.70 3.78 4.72 4.75 4.84 4.56 4.60 4.68 4.93 4.95 5.02 4.67 4.71 4.79 4.81 4.83 4.91 4.67 4.71 4.82 4.38 4.41 4.47 2.91 2.96 3.06 5.68 1966 Ian Feb Mar . . 4.43 4.61 4.63 4.55 4.57 4.63 4.74 4.80 4.79 4.70 3.56 3.66 3.78 3.68 3.76 3.84 4.01 4.16 4.18 4.09 3.40 3.48 3.55 3.46 3.53 3.60 3.77 3.91 3.93 3.82 3.79 3.93 4.11 4.06 4.13 4.16 4.31 4.46 4.48 4.42 4.89 4.94 5.10 5.16 5.18 5.28 5.36 5.50 5.71 5.67 4.74 4.78 4.92 4.96 4.98 5.07 5.16 5.31 5.49 5.41 5.06 5.12 5.32 5.41 5.48 5.58 5.68 5.83 6.09 6.10 4.84 4.91 5.06 5.09 5.12 5.25 5.33 5.49 5.71 5.63 4.97 5.02 5.18 5.19 5.20 5.26 5.37 5.48 5.65 5.67 4.85 4.90 5.08 5.21 5.23 5.32 5.39 5.54 5.78 5.72 4.51 4.63 4.83 4.78 4.83 4.93 5.00 5.18 5.23 5.28 3.02 3.06 3.23 3.15 3.30 3.36 3.37 3.60 3.75 3.76 4.76 4.75 4.76 4.71 4.62 4 14 4.12 4.12 4.09 4.01 3.88 3.86 3.86 3.83 3.75 4.45 4.45 4.45 5.71 5.69 5.67 5.47 5.44 5.43 6.08 6.08 6.10 5.68 5.66 5.64 5.66 5.65 5.65 5.79 5.77 5.73 5.25 5.30 5.26 3.77 3.89 3.77 4.35 5.65 5.37 6.11 5.61 5.68 5.67 5.25 3.66 10-11 20 5 5 120 30 30 40 40 40 14 500 Apr • May Ju]y Oct • •. Week ending— \ 966 Oct 1 8 15 22 29 Number of issues 1 Includes bonds rated Aa and A, data for which are not shown separately. Because of a limited number of suitable issues, the number of corporate bonds in some groups has varied somewhat. NOTE.—Annual yields are averages of monthly or quarterly data. Monthly and weekly yields are computed as follows: U.S. Covt. bonds: Averages of daily figures for bonds maturing or callable in 10 years or more. State and local govt. bonds: General obligations only, based on 6.13 6.80 500 Thurs. figures. Corp. bonds: Averages of daily figures. Both of these series are from Moody's Investors Service series. Stocks: Standard and Poor's Corp. series. Dividend/price ratios are based on Wed. figures; earnings/price ratios are as of end of period. Preferred stock ratio is based on 8 median yields for a sample of noncallable issues—12 industrial and 2 public utility; common stock ratios on the 500 stocks in the price index. Quarterly earnings are seasonally adjusted at annual rates. 1674 NOVEMBER 1966 SECURITY MARKETS SECURITY PRICES MORTGAGES: NEW AND EXISTING HOMES (Per cent) Common stock prices (1941-43- 10) Bond prices Contract interest rate on conventional first mortgages Yield onFHAinsured FHA series Period New New Existing Period Existing 1961 1962 1963 1964 1965 5 69 S 60 5.46 5.45 5.47 5 97 5.93 5.81 5.80 5.83 6.04 5.99 5.87 5.85 5.89 5.84 5.78 5.76 5.98 5.92 5.89 1965—Sept Oct Nov Dec 5.46 5.49 5.51 5.62 5.80 5.85 5.90 6.00 5.90 5.90 5.95 6.05 5.75 5.75 5.80 5.78 5.89 5.87 5.91 5.91 1966—Ian Feb Mar..... Apr..... May June.... July Aug Sept Oct. , . . 5.70 6.00 6.05 6.15 6.25 6.30 6.40 6.45 6.55 6.65 6.70 6.05 6.10 6.20 6.30 6.35 6.50 6.55 6.65 6.70 6.75 5.81 5.85 5.90 5.99 6.02 6.07 6.12 6.18 6.22 5.97 5.97 6.01 6.09 6.16 6.18 6.24 6.35 6.40 6.00 6.32 6.45 6.51 6.58 6.63 U.S. Govt. Congterm) State and local Corpor- Total ate AAA Industrial Railroad Public utility 1964 1965 84.46 83.76 111.5 110.6 95.1 93.9 81.37 88.17 86.19 93.48 45.46 46.78 69.91 76.08 1965—Oct.. Nov.. Dec... 82.97 82.22 81.21 108.4 107.7 106.3 92.7 92.3 91.1 91.39 92.15 91.73 97.20 98.02 97.66 48.46 50.23 51.03 4,888 6,174 76.69 7,809 76.72 7,360 75.39 8,690 1966—Jan... Feb... Mar.. Apr... May.. June.. July.. Aug.. Sept.. Oct... 81.15 79.32 78.92 79.75 79.56 78.93 77.62 77.02 77.15 78.07 106.9 105.2 103.9 105.9 104.5 103.2 100.9 97.7 98.5 100.5 90.5 89.5 87.9 87.6 87.6 86.9 86.0 84.1 82.6 83.5 93.32 92.69 88.88 91.60 86.78 86.06 85.84 80.65 77.81 77.13 99.56 99.11 95.21 98.17 92.85 92.14 91.95 86.40 83.11 82.01 53.68 54.78 51.52 52.33 47.00 46.35 45.50 42.12 40.31 39.44 74.50 71.87 69.21 70.06 68.49 67.51 67.30 63.41 63.11 65.41 8,753 8,327 9,310 8,165 6,393 5,997 7,064 5,722 7,000 77.46 77.53 77.49 78.03 78.96 99.7 99.9 100.1 100.4 101.5 82.7 83.0 83.4 83.6 83.8 77.19 74.39 75.99 78.05 79.47 82.36 79.21 80.89 82.90 84.43 40.15 38.64 39.07 39.80 39.87 63.11 62.06 63.72 66.90 68.26 5,915 7,512 7,858 6,355 6,379 FHLBB series New Volume of trading (lhous. shares) 8,935 Week ending— Oct. NOTE.—Annual data are averages of monthly figures. The FHA data are based on opinion reports submitted by field offices on prevailing conditions in their localities as of the first of the succeeding month. The yields are derived from weighted averages of private secondary market prices for Sec. 203, 30-year mortgages with minimum downpayments and an assumed prepayment at the end of 15 years. Gaps in the data are due to periods of adjustment to changes in maximum permissible contract interest rates. The FHA series on average interest rates on conventional first mortgages are unweighted and are rounded to the nearest five basis points. For FHLBB series, see footnote to table on Conventional First Mortgages, page 1691. 1 8 15 22 29.... NOTE.—Annual data are averages of monthly figures. Monthly and weekly data are averages of daily figures unless otherwise noted and are computed as follows: U.S. Govt. bonds, derived from average market yields in table at bottom of preceding page on basis of an assumed 3 per cent, 20-year bond. Municipal and corporate bonds, derived from average yields as computed by Standard and Poor's Corp., on basis of a 4 per cent, 20-year bond; Wed. closing prices. Common stocks, Standard and Poor's index. Volume of trading, average daily trading in stocks on the N.Y. Stock Exchange for a 5V4-hour trading day. STOCK MARKET CREDIT (In millions of dollars) Customer credit Month Total securities other than U.S. Govt. Net debit balances with N.Y. Stock Exchange firms secured by— U.S. Govt. securities Other securities Broker and dealer credit Bank loans tci others than brokers and dealers for purchasing or carrying— U.S. Govt. securities Other securities Money borrowed on— Customers' Other securities U.S. Govt. securities Total Customer collateral Other collateral free credit balances 1963—Dec... 1964—Dec... 7,242 7,053 26 21 5,515 5,079 140 72 1,727 1,974 32 222 4,449 3,910 3,852 3,393 597 517 ,210 ,169 1965—Sept..... Oct Nov..... 7,036 7,117 7,304 7,705 7,726 7,950 7,823 7,991 7,905 8,001 7,870 7,811 7,525 22 23 23 22 4,994 5,073 5,209 5,521 88 95 93 101 2,042 2,044 2,095 2,184 86 150 134 130 3,522 3,403 3,527 3,576 2,978 2,882 2,930 2,889 544 521 597 687 ,369 ,475 ,479 1,666 24 24 26 27 29 29 34 35 45 5,551 5,753 5,645 5,835 5,768 5,770 5,667 5,609 5,355 104 101 105 92 88 87 116 115 106 2,175 2,197 2,178 2,156 2,137 2,231 2,203 2,202 2,170 126 34 108 193 153 126 55 109 103 3,543 3,552 3,495 3,665 3,588 3,683 3,731 3,676 3,434 2,948 2,959 2,855 2,983 2,935 2,977 3,127 3,082 2,859 595 593 640 682 653 706 604 594 575 1,730 1,765 1 822 744 1,839 1,658 1,595 1,595 1,528 Dec... 1966—Jan Feb Mar..... Apr..... May.... June.... July Aug Sept NOTE.—Data in first 3 cols, and last col. are for end of month; in other cols, for last Wed. Net debit balances and broker and dealer credit; Ledger balances of member firms of N.Y. Stock Exchange carrying margin accounts, as reported to Exchange. Customers' debit and free credit balances exclude balances maintained with reporting firm by other member firms of national securities exchanges and balances of reporting firm and of general part- ners of reporting firm. Balances are net for each customer—i.e., all accounts of one customer are consolidated. Money borrowed includes borrowings from banks and from other lenders except member firms of national securities exchanges. Bank loans to others than brokers and dealers: Figures are for large commercial banks reporting weekly. NOVEMBER 1966 OPEN MARKET PAPER; SAVINGS INSTITUTIONS 1675 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS" ACCEPTANCES OUTSTANDING (In millions of dollars) Dollar acceptances Commercial and finance company paper Held b y End of period Accepting banks Total Placed through dealers t Placed directly 2 Total Own Bills bills bought Total Based on— F.R. Banks Own acct. Foreign corr. Goods stored in or ImExshipped between ports ports Dollar points in— Others into from exUnited United change States States United Foreign States countries 1959 1960 1961 1962 1963 1964 3,202 4,497 4,686 6,000 6,747 8,361 677 1,358 1,711 2,088 1,928 2,223 2,525 3,139 2,975 3,912 4,819 6,138 1,151 2,027 2,683 2,650 2,890 3,385 282 319 662 490 ,272 896 ,153 865 ,291 1,031 ,671 1,301 36 173 376 288 260 370 75 74 51 110 162 94 82 230 126 86 92 122 675 ,060 234 ,301 ,345 ,498 357 403 485 541 567 667 309 669 969 778 908 999 74 122 117 186 56 111 162 308 293 171 41 43 249 524 819 974 ,317 ,565 1965—Sept. Oct.. Nov. 9,692 [0,554 10,406 9,017 2,194 2,250 2,205 1,903 7,498 8,304 8,201 7,114 3,314 3,310 3,245 3,392 ,311 ,114 264 ,099 ,188 1^051 ,223 ',094 198 165 136 129 63 86 110 152 156 146 144 ,787 ,804 ,802 ,837 820 842 802 792 942 919 917 974 17 18 14 27 20 16 26 35 ,516 ,515 ,485 ,564 1966—Jan.. Feb.. Mar. Apr.. May. June, July. Aug. Sept. 9,910 10,275 10,649 11,142 11,335 10,675 12,094 12,720 11,649 1,834 1,828 2,066 2 253 2,113 2,090 2,361 2,653 2,773 8,076 8,447 8,583 8,889 9,222 8,585 9,733 10,067 8,876 3,332 3,313 3,388 3,464 3,418 3,420 3,369 3,387 3,370 ,206 ,294 ,266 ,284 269 ,061 ,005 909 935 97 117 229 224 235 110 122 134 135 129 137 159 252 257 272 243 ,883 ,762 752 738 775 829 834 881 911 946 957 933 920 887 875 847 833 790 781 760 26 35 36 34 39 34 54 64 62 29 22 21 20 20 24 23 54 60 ,592 ,600 ,668 ,706 ,679 ,648 ,591 ,541 ,531 Dec 1,109 1,177 1,037 1,060 1,034 927 912 824 846 1 As reported by dealers; includes finance company paper as well as other commercial paper sold in the open market. 134 93 84 89 187 126 159 180 238 51 48 47 ,867 ,884 1,810 1,869 2,056 2,158 2,145 2 As reported by finance companies that place their paper directly with investors. Series includes all paper with maturity of 270 days or more. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities End of period Mortgage Other U.S. Govt. State and local govt. 1,' 86 I 2^7 4 787 4 202 89 62 3,592 10 650 19J9 4 I960 24,769 26,702 358 416 6,871 6,243 721 672 1961 1962 1963 1964 28,902 32,056 36,007 40,328 475 602 607 739 6,160 6,107 5,863 5,791 42,964 43,305 43,680 44,031 44,433 872 842 813 888 862 44,709 44,952 45,180 45,335 45,529 45,688 45,968 46,232 904 925 913 867 991 923 1,035 1,095 1941 1945 1965 Aue. Sept Oct Nov. Dec 1966—Jan Feb Mar. Apr. May July Aug Corporate and other ' Other assets Other liabilities General reserve accounts Mortgage loan commitments 3 Number Amount 829 606 689 185 11,772 16 962 10,503 15,332 38 48 1,231 1,582 4,845 5,076 829 874 552 589 38,945 40,571 34,977 36,343 606 678 3,362 3,550 65,248 58,350 1,170 1,200 667 527 440 391 5,040 5,177 5,074 5,099 937 956 912 1,004 640 695 799 886 42,829 46,121 49,702 54,238 38,277 41,336 44,606 48,849 781 828 943 989 3,771 61,855 3,957 114,985 4,153 104,326 4,400 135,992 1,654 2,548 2,549 2,820 5,814 5,795 5,585 5,515 5,485 349 349 338 333 320 5,299 5,263 5,265 5,243 5,170 941 960 897 885 1,017 951 958 974 966 944 57,191 57,470 57,552 57,863 58,232 51,063 51,506 51,663 51,826 52,443 1,502 1,326 1,283 1,366 1,124 4,626 4,639 4,607 4,672 4,665 136,180 132,029 127,757 124,097 120,476 2,928 2,897 2,859 2,824 2,697 5,560 5,623 5,600 5 335 5,311 5,150 5,101 5,062 314 313 317 307 297 286 280 276 5,217 5,289 5,352 5,323 5 353 5,397 5,494 5,659 920 932 896 849 854 963 852 826 965 965 998 994 995 1,007 1,042 1,007 58,588 58,999 59,256 59,010 59,330 59,415 59,772 60,156 52,689 52,907 53,286 52,959 53,075 53,318 53,523 53,689 1,230 1,354 1,228 1,343 1,480 1,332 1,499 1,641 4,669 4,737 4,742 4,707 4,774 4,765 4,750 4,827 116,124 114,106 113,554 115,845 116,497 115,006 104,630 101,682 2,590 2,551 2,565 2,580 2,637 2,464 2,352 2,274 i Also includes securities of foreign governments and international organizations and nonguaranteed issues of U.S. Govt. agencies. z See note 4, p. 1661. 3 Commitments outstanding of banks in N.Y. State as reported to the Savings Bank Assn. of the State of N.Y. < Data reflect consolidation of a large mutual savings bank with a commercial bank. Cash Total assets— Total liabili- Deposties its 2 and general reserve accts. NOTE.—National Assn. of Mutual Savings Banks data; figures are estimates for all savings banks in the United States and differ somewhat from those shown elsewhere in the BULLETIN; the latter are for call dates and are based on reports filed with U.S. Govt. and State bank supervisory agencies. Loans are shown net of valuation reserves. 1676 NOVEMBER 1966 SAVINGS INSTITUTIONS LIFE INSURANCE COMPANIES (In millions of dollars) Business securities Government securities End of period assets Total United States Statement value: 1941 1945 I960 1961 1962 1963 1964 1965 32,731 44,797 119,576 126,816 133,291 141,121 149,470 158,884 9,478 22,545 11,679 11,896 12,448 12,438 12,322 11,679 6,796 20,583 6,427 6,134 6,170 5,813 5,594 5,119 Book value: 1963 Dec 1964 Dec 141,121 149,470 12,464 12,343 12,033 11,897 11,758 11,677 11,597 11,631 11,624 11,424 11,332 11,260 10,950 10,985 10,950 5,813 5,594 5,353 5,259 5 163 5,110 5,064 5,132 5,159 5,031 5,019 4,983 4 803 4,852 4,840 1965 AUK. ' Sent .... .... Oct Nov Dec 1966 Jan Feb Mar. Apr May 155,387 1S6.040 156,891 157,641 158,702 159,628 160,234 160,798 161,476 162,036 162,511 163,488 163,937 July Aug State and Foreign' local Total Bonds Stocks 601 999 1,995 687 722 3,588 3,888 4,026 3,852 3,774 3,530 1,240 1,664 1,874 2,252 2,773 2,954 3,030 10,174 11,059 51,857 55,294 57,576 60,780 63,579 67,599 9,573 10,060 46,876 49,036 51,274 53,645 55,641 58,473 3,868 3,785 3,624 3,584 3,544 3,523 3,507 3,472 3,444 3,375 3,293 3,260 3,192 3,219 3,214 2,783 2,964 3,056 3,054 3,051 3,044 3,026 3,027 3,021 3,018 3,020 3,017 2,955 2,914 2,896 59,434 62,112 64,737 64,899 65,530 65,672 65,520 66,158 66,323 66,827 67,100 67,234 67,476 67,982 68,057 53,770 55,735 57,902 57,944 58,342 58,539 58,377 58,867 59,031 59,558 59,821 59,923 60,147 60,713 60,698 I Issues of foreign governments and their subdivisions and bonds of the International Bank for Reconstruction and Development. NOTE.—Institute of Life Insurance data; figures are estimates for all life insurance cos. in the United States. gages Real estate loans Other assets 1,840 1,738 5,273 5,683 6,024 6,385 6,749 7,234 7,646 8,143 8,371 8,604 8,622 8,698 9,109 8,905 8,930 8,685 8,645 8,655 8,631 8,487 8,354 4,981 6,258 6,302 7,135 7,938 9,126 6,442 6,636 41,771 44,203 46,902 50,544 55,152 60,013 3,765 4,007 4,107 4,319 4,528 4,681 2,919 1,962 5,231 5,733 6,234 6,655 7,140 7,678 5,664 6,377 6,835 6,955 7,074 7,133 7,243 7,291 7,292 7,269 7,279 7 311 7,329 7,269 7,359 50,596 55,197 58,073 58,411 58,824 59,276 60,021 60,518 60,881 61,288 61,710 62,101 62,547 62,969 63,336 4,325 4,534 4,653 4,677 4,682 4,695 4,681 4,694 4,704 4,725 4,734 4,735 4,744 4,777 4,791 6,656 7,141 7,520 7,552 7,589 7,623 7,674 7,722 7,772 7,849 7,955 8,051 8,163 8,288 8,449 1,878 857 Year-end figures: Annual statement asset values, with bonds carried on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and accrued and for differences between market and book values are not made on each item separately but are included in total, in "other assets." SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Assets End of period Mortgages U.S. Govt. securities Liabilities Cash Other i Total assets2— Total liabilities Savings capital Reserves and Borrowed Loans in undivided money 3 process profits Other Mortgage loan commitments4 1941 1945 1959 1960 1961 1962 1963 1964 4,578 5,376 107 2,420 344 450 775 356 6,049 8,747 4,682 7,365 475 644 256 336 53,141 60,070 68,834 78,770 90,944 lOl|333 4,477 4,595 5,211 5,563 6,445 6,966 2,183 2,680 3 315 3,926 3,979 4,015 3,729 4,131 4,775 5,346 6,191 7,041 63,530 71,476 82,135 93,605 107,559 119,355 54,583 62,142 70,885 80,236 91,308 101,887 4,393 4,983 5,708 6,520 7,209 7,899 2,387 2,197 2,856 3,629 5,015 5,601 1,293 1,186 1,550 1,999 2,528 2,239 874 968 1,136 1,221 1,499 1,729 1,285 1,359 1,908 2,230 2,614 2,590 1965—Aug. Sept. Oct.. Nov. Dec. 107,513 108,255 108,922 109,507 110,202 7,160 7,170 7,300 7,439 7,405 3,300 3,398 3,442 3,539 3,899 7,670 7,795 7,861 8,101 7,936 125,643 126,618 127,525 128,586 129,442 106,199 107,239 107,821 108,628 110,271 8,341 8,345 8,350 8,357 8,708 6,140 6,169 6,167 6,071 6,440 2,382 2,329 2,276 2,217 2,189 2,617 2,536 2,911 3,313 1,834 3,124 3,076 2,993 2,911 2,745 1966—Jan.. Feb.. Mar. Apr. May. June. July' Aug.. 110,700 111,246 112,001 112,736 113,249 113,669 113,750 113,897 7,694 7,842 7,850 7,637 7,632 7,340 7,304 7,353 3,321 3,391 3,249 3,096 3,179 3,369 2,818 2,717 7,799 7,868 8,018 8,129 8,542 8,421 8,288 8,463 129,514 130,347 131,118 131,598 132,602 132,799 132,160 132,430 110,194 110,722 111,560 110,787 111,174 112,359 110,851 110,975 8,713 8,730 8,721 8,720 8,726 9,002 9,005 9,002 6,262 6,102 6,070 6,949 7,139 7,345 7,887 7,748 2,107 2,104 2,223 2,289 2,278 2,161 1,992 1,814 2,238 2,689 2,544 2,853 3,285 1,932 2,425 2,891 2,808 2,937 3,281 3,200 2,927 2,568 2,302 2,062 1 Includes other loans, stock in the Federal home loan banks, other investments, real estate owned and sold on contract, and office buildings and fixtures. 2 Before 1958, mortgages are net of mortgage-pledged shares. Asset items will not add to total assets, which include gross mortgages with no deductions for mortgage-pledged shares. Beginning with Jan. 1958, no deduction is made for mortgage-pledged shares. These have declined consistently in recent years and amounted to S42 million at the end of 1957. 1 Consists of advances from FHLB and other borrowing. 636 402 • Commitments data comparable with those shown for mutual savings banks (on opposite page) would include loans in process. NOTE.—Federal Savings and Loan Insurance Corp. data; figures are estimates for all savings and loan assns. in the United States. Data beginning with 1954 are based on monthly reports of insured assns. and annual reports of noninsured assns. Data before 1954 are based entirely on annual reports. Data for current and preceding year are preliminary even when revised. NOVEMBER 1966 1677 FEDERALLY SPONSORED CREDIT AGENCIES MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Assets Bnd of period Advances to members Investments 1937 1958 1959 1,263 1,298 2,134 I960 1961 1962 1963 1964 Liabilities and capital Federal National Mortgage Assn. (secondary market operations) Banks Tor cooperatives Federal intermediate credit banks Federal land banks Mortgage loans (A) Debentures and notes (L) Loans to cooperatives (A) Debentures 685 769 866 1,562 1,323 1,967 I 315 1.100 1,640 454 510 622 222 252 364 932 1 157 1 391 938 1 180 1 214 1,151 1,199 989 1 107 J 126 171 ,227 2 788 2 770 2,752 2,000 1,940 2 523 2 453 2«1 ,788 ,601 649 697 735 840 958 407 435 505 589 686 1 501 1 *650 1*840 2 099 2*. 247 2jll2 1 sfid 2 828 3 052 3*310 3I7I8 5,046 5,018 5,221 5,221 944 965 936 1,045 ,270 ,272 275 ,277 2.108 2,169 2,290 2,456 ,756 ,845 ,918 ,884 940 ,009 ,082 ,055 708 744 787 797 2,725 2,617 2,501 2,516 2,603 2,501 2,386 2)335 4,171 4,204 4,245 4,281 3,612 3,671 3,671 3,710 5,068 5,050 5,060 5,435 5,895 6,309 6,594 6,615 6,765 844 796 824 812 841 1,025 711 711 734 ,281 ,292 ,303 ,325 ,335 ,339 ,356 ,355 1,360 2,666 2,912 3,188 3,358 3,502 3,611 3,801 3,891 3,965 2,338 2,397 2,648 2,820 3,144 3,269 3,058 3,414 3,178 ,113 ,145 ,137 ,148 ,106 ,105 ,167 ,190 1,199 797 819 819 859 835 844 844 882 882 2,541 2,601 2,708 2,843 2,947 3,066 3,159 3,139 3,077 2,342 2,404 2,470 2,602 2,744 2,853 2,935 2,990 2,991 4,328 4,385 4,477 4,553 4,647 4,725 4,788 4,853 4,900 3,710 3,813 3,813 3,813 3,980 4,105 4,212 4,212 4,295 Cash and deposits Bonds and notes 908 999 1,093 63 75 103 1.981 2,662 3,479 4,784 5,325 ) 511 153 ,531 ,906 ,523 1965—Sept... Oct... Nov... Dec... 5,802 5,826 5,724 5,997 1966—Jan... Feb... Mar... Apr... May.. June.. July.. Aug... Sept... 5,898 5,739 5,687 6,516 6,704 6,783 7,342 7,226 7,175 Member deposits Capital stock 825 714 1,774 653 819 589 90 159 173 159 141 1 266 1 571 2,707 4,363 4,369 ,567 ,574 ,838 ,640 85 75 80 129 ,424 ,539 ,632 ,187 ,510 ,953 ,445 ,623 ,832 80 91 89 76 84 160 68 76 86 NOTE.—Data from Federal Home Loan Bank Board, Federal National Mortgage Assn., and Farm Credit Admin. Among the omitted balance sheet items are capital accounts of all agencies, except for stock of home loan banks. Bonds, debentures, and notes are valued at par. They include only publicly offered securities (excluding, for the home loan banks, (L) Loans and discounts (A) 1 , J7I Debentures (L) ,110 ,356 454 *585 *727 '00 Mortgage loans (A) Bonds 919 2 089 2*1^0 1 ^QQ 1 |J77 1 '"•! 11 7d1 I Oflfi (L) 1 p70O 7 91ft •y A-it 2 628 2*834 3*169 bonds held within the FHLB System), and are not guaranteed by the U.S. Govt.; for a listing of these securities, see table below. Loans are gross of valuation reserves and represent cost for FNMA and unpaid principal for other agencies. OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, SEPTEMBER 30, 1966 Agency, issue, and coupon rate Federal home loan banks Notes: Oct. 25, 1966 Nov.25, 1966 Jan. 25, 1967 Feb. 27, 1967 Mar. 27, 1967 Apr. 25, 1967 Bonds: Nov. 15,1966 Jan. 25, 1967 June 26, 1967 July 26,1967 Aug. 28, 1967 Sept. 15, 1967 Sept. 27, 1967 Jan. 25, 1968 Mar. 1,1968 Mar.25, 1969 Amount (millions of dollars) 5.15 5.30 5.65 5.40 5.40 5.55 506 325 250 543 375 656 4' 4 5,, 5% 5"' 46 5 45 275 375 500 535 590 185 650 250 250 300 Federal National Mortgage Association—secondary market operations 648 Discount notes Debentures: Dec. 12, 1966 Feb. 10, 1967 May 10, 1967 June 12,1967 Oct. 11, 1967 Mar. II, 1968 Sept. 10, 1968 Apr. 10, 1969 Apr. 10, 1970 W» 5 5Mo 5J4o 4V4 3% 5% 4% 4J4 93 150 250 400 150 87 350 88 142 Agency, issue, and coupon rate Federal National Mortgage Association— Cont. Debentures: Sept. 10, 1970 Aug. 10,1971 Sept. 10, 1971 Feb. 10, 1972 June 12, 1972 June 12, 1973 Feb. 10,1977 4W 4VB 4'/4 5'A 4% 4tf 414 119 64 96 98 100 146 198 5.30 514 5.40 5.90 230 151 236 266 Banks for cooperatives Debentures: Oct. 3,1966 Nov. 1,1966 Dec. 1,1966 Feb. 1, 1967 Federal intermediate credit banks Debentures: Oct. 3,1966 4.90 5.00 Nov. ', 1966. 5.15 1, 1966. Dec. 5.35 I, 1967. Jan. 5.35 1967. Feb. 5.60 1967 Mar. ,1967.. MPay June , 1967. , 1967.. 5.60 s: 3 Federal land banks Bonds: Dec. 20,1966.... Feb. 15, 1967-72. NOTE. These securities are not guaranteed by the U.S. Govt.: see also note to table above. Amount (millions of dollars) :» 312 371 360 383 396 312 283 298 278 239 72 Agency, issue, and coupon rate Federal land banks—Cont. Bonds: Feb. 20, 1967 Feb. 20, 1967 May 22, 1967 July 20,1967 Aug. 21,1967 Oct. 1,1967-70 Oct. 23, 1967 Oct. 23,1967 Jan. 22, 1968 Mar. 20,1968 May 20, 1968 June 20, 1968 Aug. 20, 1968 Mar. 20, 1969 July 15,1969 July 15,1969 Oct. 20, 1969 Feb. 20, 1970 Apr. 1,1970 July 20,1970 May 1,1971 Sept. 15, 1972 Feb. 20, 1973-78 Feb. 20, 1974 Apr. 21, 1975 Feb. 24,1976 July 20,1976 Apr. 20,1978 4V* 5.60 4 6.05 4V* 4'/4 4V4 5% 5'/4 414 514 4 4V4 4% 4% 454 4V4 5«/4 3W 5V4 3Vi 3'/» 4>/s 4V, 4% 5 5f» 5V4 Tennessee Valley Authority Short-term notes Bonds: Nov. 15, 1985 July 1,1986 Feb. 1,1987 4.40 4H 4& Amount (millions of dollars) 126 125 180 302 179 75 174 150 130 111 242 186 160 100 130 60 209 82 83 85 60 109 148 155 200 123 150 150 140 50 50 45 1678 NOVEMBER 1966 FEDERAL FINANCE FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) Derivation of U. S. Government cash transactions Net cash borrowing or repayment Payments to the public, other than debt Receipts from the public, other than debt Period Budget net Plus: Trust funds Equals: Total rects.2 Less: Intragovt. 1 Plus: Trust funds 3 Budget Less: Adjustments* Equals: Total payts. Net rects. or payts. Less: Change in Invest. debt b y . (direct &agen.) agen, &• trusts Less: Noncash debt Equals: Net Cal. year—1963.. 1964.. 1965 . . 87,516 88,696 96,679 29,255 30,742 31,384 4,144 112,575 94,188 4,324 115,030 96,944 4,449 123,376 101,379 28,348 28,396 31,014 5,313 117,222 5,069 120,271 4,473 127,919 -4,647 -5,241 -4,543 7,672 9,084 4,673 2,535 2,684 1,386 883 619 417 4,255 5,780 2,872 Fiscal year—1963. 1964. 1965. 1966" 86,376 89,459 93,072 104,631 27,689 30,331 31,047 34,852 4,281 4,190 4,303 4,451 109,739 92,642 115,530 97,684 119,699 96,507 134,382 106,917 26,545 28,885 29,637 34,788 5,436 6,237 3,749 4,114 -4,012 -4,802 -2,696 -3,210 8,681 7,733 6,933 6,711 2,069 2,775 2,356 3,571 1,033 1,099 250 530 5,579 3,859 4,328 2,610 Half year: 1964—July-Dec. 1965—Jan.-June July-Dec. 1966—Jan.-June; 39,503 53,569 43,110 61,521 13,815 17,232 14,152 20,700 1,926 2,377 2,072 2,379 51,347 68,352 55,024 79,358 48,092 48,415 52,964 53,953 14,323 15,314 15.700 19,088 904 2,845 1,628 2,486 61,511 -10,164 7,468 60,884 67,035 -12,011 70,557 8,801 Month: 1965—Sept Oct. Nov..... Dec 10,999 3,295 8,106 9,553 1,954 1,262 3,012 1,935 328 238 358 602 12,599 4,283 10,728 10,838 9,452 8,750 9,105 9,426 3,142 2,447 2,707 2,636 1,504 679 -500 942 11,090 10,518 12,312 11,121 1,509 -6,234 -1,584 -283 -1,542 2,187 2,978 -852 -1,210 -1,308 519 -935 1966—Jan Feb Mar. Apr May June*... July Aug Sepi 6,453 8,335 11,297 9,929 8,452 17,054 5,702 7,197 12,475 951 4,181 2,745 2,215 5,812 4,795 2,837 4,973 2,681 253 68 166 224 254 1,413 416 330 330 7,091 12,400 13,804 11,853 13,916 20,294 8,103 11,764 14,748 8,809 8,156 10,193 8,362 9,055 9,378 10,263 11,042 11,883 3,048 2,621 2,996 3,335 3,632 3,455 3,642 2,627 2,655 624 -486 1,103 372 -134 1,006 978 -1,537 1,388 11,233 11,264 12,086 11,325 12,821 11,827 12,927 15,206 13,150 -4,142 1,136 1,718 528 1,095 8,466 -4,824 -3,442 1,598 1,364 1,568 -1,971 -684 3,847 -1,638 -330 5,611 350 -1,897 1,749 2 -1,170 4,023 2,327 -333 3,103 142 113,751 120,332 122,395 137,592 -494 6,486 2,850 447 -1,464 4,226 5,035 2,485 6,745 234 16 - 2 , 4 1 7 401 5,289 129 - 2 , 6 7 9 46 125 75 107 -378 3,370 2,385 -24 3,177 84 74 -255 -50 -1,924 486 -243 66 -45 -3,921 65 -63 130 2,377 118 89 I Effects of operations on Treasurer's account Net operating transactions Period Net financing transactions Agencies & trusts Budget surplus or deficit Trust funds 3 Clearing accounts Fiscal year—1963... 1964... 1965... 1966".. -6,266 -8,226 -3,435 -2,286 1,143 1,446 1,410 63 Half year: 1964—July-Dec... 1965—Jan.-June... July-Dec... 1966—Jan.-JuneJ\, -8,589 5,154 -9,853 7,567 Month: 1965—Sept Oct Nov. Dec 1966—Jan Feb Mar. Apr. May June* July Aug Sept Change in cash balances Treasurer's account (end of period) Operating bal. Change in gross direct public debt Held outside Treasury Treasurer's account Balance Other net assets Market issuance of sec. ^ Invest, in U.S. Govt. sec. 3 122 948 -804 -868 1,022 1,880 1,372 4,078 -2,069 -2,775 -2,356 -3,571 7,659 5,853 5,561 2,633 -74 206 174 253 1,686 -1,080 1,575 -203 12,116 11,036 12,610 12,407 806 939 672 766 10,324 9,180 10,689 10,050 986 917 ,249 ,591 -508 1,918 -1,548 1,611 -1,256 452 -845 -23 258 1,114 596 3,482 494 -2,850 1 464 -5,035 6,228 -667 3,630 -997 367 -193 -528 781 -3,741 5,316 -6,028 5,825 7,295 12,610 6,582 12,407 820 672 708 766 5,377 10,689 4577 10,050 ,098 ,249 ,297 591 1,548 -5,455 -999 126 -1,189 -1,186 305 -701 1,130 317 -932 233 -49 33 168 -45 1,210 1,308 -519 935 -1,493 2,154 2,810 -807 148 24 -141 -81 1,010 -2,852 974 -177 8,637 5,786 6,759 6,582 1,002 1,053 719 708 6,394 3,534 4872 4,577 ,241 199 ,168 ,191 -2,356 179 1,104 1,567 -603 7,676 -4,561 -3,845 593 -2,097 1,560 -251 -1,120 2,180 1,340 -805 2,347 26 287 -629 987 148 -454 -362 497 -1,996 939 265 260 341 732 1,070 814 297 470 22 1,897 -1,749 1,099 1,308 -2,312 -1,416 2,777 -2,452 -627 5,141 328 171 -44 90 627 -423 359 -253 -139 100 -1,076 973 -224 453 1,370 4,330 -4,613 -850 1,666 5,506 6,479 6,255 6,708 8,077 12,407 7,794 6,944 8,610 823 805 521 512 902 766 1,232 1,614 760 3,360 4,399 4,444 4,491 6,003 10,050 5,147 4,014 6,415 ,323 ,275 290 ,705 ,172 ,591 ,415 ,316 |435 1,170 -4,023 -2,327 333 -3,103 -142 1 Primarily interest payments by Treasury to trust accounts and accumulations to U.S. employee trust funds. 2 Includes small adjustments not shown separately. 3 Includes net transactions of Govt.-sponsored enterprises. 4 Primarily (1) intragovt. transactions, (2) noncash debt, (3) clearing accounts. 3 Includes technical adjustments not allocated by functions. F.R. Banks Tax and loan accts. , « Seasonally adjusted data include accelerated corporate tax payments in 1965 and 1966; data for 1966 also include adjustments for initiation of graduated withholding of personal income taxes and change in schedule for depositing withheld and OASI taxes. NOTE.—Based on Treasury Dept. and Bureau of the Budget data. NOVEMBER 1966 1679 FEDERAL FINANCE FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Cash receipts from the public Income taxes Period Excise taxes Social ins. taxes Corpo- Total rate Liquor and tobacco Highway Total F1CA and R.R. Unempl. 15,128 17,405 17,833 21,241 Individual Total Withheld Other Estate and gift Customs Int. and repayments Refunds Other Fiscal year—1963... 1964.., 1965.., 1966". 109.739 115,530 119,699 134,382 38,719 39,259 36,840 42,769 14 ,269 15 ,331 16 ,820 18 ,486 22,336 24,301 26,131 30,835 13,410 13,950 14,793 13,407 5,521 5,630 5.921 5,888 3,405 3,646 3,782 4,037 19,729 21,936 22,138 25,528 4,107 4,037 3,817 3,773 2,187 2,416 2,746 3,089 1,241 1,284 1,478 1 811 1,815 1,702 2,097 2,273 6,571 7,148 6,030 7,252 2,604 2,499 2,686 3,436 Half year: 1964—July-Dec.. 1965—Jan.-June.. July-Dec... 1966—Jan.-Junet, 51,347 68,352 55,024 79,358 17,732 19,108 19,964 22,805 3,598 9,989 13,222 16,142 3,806 10,892 14,680 19,943 7,398 7,395 7,046 6,361 3,089 2,832 3,063 2,825 1,947 1,835 2,068 1,969 9,379 7,536 1,594 12,759 10,297 2,223 9,601 7,743 1,607 15,927 13,498 2,166 1,170 1,576 1,274 1,815 729 749 898 913 897 1,200 1,296 977 1,008 5,022 1,062 6,190 1,463 1,223 1,309 2,127 Month: 1965—Sept Oct Nov. Dec 12,599 4,283 10,728 10,838 2,995 2,427 1,263 244 5,793 141 3,237 468 4,236 625 507 4,315 1,162 983 1,155 1,220 512 470 575 547 334 313 352 315 1,200 610 2,313 899 1,118 465 1,804 803 43 101 469 55 193 213 18S 238 159 153 164 140 196 202 352 167 186 206 117 105 217 196 235 259 7,091 12,400 13,804 11,853 13,916 20,294 1,412 5,948 3,440 1,082 6,238 4,683 3,374 5,095 3,792 682 573 7,244 2,440 751 8,252 878 606 4,547 1,007 1,038 1,133 921 1,104 1,158 971 1,249 1,156 384 395 545 443 480 578 361 n.a. n.a. 309 348 302 286 363 361 357 530 354 547 3,717 2,154 1,552 5,124 2,836 1,912 3,999 1,894 349 2,895 2,037 1,332 4,153 2,734 1,726 3,185 1,803 147 785 69 178 930 59 142 770 46 292 207 272 491 328 224 215 224 214 136 129 168 151 158 172 158 179 170 166 155 149 166 167 174 179 174 191 107 644 2,057 1,526 1,321 536 221 198 158 229 239 365 317 216 762 286 263 334 1966—Jan Feb Mar. Apr May JunC July Aug Sept 8,103 11,764 14,748 2,727 1,038 936 6,259 1,151 2,569 351 173 2,608 Cash payments to the public Commerce and transp. 5,623 5,761 5,353 4^95 2,535 2,680 2,820 3,075 5,777 6,545 7,421 6,787 -268 1,674 908 3,327 25,698 27,285 28,292 33,336 1,214 1,299 1,497 2 771 5,971 6,107 6,080 5,616 7,427 8,011 8,605 9,295 1,953 2,221 2,341 2,401 2,333 2,761 2,838 3,094 3,642 1,712 3 369 1,127 1,547 1,270 1,694 1,382 4,288 3,131 3,955 2,834 534 375 1,142 2,192 13,722 14,562 16,373 16,957 639 852 705 2,066 2,947 3,134 2,587 3,031 4,230 4,376 4,403 4,898 1,142 1,203 1,257 1,146 346 456 534 495 489 449 470 521 '630 476 377 268 '290 269 264 297 748 646 696 668 94 124 160 416 3,499 2,600 2,700 2,722 171 90 98 155 513 520 560 248 365 375 1,231 462 214 201 238 203 374 477 456 519 502 569 373 293 284 -188 228 137 588 1,380 909 224 190 216 201 339 212 314 401 329 574 519 503 439 518 281 642 797 807 351 226 336 959 362 -42 1,236 33 218 2,745 2,789 2,967 2,793 2,778 2,885 2,853 2,923 3,047 256 243 460 247 496 364 270 359 368 588 546 594 346 540 417 505 496 593 308 1,559 498 502 1,401 630 347 1,435 368 189 196 198 197 227 139 231 230 243 National defense Fiscal year—1963.. 1964.. 1965.. 1966". 113,751 120,332 122,395 137,592 53,429 54,514 50,790 58,391 3,805 3,492 4 583 4,112 2,552 4,171 5,093 5,933 Half year: 1964—July-Dec. 1965—Jan.-June. July-Dec. 1966—Jan.-June" 61,511 60,885 67,035 70,556 24,569 26,219 27,085 31,309 1,818 2,766 2,225 1,896 Month: 1965—Sept Oct Nov. Dec 11,090 10,518 12,312 11,121 4,610 4,538 4,555 5,134 11,233 11,264 12,086 11,325 12,821 11,827 12,927 15,206 13,150 4,680 4,534 5,652 5,076 5,025 6,342 4,959 5,675 6,035 1966—Jan Feb Mar May.'.".'! June?.... July Aug Sept Space research Intl. affairs 81 427 527 461 26 303 438 375 1964 Item 571 494 441 483 Agriculture 1966 1965 ii IV Hous- Health, ing & & com. labor devel. welfare Natural resources Total 5 Period in II" iv II IV Net.... For notes, see opposite page. 28.8 29.7 632.6 29.8 30.2 32.4 -1.0 -.4 30.6 32.1 .3 - 1 . 5 30.7 33.1 Interest General govt. 1966 III IV n> III Not seasonally adjusted Seasonally adjusted Cash budget: Receipts.. Payments. Veterans 1965 1964 III Education 36.3 40.0 24.3 30.6 30.7 28.3 37.7 32.6 29.2 33.1 25.8 34.0 33.3 34.6 46.1 36.0 34.6 41.3 3.8 - 3 . 