TABLE B-47.-Selected liquid assets held by the public, 1946–661

[Billions of dollars, seasonally adjusted]

1 Excludes holdings of the U.S. Government, Government agencies and trust funds, domestic commercial banks, and Federal Reserve banks. Adjusted wherever possible to avoid double counting.

2 Agrees in concept with the money supply, Table B-46, except for deduction of demand deposits held by mutual savings banks and savings and loan associations. Data are for last Wednesday of month. Time deposits at all commercial banks other than those due to domestic commercial banks and the U.S. Government (same concept as in Table B-46). Data are for last Wednesday of month, except that June 30 and December 31 call data are used where available.

Excludes holdings of Government agencies and trust funds, domestic commercial and mutual savings banks, Federal Reserve banks, and beginning February 1960, savings and loan associations.

Effective June 1966, balances accumulated for the payment of personal loans (about $1.1 billion) are excluded from time deposits at all commercial banks and from total liquid assets.

NOTE.-Series for all commercial banks include data for Alaska and Hawaii beginning January 1959 and August 1959, respectively, except that one national bank in Alaska and one national bank in Hawaii were included in April 1954 and April 1959, respectively.

Source: Board of Governors of the Federal Reserve System.

240-782 0-67- -18

1 Individuals' saving, in addition to personal holdings, covers saving of unincorporated business, trust funds, and nonprofit institutions in the forms specified.

2 Includes shares in savings and loan associations and shares and deposits in credit unions.

3 "Other government" includes U.S. Government issues (except savings bonds), State and local government securities, and nonguaranteed Federal agency issues.

4 Includes civil service, railroad retirement, and State and local retirement systems. Mortgage debt to institutions on one- to four-family nonfarm dwellings.

Consumer debt owed to corporations, largely attributable to purchase of automobiles and other durable consumer goods, although including some debt arising from purchases of consumption goods. Policy loans on Government and private life insurance have been deducted from those items of saving.

7 Change in bank loans to brokers, dealers, and others for the purpose of purchasing or carrying securities. NOTE. In addition to the concept of saving shown above, there are other concepts of individuals' saving, with varying degrees of coverage, currently in use. The personal saving estimates of the Department of Commerce are derived as the difference between personal income (after taxes) and personal outlays. For a reconciliation of the two series, see Securities and Exchange Commission Statistical Bulletin, July 1966, and Survey of Current Business, July 1966.

The flow-of-funds system of accounts of the Board of Governors of the Federal Reserve System includes estimates of gross saving and net financial investment of households.

Data for Alaska and Hawaii included for all periods.

Source: Securities and Exchange Commission.

Weekly reporting member banks

5.1

4.2

4.7

5.3

7.1

6.3

6.4

6.5

7.3

11.3

14.7

15.6

15.6

13.9

17.9

23.4

23.4

22.4

26.7

1 Data are for last Wednesday of month (except June 30 and December 31 call dates used for all commercial banks).

2 Adjusted to exclude interbank loans beginning 1948.

3 Commercial and industrial loans and prior to 1956, agricultural loans. Beginning July 1959, loans to financial institutions excluded. Prior to 1943, published data adjusted to include open market paper. 4 June data used because complete end-of-year data not available.

5 Commercial bank data are estimates for December 31.

• Effective June 1966, balances accumulated for payment of personal loans (about $1.1 billion) are excluded from loans at all commercial banks, and certain certificates of CCC and Export-Import Bank totaling about $1 billion are included in other securities rather than in loans.

7 See Federal Reserve Bulletin, August 1966.

NOTE.-National bank data for Alaska and Hawaii included beginning April 1954 and April 1959, respectively. All other bank data for Alaska and Hawaii included beginning January 1959 and August 1959, respectively.

Source: Board of Governors of the Federal Reserve System.

271

TABLE B-50.-Bond yields and interest rates, 1929–66—Continued

1 Rate on new issues within period. Issues were tax exempt prior to March 1, 1941, and fully taxable thereafter. For the period 1934-37, series includes issues with maturities of more than 3 months.

2 Certificates of indebtedness and selected note and bond issues (fully taxable).

3 Selected note and bond issues. Issues were partially tax exempt prior to 1941, and fully taxable thereafter.

4 First issued in 1941. Series includes bonds which are neither due nor callable before a given number of years as follows: April 1953 to date, 10 years; April 1952-March 1953, 12 years; October 1941-March 1952, 15 years.

5 Treasury bills were first issued in December 1929 and were issued irregularly in 1930.

Not available on same basis as for 1939 and subsequent years.

7 From October 30, 1942, to April 24, 1946, a preferential rate of 0.50 percent was in effect for advances secured by Government securities maturing in 1 year or less.

Beginning 1959, series revised to exclude loans to nonbank financial institutions.

NOTE.-Yields and rates computed for New York City except for short-term bank loans.

Sources: Treasury Department, Board of Governors of the Federal Reserve System, Moody's Investors Service, and Standard & Poor's Corporation.