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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,
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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. Lee Cook
Carl H. Moore

Paul W. Cavan
William M. Brown
Arthur L. Price
Erwin R. Barglebaugh

FEDERAL RESERVE BOARD PUBLICATIONS
Available from Publications Services, Division of Administrative Services, Board of Governors of the
Federal Reserve System, Washington, D.C. 20551. Where a charge is indicated, remittance should accompany request and be made payable to the order of the Board of Governors of the Federal Reserve System
in a form collectible at par in U.S. currency. For a more complete list, including periodic releases, see
pp. 931-34 of the June 1966 BULLETIN. (Stamps and coupons not accepted).
THE FEDERAL RESERVE SYSTEM—PURPOSES AND
FUNCTIONS. 1963. 297 pp.

SUPPLEMENT TO BANKING AND MONETARY STATIS-

TICS. Sec. 1. Banks and the Monetary System.
1962. 35 pp. $.35. Sec. 5. Bank Debits. 1966.
36 pp. $.35. Sec. 9. Federal Reserve Banks.
1965. 36 pp. $.35. Sec. 10. Member Bank Reserves and Related Items. 1962. 64 pp. $.50.
Sec. 11. Currency. 1963. 11 pp. $.35. Sec. 12.
Money Rates and Securities Markets. 1966.
182 pp. $.65. Sec. 14. Gold. 1963. 24 pp. $.35.
Sec. 15. International Finance. 1962. 92 pp.
$.65. Sec. 16 (New) Consumer Credit. 1965.
103 pp. $.65.

ANNUAL REPORT.

Monthly. $6.00 per
annum or $.60 a copy in the United States and
its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic,
Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay,
Peru, El Salvador, Uruguay, and Venezuela; 10
or more of same issue sent to one address, $5,00
per annum or $.50 each. Elsewhere, $7.00 per
annum or $.70 a copy.

BANK MERGERS & THE REGULATORY AGENCIES:
APPLICATION OF THE BANK MERGER ACT OF

FEDERAL RESERVE CHART BOOK ON FINANCIAL AND
BUSINESS STATISTICS. Monthly. Annual subscrip-

1960. 1964. 260 pp. $1.00 a copy; 10 or more
sent to one address, $.85 each.

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

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