7 -6.3 2.4 5.1 -3.9 -8.1 -1.3 10.1 -6.7 33.7 «39.6 36.9 35.8 -2.4 -3.2 1680 NOVEMBER 1966 U.S. GOVERNMENT SECURITIES TOTAL DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issue > J Total gross debt i End of period Total gross direct debt 2 Marketable Total Total Bills 64 3 278 7 257.0 57 9 278 1 256.9 50.5 255.7 225.3 41.6 198.8 165.8 2.0 17.0 15.1 283.0 290.9 290.4 296.5 304.0 310.1 318 7 282.9 290.8 290.2 296.2 303.5 309.3 317 9 236.0 244.2 242.5 249.2 255.8 261.6 267 5 175.6 188.3 189.0 196.0 203.0 207.6 212.5 29.7 39.6 39.4 43.4 48.3 51.5 56.5 1965 Oct Kov Dec 319 4 322 2 321 4 318 9 321 7 320 9 267 6 270 3 270 3 212 I 214.6 214.6 57.7 60.2 60.2 1966 Jan Feb Mar. 322.4 323.7 321.5 320.1 322.8 320.4 319.8 324.9 325.3 327.4 322.0 323.3 321.0 319.6 322.4 319.9 319.2 324.4 324.7 326.9 273.2 273.1 270.6 270.3 269.1 264.3 264.2 266.5 266.9 270.4 217.7 217.7 215.2 215.0 213.8 209.1 209.1 211.4 211.8 215.3 61.6 62.0 59.5 59.5 59.5 54.9 54.9 57.9 58.3 62.3 1941 Dec 1945 Dec 1947 D e c 1958 1959 I960 1961 1962 1963 1964 Dec Dec Dec Dec Dec Dec Dec ... . .... . . . . May July SeDt Oct 1 Includes non-interest-bearing debt (of which $266 million on Oct. 31, 1966, was not subject to statutory debt limitation) and guaranteed secu2 rities not shown separately. Excludes guaranteed securities. ' Includes amounts held by U.S. Govt. agencies and trust funds, which totaled $16,017 million on Sept. 30,1966. * Includes Treasury bonds and minor amounts of Panama Canal and postal savings bonds. Certificates Notes 38.2 21.2 23.0 11.4 36.4 26.1 44.2 51.3 71.5 53.7 58.7 59.0 19.7 18.4 5.5 22.7 10.9 1.7 7 7 7 7 .7 7 f.O '.0 1.0 Convertible Bonds * bonds 50 2 50 2 50.2 33.6 120.6 118.0 83.4 84.8 79.8 75.5 78.4 86.4 97.0 104.3 104 2 104.2 50 2 50.9 50.9 50.8 50.6 50.6 50.7 45.9 45.9 45.6 104.2 103.2 103.1 103.1 102.0 101.9 101.9 100.6 100.5 100.5 6.0 8.3 7.1 5.7 4.6 4.0 3.2 3.0 2.8 2.8 2.8 2.8 2.8 2.8 2.7 2.7 2.7 2.7 2.7 2.7 2.7 Nonmarketable Special issues * Savings bonds Totals 8.9 6.1 7.0 56.9 59.5 52.1 48.9 47.8 48.6 48.8 50.7 52.0 52.7 52.9 52.9 48.2 52.1 51.2 48.2 47.2 47.5 47.5 48.8 49.7 50.3 50.3 50.3 20.0 29.0 44.8 43.5 44.3 43.5 43.4 43.7 46.1 47.0 47.1 46.3 52.8 52.7 52.7 52.8 52.7 52.5 52.4 52.4 52.5 52.4 50.3 50.3 50.4 50.4 50.5 50.5 50.6 50.6 50.6 50.7 44.4 45.8 46.0 44.9 48.8 51.1 50.7 53.2 53.1 51.9 ' Includes (not shown separately): depositary bonds, retirement plan bonds, foreign currency series, foreign series, and Rural Electrification Administration bonds; before 1954, armed forces leave bonds; before 1956, tax and savings notes; and before Oct. 1965, Series A investment bonds. 6 Held only by U.S. Govt. agencies and trust funds. NOTE.—Based on Daily Statement of U.S. Treasury. OWNERSHIP OF DIRECT AND FULLY GUARANTEED SECURITIES (Par value in billions of dollars) Held by— End of period Total gross debt U.S. Govt. agencies and trust funds F.R. Banks Held by the pubUc Total Com- Mutual mercial savings banks banks Insurance companies Other corporations State and local govts. Individuals Savings Other bonds securities Foreign and international * Other misc. investors J 1941—Dec 1945—Dec 1947—Dec 64.3 278.7 257.0 9.5 27.0 34.4 2.3 24.3 22.6 52.5 227.4 200.1 21.4 90.8 68.7 3.7 10.7 12.0 8.2 24.0 23.9 4.0 22.2 14.1 .7 6.5 7.3 5.4 42.9 46.2 8.2 21.2 19.4 .4 2.4 2.7 .5 6.6 5.7 1958—Dec 1959—Dec 1960—Dec 1961—Dec 1962—Dec 1963—Dec 1964—Dec 283.0 290.9 290.4 296.5 304.0 310.1 318.7 54.4 53.7 55.1 54.5 55.6 58.0 60.6 26.3 26.6 27.4 28.9 30.8 33.6 37.0 202.3 210.6 207.9 213.1 217.6 218.5 221.1 67.5 60.3 62.1 67.2 67.2 64.3 64.0 7.3 6.9 6.3 6.1 6.1 5.8 5.7 12.7 12.5 11.9 11.4 11.5 11.3 11.1 18.1 21.4 18.7 18.5 18.6 18.7 17.9 16.5 18.0 18.7 19.0 20.1 21.1 21.2 47.7 45.9 45.6 46.4 46.9 48.1 48.9 16.0 23.5 20.5 19.5 19.2 20.1 21.1 7.7 12.0 13.0 13.4 15.3 15.9 16.7 8.9 10.1 11.2 11.6 12.7 13.3 14.5 1965—Sept Oct Nov. Dec 317.3 319.4 322.2 321.4 63.6 62.3 62.8 61.9 39.8 39.7 40.6 40.8 213.9 217.5 218.8 218.7 57.5 59.7 60.0 60.9 5.7 5.5 5.4 5.4 10.6 10.5 10.4 10.4 14.7 15.6 16.7 15.5 23.0 23.0 22.7 22.8 49.4 49.4 49.5 49.6 22.8 22.8 22.7 22.7 16.3 16.3 16.5 16.7 14.0 14.5 14.9 14.7 1966 Jan Feb Mar. Apr. May June July Aug Sept 322.4 323.7 321.5 320.1 322.8 320.4 319.8 324.9 325.3 60.0 61.7 61.7 60.5 64.5 66.7 66.4 69.3 69.2 40.6 40.2 40.7 40.7 41.5 42.2 42.4 42.5 42.9 221.9 221.9 219.0 218.9 216.9 211.5 211.0 213.1 213.2 61.0 58.7 56.9 56.8 54.9 54.5 53.2 54.4 54.2 5.5 5.5 5.5 5.3 5.2 5.1 5.0 5.0 5.0 10.4 10.3 10.2 10.1 10.0 9.7 9.7 9.7 9.7 16.5 17.4 15.7 15.7 16.5 14.4 14.8 15.2 14.4 23.5 24.3 24.0 24.6 24.7 23.9 24.2 24.0 23.6 49.6 49.7 49.7 49.7 49.7 49.8 49.9 r 49.9 49.9 23.7 24.3 25.4 25.2 24.8 24.4 24.5 '24.8 25.5 16.4 16.2 16.0 15.7 15.6 15.4 15.3 15.4 15.8 15.4 15.6 15.7 15.6 15.3 14.3 14.4 '14.7 15.0 l Includes investments of foreign balances and international accounts in the United States. l Includes savings and loan assns., dealers and brokers, nonprofit institutions, and corporate pension funds. NOTE.—Reported data for F.R. Banks and U.S. Govt. agencies and trust funds; Treasury estimates for other groups. NOVEMBER 1966 U.S. GOVERNMENT SECURITIES 1681 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value in millions of dollars) Within 1 year 1-5 years 5-10 years 10-20 years Over 20 years 37,864 31,974 33.219 34,302 33,301 58,487 64,007 60,602 62,957 62,952 35,682 36,421 35,013 30,783 30,774 8,357 6,108 8,445 8,437 8,436 15,642 17,467 17,148 16,987 16,967 1,366 1,308 968 769 827 478 424 388 1,023 1,030 1,910 2,422 3,161 3,804 3.794 3,021 3,147 3,350 2,698 2,701 2,178 1,563 2,073 2,083 2,083 2,936 3,282 3,466 3,479 3,479 22,580 21,388 24,842 27,231 27,619 4,146 6,487 9,346 10,702 11,090 18,434 14,901 15,496 16,529 16,529 8,658 13,564 14,092 13,699 13,699 2,136 t.797 1,449 1,192 1,192 88 58 147 153 153 131 237 238 244 244 162,089 163,264 160,430 155,028 154,949 64,979 65,331 67,198 63,215 63,166 46,027 48,682 49,863 46,465 46,424 18,952 16,650 17,335 16,750 15,742 47,919 48,021 43,349 45,454 45,459 30,525 31,477 30,214 26,893 26,881 6,091 4,487 6,225 6,201 6,200 12,575 13,948 13,444 13,264 13,244 54,881 53,752 50,325 45,005 44,722 16,703 18,509 18,003 13,992 13,739 9,290 10,969 10,156 6,481 6,318 7,413 7,540 7,847 7,511 7,421 26,107 23,507 19,676 19,900 19,856 11,075 11,049 11,640 10,235 10,253 533 187 334 401 408 463 501 671 478 466 Mutual savings banks: 1963—Dec. 31 1964—Dec. 31 1965—Dec. 31 1966—Aug. 31 Sept. 30 5,502 5,434 5,241 4,811 4,812 690 608 768 671 772 268 344 445 335 436 422 263 323 336 336 1,211 1,536 1,386 1,458 1,426 2,009 1,765 1,602 1,336 1,294 377 260 335 297 297 1,215 1,266 1,151 1,049 1,023 Insurance companies: 1963—Dec. 31 1964—Dec. 31 1965—Dec. 31 1966—Aug. 31 Sept. 30 9,254 9,160 8,824 8,152 8,167 1,181 1,002 993 617 696 549 480 548 300 364 632 522 445 317 332 2,044 2,045 1,938 1,990 1,960 2,303 2,406 2,094 1,757 1,729 939 818 1,096 1,086 1,079 2,787 2,890 2,703 2,703 2,703 10,427 9,136 8,014 6,719 5,714 7,671 6,748 5,911 5,022 4,095 6,178 5,043 4,657 3,108 2,574 1,493 1,705 1,254 1,914 1,521 2,397 2,001 1,755 1,405 1,366 290 272 225 231 199 9 3 35 6 6 60 112 89 54 48 3,253 3,418 3,644 3,612 3,645 378 490 597 530 570 236 343 394 342 373 142 148 203 188 197 919 1,055 948 1,099 1,075 1,202 1,297 1,374 1,258 1,274 253 129 252 258 258 501 447 473 467 467 State and local governments: 1963—Dec. 31 1964—Dec. 31 1965—Dec. 31 1966—Aug. 31 Sept. 30 12,453 15,022 15,707 16,534 15,948 4,637 4,863 5,571 6,388 6,020 3,869 3,961 4,573 5,362 4,995 768 902 998 1,026 1,025 941 2,014 1,862 2,165 2,041 1,502 2,010 1,894 1,671 1,646 1,591 1,454 1,985 1,949 1,927 3,782 4,680 4,395 4,362 4,315 All others: 1963—Dec. 1964—Dec. 1965—Dec. 1966—Aug. Sept. 66,320 67,341 68,675 70,194 71,941 33,719 33,111 35,356 35,995 37,274 25,637 27,542 29,089 30,538 31,364 8,082 5,570 6,267 5,457 4,910 14,301 15,863 15,784 17,438 17,735 12,144 12,678 11,386 10,406 10,486 2,389 1,637 2,187 2,204 2,225 3,767 4,052 3,962 4,152 4,222 Type of holder and date All holders: 1963—Dec. 1964—Dec. 1965—Dec. 1966—Aug. Sept. Total 31 31 31 31 30 U.S Govt. agencies and trust funds: 1963—Dec. 31 , 1964—Dec. 31 1965—Dec. 31 1966—Aug. 31 Sept. 30 Federal Reserve Banks: 1963—Dec. 31 1964—Dec. 31 1965—Dec. 31 1966—Aug. 31 Sept. 30 Held by public: 1963—Dec. 1964—Dec. 1965—Dec. 1966—Aug. 31 31 31 31 , Sept. 30 Commercial banks: 1963—Dec. 31 1964—Dec. 31 1965—Dec. 31 1966—Aug. 31 Sept. 30 Nonfinancial corporations: 1963—Dec. 31 1964—Dec. 31 1965—Dec. 31 1966—Aug. 31 Sept. 30 Savings and loan associations: 1963—Dec. 31 1964—Dec. 31 1965—Dec. 31 1966—Aug. 31 Sept. 30 31 31 31 31 30 , , Total Bills Other 207,571 212,454 214,604 211,402 211,771 89,403 88,451 93,396 92,238 92,642 51,539 56,476 60,177 57,936 58,341 11,889 12,146 13,406 13,856 13,915 1,844 1,731 1,356 1,792 1,857 33,593 37,044 40,768 42,518 42,907 NOTE.—Direct public issues only. Based on Treasury Survey of Ownership. • Data complete for U.S. Govt. agencies and trust funds and F.R. Banks but for other groups are based on Treasury Survey data. Of total marketable issues held by groups, the proportion held on latest date by those reporting in the Survey and the number of owners surveyed were: (1) about 90 per cent by the 5,924 commercial banks, 504 mutual savings banks, and 765 insurance cos. combined; (2) about 50 per cent by the 469 nonfinancial corps, and 488 savings and loan assns.; and (3) about 70 per cent by 507 State and local govts. "All others," a residual, includes holdings of all those not reporting in the Treasury Survey, including investor groups not listed separately. 1682 NOVEMBER 1966 U.S. GOVERNMENT SECURITIES DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By type of customer By maturity Period Total 1965 All other 33 44 139 148 286 453 461 575 495 ,650 ,550 ,564 ,614 ,560 ,497 ,682 261 374 231 156 202 186 155 189 198 164 127 180 91 86 94 76 62 82 43 31 38 26 30 33 29 38 43 600 662 683 515 514 646 607 573 742 59 59 69 51 78 69 64 78 101 970 944 851 740 746 729 726 721 730 501 621 495 517 543 483 423 413 432 130 161 188 218 221 278 284 175 170 2,031 1,734 1,967 2,107 ,646 ,440 ,691 802 211 174 172 198 108 68 81 74 66 53 21 32 672 599 832 792 122 111 87 90 733 686 696 760 504 338 351 465 160 149 167 206 2,430 1,966 2,662 2,367 J.078 ,711 !,362 ,992 239 156 179 228 79 80 83 98 35 20 39 49 834 673 825 948 94 88 85 105 876 792 1,217 781 626 414 537 534 158 155 193 208 Oct Sept Other Commercial banks 604 833 895 1,000 Sent. 7 14 21 28... May U.S. Govt. securities 32 36 50 55 ,660 July Over 10 yeats 458 596 595 637 2,129 2,285 2,100 1,823 1,882 1,927 1,820 1 785 2,004 Jan Feb Mar 5-10 years 41 26 1.297 ,713 ,745 ,691 Dec 1-5 years 70 64 94 166 1,548 1,927 2,115 2,187 Sept Oct Nov. 1966 Dealers and brokers Within 1 year U.S. Govt. agency securities. 7-n 140 123 243 156 146 Week ending— 1966 5 12 19 26 NOTE.—The transactions data combine market purchases and sales of U.S. Govt. securities dealers reporting to the F.R. Bank of N.Y. They do not include allotments of, and exchanges for, new U.S. Govt. securities, redemptions of called or matured securities, or purchases or sales of securi- ties under repurchase agreements, reverse repurchase (resale), or similar contracts. Averages of daily figures based on the number of trading days in the period. DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Period All maturities Within 1 year 1-5 years Over 5 years U.S. Govt. agency securities 1965—Sept Oct Nov. Dec 2,858 2,562 3,198 3,049 2,622 2,381 2,928 2,856 75 68 176 187 161 112 94 5 298 289 302 280 1966—Jan Feb Mar. Apr May June July Aug Sept 2,651 1,927 1,963 2,867 2,239 1,548 1,681 2,188 2,230 2,725 1,937 2,045 2,798 2,061 1,353 1,587 2,001 2,042 -58 g -101 6 142 92 49 181 108 -16 —20 20 63 36 102 45 6 79 244 316 356 814 675 665 408 208 269 3.. 10.. 17.. 24.. 31.. 2,132 1,895 1,884 2,358 2,627 2,037 1,597 1,673 2,212 2,479 74 279 204 156 148 22 19 8 -10 1 262 191 194 240 195 7.. 14.. 21.. 28.. 2,626 2,612 2,116 1,800 2,429 2,416 1,941 1,643 144 119 108 69 53 77 67 88 177 245 298 318 Week ending— 1966—Aug. Sept. NOTE.—The figures include all securities sold by dealers under repurchase contracts regardless of the maturity date of the contract, unless the contract is matched by a reverse repurchase (resale) agreement or delayed delivery sale with the same maturity and involving the same amount of securities. Included in the repurchase contracts are some that more clearly represent investments by the holders of the securities rather than dealer trading positions. Average of daily figures based on number of trading days in the period. Commercial banks All sources Period New York City Elsewhere Corporations ' All other 1965—Sept. Oct Nov. Dec. 3,050 2,579 3,016 3,275 807 823 829 1,014 643 605 519 531 1,284 871 1,451 1,389 316 279 217 340 1966—Jan Feb Mar. Apr May June July....... Aug Sept 2,708 2,309 1,958 3,249 2,787 2,065 2,127 2,229 2,410 767 549 365 1,209 744 523 623 394 725 652 421 340 669 602 476 481 430 615 906 972 1,073 1,155 1,067 796 737 925 731 383 367 180 217 375 270 287 480 340 Week ending— 1966—Aug. 3... 10... 17... 24... 31... 2,214 2,223 2,314 1,834 2,520 459 298 465 237 579 517 364 393 305 633 778 857 901 992 1,011 460 705 556 300 297 Sept. 7... 14... 21... 28... 2,560 2,745 2,476 1,956 696 856 795 559 602 630 711 525 946 859 659 542 316 399 313 331 1 All business corporations, except commercial banks and insurance companies. NOTE.—Averages of daily figures based on the number of calendar days m the period. Both bank and nonbank dealers are included. See also note to the opposite table on this page. NOVEMBER 1966 1683 GOVERNMENT SECURITIES U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE, OCTOBER 31, 1966 (In millions of dollars) Issue and coupon rate Amount Treasury bills Nov. 3, 1966 Nov. 10, 1966 Nov. 17, 1966 Nov. 25,1966 Nov. 30, 1966 Dec. 1, 1966 Dec. 8, 1966 Dec. 15, 1966 Dec. 22, 1966 Dec. 29, 1966 Dec. 31, 1966, Jan. 5, 1967 Jan. 12, 1967, Jan. 19, 1967, Jan. 26, 1967, Jan. 31, 1967. Feb. 2,1967, Feb. 9, 1967, Feb. 16, 1967. Feb. 23,1967. Feb. 28, 1967. Mar. 2, 1967. Mar. 9, 1967. Mar. 16, 1967. Mar. 22, 1967. Mar. 23, 1967. Mar. 30, 1967. Mar. 31,1967. Issue and coupon rate Treasury bills—Cont. 2,290 Apr. 6, 1967 2,303 Apr. 13, 1967 2,302 Apr. 20, 1967 2,301 Apr. 21, 1967 1,001 Apr. 27, 1967 2,301 Apr. 30, 1967 2,303 May 31,1967 2,302 June 22, 1967 2,301 June 30, 1967 2,303 July 31, 1967 1,001 Aug. 31, 1967 2,301 Sept. 30, 1967 2,302 Oct. 31, 1967 2,303 2,302 Certificates 1,001 Nov. 15, 1966 1,001 Aug. 15, 1967 1,000 1,001 Treasury notes 1,003 Nov. 15, 1966 1,000 Feb. 15, 1967 1,000 Feb. 15, 1967 1,004 Apr. 1,1967 1,000 May 15, 1967 2,006 Aug. 15, 1967 1,000 Aug. 15,1967 1,001 Oct. 1,1967 1,000 Nov. 15,1967 Amount Issue and coupon rate Amount Treasury notes—Cont. 1,000 Apr. , 1968. 1,000 Oct. 1968. 1,001 Apr. 1969. 2,510 Oct. . 1969. 1,000 Apr. ., 1970. 1,001 Oct. 1,1970 1' 1,001 Nov. 15,1970 5 2,007 Apr. 1,1971 1V4 1,502 May 15, 1971 514 1,495 Oct. 1,1971 Hi 1,000 900 905 Treasury bonds June 15, 1962-67... 2> Dec. 15, 1963-68... 2> June 15, 1964-69...2! 1,135 Dec. 15, 1964-69... 2\ 5,870 Mar. 15, 1965-70...2} Nov. 15, 1966 3* 1,672 Mar. 15, 1966-71...25 2,358 June 15, 1967-72...2J 5,151 Sept. 15, 1967-72...2! 270 Nov. 15, 1967 3! 9,748 Dec. 15, 1967-72...256 2,929 May 15,1968 3'/» 2,117 Aug. 15. 1968 33/4 457 Nov. 15, 1968. 3J4 8,135 Feb. 15,1969 4 4% 5% 4 3% 4 1V4 454 3% 4W 11/4 A% 212 115 61 159 88 113 7,675 35 4,267 2 Issue and coupon rate Amount Treasury bonds—Cont. Oct. 1,1969 4 Feb. 15, 1970 4 Aug. 15, 1970 4 Aug. 15, 1971 4 Nov. 15, 1971 3J4 Feb. 15, 1972 4 Aug. 15, 1972 4 Auf. 15, 1973 4 Nov. 15, 1973 4' Feb. 15,1974 4' May 15, 1974 4' Nov. 15, 1974 3 May 25, 1975-85...4> June 15, 1978-83...3: Feb. 15, 1980 4 Nov. 15, 1980 3'A May 15, 1985 3$ Aug. 15, 1987-92... 4V4 Feb. 15, 1988-93...4 May 15, 1989-94... 4"/4 Feb. 15, 1990 3<4 Feb. 15, 1995 3 Nov. 15, 1998 354 6,256 4,381 4,129 2,806 2,760 2,344 2,579 3,894 4,356 3,130 3,592 2,242 1,217 1,578 2,606 1,911 1,124 3,818 250 1,560 4,895 2,036 4,399 1,429 1,790 2,546 2,494 2,291 1,264 1,394 1,266 1,952 2,019 2,655 2,460 3,747 Convertible bonds 1,591 Investment Series B 3,728 Apr. 1, 1975-80...2M 2,667 NOTE.—Direct public issues only. Based on Daily Statement of U.S. Treasury. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) All issues (new capital and refunding) Type of issuer Type of issue Period Total GenerReveal nue obligations PHAI U.S. Govt. loans State 1,110 1,928 1,419 1,620 1,628 I960 1961 1962 1963 1964 7,292 8,566 8,845 10,538 10,847 4,771 5,724 5,582 5,855 6,417 2,095 2,407 2,681 4 180 3,585 302 315 437 254 637 125 120 145 249 208 1965 11,329 7,177 3,517 464 170 2,401 1965—Aug... Sept... Oct.... Nov... Dec... 733 1,008 844 1,043 764 373 770 477 836 365 224 224 343 191 283 132 1966—Jan.... Feb.... Mar... Apr.... May... June... July... Aug.... Sept... 1,218 867 878 '1,210 -906 '1,139 '698 ^69 995 889 614 554 '815 507 582 '405 '433 425 304 240 201 '350 378 '396 '273 '301 433 90 96 110 ""iio Issues for new capital Special district and Other* stat. auth. Use of proceeds Education Roads and bridges Utilities* Veter- Other ans' puraid poses Housings 7,247 8,463 8,568 9,151 10,201 2,405 2,821 2,963 3,029 3,392 1,007 1,167 1,114 812 688 1,316 1,700 1,668 2,344 2,437 426 385 521 598 727 201 1,891 478 1,913 125 2 177 2,369 120 2,838 3,784 5,144 11,538 10,471 3,619 900 1,965 626 50 3,311 1,984 2,165 2,600 3,636 3,812 4,198 4,473 4,825 5,281 5,407 7,102 8,301 8,732 10,496 10,069 4 14 24 17 25 38 337 193 241 67 271 280 320 271 367 425 390 332 531 330 1,004 648 761 966 965 794 926 1,021 1,100 754 191 203 197 383 216 51 194 79 74 137 113 116 109 289 164 139 3 87 13 91 155 451 322 260 145 25 13 28 46 21 51 '20 '35 17 471 190 151 454 118 275 '174 '132 65 286 172 311 '366 '319 '429 '245 '275 563 462 505 416 '391 469 435 '279 '363 368 n.a 1,183 857 n.a 868 n.a '1,193 n.a ^05 n.a n.a '1,137 '697 n.a '768 n.a 983 n.a 388 208 380 329 251 506 '225 '277 202 230 68 25 105 134 118 '136 '32 218 152 137 159 '141 280 197 '68 '101 211 2 99 2 2 '124 '8 '6 124 412 444 205 616 237 '192 '260 '353 228 1 Only bonds sold pursuant to 1949 Housing Act; secured by contract requiring the Public Housing Administration to make annual contributions to the local authority. 2 Municipalities, counties, townships, school districts. 3 Excludes U.S. Govt. loans. Based on date of delivery to purchaser and payment to issuer, which occurs after date of sale. * Water, sewer, and other utilities. Total amount delivered^ Total 3 Includes urban redevelopment loans. Note.—The figures in the first column differ from those shown on the following page, which are based on Bond Buyer data. The principal difference is in the treatment of U.S. Govt. loans. Investment Bankers Assn. data; par amounts of long-term issues based on date of sale unless otherwise indicated. 1684 NOVEMBER 1966 SECURITY ISSUES TOTAL NEW ISSUES (In millions of dollars) Proposed use of net proceeds, all corporate issues 6 Gross proceeds, all issues ' New capital Corporate Noncorporate Period Stock Bonds Total U.S. Govt. agency 3 U.S. Govt.* U.S. State Other 5 and locaM 1958 1959 1960 34,443 12,063 31,074 12,322 27,541 7,906 2,321 707 1,672 1961 1962 1963 1964 1965 35,527 12,253 29,956 8,590 31,616 7,213 37,122 10,656 40,108 9,348 1,448 8,360 1,188 8,558 1,168 10,107 1,205 10,544 2,731 11,148 7,449 7,681 7,230 Total Total 1,052 11,558 616 9,748 579 10,154 303 915 891 760 889 Total PriPublicly vately Pre- Comoffered placed ferred 6,332 3,320 3 557 3,632 4,806 3,275 9,653 7,190 8,081 Retirement of New Other pur- secuTotal money' poses rities 571 1,334 11,372 10,823 531 2,027 9,527 9,392 409 1,664 9,924 9,653 13,165 9,420 10,705 8,969 12,237 10,872 13,957 10,865 15,992 13,720 4,700 4,440 4,714 3,623 5,570 4,720 4,529 6,158 7,243 8,150 450 422 342 412 725 3,294 1 314 1,022 2,679 1,547 12,885 10,501 12,081 13,792 15,801 9,907 8,578 8,758 915 814 895 549 135 271 12,017 10,715 1,302 868 9,747 8,240 1,507 754 10,553 8,993 1,561 1,528 754 13,038 11,233 1,805 996 14,805 13,063 1,741 1965—Aug. Sept. Oct.. Nov. Dec. 2,354 3,029 2,661 6,340 2,948 371 342 369 3,463 331 239 150 375 375 179 718 984 867 1,018 768 95 14 65 86 25 930 1,538 986 1,398 1,646 837 1,370 861 1,142 1,487 369 664 287 613 326 468 706 574 529 1,161 15 92 8 92 87 78 76 116 165 72 919 1,523 973 1,377 1,632 850 760 1,392 1,249 834 924 ,325 1,183 '.496 1,279 91 143 90 143 217 69 130 49 52 136 1966—Jan.. Feb.. Mar/ Apr.. May. June. July. Aug. 3,021 3,008 4,250 3,668 3,182 5,072 3,425 3,721 475 345 457 426 412 397 411 387 503 410 392 699 1,030 1,084 799 1,176 845 848 1,181 877 1,118 678 764 30 42 54 86 88 100 159 10 1,339 1,273 2,482 1,582 1,106 2,427 1,093 1,760 1,152 460 560 1,143 753 2,065 628 1 372 481 1,037 832 1,616 440 983 1,619 1,140 692 583 1,311 743 556 784 543 480 119 75 21 28 13 74 70 71 68 55 396 182 56 737 40 70 1,325 1,259 2,452 1,559 1,095 2,391 1,079 1,736 ,302 ,237 2,446 •,553 ,058 2,364 1,046 1,719 1,214 1,068 2,039 1,399 1,000 2,245 969 1,652 88 169 407 154 58 119 77 67 22 22 7 7 38 27 33 17 Proposed uses of net proceeds, major groups of corporate issuers Manufacturing Commercial and miscellaneous Transportation Public utility Communication Period Real estate and financial RetireRetireRetireRetire* RetireRetireNew ment of New ment of New ment of ment of New ment of New New ment of secu- capital^ secucapital' capitals secusecucapitals secucapital' capitals securities rities rities rities rities rities 1958 1959 1960 1961 3,265 1,941 1,997 3,691 195 70 79 287 867 812 794 1,109 13 28 30 36 778 942 672 651 38 15 39 35 3,605 3,189 2,754 2,883 138 15 51 106 1,294 707 1,036 1,435 1962 1963 1964 1965 2,958 3,312 2,772 5,015 228 190 243 338 803 774 1,024 1,302 32 55 82 79 543 873 941 967 16 83 32 36 2,341 1,935 2,445 2,546 444 699 280 357 1,276 726 2,133 847 1965—Aug. Sept. Oct.. Nov. Dec. 307 414 273 402 470 54 16 10 17 18 51 117 77 44 192 2 8 • 24 42 65 53 94 130 13 297 287 158 209 243 5 74 9 28 62 25 196 92 43 43 1966—Jan.. Feb.. Mar. Apr.. May. June. July. Aug.. 353 530 977 692 376 1,137 442 536 14 6 7 4 12 14 2 15 114 100 160 154 137 145 86 142 3 8 * 2 22 6 2 2 155 94 373 148 75 207 55 255 388 241 340 364 274 322 263 317 5 4 141 160 301 76 40 276 50 317 1 Gross proceeds are derived by multiplying principal amounts or number of units by offering price. 2 Includes guaranteed issues. ' Issues not guaranteed. * See NOTE to table at bottom of opposite page. 5 Foreign governments, International Bank for Reconstruction and Development, and domestic nonprofit organizations. 4 22 1 118 * 1 382 11 356 36 92 4 5 4 17 1,014 1,801 2,401 2,248 47 6 71 22 1,825 2,933 3,723 4,128 23 144 80 93 129 313 272 433 418 4 27 8 3 16 151 111 294 119 156 276 150 152 6 Estimated gross proceeds less cost of flotation. I F.°,f P l a n t a n d equipment and working capital. * All issues other than those for retirement of securities. NOTE.—Securities and Exchange Commission estimates of new issues maturing in more than 1 year sold for cash in the United States. NOVEMBER 1966 SECURITY ISSUES 1685 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Bonds and notes Common and preferred stocks Period New issues New issues Retirements Net change New issues Retirements Net change Retirements Invest. cos. 1 Other Invest. COS. 1 Net change Other Invest. COS. 1 Other I960 1961 13,503 17,515 4,962 6,999 8,541 10,515 8,072 9,194 3,078 4,024 4,994 5,170 2,706 3,867 2,725 4,454 855 1,171 1,029 1,804 1,851 2,696 1,696 2,650 1962 1963 1964 1965 14,308 15,641 18,767 21,415 6,457 8,711 8,290 10,025 7,852 6,930 10,477 11,390 8,613 10,556 10,715 12,747 3,749 4,979 4,077 4,649 4,864 5,577 6,637 8,098 3,440 3 138 4,304 5,463 2,255 1,948 3,748 3,205 1,140 1,536 1,895 2,134 1,567 2,197 2,317 3,242 2,300 1,602 2,409 3,329 688 -249 1,431 -37 1965 II Ill IV 6,333 5,064 5,809 2,529 2,570 2,847 3,803 2,494 2,962 4,007 3,207 3,261 1,252 1,232 1,178 2,755 1,975 2,084 1,243 1 124 1,770 1,083 733 778 515 477 657 762 861 1,012 728 647 1,113 321 -128 -235 1966 I II 7,782 7,639 3,158 2,354 4,624 5,287 4,568 3,993 1,335 3,233 2,841 2,204 1)640 1,010 2,006 671 669 1,152 532 1.533 971 -142 1,475 Type of issuer Manufacturing Period Bonds & notes 1960 1961 .... 1962 1963 1964 1965 Commercial and other 2 Stocks Bonds & notes Public utility Transportation J Bonds & notes Stocks Stocks Bonds & notes Communication Stocks Bonds & notes Real estate and financial « Stocks Bonds & notes Stocks 399 2,012 462 415 261 516 -46 -447 173 71 -42 -7 1,689 1,648 635 704 901 149 356 1,457 1,572 775 2,182 3,224 1,355 1,804 1,303 2,606 -242 -664 -516 -570 294 339 507 614 -201 -352 -483 -70 -85 316 317 185 -25 -19 -30 -1 1,295 876 1,408 1,342 479 245 476 96 1,172 438 458 644 357 447 1,699 518 833 1,806 2,644 2,707 2,619 1,696 2,694 3,319 814 625 612 138 -210 -243 234 223 163 -36 -19 57 37 52 -28 21 -3 293 554 215 116 72 -189 201 255 124 139 149 130 1,156 282 918 719 506 1,193 1,440 950 -543 657 169 232 49 348 166 28 648 756 679 166 119 249 549 168 157 270 264 1,523 938 1965—11 HI IV 1966—I II -10 -72 1 Open-end and closed-end companies. 2 Extractive and commercial and misc. companies. 3 Railroad and other transportation companies. * Includes investment companies. NOTE. Securities and Exchange Commission estimates of cash transactions only. As contrasted with data shown on p. 1683 new issues exclude foreign and include offerings of open-end investment cos., sales of securities held by affiliated cos. or RFC, special offerings to employees, and also new stock issues and cash proceeds connected with conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of issues for that purpose shown on opposite page. OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption of own shares Sales and redemption of own shares Assets (market value at end of period) Assets (market value at end of period) Month Year Net sales Totals Cash position Sales' Redemptions 1955 1956 1957 1958 1,207 1,347 1,391 1,620 443 433 406 511 765 914 984 1,109 7,838 9,046 8,714 13,242 438 492 523 634 1959 1960 1961 1962 2,280 2,097 2,951 2,699 786 842 1,160 1,123 1,494 1,255 1,791 1,576 15,818 17,026 22,789 21,271 860 973 980 1,315 1963 1964 1965 2,460 3,404 4,359 1,504 1,875 1,962 952 1,528 2,395 25,214 29,116 35,220 1,341 1,329 1,803 3 Sales 1 Redemptions 7,400 1965—Sept... 8,554 Oct.... 8,191 Nov... Dec... 12,608 381 394 360 475 183 173 163 176 14,958 1966—Jan.... Feb... 16,053 Mar.. 21,809 Apr... 19,956 May.. June.. 23,873 July... 27,787 Aug.., 33,417 Sept... 507 440 592 538 478 380 363 357 327 191 229 244 255 216 194 153 187 145 Other > Includes contractual and regular single purchase sales, voluntary and contractual accumulation plan sales, anS reinvestment of investrnentmcomedividSdT- excludes reinvestment of realized capital gains dividends 2 Mark™ vVlue at end of period less current liabilities. 3 Cash'and deposits, receivables, all U.S. Govt. securities, and other short-term debt securities, less current liabilities. Total 2 Cash position3 Other 199 220 197 299 32,824 33,921 34,533 35,220 1,787 1,758 1,847 1,803 31,037 32,163 32,686 33,417 316 211 348 284 261 186 210 170 182 36,213 36,178 36,173 37,136 35,453 35,429 35,082 32,553 32,223 2,009 2,094 2,040 2,107 2,278 2,337 2,472 2,657 3,036 34,204 34,084 34,133 35,029 33,175 33,092 32,610 29,896 29,187 Net sales NOTE.—Investment Company Institute data based on reports of members, which comprise substantially all open-end investment companies registered with the Secunties and Exchange Commission. Data reflect newly formed companies after their initial offering of securities. 1686 NOVEMBER 1966 BUSINESS FINANCE SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1961 1962 1963 1964 1966 1965 1964 Industry 1963 III IV IV II Manufacturing Total (177 corps.): Sales Profits before taxes Profits after taxes Dividends Nondurable goods industries (78 corps.):1 Sales Profits before taxes Profits after taxes Dividends Durable goods industries (99 corps.): 2 Sales Profits before taxes Profits after taxes Dividends Selected industries: Foods and kindred products (25 corps.): Sales Profits before taxes Profits after taxes Dividends Chemical and allied products (20 corps.): Sales Profits before taxes Profits after taxes Dividends Petroleum refining (16 corps.): Sales Profits before taxes Profits after taxes Dividends Primary metals and products (34 corps.): Sales Profits before taxes Profits after taxes Dividends Machinery (24 corps.): Sales Profits before taxes Profits after taxes Dividends Automobiles and equipment (14 corps.): Sales Profits before taxes Profits after taxes Dividends 123,669 136,545 147,380 158,253 176,676 40,972 42,742 45,344 41,946 46,644 47,068 49,341 13,268 15,330 17,337 18,734 22,043 4,636 5,517 6,021 4,723 5,782 5,934 6,336 7,167 8,215 9,138 10,462 12,482 2,698 3,081 3,399 2,732 3,269 3,323 3,609 1,873 1,411 1,629 4,730 5,048 5,444 5,933 6,541 1,435 2,066 1,569 1,729 49,362 52,245 55,372 59,770 64,635 15,429 15,453 16,131 16,320 16,732 17,299 18,145 5,602 5,896 6,333 6,881 7,818 1,773 1,804 1,985 2,014 2,014 2,132 2,336 3,225 3,403 3,646 4,121 4,798 1,090 1,112 1,213 1,222 1,251 1,295 1,403 650 607 662 617 711 2,031 2,150 2,265 2,408 2,541 690 606 74,307 84,300 92,008 98,482 112,041 25,543 27,289 29,214 25,626 29,912 29,769 31,196 7,666 9,434 11,004 11,853 14,225 2,863 3,713 4,036 2,709 3,768 3,802 4,001 3,942 4,812 5,492 6,341 7,684 1,608 1,970 2,186 1,509 2,018 2,027 2,206 819 1,355 919 1,067 804 1,022 2,699 2,898 3,179 3,525 4,000 1,183 12,951 13,457 14,301 15,284 16,345 1,440 1,460 1,546 1,579 1,710 802 698 747 896 682 425 448 481 508 397 3,939 413 213 124 3,868 388 201 124 4,082 433 225 125 4,194 452 234 126 4,200 436 236 133 4,331 438 231 137 4,483 488 255 142 12,606 13,759 14,623 16,469 17,938 1,979 2,162 2,286 2,597 2,878 1,034 1,126 1,182 1,400 1,627 868 904 924 926 833 4,258 646 357 297 4,238 679 386 214 4,492 758 424 213 4,565 734 409 215 4,642 707 409 285 4,861 764 431 221 5,195 851 475 224 14,483 15,106 16,043 16,589 17,878 1,237 1,319 1,487 1,560 1,946 1,025 1,099 1,204 1,309 1,555 566 528 608 752 672 4,267 416 352 184 4,404 440 363 182 4,449 473 386 183 4,454 504 400 187 4,571 530 406 200 4,811 580 442 203 4,974 589 449 207 20,234 21,260 22,116 24,195 26,530 1,999 1,838 2,178 2,556 2,951 1,067 1,013 1,183 1,475 1,704 820 734 843 763 818 6,449 738 436 204 6,614 768 436 195 7,091 865 493 200 6,657 695 402 202 6,167 623 373 221 6,522 691 399 216 7,448 936 536 218 17,446 19,057 21,144 22,558 25,148 1,701 1,924 2,394 2,704 3,116 966 1,177 1,372 1,621 859 531 508 577 673 775 5,967 652 334 175 5,772 747 385 192 6,305 817 426 187 6,286 764 400 189 6,785 788 410 207 6,955 877 441 217 6,832 915 479 226 23,314 29,156 32,927 35,338 42,662 2,786 4,337 5,004 4,989 6,263 1,404 2,143 2,387 2,626 3,298 973 1,151 1,447 1,629 1,890 8,941 10,898 11,450 1,061 1,828 1,883 608 942 1,004 659 520 305 8,281 12,032 11,718 11,728 756 1,797 1,780 1,612 430 923 935 893 307 503 759 360 9,778 10,208 829 980 694 816 438 468 2,506 208 194 131 2,385 145 121 108 2,582 259 213 118 2,575 248 206 81 2,668 328 276 161 2,518 213 172 113 12,478 13,489 14,294 15,156 15,961 3,349 3,583 3,735 3,926 4,116 1,883 2,062 2,187 2,375 2,568 1^74 1,462 1,567 1,682 1,833 3,796 938 592 410 4,227 1,154 712 467 3,822 949 597 438 3,901 1,036 626 437 4,011 977 632 491 4,456 1,215 758 473 4,053 987 632 486 2,734 774 403 274 2,732 783 420 279 2,790 766 419 284 2,854 830 447 294 2,944 806 432 296 2,992 851 460 302 3,091 907 488 309 Public utility Railroad: Operating revenue Profits before taxes Profits after taxes Dividends Electric power: Operating revenue Profits before taxes Profits after taxes Dividends Telephone: Operating revenue Profits before taxes Profits after taxes Dividends 9,189 625 382 359 8,615 2,478 1,233 867 9,440 729 572 367 9,196 2,639 1,327 935 9,560 816 651 356 9,796 10,550 11,320 2,815 3,069 3,185 1,417 1,590 1,718 988 1,065 1,153 > Includes 17 corps, in groups not shown separately. Includes 27 corps, in groups not shown separately. 2 NOTE.—Manufacturing corps: Data are obtained primarily from published co. reports. Railroads: Interstate Commerce Commission data for Class I linehaul railroads. Electric power: Federal Power Commission data for Class A and B electric utilities, except that quarterly figures on operating revenue and profits before taxes are partly estimated by the Federal Reserve to include affiliated nonelectric operations. Telephone: Data obtained from Federal Communications Commission on revenues and profits for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Lines and General Depts. of American Telephone and Telegraph Co.) and for 2 affiliated telephone cos. Dividends are for the 20 operating subsidiaries and the 2 affiliates. All series: Profits before taxes are income after all charges and before Federal income taxes and dividends. Back data available from the Division of Research and Statistics. NOVEMBER 1966 BUSINESS FINANCE 1687 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate capital Undis- consumptributed tion profits allowances I Profits before taxes Income taxes Profits after taxes Cash dividends 1958 1959 1960 41.4 52.1 49.7 19.0 23.7 23.0 22.3 28.5 26.7 11.6 12.6 13.4 10.8 15.9 13.2 22.0 23.5 24.9 1961 1962 1963 1964 1963 50.3 55.4 59.4 67.0 75.7 23.1 24.2 26.3 28.4 31.2 27.2 31.2 33.1 38.7 44.5 13.8 15.2 16.5 17.3 19.2 13.5 16.0 16.6 21.3 25.3 26.2 30.1 31.8 33.9 36.3 Year i Includes depreciation, capital outlays charged to current accounts, and accidental damages. Corporate capital Undistributed consumption profits allowances I Quarter Profits before taxes Income taxes 1964—IV... 67.7 28.6 39.0 17.7 21.4 34.8 1965—1.... II.... HI... IV... 74.5 74.5 75.0 78.7 30.7 30.7 30.9 32.4 43.8 43.8 44.1 46.3 18.1 18.8 19.5 20.2 23.7 25.0 24.6 26.1 35.2 36.0 36.8 37.2 1966—1.... II.... 82.7 82.8 34.1 34.1 48.7 48.7 20.9 21.1 27.8 27.6 37.7 38.5 Cash dividends Profits after taxes NOTE.—Dept. of Commerce estimates. Quarterly data are at seasonally adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets End of period 1961 1962 1963 1964 Net working capital 148.8 155.6 163.5 172.3 175.1 177.7 180.7 183.4 186.0 190.4 1965 I II HI IV 1966—I II Total 304.6 326.5 351.7 372.6 378.4 386.3 395.4 407.9 413.7 423.6 Cash 40.7 43.7 46.5 47.1 44.4 45.8 45.6 49.2 46.9 47.7 U.S. Govt. securities Current liabilities Notes and accts. receivable U.S. GovM Other 3.4 3.7 3.6 3.4 133.3 144.2 156.8 170.6 174.6 179.9 185.2 189.6 192.5 198.4 19.2 19.6 20.2 18.8 18.3 16.1 15.8 16.7 16.9 15.3 3.3 3.2 3.6 3.9 3.9 4.0 • Receivables from, and payables to, the U.S. Govt. exclude amounts offset against each other on corps.' books. Inventories Other Total 95.2 100.7 107.0 114.0 117.1 119.4 12.9 14.7 17.8 18.8 20.6 21.9 22.1 22.1 23.4 23.7 155.8 170.9 188.2 200.3 203.2 208.6 214.6 224.5 227.7 233.1 123.1 126.3 130.2 134.4 Notes and accts. payable Accrued Federal income taxes U.S. Govt.' Other Other 110.0 119.1 130.4 139.6 141.1 145.8 150.0 157.2 157.5 163.4 29.8 34.5 38.7 40.7 42.5 43.8 44.3 45.0 47.3 49.1 1.8 2.0 2.5 2.7 2.8 2.9 3.1 3.1 3.8 3.9 14.2 15.2 16.5 17.2 16.8 16.2 17.2 19.2 19.1 16.7 NOTE.—Securities and Exchange Commission estimates; excludes banks, savings and loan assns., insurance cos., and investment cos. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Transportation Manufacturing Period Total Durable Nondurable 1958 1959 1960 30.53 32.54 35.68 5.47 5.77 7.18 1961 1962 1963 1964 1965 19662 34.37 37.31 39.22 44.90 51.96 60.86 6.27 7.03 7.85 9.43 11.40 13.96 2.83 5.96 6.29 7.30 7.40 7.65 7.84 9.16 11.05 13.11 2.76 2.25 2.76 2.91 3.48 2.87 3.51 3.54 4.04 2.28 2.70 2.82 3.24 2.74 3.27 3.30 3.80 1964 IV . 12.84 1965 I . . II HI IV 10.79 12.81 13.41 14.95 1966 I . . , . II HI2 IV2 12.77 15.29 15.64 17.16 ' Includes trade, service, finance, and construction. Anticipated by business. 2 Mining Public utilities Communications Other i Total (S.A. annual rate) Railroad Other .94 .99 .99 .98 1.08 1.04 .75 .92 1.03 .67 .85 1.10 1.50 2.02 1.94 1.85 2.07 1.92 6.09 5.67 5.68 5.52 5.48 S.65 2.62 2.67 3.13 3.22 3.63 3.79 7.20 8.21 8.44 8.46 9.52 10.03 1.30 1.46 1.73 1.96 2.81 3.62 6.94 8.16 4.94 11.79 18 60 .33 .35 .64 1.76 1.17 3.01 47.75 .29 .33 .32 .35 .39 .44 .44 .46 .58 .77 .72 .73 .33 .40 .36 .37 .40 .75 1.00 1.32 1.71 1.88 2.04 1.60 2.09 2.22 2.25 1.08 1.24 1.22 1.41 1.26 1.42 2.59 2.85 3.10 3.25 2.83 3.06 49.00 50.35 52.75 55.35 58.00 60.10 61.60 63.55 .35 .47 .54 .90 .97 4. 84 5. 19 NOTE.—Dept. of Commerce and Securities and Exchange Commission estimates for Corp. and noncorp. business, excluding agriculture. 1688 NOVEMBER 1966 REAL ESTATE CREDIT MORTGAGE DEBT OUTSTANDING (In billions of dollars) End of period Nonfarm Farm AU properties Other holders? All holders 1- to 4-family houses Finan- Other FinanAll cial cial holdinsti- 1 holdinstiIndiers 3 ers tutions U.S. viduals utions 1 agenand cies others All holders Total Finan. Other insti- holdtutions t ers 4.8 4.7 3.0 4.3 28.2 26.5 23.4 24.9 26.0 26.2 27.2 28.5 35.0 39.4 46.6 54.9 63.7 71.7 17.7 19.9 23.4 27.3 31.4 35.3 62.3 65.5 69.4 73.4 77.2 81.2 131.7 146.9 167.0 190.9 215.6 239.4 156.0 26.2 82.2 54.9 27.3 73.4 190.9 159.0 163.2 167.0 170.4 26.4 26.6 26.9 27.2 84.6 87.7 91.2 95.1 56.5 58.6 61.0 63.7 28.1 29.1 30.2 31.4 74.2 74.9 76.2 77.2 195.8 202.6 208.9 215.6 200.7 205.2 209.5 213.5 173.4 177.4 181.5 185.0 27.4 27.7 28.0 28.5 97.5 100.5 103.7 107.0 65.3 67.4 69.5 71.7 77.9 78.7 80.0 81.2 220.4 227.0 233.2 239.4 216.7 220.4 187.8 190.6 29.0 29.7 109.6 112.3 73.4 75.2 32.2 33.1 34.2 35.3 36.2 37.1 82.1 82.6 244.3 250.1 4.7 2.4 12.2 12.1 6.4 4.8 1.5 1.3 4.9 3.4 31.2 30.8 18.4 18.6 11.2 12.2 7.2 6.4 206.8 226.3 251.6 281.2 311.6 341.7 157.6 172.6 192.5 217.1 241.0 264.5 11.2 11.8 12.2 11.2 11.4 12.4 38.0 41.9 47.0 52.9 59.2 64.8 12.8 13.9 15.2 16.8 18.9 21.2 4.7 5.0 5.5 6.2 7.0 7.8 8.2 8.9 9.7 10.7 U.9 13.4 194.0 212.4 236.4 264.4 292.7 320.6 141.3 153.1 166.5 182.2 197.6 213.5 117.9 128.2 140.4 156.0 170.4 185.0 1963—IV... 281.2 217.1 11.2 52.9 16.8 6.2 10.7 264.4 182.2 1964—I II... III... IV.. 287.4 295.5 303.6 311.6 222.0 228.5 234.9 241.0 11.3 11.3 11.3 11.4 54.1 55.7 57.4 59.2 17.3 18.1 18.5 18.9 6.4 6.7 6.9 7.0 10.9 11.4 U.7 11.9 270.0 277.5 285.1 292.7 185.4 189.8 193.9 197.6 1965—1... H.. Ill" IV. 317.7 325.9 333.9 341.7 245.8 252.2 258.6 264.5 11.6 11.7 11.9 12.4 60.3 62.0 63.4 64.8 19.5 20.2 20.7 21.2 7.2 7.4 7.6 7.8 12.3 12.8 13.1 13.4 298.3 305.7 313.2 320.6 1966—P.. W. Ill" 348.1 355.2 361.2 269.2 274.1 13.5 14.4 65.4 66.7 21.8 22.5 8.0 8.3 13.7 14.2 326.4 332.7 • Commercial banks (including nondeposit trust cos. but not trust depts.), mutual savings banks, life insurance cos., and savings and loan assns. 2 U.S. agencies are FNMA, FHA, VA, PHA, Farmers Home Admin., and Federal land banks, and in earlier years, RFC, MOLC, and FFMC. Other U.S agencies (amounts small or current separate data not readily available) included with "individuals and others." 3 Derived figures; includes debt held by Federal land banks and farm debt held by Farmers Home Admin. * Derived figures; includes small amounts of farm loans held by ConFinan. Other FHAVAveninsti- hold- undertional tutions! ers written 8.1 7.4 20.7 21.0 1960 1961 1962 1963 1964 1965* Total 12.9 12.2 52.7 59.3 69.9 82.2 95.1 107.0 37.6 35.5 1941 1945 Mortgage types Multifamily and commercial properties* savings and loan assns. s Data by type of mortgage on nonfarm 1 - to 4-family properties alone are shown on second page following. NOTE.—Based on data from Federal Deposit Insurance Corp., Federal Home Loan Bank Board, Institute of Life Insurance, Depts. of Agriculture and Commerce, Federal National Mortgage Assn., Federal Housing Admin., Public Housing Admin., Veterans Admin., and Comptroller of the Currency. Figures for first 3 quarters of each year are F.R. estimates. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings ' Residential End of period Total Total 1941 1945 I960 1961 1962 1963 1964 1965 Mutual savings bank holdings 4,906 4,772 3,292 3,395 28,806 30,442 34.476 39,414 43,976 49,675 20,362 21,225 23,482 26,476 28,933 32,387 FHA- VAinguarsured anteed 5,851 5,975 6,520 7,105 7,315 7,702 2,859 2,627 2 654 2,862 2,742 2,688 2 Residential Conventional Other nonfarm Farm Total Total 1,048 856 566 521 4,812 4,208 11,652 6,796 12,623 7,470 14,308 8,972 16,509 10,611 18,876 12,405 21,997 14,377 1,648 1,747 2,022 2,327 2,638 2,911 26,935 29,145 32,320 36,224 40,556 44,617 FHA- VAConinguar- vensured anteed tional 3,884 3,387 Other nonfarm Farm 900 797 28 24 24,306 7,074 8,986 8,246 26,341 8,045 9,267 9,029 29,181 9,238 9,787 10,156 32,718 10,684 10,490 11,544 36,487 12,287 11,121 13,079 40,096 13,791 11,408 14,897 2,575 2,753 3,088 3,454 4,016 4,469 54 51 51 52 53 52 1963—IV 39,414 26,476 7,105 2,862 16,509 10,611 2,327 36,224 32,718 10,684 10,490 11,544 3,454 52 1964 I II HI IV 40,200 41,648 42,948 43,976 26,894 27,750 28,432 28,933 7,110 7,158 7,250 7,315 2,824 2,793 2,786 2,742 16,960 17,799 18,396 18,876 10,894 11,340 11,896 12,405 2,412 2,558 2,620 2,638 37,155 38,199 39,381 40,556 33,506 34,407 35,449 36,487 11,004 11,376 11,826 12,287 10,639 10,826 10,977 11,121 11,863 12,205 12,646 13,079 3,597 3,739 3,879 4,016 52 53 53 53 1965 I.. II IH IV 44,799 46,548 48,353 49,675 29,388 30,383 31,574 32,387 7,329 7,469 7,641 7,702 2,722 2,712 2,700 2,688 19,337 20,202 21,233 21,997 12,723 13,371 13,926 14,377 2,688 2,794 2,853 2,911 41,521 42,467 43,539 44,617 37,357 38,214 39,153 40,096 12,664 13,036 13,412 13,791 11,228 11,322 11,368 11,408 13,465 13,856 14,373 14,897 4,112 4,202 4,334 4,469 52 51 52 52 1966—1" IIP 50,575 52,024 1 Includes loans held by nondeposit trust cos., but not bank trust depts. Data for 1941 and 1945, except for totals, are special F.R. estimates. NOTE.—Second and fourth quarters, Federal Deposit Insurance Corp. series for all commercial and mutual savings banks in the United States 2 45,361 45,875 and possessions. First and third quarters, estimates based on FDIC data for insured banks for 1962 and part of 1963 and on special F.R. interpolations thereafter. For earlier years, the basis forfirstand third quarter estimates included F.R. commercial bank call data and data from the National Assn. of Mutual Savings Banks. NOVEMBER 1966 REAL ESTATE CREDIT 1689 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total Total 1945 1960 1961 1962 , 1963 1964 1965 1965—Aug.* Sept... Oct... Nov... Dec... Farm > FHAinsured VAguaranteed Other i Total FHAinsured VAguaranteed Other 6,901 6,553 6,395 4,466 22,856 24,815 26,931 766 2,982 3,170 3,400 3,792 4,304 4,823 4,657 4,688 4,721 4,751 4,824 4,843 4,893 4,967 5,057 5,121 5,166 5,191 5,208 976 6,086 6,785 7,478 5,622 6,233 6,859 ,401 ,388 |355 291 220 469 3,930 4,625 5,035 464 552 619 6,637 41,771 44,203 46,902 5,860 38,789 41,033 43,502 1,394 9,032 9,665 10,176 9,172 10,433 11,137 8,306 9,386 9,988 ,598 ,812 !738 678 674 553 6,030 6,900 7,697 866 1,047 1,149 50,544 55,152 60,013 46,752 50,848 55,190 10,756 11,484 12,068 886 932 932 959 1,248 820 868 868 890 1,079 147 142 161 149 154 45 45 44 41 42 628 681 663 700 883 66 64 64 69 169 58,073 58,411 58,824 59,276 60,021 53,416 53,723 54,103 54,525 55,197 11,912 11,950 12,010 12,063 12,094 6,401 29,595 6,403 32,961 6,286 36,836 6,344 35,160 6,326 35,447 6,316 35,777 6,307 36,155 6,292 36,811 972 817 978 897 816 908 869 791 865 703 815 756 709 830 815 746 168 143 139 121 93 107 106 94 52 39 40 29 31 34 31 38 645 521 636 606 585 689 678 107 114 163 141 107 78 54 45 60,518 60,881 61,288 61,710 62,101 62,547 62,969 63,336 55,675 55,988 56,321 56,653 56,980 57,381 57,778 58,128 12,183 12,246 12,259 12,299 12,310 12,330 12,335 12,340 6,307 6,294 6,282 6,262 6,244 6,225 6,210 6,201 1966—Jan... Feb... Mar... Apr... May.. June.. July.. Aug... 1 Certain mortgage loans secured by land on which oil drilling or extracting operations in process were classified with farm through June 1959 and with "other" nonfarm thereafter. These loans totaled $38 million on July 31, 1959. NOTE.—Institute of Life Insurance data. 614 For loans acquired, the FEDERAL HOME LOAN BANKS (In millions of dollars) (In millions of dollars) Loans outstanding (end of period) Loans made New home Home Total i conpurstruc- chase tion FHATotal 2 in- sured VAguaranteed 181 14I304 4,678 17,364 5,081 20,754 5,979 5 376 60,070 68,834 78,770 3,524 4,167 4,476 7,222 49,324 7,152 57,515 7,010 67,284 1963 1964.. 1965. 24,735 7,039 9,920 90,944 24.505 6,515 10,397 101,333 2 ,847 5,922 10,697 110,202 4,696 4,894 5.141 6,960 79,288 6,683 89,756 6,391 98,670 1 358 6,132 7,207 8,524 1965—Sept.. Oct.. Nov.. Dec. 2,079 ,961 ,825 ,996 490 487 431 491 1,015 910 834 865 108,255 108,922 109,507 110,202 5,079 5,103 5,108 5,141 6,477 6,459 6,432 6,391 96,699 97,360 97,967 98,670 1966—Jan.. Feb.. Mar.. ,549 ,554 ,998 ,888 ,696 ,629 ,234 ,314 ,118 322 307 454 430 390 340 266 272 239 640 645 814 798 773 823 643 722 573 '110,700 111,246 112,001 112,736 113,249 113,669 113,750 113,897 113,967 5,160 5,177 5,195 5,212 5,236 5,245 5,235 5,246 5,253 6,364 6,361 6,331 6,311 6,293 6,279 6,254 6,236 6,202 99,176 99,708 100,475 101,213 101,720 102,145 102,261 102,415 102,512 May! June. July.. Aug.. Sept." 1 Includes loans for repairs, additions and alterations, refinancing, etc. not shown separately. . , 2 Beginning with 1958 includes shares pledged against mortgage loans, and beginning with 1966 includes real estate sold on contract not acquired by foreclosure. NOTE.—Federal Home Loan Bank Board data. Advances Conventional 1945 I960 1961 1962 Oil 37,185 37,448 37,780 38,092 38,426 38,826 39,233 39,587 monthly figures may not add to annual totals and for loans outstanding, the end-of-Dec. figures may differ from end-of-year figures, because (1) monthly figures represent book value of ledger assets whereas year-end figures represent annual statement asset values, and (2) data for year-end adjustments are more complete. MORTGAGE ACTIVITY OF SAVINGS AND LOAN ASSOCIATIONS Period Farm Total Repayments Advances outstanding (end of period) Total Shortterm i Longterm 2 Members deposits 1945 I960 1961 1962 278 1,943 2,882 4,111 213 2,097 2,220 3,294 195 1,981 2,662 3,479 176 1,089 1,447 2,005 19 892 1,216 1,474 46 938 1,180 1,213 1963 1964 1965 5,601 5,565 5,007 4,296 5,025 4,335 4,784 5,325 5,997 2,863 2,846 3,074 1,921 2,479 2,923 1,151 1,199 1,043 310 337 236 400 278 312 338 128 5,802 5,826 5,724 5,997 2,908 2,924 2,877 3,074 2,894 2,902 2,847 2,923 942 957 934 1,043 386 171 214 967 339 171 838 146 99 485 330 266 138 152 92 279 262 150 5,898 5,739 5,687 6,516 6,704 6,783 7,342 7,226 7,175 3,071 2,837 2,598 3,343 3,691 3,865 4,471 4,625 4,627 2,826 2,901 3,089 3,173 3,012 2,918 2,871 2,601 2,548 843 795 823 811 840 972 710 698 727 1965 Sept Oct Nov Dec .... 1966—Jan Feb Apr, May July Sept ..... 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. NOTE.—Federal Home Loan Bank Board data. 1690 NOVEMBER 1966 REAL ESTATE CREDIT MORTGAGE DEBT OUTSTANDING ON NONFARM 1- to 4-FAMTJLY PROPERTIES GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE (In millions of dollars) (In billions of dollars) VA-guaranteed FHA-insured Period Total New homes Existing homes Projects i Property imTotal 3 ExNew prove-2 isting homes homes ments 194J 665 257 217 20 171 192 I960 1961 1962 1963 1964 1965 6 293 6,546 7,184 7,216 8,130 8,689 2 197 1,783 1,849 1,664 1,608 1,705 2 403 2,982 3 421 3,905 4,965 5,760 711 926 1,079 843 895 591 982 855 834 804 663 634 1,985 1,829 2,652 3,045 2,846 2,652 1,554 1,170 1,357 1,272 1,023 876 428 656 1,292 1,770 1,821 1,774 SeDt Oct Nov Dee 860 811 824 780 159 161 156 165 597 554 550 533 42 45 61 38 62 52 57 43 254 245 243 228 78 81 79 77 177 163 163 151 Jan Feb Mar Apr. May 800 639 733 636 608 685 604 622 610 180 134 160 139 137 152 136 159 149 547 378 447 376 361 405 368 387 367 42 96 68 66 56 69 42 18 27 30 32 78 54 55 60 58 57 66 236 190 163 132 167 205 219 287 257 80 69 59 51 62 71 72 96 96 156 121 104 81 104 134 147 191 161 1965 1966 July Sept Governmentunderwritten Mortgages Mortgages End of period Total Total FHA- VAinguarsured anteed1 Conventional 1945 1959 I960 18.6 130.9 141.3 4.3 53.8 56.4 4.1 23.8 26.7 .2 30.0 29.7 14.3 77.0 84.8 1961 1962 1963 1964 1965" 153.1 166.5 182.2 197.6 213.5 59.1 62.2 65.9 69.2 73.1 29.5 32.3 35.0 38.3 42.0 29.6 29.9 30.9 30.9 31.1 93.9 104.3 116.3 128.3 140.4 1963—IV 182.2 65.9 35.0 30.9 116.3 1964 I II Ill IV 185.4 189.8 193.9 197.6 66.6 67.3 68.4 69.2 35.7 36.3 37.4 38.3 31.0 30.9 31.1 30.9 118.8 122.5 125.4 128.3 1965 I H III".... IV 200.7 205.2 209.5 213.5 70.1 70.7 72.0 73.1 39.0 39.7 40.9 42.0 31.1 31.0 31.1 31.1 130.7 134.4 137.4 140.4 216.7 220.4 74.1 74.6 43.0 43.7 31.1 30.9 142.6 145.8 1966—I* II" > Monthly figures da not reflect mortgage mortga amendments included in annual totals. Not ordinarily secured by mortgages. i Includes a small amount of alteration and repair loans, not shown separately; only such loans in amounts of more than SI,000 need be secured. • Includes outstanding amount of VA vendee accounts held by private investors under repurchase agreement. NOTE.—Federal Housing Admin, and Veterans Admin, data. FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, gross amounts of loans closed. Figures do not take into account principal repayments on previously insured or guaranteed loans. For VA-guaranteed loans, amounts by type are derived from data on number and average amount of loans closed. NOTE.—For total debt outstanding, figures are FHLBB and F.R. estimates. For conventional, figures are derived. Based on data from Federal Home Loan Bank Board, Federal Housing Admin., and Veterans Admin. 2 FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY MORTGAGE DEBT OUTSTANDING ON INCOME PROPERTIES (In millions of dollars) (In billions of dollars) Mortgage holdings End of period Total FHAinsured VAguaranteed 1960. 6,159 3,356 1961. 1962., 1963., 1964.. 1965., 6,093 5,923 4,650 4,412 4,731 1965—Sept., Oct.. Nov., Dec.. 1966—Jan.. Feb.. Mar.. Apr.. May., June. July.. Aug.. Sept.. Mortgage transactions (during period) Commitments undisbursed Nonfarm End of period FHAinsured Conventional 12.2 47.9 52.7 5.4 5.9 12.2 42.5 46.8 4.8 12.1 12.8 73.2 85.1 99.0 114.0 128.2 59.3 69.9 82.2 95.1 107.0 6.4 7.2 7.5 7.9 8.0 52.9 62.7 74.7 87.2 99.0 13.9 15.2 16.8 18.9 21.2 1963—II Ill IV 91.7 95.2 99.0 75.5 78.6 82.2 7.4 7.5 7.5 68.1 71.2 74.7 16.2 16.6 16.8 1964—1 II Ill IV 101.9 105.8 109.7 114.0 84.6 87.7 91.2 95.1 7.6 7.7 7.8 7.9 77.0 80.0 83.5 87.2 17.3 18.1 18.5 18.9 1965—I H Ill" IV 117.0 120.7 124.4 128.2 97.5 100.5 103.7 107.0 7.9 8.0 8.0 8.0 89.6 92.5 95.7 99.0 19.5 20.2 20.7 21.2 1966—1" IV 131.4 134.8 109.6 112.3 8.0 8.0 101.6 104.3 21.8 22.5 Total Purchases Sales 2,803 1,248 357 576 1945 1959 I960 17.0 60.0 65.5 3,490 3,571 3,017 2,996 3,404 2,603 2,353 ",634 ,416 ,327 815 740 290 424 913 541 498 1,114 251 200 631 355 191 313 793 1961 1962 1963 1964 1965» 4,372 4,436 4,559 4,731 3,083 3,145 3,255 3,404 ,289 ,290 ,304 ,327 78 96 155 205 443 559 674 793 4,948 5,215 5,528 5,744 5,922 6,082 6,319 6,464 6,592 3,588 3,811 4,077 4,268 4,430 4,581 4,787 4,916 5,028 ,360 ,404 ,451 ,476 ,492 ,501 ,532 ,548 1,564 246 295 344 250 209 194 265 180 159 62 923 829 750 691 650 625 511 512 532 NOTE.—Federal National Mortgage Assn. data including mortgages subject to participation pool of Government Mortgage Liquidation Trust, but excluding conventional mortgage loans acquired by FNMA from the RFC Mortgage Co., the Defense Homes Corp., the Public Housing Admin., and Community Facilities Admin. Farm Total NOTE.—Based on data from same sources as shown for "Mortgage Debt Outstanding" table (second preceding page), and for table immediately above. NOVEMBER 1966 1691 REAL ESTATE CREDIT CONVENTIONAL FIRST MORTGAGES New homes Period Contract rate (per cent) Fees & charges (per cent)l Existing homes Maturity (years) Loan/ price ratio (per cent) PurLoan chase amount price (thous. of (millions dollars) of dollars) Contract rate (per cent) Fees & charges (per cent)i Maturity (years) Loan/ price ratio (per cent) PurLoan chase amount price (millions (thous. of dollars) of dollars) 1963 1964 1965 5.84 5.78 5.76 .64 .57 .54 24.0 24.8 24.8 73.3 74.1 74.1 22.5 23.7 24.7 16.3 17.3 18.1 5.98 5.92 5.89 .60 .55 .50 19.2 20.0 20.4 70.8 71.3 72.0 17.8 18.9 19.7 12.6 13.4 14.1 1965—Sept Oct Nov. Dec 5.75 5.75 5.80 5.78 .56 .53 .54 .58 24.9 24.8 25.0 24.8 73.7 73.8 74.9 74.0 24.9 25.1 25.1 25.2 18.1 18.3 18.5 18.4 5.89 5.87 5.91 5.91 .47 .48 .50 .51 20.1 19.9 20.4 20.6 71.6 71.3 72.0 72.4 19.2 19.6 19.4 20.2 13.7 13.9 13.9 14.5 1966—Jan Feb Mar Apr. May June July Aug Sept 5.81 5.85 5.90 5.99 6.02 6.07 6.12 6.18 6.22 .51 .55 .56 .57 .57 .57 .67 .83 .83 24.6 24.6 24.7 24.6 24.7 24.8 24.2 25.4 24.3 73.4 73.2 74.3 73.9 73.4 74.4 72.1 74.0 71.1 24.7 25.9 25.8 25.1 26.5 26.7 27.1 27.3 27.0 18.0 18.8 18.9 18.2 19.2 19.7 19.3 20.1 19.0 5.97 5.97 6.01 6.09 6.16 6.18 6.24 6.35 6.40 .49 .51 .53 .54 .56 .47 .52 .61 .64 20.6 20.3 20.9 20.6 20.6 20.0 19.9 19.8 19.4 72.6 72.0 72.5 72.2 71.8 70.6 70.5 70.6 69.5 19.9 20.2 20.3 20.3 20.6 21.0 20.5 20.8 20.4 14.3 14.4 14.7 14.5 14.7 14.7 14.3 14.7 14.0 1 Fees and charges—related to principal mortgage amount—include loan commissions, fees, discounts, and other charges which provide added income to the lender and are paid by the borrower. They exclude any closing costs related solely to transfer of property ownership. NOTE.—Compiled by Federal Home Loan Bank Board in cooperation with Federal Deposit Insurance Corporation. Data are weighted averages based on probability sample survey of characteristics of mortgages originated by major institutional lender groups (including mortgage companies) for purchase of single-family homes. Data exclude loans for refinancing, reconditioning, or modernization; construction loans to home-builders; and permanent loans that are coupled with construction loans to owner-builders. See also the table on Mortgages; New and Existing Homes, p. 1674. NONFARM MORTGAGE FORECLOSURES DELINQUENCY RATES ON HOME MORTGAGES (Per 100 mortgages held or serviced) -oans not in foreclosure but delinquent for: End of period 60 days 90 days or more Loans in fore* closure Total 30 days 3.10 3.04 3.30 3.21 3.29 2.27 2.26 2.32 2.35 2.40 .50 .60 .55 .55 .33 .29 .38 .31 .34 .29 .30 .34 .38 .40 I II Ill IV 2.94 3.00 3.20 3.29 2.06 2.18 2.30 2.40 .54 .52 .56 .55 .34 .30 .34 .34 .37 .38 .38 .40 1966—1 II Ill 3.02 2.95 3.09 2.13 2.16 2.25 .55 .49 .52 .34 .38 .38 .36 1961 1962 1963 1964 1965 1965 . .50 .30 .32 NOTE.—Mortgage Bankers Association of America data from reports on 1to 4-family FHA-insured, VA-guaranteed, and conventional mortgages held by more than 400 respondents, including mortgage bankers (chiefly), commercial banks, savings banks, and savings and loan associations. Number (thousands) Rate (per cent of mortgaged structures) 73.1 86.4 98.2 108.6 116.7 .37 .42 .45 .48 .49 1965 I II HI IV 27.9 30.1 29.1 29.6 .48 .52 .50 .50 1966 I II 30.8 28.8 .48 .51 Period 1961 1962 . 1963 1964 1965 NOTE.—Federal Home Loan Bank Board estimates of number of nonfarm mortgaged structures at end of period and of nonfarm properties acquired during period through foreclosure proceedings (excluding voluntary deeds in lieu of foreclosure and defaults on real estate contracts). Data exclude Alaska and Hawaii. 1692 NOVEMBER 1966 CONSUMER CREDIT TOTAL CREDIT (In millions of dollars) Noninstalment Instalment Total End of period 1939 1941 1945 ... I960 1961 1962 1963 1964 1965 Other consumer goods paper Total Automobile paper 7,222 9 172 5,665 4,503 6,085 2,462 1,497 2,458 455 1,620 1,929 816 56,028 57 678 63,164 70,461 78,442 87,884 42,832 43,527 48,034 54,158 60,548 68,565 17,688 17,223 19,540 22,433 25,195 28,843 Repair and modernization loans I Singlepayment loans Charge accounts Service credit Personal loans Total 298 376 182 1,088 1,322 1,009 2,719 3,087 3,203 787 84S 746 1,414 1,645 1,612 518 597 845 11,525 11,857 12,605 13,856 15,593 17,693 3,139 3,191 3,246 3,405 3,532 3,675 10,480 11,256 12,643 14,464 16,228 18,354 13,196 14,151 15,130 16,303 17,894 19,319 4,507 5,136 5,456 6,117 6,954 7,682 5,329 5,324 5,684 5,871 6,300 6,746 3,360 3,691 3,990 4,315 4,640 4,891 1965 Sept Oct Nov Dec 83,801 84,465 85,291 87,884 65,979 66,511 67,168 68,565 28,175 28,393 28,612 28,843 16,229 16,492 16,797 17,693 3,664 3,676 3,689 3,675 17,911 17,950 18,070 18,354 17,822 17,954 18,123 19,319 7,600 7,624 7,648 7,682 5,496 5,645 5,740 6,746 4,726 4,685 4,735 4,891 1966 Jan Feb... Mar 87 027 86,565 87,059 88,184 89,092 90,070 90,650 91,483 91,639 68,314 68,279 68,827 69,543 70,209 71,194 71,862 72,640 72,829 28,789 28,894 29,248 29,597 29,908 30,402 30,680 30.918 30,793 17,566 17,386 17 450 17,597 17,732 17,959 18,165 18,390 18,564 3 634 3,603 3 597 3 602 3,642 3,677 3 711 3,755 3,771 18 325 18 396 18 532 18,747 18 927 19,156 19,306 19,577 19,701 18 713 18,286 18 232 18 641 18,883 18,876 18 788 18,843 18,810 7,666 7,731 7,795 7,836 7,925 7,901 7,844 7,849 7,814 6,107 5,505 5,393 5,670 5,860 5,908 5,888 5,973 5,993 4,940 5,050 5,044 5,135 5,098 5,067 5,056 5,021 5,003 May July Sept... i Holdings of financial institutions; holdings of retail outlets are included in "other consumer goods paper." NOTE.—Consumer credit estimates cover loans to individuals for house- hold, family, and other personal expenditures, except real estate mortgage loans. For back figures and description of the data, see "Consumer Credit," Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965, and May 1966 BULLETIN. INSTALMENT CREDIT (In millions of dollars) Financial institutions End of period Total Total Commercial banks Sales finance COS. Retail outlets Credit unions Consumer Other' finance > 657 759 629 Department stores * Furniture stores Appliance stores Automobile dealers^ 1,438 1,605 686 354 320 131 439 496 240 183 206 17 123 188 28 339 395 270 Total Other 1939 1941 1945 4,503 6,085 2,462 3,065 4,480 1,776 1,079 1,726 745 1,197 1,797 300 132 198 102 1960 1961 1962 1963 1964 1965 42,832 43,527 48,034 54,158 60,548 68,565 37,218 37,935 41,782 47,405 53,141 60,273 16,672 17,008 19,005 22,023 25,094 29,173 11,472 11,273 12,194 13,523 14,762 16,138 3,923 4,330 4,902 5,622 6,458 7,512 3,670 3,799 4,131 4,590 5,078 5,606 1,481 1,525 ,550 ,647 ,749 ,844 5,615 5,595 6,252 6,753 7,407 8,292 2,414 2,421 3,013 3,427 3,922 4,488 1,107 1,058 1,073 1,086 1,152 1,235 333 293 294 287 286 302 359 342 345 328 370 447 1,402 1,481 1,527 1,625 1,677 1,820 1965—Sept. Oct.. Nov. Dec. 65,979 66,511 67,168 68,565 58,703 59,105 59,567 60,273 28,343 28,618 28,855 29,173 15,802 15,876 15,963 16,138 7,310 7,363 7,436 7,512 5,410 5,422 5,465 5,606 ,838 ,826 ,848 ,844 7,276 7,406 7,601 8,292 3,910 3,979 4,101 4,488 1,117 1,138 1,167 1,235 289 293 297 302 433 438 443 447 1,527 1,558 1,593 1,820 1966—Jan.. Feb.. Mar. Apr.. May. June. July., Aug.. Sept.. 68,314 68,279 68,827 69,543 70,209 71,194 71,862 72,640 72,829 60,202 60,331 60,863 61,539 62,178 63,097 63,745 64,454 64,613 29,201 29,312 29,684 30,127 30,507 31,013 31,398 31,737 31,778 16,106 16,072 16,106 16,191 16,263 16,454 16,585 16,732 16,759 7,447 7,473 7,593 7,711 7,839 8,009 8,093 8,238 8,324 5,598 5,621 5,630 5,670 5,695 5,742 5,791 5,846 5,858 ,850 ,853 ,850 ,840 ,874 ,879 ,878 ,901 ,894 8,112 7,948 7,964 8,004 8,031 8,097 8,117 8,186 8,216 4,419 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1,208 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 300 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 448 451 459 466 472 480 485 489 487 1,737 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 1 Consumer finance cos. included with 'other" financial institutions until 1950. 2 Includes mail-order houses. 3 Automobile paper only; other instalment credit held by automobile dealers is included with "other" retail outlets. See also NOTE to table above. NOVEMBER 1966 1693 CONSUMER CREDIT INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) Automobile paper End of period Other Repair and conmodsumer ernizagoods tion paper loans Total Purchased Direct 1939 1941 1945 1,079 1,726 745 237 447 66 178 338 143 166 309 114 135 161 110 363 471 312 1960 1961 1962 1963 1964 1965 16,672 5,316 17,008 5,391 19,005 6,184 22,023 7,381 25,094 8,691 29,173 10,310 2,820 2,860 3,451 4,102 4 734 5,721 2,759 2,761 2,824 3,213 3,670 4,266 2,200 2,198 2,261 2,377 2,457 2,543 3,577 3,798 4,285 4,950 5,542 6,333 1965—Sept Oct Nov. Dec 28,343 9,985 28,618 10,119 28,855 10,220 29,173 10,310 5,516 5,570 5 645 5,721 4,062 4,125 4,172 4,266 2,539 2,550 2,553 2,543 6,241 6,254 6,265 6,333 1966 29,201 29,312 29,684 30,127 30,507 31,013 31,398 31.737 31,778 5,740 5,785 5,885 5,967 6,037 6,124 6,157 6,172 6,113 4,293 4,311 4,351 4,423 4,491 4,581 4,713 4,795 4,864 2,511 2,484 2,476 2,481 2,502 2,529 2,555 2,580 2,593 6,343 6,371 6,439 6,557 6,625 6,704 6,754 6,851 6,895 Jan Feb Mar. Apr. June July Aug Sept 10,314 10,361 10,533 10,699 10,852 11,075 11,219 11,339 11,313 Total Automobile paper Other consumer goods paper Repair and modern ization loans Personal loans 1939 1941 1945 1,197 1,797 300 878 1,363 164 115 167 24 148 201 58 56 66 54 1960 1961 1962 1963 1964 1965 11,472 11,273 12,194 13,523 14,762 16,138 7,528 6,811 7,449 8,228 8,701 9,241 2,739 3,100 3,123 3,383 3,889 4,429 139 161 170 158 142 123 1,066 1,201 1 452 1,754 2,030 2,345 1965—Sept. Oct.. Nov. Dec. 15,802 15,876 15,963 16,138 9,196 9,201 9,210 9,241 4,204 4,269 4,332 4,429 129 128 126 123 2,273 2,278 2,295 2,345 1966—Jan.. Feb.. Mar. Apr., May, June, July. Aug.. Sept. 16,106 16,072 16,106 16,191 16,263 16,454 16,585 16,732 16,759 9,187 9.187 9,214 9,261 9,289 9,395 9,457 9,498 9,427 4,460 4,423 4,422 4,448 4,479 4,538 4,579 4,632 4,693 119 117 116 114 113 111 112 112 112 2,340 2,345 2,354 2,368 2,382 2,410 2,437 2,490 2,527 Personal loans End of period See NOTE to first table on previous page. See NOTE to first table on previous page. INSTALMENT CREDIT HELD BY OTHER FINANCIAL INSTITUTIONS NONINSTALMENT CREDIT (In millions of dollars) (In millions of dollars) End of period Total Automobile paper Other consumer goods paper Repair and modernization loans 1939 1941 1945 789 957 731 81 122 54 24 36 20 15 14 14 669 785 643 1960 1961 1962 1963 1964 1965 9,074 9,654 10,583 11,859 13,285 14,962 1,665 1,819 2,111 2,394 2,699 3,124 771 743 751 835 997 1,153 800 832 815 870 933 1,009 5,837 6,257 6,906 7,760 8,656 9,676 1965—Sept Oct Nov 14,558 14,611 14,749 14,962 3,045 3,065 3,094 3,124 1,120 1,130 1,135 1,153 996 998 1,010 1,009 9,397 9,418 9,510 9,676 1966—Jan Feb Mar Apr. May 14,895 14,947 15,073 15,221 15,408 15,630 15,762 15,985 16,076 3,100 3,110 3,157 3,204 3,258 3,328 3,362 3,420 3,453 1,149 1,155 1,172 1,188 1,203 1 223 1,241 1,266 1,278 1,004 1,002 1,005 1,007 1,027 1,037 1,044 1,063 1,066 9,642 9,680 9,739 9,822 9,920 10,042 10,115 10,236 10,279 July Sept NOTE.—Institutions represented are consumer finance companies, credit unions, industrial loan companies, mutual savings banks, savings and loan assns., and other lending institutions holding consumer instalment loans. See also NOTE to first table on previous page. Singlepayment loans Personal loans Charge accounts Service credit Com- Other Definan- partOther Credit mercial retail cial insti- ment outlets cards! banks tutions stores' End of period Total 1939 1941 1945 2,719 3 087 3 203 625 693 674 162 152 72 236 275 290 1,178 1,370 1 322 I960 1961 1962 1963 . 1964 1965 13,196 14,151 15,130 16,303 17,894 19,319 3,884 4,413 4,690 5,205 5,950 6,587 623 723 766 912 ,004 ,095 941 948 927 895 909 968 3,952 3,907 4,252 4,456 4,756 5,055 436 469 505 520 635 723 3,360 3,691 3,990 4,315 4,640 4,891 1965—Sept... Oct... Nov... Dec... 17,822 17,954 18,123 19,319 6,520 6,546 6,555 6,587 ,080 ,078 ,093 1,095 647 682 725 968 4,078 4,221 4,291 5,055 771 742 724 723 4,726 4,685 4,735 4,891 1966—Jan... 18,713 Feb... 18,286 Mar... 18,232 Apr... 18,641 May.. 18,883 June.. 18,876 July... 18,788 Aug... 18,843 Sept... 18,810 6,574 6,630 6,676 6,717 6,784 6,767 6,720 6,718 6,692 1,092 ,101 ,119 ,119 ,141 H4 ,124 ,131 1,122 855 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 4,509 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 743 746 755 765 788 824 861 916 932 4,940 5,050 5,044 5,135 5,098 5,067 5,056 5,021 5,003 518 597 845 1 Includes mail-order houses. 2 Service station and misc. credit-card accounts and home-heating oil accounts. See also NOTE to first table on previous page. 1694 NOVEMBER 1966 CONSUMER CREDIT INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Automobile paper Total Other consumer goods paper Repair and modernization loans Personal loans Period S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 15,223 15,744 17,594 19,703 21,393 23,902 2,213 2,068 2,051 2,198 2,204 2,238 14,470 14,578 15,685 17,102 19,473 21,454 17,654 16,007 19,796 22,292 24,435 27,914 49,560 48,396 55,126 61,295 67,505 75,508 1960 1961 1962 1963 1964 1965 1965—Sept Oct Nov. Dec 6,434 6,425 6,530 6,489 6,085 6,247 6,608 7,519 2,385 2,338 2,480 2,443 2,088 2,318 2,410 2,328 1,859 1,907 1,873 1,862 1,849 1,899 2,004 2,657 176 179 185 185 189 183 189 163 2,014 2,001 1,992 1,999 1,959 1,847 2,005 2.371 1966—Jan Feb Mar. Apr. May June July Aug Sept 6,544 6,492 6,673 6,505 6,472 6,675 6,732 6,689 6,578 5,586 5,517 6,865 6,658 6,694 7,236 6,670 7,025 6,189 2,340 2,340 2,479 2,302 2,298 2,419 2,383 2,431 2,387 2,001 2,084 2,676 2,486 2,526 2,746 2,466 2,543 2,070 1,983 1,957 1,959 1,958 1,933 1,944 2,050 1,995 1,958 1,684 1,527 1,890 1,871 1,898 2,013 1,945 2,023 1,935 176 171 183 180 186 189 189 187 175 130 130 174 178 215 215 203 225 187 2,045 2,024 2,052 2,065 2,055 2,123 2,110 2,076 2,058 1,771 1,776 2,125 2,120 2,055 2,262 2,056 2,234 1,997 Repayments 45,972 47,700 50,620 55,171 61.121 67,495 1960 1961 1962 1963 1964 1965 13,574 14,246 14,939 15,850 17,737 19,355 16,384 16,472 17,478 19,400 21,676 24,267 14,130 14,967 16,206 17.883 19,630 21,777 1,883 2,015 1,996 2,038 2,078 2,096 1965—Sept Oct Nov Dec 5,748 5,805 5,831 5,855 5,616 5,714 5,955 6,120 2,056 2,080 2,148 2,107 2,024 2,099 2,193 2,097 ,638 ,670 ,683 ,720 1,617 1,636 1,700 1,760 171 171 176 175 173 171 177 176 1,883 1,884 1,824 1,853 1,802 1,808 1,885 2,087 1966—Jan Feb Mar. Apr May June July Aug Sept 5,947 5,954 6,024 5,974 5,979 6,126 6,168 6,087 6,103 5,837 5,552 6,317 5,942 6,028 6,251 6,002 6.247 6,000 2,115 2,135 2,216 2,145 2,159 2,211 2,238 2,223 2,213 2,055 1,979 2,322 2,137 2,215 2,252 2,188 2,305 2,195 ,778 ,781 ,708 ,729 784 ,767 ,803 792 ,784 1,811 1,707 1,826 1,727 1,763 1,786 1,739 1,798 1,761 176 174 176 175 172 176 174 172 168 171 161 180 173 175 180 169 181 171 1,878 1,864 1,924 1,925 1,864 1,972 1,953 1,900 1,938 1,800 1,705 1,989 1,905 1,875 2,033 1,906 1,963 1,873 Net change in credit outstanding 1960 1961 1962 1963 1964 1965 3,588 696 4,506 6,124 6,384 8,013 1,270 -465 2,318 2,892 2,759 3,647 2 896 332 746 1,252 1,736 2,099 1,093 777 1,388 1,820 1,763 2,125 330 53 55 160 126 142 1965—Sept... Oct... Nov... Dec... 686 620 699 634 469 533 653 1,399 329 258 332 336 64 219 217 231 221 237 190 142 232 263 304 897 5 8 9 10 16 12 12 -13 131 117 168 146 157 39 120 284 1966—Jan... Feb.. Mar.. Apr.. May. June. July.. Aug.. Sept.. 597 538 649 531 493 549 564 602 475 -251 -35 548 716 666 985 668 778 189 225 205 263 157 139 208 145 208 174 -54 105 354 349 311 494 278 238 -125 205 176 251 229 149 177 247 203 174 -127 -180 64 147 135 227 206 225 174 0 -3 7 5 14 13 15 15 7 -41 -31 -6 5 40 35 34 44 16 167 160 128 140 191 151 157 176 120 -29 71 136 215 180 229 150 271 124 1 Includes adjustments for differences in trading days. 2 Net changes in credit outstanding equal extensions less repayments. NOTE.—Estimates are based on accounting records and often include financing charges. Renewals and refinancing of loans, purchases and sales of instalment paper, and certain other transactions may increase the amount of extensions and repayments without affecting the amount outstanding. For back figures and description of the data see "Consumer Credit," Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965, and May 1966 BULLETIN. NOVEMBER 1966 CONSUMER CREDIT 1695 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks Period S.A.1 N.S.A. S.A.1 N.S.A. Sales finance companies S.A.1 N.S.A. Other financial institutions S.A.1 N.S.A. Retail outlets S.A.1 N.S.A. Extensions 1960 1961 1962 1963 1964 1965 49,560 48,396 55,126 61,295 18,269 17,711 20,474 23,344 25,950 29,738 67,505 75,508 1965—Sept.. Oct.. Nov.. Dec. 6,434 6,425 6,530 6,489 6,085 6,247 6,608 7,519 2,567 2,581 2,659 2,610 2,386 2,488 2,517 2,579 1966—Jan.. Feb.. Mar.. Apr.. May. June. July.. Aug.. Sept.. 6,544 6,492 6,673 6,505 6,472 6,675 6,732 6,689 6,578 5,586 5,517 6,865 6,658 6,694 7,236 6,670 7,025 6,189 2,500 2,517 2,619 2,539 2,547 2,619 2,673 2,683 2,634 2,240 2,243 2,784 2,717 2,722 2,912 2,717 2,819 2,422 11,456 10,667 11,999 12,664 14,020 15,075 ,311 ,214 ,267 ,291 ,270 ,230 ,273 ,226 ,228 ,260 ,255 ,260 242 12,073 12,282 13,525 14,894 16,251 18,120 ,228 ,223 ,293 I425 1,514 1,508 1,512 1,514 ,101 ,057 ,318 ,225 ,254 ,383 ,265 ,336 ,162 1,553 1,559 1.573 1,559 1,547 1,643 1 593 1,589 1,587 7,762 7,736 9,128 10,393 11,284 12,575 ,440 ,404 .574 ,788 ,042 ,122 ,092 ,074 1,031 1,132 1.224 1,727 ,298 ,221 ,186 ,208 ,181 ,150 ,153 ,211 ,157 ,115 947 879 1,129 1,137 1,118 1,169 1,111 1,157 1,088 .338 ,634 ,579 ,600 ,772 ,577 1.713 1,517 Repayments 1965—Sept.. Oct.., Nov.. Dec. 5,748 5,805 5,831 5,855 5,616 5,714 5,955 6,120 2,183 2,253 2.264 2,252 2,152 2,212 2,284 2,259 ,180 ,130 ,194 ,203 10,442 10,943 11,434 12,211 13,161 13,699 ,147 ,149 ,206 ,250 1966—Jan.. Feb.. Mar.. Apr.. May. June. July., Aug.. Sept.. 5,947 5,954 6,024 5,974 5,979 6,126 6,168 6,087 6,103 5,837 5,552 6,317 5,942 6,028 6,251 6,002 6,247 6,000 2,273 2,292 2,299 2,293 2,270 2,348 2,382 2,362 2,396 2,212 2,132 2,412 2,274 2,342 2,406 2,332 2,480 2,381 ,202 ,137 ,175 ,129 ,164 ,172 ,180 ,179 ,156 ,133 ,091 ,284 ,140 ,182 ,192 ,134 189 ,135 45,972 47,700 50,620 55,171 61,121 67,495 1960 1961 1962 1963 1964 1965 16,832 18,294 18,468 20,326 22,971 25,663 11,022 11,715 12,593 13,618 14,825 16,443 1,410 7,676 6,749 8,125 9,016 10,164 11,690 1,422 ',377 ,401 ,350 ,351 ,436 ,575 975 1,000 996 999 967 ,002 ,029 ,036 ,406 ,420 ,463 ,442 ,414 ,501 ,476 1,45.8 1 481 ,365 ,286 ,508 ,431 ,413 ,550 ,445 ,490 .426 1,066 1,105 1,087 1,110 1,131 1,105 1,130 1,088 1,070 .127 ,043 ,113 ,097 ,091 ,103 ,091 ,088 ,058 Net change in credit outstanding * 3,588 696 4,506 6,124 6,384 8,013 1960 1961 1962 1963 1964 1965 1,051 578 932 1,276 1,426 1,677 ,152 -199 921 ,329 239 ,376 1,446 335 1,997 3,018 3,065 4,075 -61 -20 656 501 654 885 1965—Sept.. Oct.. Nov.. Dec. 686 620 699 634 469 533 653 1,399 384 328 395 358 234 276 233 320 131 84 73 88 81 74 87 175 104 86 135 113 90 53 138 213 67 122 96 75 64 130 195 691 1966—Jan.., Feb.. Mar.. Apr.. May. June. July., Aug.. Sept.. 597 538 649 531 493 549 564 602 475 -251 -35 548 716 666 985 668 778 189 227 225 320 246 277 271 291 321 238 28 111 372 443 380 506 385 339 41 68 93 98 97 64 88 75 81 86 -32 -34 34 85 72 191 131 147 27 147 139 110 117 133 142 117 131 106 -67 52 126 155 81 121 71 19 48 81 69 45 -180 -164 16 40 27 66 20 69 30 1 Includes adjustments for differences in trading days. > 2 Net changes in credit outstanding are equal to extensions less repayments except in certain months when data for extensions and repayments have been adjusted to eliminate duplication resulting from large transfers of paper. In those months the differences between extensions and re- 148 187 222 132 223 91 payments for some particular holders do not equal the changes in their outstanding credit. Such transfers do not affect total instalment credit extended, repaid, or outstanding. See also NOTE to previous table. NOVEMBER 1966 INDUSTRIAL PRODUCTION: S.A. 1696 MARKET GROUPINGS (1957-59=100) Grouping Total index. Final products, total Consumer goods Equipment, including defense. Materials Consumer goods 957-59 1965 proaverporage Sept. tion 100.00 143.4 47.35 32.31 15.04 52.65 142. 5 140.3 147.0 144.2 1966 1965 Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug.' Sept 144.1 145.5 146.7 149.0 150.6| 152.4 153.7 153.9 155.3 156.5 157.2 158.2 158.1 143.7 141.3 149.0 144.9 145.7 141.9 153.9 145.3 148.0 143.7 157.3 146.1 148.9 144.2 159.0 148.8 150.3 144.6 162.6 150.9 152.1 146.1 164.8 152.6 152.5 146.2 166.2 154.4 152.9 146.4 166.9 154.5 153.7 146.2 169.8 157.1 154.9 147.1 171.4 158.0 155.3 146.5 174.4 158.8 156.5 147.2 176.5 159.6 156.7 147.0 177.7 159.6 3.21 167.2 165.2 168.0 168.5 169.1 168.1 167.9 170.0 168.4 160.7 162.3 154.5 146.4 151.1 1.82 182.6 178.1 181.1 182.5 182.4 180.3 177.8 180.5 178.9 166.0 167.8 151.5 141.7 148.6 1.39 146.8 148.2 150.8 150.0 151.5 152.0 155.0 156.2 154.6 153.6 155.2 158.6 152.7 154.4 Automotive products Autos Auto parts and allied products.... Home goods and apparel Home goods Appliances, TV, and radios Appliances TV and home radios Furniture and rugs Miscellaneous home goods Apparel, knit goods, and shoes.... 10.00 4.59 1.81 1.33 .47 1.26 1.52 5.41 143.8 154.8 152.3 153.3 149.8 154.3 158.2 134.5 144.8 155.3 151.6 152.9 148.1 154.2 160.4 136.0 146.7 158.8 158.4 159.3 156.0 154.9 162.5 136.4 147.9 159.7 157.2 156.5 159.3 157.4 164.5 137.9 151.0 165.8 163.7 162.0 168.7 161.0 172.2 138.5 150.9 166.8 166.3 163.2 174.8 163.3 170.2 137.5 151.1 165.7 160.5 163.1 153.1 164.0 173.4 138.7 151.3 164.1 156.2 150.6 171.8 165.5 172.5 140.4 153.8 168.4 166.7 167.9 163.0 166.3 172.2 141.4 154.0 169.9 165.9 165.5 166.9 169.1 175.5 140.5 153.8 168.3 163.9 165.2 160.3 170.1 171.9 141.6 152.3 168.0 165.5 171.1 149.8 165.2 173.2 139.0 153.1 169.1 165.0 166.7 160.2 168.0 174.7 139.5 151.4 166.7 161.5 163.1 157.1 166.1 173.3 Consumer staples Processed foods Beverages and tobacco Drugs, soap, and toiletries Newspapers, magazines, and books Consumer fuel and lighting....... Fuel oil and gasoline Residential utilities Electricity Gas 19.10 8.43 2.43 2.97 1.47 3.67 1.20 2.46 1.72 .74 134.0 122.2 127.2 157.0 127.0 149.4 122.4 162.6 171.6 141.9 135.4 122.6 129.0 158.2 128.4 152.9 122.6 167.7 178.2 135.7 123.1 127.8 158.6 128.2 154.0 124.8 168.2 179.1 137.3 124.5 131.0 162.5 129.3 153.3 126.6 166.3 176.3 136.5 123.2 128.8 163.2 130,4 152.7 126.4 165.6 175.3 136.7 123.1 129.7 164.0 131.9 151.6 125.1 164.5 173.2 139.4 125.8 131.1 167.2 133.6 155.3 124.0 170.5 181.5 139.5 125.2 133.6 168.6 134.2 154.7 125.2 169.0 179.0 138.9 125.1 130.2 167.3 134.1 154.6 128.4 167.4 176.7 139.7 123.9 129.5 173.4 136.9 155.8 128.7 169.0 179.0 141.6 126.4 131.5 174.7 138.5 157.1 128.6 171.0 181.9 142.1 126.0 130.2 174.5 138.9 161.1 128.8 176.8 190.0 144.3 128.0 134.3 175.4 138.2 165.0 129.1 182.5 197.9 144.0 128.0 11.63 156.7 159.0 163.8 167.2 6.85 153.1 155.3 159.4 162.0 2.42 164.4 166.4 169.7 172.7 162.4 164.2 178.7 180.4 1.76 .61 148.8 155.4 155.7 165.8 169.1 162.4 175.8 188.0 163.9 171.9 164.2 177.5 194.9 161.2 174.0 166.1 180.8 198.9 158.0 175.4 167.4 184.2 198.9 163.0 175.9 167.3 186.4 201.3 157.6 178.3 168.5 190.1 204.9 164.7 180.0 171.0 191.0 205.7 168.2 182.7 174.9 189.8 208.8 167.5 184.6 176.3 194. 209.3 169.1 185.7 177.3 195.7 210.2 173.6 137.2 130.6 Equipment Business equipment Industrial equipment Commercial equipment Freight and passenger equipment. Farm equipment Defense equipment...... 3.41 Materials Durable goods materials. Consumer durable Equipment Construction Metal materials n.e.c..., 26.73 3.43 7.84 9.17 6.29 144.3 166.8 151.9 133.8 137.8 144.3 168.8 154.2 134.5 130.6 144.3 168.7 158.4 135.3 127.1 143.6 168.7 160.0 137.2 123.2 147.3 168.3 163.2 140.3 130.6 149.9 170.0 165.8 142.7 138.8 152.6 173.6 170.0 143.6 143.2 155.6 169.1 171.9 146.1 147.1 156.7 169.0 173.6 144.3 145.1 157.7 166.0 177.1 141.8 144.8 159.3 165.2 179.1 142.3 148.0 159.1 162.8 183.7 141.0 146.9 160.2 173.6 187.9 140. 145.4 160.1 175.4 189.3 140.3 142.3 Nondurable materials 25.92 9.11 3.03 6.07 7.40 144.1 136.4 136.6 136.4 174. 145.4 138.2 138.4 138.1 178.4 147.1 138.5 137.8 138.8 179.5 148.6 141.6 144.7 140.0 180.8 150.4 142.5 144.1 141.7 183.7 151.0 144.2 143.5 144.5 185.3 152.1 144.4 143.5 144.9 187.2 153.1 146.0 145.2 146.4 186.3 152.3 145.3 142.4 146.7 188.4 156.5 147.8 146.1 148.6 192.0 158.0 150.3 146.4 152.2 192.9 158.6 149.9 143.2 153.2 194.5 158.9 150.3 143.6 153.6 195.0 159.0 150.9 145.4 153.7 194.8 9.41 6.07 2.86 2.32 1.03 1.21 .54 127.9 115.5 159.4 161.1 157.6 170.0 152.0 126.5 112.4 161.6 163.5 160.7 171.9 130.0 118.0 161.6 163.0 159.2 172.3 130.2 118.0 162.2 163.4 162.0 170.7 131.9 119.6 164.4 166.0 163.0 174.7 130.7 117.4 16S.0 166.4 163.7 175.1 131.8 118.1 167.1 168.7 163.9 179.4 133.9 120.5 168.6 170.3 165.6 181.0 130.8 114.9 170.6 172.2 168.2 182.6 136.9 123.8 171.2 172.8 170.0 182.0 138.0 124.9 172.2 173.8 170.1 184.1 138.7 124.6 174.6 176.7 174.6 186. 138.9 124.8 175.3 177. 174.6 187 138.7 124.1 Business supplies Containers General business supplies. Nondurable materials n.e.c. Business fuel and power Mineral fuels Nonresidemial utilities Electricity General industrial Commercial and other., Gas Supplementary groups of consumer goods Automotive and home goods. Apparel and staples For notes see opposite page. 7.80 159.9 159.3 162.6 163.3 167.1 167.3 166.6 166.6 166.1 165.8 162.5 159.7 160.3 24.51 134.1 135.5 135.9 137.4 136.9 136.9 139.2 139.7 168.4 143.2 139.4 139.8 141.6 141. NOVEMBER 1966 1697 INDUSTRIAL PRODUCTION: S.A. INDUSTRY GROUPINGS (1957-59=100) Grouping Total index. 1957-59 pro1965 poravertion age 1965 Sept. Oct. Nov. 1966 Dec, Jan. Feb. Mar. I Apr. 100.00 143.4 144.1 145.5 146.7 149.0 150.6 152.4 153.7 153.9 May June I July Aug.'I Sept 155.3 156.5 157.2 158.2 158.1 86.45 48.07 38.38 8.23 5.32 145.0 148.4 140.8 114.8 160.9 14S.8 149. 141.5 112.5 164.4 147.0 150.8 142.3 116.4 164.7 148.6 151.8 144.5 116.4 164.1 151.0 155.2 145.7 118.3 164.9 152.9 158.1 146.4 117.3 164.7 154.7 160.7 147.3 117.7 168.7 155.9 161.9 148.5 120.0 168.8 156.6 162.9 148.7 115.6 169.1 157.6 164.2 149.4 120.7 170.2 158.9 165.4 150.7 122.0 171.7 159.4 166,1 151.0 122.0 175.7 160.3 167.2 151.7 122.0 178.6 160.3 167.4 151.4 121.3 179.0 Primary and fabricated metals Primary metals Iron and steel Nonferrous metals and products. Fabricated metal products Structural metal parts 12.32 6.95 5.45 1.50 5.3 2.86 142.1 137.6 133.6 152.2 147.8 145.4 138.8 132.6 125.0 152.3 146.7 144.7 136.3 125.0 115.8 155.3 150.9 148.2 135.0 120.6 110.5 158.8 153.6 152.6 139.5 126.5 118.5 161.3 156.3 154.0 143.2 131.9 122.9 164.3 157.7 154.2 148.5 138.3 129.1 172.5 161.6 158.9 150.5 141.8 136.7 174.5 161.7 158.9 150.7 142.4 138.8 166.0 161.4 159.1 153.7 146.5 141.1 165.0 162.9 158.4 154.0 148.0 142.1 166.2 161.8 158.8 154.5 148.6 143.3 162.4 162.1 157.7 154.5 148.9 142.6 161.7 161.7 158.8 152.8 146.1 139.0 163.3 161.5 157.3 Machinery and related products Machinery Nonelectrical machinery Electrical machinery Transportation equipment Motor vehicles and parts Aircraft and other equipment... Instruments and related products.. Ordnance and accessories 27.98 14.80 8.43 6.3 10.19 4.68 5.26 1.71 154.3 160.5 160.4 160.6 149.2 175. 125.3 151.4 157.0 164.3 164.7 163.7 149.8 175.8 125.6 155.7 160.2 166.4 165.8 167.3 154.9 177. 134.4 158.0 162.2 168.3 167.8 169.0 157.2 178.0 138.0 159.0 164.9 171.0 169.2 173.5 160.4 178.7 143.4 162.2 168.3 174.5 171.9 177.9 163.0 176.7 150. 166.8 170.1 176.4 174.4 179.2 170.8 176.1 174.0 178.9 164.1 166.1 175.5 176.9 155.8 153. 169.4 171.9 172.4 178.6 174.5 184.1 165.9 176. 156.4 174.6 173.7 180.6 177.7 184.4 165.8 169.9 161.9 176.4 175.5 182.8 180.3 186.0 167.1 169.4 164.7 176.5 177.4 186.6 184.7 189.1 166.0 161.2 169.6 177.0 179.1 189.6 186.7 193.4 166.3 158.7 172.5 177.4 180.4 189.2 188.0 190.7 169.6 165.9 172.3 179.6 Manufacturing, total., Durable Nondurable Mining Utilities Durable manufactures 1.28 Clay, glass, and lumber Clay, glass, and stone products. Lumber and products 4.7. 127.6 128.4 130.1 130.3 135.0 136.2 136.4 138.0 137.8 133.3 134.4 131.7 129,8 129.7 2.99 133.5 135.5 137.0 136.8 140.6 142.4 142.2 143.0 141.9 139.5 141.0 138.5 140.6 140.4 1.73 117.4 116.2 118.3 119. 125.4 125.6 126.5 129.3 130.7 122.7 122.9 119.9 111.3 111.3 Furniture and miscellaneous.. Furniture and fixtures Miscellaneous manufactures. 3.05 IS 1.8 152.7 155.1 157.8 160.9 158.4 161.6 162.9 163.5 166,7 167.0 163.5 167.1 165.3 1.54 157.4 158.1 159.7 162.6 166.2 165.4 167.7 168.8 169.6 173.8 174.6 169.7 175.3 173.3 1.51 146.0 147.1 150.4 153.0 155.5 151.2 155.3 156.8 157.2 159.5 159.3 157.2 158.7 157.1 Nondurable manufactures Textiles, apparel, and leather. Textile mill products Apparel products Leather and products 7.60 2.90 3.59 1.11 135.8 134.9 145. 108.2 136.5 136.5 145.2 108.2 137.3 137.7 145.7 109.3 138.7 139.1 147.2 110.1 140.2 140.1 148.5 113.9 138.6 140.4 145.6 111.4 139.8 140.7 148.4 109.7 141.1 142.0 149.4 112.2 142.6 143.5 150.3 115.5 142.0 143.7 149.9 112.1 143.4 144.0 152.0 114.2 141.6 143.4 149.7 111.I 140.4 139.8 142.3 140.8 148.4 109.9 Paper and printing Paper and products Printing and publishing. Newspapers 8.17 3.43 4.74 1.53 135.3 142.3 130.3 124.2 136.0 144.6 129.8 121.5 136.4 143.6 131.1 125.1 139.2 147.4 133.2 127.2 140.6 149.3 134.2 129.5 142.1 150.6 136.0 131.1 142.7 148.5 138.6 131.4 144.2 150.2 139.8 133.1 143.5 150.2 138.6 128.5 146.6 153.0 142.1 133.8 148.3 154.1 144.1 135.4 149.6 156.2 144.8 136.3 148.6 153.1 145.3 137.7 Chemicals, petroleum, and rubber. Chemicals and products , Industrial chemicals . Petroleum products Rubber and plastics products 11.54 7.58 3.84 1.97 1.99 164.6 173.4 196.3 123.5 171.8 166.3 175.9 201.0 124.2 171.2 167.9 MIA 202.0 124.0 175.5 170.6 179.3 203.5 126.1 181.6 172.8 182.3 209.3 127.8 181.3 174.6 183.1 208.7 130.5 185.8 175.1 185.5 210.7 125.5 184.7 176.6 187.8 213.7 125.6 184.5 177.3 187.7 215.4 127.7 186.9 179.3 191.4 218.2 127.4 184.3 180.1 192.7 219.9 127.7 184.1 180.9 194.5 222.0 126.9 812.7 183.5 183.5 194.3 193.7 222.0 128.5 iio.'i 197.1 Foods, beverages, and tobacco. Foods and beverages Food manufactures Beverages Tobacco products 11.07 10.25 8.64 1.61 .82 123.4 123.7 122.3 130.6 120.3 123.4 123.6 121.8 133.2 120.6 123.3 124.0 122.1 134.5 114.5 125.1 125.6 123.5 137.1 118.9 124.8 125.4 123.7 134.7 117. 125.7 126.2 124.6 134.8 119.6 126.8 126.8 125.6 133.4 126.7 127.4 127.5 125.7 137.0 126.8 126.9 127.8 126.0 137.5 115.8 125.5 126. 124.4 135.4 117.9 126.8 127.1 125.5 135.9 122.7 127.2 128.1 126.4 137.2 116.5 128.7 128.4 129.4 129.1 127.1 127.1 141.6 119.9 Coat, oil, and gas Coal Crude oil and natural gas. Oil and gas extraction.. Crude oil Gas and gas liquids.. Oil and gas drilling 6.80 1.16 5.64 4.91 4.25 .66 .73 112.5 113.3 112.3 116.1 111.9 143.0 87.1 109.8 108.1 110.1 113.4 108.5 144.8 87.8 114.6 117.2 114.0 118.1 114.0 144.5 86.4 114.6 116.6 114.1 118.3 114.5 142.6 86.0 115.7 118.9 115.0 119.8 116.0 143.9 82.8 113.6 114.4 113.5 118.1 114.1 143.8 81.9 114.3 111.2 115.0 119.7 115.1 149.0 83.0 116.7 117.7 116.5 121.2 117.0 148.1 84.4 111.6 85.3 117.0 121.9 117.2 152.2 83.6 118.8 116.9 119.1 125.5 121.3 152.2 76.2 119.5 120.7 119.3 125.9 121.4 154.4 74.6 119.5 120.8 119.2 125.5 120.9 155.1 76.4 119.7 120.7 119.5 125.8 121.2 119.1 114.7 120.0 126.3 121.4 77.0 77.9 Metal, stone, and earth minerals.. Metal mining Stone and earth minerals 1.43 125.5 125.3 125.1 125.1 130.7 134.6 133.6 136.0 134.6 130.1 133.7 133.8 133.0 131.5 .61 124.2 122.4 124.6 114.2 120.6 133.4 130.8 134.5 139.7 133.6 134.2 134.0 132.0 128.5 .82 126.5 127.4 125.5 133.2 138.2 135.5 135.6 137.1 130.9 127.5 133.3 133.7 133.8 133.7 147.8 152.4 144.4 139.1 Mining Utilities Electric. Gas 4.04 165.6 169.8 169.9 168.9 169.9 169.3 174.2 174.0 174.1 175.5 177.2 182.4 186. 1.28 146.2 147.7 148.4 148.9 149.3 150.5 151.4 152.3 153.3 153.7 154.1 NOTE.—Published groupings include some series and subtotals not shown separately. A description and historical data are available in Industrial Production 1957-59 Base. Figures for individual series and subtotals (N.S.A.) are published in the monthly Business Indexes release. NOVEMBER 1966 INDUSTRIAL PRODUCTION; N.S.A. 1698 MARKET GROUPINGS (1957-59=100) Grouping Total index. Final products, total Consumer goods Equipment, including defense... Materials 957-59 1965 propor- average tion Sept. Oct. 100.00 143.4 146.0 150.i 47.35 32.31 15.04 52.65 142.5 140.3 147.0 144.2 1966 1965 145.7 143.8 149.7 146.2 151.5 150.3 154.2 148.8 Nov. Dec. Jan. Feb. Mar. Apr. May June July' Aug. r Sept 148.2 146.7 148.5 152.3 154.6 154.8 156.0 159.3 150.9 156.9 161.7 148.7 145.3 156.1 147.6 146.6 140. 160.3 146.8 148.5 142.0 162.3 148.5 151.7 145.7 164.6 152.7 153.4 146.7 167.8 155.7 152.6 145.5 167.9 156.7 152.9 144.8 170.3 158.7 157.8 150.0 174.6 160.7 150.0 139.8 172.0 151.8 154.8 146.1 173.6 158.7 161.8 154.2 178.0 161.7 Consumer goods Automotive products Autos Auto parts and allied products. Home goods and apparel Home goods Appliances, TV, and radios Appliances TV and home radios Furniture and rugs. Miscellaneous home goods Apparel, knit goods, and shoes.... Consumer staples Processed foods. Beverages and tobacco Drugs, soap, and toiletries Newspapers, magazines, and books Consumer fuel and lighting Fuel oil and gasoline Residential utilities Electricity Gas 3.21 167.2 129.6 185.3 184.6 172.4 178.0 177.7 180.9 178.6 170.9 174.2 127.5 86.2 154.0 1.82 182.6 114.0 206.4 211.7 191.5 198.3 195.6 202.2 196.8 184.3 190.4 112.1 32.6 150.1 153.0 154.8 153.3 152.8 147.7 156.9 159.3 1.39 146.8 150.1 157.5 148.9 147.3 151.2 154. 10.00 4.59 1.81 1.33 .47 1.26 1.52 5.41 143.8 154.8 152.3 I5J.3 149.8 154.3 158.2 134.5 148.7 161.4 158.1 154.3 168.7 158.5 167.6 138.0 155.8 167.6 166.0 157.3 190.6 163.0 173.2 145.9 149.8 165.4 162.0 155.3 181.0 163.2 171.4 136.5 144.0 166.0 160.9 157.6 170.4 167.0 171.3 125.3 144.0 160.6 160.1 159.6 161.5 159.7 162.0 129.9 154.5 166.8 168.2 170.7 161.1 162.0 169.1 144.2 156.0 167.0 166.4 165.2 169.9 163.5 170.6 146.7 155.3 169.2 174.2 179.9 158.3 161.6 169.6 143.5 153.3 169.2 169.4 174.5 154.7 162.7 174.4 139.8 156.4 170.5 171.7 177.2 156.3 167.2 171.9 144.4 138.9 152.8 140.8 150.5 113.4 157.3 163.3 127.2 153.1 164.2 149.3 145.8 159.1 171.0 176.4 143.7 156.5 175.2 173.2 171.2 178.9 170.8 181.1 19.10 8.43 2.43 2.97 1.47 3.67 1.20 2.46 1.72 .74 134.0 122.2 127.2 157.0 127.0 149.4 122.4 162.6 171.6 141.9 143.7 137.6 132.3 162.9 129.6 155. 122.6 141.4 136.4 136.6 128.6 131.7 124.5 162.4 161.7 128. 127.6 146.6 144.6 121.6 125.8 132.7 119.9 111.1 159.4 130.1 156.0 129.4 134.9 116.9 114.4 165.6 130.7 165.7 130.3 135.8 116.9 120.4 165.5 133.1 165.4 127.3 136.1 116.8 130.7 166.7 136.2 158.6 123.9 134.8 117.1 131.6 167.3 134.6 150.2 121.7 136.0 117.7 139.0 171.8 136.5 146.4 124.4 142.5 123.9 150.2 180.8 137.9 150.7 127.1 142.3 125.4 136.4 167.5 137.5 166.3 131.1 152.5 138.2 145.3 181.2 139.9 171.8 132.9 153.1 144.7 11.63 6.85 2.42 1.76 .61 156.7 153. 164.4 162.4 148.8 159.8 156.7 168.9 164.2 145.5 163.8 158.4 172.6 178.7 146.1 164.9 159.7 174.8 176.8 149.2 169.7 163.4 179.7 184.2 159.8 170.9 162.9 177.7 194.9 164.1 173.9 165.3 179.5 198.9 176.3 177.7 167.6 182.5 207.9 185.1 177.6 167.3 182.9 209.4 179.9 179.3 168.7 187.8 211.0 173.6 184.3 174.6 191.6 213.9 179.3 180.3 173.2 187.1 208.8 149.8 181.3 175.8 194.1 200.9 136.4 186.2 178.9 198.6 207.0 178.8 138.4 130.6 182.8 165.5 158.5 180.2 199.7 200.7 188.3 171.9 162.0 169.2 199.5 209.8 Equipment Business equipment Industrial equipment Commercial equipment Freight and passenger equipment.. Farm equipment Offense equipment 3.41 Materials Durable goods materials. Consumer durable Equipment , Construction Metal materials n.e.c.... 26.73 3.43 7.84 9.17 6.29 144.3 166.8 151.9 133.8 137.8 146.6 165.4 152.7 142.6 134.5 147.8 171.2 157.9 142.7 130. 145.4 173.2 160.2 136.9 124.2 145.9 176.7 165.6 131.9 124.9 147.7 176.0 167.3 128.9 135.2 152.3 176.2 171.5 132.1 144.5 155.9 174.2 173.8 137.3 150.6 158.3 174.1 175.5 142.9 150.9 160.0 171.0 178.3 145.3 152.8 162.4 166.9 180.9 151.5 152.7 152.1 141.6 178.0 146.6 133.7 158.5 158.0 182.3 150.0 141.2 163.0 175.4 187.4 148.7 146.6 Nondurable materials Business supplies Containers General business supplies. Nondurable materials n.e.c. 25.92 9.11 3.03 6.07 7.40 144.1 136.4 136.6 136.4 174.1 145.9 139.8 143.1 138.1 176.6 149.7 144. 144.8 143.7 180.4 149.9 143.5 140.6 144.9 182.6 147.8 137.5 127.8 142.4 180.0 149.3 139.1 136.3 140.5 184.4 153.3 143.9 141.8 144.9 190.9 155.6 148.7 145.9 150.1 191.0 155.0 149.4 147.5 150.4 194.1 157.4 150.3 147.6 151.6 194.9 159.1 151.8 150.9 152.2 195.8 IS 1.4 141.4 142.5 140.9 183.4 158.9 150.1 152.2 149.0 192.1 160.3 154.1 150.3 156.0 193.8 9.41 6.07 2.86 2.32 1.03 1.21 .54 127.9 115.5 159.4 161.1 157.6 170.0 152.0 127.7 131.1 130.4 132.4 131.6 132.7 134.4 129.7 134.8 137.2 135.8 141.4 139.9 111.2 118.9 119.5 121.4 119.5 121.7 123.2 116.3 122.6 122.7 116.6 123.3 122.6 Business fuel and power Mineral fuels Nonresidential utilities Electricity General industrial Commercial and other. Gas 171.9 165.1 160.4 162.5 163.7 162.1 164.8 164.1 167.8 176.8 187.0 191.9 163.1 161.9 162.0 161.4 162.9 159.6 164.8 166.0 170.0 173.5 173.7 179.8 186.0 174.0 164.9 169.5 170.7 170.4 171.2 168.9 172.4 186.9 206.7 210.9 Supplementary groups of consumer goods Automotive and home goods. Apparel and staples For notes see opposite page. 7.80 159.9 148.3 174.9 173.3 168.7 167.8 171.3 172.7 169.9 172.0 142.4 132.1 166.5 24.51 134.1 142.4 142.4 136.4 131.1 133.8 137.6 138.5 173.1 136.7 136.9 142.9 139.0 150. NOVEMBER 1966 1699 INDUSTRIAL PRODUCTION: N.S.A. INDUSTRY GROUPINGS (1957-59=100) Grouping Total index. Manufacturing, total. Durable Nondurable Mining Utilities 1957-59 1965 propor- average tion Sept. 100.00 143.4 146.0 86.45 145.0 147.5 48.07 148.4 148.3 38.38 140.8 146.6 8.23 114.8 114.4 5.3: 160.9 1965 1966 Oct. Nov. Dec. Jan. Feb. Mar. Apr. I May June J u l y Aug.' Si Sept. 150. 152.3 154.6 149.5 119.1 148.2 150.5 154.5 145.5 117.3 146.7 148.3 155.4 139.5 117.5 148.5 150.1 156.5 142.1 115.6 152.3 154.4 160.6 146.6 117.0 154.6 157.1 163.9 148.6 118.7 154.8 157.9 164.9 149.2 115.5 156.0 158.9 166.1 149.8 121.3 159.3 162.2 169.0 153.8 122.7 152. 158.2 144.4 118.2 150.9 156.9 158.1 160.5 155.0 123.5 161.7 164.0 169.6 156.9 123.1 Durable manufactures Primary and fabricated metals Primary metals Iron and steel Nonferrous metals and products. Fabricated metal products Structural metal parts 12.32 6.95 5.45 1.50 5.37 2.86 141.0 131.1 125.0 153.4 153.7 150.5 139.0 126.3 117.5 158.2 155.4 152.6 136.8 121.8 111.6 158.8 156.1 154.9 137.0 122.7 115.5 149.0 155.5 155.5 142.3 133.2 125.4 161.5 153.9 151. 149.1 143.4 134.7 175. 156.3 152.5 153.7 150.6 143.5 176.4 157.8 152.7 154.2 150.5 144.3 172.3 159.0 154.3 155.5 150.3 143.9 173.7 162.1 157.6 156.3 149.5 142.1 176.5 165.0 162.0 143.8 131.5 127.5 146.2 159.7 157.7 151.4 139.7 134.0 160. 166.5 162.8 155.3 144.5 139.0 164.4 169.3 163.6 Machinery 27.98 154.3 152.0 14.80 160.5 163.3 8.43 160.4 160.3 6.37 160.6 167.4 10.19 149.2 137.3 4.68 175.2 149.5 5.26 125.3 125.1 1.71 151.4 157.4 163.3 167.8 162.8 174.3 160.9 189.4 135. 159.7 165.6 169.2 165. 174.6 164.6 191.8 140. 161.9 168.1 173.7 171.2 177. 164.6 184.9 146.3 164.1 169.5 173.4 171.9 175.4 168.0 186.6 151.6 164.8 172.2 177.8 176.1 180.1 168.0 184.1 153.4 168.6 174.3 179.2 178.9 179.6 171.3 187.2 156.6 171.0 175.0 180.8 179.7 182.4 170.6 185.0 157.2 170.2 175.9 182.2 182.1 182.5 169.7 178.5 161.3 174.6 179.1 186.5 184.6 189.0 171.4 180.9 162.4 178.3 168.1 178.1 180.1 175.6 153.5 138.5 165.5 175.2 166.5 183.2 179.8 187.8 140.7 106.7 169.4 178.8 180.7 190.4 185.6 196.7 168.4 164.4 171.6 181.6 and r e l a t e d p r o d u c t s . . . . Machinery. Nonelectrical machinery Electrical machinery Transportation equipment Motor vehicles and parts Aircraft and other equipment... Instruments and related products.. Ordnance and accessories 142.1 137.6 133.6 152.2 147.8 145.4 1.28 Clay, glass, and lumber Clay, glass, and stone products Lumber and products 4.72 127.6 138.0 138.0 130.1 123.6 119.8 125.1 131.6 136.5 138.0 143.6 137.2 142.0 139.3 2.99 133.5 143.2 144.5 138.2 131.7 125.2 127.3 136.6 141.3 144.5 151.3 147.2 152. 148.4 1.73 117.4 129.0 126.6 116.1 109.7 110.5 121.4 122.8 128.1 126.7 130.3 119.9 124.7 123.5 Furniture and miscellaneous.. Furniture and fixtures Miscellaneous manufactures. 3.05 151.8 159.0 163.4 163.1 162.4 152.2 156.4 159.9 159.2 162.9 167.3 159.1 171.9 172.1 1.54 157.4 162.8 165.8 165.5 169.2 162.1 163.5 166.8 165.0 168.6 174.3 167.2 180.2 178.5 1.51 146.0 155.2 160.9 160.6 155.5 142.1 149.1 152.9 153.3 157.1 160.1 150.9 163.5 165.7 Nondurable manufactures Textiles, apparel, and leather. Textile mill products Apparel products Leather and products 7.60 2.90 3.59 1.11 135.8 134.9 145.1 108.2 137.4 136.5 146.7 109.8 144.8 141.8 157.4 112.0 138.6 139.8 147.2 107.9 128.7 130.3 134.4 106.3 135.5 139.7 139.8 110.8 146.5 143.5 158.0 117.3 147.7 143.4 160.6 117.8 146.2 146.4 156.3 113.2 143.8 148.7 149.9 111.5 145.7 147.6 154.3 113. 127.2 129. 134.0 100.0 143.7 140.8 144.4 140.8 151.4 117.0 Paper and printing Paper and products Printing and publishing. Newspapers 8.17 3.43 4.74 1.53 135.3 142.3 130.3 124.2 137.8 146.8 131.4 120.9 142.8 152.9 135.4 134.2 142.1 148.1 137.8 139.9 137.3 137.4 137.3 132.7 138.4 148.3 131.2 119.3 142.6 152.2 135.7 126.1 145.9 153.2 140.7 135.1 146.5 154.7 140.5 136.8 148.2 154.9 143.3 136.1 140.2 143.7 137.7 118.6 146.6 153. 141.9 126.0 Chemicals, petroleum, and rubber. Chemicals and products Industrial chemicals Petroleum products Rubber and plastics products 11.54 7.58 3.84 1.97 1.99 164.6 173.4 196.3 123.5 171.8 169.0 178.1 202.0 127.6 175.1 170.7 178.3 202.0 125.2 186.9 169.2 178.1 204.5 124.5 179.8 168.2 177.8 207.2 124.7 175.0 173.2 181.5 206.6 126.6 187.7 176.7 187.2 216.0 123.0 190.2 178.2 189.4 216.9 121.2 192.1 180.7 192.7 220.8 122.6 192.7 147.9 153.8 143.5 142.6 181.0 193.7 220.4 126.1 187.1 186.0 198.3 223.2 131.5 193.3 174.7 187.4 214.2 133.6 167.0 183.3 186.5 194.8 196.1 218.7 135.3 187.2 Foods, beverages, and tobacco. Foods and beverages Food manufactures Beverages Tobacco products 11.07 10.25 8.64 1.61 .82 123.4 123.7 122.3 130.6 120.3 136.1 136.9 137.1 135.9 125.3 135.6 136.5 136.7 135.2 124.7 128.1 128.6 129.1 126.1 121.3 118.5 120.4 120.6 119.2 95.3 117.0 116.9 117.7 112.4 118.3 118.4 117.7 117.8 117.4 126.1 120.4 120.1 117.5 133.6 124.9 120.5 120.9 117.4 139.7 115.6 122.8 122.8 118.2 147.6 122.1 129.8 129.7 124.1 159.8 131.3 127.6 129.6 125.1 153.4 103.1 139.3 142.4 143.8 140. 137.6 144.0 153.3 129.7 6.80 1.16 5.64 4.91 4.25 .66 .73 112.5 113.3 112.3 116.1 111.9 143.0 87.1 109.3 114.4 108.2 110.4 106.3 136.7 93.2 115.6 127.8 113.1 116.8 112.9 141.5 88.6 115.8 121.4 114.7 119.0 114.5 147.9 85.6 117.2 116.8 117.3 122.5 117.2 155.8 82.6 115.6 112.1 116.3 121.2 115.8 155.6 83.1 117.4 112.5 118.4 123.9 118.6 157.5 81.8 118.6 118.6 118.6 124.3 119.3 156.1 79.9 112.3 85.9 117.8 123.5 119. 151.4 79.3 117.3 118.1 117.2 123.7 120.1 146.3 73.6 117.4 120.0 116.8 123.3 120.2 143.7 73.0 112.4 93. 116.4 122. 118.5 145.8 76.9 118.9 127.0 117. 122.5 4.04 1.28 165.6 176.6 165.3 159.6 170.0 179.1 178.6 174.8 167.4 165.3 173.5 192.3 199.5 146.2 149.8 154.7 146.2 138.4 Mining Coal, oil, and gas. Coal. Crude oil and natural gas. Oil and gas extraction.. Crude oil Gas and gas liquids.. Oil and gas drilling Metal, stone, and earth minerals. Metal mining Stone and earth minerals 118.4 121.3 117.8 123.0 118.8 119.0 81. 82.7 _ 147.7 145.6 145.6 145.5 1.43 125.5 138.7 J3S.7 124.4 118.5 115.8 114.6 119.3 130.4 140. 142.6 145.2 .61 124.2 138.3 133.3 110.8 108.5 117.4 117.7 119.7 129.9 147.0 151.6 143. ...82 126.5 138.9 137.4 134.5 125.8 114.6 112.4 119.0 130.9 135.1 144.9 147.2 147.8 145.7 Utilities Electric. Gas NOTE.—Published groupings include some series and subtotals not shown separately. Adescriptionand historical data are available in Industrial Production—1957-59 Base. Figures for individual series and subtotals (N.S.A.) are published in the monthly Business Indexes release. 1700 NOVEMBER 1966 BUSINESS ACTIVITY; CONSTRUCTION SELECTED BUSINESS INDEXES (1957-59= 100) Manufacturing * Industria production 5 Major market groupings Period Total Construction contracts Major industry groupings Final products Materials ConMfg. Total sumer Equipment goods Mining Utilities 56.4 76.9 75.8 78.4 83.8 81.9 94.1 84.3 85.2 100.5 92.6 92.7 88.9 85.9 86.3 95.0 99.0 97.3 103.7 101.6 100.2 104.6 101.9 100.8 91.3 92.7 93.2 104.1 105.4 106.0 107.6 107.6 108.9 108.3 108.4 109.6 119.6 117.0 118.7 124.2 123.7 124.9 132.0 132.8 133.1 83.2 91.3 90.5 92.9 90.2 99.2 104.8 104.6 95.6 99.7 101.6 102.6 105.0 107.9 111.5 49.5 56.4 61.2 66.8 71.8 80.2 87.9 93.9 98.1 108.0 115.6 122.3 131.4 140.0 151.3 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 96.6 99.9 100.7 93.7 105.6 72.8 78.6 78.6 77.8 84.3 79.5 89.9 85.0 85.7 84.3 93.9 93.3 98.1 95.5 99.4 97.0 94.8 96.4 105.7 106.6 I960 1961 1962 1963 1964 108.7 109.7 118.3 124.3 132.3 109.9 111.2 119.7 124.9 131.8 111.0 112.6 119.7 125.2 131.7 1965 143.4 144.1 145.5 146.7 149.0 142.5 143.7 145.7 148.0 148.9 140.3 147.0 141.3 149.0 141.9 153.9 143.7 157.3 144.2 159.0 144.2 145.0 144.9 145.8 145.3 147.0 146.1 148.6 148.8 151.0 114.8 112.5 116.4 116.4 118.3 160.9 164.4 164.7 164.1 164.9 150.6 152.4 153.7 153.9 155.3 156.5 157.2 158.2 158.1 158.6 150.3 152.1 152.5 152.9 153.7 154.9 155.3 156.5 156.7 158.2 144.6 146.1 146.2 146.4 146.2 147.1 146.5 147.2 147.0 148.6 150 9 152.6 154.4 154.5 157.1 158.0 158.8 159.6 159.6 159.2 152.9 154.7 155.9 156.6 157.6 158.9 159.4 160.3 160.3 160.8 117.3 117.7 120.0 115.6 120.7 122.0 122.0 122.0 121.3 121.7 164.7 168.7 168.8 169.1 170.2 171.7 175.7 178.6 179.0 179.0 74.9 81.3 84.3 91.3 85.8 1965—Sept Ocl Nov Dec 1966—Jan Feb Mar Apr. May July Sept.".... Oct.* 162.6 164.8 166.2 166.9 169.8 171.4 174.4 176.5 177.7 178.9 ' Employees only; excludes personnel in the armed forces. *3 Production workers only. F.R. index based on Census Bureau figures. * Prices are not seasonally adjusted. 5 For description of revisions see announcement on page 1642. NOTE.—Data are seasonally adjusted unless otherwise noted. Construction contracts: F. W. Dodge Co. monthly index of dollar Prices * Nonagricul- tural emEmployment— ployment Total i Payrolls Freight Total carload- sales 3 ings Consumer Wholesale commodity 86.8 96.7 94.0 92.7 92.9 93.2 96.2 99.0 100.4 100.6 100.7 100.3 100.6 100.3 100.5 99.4 106.1 106.1 111.6 101.8 105.5 106.7 104.7 95.2 100.1 99.9 95.9 99.1 99.7 101.5 68.9 80.2 84.5 93.6 85.4 94.8 100.2 101.4 93.5 105.1 106.7 105.4 113.8 117.9 124.3 117.1 121.5 115.0 116.6 104.6 115.3 115.9 108.2 93.8 97.9 95.3 91.2 92.4 93.3 95.5 89 92 97 98 105 137 86.1 91.1 93.0 95.6 93.3 96.5 99.8 100.7 97.8 101.5 103.3 102.9 105.9 108.0 111.1 127 83.8 90.5 92.5 93.2 93.6 93.3 94.7 98.0 100.7 101.5 103.1 104.2 105.4 106.7 108.1 143 147 147 141 153 115.7 116.5 117.0 117.8 118.5 106.5 107.2 107.7 108.8 109.4 136.3 137.2 139.0 141.2 143.0 96.6 93.5 93.4 97;9 138 139 142 144 145 109.9 110.2 110.4 110.6 111.0 102.5 103.0 103.1 103.5 104.1 152 118 9 190.8 145 1 119.6 110.9 147 5 120.4 111.5 148.1 120.6 11.9 148.9 120.9 112.4 149.0 121.8 113.4 150.1 122.0 112.7 148.9 122.2 113.8 '151.4 122.2 '113.3 '152.8 122.5 113.8 153.7 102.4 97.2 99 3 100.2 97.0 100.0 95.1 93.6 94.0 95.0 93.9 146 111.0 111.6 112.0 112.5 112.6 112.9 113.3 113.8 114.1 104.6 105.4 105.4 105.5 105.6 105.7 106.4 106.8 106.8 106.2 61 63 67 70 76 91 92 93 102 105 105 108 120 132 157 1S8 161 156 147 147 139 146 72 76 79 83 82 106 107 115 120 148 149 !46 143 149 148 150 M50 150 value of total construction contracts, including residential, nonresidential, and heavy engineering; does not include data for Alaska and Hawaii. Employment and payrolls: Based on Bureau of Labor Statistics data; includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. Freight car loadings: Based on data from Association of American Railroads. CONSTRUCTION CONTRACTS (In millions of dollars) Type of ownership and type of construction 1965 1964 Sept. Total construction By type of ownership: Public Private By type of construction: Residential building.... Nonresidential building Nonbuilding Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. 47,330 49,272 4,141 4,356 3,745 3,698 3,374 3,270 4,737 5,098 5,132 4,854 4,774 4,302 4,083 15,371 16,302 1,332 1,294 1,163 1,304 1,125 1,066 1,463 1,574 1,902 1,937 2,020 1,568 31,959 32,970 2,809 3,061 2,582 2,395 2,249 2,204 3,274 3,524 3,230 2,916 2,754 2,733 20,565 21,247 1,743 1,897 1,696 1,446 1,290 1,299 2,004 2,081 1,970 1,828 1,461 1,494 1,261 15,522 17,219 1,464 1,582 1,328 1.433 1 177 1,259 1,726 1,883 1,826 1,885 1,813 1,729 1,676 11,244 10,805 934 877 721 819 906 712 1,007 1,134 1,335 1,140 1,499 1,079 1 146 NOTE.—Dollar value of total contracts as reported by the F. W. Dodge Co. does not include data for Alaska or Hawaii. Totals of monthly 1966 1965 data exceed annual totals because adjustments—negative—are made to accumulated monthly data after original figures have been published. NOVEMBER 1966 1701 CONSTRUCTION VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Period Total Total Public Business Nonfarm residential Total Industrial Commercial Public utility Other nonresidential Total Military Highway Conservation & develop, ment Otheri 1956 1957 1958 47,601 49,139 50,153 34,869 35,080 34,696 20,178 19,006 19,789 11,076 12,029 10,659 3,084 3,557 2,382 3,631 3,564 3,589 4,361 4,908 4,688 3,615 4,045 4,248 12,732 14,059 15,457 1,360 1,287 1,402 4,415 4,934 5,545 826 971 1,019 6,131 6,867 7,491 1959 2 1960 1961 1962 3 1963 4 1964 1965 55,305 53,941 55,447 59,667 62,968 66,221 71,930 39,235 38,078 38,299 41,798 43,642 45,914 49,999 24,251 21,706 21,680 24,292 25,843 26,507 26,689 10,557 11,652 11,789 12,316 12,497 13,828 16,968 2,106 2,851 2,780 2,842 2,906 3,572 5,086 3,930 4,180 4,674 5,144 4,995 5,406 6,704 4,521 4,621 4,335 4,330 4,596 4,850 5,178 4,427 4,720 4,830 5,190 5,302 5,579 6,342 16,070 15,863 17,148 17,869 19,326 20,307 21,931 1,465 1,366 1,371 1,266 1,227 968 883 5,761 5,437 5,854 6,365 7,091 7,144 7,547 1,121 1,175 1,384 1,524 1,690 1,729 2,017 7,723 7,885 8,539 8,714 9,318 10,466 11,484 1965—Sept Oct. Nov Dec 72,830 72,687 74,039 76,443 50,167 50,084 51,209 53,445 26,413 26,343 26,243 26,684 17,506 17,320 18,426 19,679 5,321 5,068 5,291 6,250 6,977 7,056 7,706 8,017 208 196 429 5,412 6,248 6,421 6,540 7,082 22,663 22,603 22,830 22,998 1,025 832 967 760 7,689 7,734 7,398 7,687 2,075 2,007 2,327 2,142 11,874 12,030 12,138 12,409 1966—Jan Feb Mar Apr May June July Aug."1 77,622 78,920 79,433 78,138 75,790 75,617 73,827 73,089 72,479 53,285 54,290 55,066 54,347 52,284 52,108 50,061 49,273 48,684 27,460 27,463 27,279 27,437 27,023 26,156 25,115 23,810 23,239 19,053 19,435 20,154 19,730 18,283 19,508 18,933 18,975 5,987 6,629 7,073 7,175 6,856 7,548 7,163 7,062 7,846 7,294 7,672 7,097 6,126 6,343 6,280 6,289 5,220 5,512 5,409 5,458 5,301 5,617 5,490 5,624 5,597 6,772 7,392 7,633 7,180 6,978 6,444 6,013 6,488 24,337 24,630 24,367 23,791 23,506 23,509 23,766 23,816 23,795 733 823 1,009 887 650 760 800 8,107 8,203 7,953 7,902 7,853 7,801 8,709 8,708 8,706 2,126 2,004 2,193 1,996 1,911 1,914 2,127 2,195 13,371 13,600 13,212 13,006 13,092 13,034 12,130 Sept.! 1 Sewer and water, formerly shown separately, now included in Other. 23 Beginning with 1959, includes data for Alaska and Hawaii. Beginning July 1962, reflects inclusion of new series affecting most private nonresidential groups. * Beginning 1963, reflects inclusion of new series under Public (for State and local activity only). NOTE.—Monthly data are at seasonally adjusted annual rates. Beginning with 1959, figures are Census Bureau estimates. Data before 1959 are joint estimates of the Depts. of Commerce and Labor NEW HOUSING STARTS (In thousands of units) By area Annual rate, S.A. (private only) Period Total Total Nonfarm Metropolitan By type of ownership Nonmetropolitan Governmentunderwritten Private Total 1family 2family 1955. 1956. 1957. 1958. ,646 (349 ,224 ,382 1959. 1960. 1961. 1962. 1963. 1964. 1965. ,554 ,296 ,365 ,492 1,641 1,591 1,543 1,077 889 948 1,054 1,151 1,119 1,068 477 407 417 439 490 472 475 1,517 1,252 1,313 1,463 1,609 1,557 1,505 1,234 995 '974 '991 1,021 972 962 56 44 44 49 53 54 50 1965—Sept.. Oct.. Nov.. Dec. 1966—Jan Feb Mar.... Apr.... May... June... July.... Aug.... Sept Multifamily 1,627 1,325 1,175 1,314 Public Total FHA VA 19 24 49 68 670 465 322 439 277 195 193 337 393 271 128 102 227 213 295 422 535 532 493 37 44 52 30 32 33 38 458 336 328 339 292 264 249 349 261 244 261 221 205 197 109 75 83 78 71 59 53 1,453 1,411 1,547 1,769 1,436 1,380 1,531 1,735 126 136 118 103 95 79 76 38 41 39 27 124 134 116 102 80 87 71 60 4 4 4 3 40 43 41 39 2 2 2 1 21 22 20 18 17 18 16 15 4 4 4 3 1,611 1,374 1,569 1,502 1,318 1,285 1,088 1-1,102 »l,073 1,585 1,349 1,538 1,481 1,287 1,261 1,068 "1,079 '1,048 87 81 131 149 139 131 105 P107 i>95 62 56 91 107 92 88 70 71 64 26 26 40 42 48 43 35 35 31 85 78 126 147 135 128 104 J-105 "92 48 47 81 95 88 84 71 71 64 3 3 5 5 4 4 3 3 3 34 29 41 47 43 40 30 31 26 3 3 5 2 4 3 1 "2 "3 16 15 23 22 18 19 17 18 13 13 12 19 18 14 15 13 14 10 3 2 3 3 3 4 4 4 3 NOTE.—Beginning with 1959, Census Bureau series includes both farm and nonfarm series developed initially by the Bureau of Labor Statistics. Series before 1959 reflect recent Census Bureau revisions which are not available by area or type of structure. Data from Federal Housing Admin, and Veterans Admin, represent units started, based on field office reports of first compliance inspections. 1702 EMPLOYMENT NOVEMBER 1966 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons unless otherwise indicated) Civilian labor force, S.A. Total noninstitutional population N.S.A. Period Not in the labor force N.S.A. Total labor force S.A. Employedl Total Total In nonagricultural industries In agriculture Unemployed Unemployment2 rate (per cent) S.A. 125,368 127,852 130,081 132,125 134,143 136,241 52,242 53,677 55,400 56,412 57,172 57,884 73,126 74,175 74,681 75,712 76,971 78,357 70,612 71,603 71,854 72,975 74,233 75,635 66,681 66,796 67,846 68,809 70,357 72,179 60,958 61,333 62,657 63,863 65 596 67,594 5,723 5,463 5,190 4,946 4 761 4,585 3 4 4 4 3 3 Oct Nov Dec 136,862 137,043 137,226 58,149 58,445 58,749 78,606 78,906 79,408 75,846 76,111 76,567 72,561 72,914 73,441 68,010 68 641 68,955 4,551 4 273 4,486 3 285 3 197 3 126 4 3 4 2 41 1966—Jan Feb Mar. Apr May 137,394 137,565 137,741 137,908 138,100 138,275 138,444 138,648 138,839 139,041 59,985 59,930 59,707 58,994 58,349 55,575 55,673 56,180 58,787 58,511 79,644 79,279 79,315 76,754 76,355 76,341 73,715 73,521 73,435 73,799 73,231 73,997 74,072 74,338 74,165 74,163 69,286 69,079 69,072 69 317 69,155 69,759 69,928 70,180 70,116 70,192 4,429 3,039 2,834 2,906 2 867 3 037 3,089 3 026 3,033 2,948 2,972 4.0 4,363 4 482 4,076 4,238 4,144 4,158 4,049 3,971 I960 1961 1962 1963 1964 1965 1965 / U |y Oct 79,674 76,666 79,313 80,185 80,233 80,549 80,342 80,414 76,268 77,086 77,098 77,371 77,113 77,135 1 Includes self-employed, unpaid family, and domestic service workers. 2 Per cent of civilian labor force. 4,442 931 S06 007 166 876 456 5 6 5 5 5 4 6 7 6 7 2 6 3.7 3 3 4 4 3 3 8 7 0 0 9 9 3.8 3.9 NOTE.—Information relating to persons 14 years of age and over is obtained on a sample basis. Monthly data relate to the calendar week that contains the 12th day; annual data are averages of monthly figures, Bureau of Labor Statistics. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Contract construction Total Manufacturing 54,234 54,042 55,596 56,702 58,332 60,770 16,796 16,326 16,853 16,995 17,274 18,032 712 672 650 635 634 632 2,885 2,816 2,902 2,963 3,050 3,181 1965—Oct Nov Dec 61,437 61,864 62,241 18,242 18,392 18,492 627 631 633 1966—Jan Feb Mar Apr May June July Aug 62,469 62,811 63,247 63,350 63,517 63,983 64,072 64,199 64,159 64,351 18,566 18,722 18,840 635 634 637 19,002 19,167 19,128 19,262 19,199 19,274 636 636 629 626 62,141 62,392 63,038 18,461 18,496 18,473 633 61,439 61,622 62,243 62,928 63,465 64,563 64,274 64,484 64,855 65,073 18,333 18,518 18,651 18,774 18,906 19,258 19,123 19,391 19,525 19,499 621 617 Period 1960 1961 1962 1963 1964 1965 Mining Transportation & public utilities Trade Finance Service Government 4,004 3,903 3,906 3,903 3,951 4,033 11,391 11,337 11,566 11,778 12,160 12,683 2,669 2,731 2,800 2,877 3,019 7,423 7,664 8,028 8,325 8,709 9,098 8,353 8,594 8,890 9,225 9,596 10,091 3,186 3,234 3,334 4,071 4,080 4,083 12,809 12,880 12,941 3,041 3,045 3,049 9,226 9,282 9,329 10,235 10,320 10,380 3,318 3,323 3,419 3,333 3,238 3,300 3,297 3,251 3,229 3,199 4,091 4,105 4,109 4,114 4,132 4,143 4,122 4,105 4,167 4,160 13,009 13,045 13,085 13,128 13,164 13,217 13,256 13,264 13,268 13,337 3,052 3,051 3,064 3,068 3,076 3,090 3,095 3,100 3,099 3,104 9,363 9,410 9,463 9,484 9,515 9,549 9,609 9,647 9,648 9,700 10,435 10,521 10,630 10,705 10,762 10,885 10,929 10,934 10,920 10,951 3,431 3,341 3,167 4,104 4,092 4,087 12,852 13,078 13,762 3,038 3,033 3,034 9,263 9,245 9,245 10,359 10,472 2,940 2,818 2,981 3,156 3,277 3,521 3,623 3,641 3,526 3,445 4,026 4,035 4,056 4,077 4,115 4,180 12,835 12,738 12,826 13,015 13,061 13,239 13,225 13,224 13,253 13,382 3,018 3,024 3,043 9,176 10,490 10,622 2,957 SEASONALLY ADJUSTED Sept.* Oct." 18,923 595 628 632 NOT SEASONALLY ADJUSTED 1965—OM Nov Dec 1966—Jan Feb Mar Apr May June July Aug Sept." Oct." 635 632 620 590 630 645 645 649 638 632 NOTE.—Bureau of Labor Statistics; data include all full- and parttime employees who worked during, or received pay for, the pay period that includes the 12th of the month. Proprietors, self-employed persons, 4|l71 4,154 4,217 4,193 3,056 3,070 3,H2 3,148 3,146 3,108 3,101 9,250 9,331 9,465 9,572 9,702 9,782 9,772 9,706 9,739 10,638 10,735 10,795 10,834 10,906 10,557 10,507 10,882 11,082 domestic servants, unpaid family workers, and members of the armed forces are excluded. 1703 EMPLOYMENT AND EARNINGS NOVEMBER 1966 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Industry group 1965 Not seasonally adjusted 1966 1965 1966 Oct. Aug. Sept.? Oct." Oct. Aug. Sept." Oct." 13,567 14,330 14,266 14,330 13,793 14,417 14,579 14,555 Durable goods Ordnance and accessories Lumber and wood products Furniture and fixtures Stone, clay, and glass products Primary metal industries Fabricated metal products Machinery except electrical Electrical machinery ; Transportation equipment Instruments and related products Miscellaneous manufacturing industries 7,825 100 535 359 507 1,052 997 1,234 1,177 1,267 253 344 8,395 124 542 8,427 528 379 508 1,103 1,057 1,348 1,353 1,392 281 349 7,908 101 547 366 517 1,035 1,011 1,222 1,196 1,287 255 371 8,304 123 570 512 1,100 1,060 1,338 1,353 1,353 278 353 8,392 126 531 380 507 1,091 1,054 1,340 1,350 1,388 277 348 1,325 1,346 1,215 279 367 8,498 127 553 387 526 1,094 1,070 1,333 1,366 1,392 279 371 8,511 130 540 386 518 1,084 1,072 1,335 1,374 1,413 Nondurable goods Food and kindred products Tobacco manufactures Textile-mill products Apparel and other finished textiles Paper and allied products Printing, publishing, and allied industries Chemicals and allied products Products of petroleum and coal Rubber products Leather and leather products 5,742 1,155 72 830 1,214 502 628 547 113 373 5,935 1,170 68 856 1,239 528 659 582 115 406 312 5,874 1,145 67 847 1,233 521 656 576 114 404 311 5,»03 1,149 65 846 1,247 527 657 578 114 408 312 5,885 1,242 89 837 1,231 506 633 546 114 379 308 6,113 1,291 76 862 1,265 533 658 584 118 406 320 6,081 1,284 82 855 1,256 528 660 577 116 410 313 6,044 1,236 80 853 1,264 531 662 577 115 414 312 Total 308 382 NOTE.—Bureau of Labor Statistics; data cover production and related workers only (full- and part-time) who worked during, or received pay for, 129 388 533 1,100 1,058 283 376 the pay period that includes the 12th of the month. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES Average hours worked (per week; S.A.) Industry group 1965 Average weekly earnings (dollars per week; N.S.A.) 1966 1965 1966 1965 Oct. Aug. Sept." Total 41.2 41.4 41.5 41.3 109.03 111.78 113.71 113.85 Durable goods Ordnance and accessories Lumber and wood products Furniture and fixtures Stone, clay, and glass products Primary metal industries Fabricated metal products Machinery except electrical Electrical machinery Transportation equipment Instruments and related products Miscellaneous manufacturing industries 42.1 42.4 41.1 41.5 41.9 41.6 42.2 43.5 41.0 42.8 41.8 40.0 42.1 42.1 40.3 41.6 41.8 42.4 42.2 43.8 41.2 43.2 41.7 40.0 42.3 42.5 40.3 41.2 41.9 42.6 42.6 44.3 41.3 43.0 42.2 39.9 42.3 42.7 40.5 41.3 41.7 42.9 42.3 43.9 41.2 42.3 42.2 39.8 118.72 134.73 91.91 90.73 112.94 130.06 118.58 129.47 107.12 141.48 110.20 86.46 120.54 134.82 94.07 93.26 115.75 138.09 121.26 133.55 107.68 139.35 112.17 88.22 123.94 136.95 94.83 93.21 116.05 141.10 124.55 136.53 110.12 145.18 114.78 89.20 124.36 138.67 95.06 94.08 116.20 140.10 123.97 136.34 110.54 146.29 115.48 90.45 Nondurable goods Food and kindred products Tobacco manufactures Textile-mill products.. Apparel and other finished textiles Paper and allied products Printing, publishing, and allied industries Chemicals and allied products Products of petroleum and coal Rubber products Leather and leather products 40.1 41.1 37.7 41.8 36.4 43.3 38.5 41.9 42.5 42.3 38.5 40.2 41.1 37.8 42.0 36.3 43.3 38.9 42.0 41.9 41.8 38.6 40.2 41.2 38.4 42.1 35.6 43.4 39.0 42.0 41.9 41.9 38.3 40.2 40.7 37.2 41.4 36.9 43.1 39.0 42.2 42.4 42.2 38.9 95.68 100.19 77.22 79.99 67.52 117.12 119.66 122.06 141.10 112.36 71.82 99.23 103.34 82.68 83.36 70.11 120.77 122.85 125.70 142.72 111.04 75.85 99.54 104.92 83.18 83.80 67.83 121.92 125.44 127.14 147.15 113.94 74.09 99.94 103.32 82.04 83.40 71.02 121.37 124.73 127.56 144.58 114.21 75.25 NOTE.—Bureau of Labor Statistics; data are for production and related workers only. Oct. Aug. Average hourly earnings (dollars per hour; N.S.A.) Sept." 1966 Aug. Sept.: 2.64 2.70 2.74 2.75 2.82 3.17 2.22 2.15 2.67 3.18 2.79 2.99 2.60 3.26 2.63 2.14 2.87 3 2 2 2.73 3 .28 2 .86 3 .07 2 .62 3.31 2.69 2.20 2.93 3.23 2.33 2.23 2.75 3.32 2.91 3.11 2.66 3.40 2.72 2.23 2.94 3.24 2.33 2.24 2.76 3.32 2.91 3.12 2.67 3.41 2.73 2.25 2.38 2.42 1.97 1.90 1.86 2.68 3.10 2.92 3.32 2.65 1.90 2.45 2.49 2.17 1.98 1.90 2.77 3.15 3.00 3.39 2.65 1.94 2.47 2.51 2.09 2.00 1.90 2.79 3.20 3.02 3.43 2.70 1.96 2.48 2.52 2.12 2.00 1.93 2.79 3.19 3.03 3.41 2.70 1.97 1704 PRICES NOVEMBER 1966 CONSUMER PRICES (1957-59= 100) Housing AU Period items Food Total Homeowner· ship Rent Health and recreation Fuel oil and coal Furnish- Gas and electricity Apparel Transand portaupkeep tion iogs Total and operation Medical sonal care care Read- Per. ing and recreation Other goods and services - - -....... - -....... -....... --- -....... -....... -. ...... -. ...... -. ......- -. ...... -. ...... ....... ....... 59.7 45.1 51.3 62.7 55.6 35.3 44.2 58.4 "i;i:4' 67.5 S5.4 60.S 64.3 66.1 1957 •.•.......•... 98.0 1958 .............. 100.7 1959 .............. 101.5 97.8 101.9 100.3 98.5 100.2 101.3 98.3 100.1 101.6 98.2 100.4 101.4 100.8 99.0 100.2 96.9 100.3 102.S 99.4 99.9 100.7 99.5 99.S 100.6 96.5 99.7 103.S 97.0 LOO.3 102.S 103.1 104.2 105.4 106.7 lOS. 1 101.4 102.6 103.6 105.1 106.4 103.1 103.9 104.S 106.0 107.2 103.1 104.4 105.7 106.S 107.S 103.7 104.4 105.6 107.0 109.1 99.5 101.6 102.1 104.0 103.5 107.0 107.9 107.9 107.S 107.9 101. 5 lOt. 4 101.5 102.4 102.8 102.2 103.0 103.6 104.S 105.7 103.S 105.0 107.2 107.S 109.3 105.4 107.3 109.4 111.4 113.6 1965 .............. 109.9 IOS.8 10S.S IOS.9 111.4 105.6 107.S 103.1 106.S III. I 115.6 122.3 109.9 115.2 111.4 I 965-Sept......... 110.2 Oct.......... 110.4 Nov......... 110.6 Dec......... 111.0 109.7 109.7 109.7 110.6 10S.6 109.0 109.2 109.4 109.1 109.2 109.3 109.5 111.6 112.1 112.5 112.9 104.3 106.9 107.2 IOS.6 107.9 107.9 10S.0 10S.0 103.1 103.3 103.3 103.6 107.2 107.S lOS. 1 lOS. I 111.0 111.2 111. 5 Ill. 6 115.8 116.2 116.4 116.6 122.8 123.0 123.4 123.7 109.2 109.2 109.6 110.0 114.S 115.2 115.4 115.4 112.7 113.3 113.3 113.4 I966-Jan.......... 111.0 Feb ......... 111. 6 Mar ......... 112.0 Apr .•....... 112.5 May ........ 112.6 June ....... . 112.9 July ......... 113.3 Aug ......... 113. S Sept......... 114.1 111.4 113.1 113.9 114.0 113.5 113.9 114.3 115.B 115.6 109.2 109.4 109.6 110.3 110.7 III. I Ill. 3 111.5 111.8 109.7 109.8 109.9 110.1 110.2 110.2 110.3 110.6 110.7 I 13. I 113.3 113.5 114.3 115.0 115.8 116.2 116.4 116.8 lOS.9 109.0 IOS.9 10S.S 10B.0 107.0 107.0 107.0 107.4 101.9 108.2 IOS.2 IOB.3 IOS.2 108.1 lOB. I 10S.1 108.1 103.6 103.8 104.0 104.4 104.6 104.B 105.1 105.2 105.7 107.3 107.6 IOS.2 IOS.7 109.3 109.4 109.2 109.2 110.1 Ill. 2 Ill. I 111.4 112.0 112.0 112.2 113.5 113.5 113.3 116.9 117.1 117.6 IIS.I IIB.4 IIB.7 119.1 119.5 119.9 124.2 124.5 125.3 12S.B 126.3 127.0 127.7 12B.4 129.4 110.4 110.8 111. 0 111.6 112.0 112.2 112.5 112.7 113.0 115.1 115.9 116.6 116.B 116.B 117.0 117.2 117.4 I 17.5 113.4 113.6 113. S 114.3 114.7 114.9 115.3 115.5 115.7 1929 ••••.•.•••••.. 1933 .............. 1941 •............. 1945 .............. 1960 •............. 1961 ........•..••• 1962 .............. 1963 .............. 1964 •...........•. ....... ....... "45:2' ....... 53.6 ....... ....... ....... "ss:j' .., .... ....... "si:i' ....... .. 50:6' S6.4 . ...... ....... 55.4 . ...... 57.5 47.6 63.6 "S7:j' 75.0 5S.2 67.3 95.S 100.1 104.4 97.1 100.4 102.4 96.9 100.S 102.4 98.5 99.8 10l.S lOS. I 111.3 114.2 117.0 119.4 104.1 104.6 106.5 107.9 109.2 104.9 107.2 109.6 111.5 114.1 103.S 104.6 105.3 107.1 IOS.S NOTE.-Bureau of Labor Statistics index for city wage-earners and clerical workers. The new series index begins with Jan. 1964. WHOLESALE PRICES: SUMMARY 0957-59= 100) Other commodities --- Ali Period Farm Proccomessed modi- products foods Total ties Textiles. etC. 1957 ••...•.•..•..•.. 1955 ................ 1959 ................ 1960 ................ 1961 ••.............. 1962 ................ 1963 ................ 1964 ................ - - - - RubHides. Fuel. Chemicals, ber, etc. etc. etc. etc. - - Lum- Paper, Metber, als, etc. etc. etc. Machinery NonFumi- meMisTature, tallic bacco, cellaetc. minetc. neous erals - - - - - - - - - - - 99.0 99.2 91.9 99.2 100.8 94.9 102.7 99.6 100.2 98.5 99.0 99.7 97.7 99.4 9B.9 9S.0 96.6 100.4 103.6 102.9 99.5 9S.9 96.0 9B.7 100.4 100.1 97.4 100.1 99.1 100.1 100.2 99.9 99.7 101.5 100.6 97.2 99.2 101.3 100.4 109.1 98.7 100.0 99.7 104.1 101.0 101.2 102.2 100.4 101.2 102.2 101.9 100.0 100.7 101.2 10\, I 101.0 101.3 100.S 100.S 100.7 101.2 101.5 99.7 100.6 100.5 101.2 105.2 99.6 100.2 99.9 100.4 101. B 101.3 102.4 100.1 101.4 102.5 99.3 106.2 100.7 99.1 96.1 95.9 9B.S 100.7 102.3 99.5 10l.S 103.2 103.9 107.4 100.2 97.5 93.3 96.5 100.0 100.0 102.3 98.B 10l.S 104.1 107.3 104.2 99.S 96.3 93.S 9B.6 99.2 100.1 102.2 98.1 101.3 106.1 110.4 104.6 97.1 96.7 . 92.S 100.6 99.0 102.8 102.9 98.5 10\,5 107.4 109.2 100.7 100.3 100.6 100.3 100.5 96.9 96.0 97.7 95.7 94.3 1965 •............... 102.5 9S.4 105.1 9B.9 97.4 92.9 101.1 1965-Sept........... Oct........... Nov........... Dec........... 103.0 99.5 106.7 103.1 99.4 106.9 103.5 100.3 107.6 104.1 103.0 109.4 102.7 102.8 103.2 103.2 102.1 102.0 101.9 102.0 111.3 99.2 113.3 99.4 113.6 100.3 114.6 100.6 97.2 97.6 97.5 97.6 93.3 93.4 93.5 93.5 102.0 101.ti 101.6 101.9 100.0 100.5 l00.B 100.9 106.2 106.3 106.7 106.6 103.8 103.9 104.1 104.2 107.7 107.7 107.7 107.9 111.5 II \,2 113.2 112.5 I 966-Jan............ Feb ........... Mar ........... ~r .•••..•..•. ay .......... June .•........ July ........... Aug ........... Sept........... 104.6 105.4 105.4 105.5 105.6 105.7 106.4 106.B 106.8 103.5 103.S 104.0 104.3 104.7 104.9 105.2 105.2 105.1 101.9 102.0 102.1 102.2 102.2 102.2 102.4 102.4 102.1 116.0 117.S IIS.7 120.S 122.9 122.9 122.7 121.2 119.9 97.6 97.6 97.6 97.6 97.7 97.6 97.9 97.9 9S.0 93.7 94.1 94.3 95.4 95.4 95.4 95.1 95.1 94.6 102.B 103.7 105.6 10B.4 109.6 107.7 106.6 106.2 105.7 101.2 101. 3 101. S 102.3 102.7 103.0 103.2 103.2 103.2 107.0 107.5 10S.0 IOS.2 IOS.4 IOS.7 IOS.S IOS.5 IOB.4 104.4 98.3 102.0 lOS. I 104.7 98.4 102.1 10S.0 105.0 98.4 102.1 109.2 105.2 98.6 102.3 109.4 105.S 98.9 102.4 109.4 105.9 98.9 102.5 109.B 106.0 99.0 102.7 110.0 106.2 '99.1 102.7 '110.1 106.21 99.1 103.0 110.1 114.3 116.0 113.1 113.0 115.1 115.7 120.5 '121.1 120. 4 104.5 107.4 106.S 106.4 104.5 104.2 107.8 108.1 108.7 110.3 111.S 111.5 110.6 110.5 110.6 111.7 113.S 114.0 102.5 10l.B 109.2 See next page for composition of other commodities. 100.5 100.3 99.9 100.0 100.4 101. 5 101.4 '102.0 102.2 99.9 105.7 103.7 98.0 101.7 107.7 111.0 97.7 97.S 98.0 98.2 101.6 101.6 101.6 101.6 NOVEMBER 1966 1705 PRICES WHOLESALE PRICES: DETAIL (1957-59= 100) 1965 Group 1966 1965 Sept. July Aug. Sept 96.1 89.3 102.6 90.0 104.8 105.9 105.4 100.8 107.0 103.1 107.1 90.5 119.3 98.5 135.2 101.3 97.7 105.6 109.4 72.3 124.1 108.6 139.2 102.5 110.4 104.6 106.7 71.7 125.7 128.0 126.3 102.3 109.1 105.3 109.1 115.5 '118.9 110.0 111.1 120.4 125.1 118.9 112.3 125.3 101.8 108.8 93.4 119.7 100.3 91.0 101.2 114.3 104.5 109.8 93,5 106.3 113.0 109.8 103.8 114.0 102.3 110.9 93.5 120.9 '127.5 118.4 108.7 114.1 100.6 105.2 94.2 134.9 104.2 127.7 103.0 106.7 90.1 152.1 105.0 123.3 103.3 106.6 '89.6 156.7 105.0 121.2 124.9 110.9 110.3 109.3 156.4 126.0 119.0 116.6 141.2 ••124.9 '119.1 '116.0 96.6 107.3 125.3 100.8 96.4 97.6 112.0 128.3 100.3 99.9 '98.5 112.0 128.9 100.3 100.7 Farm products: Fresh and dried produce Grains Livestock" and poultry Plant and animal fibers Fluid milk... Eggs Hay and seeds Other farm products Textile products and apparel: Cotton products Wool products Man-made fiber textile products Silk products Apparel Other textile products Hides, skins, leather, and products: Hides and skins Leather Footwear Other leather products Fuels and related products, and power: Coal Gas "fuels (Jan. Y958='lOO)','.'.'.'.'... Electric power (Jan. 1958= 1 0 0 ) . . . Petroleum products, refined 95.0 105.7 89.2 93.9 108.4 105.9 102.5 99.9 95.9 106.8 90.4 94.5 105.3 105.5 104.2 100.3 95.8 106.8 90.5 '94.7 '105.5 105.4 102.5 100.7 Rubber and products: Crude rubber Tires and tubes Miscellaneous rubber products 88.7 91.1 97.5 89.0 93.9 99.0 103.1 107.8 93.3 110.3 110.7 91.5 93.9 99.0 NOTE.—Bureau of Labor Statistics. 109.9 ••110.9 90.0 Woodpulp Wastepaper Paper Paperboard Converted paper and paperboard Building paper and board Iron and steel Nonferrous metals Metal containers Hardware Plumbing equipment Heating equipment Fabricated structural metal products Fabricated nonstructural metal products 103.6 111.4 89.8 116.7 112.8 107.6 Machinery and motive products: 110.9 114.1 Agricultural machinery and equip..., Construction machinery and equip.. Metalworking machinery and equip. General purpose machinery and 103.1 equipment 106.1 Miscellaneous machinery 88.6 Special industry machinery and 158.6 equipment (Jan. 1961- 100) 105.0 Electrical machinery and equip 120.3 Motor vehicles Transportation equip., R.R. rolling stock (Jan. 1961 •= 100) 134.2 Furniture and other household durables: 121.8 119.1 Household furniture 115.2 Commercial furniture Floor coverings Household appliances Television, radios, and phonographs. 99.6 Other household durable goods 112.0 128.9 100.3 Nonmetallic mineral products: 101.0 Flat glass Concrete ingredients Concrete products Structural clay products Gypsum products Asphalt roofing Other nonmetallic minerals 95.8 106.8 90.3 94.8 103.8 105.8 102.5 Tobacco products and bottled be verages: 101.0 Tobacco products Alcoholic beverages Nonalcoholic beverages 87.9 93.1 99.0 Miscellaneous products: Lumber and wood products: Lumber Millwork Plywood July Aug. Sept. 98.1 97.3 104.1 96.4 99.6 93.4 98.0 113.2 108.2 97.2 102.7 92.9 98.0 106.7 108.4 97.2 102.8 '93.0 98.0 102.9 108.4 97.2 103.0 93.0 101.2 117.0 108.3 106.5 103.4 91.9 101.8 102.2 122.9 110.1 109.8 110.0 92.9 104.2 102.7 120.4 110.t 110.1 110.0 '92.7 104.2 102.5 119.9 110.1 110.4 110.6 92.9 104.3 109.9 111.2 112.3 112.4 115.0 115.6 117.9 118.5 118.9 123.5 118.3 118.9 124.0 118.3 119.2 125.0 105.7 104.9 110.0 106.2 110.6 106.2 111.1 106.4 108.2 96.6 100.5 112.2 99.0 100.7 112.8 '99.1 100.5 113.0 99.2 100.0 101.0 101.0 101.0 101.0 106.2 103.7 97.5 88.6 84.4 105.4 109.1 105.8 96.8 89.2 83.5 107.4 109.4 105.8 96.6 '90.0 '83.1 107.8 109.7 106.0 96.6 88.8 83.1 107.9 99.9 103.2 101.6 105.4 99.9 95.0 101.3 100.3 103.7 103.1 106.5 102.7 97.6 101.7 '99.7 103.8 103.3 106.7 102.7 97.6 101.8 100.6 103.9 103.6 106.7 102.7 97.6 101.8 106.1 100.9 128.5 110.3 101.0 131.8 110.3 101.0 '132.2 110.3 101.0 132.2 103.2 116.8 99.1 105.1 104.5 104.9 132.6 133.6 100.8 '100.8 105.5 105.3 105.4 '105.7 104.6 132.3 100.8 105.2 105.9 Metals and metal products: Chemicals and allied products: Industrial chemicals Prepared paint Paint materials Drugs and Pharmaceuticals Fats and oils, inedible Mixed fertilizers.. Fertilizer materials Other chemicals and products Sept. Pulp, paper, and allied products: Processed foods: Cereal and bakery products Meat, poultry, and fish Dairy products and ice cream Canned and frozen fruits and veg. etables Sugar and confectionery Packaged beverage materials Animal fats and oils Crude vegetable oils Refined vegetable oils Vegetable oil end products Miscellaneous processed foods 1966 Group 109.3 110.9 89.2 Toys, sporting goods, small arms... Manufactured animal feeds Notions and accessories Jewelry, watches, photo equipment.. Other miscellaneous products 104.6 1706 NATIONAL PRODUCT AND INCOME NOVEMBER 1966 GROSS NATIONAL PRODUCT (In billions of dollars) 1965 1929 Item 1933 1941 1950 1961 1962 1963 1964 III 103.1 101.4 Gross national product. Final purchases 55.6 124.5 284.8 57.2 120.1 278.0 45.8 80.6 191.0 9.6 30.5 3.5 22.3 42.9 98.1 20.1 28.1 62.4 520.1 518.1 335.2 44.2 155.9 135.1 Personal consumption expenditures. Durable goods Nondurable goods Services 77.2 9.2 37.7 30.3 Gross private domestic investment Fixed investment Nonresidentlal Structures Producers' durable equipment. Residential structures Nonfarm.. Change in business inventories Nonfarm 16.2 14.5 10.6 5.0 5.6 4.0 3.8 1.7 1.8 3.0 2.4 .9 1.5 .6 .5 -1.6 -1.4 17.9 13.4 9.5 2.9 6.6 3.9 3.7 4.5 4.0 54.1 47.3 27.9 9.2 18.7 19.4 18.6 6.8 6.0 69.7 47.0 18.4 28.6 22.6 22.0 2.0 1.7 1.1 7.0 5.9 .4 2.4 2.0 1.3 5.9 4.6 1.8 13.8 12.0 5.6 28.6 22.9 8.5 1.3 8.0 2.0 24.8 16.9 Net exports of goods and services. Exports Imports Government purchases of goods and services. Federal National defense Other State and local Gross national product in constant (1958) dollars 1.4 13.8 7.2 6.0 3.1 7.9 560.3 590.5 631.7 554.3 584.6 527.0 355.1 375.0 49.5 53.9 162.6 168.6 143.0 152.4 83.0 77.0 SI.7 19.2 32.5 25.3 71.7 6.0 5.3 87.1 81.3 54.3 19.5 34.8 27.0 26.4 5.9 5.1 5.1 30.3 25.1 5.9 32.3 26.4 24.8 1966 1965 681.2 672.1 431.5 66.1 190.6 174.8 IV 686.5 677.8 435.0 66.7 191.4 176.9 II I I IIIn 704.4 721.2 732.3 744.6 694.0 712.3 720.0 734.6 445.2 455.6 460.1 469.9 68.0 70.3 67.1 70.2 197.0 201.9 205.6 208.1 180.2 183.4 187.4 191.5 106.6 106.7 111.9 114.5 118.S HS.O 97.5 98.0 101.5 105.6 106.2 105.1 78.2 80.3 73.0 70.2 77.0 69.7 24.9 24.4 26.8 28.5 27.9 27.7 44.8 45.8 47.1 48.5 50.3 52.6 27.8 27.8 27.6 28.6 28.0 24.8 27.2 27.3 27.0 28.0 27.4 24.3 12.3 10.4 9.9 8.9 9.1 8.7 12.1 10.4 9.0 7.2 8.5 8.1 7.0 39.0 32.0 37.9 107.6 117.1 122.5 18.4 57.4 63.4 64.2 14.1 47.8 5 1 . 6 50.8 4.3 9.6 13.5 11.8 19.5 50.2 5 3 . 7 58.2 7.1 40.1 33.0 6.1 40.3 34.2 6.0 41.7 35.6 4.7 41.9 37.3 4.2 43.4 39.2 136.2 137.7 141.2 145.0 149.0 155.5 69.8 74.0 71.9 66.8 67.5 78.3 50.1 50.7 52.5 54.6 57.1 61.3 17.3 16.8 17.4 16.9 17.0 16.7 69.4 70.2 7 1 . 4 73.1 75.0 77.2 203.6 141.5 263.7 355.3 497.3 529.8 551.0 580.0 614.4 618.2 631.2 640.5 643.5 649.3 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. For back data and explanation of series see the Aug. 1965 and July 1966 Survey of Current Business. NATIONAL INCOME (In billions of dollars) 1965 1929 Item 1933 1941 1950 1961 1962 1963 1964 1966 1965 HI IV II Hie 40.3 104.2 241.1 427.3 457.7 481.9 517.3 559.0 562.7 577.8 595.7 604.1 614.0 National income. 86.8 Compensation of employees 51.1 29.5 64.8 154.6 302.6 323.6 341.0 365.7 392.9 395.6 406.5 419.6 427.9 438.3 Wages and salaries Private Military Government civilian 50.4 45.5 .3 4.6 29.0 23.9 .3 4.9 62.1 146.8 278.1 296.1 311.1 333.6 358.4 360.8 370.8 380.0 387.4 396.7 51.9 1.9 8.3 124.4 .7 .5 2.7 7.8 24.6 27.5 29.9 32.0 34.5 34.8 35.7 39.6 40.5 41.5 '.6 .1 .4 2.0 .7 4.0 3.8 11.8 12.7 13.7 13.9 15.0 14.9 15.4 16.6 16.0 18.5 16.0 18.8 16.3 19.4 19.6 20.0 19.9 20.6 20.4 21.1 15.1 9.0 6.2 5.9 3.3 2.6 17.5 11.1 6.4 37.5 24.0 13.5 48.4 35.6 12.8 50.1 37.1 13.0 51.0 37.9 13.1 51.9 39.9 12.0 55.7 40.7 15.1 56.7 40.7 16.0 57.1 41.1 16.0 58.4 41.4 17.0 57.9 41.6 16.3 57.3 41.9 15.4 5.4 2.0 3.5 9.4 16.0 16.7 17.1 17.7 18.3 18.4 18.5 18.7 18.8 18.9 Supplements to wages and salaries Employer contributions for social insurance Other labor income Proprietors' income Business and professional Farm Rental income of persons Corporate profits and inventory valuation adjustment Profits be/ore tax Profits tax liability Profits after tax Dividends Undistributed profits Inventory valuation adjustment Net interest .... 5.0 17.4 318.0 15.0 63.7 10.5 -1.2 15.2 37.7 50.3 55.7 58.9 66.6 74.2 74.0 76.9 80.0 79.9 79.3 10.0 1.4 8.6 5.8 2.8 1.0 .5 .4 2.0 -1.6 17.7 7.6 10.1 4.4 5.7 42.6 17.8 24.9 8.S 16.0 50.3 23.1 27.2 13.8 13.5 55.4 24.2 31.2 15.2 16.0 59.41 26.3 33.1 16.5 16.6 67.0 28.4 38.7 17.3 21.3 75.7 78.7 32.4 46.3 20.2 26.1 82.7 34.1 48.7 20.9 27.8 82.8 34.1 48.7 21.1 27.6 82.1 44.5 19.2 25.3 75.0 30.9 44.1 19.5 24.6 .5 -2.1 -2.5 -5.0 .3 -.5 A -1.5 -1.0 -2.8 -2.9 4.7 4.1 3.2 2.0 11.6 13.8 15.5 17.8 18.1 19.1 19.6 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to table above. 225.9 240.1 251.6 269.3 289.1 291.1 298.5 305.9 311.5 11.7 12.1 10.2 12.0 13.0 13.6 14.1 10.8 10.8 42.0 45.2 48.6 52.6 57.1 57.7 59.3 60.4 61.8 31.2 18.7 33.8 48.3 21.1 27.2 -2.8 20. Z 1707 NATIONAL PRODUCT AND INCOME NOVEMBER 1966 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1965 1929 Item 1933 1941 1950 1961 1962 1963 1964 III Gross national product 103.1 7.9 1966 1965 IV II HIP 55.6 124.5 284.8 520.1 560.3 590.5 631.7 681.2 686.5 704.4 721.2 732.3 744.6 7.0 8.2 18.3 45.2 50.0 52.6 56.0 59.6 60.2 60.8 61.6 62.7 63.7 Less: Capital consumption allowances Indirect business tax and nontax liability Business transfer payments Statistical discrepancy Plus: Subsidies less current surplus of government enterprises -.1 .1 Equals: National income 86.8 40.3 104.2 Less: Corporate profits and inventory valuation adjustment Contributions for social insurance Excess of wage accruals over disbursements 10.5 .2 -1.2 .3 2.5 5.8 .6 85.9 47.0 2.6 1.5 Equals: Disposable personal income 83.3 45.5 92.7 206.9 364.4 385.3 404.6 436.6 469.1 476.2 486.1 495. 499.9 507.8 Less: Personal outlays Personal consumption expenditures. Consumer interest payments Personal transfer payments to foreigners 79.1 77.2 46.5 45.8 473.3 483.3 460.1 469.9 1.5 .5 .3 .2 4.2 -.9 81.7 193.9 343.2 363.7 384.7 412.1 443.4 447.1 457.6 468. 80.6 191.0 335.2 355.1 375 0 401.4 431.5 435.0 445.2 455. 12. 10.1 11.3 9.1 7.6 8.1 .9 11.5 II. 2.4 .6 .6 .5 .6 .5 .2 .6 .4 26. 24.5 25.7 29.0 28.5 11.0 13.1 21.2 21.6 19.9 Plus: Government transfer payments Net interest paid by government and consumer Dividends Business transfer payments Equals: Personal income Less: Personal tax and nontax payments... Equals: Personal saving. Disposable personal income in constant (1958) dollars 7.0 .6 .7 7.1 .7 .6 11.3 .5 .4 23.3 .8 1.5 47.7 2.0 -.7 51.5 2.1 .5 54.7 2.3 -.3 58.5 2.5 -1.4 62.7 2.6 -1.6 62.7 2.5 .2 1.4 1.4 .8 1.3 1.0 .9 63.6 2.6 .4 63.0 2.6 Q .9 .9 66.3 2.6 -.5 1.5 241.1 427.3 457.7 481.9 517.3 559.0 562.7 577.8 595.7 604.1 614.0 15.2 2.8 37.7 6.9 50.3 21.4 55.7 24.0 58.9 26.9 66.6 28.0 1.5 2.6 14.3 30.4 31.2 33.0 34.2 37.1 1.6 2.0 .7 2.2 4.4 .5 7.2 8.8 15.0 13.8 2.0 16.1 15.2 2.1 17.6 16.5 2.3 19.1 17.3 2.5 20.6 19.2 2.6 74.2 29.2 74.0 29.2 76.9 29.8 80.0 36.5 79.9 37.0 79.3 38.5 39.4 37.9 40.0 40.1 42.3 20.9 19.5 2.5 21.0 20.2 2.6 21. 20. 2. 22.5 21.1 23.0 21.1 2.6 96.0 227.6 416.8 442.6 465.5 496.0 535.1 541.9 552.8 564. 3.3 64.7 2.6 20.7 52.4 57.4 60.9 59.4 65.7 66.0 66.7 69. 2.6 573.5 585.2 73.6 12.5 77.4 12.8 .7 .7 26.6 24. S 150.6 112.2 190.3 249.6 350.7 367.3 381.3 406.5 430.8 436.8 443.9 448.4 447.9 452.2 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted quarterly totals at annual rates. See also NOTE to table opposite. PERSONAL INCOME (In billions of dollars) 1965 1964 Item 1966 1965 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct." 496.0 535.1 547.2 553.2 558.2 560.2 564.7 569.0 570.5 573.0 577.2 580.0 585.4 590.0 594.6 Commodity-producing industries... Personal interest income Less: Personal contributions for 333.6 358.4 366.9 371.4 374.1 376.8 380.1 382.9 384.7 387.0 390.5 393.7 397.0 399.5 402 1 134.0 144.3 146.9 149.2 150.7 152.1 153.9 155.4 156.0 156.8 1S8.I 158.2 159.8 160.7 161.6 107.2 115.5 117.9 119.6 120.3 121.8 123.3 124.0 125.2 125.9 127.0 127.1 128 9 129 6 130 7 81.2 86.7 88.4 89.2 89.7 90.1 90.9 91.4 91.5 91.9 92.8 93.6 93.9 94.4 94 9 54.1 58.1 60.0 60.6 60.9 61.1 61.2 61.7 62.0 62.5 63.0 64 0 64.5 64 9 65 4 64.3 69.2 71.6 72.4 72.9 73.6 74.1 74.5 75.2 75.9 76.6 78.0 78.8 79.5 80.2 16.6 18.5 19.2 19.4 19.6 19.8 20.0 20.2 20.4 20.6 20.7 20.9 21. 1 21.3 21 5 51.9 39.9 12.0 55.8 40.7 15.1 56.6 40.8 15.8 57.1 41.1 16.0 57.5 41.3 16.2 58.1 41.3 16.8 58.3 41.3 17.0 58.8 41.5 17.3 58.2 41.5 16.7 57.9 41.6 16.3 57.6 41.7 15.9 57.3 41.8 15.5 57.3 41.9 15.4 57.3 42.0 15.3 57 2 42.1 IS.) 17.7 18.3 18.5 18.6 18.6 18.6 18.7 18.7 18.7 18.8 18.8 18.9 18.9 19.0 19 0 17.3 19.2 20.0 20.2 20.5 20.8 21.0 20.9 21.0 21.2 21.1 21.0 21.2 21.2 42.6 43.1 43.8 44 4 43.5 45.1 46.0 47.4 34.6 38.4 39.4 39.7 40.0 40.5 41.0 41.4 41.8 42.1 21.1 42.3 36.8 39.7 39.8 40.3 41.4 42.3 42.6 42.9 42.6 42.5 43.2 13.6 16.8 16.9 16.9 17.0 17.1 12.5 13.2 13.3 13.5 17.2 17.9 18.1 18.2 18.3 479.7 515.6 526.9 532.6 537.2 538.8 543.0 547.0 549.1 551.9 556.5 559.8 565.4 570.1 574.8 16.3 19.5 20.3 20.6 21.0 21.4 21.7 22.0 21.4 21.0 20.7 20.2 20.1 20.0 19.8 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to table opposite. 1708 FLOW OF FUNDS NOVEMBER 1966 SAVING, INVESTMENT. AND FINANCIAL FLOWS (In billions of dollars) 1964 Transaction category, or sector 1961 1962 1963 1964 1965 II III 1965 IV I II 1966 IV HI I II I. Saving and investment 1 Gross national saving , Financial sectors 119.7 134.5 75.7 82.0 12.6 13.1 35.6 41.8 -4.8 -4.8 -2.9 -1.4 3.8 3.4 144.5 159.4 178.4 157.3 161.4 165.5 176.8 175.3 178.4 183.0 188.3 188.3 85.8 96.8 105.1 99.2 97.2 98.5 100.9 100.1 109.0 110.5 111,3 107.6 13.5 14.4 15.0 14.3 14.6 14.8 14.9 15.0 15.1 15.2 15.3 15.3 43.9 50.8 55.3 50.6 52.1 51.3 55.0 54.5 55.5 56.4 57.8 57.8 .2 - 7 . 9 - 4 . 4 - 1 . 6 1.2 3.2 - . 6 -4.3 2.7 - 4 . 0 - 1 . 1 2.3 -.2 -.9 -1.5 -1.4 -1.0 -2.2 -1.0 - . 9 - 1 . 0 -1.1 .9 3.6 3 l 30 3.1 3.3 3.1 3 6 3.5 3.9 l!i 3.9 4 5 Business inventories 117.9 133.9 44.2 49.5 2 0 6.0 143.8 157.0 176.4 156.0 158.7 53.9 59.4 66.1 59.8 61.1 91 5.9 4.7 4 2 3.6 3 Farm and noncorp. business 7 10 13 Nonfinan. business 16 Discrepancy (1-8) 1 2 3 4 5 6 7 160.7 172.6 172.7 176.9 183.1 186.2 187.3 8 58.8 65.1 64.4 66.7 68.0 70.3 67.1 9 7.4 95 8 8 10 4 7.7 9 0 12 3 10 98.0 101.5 105.6 106.4 11 23.6 24.9 24.5 24.3 12 73 5 76 1 80 7 81 7 13 .9 .4 .4 .5 14 69.7 20.5 48.4 .7 77.0 21.9 54.4 .6 81.3 22.4 57,9 1.0 88.3 23.2 64.2 .9 97.5 23.7 73 0 .8 87.6 22.9 63.9 .9 88.9 22.8 65.2 .9 90.0 23.3 65.8 .9 94.4 22.9 70.5 .9 96.0 23.2 71 .9 .9 2.0 1.8 1.3 .7 2.8 .6 4.7 2.4 3.7 2.0 4.3 1.3 5.1 2.7 4.5 4.8 3.6 4.2 4.6 2.6 3.5 1.5 44.2 16.3 27.9 54.2 15.5 38.7 58.5 18.8 39.7 67.0 26.9 40.1 72.1 32.6 39.5 73.1 29.6 43.4 67.6 25.4 42.2 67.2 36.1 31.2 76.6 37.2 39.4 72.5 33.0 39.5 7.7 7.9 8.9 .6 6.8 .5 2.1 1.1 1.0 5.0 1.4 3.8 -.2 3.3 2.2 7.0 3.5 7.4 2.6 4.0 3.5 3.1 2.5 .5 1.7 .5 -.5 4.0 4.4 2.6 3 .2 3.7 1.9 .7 .9 .9 55.6 66.0 61.7 18.7 27.7 22.2 8.4 8.0 9.4 6.9 6.5 13.6 6.8 4.2 4.7 36.9 38.3 39.5 5.9 6.4 7.4 5.4 15.7 16.0 15.8 10.0 10.0 9.5 67.0 72.1 73.1 .2 - 1 . 0 - 3 . 3 3.8 4.6 4.7 3.2 2 1.3 21 61.3 21.1 40.2 78.7 39.6 39.0 81.8 24.2 57.6 -4.5 - 3 . 5D 8.2 8.3 1.2 -1.4 2.7 1.9 - 1.4 15 1 1 16 II. Financial flows—Summary 17 Net funds raised—Nonfinan. sectors. 18 Loans and short-term securities.... 19 Long-term securities and mtgs 83.5 23.2 60.3 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 35 36 37 38 39 40 41 42 44 45 46 47 48 49 50 By sector -1.4 23 C C C and Ex-Import Ctfs .3 2.6 1.8 .8 33.9 5.4 1.7 2.2 1.6 33 State and local obligations 28.6 4.9 7.1 11.4 5.1 38 Chg. in U.S. Govt. cash balance.. 41 Pvt. insur. & pension reserves 43 Pvt. domestic nonfin. sectors 44.2 * 2.6 2.7 8.6 3.9 44.2 13.3 5.5 4.8 3.0 31.0 5.0 5.1 13.0 7.9 54.2 1.3 3.3 1.0 50.2 15.5 7.3 5.4 2.7 34.7 6.7 15.2 9.3 58.5 -.3 2.7 8.3 4.4 9.0 1.3 4.4 3.9 * 8.5 -5.5 -1.9 3.3 3.3 * 56.0 17.7 8.1 5.1 4.5 38.3 5.5 3.6 * 5.1 56.4 21.8 4.3 1.3 62.4 27.3 10.0 14.4 69.5 28.7 34.7 35.1 6.1 40.8 15.2 10.5 67.2 -1.5 3.6 1.8 4.6 10.3 11.9 6.3 4.6 15.9 8.7 76.6 5.3 5.3 2.7 10.9 6.8 16.2 9.8 72.5 61.3 - . 9 -.0.4 6.4 2.8 A 12.0 6.4 12.0 2.9 13.4 5.9 -1.9 -10.3 13.9 14.9 1.4 1.3 2.3 2.4 10 2 1 .8 1,7 1.0 67.8 66.1 75.2 30.8 23.6 30.1 8.9 8.7 7.0 9.0 16.6 15.8 5.3 5.9 7.3 37.0 42.4 45.1 8.1 5.5 7.2 11.9 16.5 15.3 13.5 9.8 9.5 9.2 78.7 81.8 83.5 2.1 - 3 . 5 9.2 3.9 11.3 10.4 3.1 —6 3 9 11.7 13.5 10.8 6.9 1.9 7.7 7.1 1.3 6.4 4.4 2.0 7.2 11.4 3.1 5.8 15.4 10.9 67.6 1.8 3.2 2.9 3.6 -.3 1.6 1.1 1.0 9.6 12.7 6.4 8.6 -.2 1.0 .2 .7 64.8 24.6 9.3 11.3 4.1 40.1 6.8 15.5 9.7 3.1 2.4 2.5 10.1 4.2 2.6 2.1 9.0 3.1 11.1 5.3 11.6 5.8 11.7 7.9 34.4 31.4 30.1 2.1 28.1 15.0 13.0 1.3 39.5 37.4 34.4 5.9 28.5 13.4 15.1 3.0 44.1 33.0 35.3 6.5 28.8 13.0 15.8 -2.3 48.9 43.3 40.4 7.8 32.6 19.5 13.1 2.8 49.7 33.2 34.4 7.0 27.3 11.5 15.8 -1.2 44.2 30.4 36.7 7.6 29.1 12.1 17.1 -6.3 44.1 37.8 42.6 10.2 32.5 17.2 15.2 -4.8 45.5 44.8 38.4 3.3 35.1 21.8 13.3 6.4 45.8 35.4 31.6 2.7 28.9 16.6 12.3 3.7 54.1 44.3 43 5 8.8 34.7 21.5 13.2 .9 50,9 49.0 48.5 16.8 31.8 18.1 13.6 .5 59.2 37.1 31 3 6.8 24.5 14.8 9.6 5.8 41.5 8.5 51 14.4 52 - . 6 53 46 Demand dep. and currency 48 49 50 At commercial banks.... At savings instit Short-term U.S. Govt. sec... 26.3 24.9 24.0 3.8 20.2 9.0 11.2 .9 51 52 53 Other U.S. Govt. securities Pvt. credit mkt. instruments... Less security debt -1.4 4.1 1.3 .4 2.5 -.2 1.7 2.3 2.0 3.2 7.8 -.2 .2 6.1 .6 5.0 11.5 * 3.8 9.2 -.8 1.7 4.6 * -.7 1.8 .3 3.5 6.2 -.7 -.9 10.4 -.2 -1.1 6.0 3.0 8.1 14.3 .3 44.2 * 44.1 54.2 1.3 52.9 58.5 -.3 58.8 67.0 .2 66.8 72.1 -1.0 73.1 73.1 -3.3 76.4 67.6 1.8 65.8 67.2 -1.5 68.7 76.6 5.3 71.3 72.5 61.3 - . 9 -10.4 73.4 71.6 78.7 2.1 76.6 81.8 -3,5 85.3 83.5 9.2 74.2 54 55 56 44.1 1 5 1.5 * 52.9 1 9 2.0 .1 58.8 2 6 2.9 .3 66.8 3 2 3.4 .2 73.1 3 8 3.8 * 76.4 11 1.9 .8 65.8 3 5 3.5 * 68.7 3 4 3.8 .4 71.3 5.8 6.0 .2 73.4 4.1 3.8 -.3 71.6 31 4.3 1.2 76.6 2 4 1.2 -1.2 85.3 3 4 3.0 -.4 74.2 2 7 4.7 2.0 57 58 59 60 15.6 15.8 19.7 19.4 -.6 .3 20.5 22.9 1.8 .6 19.3 16.3 -3.1 .1 21.5 61 29.0 62 7.2 63 .3 64 31.3 33.9 2.6 26.0 31.5 5.1 .5 28.0 34.7 6.7 40.2 43.9 3.3 .4 28.1 37.4 9.3 29.5 28.0 -1.9 .4 29.6 31.2 1.5 21.5 29.9 22.9 18.4 - . 6 -11.6 .1 2.0 28.0 34.4 6.4 21.7 29.3 22.2 29.1 • -1.0 .8 .6 28.9 27.1 33.4 32.7 4.4 5.6 25.6 22.0 -4.1 .5 21.3 23.8 2.5 18.2 19.5 1.2 .1 23.8 28.5 4.7 27.1 37.7 10.5 26.9 24.0 -2.9 26.4 34.6 8.2 25.0 32.9 7.8 14.9 21.5 6.6 2.6 3.3 2.7 3.8 4.7 4.6 3.2 3.6 5.3 6.4 3.1 3.9 11.3 10.4 68 .8 5.1 .9 .6 -.2 1.7 1 1.2 7 .2 - 1 . 8 1.4 -1.5 2.4 4.3 -t.7 2.3 5.1 .4 3.1 3.5 2.0 8.8 3.3 1.7 8.5 2.7 .9 5.5 .6 15.3 7.5 1.8 1.2 3.7 -.8 2.4 -2.0 28.0 14.9 5.9 7.4 .3 18.0 18 8 2.2 16.6 12.5 •*./ -.8 43 III. Direct lending in credit markets 55 Less change in U.S. Qovt. cash 57 Funds supplied directly to cr. mkts.. 59 60 Total Less change in U.S. Govt. cash. 63 Less chg in U.S. Govt cash... 66 Total 2 .5 • 3.2 1.3 3.6 -.2 3.6 -.2 7.6 3.2 4.5 * 7.1 1.5 14.1 .9 - 2 . 9 11.7 -1.6 .2 - 2 . 5 2.1 4.3 10.0 * .3 NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For notes see p. 1529 of October 1966 Bulletin. 10.6 3.7 4.5 2.1 -.2 1.7 5.7 3.0 2.2 65 66 67 69 22.7 70 19.1 71 - . 1 72 3.1 73 - . 6 74 NOVEMBER 1966 1709 FLOW OF FUNDS PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1 9 6 4 Transaction category, or sector 1962 1961 1964 1963 1 9 6 5 1 9 6 6 1965 II III I II III IV I II * 7.9 1.9 5 3 — .9 — 1 0 4 8 7.8 2.7 2.7 10.3 3.3 7 7.0 3.3 9.6 4. 1 .9 5,9 7 6.5 1.1 - 8 . 6 .7 - 3 . 0 - 4 . 4 3.3 -4.5 4.6 3.2 2.5 5 — .7 ,5 .9 * -.2 .2 .6 4.0 1.8 1.1 .9 -.5 -.7 .7 21.1 2 1 19.0 18.2 15.2 -.4 2 . 0 3 5 10.9 30.2 13.1 1.5 2. 1 1.0 8.5 17.1 25.6 3 2 . 2 IV I. Demand deposits and currency 1 Net incr. in banking system liability.. 3 6 10 Other Ncmfinancial business Rest of the world 5.6 * 5.6 4.8 5.8 7.4 .8 4.5 1 3 3.2 3.1 2.7 1.7 .3 1 0 1.0 .7 ]9 11 -.6 .1 7.3 6.1 6.0 6.8 6.7 3.5 2 .5 -.8 2.4 1.4 2 .3 .9 .8 .1 .5 9 . 4 1.9 28.7 15.6 3.7 29.5 14.3 3.9 .3 6 2 11.3 17.4 .6 1 0 . 3 13.1 2 3 . 4 1.0 7.9 15.2 23.0 7.4 8.9 -1.4 7.4 5.2 — 3 Q 7.6 — 1.0 4.4 — 3.3 8.6 8.5 7.2 7.7 8.1 2.2 -1.9 1.0 .7 1.5 .1 2.8 -.6 1.1 2.6 32.9 20.0 3.9 29.1 13.1 1.4 A 9.6 1 8 10.3 —1 1 1 . 1 0 . 1 3 . 5 .7 1 5 1.3 .8 9 1 2 2 1 7 3 2 8 4 -3.4 — 4.1 5 2.6 -.4 6 .8 5.4 7 2 0 6 8 6.7 1.3 9 .7 - 1 . 1 10 5.5 4.8 II. Time and savings accounts 20.7 11 Net increase—Total 12 At commercial banks—Total 9 III. U . S . G o v t . 21 O t h e r 31 35 ..... 7 . 4 1.9 5.2 2.8 4.9 5.5 2.0 .9 3 9 S a v i n g s IV. SI — 5 . 2 5.2 .9 1.6 8 ,4 .4 O t h e r direct nonfinan. sector, b o n d s — H o u s e h o l d s O t h e r I n s u r a n c e a n d . .. .... 12 -.8 1 .4 — .6 -.3 .2 -1.6 .3 58 5 9 6 9 VI. 4.0 3.5 .5 4.0 3.7 5.7 -2.4 -3.5 .5 .5 e 3.7 _ 2 -1.8 3.9 - 1 . 7 -4.1 -1.4 1.3 * o 1.9 1.2 .5 .3 — .3 5.7 2.0 -3.0 -3.5 34.4 21.4 2.5 3.1 .2 15.8 13.0 29.1 2.7 1.9 1.1 1.6 11.2 15.4 26.4 .8 13.5 12.8 26.8 .8 9.8 11.9 22.1 5.0 1.7 3.6 -1.9 -4.3 -3.5 1.6 4.2 6.2 -9.9 -5.8 -5.3 -4.3 4.31 3.1 9.0 8.5 — 5.5 5.5 3.6 8.3 3.5 3.1 3.7 9.0 5.9 7.1 4.0 4.7 -1.2 .3 2.5 2.2 .5 2.9 .2 1.2 .9 .6 .9 1 3 . 1 6 . 7 3 . 6 .3 1 4 14.6 5.9 5.4 .6 2. 1 16.2 7.4 5.4 .8 17.4 6.4 7.3 .5 1.0 .7 1.9 .9 2.3 .9 14.6 1.7 16.2 .5 2.7 3.6 2.8 4.9 9.7 -2.0 -1.6 17.4 5.2 * 2.5 2.9 7.8 -1.0 .4 -1.3 1.6 .4 -.7 .2 .5 - . 2 .1 -.4 .8 3.0 -3.3 2.2 2.8 - 1 . 1 .4 1.3 8.3 4.4 3.9 -8.8 .4 2.2 — 6.5 3.5 2.1 2.6 3.1 1.7 .9 - . 1 .5 .6 2 1.3 .8 p e n s i o n f u n d s 13.5 4.9 7.1 2 .5 .8 1 1 . 5 5 . 0 5.1 13.5 1.3 2 2.2 2.6 8.0 — .6 1 1 . 5 - 1 . 7 — 4 2 . 0 4 . 4 7 . 5 — .3 .4 .9 .5 3.8 -2.1 2.7 2.2 1 3 1.0 4 shares 1 3 . 1 -2.9 ,9 2.5 5.2 7 . 6 2 .2 * .2 7.3 -.8 * -.8 1.1 .7 -.4 — .5 1 4 1.8 .2 — • 1.2 .2 1.8 -.2 3.1 -.5 1.7 .1 . 16.9 11.8 21.3 13.4 2 5 . 0 1 5 . 7 25.4 15.4 25.4 16.0 25.3 15.3 .4 .4 11.4 5.1 13.0 15.7 10.0 16.0 9.5 15.8 10.0 16.9 -.2 6 1.6 11.0 21.3 * 3 4.0 13.2 3.0 .5 2 5 . 0 — .3 —1 0 25.4 -1.1 13.0 14.7 .8 4.5 14.8 5.1 .4 25.4 -.6 1.0 5.6 6.2 4.3 1.0 .5 .4 7.6 5.0 1.7 .4 8.7 5.1 5 1.4 2.7 .6 c o m p a n i e s B a n k loans 18.4 .9 3.3 .5 13.9 13.8 27.6 23.9 14.7 4. 1 — .5 1L2 9.2 20.9 17.9 14.4 1.7 2 1 8 3 1 2 1 .9 7 . 6 . 8 11 12 13 1 1 1 1 1 4 5 6 7 8 2.4 .3 .4 -.4 -2.5 -7.1 4. 1 -.3 12.4 3.5 .3 - 2 . 7 8.5 - 1 0 . 6 7.9 -9.3 1.1 .4 2.2 ,1 2.1 * 1.7 - 2 . 0 1.7 - 1 . 9 -3.1 5.6 5.5 -5.9 1.6 - 1 . 2 .5 .2 .6 -.7 5 1.1 0 —, 1 - 1 . 4 .7 .9 -. 1 7 . 2 3 . 3 1.0 .8 .5 3.0 .4 14.8 7.1 5.0 .6 2 1 13.0 5.8 3.1 4 # 2.0 13.3 6.1 4.4 .5 16 20.0 8.6 7.0 2.0 18 14.8 1.8 13.0 • -i .8 - 1 . 5 2.3 - 6 . 1 2.3 - 6 . 1 — 4 . 4 9.6 8.3 1.2 12.0 -1.9 13.9 9.6 .5 12.0 3.3 -3.6 4.9 6.7 - 6 . 4 7.2 - 1 3 . 0 -2.3 7.8 1.8 — 1.2 1.4 3.6 4 . 6 1 9 - 1 0 . 3 2 0 1 4 . 9 2 1 4 . 6 4 . 3 — 1.7 - 1 . 1 —5.1 - 1 . 1 5 . 0 2 2 2 3 2 4 2 5 2 6 2 7 2 8 -5.5 29 3 2 2.1 — 2 . 5 3 0 -2.1 - 1 . 5 .6 - 3 . 2 31 ,3 8 — .2 2 32 -1.0 - . 9 33 1.5 - 2 . 4 -1.5 1.8 - 1 . 5 .5 34 * -.6 7 . 8 3 5 13.9 -.3 5.5 - 1 . 5 3 6 .4 -2.3 -1.4 3.9 - 2 . 3 3 7 1 0 . 8 3 8 4.2 1.4 .3 .5 .8 .3 16.6 6.8 7.4 .1 | 5 14.9 8. 1 2.9 .4 2 7 20.5 5.5 11.9 I 16 .7 .7 3 9 .8 11 1.9 .8 I 7 * .3 2.9 4.3 6.8 -.9 3 . 0 4 . 3 7 . 4 2 1.3 1.0 .8 1.7 20.0 2.5 .7 1.6 6.5 9.6 .2 16.6 14.9 3.2 - 1 . 0 .8 .8 3.5 3.6 4.1 4.1 20.5 5.5 25.7 16.0 25.4 2 1 . 6 15.6 1 2 . 3 .4 - 1 . 1 15.3 13.5 9.2 9.8 5 8 5 9 21.6 .3 4.1 4.5 7.2 63 64 65 66 67 -2.5 .6 2.5 4.9 .8 4.2 2.9 10.7 9 . 4 10.4 -5.0 — 1 . 8 —4.4 .4 .6 -2.8 . I — 1.9 - . 4 -2.2 - 1 . 9 - 2 . 5 -1.8 2.3 2.5 .8 1.9 1.3 2.3 4.2 2.6 3.5 5.0 .1 - 1 . 0 -1.0 -.1 .6 9.0 .3 -.5 1.7 — .5 2 . 2 - . 4 2 . 6 2 5 . 9 1 5 . 1 25.4 15.0 -.3 15.2 10.5 24.7 15.9 25.4 15.7 15.9 15.5 9.7 -.2 16.2 9.8 25.4 * — .2 4.6 14.7 5.6 .2 24.7 25.4 -.7 1.0 5.6 13.0 5.5 .5 25.7 -1.1 .7 6.4 13.1 5.1 25.8 1.0 1 13.6 8.3 .1 3.1 19.6 -1.5 .1 14.2 11.3 2.6 1.4 13.0 10.0 1.8 2.2 2.8 1 4 0 4 1 4 2 4 3 4 4 4 5 13.3 — .4 2.1 2 3 . 3 7 . 2 1 5 . 2 .3 3 1.0 2 3 . 3 6 . 7 .8 4 . 6 2 . 2 7 . 8 - 1 . 0 1.4 - 2 . 3 1.1 3 . 4 1.0 4 4 4 4 5 5 5 5 5 5 5 5 6 7 8 9 0 1 2 3 4 5 6 7 7.9 .5 15.2 9.3 4.9 16.1 4.0 -.3 -.1 .3 -.1 5.5 .5 -.4 25.3 .8 4.3 5.1 1.0 -.3 15.4 10.9 25.9 .4 .1 4.5 15.2 5.2 .1 * 8.7 -.9 .7 4.7 13.0 5.9 .9 .2 25.8 16.3 -.2 16.5 9.5 .1 1.5 5.8 12.8 5.3 25.4 -2.5 4.6 5.0 11.4 6.1 .4 5 . 7 - . 6 60 61 62 6 6 8 9 n.e.c. 3.0 1.3 .1 73 6.5 4.0 2.5 29.5 17.6 5.7 M o r t g a g e s Total net lending 1- t o 4 - f a m i l y . . M o r t g a g e 1.8 1.5 8.3 16.1 24.1 35.6 22.7 6.4 securities N e t issues o f o w n Rest o f the w o r l d V. 2.4 .6 13.3 12.9 26.4 1.3 .6 3 .6 - . 6 4 . 7 1.8 1.0 .7 2 5 6 57 1.4 3.8 .6 6 . 8 7.4 1.5 9 3 — 4.1 O t h e r direct Pvt. d o m e s t i c 1.7 1.4 8.2 15.9 23.9 34.5 19.0 3.4 securities 1 i 2 7 1.6 1.0 30.4 14.5 3.2 Households .9 .7 .5 1.7 16.4 11.4 1 2 . 3 2.4 5.7 3.4 1.3 1.3 .4 1.1 5.3 5.0 13.8 2.3 .6 1.3 .4 -.4 - 1 . 1 NOTE.—Quarterly data are seasonally adjusted totals at annual rates. For notes see p. 1529 of October 1966 BULLETIN. 19.4 14.7 3.3 1.9 1.3 8.6 11.1 .2 -2.1 -.7 2 0 . 0 7 0 1 5 . 6 7 1 3 . 8 7 2 .1 73 .4 74 FINANCIAL STATISTICS • INTERNATIONAL * Reported gold reserves of central banks and governments 1712 Gold production 1713 Net gold transactions and gold stock of the United States 1714 Foreign gold reserves and dollar holdings 1715 International capital transactions of the United States 1716 U.S. balance of payments 1726 Foreign trade 1727 Money rates in foreign countries 1728 Arbitrage on Treasury bills 1729 Foreign exchange rates 1730 Guide to tabular presentation 1646 Index to statistical tables 1737 The figures on international capital transactions are collected by the F.R. Banks from reports made on Treasury foreign exchange forms collected by the F.R. Banks in accordance with Executive Orders No. 6560, dated Jan. 15, 1934, and No. 10033, dated Feb. 8, 1949, and Treasury regulations thereunder. Other data are com- piled largely from regularly published sources such as central bank statements and official statistical bulletins. For some of the series, back data are available in Banking and Monetary Statistics and its Supplements (see list of publications at the end of the BULLETIN). 1711 1712 GOLD RESERVES NOVEMBER 1966 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) End of period Estimated total world! 1959 ••....•..••••• 40,195 40,540 41,140 41,470 42,310 43,060 1960 .............. 1961 ••....•....... 1962 ••........•... 1963 ••........•..• 1964 .•.•.......•.• 1965-Sept......... Oct .......... Nov ...•.•... Dec....•.... 1966-Jan.......... Feb......... Mar ......... tl,r......... ay ........ June •.• o • • • • July ......... Aug ......... Sept ......... End of period J 43,005 .......... "i4UOO' .......... .. '43;330' .......... .. ~4j;ii5' ......... , .......... .......... Colombia 1959 .............. Inti. Monetary Fund 2 17,804 16,947 16,057 15,596 18,280 20,295 22,115 23,220 24,400 15.471 25.410 1,865 1,865 1,868 1.869 13,925 13,937 13,879 13.806 1,871 2.116 2,358 2.369 2,557 2,562 2,586 2,645 2.645 Denmark 57 33 34 34 35 97 97 97 97 1966-Jan.......... Feb......... Mar ......... Apr.••••.... May ........ June ........ July ......... Aug ......... Sept ......... 36 29 23 24 24 24 24 25 .......... 97 97 102 108 108 108 108 108 108 End of period Kuwait 1965-Sept ......... Oct.......... Nov......... Dcc......... 49 49 49 52 1966-Jan.......... Feb......... Mar......... 55 55 58 tf.:;::::::: : June ........ July ......... Aug ......... Sept......... For notc ••ec end of table. 58 58 61 62 62 62 Afghanistan Argen .. tina 107 107 92 92 92 Lebanon n.a. Australia Austria --- - n.a. 36 36 36 36 56 104 190 61 78 71 ........ 'iUss' 26.945 36 35 35 35 67 67 66 66 222 223 224 223 700 700 700 700 13.811 13,811 13,738 13.668 13,582 13.529 13,413 13.319 13,356 ........ 35 35 35 35 35 35 35 35 35 66 66 65 65 65 64 67 70 223 223 223 224 223 222 224 226 225 700 700 700 700 700 700 700 700 701 Finland France .. 27;i3S ........ .~27;ij5 ... , .... ........ ........ 2,637 2,971 3,664 3,679 3,843 4.248 26 76 87 77 77 77 247 247 247 247 247 247 78 78 78 78 281 281 281 281 4,295 78 108 108 98 98 109 112 112 116 281 243 243 243 243 243 243 243 243 Mexico Moroeco Nctherlands Nigeria 142 137 112 1.132 1,290 1,641 2.121 2,587 85 4,556 3.175 3,729 85 85 84 4,604 4,638 4,706 84 84 58 55 55 55 55 55 4,740 4,774 4.806 4,874 4.953 5,026 5,117 5.209 4,410 4,406 4,402 4,402 4,311 4,310 4,302 4,297 5,241 Indonesia India Belgium Brazil Burma Canada Chile - - -. -----........ 1,134 1,170 1,248 1,365 1,371 ....... 42 42 84 946 708 811 1,026 960 43 45 48 43 43 43 1,451 327 287 285 225 150 92 1.554 1,558 1.558 1,558 63 63 63 63 84 84 84 84 1.112 1,124 1.138 1.151 44 44 43 44 1,558 63 63 63 45 45 45 45 84 84 84 84 84 84 84 84 84 1,113 1,076 1,086 1,096 1,061 1,024 986 997 1,009 44 43 43 44 43 43 44 45 45 1,558 1.556 1,556 1,556 1,555 1,532 1,529 1.527 Iran ........ . ....... Iraq Israel 885 Italy Japan - - - - - - - . --- 4,390 4,404 4,406 4.410 Libya 292 293 303 454 536 600 Greece 38 41 47 61 61 85 55 ........ 154 147 162 190 208 226 Oer.. many, Fed. Rep. of - - - 1965-Scpt ......... Oct.......... Nov ......... Dec......... n.a. n.a. 43 49 48 48 19,507 2,407 2,439 2,077 2,194 2.312 2,179 1960 .............. 1961 .............. 1962 .............. 1963 ••............ 1964 .............. 1959 •••.•..•..••.• Estimated rest of world - - - - - 71 78 88 57 62 58 1960 .............. 1961 ••...........• 1962 .............. 1963 .............. 1964 ...•....•..... United States 33 58 43 44 35 ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ ........ I t ••••••• ••••••• Norway 140 130 130 129 142 141 84 98 84 98 98 112 141 140 146 146 122 122 122 122 56 146 145 132 132 132 132 132 131 131 122 122 122 122 122 122 122 122 56 56 46 46 46 46 46 46 46 2,404 2,404 2,369 2,369 2,370 2,369 2,362 2,358 2.356 ........ ........ ........ Philippines Portugal Saudi, Arabia 9 15 27 41 28 23 548 552 443 471 497 523 Pakistan ........ Peru 2 10 41 60 56 56 56 56 1,749 2,203 2.225 2,243 2,343 2.107 2,390 2.403 2,404 2.404 327 ........ 328 ........ .. "j2S' ........ .. "3i9' - - -........ - - - - - - -......... ....... 102 119 140 172 172 183 1,601 1,688 30 30 30 30 31 31 50 52 20 20 20 20 53 53 28 42 47 41 57 67 244 247 287 289 289 304 18 18 7 17 139 169 23 29 29 29 29 34 182 182 182 182 68 68 68 68 161 160 159 158 31 31 31 21 1,756 1,756 1,756 1,756 20 20 20 20 31 31 31 31 53 53 53 53 67 67 67 67 34 36 37 38 560 563 512 576 73 73 73 73 182 193 193 193 193 193 193 193 68 68 68 68 68 68 68 68 68 157 21 21 21 21 21 21 21 21 21 1,756 20 20 20 20 20 20 20 20 20 31 31 31 31 18 18 18 18 18 53 53 67 67 67 65 65 65 65 39 41 42 43 44 45 47 48 49 583 592 134 133 142 141 73 73 69 69 69 69 69 69 69 ........ ." "'j' 95 157 ........ ......... ....... 1,451 1,581 1,581 1,756 1,756 1,756 1,730 1,730 1,730 1,730 1,730 53 53 53 53 53 53 53 53 53 65 6S 595 600 605 607 612 626 . ....... 65 78 78 78 NOVEMBER 1966 1713 GOLD RESERVES AND PRODUCTION GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (En millions of dollars) South Africa Spain 238 178 298 499 630 574 68 178 316 446 573 616 Sept Oct Nov Dec 342 371 382 425 810 810 810 810 1966 Jan Feb Mar Apr May 471 499 520 557 581 640 810 810 785 785 785 785 202 203 203 677 672 785 785 785 203 203 203 End of period 1959 I960 1961 1962 1963 1964 1965 . .. July Sept 664 Thailand Turkey U.A.R. (Egypt) United Kingdom Uruguay Venezuela Yugoslavia 104 104 104 104 133 134 139 140 115 104 171 171 652 401 401 401 401 401 10 104 2,514 2,800 2,268 2,582 2,484 2,136 180 180 180 180 104 174 174 174 174 174 139 54 54 96 96 116 116 139 139 2,139 54 55 96 96 116 139 171 171 155 155 401 401 401 401 55 55 96 96 116 116 139 139 55 92 92 116 139 92 92 116 116 116 92 92 92 106 105 100 139 139 139 139 139 139 155 155 155 155 155 155 155 155 401 401 401 401 401 401 401 401 401 Switzer- Taiwan land Sweden 1,934 2.185 2,560 2,667 191 170 180 181 182 189 41 41 43 43 50 55 2,820 2,725 2,656 2,660 2,660 3,042 2,661 2,661 2,652 2,647 202 202 202 202 202 202 202 55 55 59 2,630 2,648 2,683 2,681 2,681 59 59 1 Includes reported or estimated gold holdings of international and regional organizations, central banks, and govts. of countries listed in this table and also of a number not shown separately here, and gold to be distributed by the Tripartite Commission for the Restitution of Monetary Gold; excludes holdings of the U.S.S.R., other Eastern European countries, and China Mainland. The figures included for the Bank for International Settlements are the Bank's gold assets net of gold deposit liabilities. This procedure 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 countries. 2 Beginning June 1965, excludes gold subscription payments made by 116 139 2,265 2,036 2,041 Bank for Intl. Settlements * 134 — 19 115 50 279 —50 4 6 4 14 17 18 18 19 19 -145 141 247 -558 19 19 -105 120 20 30 20 20 20 20 20 20 80 -36 191 401 388 -299 some member countries in anticipation of increase in Fund quotas; for most of these countries the increased quotas became effective in Feb. 1966. 3 Adjusted to include gold subscription payments to the IMF, except those matched by gold mitigation deposits with the United States and United Kingdom. Adjustments are as follows (in millions): 1965 Sept. +$268; and Dec. +$270. * Net gold assets of BIS, i.e., gold in bars and coins and other gold assets minus gold deposit liabilities. NOTE.—-For back figures and description of the data in this and the following tables on gold (except production), see "Gold," Section 14 of Supplement to Banking and Monetary Statistics, 1962, GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa Period 1959 I960 1961 1962 1963 1964 1965 1965 World production i South Africa Rhodesia Ghana 1.125.0 702.2 ,175.0 748.4 r 8O3.O 215.0 ,290.0 892.2 ,355.0 960.1 ,395.0 1,018.9 .430.0 1,069.4 19.8 19.6 20.1 19.4 19.8 20.1 19.0 32.0 30.8 29.2 31.1 32.2 30.3 26.4 91.0 89.7 90.4 91.6 89.3 1.5 2.1 Aug Oct Nov Dec 1966 North and South America Jan Feb Mar Apr May July Aug 91.2 87 8 90.5 90.8 91,9 89.3 89.4 90.1 1.6 2.2 "*i'.Y 1.7 2.1 2.3 Congo (Kinshasa) 12.2 U.l 8.1 7.1 7.5 6.6 2.3 Canada Mexico 57.2 58.8 54.8 54.5 51.4 51.4 58.6 156.9 162.0 156.6 146.2 139.0 133.0 125.6 11.0 10.5 10.5 10 2 98 96 10.1 10 1 10.5 10,4 10.2 21.2 1 Estimated; excludes U.S.S.R., other Eastern European countries, China Mainland, and North Korea. 2 Quarterly data. United States 10.2 9.2 9.1 8.9 Nica- ColomIndia ragua bia 7.3 7,0 7.9 7.8 7.2 13.9 15.2 14 0 13.9 11.4 12.8 11 2 5.8 5.6 5,5 5.7 4.8 .9 ,4 .7 .5 .7 1.0 .3 4 7 1 0 9 .9 8 9.4 8.3 8.3 7.4 7.6 9 7.9 6.9 Other A ia 1 0 1.0 .8 7 8 8 5.2 4.6 Philippines Australia All other 14.1 14 4 14 8 38 1 38 0 37 7 37.4 35 8 33.7 30 7 54 5 S3 6 53 9 51 6 64 3 52.8 52 5 14.8 13.2 14.9 15.2 1.3 13 H i 4 3 .3 4 23.7 2 6 2 3 2.6 2,3 2 6 2 5 2 4 2.6 2 8 2 8 NOTE.—Estimated world production based on report of the U.S. Bureau of Mines. Country data based on reports from individual countries and Bureau of Mines. Data for the United States are from the Bureau of the Mint. 1714 NOVEMBER 1966 U.S. GOLD 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) 1965 Area and country Western Europe: Austria 3 Italy 25 31 8 Other 1959 1958 1957 -83 -39 -266 -84 -329 -349 -261 32 —215 -900 — 178 -41 68 - 2 , 3 2 6 1960 -30 20 -350 -32 -48 1961 -1 -141 " - 1 4 4 -173 -34 -23 100 -249 -25 -156 -114 -324 -125 -550 -306 -36 -23 -96 -53 -827 -1,718 Other Total 75 67 6 2 81 69 19 30 157 -28 -130 329 -12 1 -399 -55 —40 -405 -225 200 60 -32 —81 618 II in IV -100 -83 -884 -38 -22 -148 -38 -21 -117 -137 — 103 -221 -80 35 -180 -50 150 -80 64 7 -19 11 -7 -60 -13 29 I -90 85 57 38 — 30 72 -25 -30 132 -37 4 -9 -7 -34 -4 - 8 8 -1,299 -334 -82 -81 -174 -221 100 50 -7 28 30 Q 25 29 25 -13 * 32 56 17 58 2-93 ii 3 -24 -42 -17 -5 -11 -100 -109 175 15 -97 1 -101 II 54 10 -1 « 7 j —1 -3 25 -3 -6 -4 -29 * -15 -3 -6 56 -25 -2 —2 -3 —4 -34 -186 -113 -101 -93 12 3 -24 -15 -3 -6 -82 -3 5 -38 -6 -1 -36 -7 -16 -9 -15 9 -9 -8 172 - 2 , 2 9 4 -998 -1,969 -970 -833 -392 - 3 6 -1,322 -299 -104 -108 -165 -185 600 3 -44 5-225 «-259 '8 7 26 '131 7 18 -833 -392 - 3 6 -1,547 -558 -96 -82 -34 -167 18 Total -50 2 -6 -11 18 Other -146 102 -387 -82 -518 1966 1965 1964 190 65 -35 Asia: -143 -63 -456 1963 -754 -1,105 5 Latin American republics: 1962 All other 4 300 150 772 - 2 , 2 9 4 - 1 , 0 4 1 - 1 , 6 6 9 -820 1 Includes sales of $21 million to Lebanon and $48 million to Saudi Arabia. 2 Includes sales of $21 million to Burma, $32 million to Lebanon, and $13 million to Saudi Arabia. 3 Payment to the IMF of $344 million increase in U.S. gold subscription, less sale by the IMF of $300 million (see note 4). * IMF sold to the United States a total of $800 million of gold ($200 million in 1956, and $300 million in 1959 and in 1960) with the right of repurchase; proceeds from these sales invested by I M F in U. S. Govt. securities. 5 Payment to the IMF of $259 million increase in U.S. gold subscription, less gold deposits by the IMF. • Payment to the IMF of increase in U.S. gold subscription. 7 Represents gold deposit by the IMF; see note 2 to table below. U.S. GOLD STOCK AND HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES BY U.S. MONETARY AUTHORITIES (In millions of dollars) Changes in— End of period Gold stock*.2 Year Total Total 3 Treasury Foreign currency holdings Month Total 1953... 1954... 1955... 1956... 1957... . 22,091 . 21,793 . 21,753 . 22,058 . 22,857 22,091 21,793 21,753 22,058 22,857 22,030 21,713 21,690 21,949 22,781 -1,161 -298 -40 305 799 1958... 1959... 1960... 1961... 1962... 1963... 1964... 1965... . . . . . . . . 20,582 19,507 17,804 16,947 16,057 15,596 15,471 13,806 20,534 19,456 17,767 16,889 15,978 15,513 15,388 13,733 -2,275 -1,075 -1,703 -741 -907 -348 95 -1,316 20,582 19,507 17,804 17,063 16,156 15,808 15,903 14,587 116 99 212 432 781 Total gold Gold stock 1.2 Total - 1 , 1 6 1 1965—Oct... -298 Nov... Dec... -40 305 799 1966—Jan.... Feb... Mar... -2,275 ' -1,075 May!! -1,703 June.. -857 July... -890 Aug... -461 Sept... -125 Oct... 6-1,665 1 Includes gold sold to the United States by the International Monetary Fund with the right of repurchase, which amounted to $800 million on Oct. 31,1966. Also includes gold deposit of IMF; see note 2. 2 Beginning Sept. 1965, includes gold deposited by the IMF to mitigate the impact on the U.S. gold stock of purchases by foreign countries for gold subscriptions on increased IMF quotas. Amount outstanding was $211 million on Oct. 31, 1966. The United States has a corresponding gold liability to the IMF. 3 Includes gold in Exchange Stabilization Fund. End of period Changes in— Foreign currency holdings4 Total Total gold Total 3 Treasury 14,795 14,686 14,587 13,937 13,879 13,806 13,857 13,805 13,733 858 807 781 -89 -109 -99 12 -58 -73 14,450 14,188 14,297 14,190 14,210 14,251 14,506 14,618 14,504 14,524 13,811 13,811 13,738 13,668 13,582 13,529 13,413 13,319 13,356 13,311 13,732 13,730 13,634 13,632 13,532 13,433 13,332 13,259 13,258 13,257 639 377 559 522 628 722 1,093 1,299 1,148 1,213 -137 -262 109 -107 20 41 255 112 -114 20 -73 -70 -86 -53 -116 -94 37 -45 5 * For holdings of F.R. Banks only, see pp. 1656 and 1658. ' Includes payment of $344 million increase in U.S. gold subscription to the IMF. 6 Includes payment of $259 million increase in U.S. gold subscription to the IMF. NOTE.—See Table 11 on p. 1723 for gold held under earmark at F.R. Banks for foreign and international accounts. Gold under earmark is not included in the gold stock of the United States. See also NOTE to table on gold reserves. NOVEMBER 1966 1715 GOLD RESERVES AND DOLLAR HOLDINGS HOLDINGS OF FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (In millions of dollars) Dec. 31, 1964 Area and country Western Europe: Austria Finland Italy Turkey Other i Gold& U.S. Oold& U.S. Gold& U.S. Gold& U.S. Gold& U.S. Gold & U.S. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. short- Govt. term term bonds term term bonds term bonds term bonds bonds bonds dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes dollars & notes 923 3 1,887 428 # 141 1,983 368 7 5 646 5,918 231 3,824 2,034 263 795 1 011 921 4,088 145 4,715 341 212 5,392 6,258 248 3,729 2,055 215 780 1,010 833 4,095 140 4,020 508 32,733 Canada Latin American republics: Brazil Chile Cuba Peru. Uruguay Other Total Asia: India Indonesia Thailand Other Total Africa: South Africa U.A.R. (Egypt) Other Total Other countries: Australia Allother Total 1 * 1 5 98 2 40 79 * 414 49 885 189 959 3 * 14 950 1,972 335 14 1,956 402 1 * 1 5 68 * 2 24 87 # 502 50 5 667 5,753 228 3,758 2,086 262 837 1 064 906 4,039 140 5,101 393 7 1 * 1 6 68 * 2 24 89 * 548 50 5 703 5,839 229 4,024 2,095 354 898 993 849 4,411 150 4,979 34 3 1 7 179 [ 192 714 33,357 765 33,679 814 34,058 4,010 690 3,492 111 3,928 718 3,725 362 350 219 267 12 904 99 273 * * * 1 * 1 1 I 378 402 240 190 II 852 124 330 * * * I ** 1 1 449 475 249 200 10 803 113 323 # * * 1 * 498 446 263 249 10 861 120 324 282 1,135 • * 295 1 097 * 299 1 091 1 I 41 7,026 51 7,147 51 476 169 * 609 155 * 347 707 162 16 373 16 392 * 16 16 992 16 1,137 16 1,261 16 455 * 501 * 434 31 409 27 31 910 27 1,592 51,773 1,596 6,327 49 6,688 53 51 7,002 621 163 * 424 161 * 400 159 * 357 16 26 858 1 * 1 1 51 * 43 365 66 3,342 342 638 2,249 1,501 49,810 1 1 1 * * * * 1 9 * 41 * I 9 * * 41 784 * 549 370 238 206 10 739 156 312 367 84 3,226 374 668 2,428 357 58 3,274 312 598 2,223 6,822 425 I * * 1 9 * * * 1 9 433 1 552 344 245 200 10 874 135 319 321 72 3,294 352 719 2,268 353 58 3,170 281 592 2,234 * 686 * * 1 5 • * 43 26 ~ 811 3,195 9 * * 41 306 73 3,071 256 562 2,059 382 806 34,651 683 3,394 5 4,786 402 800 34,034 676 137 4,609 584 5 916 5,161 343 5 2 4,570 16 * 2 24 93 * 560 50 2 24 91 * 564 49 4,698 558 5 958 1 * 1 5 51 1 2 16 127 6 168 6,066 246 3,888 1,960 346 892 900 891 4,258 5 538 1,067 1 * 1 5 45 3 * 13 | 7 * 1 * 4,457 16 | 7 906 1,933 429 334 2 373 153 5 877 5,822 252 3,695 2,027 285 889 903 853 4,108 155 5,237 498 3 * 13 | |0i '594 1 139 6 16 911 1,926 443 * 292 4,381 283 3 * 14] 7 1 * 1 6 49 * 2 24 89 * 553 50 1 102 '605 * • 478 49,302 * 1 j * 421 * 477 * .28 386 28 379 29 28 807 28 856 1,594 50,722 1,632 51,419 29 312 889 1,577 51,178 * 7,161 904 •6,689 799 46,999 795 4 6,878 752 4 7,659 556 4 7,653 433 56,463 2,405 56,499 2,393 57,721 2,427 58,297 2,329 58,837 2,148 59,426 2,029 1 Includes, in addition to other Western European countries, unpublished gold reserves of certain Western European countries; gold to be distributed by the Tripartite Commission for the Restitution of Monetary Gold; European Fund; and the Bank for International Settlements (the figures for the gold reserves of the BIS represent the Bank's net gold assets). 1 Excludes gold reserves of the U.S.S.R., other Eastern European countries, and China Mainland. 3 Includes international organizations and Latin American and European regional organizations, except the Bank for International Settlements and4 European Fund, which are included in "Other Western Europe." Excludes gold subscription payments by member countries in anticipation of increase in IMF quotas. Amounts outstanding as follows (in June 30 , 19661' Mar. 31, 1966 Dec. 3 , 1965 Sept. 30, 1965 June 30, 1965 millions): 1965 June 30, $259; Sept. 30, $285 ; Dec. 31, $313; 1966 Mar.31, $2; and June 30, J l . NOTE.—Gold and short-term dollars include reported and estimated official gold reserves, and official and private short-term dollar holdings (principally deposits and U.S. Treasury bills and certificates); excludes nonnegotiable, non-interest-bearing special U.S. notes held by the InterAmerican Development Bank and the International Development Assn. U.S. Govt. bonds and notes are official and private holdings of U.S. Govt. securities with an original maturity of more than 1 year; excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign countries as shown in Table 8 on p. 1722. See also NOTE to table on gold reserves. 1716 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 1966 1. LIABILITIES TO FOREIGN OFFICIAL INSTITUTIONS AND INTERNATIONAL ORGANIZATIONS (Amounts outstanding; in millions of dollars) Grand End of period total i 1966 Foreign countries Western Europe a Canada Latin American republics Asia Other countries Africa 19,505 20,221 5,855 5,876 13,650 14,345 7,867 8,266 1.664 ,483 1 058 I "n« 2 731 3,020 160 Sept Oct Nov Dec 19,370 19,407 19,520 19,922 5,920 5,891 5,836 5,751 13,450 13,516 13,684 14,171 7,136 7,173 7,192 7,532 ,385 410 ,440 ,403 ,385 347 ,343 ,497 3,162 3 188 3,297 3,300 Jan Feb Mar 19,783 19,390 19,403 19,412 19,538 19,286 19,497 19,586 19,182 5,839 5,816 5,848 5,785 5,633 5,515 5,623 5,827 5,827 13,944 13,574 13,555 13,627 13,905 13,771 13,874 13,759 13,355 7,264 6,912 7,017 6,968 7,238 7,415 7,726 7,618 7,278 ,339 ,364 ,308 ,262 ,239 ,202 ,163 ,096 090 ,480 425 3,421 3 439 3 410 3 519 3,532 3 438 3 364 3,397 3,440 1963 1964 1965 Intl. and regional ' July N O T E . — D a t a represent short-term liabilities to the official institutions of foreigncountriesandtoomcial international and regional organizations, 359 415 ,438 225 163 ,177 056 154 176 178 184 1 87 187 194 198 211 225 245 209 210 218 229 235 237 234 252 266 231 224 243 234 223 254 224 219 225 as reported by banks in the United States, and estimated foreign official holdings of marketable U.S. Govt. securities with an original maturity of more than 1 year. Data exclude nonnegotiable, non-interest-bearing special notes held by the Inter-American Development Bank and the International Development Association, and also nonmarketable U.S. Treasury notes and bonds, payable in dollars and in foreign currencies. 2. S H O R T - T E R M LIABILITIES T O F O R E I G N E R S R E P O R T E D BY BANKS IN T H E U N I T E D S T A T E S , BY C O U N T R Y (Amounts outstanding; in millions of dollars) Foreign International and regional Grand total' End of period Total 1 Intl. 1.2 Regional 3 22,533 25 019 25,967 28,873 3,752 5 145 4,637 4,974 3,695 4 938 57 207 136 SeDt Oct Nov Dec 28,912 29,234 29 171 29,072 5,125 5,097 5,085 5,000 4,988 4,964 4,948 4,882 136 132 Jan Feb 29,277 29 154 29,246 29,498 29,706 29,629 30,707 31 218 31,092 5,095 5,210 5,292 5,297 5,195 5,082 5,191 5 438 5,438 4,967 5,083 5,177 5,180 5,083 4,972 5,080 5,332 5,311 128 127 1961 1962 1963 19645 1965 1966 Apr July 4,501 4,802 172 137 117 115 116 113 110 106 127 Offi- Europe Canada Latin America Asia Africa Other Other countries Total cial •• 18,781 19,874 21,330 23,899 10,940 11 963 12,467 13,220 7,841 7 911 8,863 10,679 10,322 10 162 10,770 12,236 2 758 3 349 2,988 2,984 2 340 2 448 3 137 3,563 2 974 3 444 4 001 4,687 283 319 241 238 104 152 194 192 23,787 24,137 24,086 24,072 12,326 12,403 12,579 13,066 11,461 11,734 11 507 11,006 11,554 11,576 11 461 11,627 2,816 3,042 2 970 2,574 3,804 3,827 3 836 4,027 5,119 5,176 5 288 5,286 271 272 274 280 223 244 257 278 24,182 23,944 23,954 24,201 24,511 24,547 25,516 25,780 25,654 12,844 12,474 12,455 12,527 12,805 12,665 13,021 12,907 12,503 11,338 11,470 11,499 11,674 11,706 11,882 12,495 12,873 13,151 11,672 11,358 11,660 11,522 II,868 12,331 13,349 13 777 13,543 2,561 2,589 2,308 2,460 2,359 2,171 2,291 2 164 2,191 4,043 4 055 4,026 4,099 4,145 3,936 3,884 3 826 3,808 5,326 5 356 5,359 5,526 5,541 5,470 5,393 5 408 5,483 312 335 330 328 336 334 329 339 363 268 253 272 266 262 305 269 265 267 2a. Europe End of period Total Austria 10,322 10,162 Belgium Finland 1.234 ,384 ,111 ,036 ,045 "997 ,363 ,385 ,424 ,429 150 143 133 151 985 997 ,449 ,438 ,420 ,409 ,479 .756 2| 025 2,086 2,224 148 157 144 323 436 259 261 263 250 418 411 404 398 238 260 275 305 94 113 105 108 1966—Jan Feb Mar Apr May.... June,... July Aug.P... Sept.".. 11,672 11,358 11,660 232 202 211 203 208 206 205 180 233 392 366 370 380 379 378 406 389 377 323 331 341 102 103 95 347 91 11,522 11,868 12,331 13,349 13,777 13,543 365 For notes see following two pages. 177 420 323 321 295 271 287 Italy 67 119 188 171 11,554 11,576 11,461 11,627 255 329 Greece 2.842 2,730 3,041 2 010 12,236 10.770 Germany Fed. Rep. of 1.157 ,478 ,663 1965-Sept Oct Nov Dec 1963 1964 France 91 73 99 127 52 67 161 336 1961 1962 326 Denmark 86 72 70 66 61 989 1,071 1,024 1,068 ,142 ,169 1,137 ,075 142 144 137 131 129 131 Nether- Norway lands Portugal Spain Sweden ,622 216 248 360 367 105 125 133 184 99 161 191 257 153 177 205 394 406 490 409 644 ,368 ,328 ,328 ,620 330 356 373 339 231 240 239 323 277 280 303 322 254 229 210 183 704 699 667 647 ,483 ,325 ,326 ,378 ,409 ,519 ,725 ,659 ,525 255 257 271 242 272 230 344 331 325 231 240 254 284 311 328 347 299 284 299 291 294 295 281 285 306 322 320 152 115 118 120 132 115 138 174 181 644 658 651 661 671 688 672 673 693 803 NOVEMBER 1966 1717 INTL. CAPITAL TRANSACTIONS OF THE U.S. 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 2a. Europe—Continued End of period 1961 1962 1963 1964 Switzer- Turkey land United Kingdom Yugoslavia 12 2b. Latin America Other Other Western U.S.S.R. Eastern Europe <> Europe 43 15 11 12 495 531 669 735 205 195 167 191 642 30 383 188 201 219 214 30 27 27 27 27 29 31 29 32 4,043 4,055 4,026 4,099 4,145 3,936 3,884 3,826 3,808 424 461 487 503 518 485 473 489 474 364 367 281 266 337 325 309 322 340 210 186 202 199 205 195 198 201 238 189 174 177 196 193 182 189 182 186 9 11 10 9 9 10 9 9 10 728 742 740 727 717 598 575 555 546 Indonesia Israel 19 24 19 1965—Sept Oct Nov Dec ,383 ,333 ,268 ,369 24 30 57 49 48 36 303 245 287 369 2 2 27 29 3 27 34 2,962 3,146 3,032 2,714 1966—Jan Feb Mar Apr May.... June.... July Aug.''... Sept.'1.. . ,331 ,353 ,456 ,466 ,585 ,610 ,696 ,692 ,766 34 35 39 28 28 21 18 26 24 3,212 3,095 3,201 3.062 3,117 3,120 3,350 3,901 3,609 14 20 14 16 16 21 20 27 32 353 345 358 4 4 3 3 3 2 4 6 6 330 353 397 380 358 147 148 169 209 10 10 10 10 5 3 2 3 342 105 135 143 176 204 179 258 356 382 2b. Latin America—Continued End of period Panama Peru Uruguay Venezuela Other L.A. rep. Mexico 412 325 351 465 358 4 228 Cuba 382 414 397 432 16 32 27 Chile 3,804 3,827 3,836 4,027 2,227 1 609 1,483 1,884 1 no Colombia Brazil 235 210 375 291 26 25 21 36 .. Argentina 2,340 2,448 3,137 3,563 16 875 908 906 .. Total 2c. Other Bahamas Neth. Antilles & Latin 7 & Bermuda 7 Surinam America Total 611 644 703 Asia China Mainland Hong Kong India 1961 .. 1962 1963 .. 1964 87 98 129 99 84 105 158 206 57 101 113 111 418 405 591 734 226 267 355 416 111 123 136 189 89 97 93 114 15 10 15 14 2,974 3,444 4,001 4,687 35 36 35 35 56 65 66 95 78 41 51 59 1965—Sept Oct Nov Dec 113 114 116 120 256 251 244 257 128 132 129 137 690 738 715 738 494 498 501 519 170 179 177 165 114 113 111 113 20 23 20 17 5,119 5,176 5,288 5,286 35 35 35 35 104 106 108 113 76 76 83 84 23 34 31 114 115 118 127 1966—Jan Feb Mar Apr May.... June.... July Aug.".. . Sept.' 1 ... 126 135 135 248 235 252 144 164 157 511 541 546 164 182 186 119 118 127 18 18 24 112 119 112 86 94 78 240 161 547 174 128 16 36 119 159 36 35 117 114 118 128 135 141 124 34 28 37 52 55 49 123 120 125 139 128 118 144 233 247 230 227 216 5,326 5,356 5,359 5,526 5,541 5,470 5,393 5,408 5,483 35 35 36 145 788 721 701 787 762 700 735 698 669 125 44 119 146 156 145 149 167 179 180 166 156 529 534 183 181 541 164 537 510 158 179 125 126 117 117 115 19 19 19 20 21 Japan Korea Philippines Taiwan Other Asia Total 264 333 283 319 34 35 241 26 238 199 136 113 104 185 174 209 233 221 458 254 280 353 543 1965—Sept Oct Nov Dec . 2,947 2,972 3,020 3,014 101 103 110 108 278 283 290 304 227 228 220 211 502 712 506 513 1966—Jan Feb Mar Apr May June July Aug." Sept." 2,965 2,964 2,966 2,959 2,933 2,897 2,780 2,760 2,740 118 117 116 295 . 121 114 119 120 129 134 302 310 313 320 329 325 316 317 92 134 151 31 49 53 63 81 112 133 106 115 2e. Other countries MoSouth rocco ^ Africa U.A.R. Other (Egypt) Africa Total Australia All other ^ 15 14 109 6 5 14 98 147 180 176 26 93 68 49 7 32 41 41 47 24 112 135 104 152 194 192 542 14 12 11 12 22 31 30 17 58 53 57 51 20 19 19 30 157 157 158 170 223 244 257 278 199 222 235 254 24 718 762 718 271 272 274 280 213 211 214 577 604 627 768 760 738 312 335 330 11 II 14 19 19 19 72 95 89 18 18 16 191 192 192 268 244 226 24 27 40 217 580 832 328 [[ 20 891 881 891 905 945 336 334 329 339 363 75 149 221 227 241 242 245 382 585 576 595 603 612 1 See NOTE 1 to Table 1. 2 International Bank for Reconstruction and Development, International Monetary Fund, International Finance Corp., International Development Assn., and other international organizations. 3 European regional organizations, except Bank for International Settlements and European Fund which are included in "Europe", Latin American regional, and Asian regional. 4 Foreign central banks and foreign central govts. and their agencies, and Bank for International Settlements and European Fund. Congo (Kinshasa) Thailand 1,672 2,195 2,484 2,767 1961. 1962 1963 1964 36 36 Africa 2c. Asia—Continued End of period 36 76 28 48 38 8 9 10 12 13 20 22 25 35 40 89 95 67 63 56 64 161 17 192 15 23 25 22 15 197 213 205 215 231 253 272 266 262 305 269 265 267 232 231 233 279 241 237 240 13 15 22 22 24 35 29 26 28 28 28 5 Includes revisions arising from changes in reporting coverage as follows (in millions of dollars): Total + 5 0 ; Foreign other + 5 0 ; Europe - 1 7 ; Canada + 1 ; Latin America + 2 6 ; Asia + 4 9 ; Africa - 9 . <> Includes Bank for International Settlements and European Fund. 7 Data based on reports by banks in the Second F.R. District only for year-end 1961-62. For NOTE see end of Table 2. 1718 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 1966 2. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) 2f. Supplementary Data 8 ; (end of period) 1964 1965 1966 1964 1965 1966 Area or country Area or country Dec. Apr. Dec. Apr. Other Western Europe: Iceland Ireland, Rep. of Luxembourg Monaco 5.2 8.7 17.4 4.1 7.1 6.3 20.1 3.6 5.8 6.2 21.1 3.7 4.0 6.6 28.2 4.0 Other Latin American republics: Bolivia Costa Rica Dominican Republic Ecuador El Salvador Guatemala Haiti Honduras Jamaica Nicaragua Paraguay Trinidad & Tobago 43.2 31.5 55.8 67.1 56.0 48.7 14.3 26.0 7.0 42.4 11.4 7.4 53.1 28.6 47.3 65.2 71.7 71.6 15.4 33.0 7.8 67.4 12.1 8.6 67.4 .14.2 72.3 69.6 67.0 68.1 16.3 31.4 8.6 67.0 13.8 3.6 64.4 32.9 54.3 62.3 78.3 86.9 16.7 43.2 11.5 75.0 15.0 6.3 8.0 16.0 11.5 8.9 1.1 1.4 2.2 1.5 5.5 32.5 1.5 2.4 6.3 35.9 1.7 2.7 5.6 49.1 2.7 2.4 8.0 n.a. n.a. 3.3 Other Latin America: British West Indies French West Indies & French Guiana. Other Asia: Afghanistan Burma Cambodia Ceylon Dec. Apr. Dec. Apr. Other Asia (Cont.): Iran Iraq Jordan Kuwait Laos Lebanon Malaysia Pakistan Ryukyu Islands (incl. Okinawa) Saudi Arabia. Syria Vietnam 23.4 21.6 2.7 56.4 5.0 84.2 22.2 23.1 25.6 197.2 7.6 19.0 62.0 65.4 7.9 52.0 5.0 113.2 36.3 24.8 32.7 288.0 3.2 19.7 66.9 12.0 16.0 35.5 3.2 99.7 25.9 19.4 24.0 283.6 4.0 39.0 79.2 n.a. 16.0 24.6 5.7 92.0 31.2 21.0 39.5 291.0 4.8 123.8 Other Africa: Algeria Ethiopia, (incl. Eritrea) Ghana Liberia Libya Mozambique Nigeria Somali Republic Southern Rhodesia Sudan Tunisia. Zambia 1.5 33.7 5.6 20.0 28.9 2.5 15.7 .5 93.4 2.2 .9 (») 2.1 45.2 5.1 17,6 26.8 1.6 20.3 .8 2.6 2.2 1.0 .9 7.6 44.1 2.6 17.9 34.8 1.6 21.7 .8 3.3 3.7 1.8 7.2 13.6 58.9 2.9 19.7 26.7 1.7 n.a. .9 3.5 3.3 1.0 n.a. 19.7 18.7 27.1 All other: New Zealand 8 Represent a partial breakdown of the amounts shown in the "other" categories (except "Other Eastern Europe") in Tables 2a-2e. » Includes data reported for Malawi (formerly Nyasaland) and Zambia (formerly Northern Rhodesia). their date of issue; the latter, however, exclude nonnegotiable, noninterest-bearing special U.S. notes held by the International Development Assn. and the Inter-American Development Bank. For data on long-term liabilities, see Table 6. For back figures and further description of the data in this and the following tables on international capital transactions of the United States, see "International Finance," Section 15 of Supplement to Banking and Monetary Statistics, 1962. NOTE.—Short-term liabilities are principally deposits (demand and time) and U.S. Govt. securities maturing in not more than 1 year from 3. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars To banks and official inslitutions i End of period Deposits U.S. Treasury bills and certificates Special U.S. notes 3 Other * Total 707 528 3,673 3,990 7,363 9,214 8,571 8,727 2,388 3,012 3,036 3,308 1,567 1,557 1,878 2,650 2,358 2,565 3,047 3,377 ,493 ,531 Total Demand Time 1961 1962 1963 1964 3 To all other foreigners Total ' 22,533 25,019 25,967 28,873 20,025 22,311 22,787 25,406 8, 8, 5,629 6,731 2 U.S. Treasury Other « bills and Demand Time 2 certificates Deposits 1, J77 2. 396 Payable in foreign currencies 232 352 469 503 150 143 1,271 149 116 119 72 966 134 90 1965 Sept Oct Nov 0ec 28,912 29,234 29,171 29,072 25,291 25,587 25,481 25,426 6,977 7,048 6,810 6,569 3,926 4,073 4,005 3,963 7,709 7,819 8,078 8,269 3,494 3,489 3,470 3,470 3,185 3,158 3,118 3,155 3,503 3,546 3,591 3,587 ,504 ,515 ,551 ,574 1.492 ,529 ,562 ,594 81 91 91 87 426 410 387 332 118 101 98 59 1966 Jan Feb Mar 29,277 29,154 29,246 29,498 29,706 29,629 30,707 31,218 31,092 25,319 25,108 25,188 25,380 25,566 25,430 26,492 27,004 26,640 6,871 6,795 7,117 7,080 7,293 7,297 7,863 8,214 7,900 4,043 3,991 3,823 3,895 3,769 3,656 3,684 3,700 3,847 7,848 7,822 7,643 7,548 7,464 7,384 7,605 7,521 7,363 3,558 3,548 3,592 3,597 3,627 3,614 3,680 3,923 3,958 2,999 2,952 3,012 3,260 3,412 3,479 3,660 3,645 3,572 3,592 3,658 3,676 3,712 3,704 3,743 3,729 3,658 3,843 ,563 ,586 ,510 ,578 ,627 ,636 ,703 ,693 ,718 ,756 ,762 ,770 ,807 94 95 308 341 354 336 365 388 381 406 367 437 456 July Aug." Sept." 1 See NOTE 1 to Table I. Excludes negotiable time certificates of deposit which are included in "Other." 3 Nonnegotiable, non-interest-bearing special U.S. notes held by the International Monetary Fund; excludes such notes held by the International Development Assn. and the Inter-American Development Bank, which amounted to $167 million on Sept. 30, 1966. 2 ,"1 ,526 ,490 ,413 ,531 89 106 88 72 80 389 397 81 108 394 397 485 556 608 4 Principally bankers' acceptances, commercial paper, and negotiable time certificates of deposit. 5 Includes revisions arising from changes in reporting coverage as follows (in millions of dollars): Total + 5 0 ; foreign banks, etc. + 5 5 ; other foreigners + 2 3 ; payable in foreign currencies —28. NOVEMBER 1966 1719 INTL. CAPITAL TRANSACTIONS OF THE U.S. 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (Amounts outstanding; in millions of dollars) Grand total End of period 1961 1%2 1963 1964 1964 3 1965 1966 ... ... Intl. and regional 4 820 5,163 5,975 7,469 7,957 . Europe Canada Latin America Asia 767 877 939 556 526 638 1 522 1,606 1,742 2,212 2,235 1 891 2 017 2,493 3,137 3,294 2,136 2,156 2,175 2,288 2,293 3,266 3,189 3,253 3,343 3,351 2,210 2,188 2,199 2,149 2,210 2,221 2,244 2,271 2,303 3,292 3,294 3,360 1,354 3,312 3,293 3,131 3,080 3,055 1 * ,217 ,230 725 1,004 Sept Oct Nov Dec Dec. < 7,498 7,392 7,486 7,632 7,728 ,213 ,156 ,169 ,201 ,208 678 679 685 Jan Feb Mar 7,551 7,466 7,584 7,468 7,554 ,207 ,145 ,176 ,166 ,220 ,285 ,291 ,304 ,315 625 631 May I 1 1 1 I 7,644 July Sept P 7,500 7,408 7,413 . 2 1 1 593 669 647 603 607 643 641 563 556 Africa 1 Other countries 104 85 137 58 146 146 134 59 66 69 139 67 142 132 76 76 135 137 142 140 66 58 63 62 120 131 2 58 64 139 67 63 61 59 128 128 124 4a. Europe End of period Total Austria 767 877 5 7 Belgium Denmark 20 32 Finland France Germany, Fed. Rep. Greece of Italy Netherlands Norway Portugal Spain Sweden 11 14 23 30 42 68 165 186 6 6 27 35 5 9 11 19 35 18 26 42 13 28 52 85 70 79 9 9 152 10 97 109 33 39 114 36 40 43 43 14 19 84 81 12! 159 35 54 54 27 8 10 23 26 40 30 47 9 9 40 54 24 30 70 78 76 79 173 164 115 110 42 39 42 43 24 21 40 40 ,208 50 52 52 29 37 37 79 87 87 42 46 10 8 8 79 72 72 173 190 190 12 12 12 13 13 110 110 110 36 38 38 47 51 51 23 26 26 41 50 50 44 52 52 1966—Jan Feb Mar Apr May ,207 ,145 ,176 9 8 57 54 47 166 10 47 July 56 ,291 ,304 3IS 12 13 74 66 84 74 70 72 71 177 184 185 182 174 200 209 13 14 13 13 14 13 13 121 109 102 102 99 108 100 39 40 285 33 36 38 39 36 40 54 86 11 106 105 42 40 55 49 50 51 57 47 50 26 29 31 31 32 34 37 59 55 48 64 73 63 68 53 54 51 53 58 60 65 1961 1962 1963 1964. 1964 3 1965 939 1 217 1,230 Sept Oct Nov Dec Dec.« .... 11 I 213 156 ,169 201 U ,220 Sept v 10 13 48 66 54 58 60 26 89 91 86 87 92 93 217 225 71 72 90 92 53 60 15 17 Switzerland 1961 1962 1963 1964 19643 1965 1966 105 75 70 97 Sept Oct Nov Dec Dec 4 Jan Feb Mar.. Apr May July Aug.p Sept P 16 42 48 36 37 89 85 36 40 81 73 73 26 42 42 88 85 78 74 83 80 78 92 78 36 6 21 18 30 48 50 42 47 For notes see the following page. Turkey United Kingdom Yugoslavia 181 221 237 319 9 6 310 282 218 240 210 216 198 177 196 198 200 235 198 214 216 37 39 34 52 38 42 49 51 62 56 49 65 68 4b. Latin America 4a. Europe—Continued End of period 44 40 7 15 16 9 19 23 20 • * * • 20 8 8 16 20 20 3 3 31 27 36 32 25 27 28 28 28 28 28 28 f 6 6 26 27 27 26 27 30 5 5 4 4 5 25 28 31 30 32 28 25 25 17 27 25 23 23 23 20 17 18 Argentina Brazil Chile Colombia Cuba Mexico 1,522 1,606 1,742 2|212 2,235 192 181 188 210 186 171 163 145 127 186 187 188 19 17 18 17 465 203 126 176 125 131 208 319 338 17 644 2,136 2,156 2.17S 2,288 2,293 220 220 104 91 143 152 248 266 16 16 677 655 234 84 94 94 157 174 174 262 270 270 16 665 16 669 16 674 2,210 2,188 2,199 2,149 2,210 231 96 94 97 82 95 98 106 110 112 176 175 173 165 168 16 16 16 16 17 662 169 243 236 225 235 234 238 722 163 158 150 279 287 16 16 16 16 Other Other Western U.S.S.R. Eastern Total Europe 6 Europe 3 27 31 32 34 35 37 34 3 7 2 2,221 2,244 2,271 2,303 232 232 224 221 206 199 196 192 183 182 254 425 408 630 686 718 713 732 729 743 736 1720 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 1966 4. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY—Continued (Amounts outstanding ; in millions of doll ars) 4b. Latin America—Continued End of period Panama Peru Uruguay Venezuela Other L.A. republics i 4c. Asia Bahamas & Bermuda Neth. Antilles & Surinam Other Latin America s China Mainland Total India Indonesia 26 28 20 17 22 21 * * 7 7 Hong Kong 9 1961 1962 1963 1964 19643 32 30 35 41 49 74 85 99 102 108 55 122 65 76 78 144 102 114 165 168 135 222 224 42 58 65 i 1! IE 74 98 16 20 21 1 891 2*017 2 493 1 137 3 294 1965—Sept Oct . . . . Nov Dec Dec".... 51 53 55 59 59 125 138 177 184 181 220 220 217 222 234 250 250 56 55 52 53 53 13 |, 21 22 18 19 H H 23 23 3,266 3 189 3,253 3,343 3,351 28 27 H 22 170 170 67 67 50 45 45 28 29 29 16 17 17 2 2 1 2 2 1966—Jan Feb Mar 59 63 62 66 64 67 66 69 65 169 160 !67 167 175 186 177 177 175 49 56 185 174 17! 174 174 174 180 184 212 237 224 51 41 45 43 57 57 55 56 57 13 13 i: 12 16 16 i: V, 20 23 24 27 23 22 21 16 16 17 3,292 3,294 3,360 3,354 3,312 3,293 3,131 3,080 3,055 24 26 29 32 33 33 32 30 28 22 26 28 28 28 29 26 28 28 2 2 2 2 1 1 6 2 6 May!.'!! June.... July Aug.!'... Sept.". . 147 44 42 56 55 57 39 39 |l 56 66 217 206 200 205 218 224 234 4c. Asia—Continued 1966 10 9 8 9 9 34 41 52 64 65 145 80 71 88 82 212 219 240 9 9 72 70 71 231 15 15 229 227 206 202 205 191 173 183 195 16 1,528 1,740 2,171 2,653 2 810 4 3 25 114 70 113 202 203 Sept Oct Nov Dec 4 Dec 2,755 2,656 2,683 2,751 2 761 20 20 20 22 22 Jan 2,692 2,694 2 777 2,777 2,754 2,728 2,585 2,535 2,479 24 24 24 24 14 16 19 20 27 1961 1962 1963 1964 1964 3 1965 Other Asia Philippines Feb Mar Apr July Aug.'' Sept." Japan 21 21 230 Taiwan 15 15 16 15 17 16 17 15 82 82 83 81 72 73 70 69 67 64 65 Total 1 131 93 98 104 108 107 146 146 134 139 139 112 142 132 135 137 142 140 128 128 124 117 115 114 110 118 118 112 122 104 120 10 10 15 U.A.R. Other Total 2 (Egypt) Africa' 2 20 13 26 28 42 42 1 1 1 1 I i 1 i 1 -> 36 36 33 34 34 38 35 32 43 43 69 71 67 60 I i 1 2 3 38 37 35 39 50 41 38 37 34 38 34 42 43 39 48 44 44 38 63 58 55 53 50 48 43 44 49 # I I i 1 1 •> ~> * 1 ~> 2 36 37 22 44 47 54 67 76 86 86 86 82 9! 84 81 89 88 90 88 4e. Other countries Congo Moroc- South (Kinco i Africa shasa) 6 2 1 1 1 1 Not reported separately until 1963. 2 Includes Africa until 1963. 3 Differs from December data in line above because of the exclusion as of Dec. 31, 1964, of $58 million of short-term U.S. Govt. claims previously included; and because of the addition or $546 million of shortterm claims arising from the inclusion of claims previously held but first reported as of Dec. 31, 1964; and because of revision of preliminary data. « Differs from December data in line above because of the addition of short-term claims held in custody for domestic customers, but reported by banks for the first time as of Dec. 31, 1965. ' Until 1963 includes Eastern European countries other than U.S.S.R., Czechoslovakia, Poland, and Rumania. * Czechoslovakia, Poland, and Rumania only until 1963. ' Bolivia, Dominican Republic, El Salvador, and Guatemala only until 1963. 13 11 td. Africa Thailand Korea End of period 2 2 2 2 2 Israel 19 59 56 67 Australia AH other' 48 48 27 57 9 10 67 45 52 55 52 14 15 14 [5 76 76 62 62 14 14 50 52 52 54 52 50 9 9 9 9 85 137 58 58 64 59 66 69 66 58 63 62 63 61 59 29 41 g 8 Until 1963 includes also the following Latin American republics: Costa Rica, Ecuador, Haiti, Honduras, Jamaica, Nicaragua, Paraguay, and9 Trinidad and Tobago. Until 1963 includes also African countries other than Congo (Kinshasa), South Africa, and U.A.R. (Egypt). NOTE.—Short-term claims are principally the following items payable on demand or with a contractual maturity of not more than 1 year: loans made to, and acceptances made for, foreigners; drafts drawn against foreigners, where collection is being made by banks and bankers for their own account or for account of their customers in the United States; and foreign currency balances held abroad by banks and bankers and their customers in the United States. Excludes foreign currencies held by U.S. monetary authorities. Sec also NOTE to Table 2. 1721 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 1966 5. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies Loans t o — Total Banks Others 1,660 1,954 1,915 2,652 2,773 329 359 186 223 221 709 953 9^ 622 642 ,374 ,403 ,055 ,150 1,007 1,135 2,214 2,600 2,621 6,965 6,895 6,983 7,158 7,236 2,813 2,806 2,887 2,967 2,967 239 265 251 271 271 ,468 ,440 ,535 ,566 ,567 ,106 101 ,101 ,130 ,129 1 ,189 1,191 1 ,207 1,268 1,272 2,454 2,422 2,411 2,501 2,501 477 .... 7,498 7,392 7,486 7,632 7,728 7,07(5 7,030 7,139 7,062 7,134 7,175 7,075 6,968 6,986 2,862 2,812 2,864 2,716 2,832 2,911 2,860 2,822 2,942 257 ,498 ,497 ,508 ,425 ,520 ,584 .57(1 1,548 1,619 ,107 ,091 ,125 .... 7,551 7,466 7,584 7,468 7,554 7,644 7,500 7,408 7,413 1,252 1 ,264 1,287 1 305 1,298 1,320 1 ,340 1,370 1,375 2,484 2,478 2,539 2 573 2,537 2,471 2,380 2,323 2,259 1966 Jan . Feb Mar Apr . May June July Aug." Sept." Official institutions ! 4,234 4,606 5,344 6,810 7,333 Sept Oct Dec... Dec.'. Total 4,820 5,163 5,975 7,469 7,957 1961 1962 1963 1964 1964 5 1965 Collec- Acceptances tions made outOthcrJ stand- for acct. of for- 2 ing eigners Total End of period 224 231 220 224 248 215 216 255 • Includes central banks. Not reported separately until 1963. Until 1963 includes acceptances made for account of foreigners. < Until 1963 includes foreign government securities, commercial and finance paper. 5 Differs from December data in line above because of the exclusion as of Dec, 31, 1964, of $58 million of short-term U.S. Govt. claims 1 3 700 686 832 774 070 ,088 ,079 ,075 ,058 068 Total Foreign govt. seDeposits curities, with for- coml. Other" eigners and finance2 paper 1,874 1,967 384 552 803 586 557 631 659 624 386 371 432 400 336 310 476 422 495 533 496 503 474 492 325 478 476 449 469 467 473 495 453 410 47.5 436 445 406 421 469 425 440 427 364 321 325 329 292 260 286 252 253 294 252 260 241 157 182 187 78 82 75 54 68 65 61 53 61 62 63 59 57 61 200 186 42 77 102 90 93 103 95 96 1J8 115 106 94 106 113 113 123 125 previously included; and because of the addition of $546 million of shortterm claims arising from the inclusion of claims previously held but first reported as of Dec. 31, 1964; and because of revision of preliminary data. 6 Differs from December data in line above because of the addition of short-term claims held in custody for domestic customers, but reported by banks for the first time as of Dec. 31, 1965, 6. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY BANKS IN T H E UNITED STATES (Amounts outstanding; in millions of dollars) Claims End of period Total liabilities Sept . Oct Nov , Dec . 1966 Jan Feb Mar May July Sept." Total claims 2 034 2,160 3 3,030 3,971 4,285 2,811 3,777 3,995 217 454 419 467 514 4,586 4,575 4,567 4,517 4,290 4,280 4,277 4,211 515 511 569 726 844 1,007 1,065 1,076 1,097 4,444 4,421 4,390 4,418 4,431 4,389 4,389 4,365 4,286 4,151 4,126 4,094 4,127 4,153 4,108 4,111 4,092 4,004 .... Country or area Payable in dollars Payable in foreign All curLoans' other i rencies i 2 7 69 306 310 1961 1962 1963 1964 19644 1965 Type 11 25 38 Other Europe Canada 274 304 290 273 327 Latin America Japan Other Asia Africa 1 All other 2 1 77 87 482 w. ,063 ,611 ,632 292 288 284 297 5 6 6 9 88 89 87 86 ,590 ,578 ,557 ,518 355 348 354 346 ,323 ,323 ,313 ,296 471 464 462 445 358 354 372 391 221 221 211 208 181 197 211 228 287 288 289 283 271 272 270 265 266 6 77 8 7 8 8 8 16 85 86 ,489 ,449 ,419 ,409 ,412 ,386 ,349 ,328 ,270 336 335 330 326 308 311 328 322 320 ,257 ,247 ,265 ,294 ,318 ,306 ,300 ,293 ,306 438 441 434 430 425 406 403 393 374 393 403 410 411 406 410 428 428 430 201 211 192 192 200 198 202 204 202 246 250 255 271 276 283 300 319 308 195 288 2 ' Not reported separately until 1963. a Includes Africa until 1963. 3 Includes claims previously held, but reported for the first time us of May 1963; on that date such claims were $86 million. Also includes $193 million reported for the first time as of Dec. 1963, representing in part claims previously held, but not reported by banks. Included in United Kingdom 86 85 85 87 81 78 75 i 931 ,015 ,162 ,275 24 74 3 249 385 430 3 194 238 255 113 123 156 166 171 68 104 122 Rftfi j 146 this amount are claims on: Europe $5 million, Latin America $134 million, and Asia $54 million. • Differs from Dec. data in line above because of the inclusion of longterm liabilities and claims previously held, but first reported as of Dec. 31, 1964, and because of revision of preliminary data. 1722 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 1966 7. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. corporate securities 2 U.S. Govt. bonds and notes * Foreign bonds Foreign stocks Net purchases or sales Period Intl. and Total regional Total -728 671 -338 -76 1962 1963 1964 1965 1965—Sept.. Oct... Nov.. Dec... 6 -44 -56 2 1966—Jan... Feb... Mar.. Apr... May,. June.. July.. Aug.'. Sept." -9 -118 -54 -66 -60 6 -246 -21 -35 -521 302 -315 -151 -43 -10 -136 -50 -68 -51 -S * -44 -207 369 -23 75 6 -44 -13 1 1 19 -4 2 -9 11 -246 23 -35 Foreign Purchases Net pur- PurSales chases or chases sales Sales Net purPurchases or chases sales Sales Net purchases or sales Official Other -59 -20 36 95 2,568 2,980 3,537 4,307 2,508 2,773 3,710 4,768 60 207 -173 -461 1,093 991 915 1,198 2,037 2,086 1,843 2,440 -944 -1,095 -928 -1,242 702 696 748 906 806 644 548 617 -11 6 -33 -5 1 365 434 426 644 393 441 453 607 -28 -6 -27 37 289 101 125 94 419 217 213 134 -130 -116 -88 -41 75 67 69 83 54 52 51 71 21 15 18 13 6 19 -4 2 _9 5 7 24 -35 471 489 683 577 716 592 421 391 496 436 487 546 565 576 497 436 369 360 35 2 137 12 141 96 -15 22 137 109 83 243 106 152 198 135 69 100 308 189 352 260 161 209 248 61 193 -199 -106 -109 -154 g -10 -113 8 -93 73 71 100 88 94 91 69 76 86 65 75 101 105 55 52 39 65 42 7 -5 -1 -17 39 40 30 O -5 * * 6 -253 -1 1 Excludes nonmarketable U.S. Treasury bonds and notes held by official institutions of foreign countries; see Table 8. 2 Includes State and local govt. securities, and securities of U.S. Govt. agencies and corporations that are not guaranteed by the United States. -104 51 200 290 45 NOTE.—Statistics include transactions of international and regional organizations. See also NOTE to Table 2. 8. NONMARKETABLE U.S. TREASURY BONDS AND NOTES HELD BY OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars) Payable in foreign currencies Payable i n dollars End of period Total Austria Belgium 275 679 Germany 251 1963 Dec 1964—,0ec 730 1,086 50 50 30 30 1965 Oct Nov 1,208 1.208 1,208 101 101 101 30 30 30 603 602 602 1966 Jan Fob Mar 912 30 May July Sept Oct 839 789 713 640 589 490 415 340 238 101 101 101 75 75 75 75 50 25 25 30 30 30 30 30 30 30 30 30 200 200 Switzerland 1 5[ 175 Total Canada 2 Italy Sweden 354 125 329 13 25 327 125 125 125 350 350 350 354 399 484 329 299 299 75 160 25 25 25 452 125 205 484 351 301 251 200 150 125 125 125 125 125 125 125 125 158 158 110 299 299 299 299 299 299 299 299 299 174 160 160 200 200 193 188 188 188 188 401 100 50 I Includes bonds payable in Swiss francs to the Bank for International Settlements. Amounts outstanding were $70 million, May 1964-June 1965, and $93 million, July-Dec. 1965. J Includes bonds issued to the Government of Canada in connection Italy I2J 182 182 182 110 110 58 163 484 524 524 517 512 512 512 512 385 186 25 25 25 25 25 25 25 25 25 25 25 with transactions under the Columbia River treaty. Amounts outstanding were $204 million, Sept. 1964-Oct. 1965, and $174 million for Nov. 1965-Oct. 1966, NOVEMBER 1966 1723 INTL. CAPITAL TRANSACTIONS OF THE U.S. 9. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE SECURITIES, BY TYPE OF SECURITY AND BY COUNTRY (In millions of dollars) Country or area Type of security Period Total Stocks Bonds France Switzerland United Kingdom 60 207 -173 -461 111 198 -349 -499 -51 9 176 38 4 -8 -37 14 129 -14 -200 -63 -33 206 -4 -522 1965—Sept... Oct.. . Nov.. Dec... -28 -6 -27 37 -38 -6 -35 -94 11 -1 8 130 4 4 2 -10 20 10 -2 4 1966—Jan... Feb... Mar... Apr... May.. June.. July. . Aug. P. Sept.". 35 2 137 12 141 96 -15 22 137 13 -20 -39 -21 -9 -43 -30 -13 10 22 22 177 34 150 139 15 35 127 5 3 2 17 19 31 3 16 3 16 1962 1963 1964 1965 9 2 11 9 2 2 _2 Total Europe Canada Latin America Asia 24 16 14 47 124 199 -228 -523 -43 -47 3 37 -20 14 25 -15 -18 17 10 24 -56 -21 -16 -25 -4 * 48 -36 -7 -16 17 -3 -4 -13 17 1 * 7 4 2 1 2 -28 -14 -54 -68 73 -92 -23 96 18 3 24 3 9 -19 26 -6 2 27 -23 36 -30 -18 66 -48 -24 112 -3 11 24 24 52 3 9 39 18 Other Europe j -2 3 5 5 8 13 4 6 * 7 6 8 1 7 -8 9 -8 7 2 Africa i Other countries 2 * -4 Intl. and regional 17 22 18 21 — * 2 I 1 5 * -1 • 1 * * * * -1 * 1 2 71 3 101 13 26 * 2 it- NOTE.—Statistics include State and local govt. securities, and securities of U.S. Govt. agencies and corporations that are not guaranteed by the United States. 1 Not reported separately until May 1963. 2 Yearly figures through 1963 include Africa. 10. NET PURCHASES OR SALES BY FOREIGNERS OF LONG-TERM FOREIGN SECURITIES, BY AREA 11. DEPOSITS, U.S. GOVT. SECURITIES, AND GOLD HELD AT F.R. BANKS FOR FOREIGNERS (In millions of dollars) (In millions of dollars) Period 1962 1963 [964 1965 Total Total Intl. forand eign recoungional tries Europe — 1,048 - 2 3 5 - 8 1 3 - 1 8 8 — 1,044 - 9 6 —949 — 49 163 - 7 2 8 — 140 — 588 108 — 953 — !64 — 788 1965—Sept Oct Nov... Dec... -108 -101 1966—Jan.... Feb.... Mar... Apr... May... June... July... Aug. P.. Sept" 1 .. -191 -111 -70 -28 -no -172 31 29 -83 18 -48 -360 — 614 — 670 — 659 Latin Amer- Asia ica -41 -175 -26 -252 — 36 — 77 — 55 — 131 6 -107 6 -76 8 -36 27 - 1 1 7 - 9 -101 30 -30 4 -28 -5 3 -17 -1 12 -2 -29 -14 7 -198 7 -118 -16 -94 -31 -140 53 -22 18 11 -33 -50 11 7 6 -54 6 -192 O -83 77 - 1 3 8 -8 -167 75 - 1 3 20 24 15 - 3 7 3 13 20 - 7 5 -9 -26 21 36 -14 -4 -11 4 5 -8 -17 -92 1 Not reported separately until May 1963. 2 Yearly figures through 1963 include Africa. Canada -3 29 -3 4 -8 -5 -9 5 Other coun-2 tries Africa' -50 G 7 3 25 —54 4 # -12 3 -24 2 -6 2 1 * 5 4 1 -10 2 1 -13 4 * -9 Assets in custody End of period Deposits U.S. Govt securities Earmarked gold 1962 1963 1964 247 171 229 6,990 8 675 8,389 12,700 12 954 12,698 1965—Oct.. Nov.. Dec. 144 149 150 7,974 8,171 8,272 12,905 12,824 12,896 1966—Jan.. Feb.. Mar.. Apr.. May. June. July.. Aug.. Sept.. Oct... 283 140 329 7,974 7,850 7,617 7,455 7,631 7,517 7,307 7,042 7,092 7,336 12,933 12,964 12,944 13,001 12,975 12,955 13,016 13,066 12,904 12,876 192 263 313 548 170 159 194 I U.S. Treasury bills, certificates of indebtedness, notes, and bonds; includes securities payable in foreign currencies. NOTE.—'Excludes deposits and U.S. Govt. securities held for international organizations. Earmarked gold is gold held for foreign and international accounts and is not included in the gold stock of the United States (for back figures see "Gold," Section 14 of Supplement to Banking and Monetary Statistics, 1962). 1724 INTL. CAPITAL TRANSACTIONS OF THE U.S. NOVEMBER 1966 12. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (End of period; in millions of dollars) Liabilities to foreigners 1965 Area and country Europe: Austria Belgium Denmark Finland France Germany, Fed. Rep. of Greece Italy Netherlands Norway Portugal Spain Sweden Switzerland Turkey United Kingdom Yugoslavia Other Western Europe Eastern Europe Total Canada Latin America: Argentina Brazil Chile Colombia Cuba Mexico Panama Peru Uruguay Venezuela Other L.A. republics Bahamas and Bermuda Neth. Antilles & Surinam Other Latin America Total Asia: Hong Kong India Indonesia Israel Japan Korea Philippines Taiwan Thailand Other Asia Total Africa: Congo (Kinshasa) South Africa U.A.R. (Egypt) Other Africa Total Other countries: Australia Allother Total Claims on foreigners 1966 1965 1966 June Sept. Dec, Mar. June? June Sept. Dec. Dec' 2 21 1 1 47 73 6 16 50 5 2 5 9 35 7 100 2 23 1 1 51 59 7 18 45 2 6 2 24 1 1 51 2 27 1 1 45 60 3 23 54 2 7 2 29 2 5 16 II 6 71 118 8 81 31 7 10 33 23 41 6 20 11 6 81 105 10 76 30 7 7 6 45 9 6 82 112 8 294 8 310 5 6 39 9 6 82 112 13 77 41 8 5 50 20 27 8 312 2 13 11 49 4 132 1 6 71 3 1 48 70 3 27 65 2 6 23 18 55 2 3 21 10 39 4 139 1 3 2 45 4 141 1 4 1 61 4 139 1 2 I 21 12 12 5 8 2 48 20 40 13 77 41 8 5 50 20 27 7 315 2 8 3 Mar. 46 8 6 97 118 11 118 48 8 9 56 28 20 111 42 7 8 9 3 10 433 2 386 431 451 453 497 778 797 828 834 1,039 1,065 82 84 94 120 117 774 753 685 599 566 550 2 11 3 14 4 13 * 4 13 6 11 5 29 93 27 22 4 76 9 27 37 91 30 21 4 71 12 53 9 3 9 11 47 53 5 5 10 9 31 93 30 19 3 76 13 28 8 49 55 8 4 9 34 80 31 21 3 74 II 30 7 52 56 12 4 9 34 78 31 22 3 78 13 11 43 32 94 31 20 3 82 13 29 1 5 II 4 7 * 10 4 5 I 26 12 I 9 2 422 442 429 424 416 7 36 3 6 164 13 17 5 6 7 29 3 4 155 4 18 5 9 76 4 13 * 6 21 5 2 19 15 2 6 4 12 4 9 * 5 11 6 9 9 7 2 27 6 1 20 15 2 8 2 22 16 2 7 2 108 105 102 105 98 416 2 24 7 2 30 * 2 26 9 3 2 25 12 6 1 1 24 6 1 1 32 2 25 9 3 32 1 6 1 2 32 27 1 7 5 1 33 2 20 11 2 27 2 7 6 1 32 8 41 6 7 172 6 14 7 7 66 5 168 14 14 5 7 68 7 37 3 6 170 13 17 6 6 67 66 5 35 3 5 174 6 16 6 8 76 98 109 113 112 111 332 328 331 322 333 308 22 2 7 16 11 6 7 1 11 1 9 II 2 9 3 24 12 29 23 14 28 2 20 10 30 2 20 10 30 2 18 11 27 18 17 30 32 23 20 22 22 68 66 61 61 58 66 25 9 21 6 23 7 31 4 35 5 36 7 33 7 40 8 40 40 7 45 10 34 27 29 35 40 43 40 49 48 47 55 740 779 809 848 884 2,411 2,406 2,397 2,294 2,468 2,461 28 * 1 11 2 7 1 26 36 8 50 59 8 4 28 5 49 55 8 3 9 1 I 1 Data differ from that shown for December in preceding column because of changes in reporting coverage. NOTE.—Reported by exporters, importers, and industrial and com- 7 45 8 6 94 98 18 63 30 20 6 487 2 9 6 International and regional Grand total June? 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. See also NOTE to Table 2. NOVEMBER 1966 1725 INTL. CAPITAL TRANSACTIONS OF THE U.S. 13. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (In millions of dollars) Liabilities End of period Payable in foreign currencies Payable in dollars Total Claims Payable in foreign currencies Total Payable in dollars Deposits with banks abroad in reporter's name Other 665 678 637 644 551 554 508 513 114 123 129 130 1,974 2,136 2,051 2,098 1,598 1,685 1,625 1,668 208 197 214 217 168 254 212 212 614 616 674 691 626 626 470 472 529 552 478 479 144 144 146 139 148 148 2,113 2,162 2,282 2,257 2,131 2,188 1,712 1,758 1,877 1,830 1,739 1,778 201 204 222 225 201 199 200 200 183 202 191 211 631 622 585 650 695 700 475 471 441 498 553 556 156 151 144 152 141 144 2,407 2,482 2,430 2,719 2,776 2,853 1,887 2,000 1,952 2,168 2,306 2,338 239 220 219 249 189 205 282 262 260 302 281 310 Sept Dec Dec.« 695 740 779 809 809 531 568 585 602 602 165 172 195 207 207 2,612 2,411 2,406 2,397 2,294 2,147 !,966 1,949 2,000 1,906 189 198 190 167 166 277 248 267 229 222 1966—Mar. June" 848 884 616 650 232 234 2,468 2,461 2,027 2,055 211 192 229 215 1962 June Dec Deo ' 1963 Mar Mar.1 Dec 2 Dec 1964—Mar . Dec Dec* 1965 Mar. 1 2 of claims; for previous series the exemption level was $100,000. * Data differ from that shown for December in line above because of changes in reporting coverage. Includes data from firms reporting for the first time. Includes data from firms reporting for the first time and claims previously held but not reported. 3 Includes reports from firms having $500,000 or more of liabilities or 14. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (In millions of dollars) Claims End of period 1963 Total liabilities Total United Kingdom Other Europe Canada Brazil Mexico Other Latin America Japan Other Asia Africa' All other 1 159 153 148 882 881 734 12 14 16 88 85 83 28 42 56 145 127 61 101 102 69 192 188 154 115 123 90 85 87 93 99 98 96 18 16 16 143 140 112 107 107 761 815 832 962 1,081 30 68 64 51 56 85 92 102 109 116 58 64 90 95 190 64 67 68 215 215 74 78 74 72 73 158 145 142 135 137 89 94 90 89 89 94 99 96 95 98 96 94 93 88 91 13 14 13 14 15 Sept Dec Dec.< 115 110 120 136 138 1.075 ,081 ,101 169 ,139 35 31 31 31 31 121 118 116 112 112 203 208 230 233 236 220 221 217 209 209 74 70 74 69 65 137 144 138 196 198 81 85 89 98 98 96 96 96 114 87 91 91 91 89 85 18 17 18 17 18 Mar June? 166 186 ,156 ,209 27 27 124 170 239 251 208 205 61 61 206 217 98 90 87 90 87 86 19 14 June Dec.* 1964 Mar. Dec. Dec* 1965 Mar 1966 Country or area 1 Until June 1963 Africa included in "All other." 2 Data include $12 million of claims reported by firms reporting for the first time and claims previously held but not reported. ^ As a result of an increase in the exemption level from $100,000 to $500,000, data exclude $3 million of liabilities and $3 million of claims held by firms previously reporting but now exempt. 4 Data differ from that shown for December in line above because of changes in reporting coverage. 1726 U.S. BALANCE OF PAYMENTS NOVEMBER 1966 U.S. BALANCE OF PAYMENTS (In millions of dollars) 1965 Item 1963 1964 1966 1965 III IV II» Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets—Seasonally adjusted Exports of goods and services—Total] Merchandise Military sales Transportation Travel Investment income receipts, private Investment income receipts, Oovt Other services 32,339 22,071 657 2,115 934 4,156 498 1,908 36,958 25,297 747 2,324 1,095 4,932 460 2,103 38,993 26 ,276 844 2,415 1,212 5,389 512 2 ,345 8,776 5,625 10,136 6,798 200 546 282 229 620 295 1,422 1,470 139 562 -26,442 -16,992 -2,936 -2,316 -2,090 -1,271 -837 -28,468 -18,621 -2,834 -2,462 -2,201 -1,404 -946 -32,036 -21,488 -2 ,881 -2 ,691 -2 ,400 -1 .646 Balance on goods and services • 5,897 8,490 Remittances and pensions -867 -879 Imports of goods and services—Total Merchandise Military expenditures Transportation Travel Investment income payments Other services 1. Balance on goods, services, remittances and pensions 2. U.S. Govt. grants and capital flow, net Grants, 2 loans and net change in foreign currency holdings, and short-term claims Scheduled repayments on U.S. Govt. loans.. Nonscheduled repayments and selloffs . 10,065 7,027 10,456 7,121 216 632 330 198 640 333 1,176 1,392 146 578 10,016 6,826 199 617 305 1,321 149 599 78 606 149 623 10,565 7,111 258 631 329 1,447 149 640 -930 7,164 4,656 -664 -638 -597 -373 -236 -8,087 -5,481 -701 -686 -586 -404 -229 -8,245 -5,595 -745 -661 -603 -411 -230 -8,540 -5,756 -771 -706 -614 -458 -235 -8,922 -6,003 -854 -719 -640 -436 -270 -9,238 -6,258 -913 -728 -649 -436 -254 6,957 1,612 2,049 1,771 1,525 1,534 1,327 -994 -227 -288 -244 -235 -236 -243 1,084 5,030 7,611 5,963 1,385 1,761 1,527 1,290 1,298 -3,581 -3,560 -3,375 -802 -949 -743 -881 -948 -961 -4,551 644 326 -4,263 580 123 -4,277 681 221 -1,141 187 5 -1,117 191 183 -1,030 126 23 -1,156 205 3 -1,165 197 7 -4,456 -1,976 -1,104 -6,523 -2,416 -677 -3,690 -3,371 -758 -989 177 10 -1,605 -1,212 -202 -346 -859 -62 -827 -569 -285 -912 -731 -209 -908 -687 -324 -1,104 -957 7 -754 163 -941 -343 -231 -91 -468 6 169 -6 -58 -20 126 -71 122 -17 -45 -56 -781 -4 -1,523 -623 325 436 21 250 144 268 51 54 109 -136 142 -144 -87 34 4. Foreign capital flow, net, excluding change in liquid assets in U.S Long-term investments Short-term claims 689 326 -23 685 109 113 194 -149 146 325 285 -5 -131 -309 68 -251 -235 39 251 110 44 270 279 39 890 902 56 Nonliquid claims on U.S. Govt. associated with: Military contracts U.S. Govt. grants and capital Other specific transactions Other nonconvertible, nonmarketable, medium-term U.S. Govt. securities 3 347 94 1 228 314 -85 -25 130 -16 -34 -5 149 -18 -28 -64 2 71 -46 -4 -6 -53 3. U.S. private capital flow, net Direct investments Foreign securities Other long-term claims: Reported by banks Reported by others Short-term claims: Reported by banks Reported by others • 5. Errors and unrecorded transactions -56 -352 50 208 -23 -1,011 -25 6 -7 -1 -429 -240 -80 -268 -109 3 -21 -66 Balances A. Balance on liquidity basis Seasonally adjusted (= 1 + 2 + 3 + 4 + 5 ) . Less: Net seasonal adjustments Before seasonal adjustment B. Balance on basis of official reserve transactions Balance A, seasonally adjusted Plus: Seasonally adjusted change in liquid assets in the U.S. of: Commercial banks abroad , Other private residents of foreign countries., International and regional organizations other than IMF Less: Change in certain nonliquid liabilities to foreign central banks and govts Balance B, seasonally adjusted... Less: Net seasonal adjustments. Before seasonal adjustment -2,670 -2,798 -1,337 -2,798 -1,337 -697 -512 -185 226 37 189 -534 472 -1,006 -332 -2,670 -335 -556 -488 -68 -157 27 -184 -2,670 -2,798 -1,337 -697 226 -534 -332 -556 -157 470 385 1,434 345 116 306 -15 135 -30 56 707 65 -546 50 232 138 513 62 -236 -245 -290 -64 -29 -24 -173 -35 -377 -7 302 100 -23 -16 -18 157 25 227 -2,044 -1,546 -1,305 -2,044 -1,546 -iJ305' -618 -659 41 239 184 55 -1,158 -33 -1,125 -246 -628 382 -186 182 -368 232 508 -276 1727 U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE NOVEMBER 1966 U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1965 Item 1963 1964 1966 1963 III IV H* Transactions by which balances were settled—Not seasonally adjusted A. To settle balance on liquidity basis. Change In U,S. official reserve assets 2,670 2,798 1,337 185 -189 1,006 335 68 184 (In- 378 171 1,222 842 68 41 271 424 68 461 -113 30 125 -220 266 1,665 -349 -94 832 «590 -56 * -466 124 -413 330 119 178 -26 68 222 134 209 -163 22 Change In liquid liabilities to all foreign accounts 2,292 2,627 US -257 965 64 375 -59 123 -20 -15 122 -2 -50 -19 -366 -5 -176 6 -154 34 116 125 8 740 26 -539 48 -591 131 404 109 225 18 330 69 crease, —) Gold Convertible currencies IMF gold tranche position. Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. securities 5 Marketable U.S. Govt. bonds and notes J. Deposits, short-term U.S. Govt. securities, etc IMF (gold deposits) Commercial banks abroad Other private residents of foreign countries. International and regional organizations other than IMF B. Official reserve transactions. . Change in U.S. official reserve assets (increase, —) Change in liquid liabilities to foreign central banks and govts. and IMF (see detail above under A.) Change in certain nonliquid liabilities to foreign central banks and govts.: Of U.S. private organizations Of U.S. Govt 703 466 504 757 470 385 1,454 345 -236 -245 2,044 1,546 378 171 1,673 1,073 9 -16 148 154 1 Excludes military transfers under grants. Excludes military grants, 3 Includes certificates sold abroad by Export-Import Bank. * Reflects J259 million payment of gold portion of increased U.S, subscription to IMF. -58 68 -657 -356 116 -927 -92 164 104 -206 82 697 72 -65 -26 -57 -142 -38 -356 -41 -55 276 1,125 -382 368 1,222 842 68 41 271 -17 -860 -107 253 697 -38 138 -21 -2 -29 13 -16 -2 28 129 306 -290 1,305 5 2 424 -831 43 -18 68 73 248 -21 With original maturities over 1 year. NOTE.—Dept. of Commerce data. Minus sign indicates net payments (debits); absence of sign indicates net receipts (credits). MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars, seasonally adjusted) Imports Exports 1 Period 1965 1963 1964 -'986 1 1,215 3 2 091 2,040 2,058 2,075 2,061 2,047 2,077 2,119 2,100 2,261 2 156 2,206 2 426 6,173 6,185 6,480 6,788 3 5,569 3 6,870 6,913 IV 3 5,068 35,612 5,721 6 024 Year' 22,424 25,671 26,567 Month: Jan Feb Mar Apr May July Sept Oct Nov 3 2.124 3 ,958 1 ,914 ,895 ,803 )841 ,922 ,958 967 i'%6 1,599 '2,755 3 2,380 3 2,260 3 2,230 2 256 2,333 2,324 2 342 2,408 2 356 1966 1963 1964 2,249 2,335 2,594 2,331 2,364 2,486 2,461 2,461 2,580 31.100 3 ,510 3 ,485 3 ,415 ,416 ,431 ,450 ,497 ,443 ,455 ,466 .480 1,418 1.459 ,518 ,537 ,530 ,514 ,573 ,608 ,563 ,551 ,698 .641 7,178 7,181 7,501 3 4,095 3 4,262 4,390 4,401 17,142 Quarter: II HI 3 7,106 1 Exports of domestic and foreign merchandise; excludes Dept. of Defense shipments, of grant-aid military equipment and supplies under Mutual Security Program. 2 General imports including imports for immediate consumption plus entries into bonded warehouses. 2 Export surplus 1966 1963 1964 J1.193 ,i ,600 3 ,861 3 ,833 1 ,789 3 ,830 4 ,741 1,936 1,993 2,073 2,138 2,070 2,115 2,207 2,148 2,311 3 -114 3 614 3 473 3 499 479 372 391 425 515 512 500 611 622 599 557 524 517 563 546 492 698 605 3 508 3 784 4,395 4,581 4,744 3 4,891 3 4,654 3 5,452 4 5,459 5,729 6,002 6,323 6,665 3 973 3 1,350 1,331 1,623 1,778 1,604 1,736 1,897 3915 31,418 * 1,453 1,377 18,684 21,293 6,987 5,274 1965 ,854 ,865 ,885 ,952 .892 5,282 3 1965 3 22 3 —1 3 894 3 547 3 471 3 400 4515 479 459 457 456 464 1966 313 342 522 193 294 371 254 313 269 1 177 858 836 3 Significantly affected by strikes. Significantly affected by strikes and by change in statistical procedures. Sum of unadjusted figures. 4 5 NOTE.—Bureau of the Census data. 1728 MONEY RATES NOVEMBER 1966 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Oct. 31, 1965 1965 Country Per cent Brazil Chile • • 2 Germany, Fed, Rep. o f . . . . . Italy Korea Philippine Republic * United Arab Rep. (Egypt).. United Kingdom Month effective 6.0 4.5 4.75 12.0 4.0 Dec. Juna July Jan. Feb. 4.25 5.0 15.30 8.0 3.0 Nov. 1964 May 1965 July 1965 May 1963 Apr. 1939 6.5 5.0 4.0 7.0 3.5 June 1964 Nov. 1956 Aug. 1964 Apr. 1962 Apr. 1965 4.0 4.5 5.5 3.0 8.0 Aug. 1965 Oct. 1961 Jan. 1963 Jan. 1962 Jan. 1965 6.0 9.0 4.0 5.08 60 Feb. 1965 Aug. 1963 Oct. 1963 Oct. 1965 Feb. 1955 3.5 5 0 5.48 10.5 4.5 June 1958 Nov 1964 June 1965 Mar. 1964 June 1942 4.5 7.0 6.0 3.5 5.0 June 1964 Mar. 1961 Apr. 1954 Feb. 1955 June 1965 9.5 6.0 2.5 5.0 4.0 Nov. 1959 Jan. 1962 Sept. 1965 Mar. 1965 June 1961 Nov. Dec. Jan. Mar. Apr. May Apr. July July Oct. Oct. 1965 1964 1963 1959 1962 7.5 5.0 6.0 4.5 May May June Dec. 1961 1962 1965 1960 June July Aug. Sept. 4.75 5.25 5.0 15.84 8.0 3.0 5.25 15.86 Oct. 6.0 4.5 5.25 12.0 4.0 5 25 15.84 6.5 5.0 4.0 7.0 3.5 5.0 5.0 7.0 5.5 3.0 9.0 7.0 9.0 5.88 5.75 5.91 5.94 5.87 5.94 6.87 5.5 21.0 28.0 5.0 6.94 7.00 6.0 9.0 5.0 7.00 6.0 3.5 5.5 5.48 28.0 4.5 5.0 7.0 6.0 3.5 5.0 5.0 9.5 4 75 1 On June 24, 1962, the bank rate on advances to chartered banks was fixed at 6 per cent. Rates on loans to money market dealers will continue to be .25 of 1 per cent above latest weekly Treasury bill tender average rate, but will not be more than the bank rate. 2 Beginning with Apr. 1, 1959, new rediscounts have been granted at the average rate charged by banks in the previous half year. Old rediscounts remain subject to old rates provided their amount is reduced by one-eighth each month beginning with May 1, 1959, but the rates are raised by 1.5 per cent for each month in which the reduction does not occur. 3 Rate shown is for advances only. 4 Beginning with June 1, 1962, the rediscount rate for commercial bank loans financing the purchase of surplus agricultural commodities under U.S. Law 480 was reduced from 6 to 3 per cent; and on Aug. 22, 1962, the rediscount rate for commercial bank financing of 9 categories of development loans was reduced from 6 to 3 per cent. ' Rate shown is for call loans. NOTE.—Rates shown are mainly those at which the central bank either discounts or makes advances against eligible commercial paper and/or govt. securities for commercial banks or brokers. For countries with more than one rate applicable to such discounts or advances, the rate Feb. 1957 1963 1964 1965 1962 5.5 2.5 14.04 5 0 4.0 Rate as of Oct. 31, 1966 1966 6.0 6.0 3.5 7 0 4.75 2.5 6.0 4.0 6.0 3.5 14.04 5.0 4.0 7.5 5.0 7.0 4.5 shown is the one at which it is understood the central bank transacts the largest proportion of its credit operations. Other rates for some of these countries follow: Argentina—3 and 5 per cent for certain rural and industrial paper, depending on type of transaction; Brazil—8 per cent for secured paper and 4 per cent for certain agricultural paper; Colombia—5 per cent for warehouse receipts covering approved lists of products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent for rediscounts in excess of an individual bank's quota; Costa Rica—5 per cent for paper related to commercial transactions (rate shown is for agricultural and industrial paper); Ecuador—6 per cent for bank acceptances for commercial purposes; Indonesia—-various rates depending on type of paper, collateral, commodity involved, etc.; Japan—penalty rates (exceeding the basic rate shown) for borrowings from the central bank in excess of an individual bank's quota; Peru—8 per cent for agricultural, industrial, and mining paper; and Venezuela—4 per cent for rediscounts of certain agricultural paper and for advances against govt. bonds or gold and 5 per cent on advances against securities of Venezuelan companies. 1729 MONEY RATES; ARBITRAGE NOVEMBER 1966 OPEN MARKET RATES (Per cent per annum) Canada Month Treasury Day-tobills, day 3 months! money 2 United Kingdom Bankers' Treasury acceptbills, ances, 3 months 3 months Germany, Fed. Rep. of France Bankers' Day-to- allowance day on money deposits Day-today money 3 Treasury bills, 60-90 days4 Netherlands Day-to- Treasury bills, day money 5 3 months Switzerland Day-today money Private discount rate 1963—Dec 1964—Dec 3.71 3.85 3.55 3.84 3.91 6.84 3.74 6.62 3.00 5.87 2.00 5.00 4.66 4.16 2.63 2.63 2.56 2.88 2.25 3.68 1.56 2.09 2.00 2.68 1965—Sept Oct Nov Dec 4.11 4.14 4.17 4.45 3.98 3.93 3.89 4.03 5.97 5.92 5.91 5.91 5.51 5.42 5.45 5.48 4.95 4.96 4.93 4.79 4.00 4.00 4,00 4.00 3.86 3.88 4,62 4.48 3.88 3.88 3.88 3.88 4.75 4.31 4.19 4.00 4.00 4.07 4,16 4.29 2.66 3.13 3.91 3.47 3.00 3.00 3.00 3.00 1966—Jan Feb Mar Apr May June July Aug........ Sept 4.61 4.68 4.87 5.09 5.10 5.06 5.07 5.07 5.03 4.05 3.97 4.33 5.10 5.04 4.99 5.01 4.75 4.82 5.91 5.95 5.97 5.97 5.97 5.94 6.56 6.97 7.01 5.50 5.57 5.61 5.62 5.65 5.69 6.31 6.70 6.75 4.86 4.86 4.76 4.94 4.96 4.85 5.48 5.98 6.05 4.00 4.00 4.00 4.00 4.00 4.00 4.58 5.00 5.00 3.83 4.34 4.55 4.34 4.83 4.79 4.79 4.78 4.00 4.00 4.00 4.00 5.00 5.00 5.00 5.00 5.00 4.25 4.50 5.19 5.19 5.06 6.31 5.75 5.44 5.50 4.32 4.34 4.48 4.50 4.87 4.95 4.94 4.90 4.73 3.72 4.25 4.05 4.33 4.90 4.87 5.11 4.65 3.89 3.50 3.50 3.50 3.50 3.50 3.50 3.88 4.00 4.00 5 1 Based on average yield of weekly tenders during month Based on weekly averages of daily closing rates. 3 Rate shown is on private securities. * Rate in effect at end of month. 2 Based on average of lowest and highest quotation during month NOTE—For description and back data, see "International Finance,1 Section 15 of Supplement to Banking and Monetary Statistics, 1962. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Premium Date discount (-)on forward pound Net incentive (favor of London) (+)or United Kingdom (adj. to U.S. quotation basis) United States Spread (favor of London) Premium (+)or Canada Spread (favor of Canada) discount (-)on forward Canadian dollars As quoted in Canada Adj. to U.S. quotation basis United States + .37 + .22 + .46 + .69 + .59 5.09 5.07 5.06 5.01 5.00 4.96 4.94 4.93 4.88 4.87 4.53 4.54 4.47 4.31 4.43 + + + + + .43 .40 .46 .57 .44 -.22 -.17 -.22 .00 -.11 .31 .08 .07 .23 + .04 + .04 Net incentive (favor of Canada) 1966 June 3 10 17 24 30 5.52 5.55 5.55 5.61 5.61 4.53 4.54 4.47 4.31 4.43 .99 .01 .08 .30 .18 -.62 -.79 -.62 -.61 -.59 July 8 15 22 29 5.67 6.50 6.50 6.53 4.63 4.88 4.85 4.66 .04 .62 .65 .87 -.72 -1.46 -1.45 -1.58 + + + + .32 .16 .20 .29 5.07 5.09 5.05 5.02 4.94 4.96 4.92 4.89 4.63 4.88 4.85 4.66 + + + + .00 + .31 + .12 + .11 + .23 19 26 6.53 6.53 6.53 6.57 4.81 4.88 5.06 4.99 .72 .65 .47 .58 -1.83 -1.61 -1.03 -1.05 -.11 + .04 + .44 + .53 4.99 5.05 5.09 5.10 4.86 4.92 4.96 4.97 4.81 4.88 5.06 4.99 + .05 + .04 -.10 -.02 + + + + .04 .19 .28 .04 + + + + Sept. 2 9 16 23 30 6.60 6.60 6.60 6.60 6.60 5.04 5.16 5.42 5.47 5.30 .56 .44 .18 .13 .30 -1.11 -.95 -.85 -.90 -.94 + + + + + .45 .49 .33 .23 .36 5.02 5.00 5.05 4.97 5.00 4.89 4.87 4.92 4.84 4.87 5.04 5.16 5.42 5.47 5.30 -.15 -.29 -.50 -.63 -.43 + + + + + .09 .09 .41 .32 .32 -.06 -.20 -.09 -.31 -.11 Oct. 7 14 21 28 6.52 6.44 6.47 6.35 5.34 5.45 5.31 5.21 .18 .99 .16 .14 -.77 -.78 -.52 -.65 + .41 + .21 + .64 + .49 5.09 5.11 5.14 5.19 4.96 4.98 5.01 5.05 5.34 5.45 5.31 5.21 -.38 -.47 -.30 -.16 + .41 + .41 + .37 + .24 + .03 -.06 + .07 + .08 Nov. 4 6.38 5.29 .09 -.60 + .49 5.22 5.08 5.29 -.21 + .28 + .07 Au8 -ii- NOTE.—Treasury bills: All rates are on the latest issue of 91-day bills. U.S. and Canadian rates are market offer rates 11 a.m. Friday; U.K. rates are Friday opening market offer rates in London. Premium or discount on forward pound and on forward Canadian dollar: Rates per annum computed on basis of midpoint quotations (between bid and offer) at 11 a.m. Friday in New York for both spot and forward pound sterling and for both spot and forward Canadian dollars. .00 + + + + + .21 .23 .24 .57 .33 .09 .23 .18 .02 All series: Based on quotations reported to F.R. Bank of New York by market sources. For description of scries and for back figures, see Oct. 1964 BULLETIN, pp. 1241-60. For description of adjustments to U.K. and Canadian Treasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 1260, Oct. 1964 BULLETIN. 1730 FOREIGN EXCHANGE RATES NOVEMBER 1966 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Period 1960. 1961. 1962. 1963. 1964. 1965. 1965—Oct.. Nov.. Doc. Argentina (peso) Australia (pound) (dollar) Austria (schilling) Belgium (franc) Canada (dollar) Ceylon (rupee) Denmark (krone) Finland (markka) France (franc) 1.2026 1.2076 .9080 .7245 .7179 .5952 223.71 223.28 223.73 223.10 222.48 222.78 3.8461 3.8481 3.8685 3.8690 3.8698 3.8704 2.0053 2.0052 2.0093 2.0052 2.0099 2.0144 103.122 98.760 93.561 92.699 92.689 92.743 21.048 21.023 21.034 21.015 20.988 20.959 14.505 14.481 14.490 14.484 14.460 14.460 .3112 .3110 .3107 131.057 31.067 31.070 20.389 20.384 20.405 2 20.404 20.404 20.401 .5542 .5546 .5322 223.35 223.40 223.27 3.8707 3.8700 3.8680 2.0130 2.0145 2.0141 92.999 91.009 92.939 20.989 21.008 21.003 14.502 14.506 14.520 31.059 31.061 31.061 20.393 20.403 20.402 .5291 .5284 .5290 .5292 .5268 .4926 .4896 3,4691 .4594 .4590 223.42 4 223.38 8673 8669 8676 8677 8681 8694 8705 8718 8720 93.035 92.895 92.901 92.836 92.863 92.876 93.017 92.992 92.904 92.631 21.012 21.005 20.959 20.945 20.941 20.926 20.921 20.929 20.928 20.929 14.518 14.496 14.491 14.485 14.459 14.458 14.444 14.436 14.471 14.488 31.060 31.059 31.059 31.064 31.060 31.062 31.063 31.062 31.063 31.062 20.399 20.401 20.402 20.403 20.402 20.403 20.403 20.394 20.314 20.247 sill.62 111.36 111.29 111.25 111.15 111.11 111.11 111.13 111.22 3.8700 2.0115 2.0107 2.0087 2.0054 2.0089 2.0079 2.0110 2.0122 2.0035 2.0001 Germany (deutsche mark) India (rupee) Ireland (pound) Italy (lira) Japan (yen) Malaysia (dollar) Mexico (peso) Netherlands (guilder) New Zealand (pound) 1960 1961 1962 1963 1964 1965 23.976 24.903 25.013 25.084 25.157 25.036 20.968 20.980 21.026 20.966 20.923 20.938 280.76 280.22 280.78 280.00 279.21 279.59 .16104 .16099 .16107 .16087 .16014 .16004 .27785 .27690 .27712 .27663 .27625 .27662 32.817 32.659 32.757 32.664 32.566 32.609 1.0056 1.0056 1.0056 1.0056 1.0056 1.0056 26.513 27.555 27.755 27.770 27.724 27.774 277.98 277.45 278.00 277.22 276.45 276.82 1965—Oct.. Nov. Dee., 24.968 24.997 24.992 20.978 20.990 20.994 280.31 280.37 280.21 .16003 .16003 .16004 .27602 .27661 .27689 32.694 32.679 32.666 1.0056 1,0056 1.0056 27.772 27.756 27.724 277.53 277.59 277.43 1966—Jan.. Feb.. Mar. 24.926 24.904 24.914 24.902 24.894 24.963 25.046 25.056 25.069 25.109 21.005 20.998 20.949 20.936 20.928 «14.393 13.248 13.250 13.252 13.260 280.39 280.25 279.52 279.34 279.23 278.98 278.88 278.88 278.93 279.16 .16002 .16003 .16003 .16011 .16010 .16017 .16028 .16039 . 16029 . 16003 .27695 .27631 .27615 .27591 .27603 .27584 .27574 .27577 .27574 .27573 32.678 32.671 32.600 32.588 32.588 32.545 32.488 32.467 32.458 32.473 1.0056 1.0056 1.0056 1.0056 1.0056 1.0056 1.0056 1.0056 1.0056 1.0056 27.659 27.603 27.618 27.538 27.547 27.645 27.719 27.694 27,627 27.625 277.61 277.48 276.75 276.58 276.47 276.22 276.12 276.12 276.17 276.40 Norway (krone) Philippine Republic (peso) Portugal (escudo) Spain (peseta) Sweden (krona) Switzerland (franc) United Kingdom (pound) 49.770 3.4937 3.4909 3.4986 3.4891 3.4800 3.4829 139.57 139.87 139.48 139.09 139.27 1.6635 1.6643 1.6654 1.6664 1.6663 1.6662 19.349 19.353 19.397 19.272 19.414 19.386 23.152 23.151 23.124 23.139 23.152 23.106 280.76 280.22 280.78 280.00 279.21 279.59 1966—Jan... Feb.. Mar.. Apr.. May. June. July.. Aug., Sept.. Oct.. Period May! June July. Aug. Sept. Oct.. Period South Africa (pound) 279.71 279.48 (rand) 1960. 1961. 1962. 1963. 1964. 1965. 14.018 14.000 14.010 13.987 13.972 13.985 1965—Oct Nov Dec 13.998 14.001 13.999 3.4871 3.4928 3.4922 139.63 139.66 139,58 1.6658 1.6657 1.6663 19.329 19.329 19.327 23.150 23.150 23.162 280.31 280.37 280.21 1966—Jan Feb Mar Apr May June. . . . * . . . . . July Aug Sept Oct 13.998 13.992 13.981 13.976 13.971 13.971 13.974 13.988 13.989 13.993 3.4932 3.4921 3.4867 3.4834 3.4829 3.4806 3.4777 3.4776 3.4773 3.4807 139.67 139.60 139.24 139.15 139.09 138.97 138.92 138.92 138.95 139.06 1.6661 1.6660 1.6659 1.6659 1.6660 1.6658 1.6655 1.6639 1.6639 1.6641 19.339 19.346 19.384 19.385 19.398 19.383 19.352 19,358 19.345 19.330 23.102 23.077 23.040 23.102 23.167 23.169 23.164 23.110 23.102 23.064 280.39 280.25 279.52 279.34 279.23 278.98 278.88 278.88 278.93 279.16 > A new markka, equal to 100 old markkaa, was introduced on Jan. ' J Effective Jan. 1, 1963, the franc again became the French monetary unit. It replaces, at a 1 to 1 ratio, the new franc introduced Jan. 1, 1960. ' Quotations not available Aug. 8 and 9, * Based on quotations through Feb. 11, 1966. 3 Effective Feb. 14, 1966, Australia adopted the decimal currency system. The new unit, the dollar, replaces the pound and consists of 100 cents, equivalent to 10 shillings or one-half the former pound. 'Effective June 6, 1966, the Indian rupee was devalued from4.76 to 7.5 rupees per U.S. dollar. Quotations not available June 6 and 7. NOTE.—Averages of certified noon buying rates in New York for cable transfers. For description of rates and back data, see "International Finance," Section 15 of Supplement to Banking and Monetary Statistlcst BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM W M . M C C . MARTIN, JR., Chairman CHAS. N. SHEPARDSON J. L. ROBERTSON, J. DEWEY DAANE SHERMAN J. MAISEL GEORGE W. MITCHELL ANDREW F. RALPH ROBERT ROBERT SOLOMON, Assistant to the Board CLARKE ROBERT L. CARDON, Legislative Counsel DIVISION OF BANK OPERATIONS JOHN R. FARRELL, Director M. B. DANIELS, Assistant Director JOHN N. KILEY, JR., Assistant Director DIVISION OF EXAMINATIONS KARL E. BAKKE, Assistant Secretary FREDERIC SOLOMON, Director BRENTON C. LEAVITT, Assistant Director JAMES C. SMITH, Assistant Director LLOYD M. SCHAEFFER, Chief Federal Reserve LEGAL DIVISION HOWARD H. HACKLEY, General Counsel DAVID B. HEXTER, Associate General Counsel THOMAS J. O'CONNELL, Assistant General Counsel JEROME W. SHAY, Assistant General Counsel WILSON L. HOOFF, Assistant General Counsel Examiner ANDREW N. THOMPSON, Assistant Director FREDERICK R. DAHL, Assistant Director CHARLES C. WALCUTT, Assistant Chief Federal Reserve Examiner DIVISION OF PERSONNEL ADMINISTRATION DIVISION OF RESEARCH AND STATISTICS EDWIN J. JOHNSON, Director JOHN J. HART, Assistant Director DANIEL H. BRILL, Director ALBERT R. KOCH, Deputy Director J. CHARLES PARTEE, Associate Director KENNETH B. WILLIAMS, Adviser STEPHEN H. AXILROD, Associate Adviser LYLE E. GRAMLEY, Associate Adviser STANLEY J. SIGEL, Associate Adviser TYNAN SMITH, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES JOSEPH E. KELLEHER, Director HARRY E. KERN, Assistant Director OFFICE OF THE CONTROLLER JOHN KAKALEC, Controller DIVISION OF INTERNATIONAL FINANCE Adviser to the Board L. FAUVER, Assistant to the Board OFFICE OF THE SECRETARY MERRITT SHERMAN, Secretary KENNETH A. KENYON, Assistant Secretary ELIZABETH L. CARMICHAEL, Assistant Secretary ARTHUR L. BROIDA, Assistant Secretary RALPH A. YOUNG, Director ROBERT L. SAMMONS, Associate A. B. HERSEY, Adviser REED J. IRVINE, Adviser SAMUEL I. KATZ, Adviser JOHN E. REYNOLDS, Adviser RALPH C. WOOD, Adviser BRIMMER A. YOUNG, Senior Adviser to the Board C. HOLLAND, Adviser to the Board CHARLES MOLONY, Vice Chairman OFFICE OF DEFENSE PLANNING INNIS D. HARRIS, Coordinator Director DIVISION OF DATA PROCESSING LAWRENCE H. BYRNE, JR., Director LEE W. LANGHAM, Assistant Director DAVID S. STAIGER, Assistant Director 1731 1732 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 FEDERAL OPEN MARKET COMMITTEE W M . M C C . MARTIN, JR., KARL R. BOPP Chairman ALFRED HAYES, Vice Chairman J. DEWEY DAANE GEORGE W. ANDREW F. BRIMMER W. J. L. GEORGE H. WATROUS H. IRONS SHERMAN J. MAISEL CLAY BRADDOCK HICKMAN MITCHELL ROBERTSON CHAS. N. SHEPARDSON ROBERT C. HOLLAND, Secretary MERRITT SHERMAN, Assistant Secretary GEORGE GARVY, Associate Economist KENNETH A. KENYON, Assistant Secretary RALPH T. GREEN, Associate Economist ARTHUR L. BROIDA, Assistant Secretary ALBERT R. KOCH, Associate Economist CHARLES MOLONY, Assistant Secretary MAURICE MANN, Associate Economist J. CHARLES PARTEE, Associate Economist ROBERT SOLOMON, Associate Economist CLARENCE W. TOW, Associate Economist RALPH A. YOUNG, Associate Economist HOWARD H. HACKLEY, General Counsel DAVID B. HEXTER, Assistant General Counsel DANIEL H. BRILL, Economist DAVID P. EASTBURN, Associate Economist ALAN R. HOLMES, Manager, System Open Market Account CHARLES A. COOMBS, Special Manager, System Open Market Account FEDERAL ADVISORY COUNCIL JOHN RANSOM A. MOORHEAD, NINTH FEDERAL RESERVE DISTRICT, M. COOK, TWELFTH FEDERAL RESERVE DISTRICT, President Vice President JOHN SIMMEN, FIRST FEDERAL RESERVE DISTRICT SAM M. FLEMING, SIXTH FEDERAL RESERVE DISTRICT WILLIAM H. MOORE, SECOND FEDERAL RESERVE DISTRICT HENRY T. BODMAN, SEVENTH FEDERAL RESERVE DISTRICT WILLIAM L. DAY, THIRD FEDERAL RESERVE DISTRICT A. M. BRINKXEY, JR., EIGHTH FEDERAL RESERVE DISTRICT LELAND A. STONER, FOURTH FEDERAL RESERVE DISTRICT ROGER D. KNIGHT, JR., TENTH FEDERAL RESERVE DISTRICT JOHN F. WATLINGTON, JR., FIFTH FEDERAL RESERVE DISTRICT ROBERT H. STEWART, III, ELEVENTH FEDERAL RESERVE DISTRICT HERBERT WILLIAM J. V. PROCHNOW, KORSVIK, Secretary Assistant Secretary 1733 FEDERAL RESERVE BANKS AND BRANCHES FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank or branch Zip code ...02106 New York 10045 Buffalo ...14240 Chairman Deputy Chairman President First Vice President Erwin D. Canham William Webster George H. Ellis Earle O. Latham Everett N. Case Kenneth H. Hannan Thomas E. LaMont Alfred Hayes William F. Treiber Insley B. Smith Philadelphia 19101 Willis J. Winn Bayard L. England Karl R. Bopp Robert N. Hilkert Cleveland 44101 Joseph B. Hall Logan T. Johnston Walter C. Langsam F. L. Byrom W. Braddock Hickman Walter H. MacDonald Edwin Hyde William H. Grier Leonard C. Crewe, Jr. James A. Morris Edward A. Wayne Aubrey N. Heflin Jack Tarver Edwin I. Hatch C. Caldwell Marks J. Ollie Edmunds James E. Ward Kenneth R. Giddens Harold T. Patterson Monroe Kimbrel Franklin J. Lunding John W. Sheldon Guy S. Peppiatt Charles J. Scanlon Hugh J. Helmer Frederic M. Peirce Smith D. Broadbent, Jr. Reeves E. Ritchie C. Hunter Green Edward B. LeMaster Darryl R. Francis Dale M. Lewis Judson Bemis Robert F. Leach C. G. McClave Hugh D. Galusha, Jr. M. H. Strothman, Jr. Homer A. Scott Dolph Simons Cris Dobbins C. W. Flint, Jr. Clifford Morris Hardin George H. Clay John T. Boysen Carl J. Thomsen Max Levine C. Robert McNally, Jr. D. B. Campbell G. C. Hagelstein Watrous H. Irons Philip E. Coldwell Frederic S. Hirschler John D. Fredericks S. Alfred Halgren Robert F. Dwyer Peter E. Marble Robert D. O'Brien Eliot J. Swan H. Edward Hemmings Cincinnati Pittsburgh Richmond Baltimore Charlotte Atlanta .45201 ...15230 23213 21203 ...28201 ...30303 35202 Birmingham.... 32201 Jacksonville 37203 Nashville ...70160 New Orleans 60690 Chicago Detroit .. .48231 St. Louis 63166 Little Rock Louisville Memphis 72203 40201 ...38101 55440 Minneapolis Helena ...59601 64106 Kansas City 80217 Denver Oklahoma City.. ...73101 ...68102 Omaha Dallas El Paso Houston San Antonio ...75222 79999 77001 ...78206 San Francisco 94120 90054 Los Angeles 97208 Portland Salt Lake City... ...84110 98124 Seattle Vice President in charge of branch Fred O. Kiel Clyde E. Harrell Donald F. Hagner Edmund F. MacDonald Edward C. Rainey Thomas A. Lanford Robert E. Moody, Jr. Morgan L. Shaw Russel A. Swaney John F. Breen Donald L. Henry John W. Menges Clement A. Van Nice John W. Snider Howard W. Pritz George C. Rankin Fredric W. Reed J. 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FEDERAL RESERVE BULLETIN. tion includes one issue of Historical Chart Book. $6.00 per annum or $.60 a copy in the United States and the countries listed above; 10 or more of same issue sent to one address, $.50 each. Elsewhere, $7.00 per annum or $.70 a copy. HISTORICAL CHART BOOK. Issued annually in Sept. Subscription to monthly chart book includes one issue. $.60 a copy in the United States and countries listed above; 10 or more sent to one address, $.50 each. Elsewhere, $.70 a copy. TREASURY-FEDERAL RESERVE STUDY OF THE GOVERNMENT SECURITIES MARKET. Pt. I. 1959. 108 pp. Pt. II. 1960. 159 pp. Pt. III. 1960. 112 pp. Individual books $1.00 each; set of 3, $2.50. FLOW OF FUNDS IN THE UNITED STATES, 1939-53. 1955. 390 pp. $2.75. DEBITS AND CLEARING STATISTICS AND THEIR USE. 1959. 144 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. THE FEDERAL FUNDS MARKET. 1959. Ill pp. $1.00 a copy; 10 or more sent to one address, $.85 each. ALL-BANK STATISTICS, 1896-1955. 1959. 1,299 pp. $4.00. INDUSTRIAL PRODUCTION—1957-59 Base. 1962. 172 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. BANKING MARKET STRUCTURE & PERFORMANCE IN METROPOLITAN AREAS: A STATISTICAL STUDY OF FACTORS AFFECTING RATES ON BANK LOANS. 1965. 73 pp. $.50 a copy; 10 or more sent to one address, $.40 each. Data from the 1960 Sample Survey of Agriculture. 1964. 221 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. FARM DEBT. MERCHANT AND DEALER CREDIT IN AGRICULTURE. 1966. 109 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. MONETARY THEORY AND POLICY: A Bibliography. Part I—Domestic Aspects. 137 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. REGULATIONS OF THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. RULES OF ORGANIZATION AND PROCEDURE—BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM. 1962. 40 pp. PUBLISHED INTERPRETATIONS TRADING IN FEDERAL FUNDS. 1965. 116 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. U.S. TREASURY ADVANCE REFUNDING. JUNE 1960- JULY 1964. 1966. 65 pp. $.50 a copy; 10 or more sent one address, $.40 each. THE FEDERAL RESERVE ACT, as amended through Oct. 1, 1961, with an appendix containing provisions of certain other statutes affecting the Federal Reserve System. 386 pp. $1.25. of the Board of GOVERNORS, as of Dec. 31, 1965. $2.50. SURVEY OF FINANCIAL CHARACTERISTICS OF CONSUMERS. 1966. 166 pp. $1.00 a copy; 10 or 1734 more sent to one address, $.85 each. 1735 FEDERAL RESERVE BOARD PUBLICATIONS STAFF ECONOMIC STUDIES A THEORY OF HOUSEHOLD ASSET SELECTION, by William J. Hocter. Aug. 1966. Studies and papers on economic and financial subjects that are of general interest in the field of economic research. LIQUIDITY CONSIDERATIONS MANAGEMENT, by Leonall Summaries only printed in the Federal Reserve Bulletin. (Limited supply of mimeographed copies of full text available upon request for single copies.) THE OVERSEAS DOLLAR BOND MARKET AND RECENT U.S. BORROWING ABROAD, by Carl H. THE POSTWAR BOOM IN HOTELS AND MOTELS, by Royal Shipp and Robert Moore Fisher. Dec. 1965. MANUFACTURERS' INVENTORY INVESTMENT AND MONETARY POLICY, by Jimmie F. Monhollon. AND MONETARY C. Andersen (with commentaries by Arthur L. Broida and Richard G. Davis). Sept. 1966. Stem. Sept. 1966. MEXICO'S ECONOMIC AND FINANCIAL RECORD, by Yves Maroni. Oct. 1966. Printed in full in the Federal Reserve Bulletin. (Reprints available as shown in following list.) Jan. 1966. SOME FISCAL IMPLICATIONS OF EXPANSION OF THE SOCIAL SECURITY SYSTEM, by Nancy H. Teeters. Jan. 1966. THE DEMAND FOR CURRENCY, by George G. Kaufman. Feb. 1966. THE DEMAND FOR MONEY: A REVIEW OF THE EMPIRICAL LITERATURE, by David M. Jones. Feb. 1966. THE DEMAND FOR MONEY: SPEED OF ADJUSTMENT. INTEREST RATES, AND WEALTH—A SEQUEL, by Patric H. Hendershott. Mar. 1966. THE PROCESS OF INFLATION: A REVIEW OF THE LITERATURE AND SOME COMPARISONS OF CYCLICAL PERFORMANCE, 1953-65, by Glenn H. Miller, Jr. Apr. 1966. THE FEDERAL RESERVE SYSTEM AND WORLD MONETARY PROBLEMS, by Robert Solomon. May 1966. THE SPANISH "MIRACLE": GROWTH AND CHANGE IN THE SPANISH ECONOMY, 1959 to Mid-1965, by Rodney H. Mills, Jr. May 1966. CONSUMER CREDIT REGULATION: A REVIEW AND RESPONSE, by Jerome W. Shay. June 1966. EMPIRICAL ASPECTS OF COST VS. DEMAND IN COMMODITY PRICING, by Addison T. Cutler. June 1966. A REPRINTS (From Federal Reserve BULLETIN unless preceded by an asterisk.) THE HISTORY OF RESERVE REQUIREMENTS FOR BANKS IN THE UNITED STATES. NOV. 1938. 20 pp. ADJUSTMENT FOR SEASONAL VARIATION. Descrip- tion of method used by Board in adjusting economic data for seasonal variation. June 1941. 11pp. THE PRIVATE DEMAND FOR GOLD, 1931-53. Sept. 1954. 10 pp. BANKERS' ACCEPTANCE FINANCING IN THE UNITED STATES. May 1955. 13 pp. SEASONAL FACTORS AFFECTING BANK RESERVES. Feb. 1958. 12 pp. OPEN MARKET OPERATIONS IN LONG-TERM SECURITIES. Nov. 1958. 15 pp. I, ALL-BANK STATISTICS, 1896-1955. Reprint of the U.S. Summary containing a description of revised statistics for all banks in the United States, by class of bank, together with revised statistics. Apr. 1959. 94 pp. *PART STATISTICS ON THE GOVERNMENT MARKET. Apr. 1961. 8 pp. SECURITIES MODEL OF FEDERAL RESERVE BEHAVIOR, by John H. Wood. June 1966. CYCLICAL DETERMINANTS OF CAPITAL EXPENDITURES: A REGRESSION STUDY OF THE UNITED STATES STEEL INDUSTRY, by James P. Bennett. July 1966. T H E EUROPEAN ECONOMIC COMMUNITY'S COMMON AGRICULTURAL POLICY AND ITS IMPACT ON U.S. EXPORTS, by Thomas M. Klein. July 1966. Staff Paper by Stephen H. Axilrod. Oct. 1961. 17 pp. LIQUIDITY AND PUBLIC POLICY, REVISED INDEXES OF FREIGHT CARLOADINGS. Dec. 1961. 3 pp. Staff Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. INTEREST RATES AND MONETARY POLICY, INDUSTRIAL PRODUCTION—1957-59 1962. 10 pp. BASE. Oct. 1736 FEDERAL RESERVE BULLETIN • NOVEMBER 1966 FLOW OF FUNDS SEASONALLY ADJUSTED. NOV. A SECTORAL ANALYSIS OF VELOCITY, Staff Paper by Paul F. McGouldrick. Dec. 1962. 14 pp. CHANGES IN STRUCTURE OF THE FEDERAL DEBT. NEW FOREIGN BOND ISSUES IN THE U.S. MARKET, Staff Paper by Robert F. Gemmill. May 1963. 13 pp. RECENT CHANGES IN LIQUIDITY, Staff Paper by Daniel H. Brill. June 1963. 10 pp. MEASURES OF MEMBER BANK RESERVES. July 1963. 14 pp. BANK EXAMINER LOOKS LENDING, Staff Paper by AT AGRICULTURAL Brenton C. Leavitt. July 1963. 8 pp. CAPITAL MARKETS. Aug. MEASURES OF BANKING STRUCTURE AND COMPETI- TION. Sept. 1965. 11 pp. U.S. INTERNATIONAL PAYMENTS. Oct. 1965. 9 pp. Staff Economic Study by Lyle E. Gramley and Samuel B. Chase, Jr. Oct. 1965. 25 pp. FISCAL POLICY AND DEBT MANAGEMENT. NOV. 1965. 11 pp. CYCLES AND CYCLICAL IMBALANCES IN A CHANGING WORLD, Staff Paper by Frank R. Garfield. Nov. 1965. 15 pp. BALANCE OF PAYMENTS PROGRAM: GUIDELINES FOR BANKS AND NONBANK FINANCIAL INSTITUTIONS. Dec. 1965. 9 pp. BANK CREDIT AND MONETARY DEVELOPMENTS IN MEASURING AND ANALYZING ECONOMIC GROWTH, Staff Paper by Clayton Gehman. Aug. 1963. 14 pp. CHANGES IN BANKING STRUCTURE, 1953-62. Sept. 1963. 8 pp. ECONOMIC CHANGE AND ECONOMIC ANALYSIS, Staff Paper by Frank R. Garfield. Sept. 1963. 17 pp. BANK AND PCA LENDING TO FARMERS. Sept. 1963. 11 pp. THE OPEN MARKET POLICY PROCESS. Oct. 1963. 11 pp. 1965. Feb. 1966. 14 pp. TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS. Mar. 1966. 14 pp. RESEARCH ON BANKING STRUCTURE AND PERFORMANCE, Staff Economic Study by Tynan Smith. Apr. 1966. 11 pp. RECENT CHANGES IN U.S. TRADE AND PAYMENTS. Apr. 1966. 11 pp. BANKING AND MONETARY STATISTICS, 1965. Se- lected series of banking and monetary statistics for 1965 only. Mar. and June 1966. 15 pp. RECENT CREDIT AND MONETARY DEVELOPMENTS. SURVEY OF FINANCIAL CHARACTERISTICS OF CONSUMERS. Mar. 1964. 9 pp. FLOWS IN TIME DEPOSITS IN MONETARY ANALYSIS, Mar. 1963. 10 pp. A INTEREST RATES 1965. 13 pp. 1962. 15 pp. THROUGH FINANCIAL INTERMEDIARIES. May 1964. 9 pp. REVISION OF BANK CREDIT SERIES. 5 pp. 1954- 63, Staff Paper by Stephen H. Axilrod and Janice Krummack. July 1964. 16 pp. MINISTERIAL STATEMENT OF THE GROUP OF TEN AND ANNEX PREPARED BY DEPUTIES. Aug. 1964. 25 pp. 1959- 64, Staff Paper by Samuel I. Katz. Oct. 1964. 20 pp. RESEARCH INTO BANKING STRUCTURE AND COMPETITION. Nov. 1964. 17 pp. 1965. 10 pp. REVISION OF BANK DEBITS AND DEPOSIT TURNOVER SERIES. Mar. 1965. 4 pp. REVISION OF THE MONEY SUPPLY SERIES. July 1966. 6 pp. Staff Economic Study by James Pierce. Aug. 1966. 9 pp. CHANGES IN TIME AND SAVINGS DEPOSITS, DECEMBER 1965-MAY 1966. Aug. 1966. 35 pp. REVISION OF WEEKLY REPORTING MEMBER BANK SERIES. Aug. 1966. 4 pp. INTEREST RATES IN WESTERN EUROPE. July Sept. 1966. 19 pp. REVISION OF MONEY SUPPLY SERIES. YIELD DIFFERENTIALS IN TREASURY BILLS, 1965. 11 pp. REVISION OF BANK CREDIT SERIES. COMMERCIAL BANK LIQUIDITY, June 1964. FEDERAL RESERVE SECURITY TRANSACTIONS, BANK CREDITS TO FOREIGNERS. Mar. July 1966. 12 pp. Sept. 1966. 13 pp. TREASURY AND FEDERAL RESERVE FOREIGN EXCHANGE OPERATIONS. Sept. 1966. 11 pp. INTEREST RATES IN U.S. CAPITAL MARKETS. NOV. 1966. 16 pp. TOWARD UNDERSTANDING OF THE WHOLE D E VELOPING ECONOMIC SITUATION. NOV. 1966. 14 pp. A REVISED INDEX OF MANUFACTURING CAPACITY. Nov. 1966. 11 pp. BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES a (c THE FEDERAL RESERVE SYSTEM )—- Q) a Legend Boundaries of Federal Reserve Districts Boundaries of Federal Reserve Branch Territories © Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities