Federal Reserve Bulletin, 1969-12

FEDERAL RESERVE BULLETIN DECEMBER 1969 BOARD OF GOVERNORS □ THE FEDERAL RESERVE SYSTEM □ WASHINGTON, D.C. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A copy of the Federal Reserve Bulletin is sent to each member bank without charge; member banks desiring additional copies may secure them at a special $2.00 annual rate. The regular subscription price in the United States and its possessions, Bolivia, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela is $6.00 per annum or 60 cents per copy; elsewhere, $7.00 per annum or 70 cents per copy. Group subscriptions in the United States for 10 or more copies to one address, 50 cents per copy per month, or $5.00 for 12 months. The Bulletin may be obtained from the Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D. C. 20551, and remittance should be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. (Stamps and coupons not accepted) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN NUMBER 12 □ VOLUME 55 □ DECEMBER 1969 CONTENTS 911 Changes in Corporate Financing Patterns 919 Staff Economic Studies: Summaries 921 Credit Extended by Banks to Rea) Estate Mortgage Lenders 923 Statement to Congress 928 Record of Policy Actions of the Federal Open Market Committee 938 Law Department 965 Announcements 968 National Summary of Business Conditions Financial and Business Statistics A 1 Contents A 3 Guide to Tabular Presentation A 4 U.S. Statistics A 72 International Statistics A 94 Board of Governors and Staff A 95 Open Market Committee and Staff; Federal Advisory Council A 96 Federal Reserve Banks and Branches A 97 Federal Reserve Board Publications A 102 Index to Statistical Tables A 104 Indexto Volume 55 Map of Federal Reserve System on Inside Back Cover EDITORIAL Charles Molony J. Charles Partee COMMITTEE Robert C. Holland Robert Solomon Kenneth B. Williams Elizabeth B. Sette The Federal Reserve BULLETIN is issued monthly under the direction of the staff edi­ torial committee. This committee is responsible for opinions expressed except in official statements and signed articles. Direction for the art work is provided by Mack Rowe. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Changes in Corporate Financing Patterns CORPORATE FINANCING in credit and capital markets has re­ mained large in 1969. The volume of funds raised in long-term markets has been about the same as in 1968, but use of short­ term funds to finance capital outlays has increased. In addition, liquidity positions have declined sharply, and by fall, increased costs and reduced supplies in money and security markets re­ sulted in the first drop since early 1967 in corporate holdings of liquid assets. The flow of internal funds, the principal source of funds for nonfinancial corporations, continued at the average level of 1968 through the third quarter of 1969. But outlays for fixed assets, the principal use of corporate funds, rose through the third quarter to a level well above the 1968 average. Such spending appears to have increased somewhat further in the fourth quarter, and the flow of internal funds may have declined. To fill the widening gap between internal flows and spending plans, nonfinancial corporations increased their reliance on ex­ ternal sources of funds, primarily on nonbank suppliers of rela­ tively short-term credit. Moreover, they added almost nothing to their holdings of liquid assets over the first three quarters, in contrast to a substantial build-up of these assets in 1968. Cessa­ tion of growth in corporate holdings of liquid assets, combined with a marked increase in short-term debts, resulted in the sharpest decline in liquidity ratios since 1966. INTERNAL FUNDS The flow of internal funds to nonfinancial corporations, after al­ lowance for inventory valuation adjustment, was at a seasonally adjusted annual rate of $63 billion in the first three quarters of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

912 FEDERAL RESERVE BULLETIN □ DECEMBER 1969 INTERNAL FUNDS nonfinancial corporations 1969. This was slightly less than the flow in the fourth quarter • — "minus nr mrm* of 1968, about the same as the average for that year, and not much above the amounts available in 1967 and 1966. This relative stability is attributable to offsetting movements in the two components of internal funds. Capital consumption CAPITAL CONSUMPTION ALLOWANCES 40 allowances have grown steadily, but the retained-profits com­ ponent has declined over the past several years and it now ac­ counts for only one-fourth of total corporate internal funds. The most recent declines in the profits component have re­ flected not only a continued rise in dividend payments but also a Seasonally adjusted annual rates. downward trend in corporate earnings. After rising about one­ “Undistributed profits’’ are after al­ lowance for inventory valuation ad­ seventh from the third quarter of 1967 to the third quarter of justment and inclusion of foreign branch profits. Latest data, Q3 1969, 1968, profits—before taxes and after inventory valuation ad­ preliminary. justment—leveled off in the fourth quarter and then declined as growth in sales slowed and the rise in costs accelerated. The decline was quite moderate through the third quarter of 1969, but when combined with a further increase in dividend payments, it resulted in a marked drop in retained earnings. The trend seems to have persisted in the fourth quarter. CORPORATE INVESTMENT Despite the shortfall in internal funds, the high cost of external financing, and the existence of a relatively large amount of un­ used capacity, outlays for plant and equipment have continued to 1 Nonfinancial corporations’ FIXED INVESTMENT • grows faster than INTERNAL FUNDS 1969 figures are seasonally adjusted annual rates. “Fixed investment*’—outlays for plant, equipment, and residential construction. “Internal funds”—capital consumption allowances and undistributed profits (see note to chart above). 1969 includes preliminary data for Q3. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CORPORATE FINANCING PATTERNS 913 FLOW OF FUNDS—NONFINANCIAL CORPORATIONS In billions of dollars; quarterly figures at seasonally adjusted annual rates 1969 Item 1967 1968 3 qtrs. I II iii’ Sources.................................. 91.6 104.7 107.7 114.7 106.2 102.2 8MWM^^#S1SR 161T2-1363W1O3^^ Undistributed profits'. 20.0 18.8 16.4 17.4 16.3 15.5 Capital consumption allowances................. 41.2 44.3 46.9 46.0 46.9 47.9 Credit: and capital market instruments............ Bonds, stocks, and mortgages............ 21.5 17.9 18.7 20.2 18.5 17.3 Bank loans, n.e.c.............. 6.4 9.6 11.0 12.7 12.6 7.8 Open market paper........... 1.5 1.6 4.8 5.6 4.3 4.6 Other loans................. -.1 2.0 5.0 .3 8.2 6.5 Other............................... 1.1 10.6 4.9 12.6 -.6 2.6 Federal tax liabilities........ -4.1 3.7 .6 4.6 -3.7 .9 Other liabilities................ 5.2 6.9 4.3 8.0 3.1 1.7 Uses....................................... 83.3 97.9 101.1 107.8 98.9 96.7 gjBi^^nvg^^ Inventories. ............... 6.4 6.5 7.4 6.2 7.4 8.5 Net trade and consumer credit 7.1 10.9 9.8 11.9 7.2 10.2 Miscellaneous financial assets. 3.2 .1 3.4 3.2 4.1 2.9 Liquid assets.................... ^«^IS> t^^wi^oMMra Discrepancy........................... 8.2 6.9 6.5 6.9 7.2 5.4 p Preliminary. n.e.c. Not elsewhere classified. 1 After allowance for inventory valuation adjustment and inclusion of foreign branch profits. move upward in 1969 and are scheduled to rise further into 1970. While some companies have canceled or postponed spending plans, total expenditures by nonfinancial corporations for fixed assets in the first three quarters exceeded the 1968 rate by nearly 13 per cent. The rise reflected not only the increase in prices of capital goods but also a substantial rise in real capital invest­ ment. Helping to account for the continued expansion have been such factors as shortages of capacity in particular sectors, the long-range nature of many spending programs, the overriding desire to improve efficiency and offset rising labor costs, and the persistence of inflationary expectations. Inventory spending has shown a larger percentage increase than capital outlays, but in dollar terms the increase has been small. Moreover, credit extended to customers—net of trade debt owed to suppliers—has increased at a somewhat slower rate than in 1968, with the result that additions to inventories and net receivables, taken together, have absorbed no more funds than they did last year. And holdings of liquidity instruments changed little over the first three quarters, compared with a sizable build- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

914 FEDERAL RESERVE BULLETIN □ DECEMBER 1969 up in 1968. Thus, for corporations as a whole, the increase in demands on credit and capital markets has been related to expan­ sion of fixed assets—not to expansion of short-term assets. EXTERNAL FINANCING With loan funds from corporations’ usual sources increasingly scarce and costly, the composition of corporate external financ­ ing has changed. Nonfinancial corporations raised a record vol­ ume of funds in credit and capital markets in the first three quarters of 1969, but this was accomplished through reliance on sources other than the banks and the bond markets. In particular, corporations sharply increased their nonbank borrowing in rela­ tively short-term form—such as by the issuance of commercial paper—and raised an unusually large share of long-term funds through issuance of equity securities. Financing in credit and capital markets reached a peak in the second quarter of the year when it provided more than 40 per cent of total corporate funds. After midyear, increasingly tight conditions in these markets were reflected in a marked decline in corporate external financing. Net issues of long-term securities—bonds, stocks, and mort­ gages—declined moderately as 1969 progressed but remained large by historical standards, at an average rate in the first three quarters of the year that was a little higher than in 1968. Mort­ gage financing declined from last year’s peak, but the moderate volume of funds provided by net stock issues contrasted with net retirement of stock, on balance, in 1968. The latter shift reflected in part a decline in financings associated with mergers and acqui­ sitions. As a result of the surge in merger activity, a substantial amount of corporate stock had been retired in 1968 and early 1969, primarily through cash payments to stockholders of the acquired company but also through issuance to them of con­ vertible bonds of the surviving company. Since then, a variety of realized and prospective problems have made mergers much less attractive to both buyers and sellers. Data on gross offerings of corporate bonds and stocks, which do not reflect cash retirements or simultaneous exchanges of debt securities for equities, indicate an increased importance, particu­ larly through midyear, of financing with stock and with debt issues convertible into stock. In addition, mortgage loans and long-term debt instruments more frequently included equity features, such as warrants to purchase stock, but data are not available to measure the importance of this development. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CORPORATE FINANCING PATTERNS 915 Importance of STOCK and CONVERTIBLE 2 BOND offerings reaches peak in early 1969 and then declines PER CENT ;.. ^e^w 60 Per cent of total gross ollerings of corporate stocks and bonds. Based on Securities and Ex­ change Commission data, not seasonally adjusted. Includes issues of financial as well as non­ financial corporations. Latest data, Q3 1969, partly estimated by Federal Reserve. Gross bond and stock offerings in the first half of 1969 were one-fourth larger than in the same period of 1968, and stock offerings accounted for most of the increase. Convertible debt issues also rose sharply whereas straight bond issues declined nearly one-eighth. Equity and equity-type securities together ac­ counted for more than half of the total new-issue volume in the first quarter of 1 969 and for nearly half of the total in the second quarter. Since then, declines in stock prices and corporate earnings and, during the autumn, investor uncertainty about prospective finan­ cial developments have reduced the usefulness of these instru­ ments as a means of attracting funds, although small and medium-sized companies have continued to seek a substantial volume of funds in equity markets. In the third quarter and apparently in the fourth quarter also, nonconvertible bonds ac­ counted for most of the increase in security issues over the yearearlier volume, and yields on these securities reached new peaks. Nonfinancial corporations have obtained a relatively large volume of funds from banks in 1969, although these lenders found it increasingly difficult to meet corporate demands. One of the steps banks took to expand their lending capacity was to sell loans to nonbank lenders, primarily to the banks’ affiliates. Since corporations have also obtained a greatly increased volume of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

916 FEDERAL RESERVE BULLETIN □ DECEMBER 1969 funds through sale of their own commercial paper, the total amount supplied by sources other than banks and long-term security markets has reached record proportions. OTHER BORROWING Per cent of total inflows to nonfinancial corporations. Total inflows comprise items listed in the table on page 913 under “Sources.” Q3 1969, preliminary. ’ Such other sources had provided no more than 1.5 per cent of total corporate funds in any of the years 1964-67 and only 3.4 per cent in 1968. In the first three quarters of 1969 they provided more than 9 per cent, and they continued to be unusually im­ portant through the year-end. The bulk of the funds supplied by these sources, and of those provided by banks, were of relatively short maturity, and to the extent such funds were used to finance plant and equipment spending, corporations will probably be seeking opportunities to replace them with more permanent capital. CORPORATE LIQUIDITY Over the first three quarters of the year, nonfinancial corporations shifted a significant portion of their deposits and holdings of U.S. Government securities into higher-yielding investments. In so do­ ing, they put commercial banks under increased pressure and narrowed the market for U.S. Government securities, but pro­ vided the dominant support of the markets for short-term munici­ pal securities and open market paper. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

CORPORATE FINANCING PATTERNS 917 Through September the corporate sector reduced its time deposits at commercial banks at an annual rate of nearly $14 billion and its holdings of U.S. Government securities at an annual rate of $4 billion. Net acquisitions of short-term State and local government securities and of commercial and finance company paper about offset these reductions, and total liquid assets held by nonfinancial corporations changed little over this period. In 1968, on the other hand, these corporations had been able to raise sufficient funds both to cover current outlays and to add substantial amounts to their holdings of liquid assets. In the 4 years 1964-67 additions to these holdings had averaged only a little over $1 billion a year and had been far too small, given the continued rapid expansion in short-term debts, to prevent a per­ sistent and marked erosion in liquidity ratios. But in 1968 ac­ cumulation of liquid assets totaled $10 billion, and the long-term decline in corporate liquidity was brought to a halt. This situation was reversed abruptly in 1969. Though liquid­ asset accumulation continued in the first quarter at close to the 1968 rate and liquid assets were not actually reduced until the third quarter, short-term debts rose rapidly throughout the year and the ratio of liquid assets to total current liabilities resumed its earlier sharp downward movement. At the end of the third 4 |CORPORATE LIQUIDITY declines again I I I QI Q2 Q3 04 Ratio of sum of cash and deposits in banks, holdings of U.S. Govt, securities, and miscel­ laneous current assets to total current liabilities. Based on end-of-quarter SEC data, not seasonally adjusted. Latest data, Q3 1969, estimated by Federal Reserve. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

quarter, the liquidity ratio shown in Chart 4 was one-seventh lower than on the same date in 1966 when financial conditions had also undergone a period of marked tightness. * * * Heavy reliance on short-term debt and reduced liquidity have put corporate financial positions under unusual strain during 1969. This development, if continued and extended, seems likely to become an increasingly important consideration in the formu­ lation of spending and investment plans for many individual firms, although the extent of the constraint cannot be quantified. Even more compelling, however, will be the probable influence of deteriorating financial positions on future financing plans. The balance-sheet structure that has resulted from corporate adjustment to the financial pressures of 1969 is very likely to stimulate a restructuring when conditions permit. □ 918 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Staff Economic Studies The research staffs of the Board of Gover­ In all cases the analyses and conclusions nors of the Federal Reserve System and of set forth are those of the authors and do not the Federal Reserve Banks undertake studies necessarily indicate concurrence by the that cover a wide range of economic and Board of Governors, by the Federal Reserve financial subjects, and other staff members Banks, or by the members of their staffs. prepare papers related to such subjects. In Single copies of the full text of each of some instances the Federal Reserve System the studies or papers summarized in the finances similar studies by members of the Bulletin are available in mimeographed academic profession. form. The list of Federal Reserve Board From time to time the results of studies publications at the back of each Bulletin that are of general interest to the economics includes a separate section entitled “Staff profession and to others are summarized—or Economic Studies’’ that enumerates the stud­ they may be printed in full—in this section ies for which copies are currently available of the Bulletin. in that form. Study Summaries THE AVAILABILITY OF MORTGAGE LENDING COMMITMENTS Robert Moore Fisher—Staff, Board of Governors Prepared as a staff paper in the fall of 1969. This paper explores some aspects of pub­ tial properties that are being financed, and lished and unpublished statistics on mort­ future mortgage-lending volume. Seasonally gage lending commitments—a type of agree­ adjusted mortgage commitment series are ment that has become a more common used wherever possible, including newly de­ and important feature of mortgage and real rived estimates for all savings and loan asso­ estate transactions. The paper uses graphic, ciations insured by the Federal Savings and statistical, and descriptive approaches to Loan Insurance Corporation and all New analyze the influence of major shifts in mon­ York State mutual savings banks. Finally, etary policy on changes in the volume of certain technical features of mortgage com­ both new and outstanding mortgage commit­ mitments are outlined in an appendix and ments. It discusses the relation of the volume defined in a glossary. of commitments to changes in the definition Based on mortgage commitment series and in the reporting of mortgage commit­ that are limited in coverage, the analysis ments, cash flows to lenders, investment indicates that between 1958 a'nd 1968 the preferences of lenders, maturity structure of volume of new commitments changed di­ commitments, housing starts, age of residen­ rection one or two calendar quarters or 919 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

more before the backlog of outstanding ments, after adjustment for seasonal varia­ commitments reversed its own trend. During tion. In the residential mortgage market, the credit restraint periods of 1958-59 and cyclical changes in new mortgage commit­ 1966, the percentage drop in new mortgage ments during the 1958-68 period appear to commitments was approximately twice the have led major swings in housing starts by relative decline in outstanding commit­ one or more months. □ IMPORTED INFLATION AND THE INTERNATIONAL ADJUSTMENT PROCESS Ruth Logue—Staff, Board of Governors Prepared as a dissertation and suhmitted to The George Washington University in partial satisfaction of the requirements for the degree of Doctor of Philosophy in February 1969. This study presents practical and theoretical central banks to put significant pressure on reasons why continental European countries bank liquidity. In this respect, the interna­ were not able to prevent their external pay­ tional adjustment mechanism has functioned ments surpluses from resulting in domestic in much of Europe like the classical gold inflation in the period 1958-66. It also re­ standard. The study also contends that capi­ lates the problem of adjusting imbalances in tal inflows into Europe, rather than being international payments under fixed exchange caused by tight monetary policies, have been rates to the inability of these countries to off­ in part the result of high interest and profit set their surpluses. rates stemming from an inflationary econom­ Accounts of the development and func­ ic climate financed by payments surpluses. tioning of European instruments of monetary Divergent theories about the relationship be­ policy, primarily from central bank sources, tween interest rates and inflation discussed are used to evaluate the effectiveness of those in the study reflect a fundamental disagree­ instruments in controlling inflationary pres­ ment within the economics profession about sures that derive from balance of payments how monetary policy works. surpluses. These sources contend that the in­ The system of payments adjustment that terest-rate effects of offsetting surpluses the International Monetary Fund was produce further capital inflows. The study founded to implement implicitly subordinates challenges that position on the basis that an automatic adjustment processes to national inflow of funds should initially lower interest economic policies shaped by international rates and that sterilizing that inflow should consultation. The study concludes that a not raise interest rates to a level higher than significant improvement in this international prevailed before the inflow. adjustment system under stable exchange This study finds that the instruments of rates must wait upon a better consensus on monetary policy available to European cen­ tral banks were generally inadequate to how monetary policy works and also upon sterilize balance of payments surpluses. Only the development of new or improved instru­ emergence of a payments deficit or a much- ments of monetary policy in European and reduced surplus has enabled continental other countries. □ 920 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Credit Extended by Banks to Real Estate Mortgage Lenders Credit extended to real estate mortgage counted for the largest share of total out­ lenders by large commercial banks that sub­ standing credit extended to real estate mort­ mit weekly condition reports exceeded $4.3 gage lenders. As in earlier reports—pub­ billion, according to preliminary summaries lished in Bulletins for April 1969 and of reports as of October 29, 1969—toward earlier—these loans were advanced largely the end of the real estate building season. to real estate mortgage companies. This amount compared with $4.2 billion as Real estate loans purchased by large com­ of February 26, 1969, the date of the previ­ mercial banks from real estate mortgage ous survey, and $4.1 billion as of October lenders under resale agreements increased 30, 1968. more than $200 million between February On each of these reporting dates, loans and October 1969. This increase accounted secured by the pledge of real estate mortgage for about a sixth of the total expansion loans owned by the borrowers, as well as during the same period in all real estate loans otherwise secured or unsecured, ac­ loans held by these banks. □ CREDIT EXTENDED TO REAL ESTATE MORTGAGE LENDERS BY WEEKLY REPORTING BANKS Amounts in millions of dollars Outstanding on— Increase, or decrease ( —) Oct. 30, Feb. 26, Oct. 30, Credit, by type of borrower Oct. 30, Feb. 26, Oct. 29, 1968,to 1969, to 1968, to 1968 1969 1969 Feb. 26, Oct. 29, Oct. 29, 1969 1969 1969 Loans to real estate mortgage tenders, total.................... 3,442 3,535 3,468 94 -67 26 Life insurance companies............................................ 315 443 271 128 -173 -45 Mortgage companies................................................... 2,194 2,106 2,284 -88 178 90 Mutual savings banks................................................. 24 17 51 -6 34 28 Savings and loan associations..................................... 157 169 175 12 6 18 Other1......................................................................... 752 799 687 48 -112 -65 Real estate Ioans purchased by banks from real estate mortgage lenders under resale agreements, total....................... 668 670 887 2 217 219 Life insurance companies............................................ 78 122 123 44 2 45 Mortgage companies................................................... 268 220 233 -48 13 -35 Mutual savings banks................................................. 95 141’ 216 46’ 75 121 Savings and loan associations..................................... 32 33’ 94 2’ 61 62 Other1......................................................................... 196 155 222 -41 67 26 Total credit extended.................................................................... 4,110 4,206 4,355 96 150 246 Life insurance companies............................................ 393 565 394 172 -171 1 Mortgage companies................................................... 2,462 2,326 2,517 -136 191 55 Mutual savings banks................................................. 118 158’ 267 40’ 109 149 Savings and loan associations..................................... 189 202’ 269 14’ 67 80 Other1......................................................................... 947 954 908 7 -46 -39 Number of weekly reporting banks.................................... 335 336 333 1 -3 -2 With loans to real estate mortgage lenders.................. 268 263 259 -5 -4 -9 With real estate loans purchased from real estate mortgage lenders under resale agreements................ 83 84 76 1 -8 -7 With both of the above............................................... 73 72 66 -1 -6 -7 1 Firms (other than banks) that make or hold substantial amounts Note.—Details may not add to totals because of rounding. Figures of real estate loans. Revised. for October 1969 are preliminary. 921 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Statement to Congress Statement of Andrew F. Brimmer, Member, solves simultaneously the problem of having Board of Governors of the Federal Reserve enough merchants signed to participate in System, before the Subcommittee on Finan­ the bank’s plan to make the card useful to cial Institutions of the Committee on Bank­ its customers, and of having enough card­ ing and Currency, U.S. Senate, December holders to make the plan attractive to mer­ 4, 1969. chants. Although the unsolicited mailing of credit cards by banks has involved some I appreciate this opportunity to appear be­ problems, there have been no developments fore your committee to present the views of to date that, in the Board’s judgment, would the Board of Governors on S. 721. warrant preventing this method of card dis­ Briefly, S. 721 would add to the Truth in tribution. If this method of card issuance Lending Act provisions requiring the Board were prevented or restricted to the extent to regulate the issuance of unsolicited credit that it would no longer be practicable, banks cards, and limiting the liability of consumers would be seriously hampered in launching for the unauthorized use of credit cards. The credit-card plans. This would give those bill would apply to credit cards of both banks already in the field a protected posi­ bank and nonbank issuers. tion, discouraging competition. While S. 721 would not prohibit unsolic­ REGULATION OF ISSUANCE OF ited mailings, it would provide for Federal UNSOLICITED CREDIT CARDS regulation of such mailings. In determining Section 2 of the bill would require the Board whether such regulatory authority is needed, to prescribe regulations “governing the con­ you will presumably want to consider ditions under which” unsolicited credit cards whether recipients of unsolicited cards need might properly be issued. The Board’s reg­ government protection from incurring too ulations would be required to prescribe much debt through the use of the cards, and “minimum standards” for card issuers in whether regulation is needed to guard the checking the “credit worthiness of prospec­ safety and soundness of the issuing banks. tive cardholders” in order (I) to protect The evidence available to the Board suggests consumers against “overextending them­ that this authority is not needed for either selves” through the use of unsolicited credit purpose. The Board has instructed its exam­ cards, and (2) when the issuer is a federally iners to make sure that banks realize the im­ insured bank, to “safeguard the safety and portance of developing and carefully screen­ soundness” of the bank. ing mailing lists for credit cards from their We, at the Board, of course, are more fa­ own records, and, in so doing, checking the miliar with credit-card arrangements of creditworthiness of intended credit-card re­ banks than with the credit-card programs of cipients. The other Federal banking agencies nonbank issuers. Banks have found that the are following similar practices with respect most effective way to obtain customers for a to the banks they examine. Under the criteria new credit-card plan is to mail a large num­ being followed by banks for issuing credit ber of unsolicited cards. This procedure re­ cards, bank credit-card operations are gen- 923 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

924 FEDERAL RESERVE BULLETIN □ DECEMBER 1969 erally sound from the point of view of the the 10 cases involving lack of adequate consumer as well as the bank. Banks are credit information, practices were changed taking care to see that the people to whom promptly, and such information is now ob­ credit cards are sent are able to meet obliga­ tained before cards are granted. tions within the established limits. Additional evidence as to bank credit­ A review of reports of examination for 74 card distribution practices is provided by a State member banks with credit-card plans1 survey undertaken by the Federal Reserve indicates that they have exercised prudence Banks in August this year. The survey cov­ in credit-card management. ered the practices followed by Federal Re­ While unsolicited mailings were found to serve member banks that began bank credit­ have been the principal means of distribut­ card plans between June 30, 1968, and the ing cards, no significant problems were un­ end of August 1969. The results are sum­ covered—certainly none of the magnitude of marized in the following table. the difficulties surrounding the Chicago epi­ sode of late 1966 and early 1967. Ten of the BANK PRACTICES IN THE DISTRIBUTION 74 banks mailed cards on an unsolicited OF CREDIT CARDS, BY FEDERAL RESERVE DISTRICT basis without obtaining adequate credit in­ formation on potential customers. Number of Use of— Other unsatisfactory features drawing banks start­ Federal Reserve ing plans, district1 July 1968- Unsolicited Outside Pre­ comments of examiners are as follows: Aug. 1969 mailing lists mailers Problem Number of 1. Boston......... 6 All None All 2. New York..... 22 Virtually None Most banks all 3. Philadelphia.... 0 .............................................. Lack of control over unissued cards 1 4. Cleveland.......... 26 Most Few Most 5. Richmond..... 52 Virtually Few Most Inadequate collection policies and all 6. Atlanta............. 75 Most Few n.a. practices.................................... 5 7. Chicago............ 5 All None n.a. 10. Kansas City.... 18 Most One n.a. 11. Dallas............... 16 Most None Most Inadequate procedures for reclaim­ 1 2. San Francisco.. 21 Some None Some ing credit cards when accounts 1 Information on new bank credit-card plans started in the St. Louis became delinquent................. 2 (8) and Minneapolis (9) Districts was incomplete and could not be used in this tabulation. No preprinted expiration dates 2 . . 2 n.a. Not available. Lack of control on customers ex­ Several conclusions can be drawn from ceeding limits............................... 4 this survey. Unsolicited mailing of cards is Customers not informed of credit­ generally used in starting new plans; but in card limits............................... 1 some Federal Reserve districts, an applica­ Slow processing of items................ 4 tion-type system is also used frequently. In In each of these instances, the unsatisfac­ most cases, mailing lists are compiled from tory features noted by Federal Reserve present customers of the banks, and these bank examiners were corrected by manage­ are screened before cards are mailed, al­ ment where problems existed. Specifically, in though a few banks were reported to have used outside sources (such as directory serv­ 1 As of June 30, 1968, there were 64 State member banks with credit-card plans. On last December 30, ices, credit bureaus, or credit rating firms) the number was 65, and it was 93 on June 30, 1969. in adding to mailing lists that were com­ Since State member banks are examined once each posed primarily of their own customers, and year, the reports on 74 banks provide almost com­ plete coverage since the guidelines were recommended one bank was reported to have used a list of in the late summer of 1968. names obtained outside the bank without “Plans became effective in the 1950’s, and no prob­ lems have been encountered. screening it. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 925 Where information was available from the they are sent by the issuer by registered mail, Federal Reserve Bank survey, it indicated restricted to delivery to the addressee only, that pre-mailers were generally used, as rec­ (b) the envelope is marked “unsolicited ommended in the Federal Reserve guide­ credit card—addressee may refuse,” and (c) lines. These pre-mailers advise the customer the issuer guarantees payment of return that a card is being sent unless the customer postage. indicates to the bank that he wishes his name In reporting on these bills the Board sug­ removed from the list. In this way the cus­ gested amendments to eliminate the require­ tomer is able to refuse a card before it is ment for registered mail and require issuers sent. The pre-mailer also helps reduce the to use unmarked envelopes enclosing an un­ prospects of fraud by alerting the customer marked return envelope with the card in it, to expect the card and also informs the bank and a notice that the card may be refused by of changes in addresses. During a single depositing the unopened return envelope in week this summer, for example, more than the nearest post office or letter box. This sug­ 2 million bank credit cards were mailed in gestion, by eliminating the requirement for New York when a new plan was adopted by registered mail, would seem to overcome a a group of three major banks. The fact that real source of great annoyance of intended these cards had been preceded by pre-mail­ card recipients. Furthermore, the use of un­ ers undoubtedly contributed to holding re­ marked envelopes would seem clearly to re­ ported losses or thefts of cards during this duce security problems in the distribution of mailing to 250 cases. On the other hand, the credit cards. pre-mailer still puts the burden on the poten­ Let me turn now to the question whether tial card recipient to take a positive step to individual consumers might get deeply into stop the card’s arrival if he does not want it. debt because of so-called “easy credit” ex­ A handful of banks have sent cards via tended through bank credit-card plans. It is registered mail, a practice that places an un­ difficult to measure this risk. Under most of reasonable burden on consumers. Since reg­ the plans the customer is given an initial istered mail must be accepted by a respon­ credit limit of $300, although the limit may sible person at the address indicated, in many be higher for customers with the best credit cases this means that the potential card­ ratings. The average amount outstanding holder must make a special effort to pick up per active bank credit-card account was the letter at his post office. Not infrequently about $180 on June 30, 1969. These figures this means taking time off from work (many suggest that the unsolicited bank credit card times without pay), incurring transportation is not often a cause, in itself, of a customer costs and other inconveniences. The main incurring extensive indebtedness. objective of employing the registered mail In addition, the credit standards are aimed technique is to minimize the exposure of the at middle income consumers who, by and issuer to financial losses associated with the large, can afford to contract debt within the distribution of its own card through unsolic­ applicable limits. This is indicated also by ited mailings. The consumer should not be the Board’s recent Survey of Consumer asked to spend his time or money (or both) Awareness of Credit Costs, which was con­ on a trip to the post office to provide this ducted in May and June of this year in con­ protection for card issuers. nection with our responsibilities under the As you know, bills have been introduced Truth in Lending Act. Tabulations from this in the Congress that would make unsolicited survey, which sampled more than 5,000 rep­ credit cards “nonmailable matter” unless (a) resentative households, are now becoming Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

926 FEDERAL RESERVE BULLETIN □ DECEMBER 1969 available; information on ownership of bank would be to require issuers to provide recipi­ credit cards has been obtained in some de­ ents of unsolicited cards with a simple means tail. On an over-all basis, 1,324 households of returning them. —or slightly more than 25 per cent of the If, however, you should decide that re­ total number sampled—replied “yes” when strictions are needed but cannot be specified asked “Do you have a credit card issued to in the statute, and therefore must be imposed you by a bank?” by administrative regulation, we strongly Responses to the ownership question, urge that this responsibility be vested in when analyzed by education and income some agency other than the Board. As Gov­ levels, showed results that one might have ernor Robertson testified at your hearings on expected. Ownership of at least one bank S. 823, assignment to the Board of widecredit card tended to rise significantly as the ranging duties in the general area of con­ educational level of the head of the house­ sumer protection would be inconsistent with hold increased. Only 13.7 per cent of those effective performance of our primary duties with a grade school education or less held in the field of monetary policy. In view of bank credit cards, while nearly 40 per cent the increasing interest Congress is showing of the college graduates sampled owned in enacting legislation to protect consumers, cards. Similarly, less than 10 per cent of the we believe responsibility for implementing it households with a total family income under should be vested in an agency more familiar $3,000 in 1968 reported ownership of cards, with consumer problems and more expert in but more than 40 per cent of families with coping with them. annual income above $15,000 held cards. These figures tend to substantiate our belief CONSUMER LIABILITY FOR FRAUD LOSSES that the practices currently used to issue Section 3 of S. 721 would place a maximum bank credit cards have not placed an unduly limit of $50 on the liability of any person to large number of cards in the hands of “un­ whom a credit card had been issued for any sophisticated” potential users. unauthorized use of the card. This liability To conclude, then, Mr. Chairman, with could attach only if (a) the cardholder had respect to section 2 of the bill, the Board accepted the card by requesting, signing, or recommends against its enactment as intro­ using the card; (b) the card issuer had noti­ duced. If your committee determines that fied the holder of his potential liability under restrictions should be placed on unsolicited the card; (c) the issuer had provided a mailings, we urge that you follow the course means of identifying the user of the card as you adopted as to S. 823, the Fair Credit a person authorized to use it; (d) the un­ Reporting Act. As you recall, the introduced authorized use occurred before the holder version of S. 823 would have required the had notified the issuer of the loss or theft of Board of Governors to prescribe regulations the card; and (e) the issuer, upon receipt of governing the operations of credit reporting such notice, had taken steps to guard against agencies. Before reporting the bill to the the unauthorized use of the card. Senate, your committee eliminated this regu­ The Board would be required by the bill latory authority, and instead spelled out in to prescribe regulations concerning the the bill, itself, rules and procedures relating notice to be given to a customer as to his to consumer reports. It should be possible to potential liability under a card. Further­ do the same thing for unsolicited mailings of more, section 105 of the Truth in Lending credit cards by spelling out in the statute Act would apply to all of the provisions that whatever restrictions you may conclude are would be added to the Act by S. 721, and needed. One possibility, as I have mentioned, section 105 requires the Board to prescribe Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 927 regulations to carry out the provisions of the take care in the handling of the card and to Act. stimulate prompt reporting of lost or stolen Of course, the critical question of custom­ cards. Actual policy, therefore, is often er liability for fraud losses where he fails to more lenient than announced policy. receive a card mailed to him is not entirely We would like to see all banks inform a problem of unsolicited mailing. The same their credit-card customers of their potential problem obviously could arise concerning re­ liability. This and the related aspects of cus­ quested cards and even renewals of existing tomer liability are too important to leave to cards. Furthermore, cards can be, and some­ uncertainty on the part of the customer. Fail­ times are, fraudulently used after their ac­ ure to disclose the terms of liability is not a ceptance or use by the customer. tolerable standard of business conduct for Most banks do not attempt to collect from card issuers. the intended recipient of a card for the The Board, accordingly, favors enactment unauthorized use of the card that is lost or of legislation along the lines of section 3 of stolen before it is received or otherwise ac­ S. 721 limiting the liability of issuees of cepted by the intended recipient. If there are credit cards for any unauthorized use of any banks that attempt to make collections their cards. A few States have enacted legis­ in such cases, we are not aware of them. lation in this area, but their approach has Moreover, it seems evident that from a legal not been uniform. While it is not self-evi­ standpoint, efforts to collect in such cases dent that a Federal law is needed, the situa­ would probably not be successful, even in tion suggests that Federal legislation might States that have no statutory protection for be preferable in view, particularly, of the consumers in such situations. regional and national scope of some credit­ In the case of misuse of cards stolen or card operations. The Board believes, how­ lost after being accepted by the cardholder, ever, that such legislation should be drafted it is generally true that the customer has no so as not to require implementation by regu­ liability for fraud losses after the bank has lations. In effect, such legislation would con­ been informed that the card is lost or stolen. stitute a defense for the person to whom a As for the liability of the cardholder prior to credit card has been issued in any action by informing the bank, there is much more vari­ the issuer to enforce liability under the card. ation in banks’ policies. Some banks seek to This seems to be the case with respect to the collect in these cases from the customer for Massachusetts statute which, Mr. Chairman, all losses occurring before the bank was noti­ I believe you indicated was a pattern for this fied. Others do not attempt to collect even part of S. 721. In the Board’s judgment, the where the customer does not report the loss subject is one that lends itself to legislative or theft of the card. Still other banks (and specification. Accordingly, implementing some State statutes) specify an upper limit regulations would not be needed. on the dollar liability of the customer. If appropriate legislation with respect to As we understand the situation, the ma­ consumer liability were enacted, the Board jority of banks follow the practice of absorb­ believes that the major problem associated ing losses, but do not reveal the policy to with unsolicited mailings of credit cards their customers for fear they might be unduly would be solved. Obviously, to be effective careless in their handling of the card. This and acceptable, such legislation should apply is often true even where the banks inform the to all credit cards, including travel and en­ customer that his liability is limited to, say, tertainment cards, gasoline cards, and so on, $50 or $100. These announced limits are as well as bank credit cards. The scope of primarily designed to make the customer S. 721 follows this principle. □ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Record of Policy Actions of the Federal Open Market Committee Records of policy actions taken by the Federal Open Market Com­ mittee at each meeting, in the form in which they will appear in the Board’s Annual Report, are released approximately 90 days following the date of the meeting and are subsequently published in the Federal Reserve Bulletin. The record for each meeting includes the votes on the policy deci­ sions made at the meeting as well as a resume of the basis for the decisions. The summary descriptions of economic and financial condi­ tions are based on the information that was available to the Committee at the time of the meeting, rather than on data as they may have been revised since then. Policy directives of the Federal Open Market Committee are issued to the Federal Reserve Bank of New York—the Bank selected by the Committee to execute transactions for the System Open Market Account. Records of policy actions for the meetings held during 1967 and 1968 were published in the Bulletin beginning with the July 1967 issue and were subsequently published in the Board’s Annual Reports for 1967 and 1968. Records for the meetings held in 1969 through August 12 were pub­ lished in the Bulletins for April, pages 345-52; May, pages 433-39; June, pages 508-18; July, pages 596-603; August, pages 647-54; September, pages 727-35; October, pages 823-38; and November, pages 879-87. The record for the meeting held on September 9, 1969, follows: 928 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

MEETING HELD ON SEPTEMBER 9, 1969 1. Authority to effect transactions in System Account. Revised estimates by the Commerce Department indicated that real GNP had expanded at an annual rate of 2.0 per cent in the second quarter, after rising at rates of 2.5 per cent in the first quarter and 3.5 per cent in the second half of 1968. Average prices, as measured by the GNP deflator, advanced at an annual rate of 5.1 per cent in the second quarter, a little faster than in the first. Staff projections con­ tinued to suggest that growth in real GNP would slow further during the second half of 1969, particularly in the fourth quarter, but that upward pressures on prices would diminish only moderately. Recent economic information offered additional evidence that the expansion in final demands was slowing somewhat. Contrary to earlier indications, both retail sales and nonfarm employment were now esti­ mated to have declined in July, and it was expected that the preliminary estimate of the industrial production index for that month—which had shown a sharp increase—would be revised downward. In August, according to weekly figures, retail sales rose but, after adjustment for price increases, remained below the level of a year earlier. Nonfarm employment advanced at a considerably slower pace in August than earlier in the year, and tentative indications were that the industrial production index would at most rise only slightly. On the other hand, the unemployment rate edged down to 3.5 from 3.6 per cent in July. Increases in prices of industrial commodities continued widespread from mid-July to mid-August, and the average rose appreciably. How­ ever, the total wholesale price index declined slightly as a result of a reduction in prices of farm and food products. The consumer price index again rose sharply in July, largely because of increases in prices of foods and services. The staff projection suggested that real GNP would expand in the third quarter at about the second-quarter rate but would rise less in the final 3 months of the year. Growth in private final sales was expected to slow further in the second half, but it appeared likely that the expansion in GNP would be sustained in the third quarter by some increase in business inventory accumulation and by a rise in Federal 929 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

930 FEDERAL RESERVE BULLETIN □ DECEMBER 1969 expenditures resulting from the July pay increase. The projections for the fourth quarter suggested little further change in inventory invest­ ment and a renewal of earlier declines in Federal outlays on goods and services. With respect to other categories of private expenditures, consumer spending was now projected to rise at a slower rate in both the third and fourth quarters than it had in the second, despite an anticipated increase in the growth rate of disposable income in the third quarter. Declines in residential construction outlays were expected to continue. The latest Commerce-SEC survey of business plans, taken in August, suggested that spending on new plant and equipment would rise more in the third quarter than the May survey had indicated but that such spending would remain about unchanged in the fourth quarter. For 1969 as a whole, the survey implied a level of capital outlays 10.6 per cent above that of 1968, compared with the increases of 12.6 and 14 per cent, respectively, that had been indicated by the surveys taken in May and February. The deficit in the U.S. balance of payments on the liquidity basis remained very large in both July and August. The official settlements balance was in surplus for July as a whole, mainly because of a large increase in outstanding Euro-dollar borrowings of U.S. banks in the first half of the month. In August, however, when there was a much smaller increase in such borrowings, the payments balance shifted into deficit on the official settlements basis also. Both exports and imports declined in July, but imports fell more and a slight surplus was recorded in merchandise trade that month, Following the announcement of the devaluation of the French franc on August 8, interest rates in the Euro-dollar market reversed the de­ cline that had been under way since early July, and conditions in for­ eign exchange markets became unsettled; sterling, the lira, and the Belgian franc were under selling pressure, and the guilder and mark were in strong demand. Although activity in the exchange markets was greatly reduced after mid-August, uncertainties persisted—partly be­ cause of possibilities of a revaluation of the mark following the German elections scheduled for September 28. In mid-August the Bank of Italy increased its basic discount rate from 31^ to 4 per cent. On August 20 the Treasury auctioned a $2.1 billion strip of bills Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 931 consisting of additions to outstanding issues maturing from mid-Septembcr to late October. Commercial banks, which were allowed to make payment for the new bills through credits to Treasury tax and Ioan accounts, bid successfully for the bulk of the offering. The Treas­ ury was expected to announce around mid-September the terms on which it would refund notes and bonds maturing on October 1, of which the public held about $5.6 billion. In the early part of September the Treasury’s cash balances at both commercial banks and Federal Reserve Banks had been drawn down to quite low levels. The Treasury temporarily financed part of its cash needs by selling $322 million of special short-term certificates of in­ debtedness to the Federal Reserve on September 5. It appeared likely that the Treasury would experience further cash drains prior to the mid-September tax date and would need to borrow a substantial amount of additional funds directly from the System in the period through mid­ month. After declining somewhat in earlier weeks, long-term interest rates turned up around mid-August and subsequently reached new highs in an atmosphere of renewed concern over the persistence of inflationary pressures and expectations of continuing monetary restraint. The ad­ vances in yields also reflected a sizable volume of new issues by vari­ ous Federal agencies, a growing calendar of new corporate bonds, and the possible offering of an intermediate-term issue in the Treasury’s forthcoming refunding. The volume of State and local government securities coming to market had remained relatively light, as many potential issuers had been unable to offer bonds because market in­ terest rates exceeded statutory ceilings. However, uncertainties arising out of legislative proposals affecting the tax-exempt status of municipal obligations and further reductions in bank holdings had contributed to sizable increases in yields on such obligations. Most short-term interest rates, while fluctuating over a fairly wide range, had changed little on balance since the previous meeting of the Committee. The market rate on 3-month Treasury bills, which ranged from about 6.75 to 7.15 per cent over the interval, was at 7.09 per cent on the day before this meeting—up slightly from its level 4 weeks earlier. System open market operations since the previous meeting had been Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

932 FEDERAL RESERVE BULLETIN ° DECEMBER 1969 directed at maintaining firm conditions in the money and short-term credit markets. Operations were complicated over much of the period by the alternating tendencies towards tautness and ease in the money market and in early September by the sizable declines in the Treasury’s cash balances at Reserve Banks. The Federal funds rate fluctuated widely, but the average effective rate—about 9 per cent—was approxi­ mately the same as in the previous interval. Member bank borrowings averaged $1,250 million in the 4 weeks ending September 3, unchanged from the preceding 4 weeks, and average net borrowed reserves also were little changed from their earlier level. Preliminary estimates suggested that commercial banks had in­ creased their holdings of U.S. Government securities in August in con­ nection with bank underwriting of the tax-anticipation bills sold by the Treasury late in the month. However, bank holdings of municipal and Federal agency securities decreased substantially for the second con­ secutive month. Business loans outstanding, which had changed little in June and July, rose considerably during August but other loans declined by a nearly equal amount. Total bank credit, as measured by the adjusted proxy series—daily­ average member bank deposits, adjusted to include changes in the daily average of liabilities of U.S. banks to foreign branches—declined at an annual rate of about 10 per cent from July to August. It was estimated that with a further adjustment for funds raised from non­ deposit sources other than Euro-dollars, the proxy series would have declined at an annual rate of about 8 per cent. The volume of funds raised through sales of commercial paper by bank affiliates increased some­ what further on the average in August, but outstanding loans sold to nonbank customers under repurchase agreements declined. As a result of an action taken by the Board of Governors in late July, any such repurchase agreements entered into on or after July 25 became subject to Regulations D and Q on August 28. Private demand deposits and the money stock were estimated to have decreased from July to August—the latter at an annual rate of about 5’/2 per cent—as U.S. Government deposits rose somewhat on the average following 2 months of substantial decline. There was a further sizable reduction in the outstanding volume of large-denomina­ tion CD’s, notably at banks outside of New York and Chicago. Net Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 933 outflows of other time and savings deposits continued, although they were considerably smaller than those in July, following midyear in­ terest crediting. At nonbank thrift institutions, which also had experi­ enced sizable net outflows of savings funds in early July, flows ap­ peared to have remained relatively weak in the first half of August. Staff projections suggested that the average level of member bank deposits would increase at an annual rate of 2 to 5 per cent from August to September if prevailing conditions were maintained in money and short-term credit markets. It was thought likely that there would be little net change in the combined total outstanding of Euro-dollar liabilities of banks, funds raised by sales of loans under RP’s, and funds raised through sales of commercial paper by bank affiliates. Ex­ pectations with regard to Euro-dollar borrowings by U.S. banks were affected by the fact that on August 13 the Board of Governors had established a 10 per cent marginal reserve requirement on such borrow­ ings by member banks. The reserve requirement was to be met begin­ ning with the week of October 16, based on an initial 4-week com­ putation period beginning September 4. All of the increase in the average level of member bank deposits anticipated in September reflected an expected sharp rise in U.S. Gov­ ernment deposits; both private demand deposits—as well as the money stock—and time and savings deposits were projected to contract fur­ ther. It appeared likely, however, that the rate of reduction in time and savings deposits would moderate from that experienced earlier in the summer, because a smaller volume of large-denomination CD’s would be maturing and because prospects were for somewhat less weakness in other time and savings deposits. The Committee decided that no change in monetary policy should be made at this time, both on general economic grounds and in light of the forthcoming Treasury refunding. Note was taken of the indica­ tions that the rate of real economic growth was slowing, but it was agreed that the persistence of strong inflationary pressures and expecta­ tions militated against a relaxation of monetary restraint at present. At the same time, a number of members emphasized the desirability of avoiding any firming in the stance of policy. The Committee concluded that open market operations should be directed at maintaining the prevailing firm conditions in money and Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

934 FEDERAL RESERVE BULLETIN □ DECEMBER 1969 short-term credit markets, subject to the proviso that operations should be modified, to the extent permitted by the Treasury refunding, if bank credit appeared to be deviating significantly from current projections. It was also agreed to renew the additional provisos that had been in­ cluded in the previous directive; these called for modification of opera­ tions if pressures arose in connection with foreign exchange develop­ ments or in connection with regulatory actions taken by the Board of Governors. The following current economic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting indicates that expansion in real economic activity slowed somewhat in the first half of 1969 and some further moderation during the second half is projected. Substantial upward pressures on prices and costs are persisting. Long­ term interest rates recently have risen to new peaks, while short-term rates have changed little on balance. In August the money supply decreased while U.S. Government deposits rose somewhat; bank credit declined further on average; the run-off of large-denomination CD’s continued without abatement; and there were further net out­ flows from consumer-type time and savings accounts at banks. The U.S. foreign trade surplus was very small in July. The over-all bal­ ance of payments deficit on the liquidity basis remained very large in both July and August, while the balance on the official settle­ ments basis shifted into deficit in August as U.S. banks’ borrowings of Euro-dollars leveled off. In light of the foregoing developments, it is the policy of the Federal Open Market Committee to foster financial conditions conducive to the reduction of inflationary pres­ sures, with a view to encouraging sustainable economic growth and attaining reasonable equilibrium in the country’s balance of payments. To implement this policy, while taking account of the forthcoming Treasury refunding, System open market operations until the next meeting of the Committee shall be conducted with a view to main­ taining the prevailing firm conditions in money and short-term credit markets; provided, however, that operations shall be modified, to the extent permitted by the Treasury refunding, if bank credit appears to be deviating significantly from current projections or if pressures arise in connection with foreign exchange developments or with bank regulatory changes. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 935 Votes for this action: Messrs. Martin, Hayes, Bopp, Brimmer, Clay, Coldwell, Scanlon, and Sher­ rill. Votes against this action: Messrs. Maisel and Mitchell. Absent and not voting: Messrs. Daane and Robertson. Messrs. Maisel and Mitchell dissented from this action for reasons similar to those underlying their dissent from the directive adopted at the previous meeting. They believed that in measuring the degree of monetary firmness or restraint the Committee should give more weight to movements in key monetary aggregates—such as the money stock, private demand deposits, total and nonborrowed reserves, and bank credit—and in longer-term interest rates. In their judgment, the fact that the monetary aggregates had been declining and longer-term in­ terest rates had been rising in recent weeks indicated that restraint had been steadily increasing, even though money market conditions had been relatively stable. They favored maintaining the over-all posture of restraint measured in terms of such aggregates and interest rates, and permitting more flexibility in money market conditions in order to do so. 2. Amendment to continuing authority directive. The Committee amended paragraph 2 of the continuing authority direc­ tive to the Federal Reserve Bank of New York regarding domestic open market operations, to increase the dollar limit on Federal Reserve Bank holdings of short-term certificates of indebtedness purchased directly from the Treasury from $1 billion to $2 billion. With this change, paragraph 2 read as follows: 2. The Federal Open Market Committee authorizes and directs the Federal Reserve Bank of New York to purchase directly from the Treasury for the account of the Federal Reserve Bank of New York (with discretion, in cases where it seems desirable, to issue par­ ticipations to one or more Federal Reserve Banks) such amounts of special short-term certificates of indebtedness as may be necessary from time to time for the temporary accommodation of the Treasury; provided that the rate charged on such certificates shall be a rate 14 of 1 per cent below the discount rate of the Federal Reserve Bank of Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

936 FEDERAL RESERVE BULLETIN □ DECEMBER 1969 New York at the time of such purchases, and provided further that the total amount of such certificates held at any one time by the Federal Reserve Banks shall not exceed $2 billion. Votes for this action: Messrs. Martin, Hayes, Bopp, Brimmer, Clay, Coldwell, Maisel, Mitchell, Scanlon, and Sherrill. Votes against this action: None. Absent and not voting: Messrs. Daane and Robertson. This action was taken on recommendation of the System Account Manager, who advised that the Treasury’s needs for temporary accom­ modation might well exceed the existing $1 billion limit in the period before the mid-September tax-payment date. It was agreed that the limit in question would revert to $1 billion at the close of business on October 7, 1969, the day on which the next meeting of the Committee was scheduled, unless otherwise decided by the Committee on or before that date. 3. Ratification of amendment to authorization for System foreign currency operations. The Committee ratified an action taken by members on August 27, 1969, effective September 2, 1969, to increase the System’s swap arrangement with the National Bank of Belgium from $300 million to $500 million equivalent, and to make the corresponding amendment to paragraph 2 of the authorization for System foreign currency opera­ tions. As a result of this action, paragraph 2 of the authorization read as follows: 2. The Federal Open Market Committee directs the Federal Re­ serve Bank of New York to maintain reciprocal currency arrange­ ments ("swap” arrangements) for System Open Market Account for periods up to a maximum of 12 months with the following foreign banks, which are among those designated by the Board of Governors of the Federal Reserve System under Section 214.5 of Regulation N, Relations with Foreign Banks and Bankers, and with the approval of the Committee to renew such arrangements on maturity: Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 937 Amount of arrangement Foreign bank (millions of dollars equivalent) Austrian National Bank............................................. 100 National Bank of Belgium........................................ 500 Bank of Canada.......................................................... 1,000 National Bank of Denmark ...................................... 100 Bank of England ....................................................... 2,000 Bank of France............................................................ 1,000 German Federal Bank ............................................... 1,000 Bank of Italy .............................................................. 1,000 Bank of Japan.............................................................. 1,000 Bank of Mexico ......................................................... 130 Netherlands Bank ....................................................... 300 Bank of Norway......................................................... 100 Bank of Sweden .......................................................... 250 Swiss National Bank................................................. 600 Bank for International Settlements: Dollars against Swiss francs.............................. 600 Dollars against authorized European currencies other than Swiss francs.......................1,000 Votes for ratification of this action: Messrs. Mar­ tin, Hayes, Bopp, Brimmer, Clay, Coldwell, Maisel, Mitchell, Scanlon, and Sherrill. Votes against ratifi­ cation of this action: None. Absent and not voting: Messrs. Daane and Robertson. The action in question had been taken by members on recommenda­ tion of the Special Manager of the System Open Market Account. The latter had advised that the increase in the swap line would be helpful in permitting the National Bank of Belgium to cope with short-run speculative pressures on the Belgian franc arising out of the recent devaluation of the French franc and would thus contribute to stability in foreign exchange markets. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Law Department Statutes, regulations, interpretations, and decisions COLLECTION OF CHECKS AND OTHER ITEMS against the Federal Reserve Bank which entered BY FEDERAL RESERVE BANKS the charge had been brought against it. The fail­ AMENDMENT TO REGULATION J ure of any Federal Reserve Bank to avail itself of the remedy provided by this paragraph shall not Effective October I, 1969, section 210.5 is prejudice the enforcement by it in any other man­ amended by adding a paragraph (c) as follows: ner of the indemnity agreement referred to in paragraph (b) of this section. SECTION 210.5 SENDER’S AGREEMENT 4' * # * * RELATIONSHIPS WITH DEALERS IN SECURITIES (c) Whenever any action or proceeding is brought in any court against a Federal Reserve AMENDMENT TO REGULATION R Bank which has collected an item, based upon the Effective January 1, 1970, section 218.2 is alleged failure of the sender of such item to have amended to read as set forth below. The foot­ the authority to make the warranty and the agree­ notes to section 218.2 are unchanged, except for ment referred to in paragraph (a) of this section, or the addition of a new footnote 4. upon any action taken by such Federal Reserve Bank within the scope of its authority for the pur­ pose of collecting such item, or upon any warranty SECTION 218.2 EXCEPTIONS or agreement with respect thereto made by such Federal Reserve Bank consistently with paragraph Pursuant to the authority vested in it by section (b) of § 210.6 of this Part, such Federal Reserve 32, the Board of Governors of the Federal Reserve Bank may, upon the entry of a final judgment or System hereby grants permission 2 for any officer, decree in such action or proceeding, recover from director, or employee of any member bank of the the sender in the manner provided herein the Federal Reserve System, unless otherwise prohib­ amount of attorneys’ fees and other expenses of lit­ ited;' to be at the same time an officer, director, or igation actually incurred, and, in addition, any employee of any corporation or unincorporated as­ amount required to be paid by such Federal Re­ sociation, a partner or employee of any partner­ serve Bank under such judgment or decree, to­ ship, or an individual, engaged in the issue, flota­ gether with interest thereon. Such recovery may be tion, underwriting, public sale, or distribution, at effected by charging the amount thereof to any ac­ wholesale or retail, or through syndicate participa­ count of the sender maintained on the books of tion, of only such securities as national banks may such Federal Reserve Bank (or if the sender is an­ lawfully underwrite and deal in pursuant to para­ other Federal Reserve Bank, by entering a charge graph Seventh of section 5136, Revised Statutes therefor against such other Federal Reserve Bank (12 U.S.C. 24).4 through Interdistrict Settlement Fund), provided only (1) that such Federal Reserve Bank shall have DEFENSE PRODUCTION LOANS made seasonable demand on the sender in writing to assume the defense of the action or proceeding, AMENDMENT TO REGULATION V and (2) that the sender shall not have made any other provision acceptable to such Federal Reserve Effective October 27, 1969, section 7(a) of Bank for the payment of such amount. A Federal Regulation V is amended to read as follows: Reserve Bank against which any such charge has been entered through the Interdistrict Settlement 2 [No change in footnote.! [No change in footnote.] Fund may recover from its sender, in any case 1 Made applicable to State member banks by paragraph herein provided, as if the action or proceeding 20 of section 9 of the Federal Reserve Act (12 U.S.C. 335). 938 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

SUPPLEMENT TO REGULATION V before the thirtieth calendar day following the date of this Order or (b) later than three months after SECTION 7 MAXIMUM RATES OF the date of this Order unless such period is ex­ INTEREST, GUARANTEE FEES, AND tended for good cause by the Board or by the COMMITMENT FEES Federal Reserve Bank of Boston pursuant to dele­ gated authority. * * * =1. * Dated at Washington, D.C., this 24th day of November, 1969. (a) Maximum rate of interest. The maximum in­ By order of the Board of Governors. terest rate charged a borrower by a financing in­ stitution with respect to a guaranteed loan shall not Voting for this action: Chairman Martin and Gov­ exceed 7/2 per cent per annum, except that the ernors Robertson, Daane, Maisel, Brimmer, and Sherrill. Absent and not voting: Governor Mitchell. agency guaranteeing a particular loan may from time to time prescribe a higher rate if it deter­ (Signed) Robert P. Forrestal, mines the loan to be necessary in financing an Assistant Secretary. essential defense production contract. [seal] Statement ORDERS UNDER BANK MERGER ACT The Connecticut Bank and Trust Company, THE CONNECTICUT BANK AND TRUST Hartford, Connecticut (“Hartford Bank”), with COMPANY, HARTFORD, CONNECTICUT total deposits of $800 million, has applied, pur­ suant to the Bank Merger Act (12 U.S.C. 1828(c)), for the Board’s prior approval of the In the matter of the application of the Connecti­ cut Bank and Trust Company for approval of merger of that bank with The Tradesmens National merger with The Tradesmens National Bank of Bank of New Haven, New Haven, Connecticut New Haven. (“Tradesmens”), which has total deposits of $28 million.' The banks would merge under the charter and name of Hartford Bank, which is a member Order Approving Merger of Banks of the Federal Reserve System. As an incident to the merger, the four offices of Tradesmens would There has come before the Board of Governors, become branches of Hartford Bank, increasing the pursuant to the Bank Merger Act (12 U.S.C. number of its offices to 51. I 828(c)), an application by The Connecticut Bank Competition. Hartford Bank has its head office and Trust Company, Hartford, Connecticut, a State and nine of its branches in Hartford; the bank member bank of the Federal Reserve System, for operates its other 37 branches in 27 communities the Board’s prior approval of the merger of that throughout most of the central and eastern portions bank and The Tradesmens National Bank of New of Connecticut, and has received authorization to Haven, New Haven, Connecticut, under the charter establish three additional branches in the central and name of The Connecticut Bank and Trust Com­ area and one in the eastern area of the State. pany, As an incident to the merger, the four offices Tradesmens operates its head office and two of The Tradesmens National Bank of New Haven branches in New Haven; it also has a branch in would become branches of the resulting bank. Hamden, which is about five miles north of New Notice of the proposed merger, in form approved Haven and within the New Haven Standard Metro­ by the Board, has been published pursuant to said politan Statistical Area. Act. The head offices of the two banks are 36 miles Upon consideration of all relevant material in apart. Hartford Bank’s nearest office to an office the light of the factors set forth in said Act, in­ of Tradesmens is its branch at Wallingford, nine cluding reports furnished by the Comptroller of miles northeast of Hamden. Hartford Bank also the Currency, the Federal Deposit Insurance Cor­ operates two branches in Meriden and two branches poration, and the Attorney General on the compet­ in Middletown, which are 14 miles and 17 miles, itive factors involved in the proposed merger, respectively, northeast of Hamden. Both Trades­ It is hereby ordered, for the reasons set forth mens and the Wallingford branch of Hartford Bank in the Board’s Statement of this date, that said derive some business from the town of North application be and hereby is approved, provided that said merger shall not be consummated (a) ’Figures arc as of December 31, 1968. 939 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

940 FEDERAL RESERVE BULLETIN □ DECEMBER 1969 Haven, but there is no meaningful competition Summary and conclusion. In the judgment of between the banks. the Board, the slightly adverse effect of the merger Hartford Bank is precluded by the home-office­ on competition would be outweighed by the bene­ protection feature of State law from establishing fits for the banking convenience and needs of the de novo branches in New Haven and Hamden. New Haven and Hamden communities. Both East Haven and West Haven are open to Accordingly, the Board concludes that the appli­ entry by de novo branching, but it is questionable cation should be approved. whether an office in either town would enable Hart­ ford Bank to compete effectively with the New THE COLONIAL BANK AND TRUST Haven banks. There are several towns that are COMPANY, WATERBURY, CONNECTICUT open to entry by de novo branching, including In the matter of the application of The Colonial Wallingford and others in which Hartford Bank Bank and Trust Company for approval of merger already has offices, where Tradesmens could be­ with The Brooks Bank and Trust Company. come a direct competitor of Hartford Bank. How­ ever, in view of the size of Tradesmens and its Order Approving Merger of Banks posture in the New Haven/Hamden market, it There has come before the Board of Governors, appears unlikely that it would undertake to estab­ pursuant to the Bank Merger Act (12 U.S.C. 1828 lish such branches. (c)), an application by The Colonial Bank and Tradesmens, with 5.3 per cent of the deposits, is Trust Company, Waterbury, Connecticut, a State the fourth largest of the 11 banks operating in member bank of the Federal Reserve System, for the New Haven/Hamden area. It is substantially the Board’s prior approval of the merger of that smaller than the three largest banks, which hold bank and The Brooks Bank and Trust Company, about 85 per cent of area deposits. Following the Torrington, Connecticut, under the charter and proposed merger, Hartford Bank would be the name of The Colonial Bank and Trust Company. largest bank operating offices in the New Haven/ As an incident to the merger, the six offices of The Hamden area. Hartford Bank, with 18.3 per cent Brooks Bank and Trust Company would become of the deposits, is the second largest of Connecti­ branches of the resulting bank. Notice of the pro­ cut’s 66 banks; Tradesmens, with 0.6 per cent of posed merger, in form approved by the Board, has the total deposits, ranks twenty-second in the State. been published pursuant to said Act. The effect of the merger on competition would Upon consideration of all relevant material in the be slightly adverse. light of the factors set forth in said Act, including Financial and managerial resources and pros­ reports furnished by the Comptroller of the Cur­ pects. The banking factors with respect to each of rency, the Federal Deposit Insurance Corporation, the banks proposing to merge are reasonably satis­ and the Attorney General on the competitive fac­ factory, as they would be with respect to the re­ tors involved in the proposed merger, sulting bank. It is hereby ordered, for the reasons set forth Convenience and needs of the community. The in the Board’s Statement of this date, that said ap­ merger would have no material effect on the bank­ plication be and hereby is approved, provided that ing convenience and needs of the communities in the said merger shall not be consummated (a) which Hartford Bank presently operates offices. before the thirtieth calendar day following the Hartford Bank, Connecticut’s second largest date of this Order or (b) later than three months bank, would offer a much greater variety of bank­ after the date of this Order unless such period is ing services than Tradesmens provides. While many extended for good cause by the Board or by the of the services that Hartford Bank would provide Federal Reserve Bank of Boston pursuant to dele­ are already available from the larger New Haven gated authority. Dated at Washington, D.C., this 1st day of De­ banks, the addition of a convenient alternative cember 1969. source of full banking services would benefit the banking convenience and needs of the residents of By order of the Board of Governors. Voting for this action: Chairman Martin and Gov­ the New Haven/Hamden area. As already in­ ernors Robertson, Daane, Maisel, Brimmer, and dicated, Hartford Bank is precluded by the restric­ Sherrill. Absent and not voting: Governor Mitchell. tions of State law from establishing de novo (Signed) Robert P. Forrestal, branches in New Haven and Hamden. [seal] Assistant Secretary. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 941 Statement so that other banks could establish de novo branches there. The Colonial Bank and Trust Company, Water­ Summary and conclusion. In the judgment of the bury, Connecticut (“Colonial Bank”), with total Board, the proposed merger would not have deposits of $199 million, has applied, pursuant to an adverse effect on competition and would benefit the Bank Merger Act (12 U.S.C. 1828(c)), for the banking convenience and needs of the Torring­ the Board’s prior approval of the merger of that ton community. bank with The Brooks Bank and Trust Company, Accordingly, the Board concludes that the ap­ Torrington, Connecticut (“Brooks Bank”), which plication should be approved. has total deposits of $29 million.1 The banks would merge under the charter and name of Colonial SECURITY BANK AND TRUST COMPANY, Bank, which is a member of the Federal Reserve DANVILLE, VIRGINIA System. As an incident to the merger, the six offices of Brooks Bank would become branches of Colo­ In the matter of the application of Security Bank nial Bank, increasing the number of its offices to and Trust Company for approval of merger with 30. The Bank of Danville. Competition. Colonial Bank operates 24 banking offices in 13 communities in New Haven County Order Approving Merger of Banks and Litchfield County. The six offices of Brooks There has come before the Board of Governors, Bank are in the City of Torrington (population pursuant to the Bank Merger Act (12 U.S.C. 32,000), which is in Litchfield County. The head 1828(c)), an application by Security Bank and offices of the banks are 19 miles apart, and their Trust Company, Danville, Virginia, a State mem­ nearest offices are about 11 miles apart. Neither ber bank of the Federal Reserve System, for the bank derives a significant amount of business from Board’s prior approval of the merger of that bank the area served by the other. Connecticut law per­ and The Bank of Danville, Danville, Virginia, mits State-wide branching, but a de novo branch under the charter and name of Security Bank and may not be established in a community where a Trust Company. Notice of the proposed merger, in bank is headquartered. Brooks Bank is the only form approved by the Board, has been published bank headquartered in Torrington, and consum­ pursuant to said Act. mation of the proposed merger would remove Upon consideration of all relevant material in home-office protection from that community. The the light of the factors set forth in said Act, in­ only other commercial banking office in the com­ cluding reports furnished by the Comptroller of munity is a branch of Hartford National Bank and the Currency, the Federal Deposit Insurance Cor­ Trust Company (total deposits $943 million), the poration, and the Attorney General on the com­ State’s largest bank. petitive factors involved in the proposed merger, Colonial Bank, the eighth largest commercial It is hereby ordered, for the reasons set forth bank in Connecticut, holds approximately 4 per in the Board’s Statement1 accompanying its order cent of the commercial banking deposits in the of this date concerning the acquisition of Security State. Brooks Bank, with less than 1 per cent of Bank and Trust Company by Virginia Common­ the State’s commercial bank deposits, ranks 19th wealth Bankshares, Inc., that said application be in this respect. The effect of the proposed merger and hereby is approved, provided that said merger on competition would not be adverse. shall not be consummated (a) before the thirtieth Financial and managerial resources and pros­ calendar day following the date of this Order or pects. The banking factors with respect to each of (b) later than three months after the date of this the banks proposing to merge are reasonably satis­ Order unless such period is extended for good factory, as they would be with respect to the re­ cause by the Board or by the Federal Reserve Bank sulting bank. of Richmond pursuant to delegated authority. Convenience and needs of the community. The Dated at Washington, D.C., this 1st Day of De­ replacement of Brooks Bank by offices of Colonial cember 1969. Bank would provide a convenient alternative source By order of the Board of Governors. of full banking services for the community of Tor­ Voting for this action: Vice Chairman Robertson rington and would remove home-office protection and Governors Mitchell, Daane, Brimmer, and Sherrill. 1 Figures are as of December 31, 1968. 1See page 958 of this Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

942 FEDERAL RESERVE BULLETIN □ DECEMBER 1969 Absent and not voting: Chairman Martin and Gover­ following the date of this Order or (b) later than nor Maisel. three months after the date of this Order, unless (Signed) Robert P. Forrestal, such period is extended for good cause by the Assistant Secretary. Board or by the Federal Reserve Bank of Atlanta [seal] pursuant to delegated authority, and that Central Park First National Bank shall be opened for busi­ ORDERS UNDER SECTION 3 OF BANK ness not later than six months after the date of this HOLDING COMPANY ACT Order. Dated at Washington, D.C., this 24th day of FIRST AT ORLANDO CORPORATION, November 1969. ORLANDO, FLORIDA By order of the Board of Governors. In the matter of the application of First at Or­ Voting for this action: Chairman Martin and Gov­ ernors Mitchell, Daane, Brimmer, and Sherrill. Voting lando Corporation, Orlando, Florida, for approval against this action: Governors Robertson and Maisel. of acquisition of all of the voting shares (except (Signed) Robert P. Forrestal, directors’ qualifying shares) of Central Park First Assistant Secretary. National Bank, Orlando, Florida, a proposed new [seal] hank. Statement Order Approving Acquisition of Bank Shares of Bank Holding Company First at Orlando Corporation, Orlando, Florida (“Applicant”), a registered bank holding company, There has come before the Board of Governors, has applied to the Board of Governors, pursuant to pursuant to section 3(a)(3) of the Bank Holding section 3(a)(3) of the Bank Holding Company Company Act of 1956 (12 U.S.C. 1842(a)(3)), Act of 1956 (12 U.S.C. 1842(a)(3)), for prior ap­ and section 222.3(a) of Federal Reserve Regula­ proval of the acquisition of all (except directors’ tion Y 12 CFR 222.3(a)), an application by First qualifying shares) of the voting shares of a pro­ at Orlando Corporation, Orlando, Florida, a reg­ posed new bank, Central Park First National Bank, istered bank holding company, for the Board’s Orlando, Florida (“Bank”). prior approval of the acquisition of all of the voting Views and recommendation of supervisory au­ shares (except directors’ qualifying shares) of thority. As required by section 3(b) of the Act, the Central Park First National Bank, Orlando, Board gave written notice of receipt of the applica­ Florida, a proposed new bank. tion to the Comptroller of the Currency, and re­ As required by section 3(b) of the Act, the quested his views and recommendation. The Act­ Board gave written notice of receipt of the applica­ ing Comptroller of the Currency recommended tion to the Comptroller of the Currency and re­ approval of the application. quested his views and recommendation. The Act­ Statutory considerations. Section 3(c) of the ing Comptroller recommended approval of the ap­ Act provides that the Board shall not approve plication. an acquisition that would result in a monopoly Notice of receipt of the application was pub­ or would be in furtherance of any combination or lished in the Federal Register on June 24, 1969 conspiracy to monopolize or to attempt to monopo­ (34 Federal Register 9773), providing an oppor­ lize the business of banking in any part of the tunity for interested persons to submit comments United States. Nor may the Board approve a and views with respect to the proposal. A copy proposed acquisition, the effect of which, in any of the application was forwarded to the United section of the country, may be substantially to States Department of Justice for its consideration. lessen competition, or to tend to create a monopoly, Time for filing comments and views has expired or which in any other manner would be in restraint and all those received have been considered by the of trade, unless the Board finds that the anticom­ Board. petitive effects of the proposed transaction are It is hereby ordered, for the reasons set forth clearly outweighed in the public interest by the in the Board’s Statement of this date, that said probable effect of the transaction in meeting the application be and hereby is approved, provided convenience and needs of the communities to be that the acquisition so approved shall not be con­ served. In each case, the Board is required to take summated (a) before the thirtieth calendar day into consideration the financial and managerial re- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 943 sources and future prospects of the bank holding South Orlando, which is affiliated with a $93 mil­ company and the banks concerned, and the con­ lion deposit bank in Orlando, has received author­ venience and needs of the communities to be ization to move its banking office to a location two served. miles north of Bank’s proposed location. Competitive effect of the proposed transaction. The closest of Applicant’s subsidiaries to Bank The 10 largest banking organizations in Florida, are The First National Bank at Orlando, located which include eight bank holding companies, con­ seven miles north of Bank’s proposed office, and trol 39 1 per cent of the State’s total deposits. Ap­ South Orlando First National Bank, located five plicant holds $351 million in deposits, represent­ miles to the northeast. The area served by these ing 3.1 per cent of the total deposits for the State, banks includes a large portion of Bank’s proposed and is the State’s fifth largest banking organization, service area. Applicant estimates that over 60 per and the fifth largest of the State’s 13 bank holding cent of Bank’s first year deposits would be derived companies. Applicant estimates that total deposits from existing customers of the South Orlando of Bank will be approximately $8 million at the bank, and that 80 per cent of Bank’s deposits of end of its first three-year period, an amount equal individuals, partnerships, and corporations, and a to less than .1 per cent of the total deposits pres­ similar percentage of Bank’s loans will originate ently held by banks located in Florida. from individuals and businesses already served Applicant became a bank holding company in by its two nearby banks and other subsidiaries. 1967, through the acquisition of The First Na­ Florida law prohibits branching, and Applicant tional Bank at Orlando and four other banks in asserts that the establishment of a new bank rep­ the Orlando (Orange County) area which had resents the only means whereby it can increase the been chartered under the sponsorship of First convenience of its services to customers in the area National. The present proposal would represent to be served by Bank. Applicant’s first expansion within Orange County This proposal involves the acquisition of a new since its formation. It has acquired, or has received bank which will not open for business unless the approval to acquire, four banks outside the county. application is approved. Consummation of the The five Orange County subsidiaries hold 42 per proposal will not result in the elimination of present cent of the total deposits held by 18 banks located or potential competition, and will not have an im­ in the county. The State’s largest and fourth largest mediate effect on the concentration of banking bank holding companies, with 8.3 per cent and deposits in any area. Nor does it appear that such 4.9 per cent of State deposits, respectively, have consummation will increase Applicant’s market offices in Orange County. Their shares of Orange position to an extent that would adversely affect County deposits are 9.6 per cent and 9.7 per cent, other competing banks. Further, the interest al­ respectively. ready evidenced by other banks in locations near Bank is to be situated in the Orlando Central Bank’s proposed site indicates that Bank’s estab­ Park industrial complex, located approximately lishment and acquisition by Applicant will not two miles southwest of the city limits of Orlando, deter the efforts of other banking organizations to and it will serve a rapidly growing residential and provide the area with competitive services. industrial suburb that extends two miles north, two On the basis of the foregoing, the Board con­ miles east, four miles south, and five miles west cludes that consummation of Applicant’s proposal of the proposed site of its office. There are no would not result in a monopoly, or be in further­ banks presently located within this area. However, ance of any combination, conspiracy or attempt to there is a pending charter application for a new monopolize the business of banking in any relevant State bank to be located two miles east of Bank’s area. It does not appear that the acquisition would proposed site, which application is sponsored by substantially lessen competition, tend to create a a one-bank holding company that controls a monopoly, or restrain trade in any section of the bank in Winter Park ($42 million of deposits) and country. owns substantial interests (slightly less than 25 per Financial and managerial resources and future cent) in three smaller banks, all in Orange County. prospects. Applicant and its subsidiary banks are in In addition, a bank with $11 million deposits in satisfactory financial condition, and the manage­ ment of each is considered to be competent and 'All banking data are as of December 31, 1968, unless satisfactory in all respects. Applicant’s existing otherwise noted, but reflect holding company acquisitions approved by the Board to date. subsidiaries and those approved for acquisition have Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

944 FEDERAL RESERVE BULLETIN □ DECEMBER 1969 good earnings and growth records, and their pros­ bank subsidiaries would be dissipated in the future pects appear favorable. if not locked in by holding company control, and Bank has no financial or operating history. How­ that, in that light, approval of the application was ever, its pro forma capitalization is satisfactory, precluded by considerations of concentration and its proposed management appears competent and potential competition. The Board’s Statement in experienced, and its prospects as a subsidiary of support of its approval action noted the high Applicant appear favorable. degree of concentration in the area, but concluded Considerations relating to the banking factors that the proposal would only “replace and affiliate are regarded as consistent with approval of the relationship with a bank holding company system,” application. and would therefore have no significant effect on Convenience and needs of the communities in­ the extent of concentration then existing in the volved. The proposed site of Bank is in a rapidly area. In support of its action, the Board also noted expanding residential and industrial area just out­ that “future proposals to expand Applicant’s sys­ side Orlando. The population of the area which it tem through acquisition of additional banking sub­ would serve has increased from 2,500 in 1950 to sidiaries” would be subject to prior approval of the an estimated 22,000 persons at the present time; in Board.2 addition, the area provides employment for 20,000 The present application represents a test of the persons, many of whom reside outside the im­ Board’s resolve to control Applicant’s expansion so mediate area. Projected expansion through attrac­ as to make possible meaningful deconcentration of tion of new industries is expected to increase Orange County banking. By its action, the majority area employment to 50,000 persons over the next has failed to meet this test. five-year period. The anticipated opening of Walt The area which Bank would serve has excep­ Disney World in 1971, at a location about 10 tional growth potential, and is located within the miles southwest of Bank’s site, will provide the area area served by two of Applicant’s subsidiaries. with a major tourist attraction which will further Applicant states that over 80 per cent of Bank’s contribute to its economic progress. deposits by individuals, partnerships and corpora­ No convenient banking office is available at the tions and a similar percentage of Bank’s loans will present time within Bank’s proposed service area, originate from individuals and businesses already and the needs of area residents are being served served by its two nearby banks and its other sub­ by Orlando banks located at a distance of from sidiaries. It can hardly be doubted that, with the five to nine miles. Applicant’s proposal would unusual growth predicted for the area, banking make banking services more conveniently avail­ services will be provided locally. The only real ques­ able to the area, and this consideration is consist­ tion is whether they will be provided by new com­ ent with approval of the application. petitors or whether the present concentration will Summary and conclusion. On the basis of all be extended into the newly developing area. In our relevant facts contained in the record, and in the opinion, the Board’s action on this proposal answers light of the factors set forth in section 3(c) of the this question in a manner inconsistent with the Act, it is the Board’s judgment that the proposed public interest and with the Board’s earlier stated acquisition would be in the public interest, and that position that future attempts at expansion by Ap­ the application should be approved. plicant within the Orlando area would be closely scrutinized with the objective of moderating fur­ Dissenting Statement of Governors ther impaction in the highly concentrated Orlando Robertson and Maisel area. The appropriate analysis of an application such In 1967, we dissented from the Board’s action as the present one was stated by the Board in a approving Applicant’s proposal to become a bank recent decision, as follows: holding company through the acquisition of five “Inasmuch as entry into a commercial banking mar­ banks which, as a group, dominated banking in ket is restricted, opportunities for deconcentration are Orlando and Orange County.’ The basis for our limited. This is particularly true in a State . . . where branching is highly restricted. If every newly develop­ dissent was that, in our judgment, the record pre­ ing need for banking facilities which arises in a con­ sented a reasonable basis for concluding that rela­ centrated market were to be filled by the market’s tionships then existing among Applicant’s proposed dominant organization, any meaningful deconcentra­ tion of the market’s banking resources would be made ‘The Board’s decision, and our dissent, in that case are published at 1967 Federal Reserve Bulletin 235. 2 Id. at’237. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 945 impossible, and further concentration might be en­ (34 Federal Register 7474), providing an oppor­ couraged. Each application by such an organization to tunity for interested persons to submit comments expand within its present trade area, even through acquisition of a new bank, must therefore be examined and views with respect to the proposal. A copy of to determine its probable effect on existing concentra­ the application was forwarded to the United States tion, whether it will foreclose an opportunity for new Department of Justice for its consideration. Time entry which could provide additional competition and possibly promote a decrease in concentration, and its for filing comments and views has expired and all effect in limiting the development of existing competi­ those received have been considered by the Board. tors located in or near the area to be served by the new institution.”" It is hereby ordered, for the reasons set forth in the Board’s Statement of this date, that said Applying these criteria to the present application, application be and hereby is approved, provided it is our view that acquisition of Bank by Applicant that the acquisition so approved shall not be con­ will inevitably serve to perpetuate, or even to in­ summated (a) before the thirtieth calendar day crease, concentration of banking resources in the following the date of this Order or (b) later than Orlando area, will make it more difficult for po­ three months after the date of this Order, unless tential entrants to establish the economic justifica­ such period is extended for good cause by the tion prerequisite to charter approval, and will tend Board, or by the Federal Reserve Bank of Atlanta, to limit the development of existing competitors pursuant to delegated authority. located in and near the area to be served. Dated at Washington, D.C., this 26th day of With respect to the “convenience and needs” November 1969. factor, the proposed acquisition will serve only to By order of the Board of Governors. make services which are already convenient more Voting for this action: Chairman Martin and Gov­ so, and will tend to deny the area the competitive ernors Mitchell, Daane, Maisel, and Sherrill. Voting services which are its greatest need. against this action: Governors Robertson and Brimmer. We would deny the application. (Signed) Robert P. Forrestal, Assistant Secretary. In the matter of the application of First at [seal] Orlando Corporation, Orlando, Florida, for approv­ al of acquisition of at least 80 per cent of the vot­ In the matter of the application of First at Or­ ing shares of Commercial Bank at Daytona Beach, lando Corporation, Orlando, Florida, for approval Daytona Beach, Florida. of acquisition of at least 80 per cent of the voting shares of Peninsula State Bank at Daytona Beach Order Approving Acquisition of Bank Stock Shores, Daytona Beach Shores, Florida. by Bank Holding Company There has come before the Board of Governors, Order Approving Acquisition of Bank Stock pursuant to section 3(a)(3) of the Bank Holding by Bank Holding Company Company Act of 1956 (12 U.S.C. 1842(a)(3)) There has come before the Board of Governors, and section 222.3(a) of Federal Reserve Regulation pursuant to section 3(a)(3) of the Bank Holding Y (12 CFR 222.3(a)), an application by First at Company Act of 1956 (12 U.S.C. 1842(a)(3)) Orlando Corporation, Orlando, Florida, a regis­ and section 222.3(a) of Federal Reserve Regula­ tered bank holding company, for the Board’s prior tion Y (12 CFR 222.3(a)), an application by approval of the acquisition of at least 80 per cent First at Orlando Corporation, Orlando, Florida, a of the voting shares of Commercial Bank at Day­ registered bank holding company, for the Board’s tona Beach, Daytona Beach, Florida. prior approval of the acquisition of at least 80 per As required by section 3(b) of the Act, the cent of the voting shares of Peninsula State Bank Board gave written notice of receipt of the appli­ at Daytona Beach Shores, Daytona Beach Shores, cation to the Commissioner of Banking of the State Florida. of Florida, and requested his views and recom­ As required by section 3(b) of the Act, the mendation with respect thereto. The Commissioner Board gave written notice of receipt of the applica­ recommended approval of the application. tion to the Commissioner of Banking of the State Notice of receipt of the application was pub­ of Florida, and requested his views and recom­ lished in the Federal Register on May 8, 1969 mendation with respect thereto. The Commissioner recommended approval of the application. 3 Application of First Wisconsin Bankshares Corpora­ tion, 1968 Federal Reserve Bulletin 645, 647-648. Notice of receipt of the application was pub- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

946 FEDERAL RESERVE BULLETIN □ DECEMBER 1969 lished in the Federal Register on May 8, 1969 (34 Federal Register 7475), providing an opportunity Federal Register 7474), providing an opportunity for interested persons to submit comments and for interested persons to submit comments and views with respect to the proposal. A copy of the views with respect to the proposal. A copy of the application was forwarded to the United States application was forwarded to the United States Department of Justice for its consideration. Time Department of Justice for its consideration. Time for filing comments and views has expired and all for filing comments and views has expired and all those received have been considered by the Board. those received have been considered by the Board. It is hereby ordered, for the reasons set It is hereby ordered, for the reasons set forth in the Board’s Statement of this date, that forth in the Board’s Statement of this date, that said application be and hereby is approved, pro­ said application be and hereby is approved, pro­ vided that the acquisition so approved shall not be vided that the acquisition so approved shall not be consummated (a) before the thirtieth calendar day consummated (a) before the thirtieth calendar day following the date of this Order or (b) later than following the date of this Order or (b) later than three months after the date of this Order, unless three months after the date of this Order, unless such period is extended for good cause by the such period is extended for good cause by the Board, or by the Federal Reserve Bank of Atlanta, Board, or by the Federal Reserve Bank of Atlanta, pursuant to delegated authority. pursuant to delegated authority. Dated at Washington, D.C., this 26th day of Dated at Washington, D.C., this 26th day of November 1969. November 1969. By order of the Board of Governors. By order of the Board of Governors. Voting for this action: Chairman Martin and Gov­ ernors Robertson, Mitchell, Daane, Maisel, Brimmer, Voting for this action: Chairman Martin and Gov­ and Sherrill. ernors Robertson, Mitchell, Daane, Maisel, Brimmer, and Sherrill. (Signed) Robert P. Forrestal, (Signed) Robert P. Forrestal, Assistant Secretary. A distant Secretary. [seal] [seal] Statement In the matter of the application of First at Or­ lando Corporation, Orlando, Florida, for approval First at Orlando Corporation, Orlando, Florida of acquisition of at least 80 per cent of the voting (“Applicant”), a registered bank holding company, shares of Exchange Bank at Holly Hill, Holly Hill, has applied to the Board of Governors, pursuant Florida. to section 3(a)(3) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a)(3)), for prior Order Approving Acquisition of Bank Stock approval of the acquisition of at least 80 per cent by Bank Holding Company of the voting shares of the following Florida banks: There has come before the Board of Governors, Commercial Bank at Daytona Beach, Daytona pursuant to section 3(a)(3) of the Bank Holding Beach (“Commercial Bank”); Peninsula State Bank Company Act of 1956 (12 U.S.C. 1842(a)(3)) at Daytona Beach Shores, Daytona Beach Shores and section 222.3(a) of Federal Reserve Regula­ (“Peninsula Bank”); and Exchange Bank at Holly tion Y (12 CFR 222.3)a)), an application by First Hill, Holly Hill (“Exchange Bank”). Although at Orlando Corporation, Orlando, Florida, a reg­ each of these proposals is the subject of a separate istered bank holding company, for the Board’s application and Board Order, this Statement con­ prior approval of the acquisition of at least 80 per tains the Board’s findings and conclusions with cent of the voting shares of Exchange Bank at respect to the three applications, because many of Holly Hill, Holly Hill, Florida. the facts and circumstances involved are common As required by section 3(b) of the Act, the to all three. Board gave written notice of receipt of the appli­ Views and recommendations of supervisory au­ cation to the Commissioner of Banking of the State thority. As required by section 3(b) of the Act, of Florida, and requested his views and recom­ notice of receipt of the applications was given to mendation with respect thereto. The Commissioner the Commissioner of Banking of the State of Flor­ recommended approval of the application. ida, and his views and recommendations were re­ Notice of receipt of the application was pub­ quested. The Commissioner recommended approval lished in the Federal Register on May 8, 1969 (34 of all three applications. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 947 Statutory considerations. Section 3(c) of the stitute, in terms of local deposits, the largest bank­ Act provides that the Board shall not approve an ing organization in Daytona Beach and Volusia acquisition that would result in a monopoly or County. However, several organizations which are would be in furtherance of any combination or con­ substantially larger than either the Commercial spiracy to monopolize or to attempt to monopolize Bank group or Applicant have subsidiaries in Day­ the business of banking in any part of the United tona Beach and elsewhere in Volusia County. The States. Nor may the Board approve a proposed duPont Trust, the largest bank holding company in acquisition, the effect of which, in any section of the State (30 subsidiary banks with $950 million the country, may be substantially to lessen compe­ in deposits), has a $31 million deposit subsidiary in tition, or to tend to create a monopoly, or which Daytona Beach and a $12 million deposit sub­ in any other manner would be in restraint of trade, sidiary in De Land (18 miles southwest of Day­ unless the Board finds that the anticompetitive tona Beach); Atlantic Bancorporation, the third effects of the proposed transaction are clearly out­ largest bank holding company in the State (11 weighed in the public interest by the probable effect banks with $559 million in deposits), controls two of the transaction in meeting the convenience and banks in Daytona Beach with combined deposits needs of the communities to be served. In each of $38 million; Barnett Banks of Florida, Inc., case, the Board is required to take into considera­ the fourth largest bank holding company in the tion the financial and managerial resources and State (16 banks with $558 million in deposits), future prospects of the bank holding company and has a $30 million deposit subsidiary in De Land, the banks concerned, and the convenience and and, in addition, has proposed to establish a new needs of the communities to be served. bank in Daytona Beach. Competitive effect of the proposed transactions. Commercial Bank and the subsidiaries of the Applicant is the fifth largest banking organization duPont Trust and Atlantic Bancorporation are the and the fifth largest bank holding company in only banks located within the City of Daytona Florida.' It has ten subsidiary banks, which hold Beach. The other banks located within the larger $351 million of deposits. Acquisition of Commer­ described service area are, in addition to Peninsula cial Bank, which has deposits of $36 million, and Bank and Exchange Bank, two affiliated banks in of Peninsula Bank and Exchange Bank, each of Ormond Beach with combined deposits of $36.5 which has about $6 million in deposits, would in­ million, and a small ($5.3 million deposits) inde­ crease Applicant’s share of deposits in the State pendent bank in Port Orange, which is located out­ from 3.1 to 3.5 per cent. Applicant’s standing side the service area of Commercial Bank, but among banking organizations and bank holding competes with Peninsula Bank. Therefore, in spite companies in the State would not be affected. of the relatively large size of Commercial Bank and The three proposed subsidiary banks are among its affiliates in terms of locally-generated deposits, 16 banks in Volusia County. Exchange Bank and Applicant would be the smallest of the three bank­ Peninsula Bank, both of which were chartered in ing organizations with subsidiaries in Daytona 1963 under the sponsorship of Commercial Bank, Beach, and only the third largest of five organiza­ continue to be closely allied with the latter. In tions in the larger service area. Further, one of the addition to the fact that large blocks of stock of smaller organizations (the Ormond Beach group) the three banks are held by the same shareholders, has a strong position within the market, and an­ the same three persons serve as principal officers other holding company larger than Applicant has of the three banks. proposed to establish a new bank in the area. In The three banks are located in the Daytona view of the size and relative strength of existing Beach area. Commercial Bank serves that entire and potential competitors, it does not appear that area, while Exchange Bank and Peninsula Bank the viability of any competing banking organization serve respective segments thereof, as well as a would be adversely affected by consummation of limited area beyond Daytona Beach. Commercial the proposed acquisitions. Bank is the largest of nine banks competing in The nearest subsidiaries of Applicant to Daytona the described area and of 16 banks in the county, Beach are located in Orlando, 63 miles to the and the three banks, considered as a group, consouth. Because of the distance involved and the 1 Unless otherwise noted, all banking data are as of number of banks located in the intervening areas, December 31, 1968, refer to insured commercial banks, no competition presently exists between Applicant’s and include all holding company applications approved by the Board to date. subsidiaries and any of the proposed subsidiary Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

948 FEDERAL RESERVE BULLETIN □ DECEMBER 1969 banks. Also, although the three subject banks are from two established subsidiaries of larger holding so located as to be capable of competing among companies, as well as from the Commercial Bank themselves, the previously discussed relationship group, with its established customer relationships among them precludes the existence of any mean­ in the area. In addition, as has previously been ingful competition. mentioned, another larger holding company has The origin and strength of those relationships proposed to establish a new bank on the opposite also indicate that there is little likelihood that com­ side of Daytona Beach from Commercial Bank. petition would develop among the three banks in Considering the entire record, it does not ap­ the future. In that connection, although Applicant pear that consummation of any or all of the pro­ has filed separate applications with respect to each posals will eliminate significant present or future of the proposed subsidiaries, as required by Board competition, or affect existing levels of concentra­ procedure, the record indicates that acquisition of tion in the Daytona Beach area. The principal either or both of the smaller banks could not likely competitive effect of the proposals would be to be consummated except in conjunction with ac­ strengthen the ability of the Commercial Bank quisition of Commercial Bank. Thus, approval of group to compete with subsidiaries of other large the applications relating to Exchange Bank and organizations which presently serve the area, with­ Peninsula Bank, coupled with denial of the Com­ out significant adverse effects on the area’s smaller mercial Bank application, would likely result in banks, which already compete with organizations eliminating all of the subject banks as means of larger than Applicant. Applicant’s entry into the area. Such result would For the foregoing reasons, the Board concludes not have the effect of fostering competition among that consummation of the proposed acquisitions the banks. would not result in a monopoly or be in furtherance In view of the Florida law's prohibition against of any combination, conspiracy or attempt to branching, it appears that the same geographical monopolize the business of banking in any part of considerations which have prevented competition the United States, and would not restrain trade, between Applicant’s subsidiaries and the three sub­ substantially lessen competition, or tend to create a ject banks in the past would likewise impede the monopoly in any part of the country. development of such competition in the future. Financial and managerial resources and future Future competition between Applicant and the prospects. The financial condition of Applicant and Commercial Bank group would therefore appear its present subsidiaries is satisfactory. Management to depend upon acquisition by Applicant of an­ is considered to be of uniformly high quality other existing bank in the Daytona Beach area, or throughout Applicant’s system, and the prospects its establishment and acquisition of a new bank in of the holding company and its subsidiary banks that area. There is nothing in the record to indi­ appear favorable. cate a likelihood that Applicant would pursue such The financial condition of Exchange Bank is gen­ alternative means of entry, and objective market erally satisfactory, but it appears likely that it will facts appear to point to a contrary conclusion. need to raise additional capital in the near future. With respect to alternative acquisitions, the only Commercial Bank and Peninsula Bank have im­ independent banks in the Daytona Beach area, aside mediate capital needs, and, in addition, have some from the subject banks, are the two affiliated banks asset weaknesses. As previously noted, the three in Ormond Beach and the much smaller bank in banks share common management; the direction Port Orange. Acquisition of the Port Orange Bank, which Applicant is capable of providing, partic­ however, would not give Applicant a geographic ularly in the area of asset management, would be location from which it could contribute significantly of benefit to all three banks. In addition, Applicant to competition in the Daytona Beach area, and plans, in the event of consummation of the pro­ acquisition of the two Ormond Beach banks, in posals, to confer with supervisors of the banks addition to being subject to some extent to a sim­ involved regarding additions to be made to the ilar locational disadvantage, would not appear sig­ capital of the three banks. Prospects of the banks, nificantly preferable to the present proposal in its while not unfavorable, would be improved by Ap­ competitive consequences. Nor does the establish­ plicant’s proposals. ment by Applicant of a new bank in the area ap­ These considerations weigh in favor of approval pear to be an attractive (and therefore likely) of the three applications. prospect, since such bank would face competition Convenience and needs of the communities in- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 949 volved. Consummation of the proposed acquisitions establishment of Exchange Bank and Peninsula would not affect the convenience or needs of cus­ Bank under its sponsorship further evidences its tomers served by Applicant’s present subsidiaries. competitive vitality. It appears that the banking needs of the Day­ Applicant, in addition to being one of the largest tona Beach area are being adequately served at banking organizations in Florida, is the dominant present. Commercial Bank offers full banking serv­ banking organization in Orlando (Orange County), ices, as do the holding company subsidiaries located which is the closest major banking market to Day­ in the area. However, the area would benefit from tona Beach. It controls five of the 18 banks in the increased loan capacity which the proposal Orange County, and accounts for 42 per cent of would provide to the subject banks by increasing the deposits held by all banks in that county. It is the facility of arranging loan participations with more than 2.5 times as large as the second largest other subsidiaries of Applicant. It is also proposed banking organization in Orange County. by Applicant to improve the trust services offered In a decision last year, the Board summarized by Commercial Bank and to provide stronger man­ the objectives which Congress sought to achieve in agement direction in other areas. These considera­ enacting section 3 of the Bank Holding Company tions are consistent with, and provide some support Act as follows: for, approval of the applications. “ITlhe primary objectives of Congress in establishing Summary and conclusion. On the basis of all a competitive standard to be applied to applications such as that presently before the Board were to prevent relevant facts contained in the records, and in the the concentration of banking resources in the hands of light of the factors set forth in section 3(c) of the a few large banking organizations and to protect and encourage a framework for a banking structure consist­ Act, it is the Board’s judgment that the proposed ing of as many separate and competing banking orga­ acquisitions would be in the public interest, and nizations as can effectively and efficiently serve the that the applications should be approved. convenience and needs of the banking public.” 1 The acquisition of Commercial Bank by Appli­ Statement of Governors Robertson ano cant would frustrate these objectives by eliminating Brimmer, Dissenting in Part a potential for deconcentration of the Daytona It is our view that Applicant’s acquisition of Beach market and by providing an organization Commercial Bank, either alone or in addition to which occupies a dominant position in one Florida the two smaller banks, would have significant market with a leading position in a second market adverse competitive effects which are not out­ in the State. Applicant will control over 30 per weighed by any other considerations presented by cent of the deposits in the Daytona Beach area. the record. Over 73 per cent of such deposits will be held by three bank holding companies, all of which Our concern is not predicated upon the elimina­ tion of present competition. We agree with the con­ rank among the five largest banking organizations clusion of the Board that little competition now in the State. Banking in the area will continue to exists between Applicant’s subsidiaries and the sub­ be dominated by four organizations. ject banks. Similarly, we do not dispute the con­ As noted in the majority Statement, there is clusion that the present relationships of ownership nothing in the record to indicate a likelihood that, and interlocking management among the three in the event of a denial of its application involving Commercial Bank, Applicant would pursue alter­ banks precludes their consideration as true alterna­ native means of entry into the Daytona Beach tive sources of banking service. Bitt the acquisition area. In all probability, Applicant, intent on achiev­ by the fifth largest banking organization in the ing entry through acquisition of the area’s largest State of Florida of the leading competitor in one banking organization, has given little or no thought of the State’s significant banking markets would, in to attaining the same objective through means our opinion, have adverse effects on potential com­ more consistent with the public interest. But one petition which should preclude favorable con­ function of Board decisions on applications such as sideration of the proposal by the Board. the present ones should be to direct the holding Commercial Bank, with $36 million in deposits, company’s attention toward those means of expan­ is the largest bank in the Daytona Beach area and sion which best serve the public interest, and there­ in Volusia County. This position was achieved and fore are more likely to receive Board approval. Unhas been maintained despite the fact that it faced direct competition from subsidiaries of two of the 1 Application of Charter New York Corporation, 1968 largest banking organizations in the State. The Federal Reserve Bulletin 925, 928. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

950 FEDERAL RESERVE BULLETIN □ DECEMBER 1969 fortunately, the Board’s action on these applications NORTHEASTERN BANKSHARE may have an opposite effect on holding companies ASSOCIATION, now formulating expansion plans. LEWISTON, MAINE We cannot agree with the majority’s conclusion that objective market facts indicate that it is un­ In the matter of the application of Northeastern likely that Applicant would attempt to enter the Bankshare Association, Lewiston, Maine, for ap­ Daytona Beach area through means other than proval of acquisition of at least 51 per cent of the acquisition of Commercial Bank. The facts are voting shares of First-Manufacturers National that the market is a significant and a growing one. Bank of Lewiston and Auburn, Lewiston, Maine. The fourth largest holding company in the State has already proposed to establish a new bank in the Order Approving Application Under area. While that organization is larger than Appli­ Bank Holding Company Act cant, the difference does not appear so significant as to make de novo entry an attractive prospect There has come before the Board of Gover­ for the former, but unattractive for the latter. Fur­ nors, pursuant to section 3(a)(3) of the Bank thermore, if the size of present competitors in the Holding Company Act of 1956 (12 U.S.C. market is considered to make de novo entry by the 1842(a)(3)) and section 222.3(a) of Federal fifth largest banking organization in the State an Reserve Regulation Y (12 CFR 222.3(a)), an unattractive, and therefore unlikely, prospect, from application by Northeastern Bankshare Associa­ what source can new competition in the area be tion, Lewiston, Maine, a registered bank holding expected to come? It is our view that the facts that company, for the Board’s prior approval of the ac­ there are few independent banks remaining in the quisition of at least 51 per cent of the voting shares area, and that entry barriers arc relatively high, of First-Manufacturers National Bank of Lewiston lead to the conclusion that an organization capable and Auburn, Lewiston, Maine. of surmounting the existing barriers should not be As required by section 3(b) of the Act, the Board notified the Comptroller of the Currency of permitted to enter the area through acquisition of receipt of the application and requested his views three banks which, combined, constitute the largest and recommendation. The Comptroller recom­ local banking organization. mended that the application be given favorable Because acquisition of Peninsula Bank and Ex­ consideration. change Bank, if not coupled with acquisition of Notice of receipt of the application was pub­ Commercial Bank, would have the effect of in­ lished in the Federal Register on August 7, 1969 jecting new competition into the Daytona Beach (34 Federal Register 12850), which provided an area, we join with the Board’s majority in approv­ opportunity for interested persons to submit com­ ing those applications. In doing so, we recognize ments and views with respect to the proposed the possibility that the owners of those banks might transaction. A copy of the application was for­ well refuse to sell their interests except as part of warded to the United States Department of Jus­ a “package” which also includes Commercial Bank. tice for its consideration. The time for filing com­ If that were to occur, the competitive situation in ments and views has expired and all those received Daytona Beach would be unchanged by the actions have been considered by the Board. which we would take, and Applicant would re­ It is hereby ordered, for the reasons set forth main only a potential competitor in the area, rather in the Board’s Statement of this date, that said than an actual one. In view of the evidence that application be and hereby is approved, provided the Commercial Bank group is an effective com­ that the acquisition so approved shall not be con­ petitor and that the convenience and needs of the summated (a) before the thirtieth calendar day community would be only minimally advanced by following the date of this Order or (b) later than its becoming a part of Applicant’s organization, we three months after the date of this Order, unless view that alternative as far preferable to Appli­ such period is extended for good cause by the cant’s entry through means which will eliminate Board, or by the Federal Reserve Bank of Boston potential competition, increase the already sig­ pursuant to delegated authority. nificant barriers to new entry, and thus tend to Dated at Washington, D.C., this 26th day of prevent any diminution of the high level of con­ November 1969. centration in the area. By order of the Board of Governors. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 951 Voting for this action: Chairman Martin and Gov­ Dated at Washington, D.C., this 26th day of ernors Mitchell, Maisel, and Sherrill. Voting against November 1969. this action: Governor Robertson. Absent and not vot­ ing: Governors Daane and Brimmer. By order of the Board of Governors. (Signed) Robert P. Forrestal, Voting for this action: Chairman Martin and Gov­ ernors Robertson, Mitchell, Maisel, and Sherrill. Assistant Secretary. Absent and not voting: Governors Daane and Brim­ [seal] mer. (Signed) Robert P. Forrestal, Assistant Secretary. In the matter of the application of Northeastern [seal] Bankshare Association, Lewiston, Maine, for ap­ proval of acquisition of at least 51 per cent of the Statement voting shares of The Peoples National Bank of Farmington, Farmington, Maine. Northeastern Bankshare Association, Lewiston, Maine (“Applicant”), a registered bank holding Order Approving Application Under company, has applied to the Board, pursuant to Bank Holding Company Act section 3(a)(3) of the Bank Holding Company Act of 1956, for prior approval of the acquisition There has come before the Board of Governors, of at least 51 per cent of the voting shares of pursuant to section 3(a)(3) of the Bank Holding both the First-Manufacturers National Bank of Company Act of 1956 (12 U.S.C. 1842(a)(3)), Lewiston and Auburn, Lewiston, Maine (“First and section 222.3(a) of Federal Reserve Regula­ Bank”), and The Peoples National Bank of Farm­ tion Y (12 CFR 222.3(a)), an application by ington, Farmington, Maine (“Peoples Bank”). Northeastern Bankshare Association, Lewiston, Each of the applications has been separately con­ Maine, a registered bank holding company, for the sidered and is the subject of a separate Board Board’s prior approval of the acquisition of at least Order. However, since certain facts and circum­ 51 per cent of the voting shares of The Peoples stances are common to both applications, this National Bank of Farmington, Farmington, Maine. Statement contains the Board’s findings and con­ As required by section 3(b) of the Act, the clusions with respect to both. Board notified the Comptroller of the Currency Views and recommendation of supervisory au­ of receipt of the application and requested his thority. As required by section 3(b) of the Act, views and recommendation. The Comptroller rec­ notice of receipt of the applications was given to, ommended that the application be given favorable and views and recommendation requested of, the consideration. Comptroller of the Currency. The Comptroller Notice of receipt of the application was pub­ recommended approval of both applications. lished in the Federal Register on August 22, 1969 Statutory considerations. Section 3(c) of the Act (34 Federal Register 13570), providing an oppor­ provides that the Board shall not approve an tunity for interested persons to submit comments acquisition that would result in a monopoly or and views with respect to the proposed acquisition. would be in furtherance of any combination or A copy of the application was forwarded to the conspiracy to monopolize or to attempt to monop­ United States Department of Justice for its con­ olize the business of banking in any part of the sideration. Time for filing comments and views has United States. Nor may the Board approve a pro­ expired and all those received have been considered posed acquisition the effect of which, in any section by the Board. of the country, may be substantially to lessen com­ It is hereby ordered, for the reasons set forth petition, or to tend to create a monopoly, or which in the Board’s Statement of this date, that said in any other manner would be in restraint of trade, application be and hereby is approved, provided unless the Board finds that the anticompetitive that the acquisition so approved shall not be con­ effects of the proposed transaction are clearly out­ summated (a) before the thirtieth calendar day weighed in the public interest by the probable effect following the date of this order, or (b) later than of the transaction in meeting the convenience and three months after the date of this Order, unless needs of the communities to be served. In each such period is extended for good cause by the case the Board is required to take into considera­ Board, or by the Federal Reserve Bank of Boston tion the financial and managerial resources and pursuant to delegated authority. future prospects of the bank holding company and Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

952 FEDERAL RESERVE BULLETIN □ DECEMBER 1969 the banks concerned, and the convenience and local offices of three of the four largest banking needs of the communities to be served. organizations in the State. Competitive effect of the proposed transaction. The main office of Peoples Bank is located in Applicant controls about $69 million in deposits, Farmington, which is about 43 miles north of and is the sixth largest banking organization and Lewiston, in Franklin County; its only branch is the smallest of three bank holding companies oper­ located 48 miles north of Farmington, in Eustis. ating in Maine? The 10 largest banking organiza­ It competes with one local bank of approximately tions, which include the three bank holding com­ its size in Farmington, and with offices of the panies, control about $841 million in total deposits, largest and second largest banking organizations in representing 77.3 per cent of the total deposits held Maine. by all commercial banks in the State. Acquisition No significant competition exists between the of both banks by Applicant would increase this subject banks or between either of them and a figure to 80.3 per cent. Applicant’s five subsidiary subsidiary of Applicant. The nearest offices of First banks hold 6.3 per cent of all bank deposits in Bank and Peoples Bank are 23 miles and 75 miles, Maine. Acquisition of First Bank, which has $64.2 respectively, from any office of a subsidiary of million in deposits (5.9 per cent of the State total), Applicant. and Peoples Bank, which has $6.6 million in de­ Under Maine law, a bank can legally branch posits (.6 per cent of the State total), would into a county contiguous to that in which its home increase Applicant’s share of State deposits to 12.8 office is located. One of Applicant’s subsidiaries, per cent. Acquisition of Peoples Bank would not Westbrook Trust Company, is located in a county increase Applicant’s rank among the State’s bank­ contiguous to Androscoggin County and there is, ing organizations or bank holding companies. Ac­ therefore, a possibility of future competition be­ quisition of First Bank, either alone or in addition tween that bank and First Bank. However, analysis to Peoples Bank, would result in Applicant’s be­ of the population of the areas involved, the num­ coming the third largest banking organization and ber and size of banking alternatives located in such the second largest bank holding company in the areas, past branching patterns of the banks in­ State. volved, and other economic considerations, leads Applicant’s largest and only directly-owned sub­ to the conclusion that the possibility of such com­ sidiary bank is Eastern Trust and Banking Com­ petition is remote. pany, Bangor, Maine, which has deposits of $31 Prior to Applicant’s proposal, First Bank and million. In addition, the Board, in August 1969, Peoples Bank received prior Board approval to be­ approved a proposal by Applicant to acquire at come affiliated through the formation of a bank least 51 per cent of the voting shares of Westbrook holding company, First Bankshare Association, Trust Company ($15 million deposits), Westbrook, Lewiston, Maine.- This plan has been abandoned. Maine. Applicant’s other subsidiary banks, which Nevertheless, the abandoned plan suggests that are directly owned by Eastern Trust and Banking there is a potential for competition between banks Company (which is a holding company, as well as in Applicant’s system and First Bank if the latter a bank), are Lincoln Trust Company, Lincoln ($8 were to become the lead bank in another bank million deposits); Millinocket Trust Company, holding company. In the Board’s judgment, how­ Millinocket ($9 million deposits); and Guilford ever, any adverse weight which might be assigned Trust Company, Guilford ($6 million deposits); to the foreclosure of that potential is less significant all are located in the State of Maine. than the favorable weight applicable to other com­ Eight of First Bank’s nine offices are located in petitive considerations. The largest of Applicant’s Lewiston and Auburn, two cities which form a present subsidiaries has deposits of only $31 mil­ single commercial and population center in Andro­ lion. Lacking the strong base possessed by the large scoggin County, in southwestern Maine; the other banking organizations in Maine, its ability to offer is located in Lisbon, eight miles southwest of competition to such organizations is limited. Acqui­ Lewiston. First Bank is the largest bank in its area sition of First Bank would provide it with that base, in terms of its share of deposits originating within and thereby create a potential for increased com­ the area, but its only competitors are stated to be petition with the dominant banking organization in the State. It is the Board’s view that this would 1 All banking data are as of December 31, 1968, unless otherwise noted, and reflect all holding company acquisi­ tions approved by the Board to date. 2 1969 Federal Reserve Bulletin 282. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 953 better meet the requirements of the State for com­ Summary and conclusion. On the basis of all petitive banking than would the creation by First relevant facts contained in the record, and in light Bank of another holding company with only local of the factors set forth in section 3(c) of the Act, capability. it is the Board’s judgment that the proposed trans­ On the basis of the foregoing, the Board con­ action would be in the public interest and that the cludes that consummation of either or both of the application should be approved. proposed acquisitions would not result in a monop­ oly or be in furtherance of any combination, con­ Statement of Governor Robertson, spiracy, or attempt to monopolize the business of Dissenting in Part banking in any relevant area, and would not sub­ In March of this year, I joined in approving an stantially lessen competition, tend to create a application by First Bankshare Association to be­ monopoly, or restrain trade in any section of the come a bank holding company through the acqui­ country. sition of voting shares of First Bank and Peoples Financial and managerial resources and future Bank. In so doing, I was influenced by the fact that prospects. The financial conditions and manage­ such proposal would have created a new holding ments of Applicant, its subsidiary banks, and of company in Maine, of approximately the same size First Bank are satisfactory, and their prospects ap­ as the Applicant here, and with potential for com­ pear favorable. The financial condition and man­ peting not only with Applicant, but also with the agement of Peoples Bank are reasonably satisfac­ larger banking organizations in the State. Because tory; its prospects are regarded as only fair, how­ I continue to believe that First Bank is fully capable ever, due to its location in an area which has had of serving as the lead bank in such a holding com­ little economic growth. Applicant’s proposal offers pany, it is my view that its affiliation with one of a means whereby Peoples Bank might achieve the few existing holding companies would fore­ stronger management, more efficient operations, close a significant potential for future competition and improved services, and to this extent should and that therefore, absent the most compelling con­ have a favorable effect on the prospects of Peoples siderations relating to the convenience and needs Bank. of the communities to be served, approval of such Considerations relating to the banking factors a proposal is inconsistent with the statutory criteria are consistent with approval of Applicant’s pro­ applicable to such applications. posed acquisition of First Bank, and lend some The present case involves a bank which not only weight toward approval of the application involv­ appears, on the basis of objective evidence, to be ing Peoples Bank. capable of providing leadership to a new holding Convenience and needs of the communities in­ company, but one whose interest in doing so is a volved. The banking needs of residents of the areas matter of record, and which has, in fact, received served by Applicant’s present subsidiaries, by First Board approval of a specific proposal. Its potential Bank, and by Peoples Bank appear to be adequately could hardly be more clearly demonstrated, unless served at present. However, the areas served by all the action earlier approved by the Board had been of the banks involved would benefit from the consummated and the present proposal involved a greater facility with which the banks will be able merger of existing holding companies. The Board’s to meet larger credit needs in the communities majority recognizes that potential, but finds the which they serve, through loan participations adverse effect of its foreclosure less significant than among them. First Bank would be able to provide what it believes to be a pro-competitive effect of more meaningful competition to the larger banking creating, instead of two organizations, a single organizations in its area in meeting such needs, and organization of a size more nearly equal to that of present subsidiaries of Applicant would, as a result the largest banking organizations in the State. In of the increase in the resources of Applicant’s sys­ my view, however, a merger of interests by the tem, have greatly expanded credit capability. Peo­ sixth and seventh largest banking organizations in ples Bank, in addition, will have access to special­ Maine will compound, rather than help to alleviate, ists on trust matters, lending, and daily operations, the present imbalance in the State’s banking struc­ which should result in improvements in the serv­ ture, and almost inevitably will lead to further at­ ices which it offers. tempts at consolidation among the larger banking Considerations under this factor favor approval organizations in the State. Although an increase in of both applications. the aggregate loan limit of Applicant’s system will Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

954 FEDERAL RESERVE BULLETIN □ DECEMBER 1969 result from the proposal, the record fails to demon­ Colorado Commissioner of Banks, and requested strate any unserved need for loans in such amounts. their views and recommendations. The Comp­ Considerations of community convenience and troller recommended approval of the application, needs therefore provide no significant weight to and the Commissioner replied that he had no com­ justify the anticompetitive effects which would re­ ment with respect to the proposal. sult from consummation of the acquisition. Notice of receipt of the application was pub­ Acquisition of Peoples Bank appears to be an lished in the Federal Register on July 25, 1969 appropriate method of expansion by an organiza­ (34 Federal Register 12303), which provided an tion of Applicant’s size, and for that reason I join opportunity for interested persons to submit com­ in the Board’s approval of Applicant’s proposal ments and views with respect to the proposed involving that bank. For the reasons stated herein, transaction. A copy of the application was for­ however, I would deny the application involving warded to the United States Department of Justice First Bank. for its consideration. The time for filing comments and views has expired and all those received have been considered by the Board. AFFILIATED BANKSHARES OF It is hereby ordered, for the reasons set forth COLORADO, INC., in the Board’s Statement of this date, that said DENVER, COLORADO application be and hereby is approved, provided that the action so approved shall not be consum­ In the matter of the application of Affiliated mated (a) before the thirtieth calendar day follow­ Bankshares of Colorado, Inc., Denver, Colorado, ing the date of this Order or (b) later than three for approval of action to become a bank holding months after the date of this Order, unless such company through the acquisition of 67 per cent period is extended for good cause by the Board, or more of the voting shares of 13 banks in the or by the Federal Reserve Bank of Kansas City State of Colorado. pursuant to delegated authority. Dated at Washington, D.C., this 1st day of Order Approving Action to Become a Bank December 1969. Holding Company By order of the Board of Governors. There has come before the Board of Governors, Voting for this action: Chairman Martin and Gov­ ernors Mitchell, Maisel, and Sherrill. Voting against pursuant to section 3(a)(1) of the Bank Holding this action: Governor Robertson. Absent and not vot­ Company Act of 1956 (12 U.S.C. 1842(a)(1)) ing: Governors Daane and Brimmer. and section 222.3(a) of Federal Reserve Regula­ (Signed) Robert P. Forrestal, tion Y (12 CFR 222.3(a)), an application by Assistant Secretary. Affiliated Bankshares of Colorado, Inc., Denver, [seal] Colorado, for the Board’s prior approval of action whereby Applicant would become a bank holding Statement company through the acquisition of 67 per cent or more of the voting shares of the following banks Affiliated Bankshares of Colorado, Inc., Den­ in the State of Colorado: First National Bank in ver, Colorado (“Applicant”), has filed with the Boulder, Boulder; Arapahoe National Bank of Board, pursuant to section 3(a)(1) of the Bank Boulder, Boulder; First National Bank of Lafay­ Holding Company Act of 1956, an application for ette, Lafayette; First National Bank of Louisville, approval of action to become a bank holding com­ Louisville; Greeley National Bank, Greeley; Cache pany through the acquisition of 67 per cent or National Bank of Greeley, Greeley; West Greeley more of the voting shares of the following 13 National Bank, Greeley; Farmers National Bank banks, all of which are located in the State of of Ault, Ault; First National Bank in Loveland, Colorado: First National Bank in Boulder, Boulder Loveland; Westlake First National Bank, Loveland; (“Boulder Bank”); Arapahoe National Bank of First National Bank of Colorado Springs, Colorado Boulder, Boulder (“Arapahoe Bank”); First Na­ Springs; Bank of Manitou, Manitou Springs; and tional Bank of Lafayette, Lafayette (“Lafayette Fort Carson National Bank, Fort Carson. Bank”); First National Bank of Louisville, Louis­ As required by section 3(b) of the Act, the ville (“Louisville Bank”); Greeley National Bank, Board gave written notice of receipt of the applica­ Greeley (“Greeley Bank”); Cache National Bank tion to the Comptroller of the Currency and the of Greeley, Greeley (“Cache Bank”); West Gree- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 955 ley National Bank, Greeley (“West Greeley tion, which is headquartered in California. Appli­ Bank”); Farmers National Bank of Ault, Ault cant, the two largest proposed subsidiaries of which (“Ault Bank”); First National Bank in Loveland, now rank seventh and eighth in size among bank­ Loveland (“Loveland Bank”); Westlake First Na­ ing organizations in the State, would become the tional Bank, Loveland (“Westlake Bank”); First State’s fourth largest banking organization, and National Bank of Colorado Springs, Colorado would control 6.4 per cent of State deposits; the Springs (“Colorado Springs Bank”); Bank of share of bank deposits controlled by the 10 largest Manitou, Manitou Springs (“Manitou Bank”); and banking organizations would increase to about 63 Fort Carson National Bank, Fort Carson (“Fort per cent. Applicant would be the only one of the Carson Bank”). seven largest banking organizations in the State Views and recommendations of supervisory whose principal operations are not conducted in authorities. As required by section 3(b) of the Act, the Denver area. written notice of receipt of the application was Applicant’s proposal involves 13 banks with total given to, and views and recommendations request­ deposits of $246 million. What is actually contem­ ed of, the Comptroller of the Currency and the plated, however, giving effect to existing relation­ State Bank Commissioner of Colorado. The Comp­ ships among banks involved in the proposal, is the troller recommended approval of the application. acquisition of the members of four separate bank­ The Commissioner replied that he had no comment ing groups, ranging in deposit size from $23 million to make with respect to the proposal. to $98 million, as follows: (1) the Colorado Statutory considerations. Section 3(c) of the Springs group, which consists of Colorado Springs Act provides that the Board shall not approve an Bank ($92.6 million deposits), Manitou Bank acquisition that would result in a monopoly or ($2.2 million deposits), and Fort Carson Bank would be in furtherance of any combination or ($3.4 million deposits); (2) the Boulder group, conspiracy to monopolize or to attempt to monop­ which consists of Boulder Bank ($58.7 million de­ olize the business of banking in any part of the posits), Arapahoe Bank ($5.9 million deposits), United States. Nor may the Board approve a pro­ Lafayette Bank ($2.6 million deposits), and Louis­ posed acquisition, the effect of which, in any sec­ ville Bank ($2.7 million deposits); (3) the Gree­ tion of the country, may be substantially to lessen ley group, which consists of Greeley Bank ($40.6 competition, or to tend to create a monopoly, or million deposits), Cache Bank ($5.8 million de­ which in any other manner would be in restraint posits), West Greeley Bank ($2.8 million de­ of trade, unless the Board finds that the anticom­ posits), and Ault Bank ($5.4 million deposits); petitive effects of the proposed transaction are and (4) the Loveland group, which consists of clearly outweighed in the public interest by the Loveland Bank ($21.1 million deposits) and West­ probable effect of the transaction in meeting the lake Bank ($2.2 million deposits). Shareholders of convenience and needs of the communities to be the largest bank in each group control a majority served. In each case, the Board is required to take of the shares of all other banks in the group. With into consideration the financial and managerial the exception of Manitou Bank, Lafayette Bank, resources and future prospects of the bank holding Louisville Bank, and Ault Bank, the smaller banks company and the banks concerned, and the con­ in each group were organized by the large bank venience and needs of the communities to be in the group as a means of providing more con­ served. venient service to suburban customers, branching Competitive effect of the proposed transaction. being prohibited in Colorado. With respect to the The 10 largest banking organizations in Colorado, four banks noted as exceptions, Manitou Bank and among which are the five bank holding companies Ault Bank were purchased from owner-manage­ operating in the State, presently control 59 per cent ment which, because of age, were desirous of sell­ of the deposits held by the State’s 219 banks.1 The ing their interests in those banks; purchase of largest subsidiary banks of four of the present hold­ Lafayette Bank and Louisville Bank was arranged ing companies are located in Denver, as is the in order to provide a solution to financial difficul­ principal Colorado subsidiary of the fifth bank ties of those banks. In view of the existing relation­ holding company in the State, Western Bancorporaships it does not appear that there is competition, 1 Unless otherwise noted, all banking data are as of or a potential for competition, among the banks December 31, 1968, refer to insured commercial banks, in any one of the four groups. and reflect mergers and holding company acquisitions ap­ proved to date. Each of the groups is located in a narrow strip Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

956 FEDERAL RESERVE BULLETIN □ DECEMBER 1969 of land running from north to south through Colo­ hold about 36 per cent of the deposits in El Paso rado parallel to the front range of the Rocky County; it does not appear that consummation of Mountains; virtually all of the economic develop­ the present proposal would significantly alter its ment in Colorado has taken place in this area. The competitive posture, so as to threaten undue ad­ Colorado Springs group is located 70 miles south verse effects on competing banks. Neither does it of Denver; the three smaller groups are north of appear that entry barriers would be raised signifi­ Denver. The northernmost of the groups is the cantly in any of the areas involved. Greeley group; the Loveland group is located about In summary, consummation of the proposal 21 miles west of Greeley; Boulder is 30 miles south­ would create a new and significant competitive west of Loveland, and about 50 miles southwest of force in the State of Colorado, with resources Greeley; the Colorado Springs group is located 110 sufficient to permit it to offer competition to the miles south of Greeley and Loveland, and 90 miles larger Denver-based banking organizations. These southeast of Boulder. Each of the groups serves an benefits to competition would be accomplished area of the State which is separate from that served without significantly increasing concentration in by the others. The two closest, Greeley and Love­ any relevant area, eliminating existing competition, land, are separated by the major north-south high­ or foreclosing the development of future competi­ way through Colorado, and trade patterns of both tion. The action proposed would not result in a cities appear to run north and south rather than monopoly or be in furtherance of any combination east and west. No competition presently exists be­ or conspiracy to monopolize the business of bank­ tween banks in one group and those in another, and ing in any area, and would not substantially lessen the geographic and economic factors from which competition, tend to create a monopoly, or restrain this absence of competition results, coupled with trade in any section of the country. the State’s prohibition against branching, would Financial and managerial resources and future likely prevent future competition among them as prospects. The projected financial condition of Ap­ well. plicant, a new corporation, is satisfactory. The Although each of the groups is a strong com­ financial condition of all of its proposed subsidiary petitor within its market, none appears likely to banks is reasonably satisfactory, and both Applicant dominate its market, regardless of whether it be­ and the subject banks have competent management. comes affiliated with the others. The Greeley group Prospects of the banks, which appear favorable in is the largest banking organization in Weld County any event, would be enhanced by consummation in terms of local deposits; however, the third of the proposal. largest bank in Greeley and in the county is a These considerations are regarded as consistent subsidiary of Denver U.S. Bancorporation, the with approval of the application. largest banking organization in the State. The Convenience and needs of the communities in­ Loveland group, located in Larimer County, com­ volved. Each of the four areas served by the pro­ petes with two substantially larger banks in Fort posed subsidiary banks is experiencing rapid popu­ Collins, one of which is a subsidiary of Western lation growth and economic development. With this Bancorporation and the other of which is a sub­ growth has come a demand for specialized services sidiary of Denver U.S. Bancorporation. Boulder and additional credit which Applicant’s proposal, Bank is the largest bank in the city and county of by permitting the banks involved to pool their re­ Boulder; the third largest, however, is a subsidiary sources and experienced personnel, could assist in of Denver U.S. Bancorporation. Applicant’s largest meeting. Thus, the banks in the agriculturalproposed subsidiary bank, Colorado Springs Bank, oriented communities of Greeley and Loveland is also the largest bank in Colorado Springs and would be aided in meeting the need for larger loans in El Paso County. However, the second, third, and broader trust services, brought about by the and fourth largest banks in the city, all of which developing trend toward large corporate farming have grown at a faster rate than Colorado Springs and livestock enterprises in those areas. The Bank over the last five years, offer strong competi­ Boulder area, the fastest growing of the four areas, tion. The Colorado Springs group is the only one has a strong demand for additional mortgage funds, of the four groups involved in the proposal which equipment leasing facilities, and for data process­ does not presently have competition within its mar­ ing services beyond the uncommitted capacity of ket from one of the State’s largest banking organi­ the equipment of banks in the Boulder group. zations. The three Colorado Springs group banks While it does not appear that unserved needs for Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 957 banking services exist in the Colorado Springs area, resources in Colorado, which I find inconsistent that area would also benefit to some extent from with the public interest. I would deny the applica­ the increased facility with which loan participa­ tion. tions could be arranged with other of the proposed subsidiary banks. VIRGINIA COMMONWEALTH These considerations support approval of the BANKSHARES, INC., application. RICHMOND, VIRGINIA Summary and conclusion. On the basis of all relevant facts contained in the record, and in the In the matter of the application of Virginia Com­ light of the factors set forth in section 3(c) of the monwealth Bankshares, Inc., Richmond, Virginia, Act, it is the Board’s judgment that the proposed for approval of acquisition of all of the voting action would be in the public interest, and that the shares of Security Bank and Trust Company, Dan­ application should be approved. ville, Virginia. Dissenting Statement of Governor Robertson Order Approving Acquisition of Bank Stock by Bank Holding Company This application presents considerations both favorable and adverse to its approval. Weighing There has come before the Board of Governors, these conflicting considerations, I find that the pursuant to section 3(a)(3) of the Bank Holding likely adverse consequences of the proposal suffi­ Company Act of 1956 (12 U.S.C. 1842(a)(3)) ciently outwpigh those favorable as to require denial and section 222.3(a) of Federal Reserve Regula­ of the application. tion Y (12 CFR 222.3(a)), an application by Affiliated Bankshares’ proposal does offer the Virginia Commonwealth Bankshares, Inc., Rich­ potential for restraining the trend in Colorado to­ mond, Virginia, for the Board’s prior approval of ward State-wide bank ownership by a few large acquisition of all of the voting shares of Security Denver-based bank holding companies—a trend Bank and Trust Company, Danville, Virginia. which has been the object of my concern since it As required by section 3(b) of the Act, the began developing, and, in several cases, the subject Board notified the Commissioner of Banking for of my direct opposition. the State of Virginia of the application and re­ The present application does offer aspects that quested his views and recommendation. The Com­ would, absent overriding adverse features, warrant missioner recommended approval of the applica­ approval action. The deposit sizes of the largest tion. banks in the four groups involved in this proposal Notice of receipt of the application was pub­ range from about $23 million to $98 million. lished in the Federal Register on August 30, 1969 Were not these banks to be affiliated in the subject (34 Federal Register 13956), providing an oppor­ formation proposal, it is likely that each or certain tunity for interested persons to submit comments of them would soon be the object of take-over and views with respect to the proposal. A copy of efforts by the four Denver-based bank holding com­ the application was forwarded to the United States panies which, combined, now control 43 per cent Department of Justice for its consideration. Time of the total deposits in the State. for filing comments and views has expired and all Despite the advantage that Applicant’s proposal those received have been considered by the Board. offers over the alternative mentioned, Applicant’s It is hereby ordered, for the reasons set forth formation represents a continuation of the trend in the Board’s Statement of this date, that said in Colorado toward control by a few large organi­ application be and hereby is approved, provided zations of an ever-growing number of banks that the acquisition so approved shall not be con­ throughout the State. Applicant’s formation will summated (a) before the thirtieth calendar day immediately constitute Applicant the State’s fourth following the date of this Order or (b) later than largest banking organization with control of 6.4 per three months after the date of this Order, unless cent of the total deposits in the State. such period is extended for good cause by the Certain of the 13 banks involved in the present Board, or by the Federal Reserve Bank of Rich­ proposal are large enough to become lead banks mond, pursuant to delegated authority. in smaller bank holding companies. To permit their Dated at Washington, D.C., this 1st day of affiliation by approval of this application is to con­ December 1969. tinue the trend toward concentration of banking By order of the Board of Governors. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

958 FEDERAL RESERVE BULLETIN □ DECEMBER 1969 Voting for this action: Vice Chairman Robertson Competitive effect of proposed transaction. The and Governors Mitchell, Daane, Brimmer, and Sher­ nine largest banking organizations in Virginia, each rill. Absent and not voting: Chairman Martin and Governor Maisel. of which has deposits in excess of $100 million, include six bank holding companies.1 In the aggre­ (Signed) Robert P. Forrestal, gate, these organizations account for about 65 per Assistant Secretary. cent of the deposits held by all commercial banks [seal] in the State. Applicant controls 11 banks which operate 84 offices and hold $525 million of de­ Statement posits. It is the fourth largest banking organization Virginia Commonwealth Bankshares, Inc., Rich­ and the second largest bank holding company in mond, Virginia (“Applicant”), a registered bank the State, controlling 7.7 per cent of State deposits. holding company, has applied to the Board of Acquisition of Bank, which has $20 million in de­ Governors pursuant to section 3(a)(3) of the posits, would increase Applicant’s share of State Bank Holding Company Act of 1956 (12 U.S.C. deposits to about 8 per cent. 1842(a)(3)), for prior approval of the acquisition Bank has three offices, all of which are located of all of the voting shares of Security Bank and in Danville, an independent city which is surround­ Trust Company, Danville, Virginia (“Bank”). ed by Pittsylvania County. Bank is the third largest The proposed acquisition would be accomplished of six banks headquartered in Danville, and the through merger of Bank with a non-operating, in­ third largest of nine banks headquartered in the terim bank to be organized by Applicant. The area encompassed within Pittsylvania County. The merger, which has no significance except as a ve­ two larger banks with head offices in the area have hicle for consummating the acquisition of all of deposits of $30 million and $40 million, respec­ Bank’s shares, is the subject of a Board Order tively; the remaining six banks all have deposits of issued pursuant to the Bank Merger Act (12 U.S.C. less than $10 million. In addition, Danville is the 1828(c)). site of an office of Virginia National Bank, Nor­ Views and recommendation of supervisory folk ($706 million deposits), the largest bank in authority. As required by section 3(b) of the Act, the State. the Board notified the Commissioner of Banking The nearest office of a subsidiary of Applicant for the State of Virginia of receipt of the applica­ is over 60 miles from Danville. None of such tion and requested his views and recommendation subsidiaries derives any business from the Danville thereon. The Commissioner recommended that the area, and Bank has no business which originated application be approved. in areas served by the present subsidiaries. It there­ fore does not appear that consummation of the Statutory considerations. Section 3(c) of the Act proposal would eliminate existing competition, and provides that the Board shall not approve an acqui­ sition that would result in a monopoly or would concentration would not be increased in any rele­ vant area smaller than the State, where the effect be in furtherance of any combination or conspiracy to monopolize or attempt to monopolize the busi­ would be minimal. Further, under Virginia law, neither Bank nor any one of Applicant’s subsidi­ ness of banking in any part of the United States. aries may branch into an area served by the other; Nor may the Board approve any other proposed it thus does not appear that a significant potential acquisition the effect of which, in any section of the for future competition would be foreclosed. country, may be substantially to lessen competition, Bank’s competitive ability would likely be en­ or to tend to create a monopoly, or which in any hanced by its affiliation with Applicant. It does other manner would be in restraint of trade, unless not appear, however, that any undue adverse effect the Board finds that the anticompetitive effects of on any competing bank would result. the proposed transaction are clearly outweighed in The Board concludes, on the basis of the record the public interest by the probable effect of the before it, that consummation of Applicant’s pro­ transaction in meeting the convenience and needs posal would not result in a monopoly, nor be in of the communities to be served. In each case, the furtherance of any combination or conspiracy to Board is required to take into consideration the monopolize or to attempt to monopolize the busifinancial and managerial resources and future pros­ pects of the bank holding company and the banks 1 Banking data are as of June 30, 1969, unless otherwise concerned, and the convenience and needs of the noted, and reflect acquisitions and mergers approved by communities to be served. appropriate supervisory authorities to date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 959 ness of banking in any relevant area. Neither does ing additional offices in Danville or Pittsylvania it appear likely that such consummation would sub­ County. stantially lessen competition, tend to create a These considerations support approval of the monopoly, or restrain trade in any section of the application. country. Summary and conclusion. Based on all the rele­ Financial and managerial resources and future vant facts contained in the record, and in the light prospects. Applicant’s financial condition is reason­ of the factors set forth in section 3(c) of the Act, ably satisfactory, as is that of its subsidiary banks. it is the Board’s judgment that the proposed trans­ Additions to the capital of Applicant’s lead bank, action would be in the public interest, and that the The Bank of Virginia, and some of its smaller application should be approved. banks are planned in the near future. Applicant and its banking subsidiaries have competent and FIRST NATIONAL CORPORATION, experienced management, and all have favorable APPLETON, WISCONSIN prospects. In the matter of the application of First National Bank is in satisfactory financial condition. Al­ Corporation, Appleton, Wisconsin, for approval of though its President assumed the office only re­ acquisition of 80 per cent or irtore of the voting cently, he is an experienced banker and appears shares of The First National Bank of Seymour, competent; management is regarded as generally Seymour, Wisconsin. satisfactory, but would benefit from the support which Applicant could provide. Prospects of the Bank appear favorable. Order Approving Acquisition of Bank Stock Considerations under the banking factors provide by Bank Holding Company some weight in favor of approval of the applica­ There has come before the Board of Governors, tion. pursuant to section 3(a)(3) of the Bank Holding Convenience and needs of the communities in­ Company Act of 1956 (12 U.S.C. 1842(a)(3)) volved. Consummation of Applicant’s proposal and section 222.3 (a) of Federal Reserve Regula­ would not affect the convenience or needs of com­ tion Y (12 CFR 222.3(a)), an application by munities served by Applicant’s present subsidiaries. First National Corporation, Appleton, Wisconsin, The estimated population of Danville and Pitt­ for the Board’s prior approval of the acquisition of sylvania County is 114,000. Historically, the area, 80 per cent or more of the voting shares of The which is on the North Carolina border, has been First National Bank of Seymour, Seymour, Wis­ predominantly rural, and its economy has been consin. based largely on tobacco. In recent years, there has As required by section 3(b) of the Act, the been an increase in light and heavy industry and Board gave written notice of receipt of the applica­ in retail trade, and with the change has come a tion to the Comptroller of the Currency and re­ demand for services not fully provided by the area’s quested his views and recommendation. The Comp­ banks. Applicant asserts that credit limitations of troller recommended approval of the application. area banks have compelled larger businesses to seek Notice of receipt of the application was pub­ financing outside the area, and that the facility of lished in the Federal Register on September 27, arranging participations among banks in Applicant’s 1969 (34 Federal Register 14916) providing an system could assist in meeting such needs. It is opportunity for interested persons to submit com­ also proposed that Bank’s trust department will be ments and views with respect to the proposal. A expanded, and that Applicant’s experience in such copy of the application was forwarded to the fields as investments, credit analysis, internal audit United States Department of Justice for its con­ procedures, and other operational areas will be sideration. Time for filing comments and views has made available to it. In general, the area will be expired and all those received have been consid­ provided with convenient access to the broad facili­ ered by the Board. ties of a large State-wide banking organization. Vir­ It is hereby ordered, for the reasons set forth ginia National Bank, the only other such organiza­ in the Board’s Statement of this date, that said tion in the area, is limited in its ability to provide application be and hereby is approved, provided convenient service to all residents because its only that the acquisition so approved shall not be con­ area office is located in a congested downtown area, summated (a) before the thirtieth calendar day and it is precluded, under State law, from establish­ following the date of this Order or (b) later than Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

960 FEDERAL RESERVE BULLETIN □ DECEMBER 1969 three months after the date of this Order, unless of Wisconsin, with aggregate deposits of $87 such period is extended for good cause by the million.1 It controls 1 per cent of the deposits held Board, or by the Federal Reserve Bank of Chicago, by all banks in the State, and is the State’s tenth pursuant to delegated authority. largest banking organization and ninth largest bank Dated at Washington, D.C., this 9th day of holding company. Acquisition of Bank, which has December 1969. $10 million in deposits, would have only a negli­ gible effect on State-wide concentration. Applicant By order of the Board of Governors. would control just over 1 per cent of the deposits Voting for this action: Chairman Martin and Gov­ in the State, and would rank eighth in size among ernors Mitchell, Daane, Brimmer, and Sherrill. Voting the State’s banking organizations and bank holding against this action: Governors Robertson and Maisel. companies. (Signed) Robert P. Forrestal, Bank serves an area with a population of 8,500 Assistant Secretary. persons, which area encompasses the City of Sey­ [seal] mour (population 2,500) and the surrounding area within a radius of eight miles. Within this area are Statement two competing banks, the other Seymour Bank First National Corporation, Appleton, Wiscon­ (deposits $5.5 million) and a $3 million deposits bank located in the community of Black Creek, sin (“Applicant”), a registered bank holding com­ pany, has applied to the Board of Governors, pur­ seven miles southwest of Seymour. Both of these suant to section 3(a)(3) of the Bank Holding competitors are subsidiaries of Valley Bancorpora­ Company Act of 1956 (12 U.S.C. 1842(a)(3)), tion, Appleton, the State’s seventh largest banking for prior approval of the acquisition of 80 per cent organization, and, with the support of Valley Ban­ or more of the voting shares of The First National corporation, both appear to be effective competi­ Bank of Seymour, Seymour, Wisconsin (“Bank”). tors. It does not appear that consummation of the Views and recommendation of supervisory present proposal would have any undue effect upon either bank. authority. As required by section 3(b) of the Act, notice of receipt of the application was given to Applicant became a bank holding company in the Comptroller of the Currency, and his views and 1965, through the acquisition of voting shares of recommendation were requested. The Comptroller First National Bank of Appleton, which is the largest bank in Appleton and in Outagamie recommended approval of the application. Statutory considerations. Section 3(c) of the Act County, and a new bank which Applicant estab­ provides that the Board shall not approve an acqui­ lished near Appleton. It has not expanded since sition that would result in a monopoly or would that time. The present proposal therefore would be in furtherance of any combination or conspiracy represent not only Applicant’s first acquisition to monopolize or to attempt to monopolize the since its formation, but its only external expansion since acquisition of its lead bank. business of banking in any part of the United States. Nor may the Board approve a proposed Although Appleton and Seymour are both in acquisition, the effect of which, in any section of Outagamie County, the two cities are 22 miles apart the country, may be substantially to lessen compe­ and are located in separate banking markets. Ap­ tition, or to tend to create a monopoly, or which plicant is situated at the southern extremity of in any other manner would be in restraint of trade, Outagamie County. Bank serves a different geo­ unless the Board finds that the anticompetitive graphic area in the northeast quarter of the county. Bank derives less than 1 per cent of its deposits effects of the proposed transaction are clearly out­ and loans from areas served by Applicant’s present weighed in the public interest by the probable effect of the transaction in meeting the convenience and subsidiaries, and the latter derive no significant needs of the communities to be served. In each business from the Seymour area. Trade of the Sey­ case the Board is required to take into considera­ mour area is oriented towards the larger City tion the financial and managerial resources and of Green Bay (population 90,000), 15 miles to the future prospects of the bank holding company and east, rather than southwest towards Appleton (pop­ the banks concerned, and the convenience and ulation 56,000). Many residents of the Seymour needs of the communities to be served. 1 Unless otherwise noted, banking data are as of De­ Competitive effect of the proposed transaction. cember 31, 1968, refer to insured commercial banks, and have been adjusted to reflect holding company formations Applicant presently controls two banks in the State and acquisitions approved by the Board to date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 961 area shop and commute to employment in Green relevant facts contained in the record, and in light Bay, and large banks in that city are regarded as of the factors set forth in section 3(c) of the Act, reasonably convenient alternatives to banks located it is the Board’s judgment that the proposed acqui­ within the Seymour area. sition would be in the public interest and that the Consummation of Applicant’s proposal thus application should be approved. would not eliminate present competition or signifi­ Dissenting Statement of Governors cantly increase concentration in any relevant area. Neither does it appear that significant potential Robertson and Maisel competition would be foreclosed, since Applicant’s The present proposal represents another step in present subsidiaries could not, under State law, a process by which Applicant and Valley Bancor­ branch into the Seymour area, and since, in view poration, two bank holding companies whose activi­ of the limited population of the latter area and the ties are centered in Appleton, Wisconsin, have suc­ fact that three banks are already located therein, ceeded in isolating themselves to a large degree the establishment by Applicant of a new bank in from any threat to their dominance which might Seymour does not appear to be a likely possibility. be posed by competing banking institutions. The The Board concludes that consummation of the two organizations presently control six of seven proposed transaction would not result in a monop­ banking offices in the immediate Appleton area, 12 oly, nor be in furtherance of any combination or of 21 offices in Outagamie County, and hold about conspiracy to monopolize the business of banking 70 per cent of total county deposits. The proposed in any relevant area, and would not substantially acquisition would result in almost two-thirds of the lessen competition, tend to create a monopoly, or banking offices and 75 per cent of the deposits in restrain trade in any section of the country. the county being controlled by the two holding Financial and managerial resources and future companies. prospects. Applicant’s financial condition, manage­ As in the case of its approval of the acquisition ment, and prospects of Applicant and its subsidiary of Seymour State Bank by Valley Bancorporation,1 banks are regarded as generally satisfactory. we believe the Board’s action places undue empha­ Bank’s prospects are also considered favorable, sis on its finding that Outagamie County does not and its management and financial condition are constitute a single banking market. Although we satisfactory. have no disagreement with that premise, we do The Board concludes that considerations under not accept the conclusion that, as long as the num­ the banking factors are consistent with approval of ber of competitors in each market remains the the application. same, competition will be unaffected by the fact Convenience and needs of the community in­ that the same two competitors who dominate the volved. Consummation of the proposal would have Appleton market will also dominate the adjoining no effect on customers served by Applicant’s Seymour market. present subsidiaries. In the present case, Valley Bancorporation com­ While there is no evidence that major banking petes in both the Appleton and Seymour markets. needs of the Seymour area are not being served, In Appleton, its principal competition is from two Applicant’s ownership will enable Bank to offer subsidiaries of Applicant. In Seymour, its only estate planning, full trust services, and direct leas­ competitor is the subject bank, which the Board ing and computer services. Contemplated improve­ has previously characterized as an aggressive com­ ments in Bank’s present services also include the petitor.2 If the present proposal is consummated, accommodation of larger borrowers, development Valley Bancorporation, instead of having to meet of an instalment loan department, and the addition aggressive competition from different sources in the of an agriculture agent to its staff. This local avail­ two areas, will be more free to adapt its system­ ability of improved and expanded services would be wide policies to those of Applicant, which will be­ come its major competitor in both areas. This is beneficial to residents of the area, as well as to precisely the sort of anticompetitive result which bank. the antitrust laws, and the antitrust policies of sec­ Considerations relating to the convenience and tion 3 of the Bank Holding Company Act, were needs of the community served by Bank provide designed to prevent. some weight in favor of approval of the applica­ tion. 1 1968 Federal Reserve Bulletin 773. Summary and conclusion. On the basis of all 2 Id. at 774. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

962 FEDERAL RESERVE BULLETIN □ DECEMBER 1969 In United States v. Alcoa, 377 U.S. 271, 280 quested his views and recommendation. The Comp­ (1964), the Supreme Court described the anticom­ troller’s office recommended approval of the appli­ petitive vice of an oligopolistic market as follows: cation. “As that condition develops, the greater is the likeli­ Notice of receipt of the application was published hood that parallel policies of mutual advantage, not in the Federal Register on October 8, 1969 (34 competition, will emerge. That tendency may well be thwarted by the presence of small but significant com­ Federal Register 15617), providing an opportunity petitors.” for interested persons to submit comments and The tendency toward the development of “paral­ views with respect to the proposal. A copy of the lel policies of mutual advantage” by multi-market application was forwarded to the United States De­ organizations may also be inhibited by the fact that partment of Justice for its consideration. Time for one or more of such organizations faces competi­ filing comments and views has expired and all tion in some of its markets which it cannot meet those received have been considered by the Board. with policies adopted in the light of the competi­ It is hereby ordered, for the reasons set forth tion which it faces in another. This is particularly in the Board’s Statement of this date, that said true where, as in the present case, the markets in­ application be and hereby is approved, provided volved are geographically proximate. Permitting that the acquisition so approved shall not be con­ the two leading organizations in Appleton to ex­ summated (a) before the thirtieth calendar day pand in tandem throughout neighboring markets, following the date of this Order or (b) later than eliminating in the process any significant competi­ three months after the date of this Order, unless tion which either may face from a third source, such period is extended for good cause by the will have the effect of removing these inhibitions Board, or by the Federal Reserve Bank of Minne­ on uniformity. The result is to increase the likeli­ apolis, pursuant to delegated authority, and that hood of parallel policies in all of the markets in­ Park-Grove National Bank be open for business volved. not later than six months after the date of this In view of this anticompetitive effect, which is Order. not outweighed by any other considerations pre­ Dated at Washington, D.C., this 9th day of sented in the record, we would deny the applica­ December 1969. tion. By order of the Board of Governors. Voting for this action: Vice Chairman Robertson MID AMERICA BANCORPORATION, INC. and Governors Mitchell, Daane, Brimmer, and Sher­ rill. Absent and not voting: Chairman Martin and ST. PAUL, MINNESOTA Governor Maisel. (Signed) Robert P. Forrestal, In the matter of the application of Mid America Assistant Secretary. Bancorporation, Inc., St. Paul, Minnesota, for ap­ [seal] proval of acquisition of voting shares of Park­ In the matter of the application of Mid America Grove National Bank, Cottage Grove, Minnesota, Bancorporation, Inc., St. Paul, Minnesota, for ap­ a proposed new bank. proval of acquisition of voting shares of Suburban Order Approving Acquisition of Bank Stock National Bank of Roseville, Roseville, Minnesota, by Bank Holding Company a proposed new bank. There has come before the Board of Governors, Order Approving Acquisition of Bank Stock pursuant to section 3(a)(3) of the Bank Holding by Bank Holding Company Company Act of 1956 (12 U.S.C. 1842(a)(3)), There has come before the Board of Governors, and section 222.3(a) of Federal Reserve Regula­ pursuant to section 3(a)(3) of the Bank Holding tion Y (12 CFR 222.3(a)), an application by Mid Company Act of 1956 (12 U.S.C. 1842(a)(3)), America Bancorporation, Inc., St. Paul, Minne­ and section 222.3(a) of Federal Reserve Regula­ sota, a registered bank holding company, for the tion Y (12 CFR 222.3(a)), an application by Mid Board’s prior approval of the acquisition of all America Bancorporation, Inc., St. Paul, Minne­ (less directors’ qualifying shares) of the voting sota, a registered bank holding company, for the shares to be issued by Park-Grove National Bank, Board’s prior approval of the acquisition of all Cottage Grove, Minnesota, a proposed new bank. (less directors’ qualifying shares) of the voting As required by section 3(b) of the Act, the shares to be issued by Suburban National Bank of Board gave written notice of receipt of the applica­ Roseville, Roseville, Minnesota, a proposed new tion to the Comptroller of the Currency and re­ bank. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

LAW DEPARTMENT 963 As required by section 3(b) of the Act, the separately considered and is the subject of a sep­ Board gave written notice of receipt of the applica­ arate Board Order, because of facts and circum­ tion to the Comptroller of the Currency and re­ stances common to both applications, this State­ quested his views and recommendation. The Comp­ ment contains the Board’s findings and conclusions troller’s office recommended approval of the appli­ with respect to both. cation. Views and recommendations of supervisory Notice of receipt of the application was pub­ authority. As required by section 3(b) of the lished in the Federal Register on October 8, 1969 Act, notice of receipt of the application was given (34 Federal Register 15618), providing an oppor­ to the Comptroller of the Currency and his views tunity for interested persons to submit comments and recommendations were requested. The Comp­ and views with respect to the proposal. A copy of troller’s office recommended that both applications the application was forwarded to the United States be approved. Department of Justice for its consideration. Time Statutory considerations. Section 3(c) of the Act for filing comments and views has expired and all provides that the Board shall not approve an acqui­ those received have been considered by the Board. sition that would result in a monopoly or would be It is hereby ordered, for the reasons set forth in furtherance of any combination or conspiracy to in the Board’s Statement of this date, that said ap­ monopolize or to attempt to monopolize the busi­ plication be and hereby is approved, provided that ness of banking in any part of the United States. the acquisition so approved shall not be consum­ Nor may the Board approve a proposed acquisition, mated (a) before the thirtieth calendar day follow­ the effect of which, in any section of the country, ing the date of this Order or (b) later than three may be substantially to lessen competition, or to months after the date of this Order, unless such tend to create a monopoly, or which in any other period is extended for good cause by the Board, or manner would be in restraint of trade, unless the by the Federal Reserve Bank of Minneapolis, pur­ Board finds that the anticompetitive effects of the suant to delegated authority, and that Suburban proposed transaction are clearly outweighed in the National Bank of Roseville be open for business public interest by the probable effect of the trans­ not later than six months after the date of this action in meeting the convenience and needs of the Order. communities to be served. In each case, the Board is required to take into consideration the financial Dated at Washington, D.C., this 9th day of and managerial resources and future prospects of December 1969. the bank holding company and the banks con­ By order of the Board of Governors. cerned, and the convenience and needs of the com­ Voting for this action: Vice Chairman Robertson munities to be served. and Governors Mitchell, Daane, Brimmer, and Sherrill. Competitive effects of the proposed transactions. Absent and not voting: Chairman Martin and Gov­ ernor Maisel. Applicant controls two banks with aggregate de­ posits of $24.1 million (.30 per cent of deposits (Signed) Robert P. Forrestal, held by all banks in Minnesota), and is the small­ [seal] Assistant Secretary. est of five bank holding companies in the state.' Applicant estimates that, after three years of opera­ Statement tions, Park-Grove Bank and Roseville Bank will have deposits of $4.5 million and $8 million, re­ Mid America Bancorporation, Inc., St. Paul, spectively. Minnesota (“Applicant”), a registered bank hold­ Both of the proposed new banks are to be lo­ ing company, has applied to the Board of Gov­ cated in shopping centers in suburbs of St. Paul. ernors, pursuant to section 3(a)(3) of the Bank Park-Grove Bank will be located 18 miles south­ Holding Company Act of 1956 (12 U.S.C. 1842 east of St. Paul, and will serve an area with a (a)(3)), for prior approval of the acquisition of population of about 20,000. Roseville Bank will 100 per cent (less directors’ qualifying shares) of serve a group of communities with a total popula­ the voting shares of (1) Park-Grove National tion of about 85,000, located along the northern Bank, Cottage Grove, Minnesota (“Park-Grove boundary of St. Paul and northeast of Minneapolis. Bank”), and (2) Suburban National Bank of Rose­ ville, Roseville, Minnesota (“Roseville Bank”), 1 Alt banking data are as of June 30, 1969, refer to insured commercial banks, and are adjusted to reflect both of which are proposed new banks. bank holding company formations and acquisitions approved Although each of the applications has been by the Board to date. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

One other bank, with deposits of $8 million, is intention to retire such debt by a sale of stock in located within the area to be served by Park­ early 1970. In that light, Applicant’s financial con­ Grove Bank; Roseville Bank will compete most dition would not be adversely affected by consum­ directly with three banks, each of which has depos­ mation of the proposed transactions. its of $9 million to $11 million. In addition, a The financial condition of Applicant’s present majority of the residents of Roseville and Cottage subsidiary banks, considering the increase which Grove commute to employment in St. Paul and Applicant proposes to make in their capital, is re­ Minneapolis, and large banks in those cities con­ garded as satisfactory. Both are competently man­ stitute banking alternatives for residents of the sub­ aged and have favorable prospects. urban areas involved. The financial projections for the proposed new Park-Grove Bank would be located 17.5 miles banks are satisfactory, as are their proposed man­ southeast and 23 miles east of Applicant’s two agements. Prospects of both appear favorable. present subsidiary banks. Roseville Bank would be These considerations are consistent with ap­ located 8.5 miles north of the closer of the present proval of both applications. subsidiaries, and over 17 miles north of the other. Convenience and needs of the communities in­ It is not anticipated that either of the proposed volved. Each of the proposed new banks will pro­ banks would derive significant business from areas vide the usual banking services of a suburban bank. served by either of the present subsidiaries, and the In addition, through cooperation with Applicant’s proposal is designed to permit Applicant to compete other subsidiaries, it is anticipated that each will in areas which its subsidiaries cannot conveniently be better able to accommodate larger credit re­ serve at present. Competition would thus be in­ quests, specialized credit needs, and trust service creased in each of the local areas involved, without requirements, than would be possible without adverse competitive effects in any area. affiliation. There is no evidence of unserved bank­ For the foregoing reasons, the Board concludes ing needs in either of the areas to be served. How­ that consummation of the proposed acquisitions ever, consummation of the proposals would pro­ would not result in a monopoly or be in further­ vide assurance of convenient services to businesses ance of any combination, conspiracy or attempt in the shopping centers in which the banks would to monopolize the business of banking in any part be located, employees and customers of such busi­ of the United States, and would not restrain trade, nesses, and residents of the surrounding areas. substantially lessen competition, or tend to create a The additional convenience which consumma­ monopoly in any part of the country. Financial and managerial resources and future tion of the proposals would afford to the com­ prospects. Applicant, a recently organized bank munities involved provides some weight toward ap­ holding company, is in satisfactory financial con­ proval of both applications. dition, with competent management and favorable Summary and conclusion. On the basis of all prospects. In order to capitalize the proposed new relevant facts contained in the records, and in the banks, to provide a building for Roseville Bank, light of the factors set forth in section 3(c) of and to augment capital of its present subsidiary the Act, it is the Board’s judgment that the pro­ banks, Applicant’s indebtedness would be tempor­ posed transactions would be in the public interest, arily increased. However, Applicant has stated its and that the applications should be approved. □ 964 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Announcements ELECTION OF CLASS A AND CLASS B DIRECTORS The Federal Reserve Banks have announced the results of the annual elections by their member banks of Class A and Class B directors as shown below. The directors have been elected to serve for three years, beginning January 1, 1970: Boston Class A Tucker H. David, Executive Vice President and Cashier, The Deep River National Bank, Deep River, Connecticut. Mr. David succeeds Charles A. Beaujon, Jr., President, The Canaan National Bank, Canaan, Connecticut. Class B F. Ray Keyser, Jr., Vice President and General Counsel, Vermont Marble Company, Proctor, Vermont. (Re-elected) New York Class A Arthur S. Hamlin, President, The Canandaigua National Bank and Trust Company, Canandaigua, New York. Mr. Hamlin succeeds Eugene H. Morrison, President, Orange County Trust Company, Middletown, New York. Class B Maurice R. Forman, President, B. Forman Co., Inc., Rochester, New York. (Re-elected) Philadelphia Class A William R. Cosby, President, Princeton Bank and Trust Company, Princeton, New Jersey. Mr. Cosby succeeds Robert C. Enders, Pres­ ident, Bloomsburg Bank-Columbia Trust Company, Bloomsburg, Pennsylvania, who resigned as a director February 28, 1969. Class B Edward J. Dwyer, President, ESB Incorporated, Philadephia, Pennsyl­ vania. (Re-elected) Cleveland Class A David L. Brumback, Jr., President, Van Wert National Bank, Van Wert, Ohio. Mr. Brumback succeeds Richard R. Hollington, President, The Ohio Bank and Savings Company, Findlay, Ohio. Class B R. Stanley Laing, President, The National Cash Register Company, Dayton, Ohio. (Re-elected) Richmond Class A Hugh A. Curry, President, The Kanawha Valley Bank, Charleston, West Virginia. Mr. Curry succeeds Robert C. Baker, Chairman of the Board and President, American Security and Trust Company, Washing­ ton, D. C. 965 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

966 FEDERAL RESERVE BULLETIN □ DECEMBER 1969 Richmond—continued Class B Robert S, Small, President and Chief Executive Officer, Dan River Mills, Inc., Greenville, South Carolina. Mr. Small succeeds Thaddeus Street, President, Carolina Shipping Company, Charleston, South Caro­ lina. Atlanta Class A William B. Mills, President, The Florida National Bank, Jackson­ ville, Florida. (Re-elected) Class B Philip J. Lee, Vice President, Tropicana Products, Inc., Tampa, Flor­ ida. (Re-elected) Chicago Class A Edward Byron Smith, Chairman of the Board, The Northern Trust Company, Chicago, Illinois. Mr. Smith succeeds Kenneth V. Zwiener, Chairman of the Board, Harris Trust and Savings Bank, Chicago, Illinois. Class B William H. Davidson, President, Harley-Davidson Motor Company, Milwaukee, Wisconsin. (Re-elected) St. Louis Class A Cecil W. Cupp, Jr., President, Arkansas Bank & Trust Company, Hot Springs, Arkansas. (Re-elected) Class B Edward J. Schnuck, President, Schnuck Markets, Inc., St. Louis, Mis­ souri. Mr. Schnuck succeeds Roland W. Richards, Senior Vice Pres­ ident, Laclede Steel Company, St. Louis, Missouri. Minneapolis Class A John Bosshard, Executive Vice President, The First National Bank, Bangor, Wisconsin. (Re-elected) Class B David M. Heskett, President, Montana-Dakota Utilities Company, Bismarck, North Dakota. Mr. Heskett succeeds Leo C. Studness, Man­ ager, Studness Company, Devils Lake, North Dakota. Kansas City Class A Roger D. Knight, Jr., Chairman of the Board, Denver United States National Bank, Denver, Colorado. Mr. Knight succeeds Eugene H. Adams, President, The First National Bank, Denver, Colorado. Class B Cecil 0. Emrich, Manager, Norfolk Livestock Market, Inc., Norfolk, Nebraska. (Re-elected) Dallas Class A Murray Kyger, Chairman of the Board, The First National Bank, Fort Worth, Texas. (Re-elected) Class B C. A. Tatum, Jr., President and Chief Executive Officer, Texas Utilities Company, Dallas, Texas. (Re-elected) San Francisco Class A Carroll F. Byrd, Chairman of the Board and President, The First National Bank, Willows, California. (Re-elected) Class B Joseph Rosenblatt, Honorary Chairman of the Board, The Eimco Corporation, Salt Lake City, Utah. (Re-elected) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ANNOUNCEMENTS 967 CHANGES IN THE BOARD'S STAFF Federal Deposit Insurance Corporation. Mr. Watt holds B.A. and M.A. degrees from the University of The Board of Governors announced the appoint­ Maryland and has done work at the doctoral level ment of Glenn L. Cummins and Richard S. Watt at the University of California at Berkeley. as Assistant Directors in the Division of Data Proc­ essing effective November 14, 1969. Mr. Cummins, previously Manager of the Ap­ RESIGNATION OF DIRECTOR plications Branch of that Division, joined the Harry T. Vaughn, who had served since January Board’s staff in April 1967 and became Chief of 1, 1966, as a Class B director of the Federal Re­ the Project Development Section in July 1968. He serve Bank of Atlanta, and for nearly 5 years received a B.A. from the University of Florida. prior to that as a director of the Jacksonville Mr. Watt came to the Board in June 1969 as Branch, resigned effective November 8, 1969. Mr. manager of the Planning Staff of the Division of Vaughn had been President of United States Sugar Data Processing. He had formerly been with the Corporation, Clewiston, Florida. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication December 15 Industrial production and retail sales declined in EMPLOYMENT November. Industrial commodity prices continued The over-all unemployment rate, after rising to 4 per to rise. Nonfarm employment was unchanged and cent in September and continuing close to that level the unemployment rate dropped. Commercial bank in October, dropped to 3.4 per cent in November. credit and the money supply rose, and time and sav­ Unemployment fell most sharply for younger work­ ings deposits declined slightly further. Between mid­ ers and adult women. The rate for men aged 25 and November and mid-December, bond market yields over declined slightly. Total nonfarm payroll em­ increased and common stock prices declined. ployment was unchanged in November. Employ­ ment continued to advance in trade, services, and INDUSTRIAL PRODUCTION State and local governments, but manufacturing Industrial production in November was 171.1 per employment declined by 175,000 due mainly to the cent of the 1957-59 average, down 1.2 per cent from large number of workers on strike in the electrical October. A major strike in the electrical equipment equipment industry. The average workweek of man­ industry, affecting output of consumer durable ufacturing production workers continued at the goods, business equipment, and industrial materials October level of 40.5 hours, down 0.3 hour from a and parts, accounted for about half of the decline. year earlier. There were also sizable cutbacks in auto assem­ RETAIL SALES blies with auto production at an annual rate of 7.9 million units, down 6 per cent from October. Addi­ The value of retail sales in November, according tional auto output curtailments have been an­ to the advance estimate, declined about 1 per cent nounced for December. Production of household from October and was about 2 per cent above a year appliances and television sets in November dropped earlier. Sales decreased at both durable and non­ durable goods stores. Unit sales of new domestic sharply further and output of furniture was also autos changed little from the reduced October level. down. Production of industrial and commercial equipment fell, but output of freight and passenger COMMODITY PRICES equipment was maintained at record levels. Produc­ An 0.4 per cent rise in industrial commodity prices tion of iron and steel and some other industrial and a contraseasonal advance of 1.2 per cent in materials changed little in November. prices of farm and food products increased aver­ age wholesale prices 0.6 per cent from mid-October to mid-November. Nonferrous metals, machinery, and plywood were important in the advance in in­ dustrial commodities. Since mid-November, further price increases for several major nonferrous metals have been announced. The consumer price index rose 0.4 per cent in October to a level about 51A per cent above a year earlier. BANK CREDIT, DEPOSITS, AND RESERVES Commercial bank credit rose $2.9 billion in Novem­ ber, the largest increase since April. The November increase reflected a rise in bank holdings of munici­ pal and Federal agency issues and a large increase in security loans associated with a Treasury financ­ ing and System-matched sale-purchase transactions near month-end. Bank holdings of U.S. Govern- F.R. indexes, seasonally adjusted. Latest figures: November. 968 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

ment securities declined further and other major SECURITY MARKETS loan categories remained unchanged or increased Yields in all sectors of the U.S. Government securi­ only moderately. ties market continued to rise between mid-Novem- The money supply rose by $600 million in No­ ber and mid-December. The 3-month bill rate was vember, following virtually no growth over the up sharply to about 7.80 per cent from around 7.10 previous 4 months. U.S. Government deposits also per cent a month earlier. Most Treasury notes and increased substantially, in response to a Treasury bonds gained around 20 to 35 basis points over the financing. Time and savings deposits at banks fell period. by only $100 million, the smallest decline since Yields on newly issued corporate bonds rose to April. CD attrition was relatively small as large record levels through the first week of December, banks in New York City continued to sell CD’s to after which they declined somewhat. Seasoned cor­ foreign official sources. Other time and savings de­ porate and municipal bond yields increased about posits declined slightly. 25 and 40 basis points, respectively, over the mid­ Net borrowed reserves of member banks averaged November to mid-December period. Stock prices approximately $1 billion in November, about the moved significantly lower. The volume of shares same as in October. Member bank borrowings and traded on the two major exchanges declined from excess reserves rose slightly. the active October pace. Bureau of Labor Statistics “Farm products and foods” is Discount rate, range or level for all F.R. Banks. Weekly BLS “Farm products, and processed foods and feeds.” Latest average market yields for U.S. Govt, bonds maturing in 10 figures: Consumer, October; Wholesale, November. years or more and for 90-day Treasury bills. Latest figures: week ending Dec. 5. 969 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Financial and Business Statistics CONTENTS A 3 GUIDE TO TABULAR PRESENTATION U.S. STATISTICS: A 4 Member bank reserves, Federal Reserve Bank credit, and related items A 8 Federal funds—Major reserve city banks A 9 Reserve Bank discount rates A 10 Reserve and margin requirements A 11 Maximum interest rates; bank deposits A 12 Federal Reserve Banks A 14 Open market account A 15 Reserve Banks; bank debits A 16 U.S. currency A 17 Money supply; bank reserves A 18 Banks and the monetary system A 19 Commercial banks, by classes A 23 Commercial banks A 26 Weekly reporting banks A 31 Business loans of banks A 32 Bank rates A 33 Other interest rates A 35 Security markets A 36 Stock market credit A 37 Open market paper A 37 Savings institutions A 39 Federally sponsored credit agencies A 40 Federal finance A 42 U.S. Government securities A 45 Security issues A 48 Business finance A 50 Real estate credit A 54 Consumer credit A 58 Industrial production A 62 Business activity Continued on next page A 1 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 2 FEDERAL RESERVE BULLETIN □ DECEMBER 1969 U.S. STATISTICS—Continued A 62 Construction A 64 Labor force, employment, and earnings A 66 Consumer prices A 66 Wholesale prices A 68 National product and income A 70 Flow of funds INTERNATIONAL STATISTICS: A 72 U.S. balance of payments A 73 Foreign trade A 74 U.S. gold transactions A 75 U.S. gold stock; position in the IMF A 76 International capital transactions of the United States A 89 Foreign exchange rates A 90 Money rates in foreign countries A 91 Arbitrage on Treasury bills A 92 Gold reserves of central banks and governments A 93 Gold production A 102 INDEX TO STATISTICAL TABLES Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 3 Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation p Preliminary IPC Individuals, partnerships, and corporations r Revised SMSA Standard metropolitan statistical area rp Revised preliminary A Assets L Liabilities III, IV Quarters S Sources of funds n.a. Not available u Uses of funds n.e.c. Not elsewhere classified Amounts insignificant in terms of the par­ A.R. Annual rate ticular unit (e.g., less than 500,000 when S.A. Monthly (or quarterly) figures adjusted for the unit is millions) seasonal variation (1) Zero, (2) no figure to be expected, or (3) figure delayed GENERAL INFORMATION Minus signs are used to indicate (1) a decrease, (2) a negative figure, or (3) an outflow. A heavy vertical rule is used (1) to the right (to the left) of a total when the components shown to the right (left) of it add to that total (totals separated by ordinary rules include more components than those shown), (2) to the right (to the left) of items that are not part of a balance sheet, (3) to the left of memorandum items. “U.S. Govt, securities” may include guaranteed issues of U.S. Govt, agencies (the flow of funds figures also in­ clude not fully guaranteed issues) as well as direct obligations of the Treasury. “State and local govt.” also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled Note (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Semiannually Issue Page Annually—Continued Issue Page Banking offices: Flow of funds: Analysis of changes in number of.. . Aug. 1969 A-94 Assets and liabilities: On, and not on, Federal Reserve 1967............................................ May 1968 A-67,10 Par List, number............................ Aug. 1969 A-95 1955-68........................................... Nov. 1969 A-71.10 Flows: 1955-68........................................ Nov. 1969 A-70 Annually Bank holding companies; Income and expenses: List of, Dec. 31, 1968....................... June 1969 A-91 Federal Reserve Banks...................... Feb. 1969 A-92 Banking offices and deposits of Member banks: group banks, Dec. 31, 1968........... Aug. 1969 A-96 Calendar year................................. May 1969 A-95 Operating ratios............................. May 1969 A-104 Insured commercial banks................. May 1969 A-107 Banking and monetary statistics, 1968 . . Mar. 1969 A-92—A-102 May 1969 A-91—A-94 Banks and branches, number, by class Stock exchange firms, detailed debit and State......................................... Apr. 1969 A-91 and credit balances............................ Sept. 1969 A-94 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 4 BANK RESERVES AND RELATED ITEMS □ DECEMBER 1969 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Reserve Bank credit outstanding Period or date U.S. Govt, securities 1 Treas­ ury Dis­ Gold cur­ Held counts Other stock rency under and Float 2 F.R. Total 4 out­ Bought repur­ ad­ assets 3 stand­ Total out­ chase vances ing right agree­ ment Averages of daily figures 1929—June................................................ 179 179 978 61 1,317 4,024 2,018 1933—June........................................... 1,933 1,933 250 12 2,208 4 030 2,295 1939—Dec.................................................. 2’ 510 2,510 g 83 2612 17 518 2 956 1941—Dec............................................ 2,219 2.219 5 170 2,404 22,759 3,239 1945—Dec................................................. 23 308 23,708 381 652 24,744 20;047 4,322 1950—Dec................................................. 20,345 20,336 9 142 1,117 21,606 22,879 4; 629 1960—Dec.................................................. 27,248 27,170 78 94 1,665 29,060 17,954 5,396 1965—Dec............................................ 40385 40;772 113 490 2,349 43^53 13 399 5,565 1966—Dec............................................ 43'760 43,274 486 570 2,383 46,864 13 158 6,284 1967—Dec............................................ 48 391 48 810 81 238 2 030 51,268 12 436 6,777 1968—Nov........... .................................... 53,388 53,322 66 569 2,160 56,183 10,367 6,790 Dec,................................................ 52’529 52,454 75 765 3,251 56,610 10,367 6,810 1969—Jan.................................................. 52,665 52,622 43 697 3,054 56,476 10,367 6,802 Feb................................................ 52’265 52;074 191 824 2,602 55;786 101367 6,806 Mar............................................... 52'122 51 ;987 135 918 2,367 55;477 10367 6,815 52'463 52,257 206 996 2 429 2,837 58;821 10367 6350 May............................................ 53390 52,898 492 1 402 2,218 2,876 59,999 10,367 6,737 June................................................ 54’028 53,926 102 1 ,407 2,463 2,614 60,565 10J67 6,746 July............................................. 54,298 54;252 46 1 ’ 190 2; 684 2,670 60,887 10367 6 337 54,599 54 334 265 I 249 2 302 2,'672 60;876 10367 6,739 Sept............................................. 53 340 53,722 118 1 067 2; 477 3;032 60,459 10,367 6,761 Oct............................................... 54’708 54’497 211 1 ,135 2’462 3 153 61 ;5I6 10,’367 6,785 Nov.p .............................................. 56;499 56^24 75 1 ,241 2,520 2,460 62,767 10367 6,810 Week ending— 1969—Sept. 3....................................... 54,791 54 638 153 1 240 2 095 2,770 60,949 10367 6,754 10........................................... 53;869 53,869 ’740 2,473 2,930 60,053 10367 6,757 17........................................... 53,187 53,133 54 1 018 2^19 2,954 59,823 10,367 6,758 24........................................... 53^28 53,726 102 I 106 2,820 3,067 60;865 10367 6361 Oct. 1.................................... 54,123 53,813 310 1 436 2,184 3,300 61,083 10,367 6,777 8....................................... 54;408 54,030 378 967 2 316 3; 224 60 ,’987 10367 6381 15....................................... 54^22 54^66 356 I 347 2,165 3,182 61;690 10367 6 379 22........................................... 54^90 54,738 152 1 015 3,031 3; 137 62;129 10367 6385 29........................................... 54,557 54,557 1,179 2 ,’377 3,117 61;270 10,367 6392 Nov. 5........................................ 55,624 55 345 279 1 328 2,172 2,945 62,116 10,367 6,800 12*...................................... 56;007 55,930 77 1 ,244 2 ,’279 2,881 62;458 10367 6,804 19p...................................... 56345 56 745 1 072 2,’877 2,380 63; 117 10367 6309 26”.......................................... 56^09 56,909 1 ;207 2,699 2,026 62,889 10367 6,819 End of month 1969—Sept................................................. 54,134 53,845 289 928 1 ,896 3,288 60,283 10,367 6,779 Oct............................................. 55^32 55’,286 246 1 691 2,343 2,927 62,534 10',367 6302 Nov.p.......................................... 57,’318 57,318 1 ,531 2 ,’702 1,996 63;596 10,367 6,822 Wednesday 1969—Sept. 3........................................... 54,459 54,459 698 2,355 2,911 60,463 10,367 6,755 10........................................... 52;756 652,756 340 2; 350 2,971 58;454 10,367 6358 17 52804 652'804 657 3,009 ’969 59 ,'476 10,367 6,760 24....................................... 53,968 53,622 346 1,525 2,313 3,285 61,151 1O,'367 6,761 Oct. 1.......................................... 53,845 53,845 1 181 2,181 3,259 60,503 10,367 6,779 8........................................... 54,349 54,138 211 788 2 182 3 ,'165 60^46 10367 6,782 15........................................... 55,398 54 874 524 1,183 2,117 3,140 61 ;925 10367 6,781 22........................................... 53,893 653 893 585 2; 560 3,110 60;i88 10367 6387 29......................................... 54,783 654 783 1 175 2,126 3,019 61;143 10367 6,802 Nov. 5p.......................................... 56,254 55,746 508 1 205 1,974 2,997 62,491 10,367 6,803 12p...................................... 56,297 56 297 696 1 593 2; 907 61,535 1O,'367 6 ,’805 I9p.......................................... 56,803 56 803 653 3324 I 2,009 62,534 10367 6,814 26p........................................................ 56,708 756,708 ........1..,.1..4..6 2,249 2;019 62,172 10,367 6,818 For notes see opposite page, Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ BANK RESERVES AND RELATED ITEMS A 5 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS—Continued (In millions of dollars) Factors absorbing reserve funds Deposits, other than member bank Member bank reserves, reserves Cur­ with F.R. Banks Other Period or date r c e i n i n r c ­ y T c r u a e r s a y h s ­ O F a t . h c R ­ e . r b F il l i i . t a R ie ­ . s c ti u o la n ­ h in o g ld s ­ Treas­ For­ Other2 counts 3 ca a p n i d ta l3 W F. i R th . r C en u c r y ­ ury eign Banks c a o n in d s Total Averages of daily figures 4,400 210 30 10 376 2,314 2,314 ..........................1929—June 5,455 272 81 164 350 2,211 2,211 7,609 2,402 616 739 248 11,473 11,473 ..........................1939—Dec. 10,985 2,189 592 1,531 292 12,812 12,812 ..........................1941—Dec. 28,452 2,269 625 1,247 493 16,027 16,027 ..........................1945—Dec. 27,806 1,290 615 920 353 739 ................. 17,391 17,391 .......................... 1950—Dec. 33,019 408 522 250 495 1,029 16,688 2,595 19,283 .......................... 1960—Dec. 42,206 808 683 154 231 389 18,747 3,972 22,719 44,579 1,191 291 164 429 83 19,568 4,262 23,830 47,000 1 ,428 902 150 451 -204 20,753 4,507 25,260 ..........................1967—Dec. 49,398 769 798 164 439 -491 22,263 4,522 26,785 50,609 756 360 225 458 -1,105 ...............2..2,484 4,737 27,221 ......................................Dec. 49,784 760 602 189 495 -1,174 22,988 5,075 28,063 .........................1969—Jan. 49,226 7 62 641 130 488 -932 22,644 4,647 27,291 ......................................Feb. 49,436 728 536 152 463 -902 22,246 4,508 26,754 ......................................Mar. 49,703 707 369 131 510 1,937 22,581 4,498 27,079 ......................................Apr. 49,947 691 549 132 445 1 ,968 23,371 4,532 27,903 ......................................May 50,693 672 970 107 458 2,010 22,768 4,549 27,317 ......................................June 51,256 657 1,117 142 473 2,038 22,309 4,671 26,980 .......................................July 51,328 671 881 Ml 469 2,062 22,430 4,649 27,079 ......................................Aug. 51,438 678 597 128 454 2,055 22,238 4,733 26,971 ......................................Sept. 51,683 665 983 121 479 2,078 22,659 4,681 27,340 .......................................Oct. 52,468 666 1 ,074 135 445 ................. 2,140 23,016 4,727 27,743 ............. Nov J’ Week ending— 51,499 678 868 148 462 2,121 22,295 4,655 26,950 .....................1969—Sept. 3 5J,618 682 15 121 460 2,177 22,105 4,836 26,941 ..........................................10 51,545 683 33 123 445 1 ,970 22,149 4,665 26,814 ..........................................17 51,315 676 1,168 134 435 ................. 1 ,989 22,274 4,657 26,931 ..........................................24 51,197 666 1,130 123 464 2,055 22,591 4,809 27,400 ....................................Oct. 1 51,454 666 912 134 497 ................. 2,152 22,320 4,833 27,153 ......................................... 8 51,849 670 1,104 116 51 1 2,018 22,567 4,812 27,379 ..........................................15 51,819 663 943 117 462 2,029 23,248 4,366 27,614 ..........................................22 51,650 660 945 117 450 ................. 2,085 22,522 4,650 27,172 ..........................................29 51 ,833 662 1,114 136 463 2,183 22,894 4,767 27,661 ................................Nov. 5 52,314 670 1,155 137 447 2,139 22,767 4,929 27,696 ..........................................12" 52,551 662 1 ,074 147 436 2,068 23,356 4,609 27,965 ..........................................19” 52,687 661 1 ,018 122 436 ......... 2,138 23,012 4,554 27,566 ..........................................26” End of month 51,313 662 1 ,003 143 5(5 2,090 21,703 4,813 26.516 ........................1969—Sept. 51,710 649 954 131 452 2,181 23,628 4,767 28,395 .....................................Oct. 52,957 665 980 130 453 2,218 23,382 4,834 28,216 .....................................Nov J’ Wednesday 51 ,753 679 748 178 513 2,145 21,568 4,655 26,223 ......................1969—Sept. 3 51,731 687 8 96 439 ................. 2,199 20,419 4,838 25,257 ..........................................10 51,521 685 185 143 431 1 ,942 21,696 4,671 26,367 ..........................................17 51,292 682 1 ,203 149 439 ................. 2,005 22,508 4,659 27,167 ..........................................24 51,356 658 1 ,058 134 476 2,095 21 ,872 4,813 26,685 ................................Oct. 1 51,809 668 1,148 123 503 2,173 21,271 4,842 26,113 ......................................... 8 51,998 677 784 142 484 1 ,993 22,995 4,818 27,813 ..........................................15 51,798 669 1 ,330 109 449 2,042 20,945 4,367 25,312 ..........................................22 51,783 663 1 ,055 119 462 ................. 2,103 22,127 4,652 26,779 ..........................................29 52,138 677 1 ,027 208 471 2,221 22,920 4,767 27,687 .................................Nov, 5” 52,617 669 874 106 448 2,007 21,987 4,929 26,916 ..........................................12»’ 52,655 665 1 ,099 147 398 2,087 22,664 4,609 27,273 ..........................................19” 53,015 661 853 109 427 ................. 2,167 22,126 4,554 26,680 ..........................................26” 1 U.S. Govt, securities include Federal agency obligations. 5 Part allowed as reserves Dec. I, 1959—Nov. 23, 19 60; all allowed 2 Beginning with 1960 reflects a minor change in concept; see Feb. thereafter. Beginning with Jan. 1963, figures are estimated except for 1961 Bulletin, p. 164. weekly averages. Beginning Sept. 12, 1968, amount is based on close- 3 Beginning Apr. 16, 1969, “Other F.R. assets’’ and “Other F.R. of-business figures for reserve period 2 weeks previous to report date. liabilities and capital’’ are shown separately; formerly, they were 0 Reflects securities sold, and scheduled to be bought back, under netted together and reported as “Other F.R. accounts.’’ matched sale/purchase transactions. 4 Includes industrial loans and acceptances, when held (industrial 7 Includes securities loaned—fully secured by U.S. Government loan program discontinued Aug. 21, 1959). For holdings of accept­ securities pledged with Federal Reserve Banks. ances on Wed. and end-of-month dates, see subsequent tables on F.R. Banks. See also note 2. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 6 BANK RESERVES AND RELATED ITEMS □ DECEMBER 1969 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Reserves Bor­ Reserves Bor­ Reserves Bor­ T h o e t l a d l qu R ir e e ­ d 1 Excess B r i o a n F a g n w . t R s k ­ s . s F e r r r e v e e e ­ s T h o e t ld al qui R re e d ­ Excess B r F i a n o a . g n R w t s k . ­ s s F e r r r e v e ­ e e s T h o e t ld al quir R e e d ­ 1 Excess Ba F i r n n a o . g R k t w s s . ­ se F r r e v re ­ e e s 1929—June........... 2,314 2,275 42 974 -932 762 755 7 174 -167 161 161 1 63 -62 2 2,160 1,797 363 184 179 861 792 69 69 211 133 78 78 1939—Dec............. 11'473 6'462 5,011 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 540 1941—bee............ 12’812 9322 3’390 5 3,385 5,142 4,153 989 989 1,143 848 295 295 1945—Dec............. 16'027 14^536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 14 1950—Dec............. 17'391 16,364 1 ',027 142 885 4,742 4,616 125 58 67 1,199 1,191 8 5 3 (960—Dec............. 19,283 18,527 756 87 669 3,687 3,658 29 19 10 958 953 4 8 -4 1962—Dec............. 20'040 19^468 572 304 268 3,863 3,817 46 108 -62 1 ,042 1 ,035 7 18 -11 1963—Dec............. 20',746 20,210 536 327 209 3,951 3,895 56 37 19 1 ,056 1 ,051 5 26 -21 1964—Dec............. 21,609 21,198 411 243 168 4,083 4,062 21 35 -14 1 ,083 1 ,086 -3 28 -31 1965—Dec............. 22,7(9 22,267 452 454 -2 4,301 4,260 41 111 -70 1,143 1,128 15 23 -8 1966—Dec............. 23’830 23’438 392 557 -165 4,583 4,556 27 122 -95 1,119 1,115 4 54 -50 1967—Dec............. 25^260 24^915 345 238 107 5,052 5,034 18 40 -22 1,225 1,217 8 13 -5 1968—Nov............. 26,785 26,461 324 569 -245 5,022 4,968 54 72 -18 1,153 1,155 -2 7 -9 Dec............. 27’221 26'766 455 765 -310 5,157 5,057 100 230 -130 1 ,199 1,184 15 85 -70 1969—jan.............. 28,063 27,846 217 697 -480 5,397 5,392 5 65 -60 1 ,286 1,287 -I 48 49 27'291 27,063 228 824 -596 5,190 5,194 -4 63 -67 1 ,259 1 ,253 6 39 -33 26,’754 26,537 217 918 -701 5,040 5,019 21 65 -44 1 ,204 1 ,207 -3 98 -101 Apr............. 27’079 26,927 152 996 -844 5,039 5,045 -6 111 -117 I ,202 1 ,202 116 -116 27 903 27'603 300 1 ,402 -1,102 5,174 5,134 40 129 -89 1 ,277 1 ,281 -4 144 -148 27’317 26’974 343 1 ,407 -1 ,064 4,962 4,894 68 96 -28 1 ,241 1 ,206 35 27 8 July............. 26,980 26,864 1 16 1,190 -1 ,074 4,837 4,817 20 86 -66 1,197 I ,207 -10 5 -15 27,’079 26,’776 303 1 ,249 -946 4,963 4,922 41 93 -52 1,188 1,196 -8 39 -47 26,971 26’735 236 1 ,067 -831 4,990 4,967 23 87 -64 1 ,200 1,186 14 51 -37 Oct,........ 27,340 27,’197 143 1,135 -992 5,195 5,183 12 138 -126 1 ,228 1 ,235 -7 19 -26 27’743 27’511 232 1,241 -1,009 5,377 5,350 28 168 -140 1 ,244 1 ,254 -11 57 -68 Week ending— 1968—Nov. 6.... 26,354 26,162 192 392 -200 4,932 4,903 29 46 -it 1,119 1,134 - I5 1 1 -26 13.... 27,070 26,533 537 675 -138 5,140 5,061 79 129 -50 1,191 1,173 18 18 20.. . . 26,960 26,731 229 513 -284 5,203 5,123 80 43 37 1,171 1,157 14 14 27.... 26,594 26,409 185 583 -398 4,766 4,821 -55 57 -112 1,128 1,153 -25 10 -35 1969—June 4. . . . 27,643 27,274 369 1 ,521 -1 ,152 5,083 4,996 87 43 44 1 ,239 1 ,235 4 197 -193 11 . 27,444 26,996 448 1 ,260 -812 5,085 4,965 120 90 30 1 ,254 1 ,214 40 3 37 18. . .. 27,036 26,937 99 1 ,315 -1 ,216 4,904 4,924 -20 40 -60 1 ,199 1 ,216 -17 -17 25. . . . 26,966 26,775 191 1 ,323 -1,132 4,774 4,761 13 134 -121 1,199 1,173 26 26 July 2. .. . 27,500 27,004 496 1 ,634 -1,138 5,013 4,857 156 138 18 1 ,220 1 ,202 18 8 10 9. . . . 27,176 27,063 113 1 ,020 -907 4,816 4,870 -54 -54 1 ,209 1 ,222 -13 5 -18 16.... 27,275 27,099 176 1 ,279 -1,103 5,027 4^971 56 137 -81 1 ,261 1 ,265 -4 15 -19 23. , . . 27,164 26,782 382 1,354 -972 4,909 4,822 87 89 -2 1 ,200 1,190 10 10 30. . .. 26,594 26,448 146 1 ,269 -1,123 4,630 4,593 37 154 -117 1,143 1,152 -9 4 -13 Aug. 6. . .. 27,042 26,791 251 1 ,090 -839 4,844 4,829 15 18 -3 1 ,214 1,199 15 15 13. . . . 26,960 26,627 333 1,329 -996 4,843 4,784 59 135 -76 1 ,211 1 ,210 1 139 -138 20. 27,159 27,100 59 1 ,221 - 1,162 5,101 5,164 -63 136 -199 1 ,224 1 ,216 8 8 27 ... . 26,909 26,697 212 1 ,204 -992 4,941 4,896 45 64 -19 1,145 1,164 -19 6 -25 Sept. 3 . . . . 26,950 26,548 402 1 ,240 -838 4,945 4,922 23 84 -61 1 ,215 1,186 29 29 10.. 26,941 26,550 391 740 -349 5,086 4,941 145 64 81 1,183 1 ,179 4 5 -1 17.... 26,814 26,682 132 1 ,018 -886 4,947 4,984 -37 129 -166 1,182 1,190 -8 9 -17 24.... 26,931 26,727 204 1,106 -902 4,926 4,915 II III -100 1,169 1,166 3 39 -36 Oct. 1 .... 27,400 27,080 320 1 ,436 -1,116 5,134 5,062 72 99 -27 1 ,211 1 ,212 -1 158 -159 8. . . . 27,(53 27,014 (39 967 -828 5,012 5,041 -29 198 -227 1,192 1 ,197 -5 -5 15.... 27,379 27,161 218 1 ,347 -1,129 5,222 5,186 36 222 -186 1 ,242 1,231 1 1 22 -11 22.... 27,614 27,458 156 1 ,015 -859 5,296 5,355 -59 42 -101 1 ,271 1 ,272 -1 15 -16 29.... 27,172 27,092 80 1 ,179 -1,099 5,158 5,148 10 65 55 1,227 1 ,239 -12 16 -28 Nov. 5 . . . . 27,661 27,365 296 1,328 1 ,032 5,347 5,257 90 144 -54 1,272 1 ,254 18 189 171 12»... 27,696 27,342 354 1,244 -890 5.403 5,311 86 350 -264 1,247 1,254 -7 84 -91 19*. . . 27,965 27,822| 143 1,072 -929 5,597 5,562 35 25 10 1,287 1,280 7 7 26*... 27,566 27,464 102 1 ,207 -1,105 5,273 5,269 4 8 -4 1,233 1 ,238 -5 I -6 For notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ BANK RESERVES AND RELATED ITEMS A 7 RESERVES AND BORROWINGS OF MEMBER BANKS—Continued (In millions of dollars) Other reserve city banks Country banks Reserves Borrow­ Reserves Borrow­ Period ings at Free ings at Free F.R. reserves F.R. reserves T h o e t ld al Required1 Excess Banks T h o e t l a d l Required Excess Banks 761 749 12 409 -397 632 610 22 327 -305 .......................... 1929—June 648 528 120 58 62 441 344 96 126 -30 ...........................1933—June 3 140 1 953 1 188 1 ,188 1,568 897 671 3 668 ..........................1939—Dec. 4’317 3’614 1 303 I 1 ,302 2,210 1 ,406 804 4 800 ..........................1941—Dec. 6*394 5*976 *418 96 322 4^76 3,566 1,011 46 965 ...........................1945—Dec. 6 689 6 458 232 50 182 4,761 4,099 '663 29 634 ........................ .1950—Dec. 7,950 7 851 100 20 80 6,689 6.066 623 40 583 ..........................1960—Dec. 8 178 8 100 78 130 -52 6,956 6,515 442 48 394 ...........................1962—Dec. 8,393 8,325 68 190 -122 7,347 6^939 408 74 334 ...........................1963—Dec. 8 735 8 713 22 125 -103 7; 707 7,337 370 55 315 ...........................1964—Dec. 9,056 8,989 67 228 -161 8,219 7,889 330 92 238 ...........................1965—Dec. 9,509 9 449 61 220 -159 8,619 8,318 301 161 140 .............1966—Dec. 10 081 10 031 50 105 -55 8', 901 8’634 267 80 187 ..........................1967—Dec. 10 863 10 847 16 274 -258 9,747 9,491 256 216 40 ..........................1968—Nov. (0 990 10 900 90 270 -180 9,875 9',625 250 180 70 11,271 1 1 287 -16 321 -337 10,109 9,880 229 263 -34 ...........................1969—Jan. 10,965 10’948 17 420 -403 9,877 9,668 209 302 -93 ......................................Feb. 10 761 10 768 - 7 449 -456 9,’749 9’543 206 306 -100 10*914 10*923 — 9 512 -521 9,924 9’757 167 257 -90 11'275 H ’195 80 61 8 -538 10’177 9’993 184 511 -327 .......................................May 10 986 10 922 64 713 -649 10,128 9,952 176 571 -395 ......................................June 10 752 10 846 — 94 517 -611 10’194 9^994 200 582 -382 ......................................July 10*814 10*730 84 480 -396 10,1 14 9,928 186 637 -451 10*668 10'654 1 4 46! -447 10’113 9,928 185 468 -283 10'745 10*772 -27 531 -558 10’172 10'007 165 447 -282 ............................ Oct, 10*874 10’841 32 572 -540 10^248 10’066 182 444 -262 Week ending— 10 645 10 721 — 76 150 -226 9,658 9,404 254 185 69 11 054 10 893 161 334 -173 9,685 9'406 279 212 67 ...........................................13 10 838 10 934 — 96 251 -347 9; 748 9^517 231 219 12 ..........................................20 10 900 10 846 54 282 -228 9'800 9,589 211 234 -23 ..........................................27 11 157 1 1 080 77 644 -567 10,164 9,963 201 637 -436 11 002 10*927 75 666 -591 I0;103 9’890 213 501 -288 ...........................................11 10 865 10 903 — 38 706 — 744 10^068 9'894 174 569 — 395 ...........................................18 10 * 869 10 849 20 697 -677 10; 124 9’992 132 492 -360 ..........................................25 11,012 10,907 105 791 -686 10,255 10,038 217 697 -480 .................................July 2 10921 10 966 — 45 494 -539 10,230 10,005 225 52! -296 ......................................... 9 10877 10,’ 946 -69 628 -697 10,110 9^917 193 499 -306 ...........................................16 10 913 10 786 127 604 -477 10,142 9,984 158 661 -503 ..........................................23 10*600 10 674 — 74 448 -522 10^221 10’029 192 663 -471 ..........................................30 10 834 10 788 46 434 -388 10,150 9,975 175 638 -463 10,747 10,703 44 466 -422 10'159 9,930 229 589 -360 ...........................................13 10,774 10 811 -37 453 -490 10,060 9,909 151 624 -473 ..........................................20 10,710 10,690 20 501 -481 I0J 13 9^947 166 633 -467 ..........................................27 10,709 10 587 122 463 -341 10,081 9,853 228 664 -436 10,634 10,612 22 206 -184 10^038 9^818 220 465 -245 ...........................................10 10,644 10^669 — 25 457 -482 10,041 9,839 202 423 -221 ...........................................17 10’685 10 645 40 566 -526 10,151 10,001 150 390 -240 ...........................................24 10 786 10,724 62 626 -564 10,269 10,082 187 553 -366 .................................Oct. 1 10 737 10’744 — 7 351 -358 10,212 10,032 180 418 -238 ......................................... 8 10,813 10,824 - 1 1 664 -675 10'102 9,920 182 439 -257 ...........................................15 10^894 10'846 48 562 -514 10,153 9,985 168 396 -228 ..........................................22 10,613 10,669 -56 587 -643 10,174 10,036 138 511 -373 ...........................................29 10,815 10,804 11 505 -494 10,227 10,050 177 490 -313 .................................Nov. 5 10,874 10,797 77 402 -325 10,173 9',974 199 408 -209 ...........................................12“ 10,896 10,962 -66 627 -693 10,185 10,018 167 420 -253 ...........................................19“ 10,771 10,799 -28 695 -723 10’290 10,'158 132 503 -371 ..........................................26“ 1 Beginning Sept. 12, 1968, amount is based on close-of-business fig­ weeks ending on Wed. that fall within the month. Beginning with Jan. ures for reserve period 2 weeks previous to report date. 1964, reserves are estimated except for weekly averages. 2 This total excludes, and that in the preceding table includes, $51 Total reserves held: Based on figures at close of business through Nov. million in balances of unlicensed banks. 1959; thereafter on closing figures for balances with F.R. Banks and open­ ing figures for allowable cash; see also note 3 to preceding table. Note.—Averages of daily figures. Monthly data are averages of daily Required reserves: Based on deposits as of opening of business each day. figures within the calendar month; they are not averages of the 4 or 5 Borrowings at F.R. Banks: Based on closing figures. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 8 MAJOR RESERVE CITY BANKS □ DECEMBER 1969 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars, unless otherwise noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S. Govt, securities dealers Less— Net— Gross transaction Net transactions Reporting banks and Bor­ week ending— s E e x r r c v e e e ­ s s s i r a o B t B w a F o n in . k r R g ­ s s . F f t i b e r u n N a a d n t n e e n e d s t r r k s . ­ a l S d u e o r f p i r c l u it s r P r e e e q s a r e u o v c r g i f v r e . e e n s d t ch P a u s r e ­ s Sales t a w c T tr o t a o io - n t w a n s l s a ­ 2 j b c o b h P u a f a y n u n s i k n r e e ­ s s g t s o b S e a f a l n l l n i e n k e s g s t de L a o t l a o e n rs s 3 de f r i r a n o o g l w e m s r ­ s 4 lo N a e n t s Total—46 Banks 1969—Oct. 1........... 160 626 2,044 -2,510 21.6 5,347 3,303 2,338 3,010 966 797 143 654 8...........52 283 3,236 -3,467 29.9 6,251 3,016 2,222 4,029 793 587 123 465 15........... 43 607 3,754 -4,318 36.3 7,044 3,290 2,480 4,564 809 556 96 460 22........... 65 275 3,460 -3,669 30.3 6,339 2,879 2,484 3,855 396 964 150 814 29............ 18 375 2,596 -2,953 25.2 5,681 3,085 2,359 3,321 725 880 140 740 Nov. 5........... 142 543 3,048 -3,449 28.9 6,133 3,085 2,677 3,456 407 1 ,018 '155 863 12........... 251 646 4,801 -5,196 43.2 7,369 2,568 2,283 5,086 285 898 161 738 19........... 94 390 4,151 -4,448 36.0 7,343 3,192 2,600 4,743 592 828 186 642 26............ 43 446 2,771 -3,174 26.7 5,889 3,118 2,451 3,438 667 854 179 675 8 in New York City 1969—Oct. 1............ 85 95 728 -738 16.0 1 ,760 1 ,031 1 ,021 738 10 620 121 499 8...........22 170 967 -1 ,115 24.3 1 ,882 915 893 989 22 440 96 344 15........... 46 211 1,271 -1 ,436 30.3 2,368 1,096 1,096 1,271 467 67 399 22............ -13 632 -645 13.2 1 ,858 1 ,226 1,177 681 49 638 119 519 29........... -4 53 422 -479 10.2 1 ,575 1,153 925 650 227 605 106 499 Nov. 5............ 94 121 199 -227 4.7 1,731 1,532 1,293 438 238 809 139 670 12........... 149 350 1 ,583 -1 ,784 36.7 2,200 617 600 1,600 17 750 136 614 19........... 94 1,396 -1,302 25.6 2,519 1,124 992 1 ,527 132 660 132 528 26........... 31 8 568 -545 11.3 1 ,752 1,184 977 774 206 630 127 504 38 out side New York City 1969—Oct. 1............. 75 531 1 ,316 -1,772 25.2 3,588 2,272 1 ,316 2,271 956 177 22 155 8...........30 113 2,269 -2,352 33,5 4,369 2,100 1,329 3,040 771 148 27 121 15........... -3 397 2,483 -2,882 40.3 4,676 1,293 1 ,384 3,292 809 90 29 60 22........... 78 275 2,828 -3,024 42. 1 4,481 1,653 1,307 3,174 347 325 30 295 29........... 22 322 2,174 -2,474 35.2 4,106 1,932 1,434 2,672 498 275 33 242 Nov. 5........... 48 422 2,849 -3,223 45. 1 4,402 1,553 1 ,384 3,018 169 209 16 194 12............ 101 296 3,217 -3,412 47.6 5,169 1 ,952 1 ,683 3,486 268 148 24 124 19 390 2,756 -3,146 43.3 4,824 2,068 1 ,608 3,216 460 168 54 114 26............ 12 438 2,203 -2,629 37.2 4,137 1 ,935 1 ,474 2,663 461 223 52 171 5 in City of Chicago 1969—Oct. 1............ I 158 702 -859 77,7 1 ,000 297 283 716 14 29 29 8........... 839 -839 77.0 1 ,217 378 378 839 97 97 15............ 9 22 944 -957 85.0 1,269 325 325 944 II 1 1 22............ 8 15 1 ,037 -1,043 89.4 1 ,333 296 296 I ,037 33 33 29........... -8 16 1 ,018 -1,043 91.7 1,378 360 360 1,018 ■ ...........3.1 31 Nov. 5............ H 187 984 -1,160 100.9 1,214 229 229 984 53 53 12............ 9 85 1,181 -1,256 1 10.1 1,514 333 333 1,180 30 30 19........... 11 1,236 -1,225 104.3 1,602 366 366 1,236 39 39 26............ 5 868 — 863 76.4 1 ,234 366 366 868 41 41 33 others 1969—Oct. 1............7.4 373 614 -913 15.4 2,588 1 ,975 1,033 1,555 942 148 22 126 8............ 30 113 1 ,430 — 1,513 25.5 3.152 1 ,723 951 2,201 771 51 27 24 15............ -12 375 1,539 -1,925 32.0 3,407 1,868 1,058 2,348 809 79 29 50 22............ 70 260 1 ,791 -1,981 32.9 3,148 I ,357 1 ,011 2,137 347 292 30 262 29............ 30 306 1,156 -1,432 24.3 2,728 1,572 1,074 1 ,654 498 243 33 210 Nov. 5........... 37 235 1,865 -2,063 34.4 3,189 1.324 1,155 2,034 169 156 16 141 12........... 92 211 2,037 -2,156 35.8 3,655 1,619 I ,350 2,306 268 118 24 94 19........... -11 390 1,519 -1,921 31,5 3,222 1 ,703 1,242 1,980 460 129 54 75 26............ 7 438 1 ,335 -1,766 29.7 2,903 1,569 1,108 1,795 461 182 52 130 t Based upon reserve balances, including all adjustments applicable to batiks, repurchase agreements (purchases of securities from dealer the reporting period. Prior to Sept. 25,1968, carryover reserve deficiencies, subject to resale), or other lending arrangements. if any, were deducted. Excess reserves for later periods are net of all carry­ ■* Federal funds borrowed, net funds acquired from each dealer by over reserves. clearing banks, reverse repurchase agreements (sales of securities to 2 Derived from averages for individual banks for entire week. Figure dealers subject to repurchase), resale agreements, and borrowings secured for each bank indicates extent to which the bank’s weekly average pur­ by Govt, or other issues. chases and sales are offsetting. Note.—Weekly averages of daily figures. For description of series 3 Federal funds loaned, net funds supplied to each dealer by clearing and back data, see Aug. 1964 Bulletin, pp. 944-74. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ DISCOUNT RATES A 9 FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Discounts for and advances to member banks Advances to all others under Advances and discounts under Advances under last par. Sec. 13’ Federal Reserve Bank Secs. 13 and 13a 1 Sec. 10(b)2 N R o a 1 v t 9 e . 6 9 o 30 n , Eff d e a c t t e ive Pre ra v t i e ous N R o a 1 v t 9 e . 6 9 o 30 n , Eff d e a c t t e ive Pre ra v t i e ous N R o a 1 v t 9 e . 6 9 o 30 n , Eff d e a c t t e ive Pre ra v t io e us Boston........................................... 6 Apr 8 1969 59i 614 Apr 8 1969 7 Apr 8 1969 614 New York...................................... 6 Apr. 4^ 1969 5'4 654 Apr. 4^ 1969 6 714 Apr. 4, 1969 7 Philadelphia................................... 6 Apr. 4, 1969 5^ 614 Apr 4 1969 6 7 Apr. 4 1969 614 Cleveland.................................... 6 Apr 4 1969 5‘A 614 Apr 4 1969 5 71A Apr 4 1969 7 Richmond...................................... 6 Apr 4 1969 514 614 Apr 4* 1969 6 7 Apr 4' 1969 614 Atlanta......................................... 6 Apr. 4, 1969 554 6'4 Apr. 4; 1969 6 7 Apr. 4, 1969 654 Chicago........................................ 6 Apr. 4, 1969 514 614 Apr 4 1969 6 7 Apr 4 1969 614 St, Louis......................................... 6 Apr 4 1969 514 614 Apr 4* 1969 5 7 Apr 4 1969 614 Minneapolis.................................. 6 Apr. 4' 1969 514 614 Apr 4’ 1969 6 Apr 4* 1969 614 Kansas City................................... 6 Apr 4 1969 514 614 Apr 4’ 1969 6 7 Apr 4 1969 614 Dallas............................................ 6 Apr 4 1969 514 614 Apr 4* 1969 6 7 Apr 4* 1969 614 San Francisco.............................. 6 Apr. 4, 1969 554 654 Apr. 4; 1969 6 7 Apr. 4, 1969 654 1 Discounts of eligible paper and advances secured by such paper or by 2 Advances secured to the satisfaction of the F.R. Bank. Maximum U.S. Govt, obligations or any other obligations eligible for Federal maturity: 4 months. Reserve Bank purchase. Maximum maturity: 90 days except that dis­ 3 Advances to individuals, partnerships, or corporations other than counts of certain bankers’ acceptances and of agricultural paper may member banks secured by direct obligations of, or obligations fully have maturities not over 6 months and 9 months, respectively. guaranteed as to principal and interest by, the U.S. Govt, or any agency thereof. Maximum maturity: 90 days. FEDERAL RESERVE BANK DISCOUNT RATES (Per cent per annum) Range F.R. Range F.R. Range F.R. Effective (or level)— Bank Effective (or level)— Bank Effective (or level)— Bank date All F.R. of date Alt F.R. of date All F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1941........ 1 -i'A 1 1955—Cont. 1960 Sept. 9............................ 2 -254 5 4 Ap 1 r 9 , 42 1 1..........................1. ..... 1 No ' v. 1 1 3 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25 2 4 5 -2 4 54 1 14 0............................ ^ Oct. 15................................ t «-i 1 23............................ 254 3 3 30................................ t W t 14 3 3 1956 1946 Apr. 13............................ 254-3 1963 Apr. 25.....................t. ...'.4..-.1... 1 ' 20........................... 2’/,-3 2’4 July 17............................ 3 -354 ^ May 10................................ 1 1 2’4-3 3 26............................ 354 “ 31............................ 3 3 1948 1964 Jan 12.......................1. ....-.1...'4 1957 Nov. 24............................ 3’4-4 4 19................................ 1'4 3 -354 3 30............................ 4 4 Aug. 2 1 3 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . U4 1 - 5 1 4 54 1(4 23........................... 3 35 -3 4 54 3 3 *4 1965 Dec. 2........................... 3 3 4 -454 ^ 1950 13............................ 454 25... A ... u .. g .. . . . 2 .. 1 ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........1..5. 1 4.. 5 -.1. 4 .5.4 }^ Jan. 22.. 1 . 9 .. 5 .. 8 . .......... 2’4-3 3 Apr. 7... 1 . 9 .. 6 .. 7 . .................. 4 -454 4 24............................ 254-3 14............................ 4 4 23... J . a .. n 1 .. 9 . . . 5 .. 3 . 1 .. 6 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ........1..5. 2 .4.-..2.. 2 2 Mar. 2 1 7 3 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 W > 2 4 5 - - 3 4 2 ’,4 Nov. 2 20 7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 45 -4 4 54 ^ Apr. 18............................ 154-254 1968 1954 May 9............................ 1% 4’4-5 4% Feb. 5.......................1..5..4.-..2.. Aug. 15............................ 1’4-2 1’4 22 5 5 15................................ 154 Sept. 12............................ 1’4-2 2 5 -554 Apr. 14................................ M ' 23............................ 2 2 554 16................................ Oct. 24............................ 2 -254 2 5'4-554 May 21................................ 154 1<4 Nov. 7............................ 254 2’4 30 554 Dec. 18....................... 5’4-554 5»A 1955 1959 20............................ 554 5% Apr. 14........................ 1M 254-3 3 15................................ 16............................. 3 h 1969 May 2. .............................. 1,4 154 May 29............................ 3 -354 5!4-6 6 Aug. 4................................ :^ 154 June 12................... 354 8 ... 6 6 5................................ 2 354-* 4 12................................ 2 -254 2 ' 18............................ 4 4 In effect Nov, 30, 1969.. . 6 6 f Preferential rate of yi of 1 per cent for advances secured by U.S. in the following periods (rates in percentages): 1955—May 4-6, 1.65; Govt, obligations maturing in 1 year or less. The rate of I per cent was Aug. 4, 1.85; Sept. 1-2, 2.10; Sept. 8, 2.15; Nov. 10, 2.375; 1956—Aug. continued for discounts of eligible paper and advances secured by such 24-29, 2.75; 1957—Aug. 22, 3.50; 1960—Oct. 31-Nov. 17, Dec. 28-29, paper or by U.S. Govt, obligations with maturities beyond 1 year. 2.75; 1961—Jan. 9, Feb. 6-7, 2.75; Apr. 3-4, 2.50; June 29, 2.75; July 20, 31, Aug. 1-3, 2.50; Sept. 28-29, 2.75; Oct. 5, 2.50; Oct. 23, Nov. 3, Note.—Discount rates under Secs. 13 and 13a (as described in table 2.75; 1962—Mar. 20-21, 2.75; 1964—Dec. 10, 3.85; Dec. 15, 17, 22, 24, above). For data before 1942, see Banking and Monetary Statistics, 28, 30, 31, 3.875; 1965—Jan. 4-8, 3.875; 1968—Apr. 4,5,11, 15,16,5.125; 1943, pp. 439-42. Apr. 30, 5.75; May 1-3, 6, 9, 13-16, 5.75; June 7, 11-13, 19, 21, 24, 5.75; The rate charged by the F.R. Bank of N.Y. on repurchase contracts July 5, 16, 5.625; Aug. 16, 19, 5.25. against U.S. Govt, obligations was the same as its discount rate except Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 10 RESERVE AND MARGIN REQUIREMENTS □ DECEMBER 1969 RESERVE REQUIREMENTS OF MEMBER BANKS (Per cent of deposits) Dec. 31, 1949, through July 13. 1966 Beginning July 14, 1966 Net demand Net demand Time deposits 4<5 deposits 2 deposits 2.4 (all classes of banks) Time depos­ its Reserve Country Other Effective date 1 b C re a e c s n n i e k ty t r s r v a e 3 l b s c a R e i n r t e v y k ­ e s C ba o tr n u y k n s ­ c b l a a ( o n s a s k f ll e s s ) Effective date 1 Un c d it e y r ban O k v s er Unde b r a nks Over d S e in i p a t g s o v s ­ s ­ U ti n m d e e r d ep O os v i e ts r $5 mil­ $5 mil­ $5 mil­ $5 mil­ $5 mil­ 85 mil­ lion lion lion lion lion lion In effect Dec. 31, 1949........ 22 18 12 5 1966—July 14,21....... 6 6'/i 6 2 M M 5 Sept. 8, 15....... 6 1951—Jan. 11,16............... 23 19 13 6 Jan. 25, Feb. 1.... 24 20 14 1967—Mar. 2............. 3'4 3H 1953—July 9,1................. 22 19 13 Mar. 16............. 3 3 1954—June 24; 16............... 21 5 July 29, Aug. 1,... 20 18 12 1968—Jan. 11,18....... 16W 17 12 12’4 1958— Feb. 27, Mar. 1.... 1914 17» H* Mar. 20, Apr. 1.... 19 17 1969—Apr. 17............. 17 17>/4 1214 13 Apr. 17..................... 18H Apr. 24.................... 18 16‘4 In effect Nov. 30,1969,. 17 17'A 12>4 13 3 3 6 1960—Sept 1 1714 Nov. 24..................... 12 Present legal Dec. 1..................... 161,4 requirement: 1962—July 28..................... (3) Minimum................. 10 7 3 3 3 Oct. 25, Nov. 1.... ........... 4 Maximum................. 22 14 10 10 10 1 When two dates are shown, the first applies to the change at central requirement on borrowings by domestic offices of a member bank from reserve or reserve city banks and the second to the change at country foreign banks, except that only a 3 per cent reserve is required against banks. For changes prior to 1950 see Board’s Annual Reports. such borrowings that do not exceed a specified base amount. For details 2 Demand deposits subject to reserve requirements are gross demand concerning these requirements, see the amendments to Regulations D deposits minus cash items in process of collection and demand balances and M on pp. 656 and 657 of the Aug. 1969 Bulletin. due from domestic banks. 5 Effective Jan. 5, 1967, time deposits such as Christmas and vacation 3 Authority of the Board of Governors to classify or reclassify cities club accounts became subject to same requirements as savings deposits. as central reserve cities was terminated effective July 28, 1962. ^ See preceding columns for earliest effective date of this rate. 4 Beginning Oct. 16, 1969, a member bank is required under Regula­ tion M to maintain, against its foreign branch deposits, a reserve equal Note.—All required reserves were held on deposit with F.R. Banks to 10 per cent of the amount by which (1) net balances due to, and certain June 21, 1917, until Dec. 1959. From Dec. 1959 to Nov. 1960, member assets purchased by, such branches from the bank’s domestic offices and banks were allowed to count part of their currency and coin as reserves; (2) credit extended by such branches to U.S. residents exceed certain effective Nov. 24, 1960, they were allowed to count all as reserves. For specified base amounts. Regulation D imposes a similar 10 per cent reserve further details, see Board’s Annual Reports. MARGIN REQUIREMENTS (Per cent of market value) Effective date Regulation Apr. 23, Jan. 16, Aug. 5, Oct. 16, July 28, July 10, Nov. 6, Mar. 11, June 8, 1955 1958 1958 1958 1960 1962 1963 1968 1968 Regulation T: For credit extended by brokers and dealers on—• Listed stocks....................................................... 70 50 70 90 70 50 70 70 80 Listed bonds convertible into stocks............. 50 60 For short sales........................................................ 70 50 70 90 70 50 70 70 80 Regulation U: For credit extended by banks on—• Stocks......................................................... 70 50 70 90 70 50 70 70 80 Bonds convertible into listed stocks................. 50 60 Regulation G: For credit extended by others than brokers and dealers and banks on— Listed stocks....................................................... 70 80 Bonds convertible into listed stocks................ 50 60 Note.—Regulations G, T, and U, prescribed in accordance with ference between the market value (100 per cent) and the maximum Securities Exchange Act of 1934, limit the amount of credit to pur­ loan value. chase and carry registered equity securities that may be extended Regulation G and special margin requirements for bonds con­ on securities as collateral by prescribing a maximum loan value, vertible into stocks were adopted by the Board of Governors effective which is a specified percentage of the market value of the collateral Mar. 11. 1968, at the time the credit is extended; margin requirements are the dif­ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ MAXIMUM INTEREST RATES; BANK DEPOSITS A 11 MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS (Per cent per annum) Rates Jan. I, 1962—July 19, J966 Rates beginning July 20, 1966 Effective date Effective date Type of deposit Type of deposit Jan. 1, July 17, Nov. 24, Dec. 6, July 20, Sept. 26, Apr. 19, 1962 1963 1964 1965 1966 1966 1968 Savings deposits: 1 Savings deposits .............................. 4 4 4 12 months or more....................... 4 4 } 4 4 Other time deposits: 2 Less than 12 months..................... 314 3ft Multiple maturity: 3 90 days or more...................... 5 5 5 Other time deposits: 2 Less than 90 days................... 4 4 4 (30-89 days) 12 months or more. . ................... 4 } 4 | 5ft Single-maturity; 6 months to 12 months................. 3ft 4’4 Less than $100,000................. 5ft 5 5 90 days to 6 months..................... 2ft $100,000 or more: Less than 90 days......................... 1 4 30-59 days....................... 5ft | 5ft (30-89 days) 9 6 0 0 - - 1 8 7 9 9 d d a a y y s s .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5ft 5 6 ft 180 days and over........... 6ft 1 Closing date for the Postal Savings System was Mar. 28, 1966. Max­ Note.— Maximum rates that may be paid by member banks as estab­ imum rates on postal savings accounts coincided with those on savings lished by the Board of Governors under provisions of Regulation Q; deposits. however, a member bank may not pay a rate in excess of the maximum 2 For exceptions with respect to certain foreign time deposits, see rate payable by State banks or trust companies on like deposits under Bulletins for Oct. 1962, p. 1279; Aug. 1965, p. 1084; and Feb. 1968, the laws of the State in which the member bank is located. Beginning p. 167, Feb. I, 1936, maximum rates that may be paid by nonmember insured 3 Multiple-maturity time deposits include deposits that are automati­ commercial banks, as established by the FDIC, have been the same as cally renewable at maturity without action by the depositor and deposits those in effect for member banks. that are payable after written notice of withdrawal. DEPOSITS, CASH, AND RESERVES OF MEMBER BANKS (In millions of dollars) Reserve city banks Reserve city banks Item m b e a A m n U k b s er Y N o e r w k C o it f y Other C b o a u n n ks try Item m b e a A m n l k l b s er Y N o e r w k C o it f y Other C b o a u n n ks try City Chicago City Chicago Four weeks ending Oct. 8, 1969 Four weeks ending Nov. 5, 1969? Gross demand—Total.... 177,534 41 ,348 7,257 62,320 66,610 Gross demand—Total. .. 178,365 42,163 7,242 62,203 66,757 Interbank................. 21,847 9,138 1 ,267 8,969 2,474 Interbank..................... 22,362 9,496 1,315 9,070 2,481 U.S. Govt................. 4,993 964 254 2,092 1 ,683 U.S. Govt.................... 3,506 650 177 1 ,382 1 ,297 Other........................ 150,694 31 ,245 5,736 51,259 62,454 Other........................... 152,498 32,017 5,751 51 ,750 62,979 Net demand 2.................. 133,482 25,093 5,645 46,901 55,844 Net demand 1................. 133,080 24,785 5,595 46,803 55,897 Time................................. 151,626 14,424 4,495 56,991 75,717 Time................................ 150,859 14,581 4,641 55,999 75,638 Demand balances due Demand balances due from dom. banks...... 9,531 434 108 2,674 6,315 from dom. banks........ 9,686 482 125 2,750 6,328 Currency and coin........... 4,741 376 86 1 ,476 2,803 Currency and coin.......... 4,649 375 83 1,447 2,744 Balances with F.R, Balances with F.R. Banks...................2..2..,.334 4,629 1,103 9,238 7,365 Banks.......................... 22,808 4,88! 1,170 9,337 7,420 Total reserves held.........2 7,075 5,005 1,189 10,714 10,168 Total reserves held......... 27,457 5,256 1 ,253 10,784 10,164 Required............ 26,876 5,001 1,191 10,696 9,989 Required....................... 27,269 5,237 1,249 10,786 9,998 Excess........................... 199 4 -2 18 179 Excess.......................... 188 19 4 -2 166 1 Demand deposits subject to reserve requirements are gross demand Note.—Averages of daily figures. Balances with F.R. Banks are as deposits minus cash items in process of collection and demand balances of close of business; all other items (excluding total reserves held and due from domestic banks. excess reserves) are as of opening of business. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 12 FEDERAL RESERVE BANKS □ DECEMBER 1969 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month 1 tem 1969 1969 1968 Nov. 26 Nov. 19 Nov. 12 Nov. 5 Oct. 29 Nov. 30 Oct. 31 Nov. 30 Assets Gold certificate account.............................................. 10,036 10,036 10 036 10,036 10 036 10,036 10 036 10,026 1 25 1 30 134 1 39 144 125 149 251 Discounts and advances: Member bank borrowings........................................ 1 146 653 696 1 ,205 1 175 1,531 1 ,691 471 Other........................................................................ Acceptances: Bought outright....................................................... 50 45 42 42 40 49 41 58 Held under repurchase agreements.......................... 19 Federal agency obligations—Held under repurchase agreements................................................................. 50 17 U.S. Govt, securities: Bought outright: 21,820 21,915 21,472 20,921 19,958 22,430 20,461 19 169 Certificates—Special............................................. Other............................................... Notes..................................................................... 31 392 31 392 31 357 31 357 31 357 31 392 31,357 28 706 Bonds..................................................................... 3,496 3,496 3,468 3,468 3,468 3^496 3,468 5,475 Total bought outright............................................. 2.356,708 56,803 56,297 55 746 254,783 57,318 55,286 53,350 Held under repurchase agreements.......................... 458 229 Total U.S. Govt, securities......................................... 56,708 56,803 56,297 56,204 54,783 57,318 55,515 53,350 Total loans and securities............................................ 57 904 57 501 57 035 57 520 55 998 58 898 57 264 53 879 Cash items in process of collection............................. ”9*376 ”10 960 ”9 * 290 ”9'518 8*955 ”9'420 8*207 8*656 Bank premises. ............................................................. 113 113 ‘113 *113 ’113 '113 113 1 14 Other assets: Denominated in foreign currencies......................... I 420 1 430 1 724 1 840 1 918 1 370 1 823 2 211 IMF gold deposited 1............................... 219 219 219 219 219 219 219 230 All other............................................................ 267 247 851 825 769 294 772 337 Total assets................................................................... ”79,460 ”80,636 ”79,402 ”80,210 78,152 ”80,475 78,583 75,704 Liabilities F.R. notes................................................................... 46,651 46 305 46,283 45,819 45 457 46 594 45,373 43,855 Deposits: Member bank reserves.................................... ^22 126 ”22 664 ”21 987 ”22 920 22 127 ”23 382 23 628 22 567 U.S. Treasurer—General account.......................... ' 853 1 *099 *874 1 027 1 ’055 980 954 *478 Foreign.............................................................. 109 *147 106 *208 ’119 130 131 220 Other: IMF gold deposit 1......................................... 219 219 219 219 219 219 219 230 All other................................................................ 208 179 229 252 243 234 233 206 Total deposits............................................................. ”23 515 ”24 308 ”23 415 ”24 626 23 763 ”24 945 25 165 23 701 Deferred availability cash items................................... 7 127 7 936 7 697 7 544 6 829 6 718 5 864 6 275 Other liabilities and accrued dividends....................... 599 *585 569 *573 *522 L 612 *580 *409 Total liabilities............................................................. ”77,892 ”79,134 ”77,964 ”78,562 76 571 ”78 869 76,982 74 240 Capital accounts Capital paid in............................................................. 666 665 666 665 665 667 665 625 Surplus.......................................................................... 630 630 630 630 630 630 630 598 Other capital accounts................................................. 272 207 142 353 286 309 306 241 Total liabilities and capital accounts........................... ”79,460 ”80,636 ’79,402 ”80,210 78,152 80,475 78,583 75,704 Contingent liability on acceptances purchased for foreign correspondents............................................. 146 145 145 145 149 146 1 49 114 U.S. Govt, securities held in custody for foreign account............................................................... 7,589 7,285 7,555 7,856 9,U7 7,533 8,447 9,673 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank).................... 49,152 48,964 48,600 48,403 48,353 49,281 48,352 46,409 Collateral held against notes outstanding: Gold certificate account...................................... 3,287 3,287 3,287 3,287 3,307 3,287 3,307 3,997 Eligible paper............................................................ U.S. Govt, securities. .............................................. 47.286 47,126 46,296 46,096 46,076 47,286 46,076 43,641 Total collateral............................................................ 50,573 50,413 49,583 49,383 49,383 50,573 49,383 47,638 1 See note 2 to table at bottom of page. 2.3 See Notes 6 and 7 on page A-5. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON NOVEMBER 30, 1969 (In millions of dollars) Item Total Boston Y N o e r w k P d h e il l a ­ ­ C la le n v d e­ m R o ic n h d ­ At t l a an­ c C a h g i o ­ Lo S u t. is M ap in o n li e s ­ K s a as n ­ Dallas F S r a a n n ­ phia City cisco Assets Gold certificate account..................... 10,036 525 2,035 771 768 893 606 1,548 422 226 426 421 1,395 F.R. notes of other banks.................. 597 68 155 23 42 38 70 27 18 19 37 24 76 Other cash........................................... 125 4 10 5 12 9 19 13 13 4 9 8 19 Discounts and advances: Secured by U.S. Govt, securities.. .. 819 20 287 7 3 80 47 176 46 16 16 20 101 Other............................................... 712 40 360 26 48 6 ♦ 31 2 5 194 Acceptances: Bought outright.............................. 49 49 Held under repurchase agreements.. Federal agency obligations—Held under repurchase agreements...... U.S. Govt, securities1: Bought outright.............................. 57,318 2,908 14,289 2,965 4,497 4,303 3,070 9,422 2,049 1,081 2,241 2,430 8,063 Held under repurchase agreements.. Total loans and securities................... 58,898 2,968 14,985 2,972 4,500 4,409 3,165 9,604 2,095 1,128 2,259 2,455 8,358 Cash items in process of collection... ”12,660 744 2,105 621 904 944 1,278 2,088 643 494 858 751 1,230 Bank premises..................................... 113 2 9 2 5 11 18 17 9 5 18 8 9 Other assets: Denominated in foreign currencies.. 1 ,370 66 2348 71 122 71 88 203 48 31 59 78 185 IMF gold deposited 3..................... 219 219 All other.......................................... 294 16 80 14 22 22 14 44 10 6 12 17 37 Total assets......................................... ”84,312 4,393 19,946 4,479 6,375 6,397 5,258 13,544 3,258 1,913 3,678 3,762 11,309 Liabilities F.R. notes........................................... 47,191 2,694 10,959 2,714 3,879 4,239 2,533 8,328 1,755 799 1,748 1 ,699 5,844 Deposits: Member bank reserves................ ”23,382 831 6,407 1 ,072 I ,483 1,127 1 ,430 3,154 844 602 1,029 1 ,298 4,105 U.S. Treasurer—General account.. 980 72 159 85 53 59 93 88 49 43 106 68 105 Foreign............................................ 130 5 452 5 9 5 7 16 4 2 5 6 14 Other: IMF gold deposit 2.. ........... 219 219 All other...................................... 234 1 185 5 1 10 1 2 1 2 2 1 23 Total deposits..................................... ”24,945 909 7,022 1,167 1,546 1,201 1,531 3,260 898 649 1,142 1,373 4,247 Deferred availability cash items......... 9,958 683 1,379 485 762 824 1,062 1,617 529 418 698 578 923 Other liabilities and accrued dividends 612 29 163 31 47 45 32 98 21 12 24 26 84 Total liabilities.................................... ”82,706 4,315 19,523 4,397 6,234 6,309 5,158 13,303 3,203 1 ,878 3,612 3,676 11,098 Capital accounts Capital paid in. ................................ 667 32 176 34 60 34 43 98 23 15 28 37 87 Surplus................................................. 630 31 160 33 56 33 40 93 22 14 27 36 85 Other capital accounts........................ 309 15 87 15 25 21 17 50 10 6 11 13 39 Total liabilities and capital accounts.. ”84,312 4,393 19,946 4,479 6,375 6,397 5,258 13,544 3,258 1 ,913 3,678 3,762 11,309 Contingent liability on acceptances purchased for foreign correspond­ ents. ............................................. 146 7 537 8 13 8 9 22 5 3 6 8 20 Federal Reserve Notes—Federal Reserve Agents’ Accounts F.R. notes outstanding (issued to Bank)........................................... 49,281 2,810 11,521 2,778 4,097 4,349 2,665 8,594 1,837 828 1,819 1,830 6,153 Collateral held against notes out­ standing: Gold certificate account................. 3,287 180 500 300 510 610 1,000 155 27 5 Eligible paper.................................. U.S. Govt, securities............... 47,286 2,667 11,200 2,620 3,750 3,769 2,750 7,950 1 ,750 825 1 ,875 1 ,880 6,250 Total collateral.................................... 50,573 2,847 11,700 2,920 4,260 4,379 2,750 8,950 1 ,905 852 1,875 1,885 6,250 1 Total holdings of U.S, Govt, secuurities bought outright on Oct. 31, 2 After deducting $1,022 million of participations of other Federal 1969, published on p. A-13 of the November Bulletin should have read as Reserve Banks. follows, reading from left (total) to right column (San Francisco): 55,286; 3 See note 1 (b) to table at top of page A-75. 2,823; 13,723; 2,871; 4,272; 4,156; 2,953; 9,030; 1,950; 1,050; 2,169; 4 After deducting $78 million of participations of other Federal Re­ 2,431; 7,858. serve Banks. 5 After deducting $109 million of participations of other Federal Re­ serve Banks. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 14 OPEN MARKET ACCOUNT □ DECEMBER 1969 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt, securities by maturity Total Treasury biIs Oth<irs within 1 year 1-5 years Month Exch., Gross Gross Gross maturity Gross Exch. pur­ Gross Redemp­ pur­ Gross Redemp­ pur­ Gross shifts, pur­ Gross or . chases sales tions chases sales tions chases sales or chases sales maturity redemp­ shifts tions 1968—Oct............. 2,736 2,246 2,601 2,246 53 308 27 -308 Nov............ 3,602 3,430 150 3,602 3,430 150 -6,293 5,586 Dec........... 6,100 6,334 180 6,100 6,334 180 358 -358 1969—jan............. 4,011 4,590 231 4,011 4,590 231 Feb............. 1,234 1,110 175 1,149 1,110 175 23 -8,479 33 6,095 Mar............ 385 65 381 217 65 381 49 574 73 -574 Apr........ 2,121 1,346 206 2,121 1,346 206 May........... 2,368 1,444 2,173 1 ,444 33 10,883 78 16,895 June........... 4,586 3,993 7 4,586 3,993 7 July 3,495 3,251 200 3,428 3,251 200 10 24 Aus............ 2,201 1,658 2,201 1 ,658 407 ^4,514 Sept............ 4,762 5,483 115 4,762 5,483 115 Oct............. 5,145 7,304 5,016 3,704 1 -694 74 519 Outright transactions in U.S. Govt, securities—Continued Repurchase Bankers' agreements Federal acceptances (U.S. Govt, Net agency 5-10 years Over 10 years securities) change obliga­ Month in U.S. tions Under Net Govt, (net re­ repur­ change1 Exch. Exch. secur­ purchase Out­ chase Gross or ma­ Gross or ma­ Gross ities agree­ right, agree­ pur­ Gross turity pur­ Gross turity pur­ Gross ments) net ments, chases sales shifts chases sales shifts chases sales net 1968—Oct....... 50 7 790 1,230 50 -9 9 -39 11 Nov.... 708 980 980 21 2 23 Dec.. . . 1,369 1 ,369 -414 * -414 1969—Jan....... 371 371 -810 -8 -818 Feb.... 24 2,384 6 2,517 2,318 148 20 1 40 209 Mar,.. . 26 20 2,044 1,854 130 5 -4 7 137 Apr.. . > 1,929 1 ,790 708 54 5 43 810 May. .. 60 12 24 4,192 4,470 646 1 -5 -60 582 June... 1,312 1 ,562 336 -80 -5 -30 220 July.... 23 10 560 560 44 -1 43 Aug.. .. -4,921 2,721 2,491 773 39 22 834 Sept.. . . 1,121 1 ,062 -777 -39 -3 -22 -841 Oct....... 52 175 3 2,655 • 2,715 1,381 17 4 1,402 1 Net change in U.S. Govt, securities, Federal agency obligations, and Note.—Sales, redemptions, and negative figures reduce System hold­ bankers' acceptances. ings; all other figures increase such holdings. CONVERTIBLE FOREIGN CURRENCIES HELD BY FEDERAL RESERVE BANKS (In millions of U.S. dollar equivalent) Nether­ End of Total Pounds Austrian Belgian Canadian Danish French German Italian Japanese lands Swiss period sterling schillings francs dollars kroner francs marks lire yen guilders francs 1967—Dec............. 1,604 1,140 45 3 1 413 I 1 2 1968—Aug............ 1,055 601 53 4 25 235 75 1 1 57 3 Sept............ 1,281 698 13 4 452 75 1 33 3 Oct............. 1,273 694 124 4 378 65 I 1 4 3 Nov...... .. 2,211 1 ,443 111 4 571 75 1 1 4 3 Dec............. 2’, 061 1,444 8 3 433 165 1 1 4 3 1969—Jan............. 1,883 1,443 41 2 25 294 67 1 1 4 6 Feb............. 1,938 1,450 13 1 25 318 125 4 1 Mar............ 2,059 1,396 23 1 461 160 13 1 4 1 Apr............. 1,960 1,245 44 1 50 436 163 15 1 4 May........... 1,889 1,542 50 176 100 15 I 4 1 June........... 1,834 1,564 50 115 * * 15 1 86 2 July............ 1,670 1,383 50 24 15 1 196 Aug............ 1,929 1,571 224 ♦ * 15 1 114 3 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ FEDERAL RESERVE BANKS; BANK DEBITS A 15 MATURITY DISTRIBUTION OF LOANS AND U.S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month Item 1969 1969 1968 Nov. 26 Nov. 19 Nov. 12 Nov. 5 Oct. 29 Nov. 30 Oct. 31 Nov. 30 Discounts and advances—-Total................................. 1,146 653 696 1 ,205 1,177 1 ,531 1 ,690 471 Within 15 days......................................................... 1 ,137 645 691 1,199 1,170 1 ,527 1 ,683 469 16 days to 90 days..................................................... 9 8 5 6 7 4 7 2 91 days to 1 year...................................................... Acceptances—Total..................................................... 50 45 42 61 40 49 41 58 Within 15 days.......................................................... 13 14 12 28 8 13 9 12 16 days to 90 days.................................................... 37 31 30 33 32 36 32 46 91 days to 1 year...................................................... U.S. Government securities—Total............................. 56,708 56,803 56,297 56,254 54,783 57,318 55,532 53,350 Within 15 days1........................................................ 2,327 3,005 1,776 3,175 2,883 1 ,373 2,036 1 ,425 16 days to 90 days.................................................... 9,533 9,405 10,315 9,153 8,503 10,901 9,447 1 8,1 23 91 days to 1 year...................................................... 23,717 23,262 21,934 21,654 21,125 23,913 21 ,777 9,010 Over 1 year to 5 years.............................................. 12,811 12,811 12,822 12,822 12,822 12,811 12,822 13,238 Over 5 years to 10 years........................................... 7,642 7,642 8,776 8,776 8,776 7,642 8,776 10,943 Over 10 years............................................................ 678 678 674 674 674 678 674 61 1 1 Holdings under repurchase agreements are classified as maturing within 15 days in accordance with maximum maturity of the agreements. BANK DEBITS AND DEPOSIT TURNOVER (Seasonally adjusted annual rates) Debits to demand deposit accounts1 Turnover of demand deposits (billions of dollars) Period Leading SMSA’s Total 232 Leading SMSA’s Total 232 Total SMSA’s 226 Total SMSA’s 226 233 (excl. other 233 (excl. other SMSA’s N.Y. 6 others2 N.Y.) SMSA’s SMSA’s N.Y. 6 others2 N.Y.) SMSA’s 1968—Oct............................. 8,602.1 3,953.7 1,904.9 4,648.4 2,743.5 65.9 142.5 63.3 45.2 37.8 Nov............................ 8^541.5 3^925.9 1'904.1 4,615.6 2’,711.5 65.7 142.7 63.3 45.0 37.4 Dec................ 8’755.8 4,076.8 1'902.4 4,679.0 2’776.6 66.0 144.8 62.1 44.8 37.6 1969—Jan............................. 8,734.2 3,896.7 2,007.9 4,837.5 2,829.6 65,7 138.3 65,5 46.2 38.2 Feb........................... 8'833.1 3^929.8 2'047.2 41903.2 2’856.1 67.3 144.9 67.2 47,0 38.7 Mar........................... 8,723.7 3’882.8 1 ,974.3 4'840.9 2’866.6 66.0 142.6 64.5 46.1 38.5 Apr............................ 8’883.8 3'902.0 2’028.9 4'981.8 2’952.9 66.6 140.9 66.3 47.2 39.4 May. .................. 9,147.6 4'097.6 2^083.2 5'050.0 2^966.8 68.2 147.3 67.1 47.5 39,5 June.......................... 9’385.2 4,155.7 2’164.4 5,229.6 3,065.2 68.7 145.5 68.6 48.4 40. 1 July............................ 9^242.8 3'908.6 2'244.4 5’334.2 3'089.8 67.6 136. 1 71 .8 49.4 40.3 Aug.......................... 9^430.1 4’148.4 2,242.4 5^281.7 3^038.9 70. 1 146.5 72.9 49.7 40.3 Sept........................... 9'737.2 4,311.5 2'249.6 5’425.8 3’176.2 72.3 153.5 73.0 50.9 41 .9 Oct............................ 9,526.9 4,127.6 2,254.7 5;399.3 3,'144,7 70.8 148.8 72.9 50.6 41.5 1 Excludes interbank and U.S. Govt, demand deposit accounts. Note.—Total SMSA’s includes some cities and counties not designated 2 Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and as SMSA’s. Los Angeles-Long Beach. For a description of series, see Mar. 1965 Bulletin, p. 390. The data shown here differ from those shown in the Mar. 1965 Bulletin because they have been revised, as described in the Mar, 1967 Bulletin, p. 389. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 16 U.S. CURRENCY □ DECEMBER 1969 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in cir­ cula­ tion 1 Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 1939..................... 7 598 5 553 590 559 36 1 ,019 1 772 1,576 2,048 460 919 191 425 20 32 1941..................... 11,160 8’120 751 695 44 1 ,355 2’731 2,545 3 ,044 724 1 ,433 261 556 24 46 1945 ..................... 28^515 20'683 1,274 1 ,039 73 2313 6^782 9^201 7’834 2,327 4320 454 801 7 24 1947..................... 28*868 20,'020 1 '404 1 048 65 2’110 6,275 9 J 19 8,850 2'548 5 370 428 782 5 17 1950..................... 27 741 19 305 1 554 1 113 64 2 049 5 998 8,529 8 438 2,422 5 043 368 588 4 12 195-5..................... 31 ’158 22’021 1 ,927 1 ,312 75 2,151 6,617 9,940 9,136 2'736 5,641 307 438 3 12 1958..................... 32,’193 22’856 2 182 1 ’494 83 2’186 6 624 10,288 9,337 2 792 5,886 275 373 3 9 1959..................... 32'591 23,264 2 304 1 ,51 1 85 2,216 6,672 10'476 9 326 2’803 5,913 261 341 3 5 1960..................... 32,869 23 521 2,427 1 533 88 2,246 6,691 10,536 9 348 2,815 5,954 249 316 3 10 1961..................... 33 918 24'388 2,582 1 ,588 92 2’313 6,878 10,935 9,531 2’869 6,106 242 300 3 10 1962..................... 35 338 25 356 2 782 1 636 97 2,’375 7,071 11’395 9 983 2 990 6,448 240 293 3 10 1963 ..................... 37,692 26,807 3,030 1 ,722 103 2,469 7,373 12,109 10,885 3,221 7,110 249 298 3 4 1964..................... 39'619 28 100 3,’405 1 ’806 1 11 2 517 7’543 12,717 11'519 3’381 7'590 248 293 2 4 1965 ..................... 42,056 29 842 4,027 1 908 1 27 2,618 7,794 13,369 12,214 3 540 8 135 245 288 3 4 1966..................... 44,663 31 ,695 4 480 2,051 137 2,756 8’070 14,201 12’969 3,700 8,735 241 286 3 4 1967..................... 47,226 33’468 4,918 2'035 1 36 2^850 8,366 15’162 13’758 3315 9311 240 285 3 4 1968—Oct............ 48,719 34 421 5,565 1 ,900 136 2,763 8,336 15,722 14,299 4,028 9,734 241 289 3 4 Nov....... 49,989 35 '489 5’625 1 ,957 136 2^862 8,627 16382 14'500 4392 9’869 242 290 3 4 Dec........... 50’961 36163 5’691 2’049 1 36 2'993 8’786 16’508 14^798 4*186 10,068 244 292 3 4 1969—Jan............ 48,983 34 401 5 673 1 907 136 2,779 8,257 15,650 14,582 4,090 9,951 244 291 3 4 Feb........... 48,996 34,421 5 603 1 ,895 136 2'784 8,318 15’685 14'576 4,080 9,955 243 291 4 4 Mar........... 49,475 34’792 5,645 1 ,909 136 2,806 8,383 15’915 14’682 4,102 10323 244 291 3 19 Apr........... 49’642 34’895 5'692 1 '934 136 2315 8'363 15,955 14’747 4’130 10'073 244 292 3 4 May.......... 50,399 35 529 5,730 1 ,971 136 2^861 8,531 16’300 14369 4'158 10,’166 244 292 3 5 50’936 35’920 5 790 1 ’989 136 2’882 8 592 16,531 15'016 4'212 10'259 245 292 3 5 July........... 51,120 35,981 5,827 1 ,992 136 2’852 8,546 16^29 15’139 4^251 10 345 243 291 3 5 Aug........... 51 ',461 36,’232 5'849 2,001 136 2’868 8’586 16,791 15’229 4 376 10,418 241 286 3 5 Sept........... 51 ,336 36,032 5’877 2’023 136 2’858 8’500 16,639 15 303 4,280 10'493 239 283 3 5 Oct............ 51,710 36’275 5 ,’909 2,’041 136 2’865 8'536 16'789 15,'435 4,'302 10,608 236 280 3 5 1 Outside Treasury and F.R. Banks. Before 1955 details are slightly 2 Paper currency only; $1 silver coins reported under coin. overstated because they include small amounts of paper currency held by the Treasury and the F.R. Banks for which a denominational break­ Note.'—Condensed from Statement of United States Currency and down is not available. Coin, issued by the Treasury. KINDS OUTSTANDING AND IN CIRCULATION (In millions of dollars) Held in the Treasury Currency in circulation 1 Total out­ Held by standing, As security For F.R. 1969 1968 Kind of currency Oct. 31, against F.R. Banks 1969 go s l i d lv e a r n d Tre ca a s s h ury B a a n n d k s Ag a e n n d ts Oct. Sept. Oct. certificates Agents 31 30 31 Gold.............................................................................. 10,367 (10,036) 2331 Gold certificates............................................................ (10,036) 310,035 I Federal Reserve notes................................................... 48,352 171 2,976 45,206 44,862 42,542 Treasury currency—Total............................................. 6,802 147 150 6,505 6,474 6,177 Standard silver dollars.............................................. 485 ................. 3 ................. 482 482 482 Fractional coin......................................................... 5,691 115 149 5,428 5,395 5,083 United States notes................................................... 323 29 1 292 293 304 In process of retirement4.......................................... 304 303 304 308 Total—Oct. 31, 1969................................................... 565,521 (10,036) 649 10,036 3,127 51,710 Sept. 30, 1969................................................... 565,167 (10,036) 640 10,035 3,156 51,336 Oct. 31, 1968................................................... 562,577 (10,026) 754 10,024 3,079 48,719 1 Outside Treasury and F.R. Banks. Includes any paper currency held 5 Does not include all items shown, as gold certificates are secured by outside the United States and currency and coin held by banks. Esti­ gold. Duplications are shown in parentheses. mated totals for Wed. dates shown in table on p. A-5. 2 Includes 5219 million gold deposited by and held for the International Note.—Prepared from Statement of United States Currency and Coin Monetary Fund. and other data furnished by the Treason'. For explanation of currency 3 Consists of credits payable in gold certificates, the Gold Certificate reserves and security features, see the Circulation Statement or the Aug. Fund—Board of Governors, FRS. 1961 Bulletin, p. 936. * Redeemable from the general fund of the Treasury. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ MONEY SUPPLY; BANK RESERVES A 17 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply Period Time Time U.S. deposits deposits Govt, Currency Demand ad­ Currency Demand ad­ demand Total component deposit justed 1 Total component deposit justed 1 deposits1 component component 1965—Dec ......................................... 166.7 36.3 130.4 146.7 172.0 37.1 134.9 145 2 4 6 1966—Dec................................................. 170.4 38.3 132.1 158.5 175.8 39.1 1 36.7 1569 3 4 1967—Dec ....................... 181.7 40.4 141.3 183.7 187,5 41,2 146,2 1820 5 0 1968—Nov................................................. 193,6 43.2 150.5 202.1 195.3 43.6 151,7 201 3 4 5 Dec............................................... 194.8 43.4 151.4 204,9 201.0 44.3 156 7 203 1 5 0 1969—Jan ............................................... 195,8 43.5 152.3 203,2 201.7 43,5 158.2 202 8 4 9 Feb ....................................... 196.3 43.8 152.5 202,4 194.8 43,4 151,4 202.4 6 9 Mar................................................. 196.8 44.1 152.7 202.3 195.0 43,7 151,3 202 9 4 8 Apr................................................. 198.1 44.2 154.0 202.3 199.2 43,8 155.3 202 7 5 4 May................................................ 198.3 44.5 153.8 201.7 194.4 44.2 150,3 202 2 9 7 June ............................................. 199.0 44.8 154.2 200,8 197.0 44.7 152,3 201 0 6 0 July................................................. 199. 3 45.0 154.4 197.7 197.8 45.2 152.7 197 7 5 6 Aug................................................. 199.0 45.3 153,8 194.5 195.9 45.4 150,5 195 5 4* 3 Sept ...................................... 199.0 45.2 153.7 194.1 197.6 45.2 152.4 194 3 5'3 Oct.................................................. 199. 1 45.6 153.6 193,5 199.3 45.6 153,7 193 7 4 2 Nov,"............................................. 199.7 45.8 153,9 193.4 201.4 46.3 155,1 192.6 5 ' 1 Week ending— 1969—.Qct 1 .................................. 1 98.3 45.2 153.1 194.3 197.3 45.0 1 52,4 194 3 6 8 8........................................ 199.6 45.4 154.3 193,9 199.5 45.8 153,7 194 1 4 9 15 ....................................... 198.7 45.6 153.0 193.6 199.9 45.8 1 54. 1 193 8 27 22.......................................... 199.9 45.7 154.3 193.3 199,2 45.6 153.5 193 5 4 1 29.......................................... 198.5 45.7 152.8 193.4 198.2 45.3 1 53.0 193.4 4' 5 Nov. 5 ....................................... 198.7 45,7 153.0 193.3 201 .4 45.9 155.5 193 3 5 5 12......................................... 199.7 45.8 153.9 193,1 201.1 46.4 154.7 192,8 4 9 19......................................... 200.2 45.9 154.3 193.3 202.0 46.3 155.7 192, 5 4 3 26"........................................ 200,0 45,9 154.0 193.6 200.6 46.3 154.3 192.4 5’4 1 At all commercial banks. and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) cur­ Note.—Series revised. For description of revision of series and for back r b e a n n c k y s . ou T t i s m id e e d th e e p o T s r it e s a s a u d ry ju , st F e . d R . ar B e a n t k im s, e an d d e p v o a s u its lt s a o t f a a l l l l c c o o m m m m e e r r c c i i a a l l data, see Oct. 1969 Bulletin, pp. 787-803. banks other than those due to domestic commercial banks and the Averages of daily figures. Money supply consists of (1) demand U.S. Govt. Effective June 9, 1966, balances accumulated for payment of deposits at all commercial banks other than those due to domestic com­ personal loans were reclassified for reserve purposes and are excluded from mercial banks and the U.S. Govt., less cash items in process of collection time deposits reported by member banks. AGGREGATE RESERVES AND MEMBER BANK DEPOSITS (In billions of dollars) Member bank reserves, S.A.1 Deposits subject to reserve requirements2 S.A. N.S.A. Period Total Non­ Required borrowed Time Private U.S. Time Private U.S. Total and demand Govt, Total and demand Govt, savings demand savings demand 1965—Dec.............................. 23.26 22.82 22.83 236.6 121.2 111.0 4.4 239.0 1 19.8 1 15.2 4.0 1 966—Dec............................. 23.52 22.98 23.17 244.6 129.4 111.7 3.5 247. 1 127.9 116.1 3.0 1967 Dec.. . ............. 25.94 25.68 25.60 273.5 149.9 118.9 4 6 276.2 148 1 123 6 4 5 1968—Nov.............................. 27,69 27.10 27.38 295.0 163.5 126.8 4.7 293.8 162.3 127.9 3.6 Dec.............................. 27,96 27.22 27.61 298.2 165.8 128.2 4.2 301.2 163.8 133.3 4.1 1969—Jan............................... 28. 14 27.32 27,90 297.0 163.2 128.4 5.4 300.8 162.7 1 34.0 4.2 Feb.............................. 28.06 27.21 27.83 296.7 161 .0 129.1 6.7 295.8 1 61 .8 128.1 5.9 Mar............................. 27.97 27.02 27,73 294.2 160.5 128,9 4.8 293.3 161,6 127.8 3.9 Apr.............................. 27.78 26.75 27.61 295.4 160. 1 129,4 5.9 296.0 160,9 130.5 4.5 May............................. 28.24 26.89 27.94 295.1 159. 3 1 30,0 5.9 294.2 160. 1 126.3 7.9 June............................ 28.06 26,71 27.74 292.6 158. 1 130,5 4 0 292.0 158,6 128.4 5.0 July.............................. 27.53 26.28 27.33 288.0 155. 1 1 30.5 2 4 288.8 155.4 128,8 4.7 Aug.............................. 27.40 26.21 27. 16 285.3 152.5 129,9 2.9 283.6 153.1 127,0 3.5 Sept............................. 27.40 26. 38 27.14 285.7 152. I 129,2 4.4 284.6 151.8 128,3 4.4 Oct.............................. 27,35 26.21 27.13 283.5 151 .5 128,9 3.1 283.8 151.1 1 29.3 3.5 Nov.".......................... 27.77 26.52 27.55 .286? 151,1 129.5 5.5 285.0 150. 1 130.7 4.2 1 Averages of daily figures. Data reflect percentage reserve require­ inated from time deposits for reserve purposes. Jan. 1969 data are no ments made effective Apr. 23, 1969. Required reserves are based on comparable with earlier data due to the withdrawal from the system on average deposits with a 2-week lag. Jan. 2, 1969, of a large member bank. 2 Averages of daily figures. Deposits subject to reserve requirements in­ clude total time and savings deposits and net demand deposits as defined Note,—Effective October 16, 1969, required reserves were increased by by Regulation D. Private demand deposits include all demand deposits ex­ $415 million due to change in Regulations M and D. Seasonally adjust­ cept those due to the U.S. Govt., less cash items in process of collection ed data for the period 1959 to date may be obtained from the Banking and demand balances due from domestic commercial banks, Effective June Section, Division of Research and Statistics, Board of Governors of the 9, 1966, balances accumulated for repayment of personal loans were elim­ Federal Reserve System, Washington, D.C. 20551. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 18 BANKS AND THE MONETARY SYSTEM □ DECEMBER 1969 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Assets Liabilities and capital Total Bank credit assets, Treas­ net- Date c u u r r y ­ U.S. Treasury securities T lia o b ta il l ­ Total Cap an it d a l Gold s r o t e i a n n u n g c t d ­ y ­ Total n L e o t a n 1. s , 2 Total s C a a o v n i m n d g l. s R F B e e a s d n e e k r r v s a e l Other3 r O s it e t i h e cu e s ­ r 2 ca a i n t p i n e e it d s t a l, c d u e r a p r n e o d n s i c ts y co m n a u i e s c n ­ c t ts . , banks 1947—Dec. 31................... 22,754 4,562 160,832 43,023 107,086 81,199 22,559 3,328 10,723 188,148 175,348 12,800 1950—Dec. 30................... 22^706 4,636 171,667 60,366 96,560 72,894 20 J78 2,888 14,741 199,008 184 384 14,’624 1967 Dec. 30................... 11 '982 6 J84 468^943 282,040 11 7',064 66 J52 49;112 1 J00 69;839 487 709 444 043 43;670 1968—Nov. 27................... 10,400 6,800 500,100 300,400 120,000 66,700 53,200 100 79,700 517,300 466,300 50,900 Dec. 31................... 10'367 6'795 514,427 311 ,334 121 J73 68,285 52J37 51 81 ,820 531 J89 484J12 47J79 1969—Jan. 29................... 10,400 6,800 504,800 304,300 119,500 67,100 52,300 100 81,000 522,000 469 900 52,100 Feb. 26........ 10'400 6,800 503;000 306,000 115 J00 63 J00 51 J00 100 81 ,500 520 J00 466,800 53 J00 Mar. 26................... 10'400 6 J00 504,100 307,300 114,600 62,500 52,000 100 82,300 521 J00 466;300 54,900 Apr. 30................. 10,400 6 J00 511;400 313 J00 I15;OOO 61 ,900 53;100 100 83,200 528’500 472’500 56,'100 May 28................... I0J00 6,700 508 J00 313,200 112,700 59 J00 53 J00 100 82,800 525,800 467,000 58J00 June 3O4................. 10,367 6,736 522 058 326,725 111,793 57,667 54,095 31 83,540 539,162 470 457 68,705 July 30................... 10,400 6,700 515,000 321 J00 111;300 58,300 53,000 82,400 532;100 464 600 67,500 Aug. 27................. . 10’400 6,800 512,600 317 J00 112,900 57,900 54 J00 82,000 529;800 461,800 67 J00 Sept. 24................... 10'400 6,800 514’300 321 J00 110'700 56 J00 53 J00 82;400 531'400 465 J00 66 J00 Oct. 29»’................. 10,’400 6 800 514’800 321;000 112,’500 57,700 54 800 81 300 531 900 465 100 66,800 Nov. 26p....................... 10’400 6,800 519,200 322,800 114^900 58;100 5 6 J00 ....8..1..,.6..0..0 536,400 467,900 68 J00 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 5 Not seasonally adjusted Time U.S. Government Date Total o b r u C e a t n s u n c i k r d y ­ s e d ju e m D s p a a t o d e e n s ­ ­ d d it 6 s Total o b r u C e a t n u s n c i k r d y ­ s e d ju e m D s a p a t d o e e n s ­ ­ d d it 6 s Total b m C a e n o r k m c s ia ­ l 1 b M s a a u n vi t k n u s g a s 7 l S P t a S e o v y m s i s n ta ­ 3 g l s e n F i e g o t n r­ , 8 T h c i r u n o a e r g s l a y d s h s ­ ­ s c b a a o a A v n n m i t d n k l g s . s B F a A . n R t k . s 1947—Dec. 31... . 110,500 26,100 84,400 113,597 26,476 87,121 56,411 35,249 17,746 3,416 1,682 1 ,336 1 ,452 870 1950—Dec. 30.. . . 114,600 24,600 90,000 117,670 25,398 92,272 59,246 36,314 20,009 2,923 2,518 1 ,293 2,989 668 1967—Dec. 30... . 181,500 39,600 141,900 191 J32 41,071 150,161 242,657 182,243 60,414 2 179 1 ,344 5 ,508 1,123 1968—Nov 27.. . . 190,800 42,300 148,500 193,800 43,500 150,300 265,400 201 JOO 63,900 2,400 800 3,600 400 Dec. 31.... 199,600 42 J00 157;000 207,347 43;527 163,820 267 J27 202 J 86 64,841 2,’455 695 5'385 703 1969—jan, 29.... 190,100 42,800 147,300 192,500 42,200 150,400 266,000 201 200 64,900 2,200 800 7,900 500 Feb. 26.. . . 191 J00 42,800 148 500 190;500 42 J00 148;100 266 J00 201 600 65;200 2 100 800 6’200 600 Mar. 26.. . . 193,500 43 J00 150 J00 190 J00 42;800 147,900 267;700 201 J00 65 JOO 2,100 700 4,600 500 192 J00 43,300 149’000 192,300 42,900 149,400 266 JOO 201 J00 65 JOO 2 JOO 700 9 ’ 300 1 JOO May 28.... 191,700 43 J00 148,100 189 J00 43 J00 145 JOO 267 J00 201 JOO 66 JOO ......2..,.1..00 700 6,900 ’400 June 304... 195,300 43,700 151 JOO 193,996 44,478 149 JI 8 266,171 199,516 66,655 2,402 633 5,997 1 ,258 July 30.... 192 JOO 44;000 148 J00 192 J00 44,100 148 J00 262,200 196 JOO 66 JOO 2 JOO 700 5,800 1 JOO Aug. 27.., . 193 JOO 43 J00 149,800 192;100 44;200 147;900 260,800 194 JOO 66 JOO 2; 100 700 5,200 1 JOO Sept. 24... . 194 J00 44 J00 150 JOO 192 J00 44;100 148;800 260 J00 193 JOO 66,600 2 JOO 700 900 1 ,' 200 Oct. 29 p... 194,100 44;400 149 J00 195 J00 44,500 151 J00 259,200 192 JOO 66,500 2 JOO 700 6,400 1 JOO Nov. 26p... 197,000 46 J00 150J00 198 J00 46 J00 152JOO 258 J00 191 JOO 66 JOO ......2.. .J.O.O 700 6,800 900 1 Beginning with data for June 30, 1966, about $1.1 billion in “Deposits 7 Includes relatively small amounts of demand deposits. Beginning with accumulated for payment of personal loans” were excluded from “Time June 1961, also includes certain accounts previously classified as other lia­ deposits” and deducted from “Loans” at all commercial banks. These bilities. changes resulted from a change in Federal Reserve regulations. These 8 Reclassification of deposits of foreign central banks in May 1961 re­ hypothecated deposits are shown in a table on p. A-23. duced this item by $1,900 million ($1,500 million to time deposits and $4 00 2 See note 2 at bottom of p. A-22. million to demand deposits). 3 After June 30, 1967, Postal Savings System accounts were eliminated from this Statement. 4 Beginning June 30, 1969, figures for commercial banks reflect (I) inclusion of consolidated reports (including figures for all bank-premises Note.—For back figures and descriptions of the consolidated condition subsidiaries and other significant majority-owned domestic subsidiaries) statement and the seasonally adjusted series on currency outside banks and and (2) reporting of figures for total loans and for individual categories of demand deposits adjusted, see “Banks and the Monetary System,” Section securities on a gross basis—-that is before deduction of valuation reserves. 1 of Supplement to Banking and Monetary Statistics, 1962, and Bulletins See also notes 1 and 6. for Jan. 1948 and Feb. 1960. Except on call dates, figures are partly esti­ 5 Series began in 1946; data are available only for last Wed. of month. mated and are rounded to the nearest $100 million. 6 Other than interbank and U.S. Govt., less cash items in process of For description of substantive changes in official call reports of condition collection. beginning June 1969, see Bulletin for August 1969, pp. 642-46. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ COMMERCIAL BANKS A 19 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK (Amounts in millions of dollars) Loans and investments Deposits Total assets— Securities Total Interbank3 Other Total Num­ Cash lia­ Bor­ capital ber Class of bank assets 3 bilities row­ ac­ of and date Total Loans and Total3 Demand ings counts banks 1 . 2 U.S. Other capital De­ Time Treas­ 2 ac­ mand Time 1 . 5 ury counts 4 U.S. Govt. Other AU commercial banks: 1941—Dec. 31.. 50,746 21 ,714 21,808 7,225 26,551 79,104 71 ,283 10,982 44,349 15,952 23 7,173 14,278 1945—Dec. 31.. 124,019 26,083 90,606 7,33134,806160,312150,227 14,065 105,921 30,241 219 8,950 14,011 1947—Dec. 316. 116,284 38,057 69,221 9,006 37,502 155,377 144,103 12,792 240 1,343 94,367 35,360 65 10,059 14,181 1966—Dec. 31........ 322,661217,726 56,163 48,772 69.119 403,368 352,287 19,770 967 4,992 167,751158,806 4,859 32,054 13,767 1967—Dec. 30........ 359,903 235,954 62,473 61,477 77,928 451,012 395,008 21,883 1,314 5,234 184,066 182,511 5,777 34,384 13,722 1968—Nov. 27........ 390,010 257,730 62,820 69,460 76,690 480,640 408,830 20,500 1,260 3,250 182,000 201,820 13,020 36,510 13,687 Dec. 31 .... . 401,262 265,259 64,466 71,537 83,752 500,657 434,023 24,747 1,211 5,010 199,901203,154 8,899 37,006 13,679 1969—Jan. 29........ 394,820 261,130 63,150 70,540 71,850 480,940 407,780 19,350 1,080 7,540 178,270 201,540 12,830 36,870 13,673 Feb. 26 393,470 263,120 59,470 70,880 71,590 480.700 404,520 19,550 1,010 5,830 176,230 201,900 13,010 37,180 13,673 Mar. 26........ 394,900 264,970 58,510 71,420 72,090 482,870 403,670 19,910 990 4,250 176,360 202,160 14,360 37,360 13,677 Apr. 30 400,750 270,470 57,980 72,300 81,110 498,200 417,000 21,230 960 8,950 184,290 201,570 15,780 38,000 13,669 May 28........ 399,920 272,720 55,380 71,820 76,700 493,250 408.520 20,990 950 6,530 178,200 201,850 17,490 38,090 13,668 June 30?.... 410,279 283,850 54,044 72,385 88,209 516.752 425,363 25,187 882 5,639 193,787 199,868 14,740 38,823 13,673 July 30........ 409,200 283,240 54,700 71,260 74,370 501,650 404,040 21,060 860 5,490 180,260 196,370 19,450 38,480 13,682 Aug. 27........ 405,860 280,680 54,330 70,850 76,200 499,750 401,770 21,410 870 4,860 179,840 194,790 21,270 38.660 13,683 Sept. 24. 408,670 284,300 53,200 71,170 75,910 503,590 404, 160 21,260 810 7,610 180,550 193,930 21,610 38,860 13,681 Oct. 29».... 408,470 283.970 54,310 70, 190 76,960 504,180 406,060 22, 190 880 6, 160 183,810 193,020 21 ,240 39,310 13,683 Nov. 26^. ... 41 I ,580 286,230 54,850 70,500 82,340 512,970 411 ,800 23,190 680 6,560 189,400 191,970 21 ,960 39,450 13,683 Members of F.R. System: 1941—Dec. 31. 43,521 18,021 19,539 5,96123,123 68,121 61,71710,385 140 1,709 37,136 12,347 4 5,886 6,619 1945—Dec. 31........ 107,183 22,775 78,338 6,070 29,845 138,304 129,670 13,576 64 22,179 69,640 24,210 208 7,589 6,884 1947—Dec. 31. 97,846 32,628 57,914 7,304 32,845 132,060 122,528 12,353 50 1,176 80,609 28,340 54 8,464 6,923 1966—Dec. 31........ 263,687 182,802 41,924 38,960 60,738 334,559 291,063 18,788 794 4,432 138,218 128,831 4,618 26,278 6,150 1967—Dec. 30......... 293,120 196,849 46,956 49,315 68,946 373,584 326,033 20,811 1,169 4,631 151,980 147,442 5,370 28,098 6,071 1968—Nov. 27. ... . 315,615 213,092 46,820 55,703 67,675 395,535 333,(42 19,462 1,098 2,545 148,083 161,954 12,450 29,739 5,990 Dec. 31......... 325,086 220,285 47,881 56,920 73,756 412,541 355,414 23,519 1,061 4,309 163,920 162,605 8,458 30,060 5,978 1969—Jan. 29......... 319,249 216,806 46,464 55,979 63,826 395,585 332,284 18,402 927 6,556 145,546 160,853 12,000 29,966 5,972 Feb. 26......... 317,925 218,407 43,387 56,131 63,247 394,742 329,130 18,593 860 4,907 144,065 160,705 12,179 30,190 5,967 Mar. 26......... 318,742 219,595 42,709 56,438 63,749 396,209 327,685 18,950 842 3,374 143,989 160,530 13,636 30,342 5,962 Apr. 30. 322,920 223,609 42,372 56,939 72,398 409,340 339,062 20,260 796 7,981 150,719 159,306 14,888 30,699 5,955 May 28.......... 321,197 224,696 40,177 56,324 68,479 403,971 330,433 20,054 790 5,405 145,261 158,923 16,467 30,752 5,944 June 307........ 329,707 233,960 39,382 56,364 78,615 424,278 344,466 24,097 722 4,874 158,287 156,485 13,999 31,317 5,936 July 30.......... 328,560 233,196 39,962 55,402 66,159 410,401 324,993 20,079 699 4,562 146,373 153,280 18,145 31,090 5,925 Aug. 27.......... 325,413 230,654 39,754 55,005 67,843 408,644 323,063 20,433 707 4,046 146,139 151,738 19,925 31,234 5,919 Sept. 24.......... 327,611 233,744 38,643 55,224 67,504 411,501 324,780 20,234 683 6,576 146,468 150,819 20,322 31,374 5,910 Oct. 29.......... 327,288 233,260 39,725 54,303 68,596 412,130 326,768 21,182 721 5,438 149,424 150,003 19,893 31,694 5,901 Nov. 26p.......... 330,002 235,055 40,276 54,671 73,107 419,571 331,350 22,138 522 5,666 153,874 149,150 20,614 31,793 5,901 Reserve city member: New York City:8 1941—Dec. 31...... 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 ......... 1,648 36 1945—Dec. 31...... 26,143 7,334 17,574 1,235 6,439 32.887 30,121 4,640 17 6,940 17,287 1,236 195 2,120 37 1947—Dec. 31..... 20,393 7,179 11,972 1,242 7,261 27,982 25,216 4,453 12 267 19,040 1,445 30 2,259 37 1966—Dec. 31.......... 46,536 35,941 4,920 5,67414,869 64,424 51,837 6,370 467 1,016 26,535 17,449 1,874 5,298 12 1967—Dec. 30.......... 52,141 39,059 6,027 7,05518,797 74,609 60,407 7,238 741 1,084 31,282 20,062 1,880 5,715 12 1968—Nov. 27.......... 55,084 41,429 5,881 7,77418,243 77,069 57,653 7,363 633 170 28,675 20,812 3,914 6,129 12 Dec. 31.......... 57,047 42,968 5,984 8,09419,948 81,364 63,900 8,964 622 888 33,351 20,076 2,733 6,137 12 1969—Jan. 29.......... 55,692 42.544 5,560 7,588 18,452 78,065 58,225 7,401 501 1,873 29,314 19,136 3,278 6,119 12 Feb. 26.......... 54,596 42,652 4,495 7,44917,659 76,545 56,323 7,123 469 924 29,340 18,467 3,299 6,156 12 Mar. 26......... 53,942 41,875 4,574 7,49318,680 76,776 55,046 7,588 442 356 28,746 17,914 4,010 6,153 12 Apr. 30. .. ... 55,607 43,237 4,616 7,754 22,610 82,395 59,841 8,788 419 2,080 31,513 17,041 4,267 6,240 12 May 28......... 54,847 43,174 4,099 7,574 20,784 80,195 56,188 8,825 414 826 29,577 16,546 4,921 6,217 12 June 307........ 57,885 46,232 4,445 7,208 26,223 89,283 62,534 11,233 405 983 34,453 15,460 3,671 6,283 12 July 30.......... 57,645 45,922 4,893 6,830 19,776 82,327 54,066 8,519 3 69 8 21 29,73 2 14,625 5,011 6,241 12 Aug. 27.......... 56,571 44,914 4,904 6,75320,574 81,955 54,538 8,783 373 722 30,490 14,170 5,459 6,275 12 Sept. 24......... 57,278 45,807 4,534 6,93719,165 81,486 54,273 8,346 331 1,298 30,286 14,012 5,422 6,256 12 Oct. 29.......... 56,905 45,787 4,722 6,396 21,818 83,804 56,712 9,073 337 1,328 31,553 14,421 5,639 6,281 12 Nov. 26.......... 58,509 46,249 5,487 6,773 21,845 85,405 57,931 9,540 248 1,508 31,909 14,726 5,420 6,318 12 For notes see p. A-22. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 20 COMMERCIAL BANKS □ DECEMBER 1969 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Cla a s n s d o d f a b te ank Total Lo 1 a .2 ns T U r u e S . r a S y e s . c ­ urit O ie t s h 2 er a C ss a e s ts h c c b o T a i a u l a l o i p i n a n t c t i i d ­ e a t ­ t s a s l l < Total* m D I a n e n t ­ e d rba T n im k3 e U.S D . e ma O O n t t d h h e e r r Time r B in o o g w r s - ­ c c T a o a o p u c t n i ­ a ta t l s N ba b u o n e m f k r s ­ Govt. Reserve city member (cont.): City of Chicago: 8 ■9 1941—Dec. 31................. 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 13 1945—Dec. 31................. 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 12 [947—Dec. 31................. 5,088 1,801 2,890 397 1 ,739 6,866 6,402 1,217 72 4,201 913 426 14 1966—Dec. 31................. 11,802 8,756 1,545 1,502 2,638 14,935 12,673 1 ,433 25 310 6,008 4,898 484 1,199 1 1 1967—Dec. 30................. 12,744 9,223 1,574 1 ,947 2,947 16,296 13,985 1 ,434 21 267 6,250 6,013 383 1,346 10 1968—Nov. 27................. 13,658 9,573 1 ,990 2,095 3,218 17,571 13,311 1,287 10 58 5,676 6,280 953 1,416 9 Dec. 31................. 14,274 10,286 1 ,863 2, 125 3,008 18,099 14,526 1,535 21 257 6,542 6, 171 682 1 ,433 9 1969—Jan. 29................. 13,935 10,189 1,647 2,099 2,932 17,589 13,376 1,165 18 569 5,722 5,902 885 1 ,424 9 Feb. 26................. 13,802 10,030 1,558 2,214 3,128 17,685 13,144 1,246 17 238 5,826 5,817 1,130 1,431 9 Mar. 26................. 14,146 10,313 1,634 2,199 2,768 17,696 12,789 1,267 17 92 5,775 5,638 1 ,418 1 ,435 9 Apr. 30................. 14,004 10,218 1,592 2,194 2,835 17,635 13,201 1.170 17 615 5,901 5,498 1,319 1 ,460 9 May 28................. 13,646 9,996 1,473 2,177 3,067 17,559 12,662 1,190 17 233 5,886 5,336 1 ,682 1 ,446 9 June 307............... 14,321 10,573 1 ,616 2,132 2,716 17,869 13,035 1,368 25 274 6,192 5,176 1,230 1 ,492 9 July 30................. 14,238 10,630 1,556 2,052 2,601 17,635 12,042 1,192 15 242 5,686 4,907 1 ,354 1,455 9 Aug. 27................. 13,832 10,373 1 ,473 1 ,986 2,698 17,344 11,779 1,170 19 149 5,630 4,811 1 ,717 1 ,483 9 Sept. 24................. 14,006 10,564 1 ,471 1 ,971 2,925 17,784 11,806 1, 189 24 349 5,555 4,689 2,092 1 ,493 9 Oct. 29................. 13,945 10,341 1,667 1 ,937 2,604 17,410 11,641 1,153 27 334 5,543 4,584 2,064 1 ,492 9 Nov. 26................. 14,022 10,331 1 ,685 2,006 2,942 17,824 11 ,958 1 ,330 21 250 5,866 4,491 1 ,985 1 ,500 9 Other reserve city: 8-9 1941—Dec. 31................. 15,347 7, 105 6,467 1,776 8,518 24,430 22,313 4,356 104 491 12,557 4,806 1 ,967 351 1945—Dec. 31................. 40,108 8,514 29,552 2,042 11,286 51,898 49,085 6,418 30 8,221 24,655 9,760 2 2,566 359 1947—Dec. 31................. 36,040 13,449 20,196 2,396 13,066 49,659 46,467 5,627 22 405 28,990 11,423 1 2,844 353 1966—Dec. 31................. 95,831 69,464 13,040 13,326 24,228 123,863 108,804 8,593 233 1,633 49,00449,341 1,952 9,471 169 1967—Dec. 30................. 105,724 73,571 14,667 17,48726,867 136,626 120,485 9,374 310 1,715 53,288 55,798 2,555 10,032 163 1968—Nov. 27................. 115,027 80,382 14,291 20,35425,803 145,322 123,321 8,458 353 799 51,83261 ,879 6,441 10,572 161 Dec. 31................. 119,006 83,634 15,03620,33728,136 151,957 132,305 10,181 307 1 ,884 57.44962,484 4,239 10,684 161 1969—Jan. 29................. 116,456 82,141 14,16720,148 23,463 144,460 122,369 7,651 306 2,348 50,14261,922 6,179 10,743 161 Feb. 26................. 116,211 83,065 13,151 19,995 23,142 143,969 121,555 8,024 272 2,079 49,549 61,631 6,085 10,773 161 Mar. 26................. 116,128 83,534 12,738 19,856 23,094 143,928 120,639 7,885 281 1,338 49,751 61,384 6,763 10,878 161 Apr. 30................. 117,795 84,932 12,857 20,006 25,890 148,544 124,498 8,062 249 3,457 51,73560,995 7,522 10,982 161 May 28................. 116,902 85,316 11,982 19,604 24,557 146,119 121,240 7,882 248 2,219 50,043 60,848 7,819 11,014 161 June 307............... 119,789 88,582 11,635 19,57227,265 152,827 125,157 9,028 159 2,171 54,07959,721 7,311 11,166 159 July 30................. 118,838 87,753 11,716 19,369 24,037 148,510 1 18,489 8,108 204 1,735 50,333 58,109 9,173 11,194 159 Aug. 27................. 117,449 86,509 1 1 ,810 19,13024,644 147,680 116,983 8,224 204 1,633 49,74057,182 10,069 11,219 159 Sept. 24................. 117,698 87,577 11,110 19,011 25,301 148,736 117,685 8,329 217 2,963 49,663 56,513 10,236 11,271 159 Oct. 29................. 117,954 87,388 11,794 18,77223,979 147,722 117,701 8,631 246 2,411 50,78055,633 9,506 11,391 158 Nov. 26................. 118,287 87,908 11,583 18,79626,601 150,766118,724 8,853 167 2,213 52,60354,888 10,518 11,381 158 Country member: 8.9 1941—Dec. 31................. 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 4 1,982 6,219 1945—Dec. 31................. 35,002 5,596 26,999 2,408 10,632 46,059 43,418 1 ,207 17 5,465 24,235 12,494 1 1 2,525 6,476 1947—Dec. 31................. 36,324 10,199 22,857 3,268 10,778 47,553 44,443 1,056 17 432 28,378 14,560 23 2,934 6,519 1966—Dec. 31................. 109,518 68,641 22,419 18,458 19,004 131,338 117,749 2,392 69 1 ,474 56,67257,144 308 10,309 5,958 1967—Dec. 30................. 122,511 74,995 24,689 22,82620,334 146,052 131,156 2,766 96 1,564 61,161 65,569 552 11,005 5,886 1968—Nov. 27................. 131,846 81,708 24,658 25,48020,411 155,573 138,857 2,354 102 1,518 61,90072,983 1,142 11,622 5,808 Dec. 31................. 134,759 83,397 24,998 26,36422,664 161,122 144,682 2,839 111 1,281 66,578 73,873 804 11,807 5,796 1969—Jan. 29................. 133,166 81,932 25,09026,144 18,979 155,471 138,314 2,185 102 1,766 60,368 73,893 1,658 11,680 5,790 Feb. 26................. 133,316 82,660 24,183 26,473 19,318 156,543 138,108 2,200 102 1,666 59,35074,790 1,665 11,830 5,785 Mar. 26................. 134,526 83,873 23,763 26,890 19,207 157,809 139,211 2,210 102 1,588 59,71775,594 1,445 11,876 5,780 Apr. 30................. 135,514 85,222 23,307 26,985 21,063 160,766 141,522 2,240 111 1,829 61,57075,772 1 ,780 12,017 5,773 May 28................. 135,802 86,210 22,623 26,969 20,071 160,098 140,343 2,157 111 2,127 59,755 76,193 2,045 12,075 5,762 June 30 7............... 137,711 88,573 21,686 27,452 22,410 164,299 143,739 2,515 86 1,448 63,562 76,129 1,787 12,376 5,756 July 30................. 137,839 88,891 21,797 27,151 19,745 161,929 140,396 2,260 111 1,764 60,622 75,639 2,607 12,200 5,745 Aug. 27................. 137,561 88,858 21,567 27,136 9,927 161,665 139,763 2,256 111 1,542 60,279 75,575 2,680 12,257 5,739 Sept. 24................. 138,629 89,796 21,528 27,305 20,113 163,495 141,016 2,370 111 1,966 60,96475,605 2,572 12,354 5,730 Oct. 29................. 138,484 89,744 21,542 27,198 20,195 163,194 140,714 2,325 111 1,365 61,548 75,365 2,684 12,530 5,722 Nov. 26^............... 139,184 90,567 21,521 27,096 21,719 165,576 142,737 2,415 86 1,695 63,49675,045 2,691 12,594 5,722 For notes see p. A-22. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 n COMMERCIAL BANKS A 21 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Classification by Securities Total Interbank3 Other Total Num­ FRS membership Cash lia­ Bor­ capital ber and FDIC assets3 bilities row­ ac­ of insurance Total Loans and Total3 Demand ings counts banks 1.2 U.S. Other capital De­ Time Time Treas­ 2 ac­ mand 1.5 ury counts 4 U.S. Govt. Other Insured banks: Total: 1941—Dec. 31. 49,290 21,259 21 .046 6,984 25.788 76,820 69,411 10,654 1,762 41,298 15,699 10 6,844 13,426 1945—Dec. 31. 121,809 25,765 88,912 7,131 34,292 157,544 147,775 13,883 23,740 80,276 29,876 215 8.671 13,297 1947—Dec. 31. 114,274 37,583 67,941 8,750 36,926 152,733 141,851 12,615 54 1 ,325 92,975 34,882 61 9,734 13,398 1961—Dec. 30. 213.904 124,348 66,026 23,531 56,086276,600247,176 17,737 333 5,934 141,050 82,122 462 22,089 13,108 1962—Dec. 28. 234,243 139,449 65,891 28,903 53,702295,093 260,609 15,844 402 6,815 140,169 97,380 3,584 23,712 13,119 1963—Dec. 20. 252,579 155,261 62,723 34,594 50,337310,730273,657 15,077 443 6,712 140,702 110,723 3,571 25,277 13,284 1964—Dec. 31. 275,053 174,234 62,499 38,320 59,911 343,876 305,113 17,664 733 6,487 154,043 126,185 2,580 27,377 13,486 1965—Dec. 31. 303,593200,109 59,120 44,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146,084 4,325 29,827 13,540 1966—Dec. 31. 321.473217,379 55,788 48,307 68,515401,409 351,438 19,497 881 4,975 166,689 159,396 4,717 31,609 13,533 1967—Dec. 30. 358,536 235.502 62,094 60,941 77,348 448,878 394,118 21,598 1,258 5,219 182,984 183,060 5,531 33,916 13,510 1968—Dec. 31. 399,566264,600 64,028 70,938 83,061 498,071 432,719 24,427 1,155 5,000 198,535203,602 8,675 36,530 13,481 1969—June 307408,620283,199 53,723 71,697 87,311 513,960423,957 24,889 800 5,624 192,357200,287 14,450 38,321 13,464 National member: 1941—Dec. 31. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,'786 1,088 23,262 8,322 4 3,640 5,117 1945—Dec. 31. 69,312 13,925 51,250 4,137 20,144 90,220 84,939 9,229 14,013 45,473 16,224 78 4,644 5,017 1947—Dec. 31. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 8,375 35 795 53,541 19,278 45 5,409 5,005 1961—Dec. 30. 116,402 67,309 36,088 13,006 31,078 150,809 135,511 10,359 104 3,315 76,292 45,441 225 11,875 4,513 1962—Dec. 28. 127,254 75,548 35,663 16,042 29,684 160,657 142,825 9,155 127 3,735 76,075 53,733 1,636 12,750 4,505 1963—Dec. 20. 137,447 84,845 33,384 19,218 28,635 170,233 150,823 8,863 146 3,691 76,836 61,288 1,704 13,548 4,615 1964—Dec. 31. 151,406 96,688 33,405 21 .312 34,064 190,289 169.615 10,521 211 3,604 84,534 70,746 1,109 15,048 4,773 1965—Dec. 31. 176,605 118,537 32,347 25,720 36,880219,744 193,860 12,064 458 3,284 92,533 85,522 2,627 17,434 4,815 1966—Dec. 31. 187,251 129,182 30,355 27,713 41,690235,996206,456 12,588 437 3,035 96,755 93,642 3,120 18,459 4,799 1967—Dec. 30. 208,971 139,315 34,308 35,348 46,634263,375 231,374 13,877 652 3,142 106,019 107,684 3,478 19,730 4,758 1968—Dec. 31. 236,130 159,257 35,300 41,572 50,953 296,594257,884 15,117 657 3,090 116,422 122,597 5,923 21,524 4,716 1969—June 30’242,241 170,834 29,481 41,927 52,271 305,800251,489 14,324 437 3,534 113,134120,060 9,895 22,628 4,700 State member: 1941—Dec. 31. 15,950 6,295 7,500 2,155 8,145 24,688 22,259 3,739 621 13,874 4,025 1 2,246 1 ,502 1945—Dec. 31. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,‘UI 8,166 24,168 7,986 130 2,945 1,867 1947—Dec. 31. 32,566 11,200 19,240 2, 125 10,822 43,879 40,505 3,978 15 381 27,068 9,062 9 3,055 1,918 1961—Dec. 30. 63,196 38,924 17,971 6,302 18,501 84,303 74,119 6,835 199 2,066 43,303 21,716 213 6,763 1 ,600 1962—Dec. 28. 68,444 43,089 17,305 8,050 17,744 88,831 76,643 6,154 231 2,351 41,924 25,983 1,914 7,104 1,544 1963—Dec. 20. 72,680 46,866 15,958 9,855 15,760 91,235 78,553 5,655 236 2,295 40,725 29,642 1 ,795 7,506 1,497 1964—Dec. 31. 77,091 51,002 15,312 10,777 18,673 98,852 86,108 6,486 453 2,234 44,005 32,931 1 ,372 7,853 1 ,452 1965—Dec. 31. 74,972 51,262 12,645 11,065 15,934 93,640 81,657 5,390 382 1,606 39,598 34,680 1,607 7,492 1 ,406 1966—Dec. 31. 77,377 54,560 11,569 11,247 19,049 99,504 85,547 6,200 357 1,397 41,464 36,129 1,498 7,819 1 ,351 1967—Dec. 30. 85,128 58,513 12,649 13,966 22,312 111,188 95,637 6,934 516 1,489 45,961 40,736 1,892 8,368 1 ,313 1968—Dec. 31. 89,894 61,965 12,581 15,348 22,803 116,885 98,467 8,402 404 1,219 47,498 40,945 2,535 8,536 1,262 1969—June 30’ 88,346 64,007 9,902 14,437 26,344 119,358 93,858 9,773 285 1,341 45,152 37,307 4,104 8,689 1,236 Nonmember: 1941—Dec. 31. 5,776 3,241 1,509 1 ,025 2,668 8,708 7,702 129 53 4, 162 3,360 6 959 6,810 1945—Dec. 31. 14,639 2,992 10,584 1 ,063 4,448 19,256 18,119 244 1,560 10,635 5,680 7 1,083 6,416 1947—Dec. 31. 16,444 4,958 10,039 1 ,448 4,083 20,691 19,340 262 4 149 12,366 6,558 7 1,271 6,478 1961—Dec. 30. 34,320 18,123 11.972 4,225 6,508 41,504 37,560 543 30 553 21,456 14,979 24 3,452 6,997 1962—Dec. 28. 38,557 20,811 12,932 4,814 6,276 45,619 41,142 535 43 729 22,170 17,664 34 3,870 7,072 1963—Dec. 20. 42,464 23,550 13,391 5,523 5,942 49,275 44,280 559 61 726 23,140 19,793 72 4,234 7,173 1964—Dec. 31. 46,567 26,544 13,790 6,233 7, 174 54,747 49,389 658 70 649 25,504 22,509 99 4,488 7,262 1965—Dec. 31. 52,028 30,310 14,137 7,581 7,513 60,679 54,806 695 83 618 27,528 25,882 91 4,912 7,320 1966—Dec. 31. 56,857 33,636 13,873 9,349 7,777 65,921 59,434 709 87 543 28,471 29,625 99 5,342 7,384 1967—Dec. 30. 64,449 37,675 15,146 11,629 8,403 74,328 67,107 786 89 588 31,004 34,640 162 5,830 7,440 1968—Dec. 31. 73,553 43,378 16,155 14,020 9,305 84,605 76,368 908 94 691 34,615 40,060 217 6,482 7,504 1969—June 30’ 78,032 48,358 14,341 15,333 8,696 88,802 78,610 791 78 749 34,070 42,921 451 7,004 7,528 For notes see p. A-22. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 22 COMMERCIAL BANKS □ DECEMBER 1969 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits Total assets— Classification by Securities Total Interbank3 Other Total Num­ FRS membership Cash lia­ Bor­ capital ber and FDIC assets3 bilities row­ ac­ of insurance Total Loans and Total3 Demand ings counts banks 1.2 U.S. Other capital De­ Time Time Treas­ 2 ac­ mand i.s ury counts 4 U.S. Govt. Other Noninsured nonmember: 1941—Dec. 31 . 1,457 455 761 241 763 2,283 1 ,872 3;9 1,291 253 13 329 852 1945—Dec. 31. 2,211 318 1,693 200 514 2,768 2,452 181 05 365 4 279 714 1947—Dec. 316 2,009 474 1,280 255 576 2,643 2,251 177 185 18 1,392 478 4 325 783 1961—Dec. 30. 1,536 577 553 406 346 1,961 1 ,513 177 148 12 869 307 8 370 323 1962—Dec. 28. 1,584 657 534 392 346 2,009 1,513 164 133 14 872 330 44 371 308 1963—Dec. 20. 1,571 745 463 362 374 2,029 I ,463 190 83 17 832 341 93 389 285 1964—Dec. 31. 2,312 1 ,355 483 474 578 3,033 2,057 273 86 23 1,141 534 99 406 274 1965—Dec. 31. 2,455 1,549 418 489 572 3,200 2,113 277 85 17 1,121 612 147 434 263 1966—Dec. 31. 2,400 1,570 367 463 604 3,171 2,073 274 86 17 1 ,062 633 142 434 233 1967—Dec. 30. 2,638 1 ,735 370 533 579 3,404 2,172 285 58 15 1 ,081 733 246 457 211 1968—Dec. 31. 2,901 1 ,875 429 597 691 3,789 2,519 319 56 10 1,366 767 224 464 197 1969—June 30’ 2,809 1 ,800 321 688 898 3,942 2,556 298 81 15 1 ,430 731 290 502 209 Total nonmember: 1941—Dec. 31. 7,233 3,696 2,270 1 ,266 3,431 10,992 9,573 457 5,.504 3,613 18 1 ,288 7,662 1945—Dec. 31. 16,849 3,310 12,277 1,262 4,962 22,024 20,571 425 14, 01 6,045 11 1 ,362 7,130 1947—Dec. 31. 18,454 5,432 11,318 1 ,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 1961—Dec. 30. 35,856 18,700 12,525 4,631 6,854 43,465 39,073 719 178 565 22,325 15,286 33 3,822 7,320 1962—Dec. 28. 40,141 21,469 13,466 5,206 6,622 47,628 42,654 699 176 743 23,042 17,994 77 4,240 7,380 1963—Dec. 20. 44,035 24,295 13,854 5,885 6,316 51,304 45,743 749 144 743 23,972 20,134 165 4,623 7,458 1964—Dec. 31. 48,879 27,899 14,273 6,707 7,752 57,780 51,447 931 156 672 26,645 23,043 198 4,894 7,536 1965—Dec. 31. 54,483 31,858 14,555 8,070 8,085 63,879 56,919 972 168 635 28,649 26,495 238 5,345 7,583 1966—Dec. 31. 59,257 35,206 14,239 9,812 8,381 69,092 61,506 983 173 560 29,532 30,258 241 5,776 7,617 1967—Dec. 30. 67,087 39,409 15,516 12,162 8,983 77,732 69,279 1,071 147 603 32,085 35,372 408 6,286 7,651 1968—Dec. 31. 76,454 45,253 16,585 14,617 9,997 88,394 78,887 1,227 150 701 35,981 40,827 441 6,945 7,701 1969—June 30 7 80,841 50,159 14,662 16,021 9,594 92,743 81,166 1 ,090 160 765 35,500 43,652 741 7,506 7,737 1 See table "Deposits Accumulated at Commercial Bank, for Payment 9 Beginning Jan. 4, 1968, a country bank with deposits of $321 million of Personal Loans” and its notes on p. A-23. was reclassified as a reserve city bank. Beginning Feb. 29, 1968, a reserve 2 Beginning June 30, 1966, loans to farmers directly guaranteed by city bank in Chicago with total deposits of $190 million was reclassified as CCC were reclassified as securities, and Export-Import Bank portfolio a country bank. fund participations were reclassified from loans to securities. This reduced “Total loans” and increased “Other securities” by about $1 billion. Note.—Data are for all commercial banks in the United States (includ­ “Total loans” include Federal funds sold, and beginning with June 1967 ing Alaska and Hawaii, beginning with 1959). Commercial banks represent securities purchased under resale agreements, figures for which are included all commercial banks, both member and non-member; stock savings in ‘‘Federal funds sold, etc.,” for commercial banks on p. A-24. banks; and nondeposit trust companies. 3 Reciprocal balances excluded beginning with 1942. For the period June 1941—June 1962 member banks include mutual 4 Includes other assets and liabilities not shown separately. See also savings banks as follows: three before Jan. 1960; two through Dec. 1960, note 1. and one through June 1962. Those banks are not included in insured s Figures for mutual savings banks include relatively small amounts commercial banks. of demand deposits. Beginning with June 1961, they also include certain Beginning June 30, 1969, commercial banks and member banks exclude accounts previously classified as other liabilities. a small national bank in the Virgin Islands; also, member banks exclude, 6 Beginning with Dec. 31, 1947, the series was revised; for description, and noninsured commercial banks include, a small member bank engaged see note 4, p. 587, May 1964 Bulletin. exclusively in trust business. 7 Monthly series beginning July 1969 and call report series beginning Comparability of figures for classes of banks is affected somewhat by June 30, 1969, reflect (1) inclusion of consolidated reports (including changes in F.R. membership, deposit insurance status, and the reserve figures for all bank-premises subsidiaries and other significant majority- classifications of cities and individual banks, and by mergers, etc. owned domestic subsidiaries) and (2) reporting of figures for total loans and Data for national banks for Dec. 31, 1965, have been adjusted to make for individual categories of securities on a gross basis-—that is, before them comparable with State bank data. deduction of valuation reserves—rather than net as previously reported. Figures are partly estimated except on call dates. 8 Regarding reclassification of New York City and Chicago as reserve For revisions in series before June 30, 1947, see July 1947 Bulletin, cities, see Aug. 1962 Bulletin, p. 993. For various changes between pp. 870-71. reserve city and country status in 1960-63, see note 6, p. 587, May 1964 Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ COMMERCIAL BANKS A 23 LOANS AND INVESTMENTS AT COMMERCIAL BANKS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Period Securities Securities Total i, 2 Loans 1,2 Total i,2 Loans 1,2 G U o . v S t . . Other2 G U o .S vt . . Other2 1959—Dec. 31.............................................................. 185.9 107.8 57,7 20.5 189.5 110.0 58.9 20.5 I960_ Dec. 31.............................................................. 194.5 113.8 59.8 20.8 198,5 116.7 61.0 20,9 1961—Dec. 30.............................................................. 209.6 120.4 65.3 23.9 214.4 123.9 66.6 23.9 1962—Dec. 31.............................................................. 227.9 134.0 64.6 29.2 233.6 137.9 66.4 29.3 1963—Dec. 31.............................................................. 246.2 149.6 61.7 35.0 252.4 153.9 63.4 35.1 1964—Dec. 31.............................................................. 267.2 167.7 60.7 38.7 273.9 172,1 63.0 38.8 1965—Dec. 31.............................................................. 294.4 192,6 57,1 44.8 301,8 197.4 59.5 44.9 1966—Dec. 31.............................................................. 310.5 208.2 53.6 48,7 317.9 213.0 56.2 48.8 1967—Dec. 30.............................................................. 346.5 225.4 59.7 61.4 354.5 230.5 62.5 61.5 1968 Nov. 27.............................................................. 381,6 250.4 61.0 70.2 381.1 248.8 62.8 69.5 Dec. 31............................................................ . 384.6 251 .6 61 .5 71,5 393.4 257.4 64.5 71 .5 1969—Jan. 29.............................................................. 385.9 253.7 60.8 71.4 385.0 251.3 63.2 70.5 Feb. 26.............................................................. 387.9 258.4 58.1 71.5 384.1 253.7 59,5 70.9 Mar. 26 r........................................................... 386.6 257.3 57.4 71 .9 385.4 255.5 58.5 71 .4 Apr. 30 r........................................................... 390.7 261.0 57.7 72.1 391,5 261.2 58.0 72.3 May 28 r.......................................................... . 392.2 264. 1 56. 1 72,0 390.2 263.0 55.4 71 .8 June 30 (old series).......................................... 392.5 264,3 56.2 72.0 396.4 269.8 54.0 72.6 June 30 (new series)^........................................ 397.3 269.2 56.3 71 .8 401.3 274.9 54.0 72.4 July 30r............................................................ 397. 7 269.9 56.8 71 .0 397.7 271 .7 54.7 71 . 3 Aug. 27r........................................................... 397.5 270.3 56.9 70,3 394.7 269.5 54.3 70,9 Sept. 24r............................................................ 396.5 271 .3 54.7 70,5 396.5 272. 1 53.2 71 .2 Oct. 29rP.......................................................... 396.8 273.3 53.4 70. 1 396,5 272.0 54 3 70 2 Nov. 26p.......................................................... 399.7 275.5 53.2 71 .0 399.2 273.8 54.9 70. 5 1 Adjusted to exclude interbank loans. without valuation reserves deducted, rather than net of valuation reserves 2 Beginning June 9, 1966, about $1.1 billion of balances accumulated as was done previously. For a description of the revision, see Aug. 1969 for payment of personal loans were deducted as a result of a change in Bulletin, pp. 642-46. Federal Reserve regulations. Beginning June 30, 1966, CCC certificates of interest and Export- Note.—For monthly data 1948-68, see Aug. 1968 Bulletin, pp. A-94 Import Bank portfolio fund participation certificates totaling an estimated —A-97. For a description of the seasonally adjusted series see the follow- $1 billion are included in “Other securities” rather than “Other loans.” ing Bulletins: July 1962, pp. 797-802; July 1966, pp. 950-55; and Sept. 3(Data revised to include all bank premises subsidiaries and other sig- 1967, pp. 1511-17. nificant majority-owned domestic subsidiaries; earlier data include com- Data are for last Wed. of month except for June 30 and Dec. 31; data mercial banks only. Also, loans and investments are now reported gross, are partly or wholly estimated except when June 30 and Dec. 31 are call dates. DEPOSITS ACCUMULATED AT COMMERCIAL BANKS FOR PAYMENT OF PERSONAL LOANS (In millions of dollars) Class of Dec. 31, Dec. 30, Dec. 31, June 30, Class of Dec. 31, Dec. 30, Dec. 31, June 30, bank 1966 1967 1968 1969 bank 1966 1967 1968 1969 All commercial.................. 1.223 1.283 1 216 1,150 All member—Cent. Insured............................ 1 J 223 1 283 1 ’,216 1 J 49 Other reserve city.............. 370 362 332 293 National member................ ’729 '747 730 694 Country................. 571 617 605 588 State member........................ 212 232 207 187 All nonmember..................... 283 304 278 269 All member.............................. 941 979 937 881 Insured ............................... 282 304 278 268 Note,—These hypothecated deposits are excluded from “Time deposits'* These deposits have not been deducted from “Time deposits” and and “Loans” at all commercial banks beginning with June 30, 1966, as “Loans” for commercial banks as shown on p. A-21—A-22 and on p. Ashown in the tables on the following pages: A-19, A-20, and A-26—A-30, 24 and p. A-25 (IPC only for time deposits). Mutual savings banks (consumer instalment loans), and in the table at the top of this page. held $268,000 of these deposits on Dec. 31,1966; $94,000 on Dec. 30, 1967; These changes resulted from a change in the Federal Reserve regulations. $89,000 on Dec. 31, 196 8; and $178,000 on June 30, 1969. See June 1966 Bulletin, p. 808. Details may not add to totals because of rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 24 COMMERCIAL BANKS □ DECEMBER 1969 LOANS AND INVESTMENTS BY CLASS OF BANK (In millions of dollars) Other loans 1 Investments For b c C a a l n a ll k s d s a a o n te d f l i o n T a a v o n n e t d s a s t l 1 ­ f s u F e o n e r l a d d d l s , ­ Total C m c o i e a m r l ­ ­ A cu g l r - i - o p s r u e r c c c a u h r r a r it y s ie i i n n s g g in f s in ti a T tu n o t c io i . a n l s R e e s a ­ l O . i t t n h o - e r Other U s .S ec . u T r r it e ie a s s u 6 ry S lo a t n c a d a te l Other ments etc,2 3. 4 and tur- To tate di­ 5 govt, secu­ in­ al 5 bro­ vid - Bills secu­ rities s d tr u ia s l ­ k a e n r d s oth T e o r s Banks Others uals3 Total c a e n rt d if i­ Notes Bonds rities deal­ cates ers Total:2 1947—Dec. 31 . . 116,284 38,057 18,167 1,660 830 1,220 115 9,393 5,723 94769,221 9,982 6,034 53,205 5,2763,729 1967—Dec. 30. . 361,186 4,057233,18088,4439,2706,215 3,780 1,902 12,535 58,525 51,585 5,65962,473 n.a. n.a. n.a. 50,006 11,471 1968—Dec. 31 . . 402,477 6,747259,72798,3579,7186,6254, 108 2,206 13,72965,137 58,3376,72464,466 n.a. n.a. n.a. 58,570 12.967 1969—June 30 io411,429 7,226277,773 104,403 10,5525,3064,212 2,587 13,74668,41961,5407,009 54,044 n.a. n.a. n.a.60,080 12,305 All insured: 1941—Dec, 31 . . 49,290 21,259 9,214 1,450 614 662 40 4,773 4,1 05 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31. . 121,809 25,765 9,461 1,3143,1643,606 49 4,677 2,361 1,13288,912 21,526 16,045 51,342 3,873 3,258 1947—Dec. 31. . 114,274 37,583 18,012 1 ,610 823 1 , 190 114 9,266 5,654 91467,941 9,676 5,91852,347 5,129 3,621 1967—Dec. 30. . 358,536 3,919231,58387,8709,2506,0173,719 1,848 12,394 58,209 51,395 5,60662,094 13,134 18,624 31,623 49,737 11,204 1968—Dec. 31 . . 399,566 6,526258,07497,741 9,7006,409 4,063 2, 145 13,621 64,80458,1426,655 64,028 n.a. n.a. n.a. 58,288 12,650 1969—June 30 io408,620 7,067276,132 103.723 10,5345,1804,168 2,541 13,605 68,10461,337 6,941 53,723 n.a. n.a. n.a. 59,746 11,950 Member, total: 1941—Dec. 31 . . 43,521 18,021 8,671 972 594 598 39 3,494 3.€ 53 19,539 971 3,007 15,561 3,0902,871 1945—Dec. 31 . . 107,183 22,775 8,949 855 .3,133 3,378 47 3,455 1,900 1,05778,338 19,260 14,271 44,807 3,254 2,815 1947—Dec. 31 . . 97,846 32,628 16.962 1,046 811 1,065 113 7,130 4,662 839 57,914 7,803 4,81545,295 4,199 3,105 1967—Dec. 30. . 294,098 3,438 194,389 79,3445,7025,8203,099 1,754 11,58745,528 40,4545,19046,956 9,633 13,65724,61441,5207,795 1968—Dec. 31 . . 326,023 5,551 215,671 87,819 5,921 6,174 3,379 2.012 12,79750,461 45,404 6,189 47,881 n.a. n.a. n.a. 48,423 8,498 1969—June 30 io330,587 5,444229,39792.9266,348 4,996 3.473 2.386 12,82052,55647,4576.435 39.382 n.a. n.a. n.a. 48,6007,764 New York City: 1941—Dec. 31 . . 12,896 4,072 2,807 8 412 169 32 123 522 7,265 311 1,623 5,331 729 830 1945—Dec. 31 . . 26,143 7,334 3,044 2,453 1,172 26 80 287 272 17,574 3,910 3,325 10,339 606 629 1947—Dec. 31 . . 20,393 7,179 5,361 545 267 93 1 1 1 564 238 11,972 1 ,642 558 9,772 638 604 1967—Dec. 30. . 52,141 415 38,64423,183 13 3,874 831 914 2,990 3,431 3,099 1 ,285 6,027 1 ,897 1,962 2,303 6,318 737 1968—Dec. 31 . . 57,047 747 42,22225,258 173,803 903 1 ,099 3,426 3,619 3,485 1 ,694 5,984 n.a. n.a. n.a. 7,233 861 1969—June 301 o 57,885 992 45,24026,469 13 3,410 887 1,218 3,819 4,041 3,706 1,676 4,445 n.a. n.a. n.a. 6,553 655 City of Chicago: 1941—Dec. 31 . . 2,760 954 732 6 48 52 1 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31 . . 5,931 1,333 760 2 21 1 233 36 51 40 4,213 1 ,600 749 1 ,864 181 204 1947—Dec. 31 . . 5,088 1,801 1 ,418 3 73 87 46 149 26 2,890 367 248 2,274 213 185 1 967—Dec. 30 . . 12,744 266 8,958 5,714 46 459 220 162 951 675 754 241 1 ,574 427 344 853 1 ,487 459 1968—Dec. 31 .. 14,274 312 9,974 6,118 49 535 253 205 1,219 738 848 281 1,863 n.a. n.a. n.a. 1 ,810 315 1969—June 30 i o 14,321 207 10,366 6,353 44 366 264 179 1,144 790 888 338 1,616 n.a. n.a. n.a. 1,867 265 Other reserve city: 1941—Dec. 31. . 15,347 7,105 3,456 300 1 14 194 4 1 ,527 1 ,508 6,467 295 751 5,421 956 820 1945—Dec. 31 . . 40,108 8,514 3,661 205 427 1,503 17 1 ,459 855 38729,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31 . . 36,040 13,449 7,088 225 170 484 15 3,147 1,969 351 20,196 2,731 1 ,901 15,563 1,342 1 ,053 1967—Dec. 30. . 106,086 1 ,219 72,713 30,609 1,31 1 881 1,143 578 5,446 16,969 15,047 2,148 14,667 3,140 3,557 8,312 15,376 2,110 1968—Dec. 31.. 119,339 2,197 81,769 34,632 1 ,362 1,116 1 ,254 588 6,005 18,939 16,9162,520 15,036 n.a. n.a. n.a. 18,111 2,226 1969—June 30 I o120,082 1 ,997 86,879 37,120 1 ,512 760 1 ,360 885 5,816 19,417 17,3542,656 1 ,635 n.a. n.a. n.a. 17,621 1 ,951 Country: 1941—Dec. 31 . . 12,518 5,890 1,676 659 20 183 2 1,823 1 ,528 4,377 110 481 3,787 1,222 1,028 1945—Dec. 31 . . 35,002 5,596 1,484 648 42 471 4 1 ,881 707 359 26,999 5,732 4,544 16,722 1,342 1 ,067 1947—Dec. 31 . . 36,324 10,199 3,096 818 23 227 5 3,827 1,979 224 22,857 3,063 2,108 17,687 2,006 1,262 1967—Dec. 30. . 23,127 1 ,538 74,074 19,8394,332 607 906 100 2,200 24,453 21,554 1 ,516 24,689 4,168 7,793 13,147 18,338 4,488 1968—Dec. 31 . . 35,364 2,295 81,706 21 ,811 4,493 720 969 119 2,147 27,164 24,154 1 ,694 24,998 n.a. n.a. n.a. 21,269 5,095 1969—June 30 »o 38,298 2,248 86,913 22,9844,779 460 963 104 2,041 28,308 25,509 ,765 21,686 n.a. n.a. n.a. 22,559 4,893 Non member: 1947—Dec. 31 . . 18,454 5,432 1,205 614 20 156 2 2,266 1 ,061 109 11,318 2,179 1,219 7,920 1 ,078 625 1967—Dec. 30. . 67,087 618 38,791 9,099 3,568 395 681 148 948 12,997 1 ,131 469 5,516 n.a. n.a. n.a. 8,486 3,676 1968—Dec. 31.. 76,454 1,196 44,056 0,538 3,797 451 729 194 932 14,676 2,933 535 6,585 n.a. n.a. n.a. 0,147 4,469 1969—June 30io 80,841 1 ,783 48,376 11,476 4,204 310 739 201 925 15,863 4,083 574 4,662 n.a. n.a. n.a, I ,481 4,541 1 Beginning with June 30, 1948, figures for various loan items are 4 Breakdowns of loan, investment, and deposit classifications are not shown gross (i.e., before deduction of valuation reserves); they do not available before 1947; summary figures for 1945 appear in the table on p. add to the total and are not entirely comparable with prior figures. Total A-19—A-22. loans continue to be shown net. See also note 10. 5 Beginning with June 30, 1966, loans to farmers directly guaranteed 2 Includes securities purchased under resale agreements. Prior to June 30, by CCC were reclassified as “Other securities,” and Export-Import Bank 1967, they were included in loans-for the most part in “Loans to banks.’’ portfolio fund participations were reclassified from loans to “Other Prior to Dec. 1965, Federal funds sold were included with “Total loans” securities.” This increased “Other securities” by about 51 billion. and “Loans to banks.’’ 6 Beginning with Dec. 31, 1965, components shown at par rather than J See table (and notes) entitled Deposits Accumulated at Commercial at book value; they do not add to the total (shown at book value) and are Banks for Payment of Personal Loans, p. A-23. not entirely comparable with prior figures. See also note 10. For other notes see opposite page. 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DECEMBER 1969 □ COMMERCIAL BANKS A 25 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits Bal­ De­ b c C a a l n a ll k s d s a a o n te f d s B F w e R a r . i n v R e th e k ­ . s s r C c e a o n n u i d c n r­ y b m a a w d n e n c i o s t k e h ­ t s i s c ? ju m p s a o d a t s d e e n i ­ ­ d t d s 8 m D e I s n o t t ­ i e c? rba e F n ig k o n r ­ 9 G U o .S vt . . S g lo a o t n c a v a d t t e l . c C c h o a e f e i e e f e t n c r f c r d d s i t . k ­ i ’ ­ s, IPC I b n a t n e k r­ G P S U i a n o o a n . g s S v v d s t ­ . t a , l S g lo a o t n c a v a d t t e . l IPC 3 r B i o n o g w r s ­ ­ c C o a t a u a c p n l ­ i t ­ s Total:5 1947—Dec. 31 . . , . 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 111 866 34,383 65 10,059 1967—Dec. 30. . . . 20,275 5,931 17,490 153,253 19,853 2,029 5,234 15,564 8,677 159,825 1 ,316 267 15,892 167,634 5,77734,384 1968—Dec. 31 ... . 21,230 7,195 18,910 167,145 22,501 2,245 5,010 16,876 9,684 173,341 1,211 368 19,110 184,8928,899 37,006 1969—June 30’0.. 19,801 6,258 17,591 152,995 22,929 2,258 5,639 16,930 12,717 164,141 882 351 16,690 183,976 14,74038,823 All insured: 1941—Dec. 31 ... . 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31 ... . 15,810 1 ,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31. . . . 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 1 1 1 826 33,946 61 9,734 1967—Dec. 30. . . . 20,275 5,916 16,997 151,948 19,688 1,909 5,2(9 15,471 8,608 158,905 1,258 267 15,836 166,956 5,531 33,916 1968—Dec. 31. . . . 21,230 7,165 18,343 165,527 22,310 2,117 5,000 16,774 9,442 172,319 1,155 368 19,057 184,178 8,675 36,530 1969—June 30'0 . . 19,801 6,229 16,778 151,340 22,755 2,134 5,624 16,819 12,378 163,160 800 351 16,634 183,302 14,45038,321 Member, total: 1941—Dec. 31 ... . 12,396 1 ,087 6,246 33,754 9,714 671 1,709 3,066 1 ,009 33,061 140 50 418 11,878 4 5,886 1945—Dec. 31 ... . 15,811 1,438 7,117 64,184 12,333 1,243 22,179 4,240 2,450 62,950 64 99 399 23,712 208 7,589 1947—Dec. 31 ... . 17,797 1 ,672 6,270 73,528 10,978 1,375 1,176 5,504 2,401 72,704 50 105 693 27,542 54 8,464 1967—Dec. 30.... 20,275 4,646 10,550 121 ,530 18,951 1 ,861 4,631 1 1 ,857 7,940 132,184 1,169 235 12,856 135,329 5,37028,098 1968—Dec. 31 ... . 21,230 5,634 1 1,279 131,491 21,483 2,036 4,309 12,851 8,592 142,476 1 ,061 330 15,668 147,545 8,45830,060 1969—June 3010. . 19,801 4,828 10,370 118,038 22,026 2,072 4,874 12,916 11,513 (33,857 722 305 13,071 143,990 13,999 31 ,317 New York Citv: 1941—Dec. 31 ... . 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1 ,648 1945—Dec, 3f . . . . 4,015 ill 78 15,065 3,535 1 , 105 6,940 237 1,338 15,712 17 10 20 1,206 195 2,120 1947—Dec. 31.... 4,639 151 70 16,653 3,236 1,217 267 290 1,105 17,646 12 12 14 1 ,418 30 2,259 1967—Dec. 30. . . . 4,786 397 476 20,004 5,900 1 ,337 1 ,084 890 4,748 25,644 741 70 1,152 18,840 1 ,880 5,715 1968—Dec. 31.... 4,506 443 420 20,808 7,532 1 ,433 888 1 ,068 4,827 27,455 622 73 1 ,623 18,3802,733 6,137 1969—June 30’°. . 4,212 400 424 15,504 9,725 1 ,509 983 1,314 7,801 25,338 405 53 673 14,735 3,671 6,283 City of Chicago: 1941—Dec. 31 ... . 1,021 43 298 2,215 1 ,027 8 127 233 34 2,152 476 ........ 288 1945—Dec. 31 .... 942 36 200 3,153 1 ,292 20 1 ,552 237 66 3,160 719 377 1947—Dec. 31 .... 1,070 30 175 3,737 1,196 21 72 285 63 3,853 ......... 2 9 902 426 1967—Dec. 30.. .. 1,105 94 151 4,758 1 ,357 77 267 283 217 5,751 21 2 602 5,409 383 1 ,346 1968—Dec. 31 .... 1,164 98 281 5,183 1 ,445 89 257 245 207 6,090 21 2 624 5,545 682 1 ,433 1969—June 301°.. 652 78 134 4,428 1,298 69 274 321 228 5,644 25 1 391 4,783 1 ,230 1 ,492 Other reserve city: 1941—Dec. 31 .... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 20 243 4,542 1 ,967 1945—Dec. 31 . 6,326 494 2,174 22,372 6,307 1 10 8,221 1,763 611 22,281 30 38 160 9,563 2 2,566 1947—Dec. 31 .... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 45 332 11,045 1 2,844 1967—Dec. 30. . .. 8,618 1 ,452 2,805 39,957 8,985 390 1 ,715 3,542 1 ,580 48,165 310 80 5,830 50,2502,555 10,033 1968—Dec. 31.... 8,847 1 ,800 2,986 43,674 9,725 456 1 ,884 3,835 1 ,947 51,6b7 307 168 7,378 55,271 4,239 10,684 1969—June 30to.. 7,945 1 ,499 2,776 39,781 8,538 444 2,172 3,792 1 ,843 48,444 205 162 6,231 53,621 7,311 11,166 Country: 1941—Dec. 31 ... . 2,210 526 3,216 9,661 790 2 225 1 ,370 239 8,500 30 31 146 6,082 4 1 ,982 1945—Dec. 31 .... 4,527 796 4,665 23,595 1 ,199 8 5,465 2,004 435 21,797 17 52 219 12,224 11 2,525 1947—Dec. 31 ... . 4,993 929 3,900 27,424 1 ,049 7 432 2,647 528 25,203 17 45 337 14,177 23 2,934 1967—Dec. 30.. .. 5,767 2,704 7,117 56,812 2,709 57 1 ,564 7,142 1 ,395 52,624 96 83 5,272 60,830 552 11,005 1968—Dec. 31 .... 6,714 3,293 7,592 61,827 2,781 58 1,281 7,703 1 ,612 57,263 HI 86 6,043 68,348 80411,807 1969—June 30‘».. 6,991 2,851 7,036 58,325 2,465 49 1 ,447 7,490 1 ,641 54,432 86 88 5,776 70,852 1 ,787 12,376 Nonmember O 1947—Dec. 31 .... 544 3,947 13,595 385 55 167 1 ,295 180 12,284 190 6 172 6,858 12 1 ,596 1967—Dec. 30. . .. 1 285 6,939 31,723 903 169 603 3’707 737 27,641 147 32 3,035 32,305 408 6,'286 1968—Dec. 31 .... 1 ,560 7,631 35,654 1 ,018 209 701 4’205 1 ,092 30,865 150 38 3,442 37,347 441 6,945 1969—June 30>o.. 1 330 7,221 34'957 903 186 765 4,013 1 ,204 30,283 160 47 3'619 39*986 741 7,506 7 Beginning with 1942, excludes reciprocal bank balances. banks in U.S. possessions are included through 1968 and excluded there­ s Through I960 demand deposits other than interbank and U.S. after. Govt., less cash items in process of collection; beginning with 1961, For the period June 1941-—June 1962 member banks include mutual demand deposits other than domestic commercial interbank and U.S. savings banks as follows: three before Jan. I960, two through December Govt., less cash items in process of collection. I960, and one through June 1962. Those banks are not included in all 9 For reclassification of certain deposits in 1961, see note 6, p. 589, insured or total banks. May 1964 Bulletin. Beginning June 30, 1969, a small noninsured member bank engaged io Beginning June 30, 1969, reflects (I) inclusion of consolidated reports exclusively in trust business is treated as a noninsured bank and not as a (including figures for all bank-premises subsidiaries and other significant member bank. majority-owned domestic subsidiaries) and (2) reporting of figures for Comparability of figures for classes of banks is affected somewhat by total loans and for individual categories of securities on a gross basis—that changes in R.F. membership, deposit insurance status, and the reserve is, before deduction of valuation reserves. See also notes I and 6. classifications of cities and individual banks, and by mergers, etc. Data for national banks for Dec. 31, 1965, have been adjusted to make Note.—Data are for all commercial banks in the United States; member them comparable with State bank data. For other notes see opposite page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 26 WEEKLY REPORTING BANKS □ DECEMBER 1969 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS (In millions of dollars) Loans Federal funds sold, etc.1 Other To brokers For purchasing Total and dealers or carrying securities loans involving— To nonbank and finan. Wednesday i m nv e e n s ts t­ To C m o e m r­ ­ a T n o d b d r e o a k l e e r r s s oth T e o r s institutions com­ To cial Agri­ Total mer­ U.S. others Total and cul­ cial Treas­ Other indus­ tural Pers, banks ury se­ trial U.S. U.S. and se­ curi­ Treas­ Other Treas­ Other sales curi­ ties ury secs. ury secs. finan. Other ties secs. secs. cos., etc. Large banks— Total 19683 226,239 158,36; 70,149 2,01C 1,418 4,664 101 2,569 5,795 4 974 13 . 225,547 158’291 70,477 2,013 1,068 4,58C 97 2,610 5,448 5^040 20. . . . 225'156 158;67f 70.90S 2,0IC 1 ,994 4,291 94 2,618 5,281 5,139 27. 224,663 158.13S 71,178 2^003 789 4,171 too 2,637 5,259 5,028 1969 Oct. 1............... 233,243 6,309 5,884 234 11€ 75 168,867 78,417 2,089 500 3,382 111 2,593 5,883 5,493 8............... 231,044 5,383 5,118 157 72 36 168,25€ 78,397 2,069 373 3,053 111 2,584 5,'951 5,430 15............... 232,286 5,542 5,256 161 68 57 168,816 78,644 2,063 405 3,'057 102 2,584 5,961 5,475 22............... 231,746 6,564 5,870 600 49 45 168,156 78,296 2,054 1 ,012 2,901 103 2'582 5 516 5,399 29............... 231,899 5,959 5,'357 475 15 112 167,322 77,649 2,050 681 2'907 103 2,’573 5’450 5,369 Nov. 5............... 233,155 5,981 5,432 371 87 91 168,413 78,117 2,052 586 3,102 104 2,575 5 827 5 484 12............... 232,966 6,035 5,532 347 74 82 168,422 78,236 2,054 490 3,266 101 2,554 5 767 5,465 19................ 232,526 6,178 5'759 287 66 66 168,043 78^92 2,'05 8 537 3,363 100 2,549 5,439 5 434 26”............. 233,97! 6,256 5,538 620 66 32 168,169 78,003 2,045 722 3'475 100 2,524 5,421 5,369 New York City 1968 3 51,525 38,582 23,218 17 608 2,594 13 823 1 ,903 1 293 13. . 51,485 38,742 23,393 16 432 2,469 13 852 1,620 1,317 20............... 51,’456 38’909 23,534 16 933 2,323 13 854 1 474 1,341 27............... 51,899 39,265 23 ,’63 2 17 362 2,300 14 855 1 ’564 1,322 1969 Oct. 1............... 54,122 1,451 1,413 20 18 42,326 26,022 12 413 2,101 13 793 1 ,921 1,366 8............... 52,'875 958 940 18 41 ’831 25 938 12 301 1,817 12 795 1 ,904 1 ,342 15............... 54,318 1,650 1,625 10 15 42'334 26,129 13 312 1,876 11 789 2,037 1 347 22............... 54,078 2,304 2; 284 15 5 42^073 25 908 13 890 1 ,726 10 790 1 ,763 I ^30 29............... 53,576 1 ,'726 1,690 15 21 41,706 25,746 13 563 1,753 10 795 1 747 1,327 54,233 1,600 1,571 10 19 42,203 25,876 12 474 1,895 10 810 1,954 1 .414 12............... 53,721 1,123 1,098 15 10 42,272 25 961 12 385 2,059 10 808 1 ,939 1 ,405 19................ 54,'073 1 ^383 1 ,364 6 13 42,191 25 911 13 436 2J26 9 802 I ,790 1,387 26*.............. 55,176 1 ,’522 1 ,'506 10 6 42^406 25,946 13 594 2,189 9 788 1 ,777 1 ,389 Oatside New York City 1968 3 174,714 119,780 46 931 1 ,993 810 2,070 88 1,746 3,892 3,681 13............... 174,062 119,556 47,084 1,997 636 2,111 84 1,758 3,828 3 723 20............... 173,700 119,766 47 374 1 ,994 1 ,061 1 ,’974 81 1 ,764 3,807 3 '798 27............... 172,764 118,873 47 ,’546 1 ,986 427 1,871 86 1,782 3,695 3*706 1969 Oct. 1............... 179,121 4,858 4,471 214 116 57 126,541 52 395 2,077 87 1,281 98 1,800 3 962 4,127 8............... 178,169 4 ,'425 4,178 157 72 18 126,425 52,459 2,'057 72 1,236 99 1 789 4 047 4 088 15............... 177,968 3’892 3,631 151 68 42 126,482 52 515 2,050 93 1,181 91 1,795 3 924 4 128 22............... 177,668 4’260 3,'586 585 49 40 126,083 52,388 2,041 122 1 175 93 1,792 3 753 4,069 29............... 178,323 4’233 3,667 460 15 91 125,616 51,903 2,037 118 1 154 93 1 778 3 703 4,042 178,922 4,381 3,861 361 87 72 126 210 52 241 2,040 112 1 207 94 1 765 3 873 4,070 12.............. 179,245 4,912 4,434 332 74 72 126^150 5 2,'275 2,042 105 1 207 91 1,746 3’828 4,060 19................ 178,453 4,795 4 395 281 66 53 125 852 52,181 2,045 101 1 237 91 1 747 3j 649 4,047 26p.................. 178,795 4; 734 4,032 610 66 26 1251763 52,057 2,032 128 1,286 91 1 ;?36 3,644 3,980 For notes see p. A-30. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ WEEKLY REPORTING BANKS A 27 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Loans (cont.) Investments Other (cont.) U.S. Treasury securities To commercial Notes and bonds banks maturing—■ Wednesday Con­ Real sumer For­ All Certif­ estate instal­ eign other Total Bills icates Do­ For­ ment govts.2 Within 1 to After mes­ eign 1 yr. 5 yrs. 5 yrs. tic Large banks— Total 1968J 31,507 4,801 1,437 18,169 1,129 12,888 29,874 5,088 5,790 11,743 7,253 3!,632 4,732 1 ,462 18,205 1,134 13,052 29,272 4,548 5,758 11,711 7,255 ............................................. 13 31,712 3,972 1,505 18,230 1,112 13,050 28,500 3,982 4,900 12,713 6,905 ................................................20 31,773 4,1 15 1 ,616 18,307 1,124 13,288 28,231 3,751 5,004 12,614 6,862 ................................................27 1969 33,678 448 1 ,495 19,937 1 ,053 13,788 22,191 1 ,633 3,272 13,543 3,743 ......................................Oct 1 33,701 408 1,575 19,917 1 ,079 13,608 21,746 1 ,372 3,175 13,500 3,699 ............................................. 8 33,821 444 1,553 19,944 1 ,093 13,670 22,331 2,045 3,175 13,425 3,686 ......................................... 15 33,893 385 1,565 19,986 1 ,093 13,371 21,778 1 ,624 3,129 13,360 3,665 ................ 22 33,950 413 1,495 20,023 1 ,082 13,577 23,350 3,246 3,136 13,313 3,655 ............................................. 29 33,947 418 1,375 20,024 1,105 13,697 23,428 3,303 3,152 13,334 3,639 33,995 450 1,295 20,040 1 ,077 13,632 22,971 2,879 3,145 13,344 3,603 ................................................12 34,057 395 1,416 20,035 I ,059 13,509 22,641 2,511 3,606 13,328 3,196 ........................................... 19 34,086 410 1,355 20,037 1,080 13,542 23,878 3,779 3,633 13,392 3,074 . ........................................... 26” New York City 1968 3 3,152 781 770 1 ,332 738 2,277 5,887 1 ,608 916 1 ,565 1 ,798 3,171 1,169 751 1 ,338 743 2,395 5,776 1 ,501 903 1 ,574 1 ,798 ......................................... 13 3,186 951 788 1 ,339 726 2,368 5,532 1 ,320 737 1,884 1,591 ................................................20 3,196 1 ,558 892 1,345 714 2,432 5,386 1,186 723 1 ,903 1 ,574 ................................................27 1969 3,665 216 764 1 ,596 673 2,771 4,185 701 276 2,567 641 .......................................Oct 1 3,689 206 841 1,597 694 2,683 4,046 622 241 2,554 629 ............................................... 8 3,719 219 824 1,584 693 2,781 4,307 926 242 2,510 629 ................................................15 3,736 176 835 1 ,587 704 2,605 3,91 1 648 244 2,440 579 ................................................22 3,731 188 822 1 ,591 707 2,713 4,373 1 ,090 256 2,462 565 ................................................29 3,764 187 724 1,593 722 2,768 4,592 1,295 284 2,447 566 3,771 244 649 1 ,606 700 2,723 4,385 1,106 278 2,430 571 ................................................12 3,791 197 746 1 ,611 687 2,685 4,363 1 ,030 401 2,395 537 ................................................19 3,798 201 677 1 ,613 703 2,709 5,124 1 ,833 370 2,427 494 ................................................................26p Outside New York City 1968J 28,355 4,020 667 16,837 391 10,611 23,987 3,480 4,874 10,178 5,455 28,461 3,563 711 16,867 391 10,657 23,496 3,047 4,855 10,137 5,457 ................................................13 28,526 3,021 717 16,891 386 10,682 22,968 2,662 4,163 10,829 5,314 ......................................... .20 28,577 2,557 724 16,962 410 10,856 22,845 2,565 4,281 10,711 5,288 ................................................27 1969 30,013 232 731 18,341 380 11,017 18,006 932 2,996 10,976 3,102 ......................................Oct. 1 30,012 202 734 18,320 385 10,925 17,700 750 2,934 10,946 3,070 ........................................... 8 30,102 225 729 18,360 400 10,889 18,024 1,119 2,933 10,915 3,057 ................................................15 30,157 209 730 18,399 389 10,766 17,867 976 2,885 10,920 3,086 ................................................22 30,219 225 673 18,432 375 10,864 18,977 2,156 2,880 10,851 3,090 ................................................29 30,183 231 651 18,431 383 10,929 18,836 2,008 2,868 10,887 3,073 30,224 206 646 18,434 377 10,909 18,586 1 ,773 2,867 10,914 3,032 ................................................12 30,266 198 670 18,424 372 10,824 18,278 1 ,481 3,205 10,933 2,659 ................................................19 30,288 209 678 18,424 377 10,833 18,754 1 ,946 3,263 10,965 2,580 ................................................26^ For notes see p. A-30. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 28 WEEKLY REPORTING BANKS □ DECEMBER 1969 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Investments (cont.) Other securities Cash Invest­ Obligations Other bonds, items Re­ Bal­ ments Total of State corp, stock, in serves Cur­ ances in sub­ assets/ Wednesday and and process with rency with sidiar­ Other Total political securities of F.R. and do­ ies not assets liabil­ Total subdivisions collec­ Banks coin mestic consol­ ities tion banks idated Tax Cert if. war­ All of All rants4 other partici­ other6 pation5 Large banks— Total 1968* Nov. 6. 38,003 5,019 28,579 1,367 3,038 31,318 16,612 2,775 4,796 10,579 292,319 13. 37,977 4,854 28,757 1 ,357 3.009 29,168 16,736 2,999 4,673 10,463 289,586 20. 37,981 4,771 28,830 1 ,433 2,947 27,825 15,607 2,981 4,766 10,443 286,778 27....................................... 38,294 4,861 28,969 I ,384 3,080 29,019 17,117 2,858 4,565 .......1.0..,.4..62 288,684 1969 Oct. 1 . 35,876 3,687 28,628 1 ,094 2,467 32,975 15,802 2,947 4,850 519 13,361 303,697 8. 35,659 3,617 28,571 1 ,084 2,387 30,024 15,779 2,932 4,835 560 12,985 298,159 15. 35,597 3,536 28,525 1,114 2,422 36,300 17,429 3,026 5,577 557 12,955 308,130 22. 35,248 3,435 28,328 1,107 2,378 29,797 15,236 3,126 4,454 558 12,869 297,786 29....................................... 35,268 3,433 28,298 1,106 2,431 30,234 16,431 3,191 4,375 559 13,020 299,709 Nov. 5. 35,333 3,483 28,319 1,081 2,450 38,351 17,194 2,858 5,362 576 13,260 310,756 12. 35,538 3,383 28,574 1,085 2,496 38,718 16,26! 3,144 5,153 577 13,166 309,985 19. 35,664 3,487 28,561 1 ,066 2,550 32,032 16,919 3,157 4,799 576 13,109 303,118 26"...................................... 35,668 3,366 28,582 I ,092 2,628 33,799 16,232 2,975 4,839 577 13,030 305,423 New York City 1968* Nov. 6. 7,056 1 ,418 4,730 ' 113 795 15,352 4,434 371 342 3,837 75,861 13. 6,967 1,345 4,736 105 781 13,202 3,839 388 326 3,783 73,023 20. 7,015 1 ,403 4,755 101 756 12,271 4,211 366 340 3,827 72,471 27. 7,248 1,529 4,843 99 777 13,170 3,890 347 296 ........3..,.7..64 73,366 1969 Oct. 1 . 6,160 955 4,580 98 527 15,971 4,406 369 452 270 4,895 80,485 8. 6,040 899 4,537 98 506 14,791 4,374 368 295 271 4,717 77,691 15. 6,027 872 4,518 116 521 17,983 4,363 388 497 271 4,692 82,512 22. 5,790 769 4,419 1 16 486 14,465 3,197 372 368 271 4,720 77,471 29....................................... 5,771 778 4,382 113 498 15,743 4,781 405 340 271 4,733 79,849 Nov. 5. 5,838 784 4,413 110 531 20,813 4,325 381 433 271 4,770 85,226 12. 5,941 726 4,551 118 546 21,351 4,594 406 437 272 4,707 85,488 19. 6,136 878 4,572 105 581 15,375 4,769 382 463 273 4,699 80,034 26^...................................... 6,124 847 4,571 1 19 587 16,470 4,049 367 380 275 4,683 81,400 Outside New York City 1968 3 Nov. 6. 30,947 3,601 23,849 1,254 2,243 15,966 12,178 2,404 4,454 6,742 216,458 13. 31,010 3,509 24,021 1 ,252 2,228 15,966 12,897 2,611 4,347 6,680 216,563 20. 30,966 3,368 24,075 1,332 2,191 15,554 11,396 2,615 4,426 6,616 214,307 27. 31,046 3,332 24,126 1,285 2,303 15,849 13,227 2,511 4,269 ........6..,.6..98 215,318 1969 Oct. 1 . 29,716 2,732 24,048 996 1,940 17,004 11,396 2,578 4,398 249 8,466 223,212 8. 29,619 2,718 24,034 986 1,881 15,233 11,405 2,564 4,540 289 8,268 220,468 15. 29,570 2,664 24,007 998 1,901 18,317 13,066 2,638 5,080 286 8,263 225,618 22. 29,458 2,666 23,909 991 1,892 15,332 12,039 2,754 4,086 287 8,149 220,315 29.• • ............................... • 29,497 2,655 23,916 993 1 ,933 14,491 11,650 2,786 4,035 288 8,287 219,860 Nov. 5. 29,495 2,699 23,906 971 1 ,919 17,538 12,869 2,477 4,929 305 8,490 225,530 12. 29,597 2,657 24,023 967 1 ,950 17,367 11,667 2,738 4,716 305 8,459 224,497 19. 29,528 2,609 23,989 961 1 ,969 16,657 12,150 2,775 4,336 303 8,410 223,084 26*...................................... 29,544 2,519 24,011 973 2,041 17,329 12,183 2,608 4,459 302 8,347 224,023 For notes see p. A-30. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ WEEKLY REPORTING BANKS A 29 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Time and savings > Domestic interbank Foreign I PC States States Wednesday and Certi­ and Do­ polit­ fied polit­ mes­ For­ Total I PC ical U.S. and Total ical tic eign sub­ Govt, Com­ Mutual Com­ offi­ sub­ inter­ govts.2 divi­ mer­ sav­ Govts., mer­ cers’ Sav­ Other divi­ bank sions cial ings etc.1 cial checks ings sions banks Large banks— Total 1968 3 129,409 89,328 6,638 3,915 17,716 756 672 1 ,761 8,623 110,873 48,593 45,041 11,264 779 4,645 ...............Nov. 6 127,071 91,333 6,008 2,793 16,527 672 637 1 ,753 7,348 110,784 48,589 44,965 11,284 766 4,630 ..........................13 124,913 90,293 6,094 2,579 16,128 622 683 1 ,929 6,585 111,059 48,627 45,228 11,270 758 4,638 20 125,007 91,495 6,175 1 ,429 15,596 568 737 1 ,922 7,085 111,937 48,672 45,926 11,398 762 4,654 . ........................27 1969 135,020 92,614 6,953 3,879 17,613 795 780 2,117 10,269 97,977 46,712 38,026 7,703 410 4,769 ................Oct. 1 128,104 89,299 6,138 1 ,843 17,927 815 759 2,042 9,281 97,684 46,613 37,938 7,614 402 4,761 ......................... 8 136,865 95,303 6,183 2,625 18,604 770 825 2,077 10,478 97,343 46,515 37,674 7,471 403 4,921 ..........................15 128,739 90,830 5,691 2,613 16,973 678 707 2,170 9,077 97,163 46,474 37,517 7,380 398 5,049 ..........................22 131,707 90,848 5,787 4,753 17,070 690 744 2,071 9,744 97,169 46,376 37,325 7,290 403 5,423 ..........................29 140,183 92,729 6,886 3,567 20,312 805 827 2,221 12,836 96,739 46,409 37,016 7,085 388 5,486 ................Nov. 5 139,740 94,251 6,006 2,763 19,863 750 783 2,157 13,167 96,609 46,343 36,824 7,031 387 5,674 ..........................12 132,849 92,650 6,201 3,600 17,382 662 720 2,161 9,473 96,453 46,345 36,745 6,914 295 5,815 ..........................19 135,688 93,760 6,603 4,624 17,917 620 732 2,186 9,246 96,333 46,333 36,698 6,816 292 5,852 .........................26p New York City 1968 3 38,000 21,506 712 907 6,385 396 524 1 ,244 6,326 18,945 4,575 9,574 1,175 481 2,884 35,251 21,282 475 567 5,780 363 487 1 ,229 5 ,068 18,902 4,579 9,541 1,168 477 2,879 ..........................13 34,565 21,432 486 453 5,705 337 502 1 ,376 4,274 19,072 4,594 9,700 1 ,181 468 2,881 .........................20 35,058 21,764 418 167 5,589 306 562 1 ,391 4,86! 19,609 4,597 10,142 1 ,273 472 2,889 .........................27 1969 41,277 22,394 718 913 6,850 500 606 1 ,519 7,777 12,935 4,417 4,792 370 243 2,976 ................Oct. 1 38,069 20,668 562 239 7,004 529 606 1 ,419 7,042 12,947 4,407 4,818 355 242 2,987 ........................ 8 42,244 22,514 623 759 7,490 470 652 1 ,470 8,266 12,991 4,391 4,756 344 244 3,118 ..........................15 38,340 21,395 450 485 6,459 407 547 1 ,546 7,051 13,023 4,387 4,684 338 243 3,231 .........................22 40,692 21 ,816 448 1 ,224 7,163 388 582 1 ,442 7,629 13,312 4,378 4,665 319 248 3,559 .........................29 45,787 22,554 792 846 8,477 440 676 1 ,590 10,412 13,299 4,386 4,577 305 243 3,640 45,916 22,727 541 602 8,573 452 635 1 ,551 10,835 13,377 4,389 4,522 304 244 3,775 ..........................12 40,075 22,275 582 984 6,612 400 562 1 ,514 7,146 13,491 4,403 4,601 263 156 3,924 ..........................19 41,685 22,755 473 1 ,491 7,549 371 580 1 ,542 6,924 13,573 4,400 4,635 246 155 3,990 ..........................26'1 Outside New York City 19683 91,409 67,822 5,926 3,008 II,331 360 148 517 2,297 91,928 44,018 35,467 10,089 298 1 ,761 ................Nov. 6 91,820 70,051 5,533 2,226 10,747 309 150 524 2,280 91,882 44,010 35,424 10,116 289 1 ,751 ..........................13 90,348 68,861 5,608 2,126 10,423 285 181 553 2,311 91,987 44,033 35,528 10,089 290 1 ,757 .........................20 89,949 69,731 5,757 1 ,262 10,007 262 175 531 2,224 92,328 44,075 35,784 10,125 290 1 ,765 .........................27 1969 93,743 70,220 6,235 2,966 10,763 295 174 598 2,492 85,042 42,295 33,234 7,333 167 1,793 ............Oct. 1 90,035 68,631 5,576 1 ,604 10,923 286 153 623 2,239 84,737 42,206 33,120 7,259 (60 1,774 ........................ 8 94,621 72,789 5,560 1 ,866 11,114 300 173 607 2,212 84,352 42,124 32,918 7,127 159 1,803 ..........................15 90,399 69,435 5,241 2,128 10,514 271 160 624 2,026 84,140 42,087 32,833 7,042 155 1 ,818 ......................22 91,015 69,032 5,339 3,529 9,907 302 162 629 2,115 83,857 41,998 32,660 6,971 155 1 ,864 .........................29 94,396 70,175 6,094 2,721 11,835 365 151 631 2,424 83,440 42,023 32,439 6,780 145 1,846 ................Nov. 5 93,824 71,524 5,465 2,161 11,290 298 148 606 2,332 83,232 41 ,954 32,302 6,727 143 1 ,899 ..........................12 92,774 70,375 5,619 2,616 10,770 262 158 647 2,327 82,962 41,942 32,144 6,651 139 1 ,891 ..........................19 94,003 71,005 6,130 3,133 10,368 249 152 644 2,322 82,760 41,933 32,063 6,570 137 1 ,862 ................. . . ..26*’ For notes see p. A-30. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 30 WEEKLY REPORTING BANKS □ DECEMBER 1969 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Borrowings Reserves Memoranda from— for— Large negotiable Fed­ Total time CD’s Gross eral Other Total loans included in time liabili­ Wednesday funds liabili­ capital Total and De­ and savings deposits11 ties of pur­ F.R. ties, Secur­ ac­ loans invest­ mand banks chased Banks Others etc. 8 Loans ities counts (gross) ments deposit, to etc.7 ad­ (gross) ad­ Issued Issued their justed 9 ad­ justed i Total to to foreign justed 9 I PC’s others bran­ ches Large banks— Total 19683 Nov. 6. 450 12,473 17,309 3,249 21,805 153,561 221,438 76,460 23,407 15,198 8,209 6,931 13. 73 12,304 17,568 3,252 21,786 153,566 220,815 78,583 23,385 15,131 8,254 7,148 20. 82 10,672 18,301 3,247 21,751 154,703 221,184 78,381 23,640 15,401 8,239 7,357 . 27............................ 1,077 10,985 17,948 3,250 .....2..1.,.7..30 154,023 220,548 78,963 24,307 15,925 8,382 7,170 1969 Oct. 1. 14,720 851 2,487 25,819 3,607 114 23,102 168,844 226,911 80,553 11,714 6,406 5,308 14,111 8. 16,052 612 2,595 26,265 3,609 115 23,123 168,113 225,518 78,310 11,661 6,350 5,311 14,609 15. 16,720 965 2,594 26,848 3,600 112 23,083 168,658 226,586 79,336 11,561 6,237 5,234 14,970 22. 15,954 416 2,659 26,095 3,593 121 23,046 168,465 225,491 79,356 11,398 6,019 5,379 14,306 29............................ 15,411 905 2,301 25,383 3,600 113 23,120 167,511 226,129 79,650 11,524 5,906 5,618 13,631 Nov. 5. 17,159 1,016 2,337 26,337 3,602 113 23,270 168,544 227,305 77,953 11.465 5,822 5,643 14,405 12. 17,192 569 2,498 26,395 3,601 112 23,269 168,475 226,984 78,396 11,449 5,765 5,684 14,357 19* 16,526 535 2,575 27,294 3,600 111 23,175 168,067 226,372 79,835 11,402 5,866 5,536 15,040 26*........................... 15,901 937 2,560 27,121 3,594 111 23,178 168,477 228,023 79,348 11,319 5,791 5,528 14'886 New York City 1968 3 Nov, 6.. 125 3,797 9,082 937 5,912 37,801 50,744 15,356 6,994 4,744 2,250 5,220 13.. 3,590 9,364 937 ......5..,.9..16 37,573 50,316 15,702 6,926 4,691 2,235 5,449 20.. 3,187 9,748 937 5,899 37,958 50,505 16,136 7,037 4,790 2,247 5,637 27., 96 3,446 9,282 938 5,875 37,707 50,341 16,132 7,485 5,173 2,312 5,355 1969 Oct. 1,. 4,335 380 417 14,025 1 ,051 3 6,062 42,148 52,493 17,543 2,097 724 1,373 9,731 8.. 4,723 177 415 14,258 1 ,051 3 6,048 41,643 51,729 16,035 2,155 728 1 ,427 9,982 15.. 4,997 90 404 14,679 1 ,051 3 6,053 42,140 52,474 16,012 2,230 715 I .515 10,441 22., 4,350 413 14,264 1 ,052 3 6,026 41 ,917 51,618 16,931 2,256 698 1 ,558 9,939 29.. ..........*............. 4,395 228 399 13,742 1 ,052 3 6,026 41,544 51,698 16,562 2,480 667 1 ,813 9,439 Nov. 5., 4,529 230 398 13,839 1 ,052 3 6,089 42,045 52,475 15,651 2,576 674 1 ,902 9,620 12., 4,859 12 386 13,786 1 ,052 3 6,097 42,053 52,379 15,390 2,633 657 1,976 9,677 19.. ........................ 4,582 382 14,378 1 ,052 3 6,071 42,013 52,512 17,104 2,698 789 1 ,909 10,121 26*. 4,321 57 384 14,264 1 ,052 3 6,061 42,22! 53,469 16,175 2,730 767 1 ,963 9,991 Outside New York City 1968 3 Nov. 6... 325 8,676 8,227 2,312 15,893 115,760 170,694 61,104 16,413 10,454 5,959 1 ,711 13.. 73 8,714 8,204 2,315 15,870 115,993 170,499 62,881 16,459 10,440 6,019 1 ,699 20... 82 7,485 8,553 2,310 15,852 116,745 170,679 62,245 16,603 10,61! 5,992 1 ,720 27... 981 7,539 8,666 2,312 15,855 116,316 170,207 62,831 16,822 10,752 6,070 1 ,815 1969 Oct. 1... 10,385 471 2,070 11,794 2,556 111 17,040 126,696 174,418 63,010 9,617 5,682 3,935 4,380 8... 11,329 435 2,180 12,007 2,558 112 17,075 126,470 173,789 62,275 9,506 5,622 3,884 4,627 15... 11,723 875 2,190 12,169 2,549 109 17,030 126,518 174,112 63,324 9,331 5,522 3,809 4,529 22... 11,604 416 2,246 11,831 2,541 118 17,020 126,548 173,873 62,425 9,142 5,321 3,821 4,367 29... 11,016 677 1 ,902 11,641 2,548 110 17,094 125,967 174,431 63,088 9,044 5,239 3,805 4,192 Nov. 5.,, 12,630 786 1 ,939 12,498 2,550 110 17,181 126,499 174,830 62,302 8,889 5,148 3,741 4,785 12... 12,333 557 2,112 12,609 2,549 109 17,172 126,422 174,605 63,006 8,816 5,108 3,708 4,680 19... 11,944 535 2,193 12,916 2,548 108 17, 104 126,054 173,860 62,731 8,704 5,077 3,627 4,919 26*.. 11,580 880 2,176 12,857 2,542 108 17,117 126,256 174,554 63,173 8,589 5,024 3,565 4,895 1 Includes securities purchased under agreements to resell. b Includes minority interest in consolidated subsidiaries. 2 Includes official institutions and so forth. 9 Exclusive of loans and Federal funds transactions with domestic com­ 3 Figures not comparable with 1969 data. For description of revision mercial banks. in series beginning July 2 (with overlap for June 25), see Bulletin for Aug. 1 o All demand deposits except U.S. Govt, and domestic commercial 1969, pp. 642-46. banks, less cash items in process of collection. 4 Includes short-term notes and bills. 11 Certificates of deposit issued in denominations of $100,000 or more. 5 Federal agencies only, 6 Includes corporate stock. Note.—Figures for Oct. and Nov. 1969 are preliminary and may be 7 Includes securities sold under agreements to repurchase. revised in a forthcoming Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ BUSINESS LOANS OF BANKS A 31 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during Industry 1969 1969 1969 1968 Nov. Nov. Nov. Nov. Oct. 1st 2nd 26 19 12 5 29 Nov. Oct. Sept. HI II I half half Durable goods manufacturing: Primary metals................................ 1,948 1 ,960 1 ,968 1 ,968 1 ,984 -36 -25 62 53 -36 87 51 -56 Machinery....................................... 5,514 5,526 5,502 5,427 5,376 138 -221 373 280 221 454 675 33 Transportation equipment.............. 2,348 2,249 2,255 2,222 2,264 84 32 147 139 -50 157 107 64 Other fabricated metal products .. . 1 ,966 1 ,977 2,036 2,002 2,021 -55 -97 16 -59 176 142 318 -56 Other durable goods....................... 2,380 2,399 2,431 2,431 2,424 -44 -81 7! 69 176 38 214 -27 Nondurable goods manufacturing: Food, liquor, and tobacco............. 2,920 2,868 2,724 2,721 2,648 272 64 169 40 211 -607 -396 740 Textiles, apparel, and leather......... 2,496 2,538 2,585 2,588 2,610 -114 - 198 21 98 253 241 494 -89 Petroleum refining.......................... 1 ,632 1 ,631 1 ,657 1 ,650 1 ,631 I -194 -4 -243 142 315 457 117 Chemicals and rubber.................... 2,710 2,771 2,759 2,759 2,669 41 24 8 -97 256 -7 249 -29 Other nondurable goods................. 1 ,994 1 ,987 1 ,998 2,019 2,013 -19 -35 95 163 79 4 83 -30 Mining, including crude petroleum and natural gas.......................... 4,758 4,798 4,788 4,783 4,814 -56 -38 173 -54 -41 236 195 -31 Trade: Commodity dealers................ 1 ,081 1 ,078 1 ,062 1 ,023 949 132 125 9 -132 -356 -16 -372 218 Other wholesale...................... .3,707 3,506 3,531 3,536 3,509 198 -12 79 -37 33 167 200 214 Retail...................................... 4,193 4,472 4,449 4,509 4,378 -185 327 30 -255 425 -179 246 306 Transportation................................... 5,438 5,436 5,451 5,464 5,493 -55 3 75 11 106 144 250 213 Communication.................................. 1 ,281 1 ,261 1 ,265 1 ,252 1,249 32 -43 109 94 138 -104 34 78 Other public utilities.......................... 3 ,1 45 3,078 3,157 3,237 3,202 -57 89 83 295 78 -196 -118 662 Construction....................................... 3,121 3,170 3,140 3,148 3,180 -59 -106 11 -26 156 205 361 144 Services............................................... 6,773 6,768 6,727 6,680 6,602 171 - 10 -84 -145 185 545 730 433 All other domestic Ioans.................... 4,563 4,572 4,731 4,732 4,701 -138 121 H 142 534 432 966 481 Bankers’ acceptances......................... 428 435 423 420 447 -19 33 10 -111 -43 -155 -198 -83 Foreign commercial and industrial loans............................................. 2,253 2,291 2,270 2,285 2,286 -33 24 -74 -168 -76 -43 -119 3 Total classified loans...................... 66,649 66,771 66,909 66,856 66,450 199 -218 1,390 57 2,567 I ,860 4,427 3,305 Total commercial and industrial loans. 78,003 78,092 78,246 78,117 77,649 354 -419 1 ,441 -274 2,768 1,922 4,690 3,793 Sec Note to table below. "TERM" COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during—• 1969 1969 1968 1969 Industry Nov. Oct. Sept. Aug. July June May Apr. Mar. 1st 26 29 24 27 30 25 28 30 26 III II I IV half Durable goods manufactur­ ing: Primary metals.................. 1 ,402 1,407 1,419 1,375 1 ,363 1,352 1 ,390 1,358 1 ,388 67 -36 50 -128 14 Machinery......................... 2,566 2,507 2,556 2,509 2,555 2,474 2,432 2,488 2,429 82 45 168 -77 213 Transportation equipment. 1 ,389 1 ,305 1 ,245 1,195 1,130 1 ,097 1,086 1,110 1,163 148 -66 128 104 62 Other fabricated metal products..................... 796 770 769 780 799 798 789 776 714 -29 84 -24 -63 60 Other durable goods......... 1 ,097 1 ,087 1,110 1 ,062 1 ,052 1 ,068 1 ,039 1,014 1 ,048 42 20 16 33 36 Nondurable goods manufac­ turing: Food, liquor, and tobacco. 908 873 880 853 838 859 813 767 708 21 151 -67 -74 84 Textiles, apparel, and leather........................ 707 686 689 664 651 646 619 618 622 43 24 -7 41 17 Petroleum refining............. 1 ,310 I ,282 1 ,477 1 ,465 1 ,455 1 ,667 1 ,632 1,633 1,528 -190 139 316 -16 455 Chemicals and rubber....... I ,674 I ,701 1 ,717 1 ,741 1 ,774 1 ,695 1 ,672 1,587 1 ,600 22 95 -88 150 7 Other nondurable goods. . 1,123 1 ,071 1 ,066 1 ,058 1 ,055 I ,051 1 ,036 1,012 1 ,025 15 26 -36 -26 -10 Mining, including crude pe­ troleum and natural gas. 4,044 4,079 4,119 4,030 4,089 4,203 4,230 4,302 4,270 -84 -67 237 70 170 Trade: Commodity dealers. . 81 81 80 HI 114 114 111 112 1 10 -34 4 -8 6 -4 Other wholesale........ 668 691 666 659 675 671 659 653 674 -5 -3 31 58 28 Retail........................ 1 ,215 I ,182 1,158 1,144 1 ,160 1,155 1,154 1,163 1,154 3 I 19 21 20 Transportation...................... 4,146 4,115 4,107 4,061 4,042 4,081 4,014 3,988 4,032 26 49 126 233 175 Communication.................... 462 486 446 446 436 440 409 440 437 6 3 -4 -31 -1 Other public utilities............. 1,219 1 ,244 1 ,295 1 ,241 1 ,216 1,149 1,135 1,109 1 ,230 146 -81 6 153 -75 Construction.............. 903 899 891 890 875 891 886 847 874 17 66 14 83 Services................................. 2,945 2,854 2,860 2,861 2,861 2,869 2,885 2,891 2,869 -9 293 215 293 All other domestic loans.... 1 ,204 1 ,222 1,131 1 ,053 1 ;050 1 ,020 1 J 023 1,025 1 ,019 111 i 60 38 61 Foreign commercial and in­ dustrial loans......... 1,690 1 ,692 1,717 1,739 1,791 1,836 1,869 1,853 1,824 -119 12 -95 38 -83 Total loans............................ 31,549 31,234 31,398 30,937 30,981 31,136 30,883 30,746 30,718 262 418 1,187 759 1,605 Note.-—About 160 weekly reporting banks are included in this series; Commercial and industrial “term” loans are all outstanding loans with these banks classify, by industry, commercial and industrial loans amount­ an original maturity of more than 1 year and all outstanding loans granted ing to about 90 per cent of such loans held by all weekly reporting banks under a formal agreement—revolving credit or standby—on which the and about 70 per cent of those held by all commercial banks. original maturity of the commitment was in excess of 1 year. For description of series see article “Revised Series on Commercial and Industrial Loans by Industry,’’ Feb. 1967 Bulletin, p. 209. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 32 BANK RATES □ DECEMBER 1969 PRIME RATE, 1929-69 (Per cent per annum) In effect during— Rate Effective date Rate Effective date Rate Effective date Rate 1929............................... 514-6 1947—Dec. i............... 1’4 1956—Apr 13........ 3% 1966—Mar. 10 . 54 Aug. 2!......4.... June 29......... 5’4 1930............................... 314-6 2 Aug. 16.......... 6 1 1 1 9 9 9 3 3 3 2 3 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 1 ’ ' ' 4 4 4 - - - 5 4 4 1950—Sept. 22.......... 2'4 1957—Aug. 6......... 4'4 1967—J M a a n. r 2 27 6 -2 . 7... 5 54 4-5’4 193 1 4 9 — 47 (Nov.)............... 14 1951—J O D a e c n c t . . . 1 1 8 7 9 . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 3 ’ 4 4 1958—Jan. S A 2 e p 2 p r . t . . . . ... 2 . 1 . 1 . 1 . . . . . . . . . . . . . 4 4 3 . . . .4 . .. 1968—. N A o p v r . 2 1 0 9 . . . . . . . . . . . . . . . . . . . 6 64 Sept. 25......... 6 -6'4 1953—Apr. 27.......... 3'4 1959—May 18......... 4 5 4 N De o c v . . 1 2 3. . . . . . . . . . . . . . . . . . 6 6 ' 4 4 Dec. 18......... 6’4 1954—Mar. 17......... 3 1 960—Aug. 23......... 44 1969—Jan. 7........... 7 1955—Aug. 4......... 3'4 Mar. 17......... 74 Oct. 14......... 34 1965—Dec. 6......... 5 June 9......... 84 1 Date of change not available. SHORT-TERM BUSINESS LOANS Size of loan (in thousands of dollars) All sizes 1-9 10-99 100-499 500-999 1,000 and over Interest rate (per cent per annum) Aug. May Aug. May Aug. May Aug. May Aug. May Aug. May 1969 1969 1969 1969 1969 1969 1969 1969 1969 1969 1969 1969 Percentage distribution of dollar amount Less than 8.50............................. 5.7 84.7 24.5 60.6 11.6 66.7 7.6 77.7 4 6 85 0 3.3 91.6 8.50.................................. 38 5 5.2 5 0 11 8 8 3 11 0 18 3 8 2 34 I 5 0 55 4 2 7 8.51-8.99..................................... 23.7 3.7 8 7 14.5 13 0 97 25.9 5 1 28 2 3'9 242 16 9.00.............................................. 9.2 3.0 10 4 4.6 14 1 3 8 12.5 2 8 8 9 2 1 6 7 3 1 9.01-9.49...................................... 8.5 1.1 12.9 4. 1 18.7 2.4 13.7 1 5 9 3 0 9 37 0 6 9.50............................................ 5 3 0.8 1 2.1 1.4 111 2 2 7.2 1 4 5 I 0 7 3 2 0 2 9.51-9.99...................................... 3.8 0.4 14.3 0.9 10.3 1.1 5.9 0 9 3 2 0 3 1 5 Over 10.00................................... 5.4 1.1 12.2 2.0 12.7 3.0 8.7 2.3 6.4 1.9 2.0 0. 1 Total................................. 100.0 100,0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 Total loans: Dollar (millions)...................... 4,155.0 4,471.4 48.9 55.1 450.4 470 9 926.4 944 4 579 7 638 5 2 149 5 2,362.5 Number (thousands)............... 33.8 ’ 36.5 12.7 14.4 14.4 15.2 4.7 4.9 b'9 1.1 1.0 1.1 Center Weighted average rates (per cent per annum) 35 centers................. 8. 82 7 86 8 99 8 22 9 14 8 23 8 96 8 01 8 84 7 84 8 67 7 70 New York City....................... 8.65 7.66 9 12 8*23 9 12 8 14 8 83 7 81 865 7 65 R 59 7 60 7 Other Northeast.................. 9.14 8 18 9 09 8 31 9 49 8 50 9 32 8 31 9 15 8 16 8 77 7 84 8 North Central..................... 8.85 7.89 8.80 8 09 9 14 8 20 9 06 8 07 8 93 7 95 8 72 7 76 7 Southeast.............................. 8.46 7.66 8 59 7 96 8 57 7 91 8 39 7 72 8 48 7 44 8 45 7 45 8 Southwest............................. 8.85 7.87 9.09 8^27 8.96 8.09 8.83 7'89 875 7 80 8* 84 7.76 4 West Coast........................... 8.75 7.83 9.47 8.51 9.23 8.23 8.94 7^97 8^82 7.75 8.56 7.70 Note.—Beginning Feb. 1967 the Quarterly Survey of Interest Rates on Business Loans was revised. For description of revised series see pp. 721­ 27 of the May 1967 Bulletin. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ INTEREST RATES A 33 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 Finance Prime co. Prime Period coml. paper bankers’ Federal 3-month bills 5 6-month bills 5 9- to 12-month issues paper, placed accept­ funds 3- to 5- 4- to 6- directly, ances, rate J year months 1 3- to 6- 90 days 1 Rate on Market Rate on Market Bills (mar­ Other 6 issues 7 months 2 new issue yield new issue yield ket yield) s 1961 2.97 2 68 2.81 1.96 2.378 2.36 2,605 2.59 2.81 2.91 3.60 1962 1,26 3.07 3,01 2.68 2.778 2.77 2.908 2.90 3.01 3.02 3.57 1963 3 55 3.40 3.36 3.18 3.157 3. 16 3.253 3.25 3.30 3.28 3.72 1 964 3.97 3.83 3.77 3.50 3.549 3.54 3,686 3.68 3.74 3.76 4.06 1965 4, 38 4.27 4.22 4.07 3.954 3.95 4.055 4.05 4.06 4.09 4.22 1966 5.55 5.42 5.36 5.1 1 4.881 4,85 5.082 5.06 5,07 5.17 5.16 1967 5.10 4.89 4,75 4.22 4.321 4.30 4.630 4.61 4.71 4.84 5.07 1968 5.90 5.69 5.75 5.66 5.339 5.33 5.470 5.48 5.45 5.62 5 59 1968-—Nov................. 5.92 5.75 5.97 5.81 5.492 5.45 5.618 5.59 5.51 5.56 5.47 Dec.................. 6. 17 5.86 6.20 6.02 5.916 5.94 6.014 6.05 5.98 6.00 5.99 1969-—Jan.................. 6. 53 6. 14 6.46 6.30 6. 177 6. 13 6.312 6.28 6.05 6.26 6.04 Feb.................. 6.62 6.33 6.47 6.64 6. 156 6.12 6.309 6.30 6.19 6.21 6.16 Mar................. 6.82 6.38 6.66 6.79 6.080 6.01 6.223 6.16 6.19 6.22 6.33 Apr......... 7.04 6. 38 6.86 7.41 6. 150 6.11 6. 168 6. 13 6.03 6. 11 6. 15 May................ 7.35 6.54 7.38 8.67 6.077 6.03 6. 149 6.15 6.10 6.26 6. 33 June......... 8.23 7. 25 7.99 8.90 6.493 6.43 6.725 6.75 6.86 7.07 6.64 July................. 8,65 7.53 8,41 8.61 7.004 6.98 7.285 7,23 7.14 7.59 7,02 Aug................. 8.33 7.71 8.04 9.19 7.007 6.97 7.194 7.19 7.27 7.51 7.08 Sept................. 8.48 7.61 8. 14 9.15 7.129 7.08 7.316 7.31 7.35 7.76 7.58 Oct.................. 8.57 7.86 8. 17 8.71 7.040 6.99 7,297 7.29 7.22 7.63 7,47 Nov................. 8.46 7.92 8.18 8.85 7. 193 7.24 7.565 7.62 7.38 7.94 7.57 Week ending— 1969- 8.50 8 00 8.18 8.05 7.172 7.08 7.313 7.19 7.1 6 7.53 7.07 9........8..38 7.83 8.03 9 57 6.994 6,98 7.085 7.11 7.29 7,42 7,01 16.......... 8.38 7.75 8. 10 9. 18 7.081 6.99 7.277 7.25 7.32 7.56 7. 14 23......... 8.30 7.64 8,00 8.79 6.856 6.86 7.121 7. 15 7.17 7.45 7.03 30......... 8,25 7.56 8.00 8.82 7.098 7.06 7.293 7.27 7.30 7.59 7. 14 Sept. 6.......... 8.25 7.56 8.09 9.57 7.014 7.02 7,166 7.24 7.34 7.67 7. 30 13.......... 8.40 7,60 8.13 8.57 7.184 7,10 7.408 7.30 7.34 7.74 7.44 20.......... 8.50 7.63 8. 1 3 9.07 7. 156 7.12 7.329 7. 34 7.33 7.76 7.63 27.......... 8.60 7.63 8.15 9.61 7. 161 7. 10 7.362 7.31 7.37 7.80 7.74 Oct. 4......... 8. 83 7.73 8.25 9. 1 1 7.106 7.02 7.340 7,31 7.41 7.93 7.93 II.......... 8.78 7.88 8.25 9,43 7.046 6.98 7.289 7.33 7.34 7.76 7.74 18......... 8.63 7.91 8.25 9.68 7.042 7.01 7,327 7.30 7.25 7.62 7.36 25......... 8.50 7.91 8. 15 8.68 6.975 6.94 7.265 7.24 7.04 7.42 7. 12 Nov. 1......... 8.23 7.78 8.00 8.39 7.030 7.00 7.263 7.26 7.12 7.55 7.35 8......... 8. 19 7.88 8.00 9.07 6.998 7.07 7.281 7.38 7.06 7.70 7.45 15 8.41 7.94 8,00 9.32 7. 1 57 7. 14 7.435 7.45 7. 1 5 7. 87 7. 54 22.......... 8. 58 7.93 8.20 8.79 7. 141 7.24 7.518 7. 74 7.50 8.05 7.68 29.......... 8.63 7.94 8.50 8.32 7.476 7.49 8.027 7.90 7.77 8.09 7.60 1 Averages of daily offering rates of dealers. 4 Except for new bill issues, yields are averages computed from daily 2 Averages of daily rates, published by finance companies, for varying closing bid prices. 5 Bills quoted on bank discount rate basis. maturities in the 90-179 day range. 6 Certificates and selected note and bond issues. ■* Seven-day average for week ending Wednesday. 7 Selected note and bond issues. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 34 INTEREST RATES □ DECEMBER 1969 BOND AND STOCK YIELDS (Per cent per annum) Government bonds Corporate bonds Stocks State By selected By Dividend/ Earnings/ Period United and local rating group price ratio price ratio States Total 1 (long­ term) Total i Aaa Baa Aaa Baa Indus­ Rail­ Public Pre­ Com­ Com­ trial road utility ferred mon mon 1961.............................................. 3.90 3.60 3.27 4.01 4.66 4.35 5.08 4.54 4 86 4.57 4 66 2.98 4 76 1962............................................. 3.95 3,30 3.03 3.67 4.62 4.33 5.02 4 47 4 86 4 51 4 50 3 37 6 06 1963 ............................................. 4.00 3.28 3.06 3 58 4 50 4 26 4 86 4 42 4 65 4 41 4 30 3 17 5 68 1964........................................ 4 15 3.28 3,09 3 54 4 57 4 40 4 83 4 52 4 67 4 53 4 32 3 01 5 54 1965............................................. 4.21 3.34 3.16 3.57 4.64 4.49 4.87 4 61 4 72 4 60 4.33 3 00 5 87 1966.............................................. 4.66 3.90 3.67 4 21 5.34 5 13 5.67 5 30 5 37 5 36 4 97 3 40 6 72 1967.............................................. 4.85 3.99 3.74 4.30 5.82 5.51 6.23 5 74 5'89 5 81 5.34 3 20 5*71 1968............................................ 5.25 4.48 4.20 4 88 6.51 6 18 6.94 6 41 6 77 6 49 5.78 3 07 5'84 1968—Nov................................... 5.36 4.60 4.33 4.98 6.56 6.19 7,01 6.47 6.78 6.58 5.82 2.92 Dec.............................. 5.65 4.76 4.50 5.18 6.80 6.45 7.23 6.72 6.97 6.85 5.93 2.93 5 70 1969—Jan..................................... 5.74 4.89 4.58 5.34 6.89 6.59 7.32 6 78 6 98 7.02 5.93 3 06 Feb.................................... 5.86 5.02 4.74 5.44 6.93 6.66 7.30 6.82 6 98 7.05 5.94 3.10 Mar................................... 6 05 5.25 4.97 5.61 7.11 6 85 7.51 7 02 7 16 7 23 6 09 3 17 5 65 Apr.................................... 5.84 5.24 5.00 5.57 7.17 6.89 7.54 7.07 7 25 7^26 6. 14 3 J 1 May.................................. 5.85 5.39 5.19 5.63 7.10 6.79 7.52 6.69 7 27 7 15 6 20 3.02 June.................................. 6.06 5.78 5.58 6 01 7,27 6 98 7.70 7 16 7 37 7 38 6 33 3 18 6 03 July................................... 6.07 5.80 5.61 6.08 7,39 7 08 7.84 7.29 7 50 7 49 6.42 3 34 Aug................................. 6.02 5,98 5.74 6.28 7,37 6.97 7.86 7.29 7 57 7.40 6 44 3 37 Sept................................... 6.32 6.21 5.83 6.58 7.53 7.14 8,05 7,42 7 68 7.62 6.61 3 33 Oct..................................... 6,27 6,12 5.80 6.45 7.72 7.33 8.22 7.59 7 76 7.91 6.79 3.33 Nov................................... 6.51 6.25 5.88 6.60 7.76 7.35 8.25 7,61 7 83 7.94 6.84 3.31 Week ending—• 1969—Aug. 2............................ 6.05 6.01 5.78 6.32 7.38 7.05 7.84 7 33 7.51 7.41 6.54 3.52 9............................ 5.98 5.91 5.70 6.20 7 38 7.00 7.88 7 32 7.55 7.41 6 42 3.37 16............................ 6.01 5.95 5.73 6.23 7.35 6?96 7.82 7.27 7.55 7,38 6.46 3.41 23............................ 6.00 5.95 5.73 6.23 7 36 6.95 7.84 7,26 7,58 7.38 6 43 3 33 30............................ 6.07 6.09 5.80 6.47 7 39 6.98 7,90 7 28 7 59 7 44 6 48 3 35 Sept, 6........................... 6.18 6.09 5.80 6.47 7.43 7.05 7.95 7.34 7 60 7.49 6,46 3 33 13............................ 6.23 6.27 5.85 6.65 7 50 7.12 8.03 7 39 7.68 7.56 6 58 3.33 20............................ 6.31 6.27 5.85 6,65 7 55 7. 16 8.07 7 43 7.68 7,67 6.64 3,35 27............................ 6.41 6,19 5.82 6.55 7.58 7.19 8.08 7.45 7.70 7.69 6.74 3.31 Oct. 4............................ 6.56 6.22 5.83 6,58 7.66 7.28 8.18 7 53 7.73 7 82 6 87 3 42 11............................ 6.34 6.15 5.80 6.40 7 74 7.37 8.26 7 62 7.70 7.98 6 78 3 41 18.................... 6.16 6.05 5.75 6.38 7.77 7.39 8.26 7 65 7 76 7 99 6 80 3,31 25............................ 6.07 6.13 5.80 6.48 7.71 7.31 8.21 759 7 79 7.89 6,75 3 24 Nov. 1............................ 6.32 6.16 5.84 6.52 7.68 7.25 8.17 7.54 7. 80 7.82 6.75 3.27 8............................. 6.34 6.06 5.75 6.42 7 68 7.26 8.19 7 55 7 79 7 84 6,78 3,25 15............................. 6.46 6.14 5.78 6.50 7 70 7 29 8 19 7 56 7 76 7 89 6 75 3 24 22............................. 6.61 6.33 5.95 6.67 7 78 7 38 8.28 7 62 7 84 7 98 6 85 3 33 29............................. 6.60 6,47 6.05 6.83 7.89 7,50 8.38 7^75 7.96 8.09 6.99 3.43 ................. Number of issues 2...................... 9 20 5 5 108 18 30 38 30 40 14 500 500 1 Includes bonds rated Aa and A, data for which are not shown sep­ Averages of daily figures for bonds maturing or callable in 10 years or arately. Because of a limited number of suitable issues, the number more. State and local govt, bonds: General obligations only, based on of corporate bonds in some groups has varied somewhat. As of Dec. Thurs. figures. Corporate bonds: Averages of daily figures. Both of these 23, 1967, Aaa-rated railroad bonds are no longer a component of the series are from Moody’s Investors Service series. railroad average or the Aaa composite series. Stocks: Standard and Poor’s corporate series. Dividend/price ratios are 2 Number of issues varies over time; figures shown reflect most recent based on Wed. figures; earnings/price ratios are as of end of period. count. Preferred stock ratio is based on eight median yields for a sample of noncallable issues—12 industrial and two public utility; common stock ratios Note,—Annual yields are averages of monthly or quarterly data. on the 500 stocks tn the price index. Quarterly earnings are seasonally Monthly and weekly yields arc computed as follows: U.S. Govt, bonds: adjusted at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ SECURITY MARKETS A 35 SECURITY PRICES Common stock prices Volume of Bond prices New York Stock Exchange trading in (per cent of par) stocks in Amer­ thousands of Period Standard and Poor’s index New York Stock Exchange index ican shares (1941-43= 10) (Dec. 31, 1965 = 50) Stock Ex­ change ( Q l U o o . n S v g t . . ­ S l a o t n c a d a te l p A C o A r o a r A t ­ e Total In tr d ia us l ­ R ro a a i d l­ P u u ti b lit li y c Total In tr d ia u l s­ T p t r o i a o r n t n a s ­ ­ Utility na F n i c ­ e in to d t e a x l 1 NYSE AMEX term) 1966 78.63 102.6 86.1 85.26 91.09 46.34 68.21 46.15 46.19 50.28 45.41 44.25 14.67 7,538 2,741 1967 76.55 100.5 81.8 91.93 99.18 46.72 68.10 50.77 51.97 53.51 45.43 49,82 19.67 10,143 4,508 1968 72.33 93.5 76.4 98.70 107.49 48.84 66.42 55.37 58.00 50.58 44.19 65.85 27.72 12,971 6,353 1968-—Nov.............. 71.27 91.2 75.7 105.40 114.77 53.74 70.59 59.44 61.97 55.96 47,18 79.55 31.24 14,821 6,789 Dec............... 68.47 89.2 73.0 106.48 116.01 55.19 70.54 60.32 63,21 57,30 46.73 79,00 32,96 14,865 8,075 1969-—Jan................ 67,61 88.0 72.3 102.04 111.00 54. 11 68.65 57.82 60,32 56.35 45.64 75.58 32.15 12,122 6,781 Feb............... 66.55 86.4 71.8 101.46 110.15 54.78 69.24 57.33 59,61 56.18 45.98 75.26 31.67 11,685 5,801 Mar............... 64.90 83.7 70.6 99.30 108.20 50.46 66.07 55,69 58.30 51.52 44,06 70,60 29,92 9,960 4,401 Apr............... 67.73 84.2 69.5 101.26 110.68 49.53 65.63 56.61 59.41 50,88 44,34 72.38 30.14 11 ,287 5,153 May. ............ 66.68 82.3 70.3 104.62 114.53 49.97 66.91 58,50 61.50 50.46 45.75 75.10 31.12 12,222 6,451 June.............. 64.84 78.6 68.9 99.14 108.59 46.43 63.29 55.20 58.07 47.70 43.39 68,62 29.14 11,203 5,029 July............... 64.75 78.5 68.2 94.71 103.68 43.00 61.32 52.40 55.00 42.80 42.31 64,56 25.78 10,872 4,215 Aug.. ............ 65.18 76.1 68.4 94.18 103.39 42.04 59.20 52.09 54.85 41.45 41.34 65,29 26,44 9,608 3,531 Sept............... 62.64 73.6 67.2 94.51 103.97 42.03 57.84 52.37 55.29 42.72 40.20 68.16 26.57 10,439 3,718 Oct................ 63.05 74.9 66.5 95.52 105.07 41.75 58.80 53.27 56.22 43.12 40,55 71.71 27.48 13,486 5,611 Nov.. 61.08 73.4 65.7 96.21 105.86 40.63 59,46 53.85 56.84 42.59 41 .36 71.62 27.97 11,247 8,075 Week ending—■ Nov. 1........ 62.59 74.7 66.7 97.32 106.94 41.95 60.82 54.49 57.46 43.65 41.62 74.06 28,34 12,574 4,997 8.....6..2..46 75.1 66.7 97.59 107.26 41.80 60.96 54.67 57.69 43.88 41.75 73.76 28,45 12,003 7,863 15........ 61.44 74.4 66.4 97.76 107.50 41.10 60.95 54.76 57.78 43.32 42.17 72.78 28.44 11,547 8,972 22........ 60.30 73.0 65.3 95,59 105.24 40.49 58,64 53.43 56.40 42.28 41.17 70.45 27.69 10,849 8,686 29........ 60.30 71.2 64.3 93.32 102.85 38.77 56.72 52.19 55.14 40.44 40.12 68.94 27,14 10,425 7,129 1 Begins June 30. 1965, at 10.90. On that day the average price of a share cent, 20-year bond. Municipal and corporate bonds, derived from average of stock listed on the American Stock Exchange was $10.90. yields as computed by Standard and Poor’s Corp,, on basis of a 4 per cent, 20-year bond; Wed. closing prices. Common stocks, derived from com­ Note.—Annual data are averages of monthly figures. Monthly and ponent common stock prices. Volume of trading, average daily trading in weekly data are averages of daily figures unless otherwise noted and are stocks on the exchanges for a 5*/i-hour trading day; beginning Jan. 1969 a computed as follows: U.S. Govt, bonds, derived from average market 4- hour trading day; beginning July 7, 1969, a 4>^-hour trading day. yields in table at bottom of preceding page on basis of an assumed 3 per TERMS ON CONVENTIONAL FIRST MORTGAGES New homes Existing homes Period C c t ( r r e p a a o n e t c n e t r t ) ­ c F c h e ( e a p e n r e s g t r ) e & i s M (y a e t a u r r s it ) y L c r p ( a o e p ri a t n e c io n t r e ) / (t d h c o o p P h u l r l a u i a s c s r r . e ­ e s o ) f (th a d L m o o o u l o la a s u r n . n s o ) t f c C t ( r r e p a a o n e t c n e t r ) t ­ c F c h ( e e a p e n r e s g t ) r e & 1 s M (y a e t a u r r s i ) ty L c p r ( o a e p r a i n t e c i t n o r e ) / (th d c o o p P h u l r l a u i a s c s r r . e ­ e s o ) f (th a d L o o m o u ll o a a s u r . n s n o ) t f 1963...................... 5.84 .64 24.0 73.3 22.5 16.3 5.98 .60 19.2 70.8 17.8 12.6 1964...................... 5.78 .57 24.8 74.1 23.7 17.3 5.92 .55 20.0 71.3 18.9 13.4 1965...................... 5.74 .49 25.0 73.9 25.1 18.3 5.87 .55 21.8 72.7 21.6 15.6 1966....................... 6.14 .71 24.7 73.0 26.6 19.2 6.30 .72 21.7 72.0 22.2 15.9 1967....................... 6.33 .81 25.2 73.6 28.0 20.4 6.40 .76 22.5 72.7 24.1 17.4 1968....................... 6.83 .89 25.5 73.9 30.7 22.4 6.90 .83 22.7 73.0 25.6 18.5 1968-—Oct............. 7.09 .88 25.6 74.5 31.0 22.7 7.09 .84 22.5 72.4 25.5 18.3 Nov............ 7.07 . 84 25.4 74.1 30.7 22.5 7.07 .82 22.7 72.9 26.2 18.9 Dec............. 7.09 .89 25.9 74.0 33,7 24,7 7.09 .85 23,3 73.2 28.1 20.4 1969-—Jan............. 7.16 .84 25,6 73.6 33.2 24.1 7.18 .86 22.8 72.6 27.9 20.0 Feb............. 7.26 .81 25.6 73.3 32,4 23.5 7.28 .86 22.9 72.8 27.2 19.6 Mar............ 7.32 .93 25.8 73.8 33.0 24.0 7.35 .84 23.0 72.7 28.2 20.2 Apr............. 7.47 .96 25.4 72.6 34.4 24.8 7.46 .85 23,0 71.8 28.2 19.9 May............ 7.50 .88 25.8 73.2 34.7 25.0 7.54 .83 22.7 71.9 27.8 19.7 J une........... 7.62 .84 25.6 73.0 34.8 24.9 7.64 ,86 22.8 71.4 28.5 20.1 July....... 7.76 .92 25.5 72.0 34.6 24.5 7.79 .91 22.8 71.7 28.5 20. 1 Aug............ 7.86 .86 25.2 72.3 34.0 24.3 7.90 .93 22.6 71.2 28.4 19.8 Sept............ 7.89 .92 25.3 72.4 34.3 24,7 7.92 .92 22.2 70.7 27.5 19,2 Oct.”.......... 7.97 .89 25.4 73.1 34.6 25.1 7.98 .91 22.3 70,3 28.2 19.6 i Fees and charges—related to principal mortgage amount—include based on probability sample survey of characteristics of mortgages loan commissions, fees, discounts, and other charges, which provide originated by major institutional lender groups (including mortgage added income to the lender and are paid by the borrower. They exclude companies) for purchase of single-family homes. Data exclude loans for any closing costs related solely to transfer of property ownership. refinancing, reconditioning, or modernization; construction loans to homebuilders; and permanent loans that are coupled with construction Note.—Compiled by Federal Home Loan Bank Board in cooperation loans to owner-builders. Series beginning 1965, not strictly comparable with Federal Deposit Insurance Corporation. Data are weighted averages with earlier data. See also the table on Home-Mortgage Yields, p. A-53. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 36 STOCK MARKET CREDIT □ DECEMBER 1969 STOCK MARKET CREDIT REGULATORY STATUS OF MARGIN ACCOUNT DEBT AT BROKERS (In millions of dollars) (Per cent of total adjusted debt, unless otherwise indicated) Credit extended to Cus­ Adjusted debt/collateral value margin customers by— Cus­ tomers’ Net tomers’ net credit Total End of period net free ex­ Unre­ ad­ debit credit tended strict­ Restricted justed Brokers Banks Total bal­ bal­ by End of ed debt 1 2 ances ances brokers period (mil­ lions Under 30-39 40-49 50-59 60 per of 1968—Oct................. 6,250 2,560 8,810 8,859 3,407 5,452 20 20-29 per per per cent dol­ Nov............... 6,200 2,630 8 830 9 029 3 419 5 610 cent cent cent or more lars) Dec................ 6,200 2 710 8 900 9 790 3 ,717 6 073 1969—Jan................. 5 930 2 750 8 680 9 042 3 597 5 445 1968—Sept.. 5.4 32.4 29.6 8.8 4.1 19.7 11 ,910 Feb................ 5,750 2^810 8*560 9 * 148 3*647 5 501 Oct... 4.3 35.9 27.0 8.9 4.2 19.7 11,540 Mar............... 5 ’590 2 780 8 370 8,318 3,294 5 024 Nov.. 10.6 36.4 21 .4 7.6 3.6 20.4 11,460 Apr................ 5 ’570 2'760 8 330 8 044 3 077 4 967 Dec. . .1.8 38.9 20.2 7.5 3.8 26.3 12,060 May............... 5 ’670 2 770 8 440 8 474 3 084 5 *390 June............... 5,340 2’740 8 *080 8*214 3 *084 5 ' 125 1969—Jan... 5.9 40.6 20.9 8.1 4.4 20. I 11 ,180 July............... 5'1 70 2 700 7 870 7*515 2 783 4 73? Feb... 2.7 38.8 22.9 9.4 5.1 21.1 10,840 Aug.,............ 5^000 2’670 7*670 7 019 2*577 4 442 Mar.. 5.5 37.3 21 .1 9.3 4.9 21 .9 10,520 Sept.r............ 4 940 2’620 7 560 7*039 2 579 4*460 Apr.. 7.4 35.1 19.6 8.8 4.6 24.5 10,720 Oct.'1............. 5,030 2,570 7*600 7,*243 2,*753 4 ,*490 May. 4.8 37.4 18.9 8.5 4.7 25.6 10,770 June. 1.8 33.1 19.9 10.8 6.0 28.4 10,440 July.. 1.0 29.4 19.0 13.8 6.6 30.1 10,100 i End of month data. Total amount of credit extended by member firms Aug. 4.6 29.2 18.5 11,2 6.5 30,0 10,300 of the New York Stock Exchange in margin accounts, estimated from Sept.r 2.9 30.2 19.0 1 1.7 6.6 29.6 9,910 reports by a sample of 38 firms. OctJ’. 5.8 31.9 18.1 10.1 6.2 27.9 9,960 2 Figures are for last Wed. of month for large commercial banks re­ porting weekly and represent loans made to others than brokers or dealers for the purpose of purchasing or carrying securities. Excludes loans col­ Note.—Adjusted debt is computed in accordance with requirements set lateralized by obligations of the U.S. Govt. forth in Regulation T and often differs from the same customer’s net debit Note.—Customers’ net debit and free credit balances are end-of-month balance mainly because of the inclusion of special miscellaneous accounts ledger balances as reported to the New York Stock Exchange by all in adjusted debt. Collateral in the margin accounts covered by these data member firms that carry margin accounts. They exclude balances carried now consists exclusively of stocks listed on a national securities exchange. for other member firms of national securities exchanges as well as balances Unrestricted accounts are those in which adjusted debt does not exceed the of the reporting firm and of its general partners. Net debit balances are loan value of collateral; accounts in all classes with higher ratios are total debt owed by those customers whose combined accounts net to a restricted. debit. Free credit balances are in accounts of customers with no unfulfilled commitments to the broker and are subject to withdrawal on demand. Net credit extended by brokers is the difference between customers’ net debit and free credit balances since the latter are available for the brokers' use until withdrawn. EQUITY STATUS OF MARGIN ACCOUNT DEBT AT BROKERS SPECIAL MISCELLANEOUS ACCOUNT BALANCES AT BROKERS, BY EQUITY STATUS OF ACCOUNTS (Per cent of total debt, unless otherwise indicated) (Per cent of total, unless otherwise indicated) Total Equity class (per cent) Equity class of accounts debt in debit status (mil­ Net Total End of lions End of period credit balance period of 80 or Under status 60 per cent Less than (millions dol­ more 70-79 60-69 50-59 40-49 40 or more 60 per cent of dollars) lars) 1 1968—Sept............... 51.0 45.3 3,6 5 840 1968—Oct... 6,250 20.9 31.3 23.3 8.7 4.0 II.8 Oct.. ................... 52.9 40.3 5.2 5 ’640 Nov.. 6,200 25.5 31.4 19.4 7.4 3.9 12.5 Nov..................... 53.2 43.3 3.5 5,550 Dec.. 6,200 24.0 30.2 19.4 8.0 4.2 14.2 Dec...................... 54.4 40.4 5.2 5’690 1969—Jan... 5,930 24.4 29.3 20.8 7.9 4.6 13.1 1969—Jan........5..2....6.......... 43.2 5. 1 5,700 Feb.. 5,750 20.5 28.2 22.6 9.0 5.4 14.1 Feb...................... 52,7 41 .7 5.6 5,680 Mar.. 5,590 22.1 27.9 20.5 9.5 5.2 14.8 Mar................... . 52.9 40,9 6. 1 5 400 Apr.. 5,570 24.0 26.2 20.0 9.5 4.9 15.4 Apr.............. 52.5 42.5 5.0 5,120 May . 5,670 23.0 26.4 19.0 9.7 5.2 16.8 May.................... 52.2 42.3 5.5 5 020 June. 5,340 17.5 25.7 19.0 1 1.7 7.2 18,7 June.................... 54.7 39.7 5.7 5 110 July.. 5,170 14.4 24.3 18.3 13.3 8.4 21. 1 July..................... 51.4 42.0 6.6 4.950 Aug.. 5,000 17.8 24.4 18.3 12.6 7.8 19.1 Aug..................... 53.0 40.0 6.9 4,920 Sept.r 4,940 17.0 23.0 18.4 12.5 8.6 20.3 Sept.r.................. 52,6 40,7 6.7 4,800 Oct.''. 5,030 20.3 22.5 18.8 1 1.8 8.4 18.0 Oct."................... 52.8 40,8 6.4 4,’770 i Sec footnote I to table above. Note.—Special miscellaneous accounts contain credit balances that may be used by customers as the margin deposit required for additional Note.—Each customer's equity in his collateral (market value of col­ purchases. Balances may arise as transfers based on loan values of other lateral less net debit balance) is expressed as a percentage of current col­ collateral in the customer’s margin account or deposits of cash (usually lateral value. sales proceeds) occur. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ OPEN MARKET PAPER; SAVINGS INSTITUTIONS A 37 COMMERCIAL AND FINANCE COMPANY PAPER AND BANKERS’ ACCEPTANCES OUTSTANDING (In millions of dollars) Commercial and finance Dollar acceptances company paper Held by— Based on—- Placed through Placed End of period dealers * directly2 Accepting banks F.R. Banks Total Im­ Ex­ Total Others ports ports All Bank Other Bank Other For­ into from Other related related Total Own Bills Own eign United United bills bought acct. corr. States States 1963........................ 6,747 n.a. 1 ,928 n.a. 4,819 2,890 1,291 1 ,031 260 162 92 1,345 567 908 1 ,414 1964........................ 8,361 n.a. 2,223 n.a. 6,138 3,385 1 ,671 1,301 370 94 122 1,498 667 999 1 ,719 1965 ......................... 9,058 n.a. 1,903 n.a. 7,155 3,392 1 ,223 I ,094 129 187 144 1,837 792 974 I ,626 1966......................... 13,279 n.a. 3,089 n.a. 10,190 3,603 1 ,198 983 215 193 191 2,022 997 829 1 ,778 1967......................... 16,635 n.a. 4,901 n.a. 11,634 4,317 1 ,906 1 ,447 459 164 156 2,090 I ,086 989 2,24! 1968—Oct................ 20,839 n.a. 7,592 n.a. 13,247 4,420 1 ,551 I ,280 271 56 119 2,695 1 ,479 921 2,020 Nov............... 22,220 n.a. 7,758 n.a. 14,462 4,389 1 ,605 1,352 253 58 114 2,612 1 ,476 922 1 ,992 Dec............... 20,497 n.a. 7,201 n.a. 13,296 4,428 1 ,544 1 ,344 200 58 109 2,717 1 ,423 952 2,054 1969—Jan....2..1..,.8..1..3.. . n.a. 7,873 n.a. 13,940 4,370 1 ,407 1,211 195 50 104 2,809 1 ,405 906 2,059 Feb............... 22,865 n.a. 8,342 n.a. 14,523 4,420 I ,473 I ,263 210 91 99 2,757 1 ,449 859 2,112 Mar.............. 23,681 n.a. 9,003 n.a. 14,678 4,464 1,452 1,185 266 94 122 3,787 1 ,460 872 2,133 Apr............... 24,390 n.a. 10,076 n.a. 14,314 4,510 1 ,478 1 ,223 255 142 125 2,765 1,523 875 2,IH May. ........... 25,305 n.a. 9,93! n.a. 15,374 4,668 1 ,387 1,179 208 76 183 3,022 1,591 910 2,!66 June............. 26,004 602 9,557 640 15,205 4,880 1 ,413 1,183 231 41 159 3,186 1,673 967 2,241 July............... 28,346 889 9,463 980 17,014 4,991 1,388 1 ,123 264 40 162 3,401 1 ,779 1 ,006 2,206 Aug............... 29,476 990 10,360 1,220 16,906 5,145 1 ,390 1,108 282 62 159 3,535 I ,791 1 ,084 2,270 Sept.............. 29,564 954 10,917 1 ,542 16,151 5,532 1 ,351 1 ,044 308 37 159 4,077 1 ,880 1,063 2,289 Oct................ 31,791 1 ,069 10,998 2,573 17,151 5,256 1 ,335 1 ,058 277 41 149 3,734 1 ,912 1 ,060 2,281 1 As reported by dealers; includes finance company paper as well as 2 As reported by finance companies that place their paper directly with other commercial paper sold in the open market. investors. MUTUAL SAVINGS BANKS (Amounts in millions of dollars) Loans Securities Total Mortgage loan assets— commitments3 Total General classified by maturity Other liabili­ Depos­ Other reserve (in months End of period State Corpo­ Cash assets ties its2 liabili­ ac­ Mort­ Other U.S. and rate and ties counts gage Govt. local and general govt. other1 reserve accts. 3 le s o s r 3-9 O 9 ver Total 1945 ................... 4,202 62 10,650 11257 606 185 16,962 15,332 48 1,582 n.a. n.a. 1960................... 26,702 416 6,243 672 5,076 874 589 40,571 36,343 678 3,550 n.a. n.a. n.a. 1 ,200 1961................... 28^02 475 6,160 677 5 >40 937 640 42,829 38 >77 781 3,771 n.a. n.a. 1 ,654 1962................... 32,056 602 6 107 527 5'177 956 695 46,121 41'336 828 3'957 n.a. 2>48 1963 ................... 36,007 607 5 ,863 440 5’074 912 799 49,702 44'606 943 4,153 n.a. n.a. 2,549 1964................... 40,328 739 5 791 391 5 '099 1 ,004 886 54,238 48'849 989 4’400 n.a. 2 >20 1965................... 44,433 862 5,485 320 5,170 1 ,017 944 58,232 52,443 1,124 4,665 n.a. 2,697 1966................... 47,193 1 ,078 4,764 251 5>19 953 1 ,024 60’982 55'006 1,114 4’863 2’010 1967.................. 50,311 1,203 4,319 219 8,183 993 1,138 66,365 6O>21 1 >60 4l 984 742 982 799 2 >23 1968 ................... 53'286 1 407 3 834 1 94 10’180 996 1 >56 71 '152 64 >07 1 >72 5>73 811 I ,034 1,166 3 011 1968—Oct.......... 52,636 1,431 3,999 195 9,913 911 1,227 70,312 63,550 1 ,567 5,195 835 1,144 1 ,090 3 ,070 Nov......... 52’946 1 ,532 3,913 200 10,001 914 1 ,267 70,773 63,800 1 ,707 5,266 945 1,132 1,125 3 >02 51’286 1 '407 3,834 194 10,180 996 1 >56 71 ,152 64,507 1 >72 5,273 81 I 1 ,034 1 >66 3'011 1969—jan........... 53,579 1 ,426 3,962 195 10,298 835 1 ,256 71 ,550 64,747 1 ,507 5,295 760 1 ,073 1,186 3,020 Feb.......... 53'807 1 '559 3’989 190 10',429 888 1 ,269 72'132 65’087 1 ,692 5,353 7! 1 1 >65 1 >10 3’085 54,005 1 '562 3 ,990 194 10 >49 900 1 ,293 72,’593 65 >59 1 ’476 5>59 778 1 >66 1 >71 3,214 54’209 1 >19 3 ,900 199 10’721 792 1 ,270 72,610 65 >75 ! ,663 5 >72 796 1 ,270 I >41 3’308 May........ 54342 IJ13 3,821 197 10^800 897 1 ,288 73,159 65;888 1'843 5; 428 818 1 >37 1 >55 3,310 June........ 54,672 1 ,633 3,618 192 11,029 865 1 ,306 73,316 66,243 1 ,664 5,409 843 1,190 1 ,216 3,249 July......... 54,887 1 ,539 3,634 201 10,982 845 1 ,303 73,392 66,091 1 ,863 5,438 787 I ,202 1,170 3 158 Aug......... 55 >68 1 ’717 3’613 201 1O>83 846 I ,297 73,724 66,193 2,038 5,492 728 1,157 1 >53 3,039 Sept.r.. .. 55,188 1 >32 3,'536 190 l0>90 833 1 >27 73>96 66>I9 1'796 5^481 756 i;097 1 >37 2’890 Oct.......... 55,346 1,725 3,359 191 10,885 791 1 ,339 73,638 66,344 1 ,785 5,509 721 951 1,135 2,808 i Also includes securities of foreign governments and international Note.—National Assn, of Mutual Savings Banks data; figures arc organizations and nonguaranteed issues of U.S. Govt, agencies. estimates for all savings banks in the United States and differ somewhat 2 Sec note 6, p. A-18. from those shown elsewhere in the Bulletin; the latter are for call dates 3 Commitments outstanding of banks in New York State as reported to and are based on reports filed with U.S. Govt, and State bank supervisory the Savings Banks Assn, of the State of New York. Data include building agencies. Loans are shown net of valuation reserves. Figures for Jan. and loans beginning with Aug. 1967. June 1968 include one savings and loan that converted to a mutual sav­ ings bank. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 38 SAVINGS INSTITUTIONS □ DECEMBER 1969 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period Total Mort­ Real Policy Other assets Total United State and Foreign 1 Total Bonds Stocks gages estate loans assets States local Statement value: 1960........................................ 119,576 11,679 6,427 3,588 1,664 51,857 46,876 4,981 41,771 3,765 5,231 5,273 1961........................................ 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 1962........................................ 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 1963........................................ 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 1964........................................ 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4,528 7,140 6,749 1965........................................ 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7,234 1966........................................ 167,022 10,837 4,823 3,114 2,900 69,816 61,061 8,755 64,609 4,883 9,117 7,760 1967........................................ 177,361 10,505 4,587 2,976 2,942 75,707 64,920 10,787 67,516 5,186 10,059 8,388 Book value: 1966........................................ 167,022 10,864 4,824 3,131 2,909 68,677 61,141 7,536 64,661 4,888 9,911 8,801 1967........................................ 177,361 10,530 4,587 2,993 2,950 73,997 65,015 8,982 67,575 5,188 10,060 11,011 1968........................................ 187,695 10,483 4,365 3,036 3,082 79,403 68,575 10,828 70,071 5,573 11,284 10,881 1968—Sept.r.......................... 185,236 10,761 4,528 3,181 3,052 78,319 68,074 10,245 68,993 5,512 11,042 10,609 Oct.............................. 185,701 10,574 4,479 3,025 3,070 78,754 68,411 10,343 69,212 5,510 11,117 10,534 Nov........................... , 186,892 10,531 4,415 3,037 3,079 79,304 68,793 10,511 69,407 5,535 11,197 10,918 Dec............................. 187,695 10,483 4,365 3,036 3,082 79,403 68,575 10,828 70,071 5,573 11 ,284 10,881 1969—Jan.............................. 188,972 10,602 4,400 3,048 3,154 80,418 69,350 11,068 70,205 5,620 11,399 10,728 Feb.............................. 189,924 10,821 4,448 3,210 3,163 80,968 69,691 11,277 70,355 5,640 11,525 10,615 Mar............................. 190,827 10,795 4,398 3,217 3,180 81,424 69,941 11,483 70,480 5,670 11,699 10,759 Apr.............................. 191,362 10,709 4,295 3,222 3,192 81,635 70,010 11,625 70,661 5,654 11,903 10,800 May............................ 192,127 10,711 4,301 3,216 3,194 81,980 70,194 11,786 70,820 5,679 12,090 10,847 June............................ 192,311 10,551 4,145 3,212 3,194 82,227 70,298 11,929 70,964 5,710 12,323 10,536 July............................. 193,041 10,561 4,148 3,237 3,176 82,528 70,676 11 ,852 71,079 5,789 12,652 10,432 Aug............................. 194,028 10,555 4,152 3,249 3,154 82,779 70,811 11,968 71 ,250 5 ,805 12,921 10,718 Sept............................. 194,803 10,523 4,112 3,246 3,165 83,129 71 ,053 12,076 71,429 5,809 13,172 10,741 i Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and Note.—Institute of Life Insurance data; figures are estimates for all accrued and for differences between market and book values are not made life insurance companies in the United States. on each item separately but are included in total, in “other assets.” SAVINGS AND LOAN ASSOCIATIONS (In millions of dollars) Mortgage loan Assets Liabilities commitments3 Total assets—• End of period M ga o ge rt s ­ s G i e U t o i c e .S v u s t . r , ­ Cash Other1 lia T b o il t i a tie l s S c a a v p in it g a s l R a d p e n i r v s d o i e d f r u i e v ts n e d s ­ m ro B o w n o e e r­ d y 2 p L ro o i c a n e n s s s Other d p M u e a r r i i d o n e d g O e p u in n e t g s d ri t o a a o d n t f d ­ I960...................... 60,070 4,595 2,680 4,131 7!,476 62,142 4,983 2,197 1 ,186 968 1 340 1961....................... 68,834 5’211 3 315 4’775 82'135 70'885 5'708 2,856 1 ’550 1 136 1 872 1962..................... 78*770 5'563 3,'926 5^346 93,605 80;236 6; 520 3,629 1 '999 1 321 2 I9J 1963....................... 90,944 6'445 3,979 6'191 101'385 101’887 7,899 5,’601 2^239 1 ,’729 n.a. 2,572 1964...................... 101 ,'333 6,966 4,015 7,041 119,355 101,887 7 ,'899 5,601 2,239 1,729 n.a. 2'549 1965...................... 110,306 7,414 3,900 7,960 129,580 110,385 8,704 6,444 2,198 1 ,849 n.a. 2,707 1966....................... 114,427 7,762 3’366 8,'378 133,933 113,969 9,096 7,462 1 ,270 2,136 I ,'482 1967....................... 121,805 9,180 3,442 9^07 143^534 124^531 9 346 4'738 2,257 2,462 n.a. 3,004 1968....................... 130'782 9’531 2,964 9,548 152,825 131,620 10^311 5,'672 2 344 2’778 n.a. 3’584 1968—Oct............. 129,164 9,629 2,568 9,701 151,062 129,316 9,833 5,373 2,422 4,118 1 ,421 3,802 Nov............ 129'899 9,696 2,693 9,942 152,230 129'972 9338 5’371 2398 4,65! 1 317 3,788 Dec............. 130^802 9,555 2’962 9,571 152,890 131'618 10,315 5; 705 2,449 2303 1 '275 3,584 1969—Jan............. 131,424 9,944 2 370 9,527 153,288 131,527 10,322 5,702 2,408 3,329 1 ,351 3,718 Feb............. 132395 10,143 2,517 9’712 154,490 132’123 10,307 5 324 2’475 3,’952 1 397 4,028 Mar........ 133 ,012 10,160 2’548 10’019 155',762 133302 10,298 5’631 2 349 3,682 1 ,688 4,373 Apr., .......... 134’038 9’892 2’378 10327 156'358 132'986 10,296 6395 2305 4 J 76 1'787 4,601 May........... 135,026 9 892 2 42! 10,464 157’826 133'480 10’285 6'283 2’916 4 862 1’676 4 607 June........... 136’, 242 9,467 2 529 10’363 158'627 134,839 10,674 6,768 3,007 3 339 J 532 4,373 July............ 137’107 9,199 1,957 10’371 158'634 133,729 10371 7,392 2,’978 3,824 1'346 4,145 Aug............ 137*951 9,142 1 ,902 1O'o35 159'630 133’721 10369 7 385 2,874 4'471 1,148 3,775 138'618 9 007 1 931 10323 160'279 134’600 10’663 8'295 2’749 3 972 1 057 3’530 Oct............. 139,213 8,888 1 ,901 10^49 160,851 134,221 10,686 8,772 2’639 4,533 1 ,024 3,289 1 Includes other loans, stock in the Federal home loan banks, other Note.—Federal Home Loan Bank Board data; figures are estimates for investments, real estate owned and sold on contract, and office buildings all savings and loan assns. in the United States. Data are based on and fixtures. monthly reports of insured assns. and annual reports of noninsured assns. 2 Consists of advances from FHLB and other borrowing. Data for current and preceding year are preliminary even when revised. 3 Insured savings and loan assns. only. Data on outstanding commit­ Figures for Jan. and June 1968 reflect conversion of one savings and loan ments are comparable with those shown for mutual savings banks (on assn, to a mutual savings bank. Figures for June 1968 also reflect exclu­ preceding page) except that figures for Joans in process are not included sion of two savings and loan assns. in process of liquidation. Data for above but are included in the figures for mutual savings banks. May 1969 reflect conversion of one savings and loan assn, to a commercial bank. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ FEDERALLY SPONSORED CREDIT AGENCIES A 39 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks Federal National Mortgage Assn, Banks Federal Federal (secondary market for intermediate land Assets Liabilities and capital operations) cooperatives credit banks banks End of period v m a b A n t e e o d c r m s e ­ ­ s I m nv e e n s ts t­ p C a o d a n s e s d i ­ t h s B n a o o n t n e d d s s M po d b e s e e m i ­ r t s ­ C s a to p c it k al M l g o ( a A a o g n r ) e s t ­ D n t e a u ( o L b n r t e e d e ) s s n ­ c L a o ( t o o i t A v a o p e n ) e s s r ­ D t e u ( b L re e ) s n­ c L o a d o ( u A n i a s n d n ) ­ t s s D t e u ( b L re e ) s n­ M l g o ( a A a o g n r ) e s t ­ Bo (L n ) ds 1964............. 5,325 1,523 141 4,369 1,199 I ,227 1,940 I ,601 958 686 2,247 2,112 3,718 3,169 1965............. 5’997 1 '640 1 29 5,221 1 ,045 1 ,277 2,456 1 ,884 1 ,055 797 2 ;516 2,335 4,281 3,710 1966............. 6,935 2,523 1 13 6,859 1 ,037 1 J69 4,266 3,800 1 ,290 1 ,074 2,924 2,786 4^958 4,385 1967............. 4,386 2'598 127 4,060 1 ,432 1 '395 5,348 4,919 1 ,506 1 ,253 3,411 3,214 5,609 4’904 1968—Oct... 5,034 2,300 97 4,501 1 ,287 1,401 6,657 5,923 1 ,551 1 ,290 3,753 3,669 6,094 5,423 Nov... 5,040 2,581 81 4,701 1 ,322 1 ,402 6,758 6,166 1 ,583 3,636 3,570 6,107 5,423 5,423 Dec... 5,259 2,375 126 4,701 1,383 1,402 6,872 6,376 1,577 1,334 3,654 3,570 6,126 5,399 1969—Jan.. . 5,357 2,049 82 4,701 1,111 1 ,408 7,032 6,604 1,630 1 ,401 3,719 3,576 6,169 5,432 Feb... 5,298 2,069 82 4,601 1 ,131 1 ,434 7,244 7,193 1 ,680 1 ,425 n.a. 3,668 6,226 5 ,432 Mar... 5,331 2,181 97 4,674 1 ,244 1,443 7,417 7,193 1,663 1 ,425 3,921 3,743 6,317 5,535 Apr... 5,764 2,051 99 5,021 1 ,179 1 ,447 7,574 7,317 1 ,648 1 ,426 n.a. 3,907 6,412 5,719 May.. 5,971 2,393 73 5,521 1 ,202 1 ,448 7,718 7,241 1 ,614 1 ,395 n.a. 4,044 6,483 5,716 June.. 6,413 1 ,964 141 5,521 1 ,278 1 ,451 7,891 8,077 1 ,594 1 ,391 4,355 4,176 6,557 5,716 July. . 7,053 1 ,496 88 6,02! 928 1 ,435 8,125 8,093 1,594 1 ,387 n.a. 4,310 6,605 5,867 Aug... 7,543 1 ,543 56 6,572 848 1 ,438 8,577 8,093 1 ,572 1 ,422 n.a. 4,397 6,644 5,867 Sept... 7,940 1 ,657 97 7,072 891 1 ,444 8,999 8,815 1 ,585 1 ,420 4,329 4,357 6,676 5,927 Oct... 8,439 1 ,654 90 7,572 865 1 ,457 9,500 9,756 1 ,680 1,429 n.a. 4,192 6,700 5,950 Note.—Data from Federal Home Loan Bank Board, Federal National bonds held within the FHLB System), and are not guaranteed by the U.S. Mortgage Assn., and Farm Credit Admin. Among the omitted balance Govt.; for a listing of these securities, see table below. Loans are gross sheet items are capital accounts of all agencies, except for stock of home of valuation reserves and represent cost for FNMA and unpaid principal loan banks. Bonds, debentures, and notes are valued at par. They in­ for other agencies. clude only publicly offered securities (excluding, for the home loan banks, OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, OCTOBER 31, 1969 Amount Amount Amount Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions Agency, issue, and coupon rate (millions of dollars) of dollars) of dollars) Federal home loan banks Federal National Mortgage Federal land banks—Cont. Notes: Association—Cont. Bonds: Jan. 26, 1970...................6.75 500 Debentures: Oct. 1, 1967-70......... • ■ 4^ 75 Feb. 25, 1970........................7 450 June 10, 1971....................6.85 250 Jan. 20, 1970............... • ••5’4 209 May 25, 1970.........................6 500 Aug. 10, 1971......................4«/g 64 Feb. 20, 1970............... ...S'/, 82 July 27, 1970... ...............8.40 650 Sept. 10, 1971.......................41/2 96 Feb, 20, 1970............... ..6.30 344 Bo N M M F n e d o a a b s v r r . : . . . 2 2 2 2 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 6 7 7 7 9 0 0 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 . . 6 . . . . . 6 6 85 2 2 3 5 4 0 0 0 6 0 0 0 S M N F M e e o a a b p v r r . t . . . . 1 1 1 1 1 0 0 0 0 0 , , , , , 1 1 1 1 1 9 9 9 9 9 7 7 7 7 7 2 1 2 1 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 6 . 6 .5 6 . . ' 7 8 / % % 8 5 5 2 2 3 3 0 5 9 5 5 8 0 0 0 0 J J J A A u u u p p n n ly r r e e . . 2 2 2 2 0 0 2 2 1 , , , , , 1 1 1 1 1 9 9 9 9 9 7 7 7 7 7 0 0 0 0 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • . . . . 6 ■ ■ 6 .3 . . 5 6 7 2 5 % ’4 0 0 * 2 3 1 0 8 6 8 7 3 5 3 2 4 A M p a r y . 2 2 7 5 , , 1 1 9 9 7 7 0 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 .. . 6 80 2 3 2 0 5 0 J S u e n p e t. 1 11 2 , , 1 19 9 7 7 2 2 . . . . . . . . . . . . . . . .. ...... ...... 7 .4 .4 % 0 2 1 0 0 0 0 J A u u l g y . 2 2 0 0 , , 1 1 9 9 7 7 0 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 .6 .15 2 2 4 7 1 0 J A A u u u n g g e . . 2 2 2 6 5 5 , , , 1 1 1 9 9 9 7 7 7 0 0 0 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 6 8 . . . 8 2 7 0 0 2 6 5 0 5 5 0 0 0 O S Ju e c n p t e . t . 1 1 0 2 1 , , , 1 1 1 9 9 9 7 7 7 3 3 4 .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 . .4 6 .8 % 5 2 2 1 5 5 4 0 0 6 O F M e c a b t y . . 2 2 0 3 1 , , , 1 1 1 9 9 9 7 7 7 0 1 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 . 6 3 . . 3 8 '4 0 0 4 2 3 2 6 1 3 0 Oct. 20, 1970......................8.25 650 Feb. 10, 1977......................4^ 198 July 20, 1971............... . .8.15 270 Feb. 25, 1971......................6.60 200 July 20, 1971............... . .8.45 232 Feb. 25, 1971.................... .8.00 400 Banks for cooperatives Oct. 20, 1971............... ..6.00 447 Apr. 26, 1971........................8% 250 Debentures: Feb. 15, 1972............... . .5.70 230 May 25, 1971........................7 3 50 Nov. 3, 1969....................6.70 224 Sept. 15, 1972............... ...3’4 109 Nov. 26, 1971......................8.20 250 Dec. I, 1969....................6.90 289 Sept. 15, 1972............... ..8.35 337 Aug. 25, 1974......................7.65 201 Jan. 5, 1970....................7.85 254 Oct. 23, 1972............... • • • 5’4 200 Feb. 2, 1970....................8.05 393 Feb. 20, 1973-78......... ...4’4 148 Federal National Mortgage Associa­ Apr. 1, 1970....................8.20 269 Feb. 20, 1974............... ■ ••4« 155 tion-Secondary market opera­ Apr. 21, 1975............... ...4% 200 tions Federal intermediate credit banks Feb. 24, 1976............... .. .5 123 Discount notes.............................. 3,344 De N b o e v n . ture 3 s , : 1969......... ..........6.60 507 J A u p ly r. 2 2 0 0 , , 1 1 9 9 7 7 6 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . • ■ • . • 5 5 y '/» s 1 1 5 5 0 0 Debentures: Dec. 1, 1969......... ..........6.70 495 Jan. 22, 1979............... . ..5 285 Dec. 12, 1969. 550 Jan. 5, 1970......... ..........6.85 525 Feb. 10, 1970, 250 Feb. 2, 1970......... ..........6.90 526 Tennessee Valley Authority Apr. 10, 1970, 142 Mar. 2, 1970......... ..........7.10 445 Short-term notes............. 356 June 10, 1970, 400 Apr. 1, 1970......... ..........7.90 433 Bonds: July 10, 1970, 400 May 4, 1970......... ............8% 473 June 1, 1974............... ..8.00 100 Sept. 10, 1970. 119 June 1, 1970......... ..........6.70 436 Nov. 15, 1985............... ..4.40 50 Oct. 13, 1970. 400 July 1, 1970......... ..........8.20 352 July 1, 1986............... . ..4y, 50 Nov. 10, 1970. 350 Feb. 1, 1987............... ...45* 45 Dec. 10, 1970. 250 Federal land banks May 15, 1992............... ..5.70 70 Feb. 10, 1971 . 400 Bonds: Nov. 13, 1992............... •••6% 60 Mar. II, 1971. 3 50 Feb. 15,1967-72..............4/8 72 Oct. 1994............... ...8>4 100 Note.—These securities are not guaranteed by the U.S. Govt,; see also note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 40 FEDERAL FINANCE □ DECEMBER 1969 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing Receipt-expend­ Borrowings from the public 2 Less: Cash and Memo: iture account monetary assets Net Period r B e u c d e g ip e t t s p t e N u e n r x e e ­ d t s i­ le N in n e g d t ­ B l o u a d u y g t s ­ e 1 t s B d u u ( e r o d “ p fi r g l c u ) e it s t s P d e t u e i c e b u b s l r t ic i­ s A P e t g i l e c u e u s s n r 3 : c i ­ y S m L p e e e n s a c t s c i s a : c l b o I u y n n O v G t e s t o h s v e t­ t r , S n L p o e e t s e c s i s a : 4 l b E T o q i r o n u r g t o a a w l l s : ­ b o a T p s l i r a e u n e n r r g a y a c ­ t e ­ Other f m O in n in e t o a e h a g n f t e n , 5 c s r ­ t p o r s a r w d h i t n e v n o i a s b p e f t t 2 e r e ­ r issues Fiscal year: 1966....................... 130,856 130,821 3,832 134,653 -3,797 2,633 4,042 2,470 773 354 3,077 -609 160 271 1967....................... 149,552 153,201 5,053 158,254 -8,702 6,314 5,079 5 ,035 4,001 -482 2,838 -5,124 303 1 ,043 1968 ....................... 153,671 172,803 6,030 178,834 -25,162 21,357 5,944 3,371 1,949 -1,119 23,100 -397 1 ,728 3,392 1969P..................... 187,843 183,289 1 ,480 184,769 3,074 6,142 640 7,263 2,190 -1,384 -1,288 596 1,154 -33 Half year: 1967—July-Dec... . 67,181 84,862 1 ,666 86,527 -19,346 18,442 1 ,650 1,079 577 -436 18,872 -131 32 375 1968—Jan.-June... 86,490 87,941 4,364 92,307 -5,816 2,915 4,294 2,292 1,372 -683 4,228 -266 1 ,696 3,017 July-Dec.... 82,881 92,186 977 93,163 -10,282 10,450 1 ,446 -380 1 ,587 -384 11 ,076 -598 -105 -1,496 9,853 1969—Jan.-Junep.. 104,962 91,103 503 91,606 13,356 -4,308 -806 7,643 603 -I ,000 -12,364 1,194 1 ,260 1,461 Month: 1968—Oct.............. HO,725 *•16,546 285 *•16,831 *-6,105 2,451 *296 -857 482 -7 *3,129 -2,073 *-461 *444 Nov....... 12,737 15,070 55 15,124 -2,387 -331 -80 209 230 -165 -686 -3,754 338 -343 Dec............. 15,820 14,465 -71 14,394 1 ,427 1,166 -238 99 35 -185 979 I ,932 -279 -753 4,565 1969—Jan.............. 15,845 15,798 -37 15,761 84 1,383 -33 612 112 -1 ,000 1 ,626 2,504 789 1 ,583 Feb............. 14,590 14,361 373 14,734 - 144 -648 195 1,159 274 -1,887 -2,304 -126 -399 Mar............. 13,727 15,637 2 15,639 -1,912 782 -91 150 122 418 -114 -171 1 ,208 Apr............. 23,596 15,922 50 15,972 7,625 -1,080 -559 1 ,266 -449 -2,456 3,380 2,119 330 May........... 13,346 15,279 485 15,764 -2,418 1 ,599 -137 2,571 375 -1,485 -2,458 -1 ,843 -400 JuneT......... 23,855 14,105 -369 13,736 10,119 -6,345 -181 1 ,885 169 -8,580 186 493 -860 July............. 12,542 15,542 152 15,695 -3,153 3,292 JI ,316 -21 191 34,438 -217 -484 -402 Aug............ 14,999 16,790 316 17,106 -2,107 3,175 -829 1 ,623 44 679 -1,651 -62 -285 Sept............. 20,406 17,167 448 17,616 2,790 498 -643 511 -281 -375 2,608 577 770 Oct.............. 11,832 17,602 342 17,944 -6,112 3,709 -47 -846 1 19 4,388 -1,166 19 577 Selected balances Treasury operating balance Federal securities End Memo: of Less: Debt of period B F a . n R k . s acc l T a o o n a a u d x n n ts ba G la o n ld c e Total se P c d u u e b r b i l t t i i c e s s A ec g u e r n it c ie y s Sp G I e n c o v i v e a t l s , t m ac e c n o t u s n o ts f S n L p o e e t s e c s s ia : 4 l E p T h q u o b e u b y t l a d a l i l c l s : s c p p o G r o N r i n o v p o s a s v w o . t t — . e r - e 6 d issues Other Fiscal year: 1965 ....................... 672 10,689 108 11,469 317,274 9,335 48,650 12,888 3,455 261,616 8,309 1966....................... 766 10,050 102 10,917 319,907 13,377 51,120 13,662 3,810 264,693 10,436 1967....................... 1,311 4,272 112 5,695 326,221 18,455 56,155 17,662 3,328 267,531 9,220 1968....................... 1 ,074 4,113 1 1 I 5,298 347,578 24,399 59,526 19,611 2,209 290,631 10,041 1969’..................... 1,258 4,525 112 5,894 353,720 14,256 66,790 20,869 825 279,492 24,071 Calendar year: 1967....................... 1,123 4,329 112 5,564 344,663 20,206 57,234 18,223 2,892 286,520 8,994 1968....................... 703 3,885 111 4,700 358,029 15,064 59,146 20,266 1 ,825 291,855 21,481 Month: 1968—Oct.............. 1,086 5,325 111 6,522 357,194 20,347 58,838 20,401 2,175 296,126 15,882 Nov............ 478 2,179 11 1 2,768 356,863 20,267 59,047 20,632 2,010 295,441 16,328 Dec............. 703 3,885 III 4,700 358,029 15,064 59,146 20,266 1 ,825 291,855 21,481 1969—’Jan.............. 517 6,576 111 7,204 359,412 15,031 59,759 20,378 825 293,481 21,840 Feb.............. 505 4,284 I 11 4,900 358,764 15,225 60,918 20,652 825 291,595 22,068 Mar............. 783 3,891 111 4,786 359,546 15,134 61,068 20,774 825 292,012 22,696 Apr............. 950 7,105 1 11 8,166 358,466 14,575 62,334 20,325 825 289,557 23,520 May............ 621 4,976 112 5,708 360,065 14,437 64,905 20,700 825 288,072 24,043 JuneP.......... 1,258 4,525 112 5,894 353,720 14,256 66,790 20,869 825 279,492 *24,991 July............. 935 4,630 112 5,677 357,012 15,572 66,768 21 ,062 825 283,930 *25,809 Aug............. 894 3.O2G 112 4,026 360,187 14,743 68,391 21,106 825 284,608 *27,121 Sept............. 1 ,003 5,519 112 6,634 360,685 14,100 68,901 20,826 825 284,233 '27,734 Oct............... 954 4,402 112 5,468 364,394 14,053 68,055 20,946 825 288,621 n.a. i Equals net expenditures plus net lending. penditure account to public debt account, increasing recorded borrowing 2 The decrease in Federal securities resulting from conversion to private from the public during July 1969 by $1,583 million. ownership of Govt.-sponsored corporations is shown as a memo item 4 Represents non-interest-bearing public debt securities issued to the rather than as a repayment of borrowing from the public in the top panel. International Monetary Fund and international lending organizations. In the bottom panel, however, these conversions decrease the outstanding New obligations to these agencies are handled by letters of credit. amounts of Federal securities held by the public mainly by reductions in 5 Includes accrued interest payable on public debt securities, deposit agency securities. The Federal National Mortgage Association (FNMA) funds, miscellaneous liability and asset accounts, and seigniorage. was converted to private ownership in Sept. 1968 and the Federal Inter­ 6 Includes debt of Federal home loan banks. Federal land banks, D.C. mediate Credit Banks (FICB) and Banks for Cooperatives in Dec. 1968. Stadium Fund, FNMA (beginning Sept. 1968), FICB, and Banks for 3 Reflects transfer of publicly-held CCC certificates of interest from ex­ Cooperatives (beginning Dec. 1968). Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ FEDERAL FINANCE A 41 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Budget receipts Individual income taxes E?S™ Social insurance taxes and contributions Period Employment Total W he it l h d - N w he o it l h n d ­ ­ fu R n e d - s t N ot e a t l c G e r r i e o p ­ s ts s fu R n e d - s c P o t n a a y t x r ­ e ib s u a t S i n o e d n lf - s 1 e in U m s n u p - r l. . c O e n r t i e p h e ­ t t e s r 2 t N ot e a t l E ta x x c e is s e t C o u m s s ­ E a g s n i t f a d t t e c M e r i i e p s ­ e ts , 3 roll empl. taxes Fiscal year: 1966............................... 130.85642,811 18,486 5,851 55,44630,834 761 20,662 3,777 1,129 25,567 13,062 1,767 3,066 1 ,875 1967................................... 149,55250,521 18,850 7,845 61,52634'918 94626,047 1 ,776 3,659 I ,867 33,349 13,719 1 ,901 2,978 2,108 1968................................... 153,671 57,301 20,951 9 32768,72629’897 ,23227,680 1 ,544 3,346 2,05234,622 14,079 2,038 3,051 2,491 1969”................................. 187,84370,14427’265 1OJ83 87^22638'356 ,66032,530 1,715 3,325 2,35039,919 15,213 2,319 3,478 2,991 Half year: 1967—July-Dec................. 67,181 27.211 4,150 55630,805 11,345 576 12,679 105 1 ,335 964 15,082 7,076 993 1 ,332 1 ,125 1968—Jan.-June............... 86’49030,089 16,802 8,971 37,921 18'551 655 15,001 1 ,439 2,011 1 ,087 19,538 7,003 1 ,045 I ,718 1 ,369 July-Dec................. 82^881 33,712 5315 '475 38’751 15 494 785 14,945 131 1 ,290 1 ,179 17,544 7,834 1 ,213 1 ,417 1 ,413 1969—J an.-June”............. 104,96236^3221 ,750 9,708 48’475 22^62 876 17,586 1 ,583 2,036 1 ,170 22,375 7,379 1 ,107 2,060 1 ,579 Month: 1968—Oct.......................... r10 725 4,981 378 '58 r5,300 1 ,496 218 ’1 ,938 6 108 r203 2,256 d ,221 212 ’•241 '217 Nov......................... 12,737 6'339 202 58 6,'483 679 1 20 3,126 346 187 3,659 1,354 186 229 266 Dec......................... 15,820 6’068 376 46 6,397 5,273 1 14 1 ,850 15 49 204 2,118 1 ,412 195 256 284 1969—Jan.......................... 15,845 5,113 5,184 75 10,222 1 ,665 62 1 ,688 110 159 218 2,176 1 ,254 119 277 194 Feb......................... 14^590 7354 1 ,202 1,169 8,456 ’784 102 3,796 128 773 183 4,880 1,152 144 230 217 Mar......................... 13,727 6^015 '843 2’858 3’999 5,189 223 2,470 134 63 198 2,865 1,156 197 308 237 Apr......................... 23,596 5,164 9,540 2,598 12’106 5 ’554 231 2,555 958 162 206 3,881 1,160 224 631 271 May........................ 13'346 6'681 '804 2'725 4’760 ’959 152 4,545 190 821 192 5,748 1 ,272 213 310 237 June”.................... 23^855 6^205 4,178 '283 10,100 8,710 104 2,532 64 57 172 2,825 1,386 210 306 422 July........................ 12'542 6’005 548 1 50 6’404 I J 96 1 26 2,510 1 24 244 2,879 1 419 222 221 328 Aug......................... 14’999 7,014 319 103 7'230 716 145 4,392 601 217 5,209 1 ,263 213 257 256 Sept........................ 20,406 5'948 3,912 84 9,776 5,673 122 2,655 III 51 205 3,022 1 ,295 215 254 292 Oct.......................... 11 ,'832 6^284 '419 67 6,636 1,’ 1 80 336 2,044 12 93 216 2,364 1,259 231 264 234 Budget outlays4 Period Total t f i e o N d n n e a s ­ a e ­ l a I f n fa t i i r , s s S e p r a e a r ­ c c e h A t c u g u r l r e ­ i­ so N u u r r r e a a c ­ t e l ­ s t C m ra a o e n n r m s d c p e ­ . d h e C o m a v u o n e u s m d l n i o n . - p g , E p m d t a o io u n a w c d n n e a ­ r ­ w H e a e l n a fa d lt r h e e V ra e n t­ s In e t s e t r­ g G e o e r v a n t l . ­ t I t g i r n o a a o t c n n r v a ­ s s t, ­ ­ 3 Fiscal year: 1966................. 134,654 56,785 4,490 5,933 3,679 2,035 7,135 2,644 4,496 31,320 5,920 11,285 2,360 -3,431 1967................. 158,352 70,081 4,547 5,423 4,376 1 ,860 7,652 2,616 6,135 37,605 6,897 12,588 2,584 -4,009 1968................. 178,834 80,516 4,869 4,721 5,626 1 ,679 7,985 3,642 7,595 43,525 6,894 13,746 2,605 -4,570 1969”............... 184,769 81,251 4,127 4,247 6,076 2,119 8,013 1,115 7,591 49,003 7,703 15,850 2,863 -5,189 1970*6................. 192,860 Half year: 1967—July-Dec., 86,527 *38,739 2,292 1968—Jan.-June. 92,335 •41'784 2’429 July-Dec.. 93,’163 39'803 1 ,906 2,133 4,924 1 ,268 4,501 685 3,382 23,899 3,664 7,609 I ,419 -2,033 1969—Jan.-June” 91 ,606 41,448 2,221 2,114 I ,152 851 3,512 430 4,209 25,104 4,039 8,241 1 ,444 -3,156 Month: 1968—Oct....... '16,831 •■7,059 612 393 r899 321 ••938 ••363 -508 3,931 ’'604 1,147 320 -264 Nov...... 15,124 6,603 319 334 576 207 619 -84 532 4,107 619 1 ,327 227 -265 Dec.......... 14,394 6,923 94 353 320 203 601 3 638 3,956 627 1 ,324 192 -841 1969—Jan........... 15,761 6,887 271 347 626 144 635 234 576 4,103 636 I ,280 226 -204 Feb........... 14,734 6,416 381 335 271 72 406 204 721 4,058 651 1 ,349 173 -302 Mar.......... 15,639 6,815 286 385 327 152 583 -79 569 4,405 715 1 ,411 278 -210 Apr.......... 15,972 6,934 377 353 448 199 537 46 632 4,373 695 1 ,407 226 -255 May......... 15,764 6,733 459 367 153 154 657 273 744 4,197 686 1 ,388 244 -291 June”....... 13,736 7,663 445 327 -672 129 696 -249 966 3,966 656 1 ,407 297 -1,896 July.......... 15,695 6,560 324 319 659 223 613 249 411 4,299 660 1 ,364 272 -258 Aug.......... 17,106 6,868 299 337 1,130 368 858 311 524 4,336 669 1 ,440 279 -314 Sept.......... 17,616 6,767 357 294 1 ,801 286 784 225 666 4,219 693 1 ,513 225 -215 Oct............ 17,944 7,267 374 327 1,108 263 964 588 654 4,484 694 1 ,220 248 -248 i Old-age, disability, and hospital insurance, and Railroad Retirement 4 Outlays by functional categories are now published in the Monthly accounts. Treasury Statement (beginning April 1969). Monthly back data (beginning 2 Supplementary Medical Insurance premiums and Federal employee July 1969) are published in the Treasury Bulletin of June 1969. retirement contributions. 5 Consists of government contributions for employee retirement and 3 Deposits of earnings by Federal Reserve Banks and other miscellane­ interest received by trust funds. ous receipts. 6 Estimate presented in the Sept. 1969 Summer Budget Review. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 42 U.S. GOVERNMENT SECURITIES □ DECEMBER 1969 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues End of period p T g u r o o b t s l a i s c l Marketable Con­ Nonmarketable i S ss p u e e c s ia 4 l debt 1 Total v ib e l r e t­ Sav­ Total Bills C c e a r te ti s fi­ Notes Bonds 2 bonds Total 3 b i o n n g d s s & notes 1941—Dec................................................... 57.9 50.5 41.6 2.0 6.0 33.6 8.9 6.1 7.0 1946—Dec................................................... 259.1 233.1 176.6 17.0 30.0 10,1 119.5 56,5 49.8 24,6 1962—Dec................................................... 303.5 255,8 203.0 48.3 22.7 53.7 78.4 4.0 48.8 47.5 43.4 1963'—Dec................................................... 309.3 261.6 207.6 51.5 10.9 58.7 86.4 3.2 50.7 48.8 43.7 1964—Dec................................................... 317.9 267.5 212.5 56.5 ........5..9....0 97,0 3.0 52.0 49.7 46. 1 1965—'Dec................................................... 320.9 270.3 214.6 60.2 50.2 104,2 2.8 52,9 50.3 46.3 1966—Dec................................................... 329.3 273.0 218.0 64.7 5.9 48.3 99.2 2.7 52.3 50,8 52,0 1967—Dec................................................... 344.7 284.0 226.5 69.9 ............. 61.4 95,2 2.6 54.9 51.7 57.2 1968—Nov................................................... 356.9 294.8 235.7 73.0 76.5 86.2 2.5 56.7 52.3 59.0 Dec................................................... 358.0 296.0 236.8 75,0 ............. 76.5 85.3 2.5 56.7 52.3 59,1 1969—Jan.................................................... 359.4 297.8 238.5 76.8 76.5 85.3 2.5 56.8 52,3 59,8 Feb................................................... 358.8 295.9 236,5 76.8 78.2 81.5 2.5 56.9 52.3 60.9 Mar................................................... 359.5 296.6 237.3 77.5 ............. 78.2 81.5 2.5 56.8 52.3 61.1 Apr................................................... 358.5 294.2 235.0 75.3 78.2 81.4 2.5 56.8 52.2 62.3 May.................................................. 360.1 293.3 234.1 75.3 78.9 79.8 2.5 56.7 52,2 64.9 June................................................. 353.7 284.9 226.1 68.4 78,9 78,8 2.5 56.4 52.2 66,8 July................................................... 357.0 288.4 229.6 71.9 78.9 78.8 2.5 56.3 52.2 66.8 Aug................................................... 360,2 289.9 231.2 74.0 78.5 78.7 2.5 56.3 52. 1 68.4 Sept................................................... 360.7 289.9 231.2 74.0 78.5 78.7 2.5 56.3 52.1 68.9 Oct.................................................... 364. 3 294.4 235.0 79.0 85.4 70.6 2.4 56,9 52.1 68.1 Nov................................................... 368.1 297.0 237.9 81.9 ............. 85,4 70.6 2.4 56.6 52.1 69,3 1 Includes non-interest-bearing debt (of which $634 million on Nov. 30, 1956, tax and savings notes; and before Oct. 1965, Series A investment 1969, was not subject to statutory debt limitation). bonds. 2 Includes Treasury bonds and minor amounts of Panama Canal and 4 Held only by U.S. Govt, agencies and trust funds, and the Federal postal saving bonds. home loan banks. 3 Includes (not shown separately): depositary bonds, retirement plan bonds, foreign currency series, foreign series, and Rural Electrification Note.—'Based on Daily Statement of U.S. Treasury. See also second Administration bonds; before 1954, Armed Forces leave bonds; before paragraph in Note to table below. OWNERSHIP OF PUBLIC DEBT (Par value, in billions of dollars) Held by- Held by private investors Total U.S. E pe n r d i o o d f p g d u r e o b b s li t s c ag G t e a r o u n n v c s d i t t e , s B F a . n R k . s Total m C b e a o r n c m k ia s ­ l s M b a a u v n i t n u k g s a s l p I c a n a o n s n m c u ie e r ­ s ­ r c O a o t t r i h o p e n o r s ­ g S lo a o t c n v a a t d t s e l . Savi I n n g d s i vidu O al t s her n F a i o n t a i r t o n e e n d i r g a ­ n l 1 O i m n to v t i h s r e s c e s , r ­ 2 funds bonds securities 1939—Dec............... 41.9 6.1 2.5 33.4 12,7 2.7 5.7 2,0 .4 1.9 7.5 .2 .3 1946—Dec............... 259. 1 27.4 23.4 208.3 74.5 11.8 24.9 15.3 6.3 44,2 20.0 2.1 9.3 1962—Dec............... 303.5 53.2 30,8 219,5 67.1 6.0 11 .5 18,6 20.1 47.0 19.1 15.3 14.8 1963—Dec............... 309.3 55.3 33.6 220.5 64.2 5.6 11.2 18.7 21.1 48.2 20,0 15.9 15.6 1964—Dec............... 317.9 58.4 37.0 222.5 63.9 5.5 11.0 18,2 21 J 49.1 20.7 16.7 16.3 1965—Dec......... 320.9 59.7 40. 8 220.5 60.7 5.3 10.3 15.8 22.9 49.7 22.4 16.7 16.7 1966—Dec............... 329,3 65,9 44.3 219.2 57.4 4 6 9.5 14.9 24.9 50,3 24.4 14.5 18.8 1967—Dec............... 344.7 73,1 49.1 222,4 63.8 4.1 8.6 12.2 25.1 51.2 22.9 15.8 18.9 1968—Oct................ 357.2 76.2 53.3 227.7 65,3 3.6 8.1 14.0 26.8 51 .4 23.6 13.8 21.0 Nov......... 356,9 76.7 53.4 226.9 63.9 3.6 8.0 14.8 26.7 51.5 23.3 15,0 20.2 Dec............... 358.0 76.6 52.9 228,5 65.5 3.6 8 0 14.6 27.1 51.5 23.7 14.3 20. 1 1969—Jan................ 359.4 77.3 52.! 230.0 64.2 3.6 7.9 16.8 27.8 51.5 24.4 11.9 21.8 Feb............... 358,8 78.7 52.3 227.8 60.8 3.6 7.8 17.8 28.4 51.5 24.7 12.0 21,1 Mar............... 359.5 79.0 52.4 228.1 60.6 3.6 7.7 17.6 28.1 51.4 25.0 11.8 22.1 Apr............... 358.5 79.8 53.1 225.6 58.6 3.5 7.6 17,0 28.7 51.4 25.2 12.3 21.2 May........ 360. 1 82.7 53.8 223.6 56.4 3.7 7 9 17.4 28.1 51.4 25.4 13.7 19.5 June.............. 353.7 84.8 54.1 214,8 54.9 3.3 7.7 15.1 27.3 51.3 25.1 11.1 19. 1 July............... 357.0 85.0 54,1 217.9 56.0 3.2 7.4 15.8 27,5 51.2 25,7 11.1 19.9 Aug.......... 360.2 86.6 54,9 218.6 54.7 3.2 7.2 16,8 27.3 51.2 26.0 11.9 20.4 Sept............... 360.7 86.9 54. 1 219.6 54.4 3.1 7.1 15.2 27.6 51.1 26.7 13.1 21.2 Oct................ 364.4 86.1 55.5 222.7 55.7 3.0 7.1 16.4 27.0 51.1 27.4 12,9 22.1 3 Consists of investment of foreign and international accounts in The debt and ownership concepts were altered beginning with the the United States. Mar. 1969 Bulletin. The new concepts (1) exclude guaranteed se­ 2 Consists of savings and loan assns., nonprofit institutions, cor­ curities and (2) remove from U.S. Govt, agencies and trust funds porate pension trust funds, and dealers and brokers. Also included and add to other miscellaneous investors the holdings of certain are certain Govt, deposit accounts and Govt.-sponsored agencies. Govt.-sponsored but privately-owned agencies and certain Govt, Note—Reported data for F.R. Banks and U.S. Govt, agencies deposit accounts. and trust funds; Treasury estimates for other groups. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ U.S. GOVERNMENT SECURITIES A 43 OWNERSHIP OF MARKETABLE SECURITIES, BY MATURITY (Par value, in millions of dollars) Within 1 year 1-5 5-10 10-20 Over Type of holder and date Total years years years 20 years Total Bills Other A11 holders: 1966—Dec 31...................................................... 218,025 105,218 64,684 40,534 59,446 28,005 8,433 16,923 1967 Dec 31...................................................... 226,476 104,363 69,870 34,493 78,159 18,859 8,417 16,679 1968—Dec. 31...................................................... 236,812 108,611 75,012 33,599 68,260 35,130 8,396 I6J15 1969—Sept 30....................................................... 231'203 112^616 73',972 38,644 69^22 24,553 8',367 16J45 Oct. 31...................................................... 235,029 109 ,'550 78,990 30,560 74,'762 26;247 8 ,’363 16,107 U.S. Govt, agencies and trust funds: 1966 Dec 31............................................... 1967 Dec. 31............................................. 1968—Dec. 31............................................. 15,402 2,438 1 ,034 1 ,404 4,503 2,964 2,060 3,438 1969—Sept. 30............................................... 16'080 2; 420 '839 1 ',581 5J08 3,056 2,059 3J37 Oct. 31............................................... 16,110 1 ,’833 805 1 ,028 5 JI 9 3,463 2,059 3 ,’437 Federal Reserve Banks: 1966—Dec. 31............................................... 44,282 35,360 12,296 23,064 7,502 1,007 153 260 1967—Dec. 31............................................... 49,112 31 ;<4 16;04l 15,443 16,215 858 178 377 1968—Dec. 31............................................... 52,937 28;503 18,756 9; 747 12,880 10,943 203 408 1969—Sept. 30............................................. 54'134 32'685 19,149 13,536 12,230 8,549 219 451 Oct. 31............................................... 55,515 33,240 20,686 12,554 12,824 8,'776 220 454 Held by private investors: 1966 Dec. 31............................................. 1967—Dec. 31............................................... 1968 Dec. 31............................................. 168,473 77,670 55,222 22,448 50,877 21,223 6,133 12,569 1969—Sept. 30............................................. 160,989 77,511 53;984 23,527 52,184 12,948 6^89 12,257 Oct. 31............................................. 163 ,’404 74,’477 57,499 16,'978 56'619 14,008 6,084 12,216 Commercial banks: 1966—Dec. 31..................................... 47,182 15,838 8,771 7,067 21,112 9,343 435 454 1967—Dec. 31....................................... 52,194 18,451 10,415 8,036 26,370 6J86 485 502 1968—Dec. 31....................................... 53'174 18,894 9; 040 9^54 23/157 10^35 611 477 1969—Sept. 30..................................... 43 ,587 13’304 3,997 9,307 23,606 5,667 560 449 Oct. 31..................................... 44 ,'678 12,339 5,639 6; 700 25; 370 5^89 553 427 Mutual savings banks: 1966 Dec. 31....................................... 4,532 645 399 246 1 ,482 1,139 276 990 1967 Dec. 31....................................... 4; 033 716 440 276 1,476 707 267 867 1968 Dec. 31 . .................................... . 3^524 696 334 362 1,117 709 229 773 1969 Sept. 30....................................... 3,098 515 211 304 1 ',290 354 208 731 Oct 31..................................... 2^971 351 138 213 1,316 373 207 725 Insurance companies: 1966 Dec. 31..................................... 8,158 847 508 339 1 ,978 1,581 1,074 2,678 1967 Dec. 31..................................... 7,360 815 440 375 2,056 914 1,175 2,400 1968 Dec. 31..................................... 6,857 903 498 405 I >2 721 1,120 2,221 1969—Sept. 30.................................... 6’161 808 313 495 1 ,756 359 1 ,184 2,056 Oct. 31..................................... 6,’152 694 324 370 1 ,822 387 1,189 2,061 Nonfinancial corporations: 1966—Dec. 31....................................... 6,323 4,729 3,396 1,333 1,339 200 6 49 1967—Dec. 31...................................... 4^936 3,966 2; 897 i;069 '898 61 3 9 1968—Dec. 31........................................ 5,915 4,146 2; 848 1 ,298 1,163 568 12 27 1969—Sept. 30.................................... 4’505 2',623 1 ;O55 1 ,568 1 ,646 207 12 17 Oct. 31..................................... 5’236 3,'317 2,173 1,144 1 ,’694 202 13 10 Savings and loan associations: 1966—Dec. 31....................................... 3,883 782 583 199 1 ,251 1,104 271 475 1967—Dec. 31....................................... 4,575 1,255 718 537 1,767 '811 281 461 1968—Dec. 31................................... . 4J24 1 J84 680 504 I J75 1,069 346 450 1969—Sept. 30....................................... 4,116 ’804 295 509 11963 545 341 463 Oct. 31....................................... 4^041 686 272 414 2,024 531 338 462 State and local governments: 1966—Dec. 31....................................... 15,384 5,545 4,512 1 ,033 2,165 1,499 1,910 4,265 1967—Dec. 31....................................... 14’,689 5^75 4,855 1,120 2; 224 '937 1,557 3,995 1968—Dec. 31....................................... 13'426 5,323 4,231 1 ;092 2; 347 805 1,404 3; 546 1969—Sept. 30....................................... 13'664 6,362 4,999 1 ,363 2; 490 576 1,167 3’,070 Oct. 31....................................... 13,'442 5,846 4,911 935 2,784 610 1,183 3,020 All others: 1966—Dec. 31........................................ 1967—Dec. 31................................... 1968—Dec. 31...................................... 80,853 46,524 37,591 8,933 19,526 7,316 2,411 5,075 1969—Sept. 30....................................... 85 '858 53,095 43,114 9^81 (9,433 5; 240 2,617 5,471 Oct. 31....................................... 86;884 51;244 44,042 7,202 21,609 5,916 2,601 5,511 Note.—Direct public issues only. Based on Treasury Survey of ketable issues held by groups, the proportion held on latest date by those Ownership. reporting in the Survey and the number of owners surveyed were: (1) Beginning with Dec. 1968, certain Govt.-sponsored but privately-owned about 90 per cent by the 5,791 commercial banks, 497 mutual savings agencies and certain Govt, deposit accounts have been removed from U.S. banks, and 753 insurance companies combined; (2) about 50 per cent by Govt, agencies and trust funds and added to “All others.” Comparable data the 469 nonfinancial corporations and 488 savings and loan assns.; and are not available for earlier periods. (3) about 70 per cent by 503 State and local govts. Data complete for U.S. Govt, agencies and trust funds and F.R. Banks “All others,” a residual, includes holdings of all those not reporting but for other groups are based on Treasury Survey data. Of total mar­ in the Treasury Survey, including investor groups not listed separately. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 44 U.S. GOVERNMENT SECURITIES □ DECEMBER 1969 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer U.S. Govt. Period agency Total Dealers and brokers securities W 1 y it e h a in r ye 1 a -5 rs y 5 e - a 1 r 0 s 10 O y v e e a r rs U s . e S c . u G rit o ie v s t, Other m b C e a o n rc m k i s a ­ l o A th l e l r 1968—Oct.............................. 2,011 1,714 165 108 22 732 72 737 470 290 Nov............................. 2^506 2,242 152 77 35 859 83 890 674 243 Dec.............................. 2’974 2,318 391 196 70 1,096 111 1,125 642 298 1969—jan........................... 2,781 2,423 225 92 41 1 058 116 1 022 585 337 Feb.............................. 2,453 2,’095 226 97 37 885 86 *916 565 278 Mar...................... 2 >54 1 '962 180 69 43 829 91 837 496 319 Apr............................ 2 >70 1,998 165 69 39 803 97 840 530 387 May................... . 2’286 1 ,852 210 189 35 853 102 781 549 360 June............................ 2 ,'491 2’171 199 86 34 1 ,039 107 849 496 395 July............................. 2,233 1 '966 172 62 34 ’839 91 822 480 351 Aug..................... 2’286 1 ’965 233 51 36 948 104 776 459 311 Sept.r.......................... 2,442 2’017 290 101 34 1 ,009 80 835 520 342 Oct............................... 2,725 2,209 364 1 11 41 1 ' 145 99 1 ,006 474 460 Week ending— 1969—Oct. 1........................ 2,623 2,101 363 114 46 1 ,006 96 863 658 283 8 r..................... 2’398 1 ,865 384 110 39 1 ,083 105 837 373 433 15r..................... 3 039 2’473 407 1 12 47 1,170 107 1 255 507 457 22 r..................... 2,840 2,’229 444 124 44 1 ,409 110 ’932 390 587 29 r..................... 2,777 2'434 230 79 33 990 77 1 104 606 365 Nov. 5....................... 2,598 2,196 278 88 35 956 81 1 022 540 496 12....................... 2,063 1 >49 210 65 39 785 79 *800 399 26f 19....................... 2,247 1 ,912 216 78 41 877 96 745 529 518 26....................... 2>38 1 2,425 232 38 43 1,031 96 1,076 534 438 Note.-—The transactions data combine market purchases and sales of sales of securities under repurchase agreemen t, reverse repurchase (resale) U.S. Govt, securities dealers reporting to the F.R. Bank of New York. or similar contracts. Averages of daily figures based on the number of They do not include allotments of, and exchanges for, new U.S. Govt, trading days in the period. securities, redemptions of called or matured securities, or purchases or DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Commercial banks U.S. Period ma A tu ll ri­ Wit 1 h in 1-5 5-10 O 1 v 0 e r a s G g e e c o n u v c r t i , y ­ Period sou A r l c l e s Y N o e r w k Else­ ti p C o o n o r s r a ­ 1 ­ o A th l e l r ties year years years years ties City where 1968—Oct................. 4,137 3 427 1 30 476 104 751 1968—Oct............ 4,518 1,163 1,664 903 788 Nov............... 3,766 2,948 160 539 120 652 Nov........... 4,191 '877 1’199 1 325 791 Dec................ 4 093 3 605 1 36 304 48 615 Dec........... 4'431 1 ,212 '886 1 461 871 1969—Jan................. 2,918 2,757 0 130 32 508 3,100 737 641 1 310 412 Feb................ 2,389 2,193 34 144 17 449 Feb............ 2', 660 417 361 1 *311 573 Mar............... 2 >30 2,119 -37 131 18 507 Mar........... 2,322 396 370 1 031 526 Apr................ 3,107 2 998 -60 116 54 740 Apr........... 3,392 963 497 1 ,086 847 May............... 2>85 1 ,964 71 498 52 792 May.......... 3,103 542 376 1 072 1 il2 June............... 2,454 1 ,975 56 408 1 6 703 June 2'994 717 520 862 896 July................ 2,250 1,901 40 300 9 626 July........... 2'372 810 363 690 509 Aug................ 2 >99 1 ,853 170 230 47 492 Aug........... 2^539 563 405 733 838 Sept............... 2,313 1 936 1 62 181 34 496 Sept........... 2,586 771 564 470 r781 Oct........ 2,389 1 ^903 256 193 37 512 Oct............ 2,'226 462 392 520 852 Week ending— Week ending—• 1969—Sept. 3......... 2,465 2,178 83 166 38 529 1969—Sept, 3... 2,557 578 582 708 689 ’ 10...... 2,369 2 154 43 144 28 492 10.. , 2,672 830 608 655 578 17....2..,.2..1.7 2,054 -3 128 38 500 17... 2,825 883 657 523 762 24....2..'.3..3.5 1 984 185 122 43 514 24. . . 2,370 768 481 317 805 Oct. 1......... 2,115 1,237 497 357 24 427 Oct. 1... 2,389 619 473 257 1 ,040 8.....1..,.6..02 i ,009 321 258 14 464 8. . . 1,825 377 302 221 926 15....2..,.3..39 1,844 254 214 27 450 15. . . 1 ,928 383 249 414 882 22....2..,.0..2.1 1 608 192 176 44 532 22. . . 2,199 353 413 586 847 29....3..,.1..0.0 2,660 244 135 62 583 29. . . 2,471 548 455 793 675 Note,—The figures include all securities sold by dealers under repur­ 1 All business corporations, except commercial banks and insurance chase contracts regardless of the maturity date of the contract, unless the companies. contract is matched by a reverse repurchase (resale) agreement or delayed delivery sale with the same maturity and involving the same amount of Note.—Averages of daily figures based on the number of calendar days securities. Included in the repurchase contracts are some that more in the period. Both bank and non bank dealers are included. See also clearly represent investments by the holders of the securities rather than Note to the opposite table on this page. dealer trading positions. Average of daily figures based on number of trading days in the period. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ GOVERNMENT SECURITIES A 45 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, NOVEMBER 30, 1969 (In millions of dollars) Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Issue and coupon rate Amount Treasury bills Treasury bills—Cont. Treasury notes—Cont. Treasury bonds—Cont. Nov 30 1969. . • • 1,501 Apr. 22, 1970f............. 3,011 Oct. 1, 1971.......1*4 72 Aug. 15, 1970.........4 4,129 Rec 4 1969 . . 2,904 Apr. 23 1970.............. 1 ,200 Nov. 15, 1971.......53/8 1,734 Aug. 15, 1971.........4 2,806 Dec 11 1969............... 2,901 Apr. 30’ 1970............... 2.702 Feb. 15, 1972.......4^ 2,006 Nov. 15, 1971. . . ..3% 2,760 Dec 18 ’ 1969............... 2,902 May 7' 1969............... 1 ,202 Apr. 1, 1972.......11/2 34 Feb. 15, 1972.........4 2,344 Dec 22 1969f . . 1 ,763 May 14’ 1969............... 1 ,204 May 15, 1972.......4’4 5,310 Aug. 15, 1972.........4 2,579 2,901 May 21 ’ 1969............... 1 ,200 Oct. 1, 1972.......11/4 33 Aus. 15, 1973.........4 3,894 Dec 31’ 1969............... 1,500 May 28’ 1969............... 1 ,201 Apr. 1, 1973.......D/i 34 Nov. 15, 1973.........4/8 4,348 Jan 2 1970. .. 2,911 May 31 ’ 1970............... 1 ,501 May 15, 1973.......7*4 1,158 Feb. 15, 1974.........4«/8 3,128 Jan 8 1970............... 2,903 June 22’ l970f............. 4,508 Oct. 1, 1973.......li/2 30 May 15, 1974.........4^ 3,584 Jan 15 1970............... 2,906 June 30 ’ 1970.............. 1 ,702 Apr. 1, 1974......IVi 34 Nov. 15, 1974.........3’/g 2,240 Jan 22 1970............... 2,900 July 3h 1970............... 1 ,702 Aug. 15, 1974......5’/s 10,284 May 15, 1975-85 . .41/4 1 ,214 Jan 29 1970............... 2,901 Aug. 31,’ 1970............... 1,201 Oct. 1, 1974.......1/2 3 June 15, 1978-83..3^ 1,553 Jan 3h 1970............... 1,501 Sept. 30’ 1970............... 1 ,005 Nov. 15, 1974.......534 3,981 Feb. 15, 1980........4 2,597 Feb 5 1970............... 3,005 Oct. 31' 1970............... 1 ,003 Feb. 15, 1975.......5% 5,148 Nov. 15, 1980.........3/4 1 ,906 Feb. 13, 1970............... 3,000 May 15, 1975.......6 6,760 May 15, 1985.........3% 1 ,090 Feb 19, 1970............... 3,004 Treasury notes Feb. 15, 1976.......6% 3,739 Aug. 15, 1987-92. .4% 3,814 Feb 26 1970............... 3,002 Apr. 1, 1970...... 1^ 88 May 15, 1976.......6»/2 2,697 Feb. 15, 1988-93..4 249 Feb. 28’ 1970............... 1,501 May 15, 1970......5^8 7,793 Aug. 15, 1976.......7Vi 1 ,682 May 15, 1989-94. ,4‘/s 1 ,558 Mar. 5’ 1970............... 1 ,201 May 15, 1970......6’/s 8,764 Feb. 15, 1990.........3>/i 4,823 1 ,201 Aug. 15, 1970......6% 2,329 Treasury bonds Feb. 15, 1995.........3 1 ,422 Mar. 19,’ 1970............... 1,201 Oct. 1, 1970......lh 113 Dec. 15, 1964-69.. 2 l/t 677 Nov. 15, 1998. . . . .3/4 4,218 Mar 23 1970.............. 1 ,752 Nov. 15, 1970......5 7,675 Mar. 15, 1 965-70, . 21/4 2,281 Mar. 26 1970............... 1 ,201 Feb. 15, 1971......5% 2,509 Mar. 15, 1966-71. .2/4 1 ,221 Mar 31 1970............... 1 ,501 Feb. 15, 1971......7’4 2,931 June 15, 1967-72..2 (A 1 ,241 Apr. 2’ 1970............... 1 ,208 Apr. 1, 1971......1*4 35 Sept. 15, 1967-72. .214 1 ,951 Convertible bonds Apr 9 1970............... 1 ,201 May 15, 1971......5>4 4,265 Dec. 15, 1967-72. .2i/i 2,584 Investment Series B Apr 16 1970............... 1 ,203 May 15, 1971......8 4,173 Feb. 15, 1970.......4 4,381 Apr. 1, 1975-80. .2% 2,428 t Tax-anticipation series. Note.—Direct public issues only. Based on Daily Statement of U.S. Treasury. NEW ISSUES OF STATE AND LOCAL GOVERNMENT SECURITIES (In millions of dollars) AU issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds Period amount deliv­ Special ered3 Total Gener­ U.S. district Total Roads Veter­ Other al Reve­ HAAl Govt, State and Other2 Edu­ and Util­ Hous­ ans' pur­ obli­ nue loans stat, cation bridges ities4 ing5 aid poses gations auth. 1962. 8,845 5,582 2,681 437 145 1 ,419 2,600 4,825 8,732 8,568 2,963 1,114 1 ,668 521 125 2,177 1963, 10,538 5,855 4,180 254 249 1 ,620 3,636 5,281 10,496 9,151 3,029 812 2,344 598 2,396 1964. 10,847 6,417 3,585 637 208 1 ,628 3,812 5,407 10,069 10,201 3,392 688 2,437 727 120 2,838 1965. 11,329 7,177 3,517 464 170 2,401 3,784 5,144 11 ,538 10,471 3,619 900 1 ,965 626 50 3,311 1966. 11,405 6,804 3,955 325 312 2,590 4,110 4,695 n.a. 11,303 3,738 1,476 1 ,880 533 3,667 1967. 14,766 8,985 5,013 477 334 2,842 4,810 7,115 n.a. 14,643 4,473 1 ,254 2,404 645 5,667 1968.............. 16,596 9,269 6,517 528 282 2,774 5,946 7,884 n.a. 16,489 4,820 1,526 2,833 787 ......... 6,523 1968--Oct.. . . 2,230 1 ,437 773 20 617 819 791 n.a. 2,227 732 374 407 28 686 Nov.. . 1 ,021 585 320 111 6 223 324 473 n.a. 997 271 25 115 121 465 Dec.... 1,140 337 781 ........... 22 20 415 706 n.a. 1,138 169 46 196 20 ......... 707 1969--Jan.. . . 1,262 942 309 11 546 285 432 n.a. 1 ,261 362 165 169 4 561 Feb... . 987 460 378 143 7 144 477 366 n.a. 985 245 222 306 145 202 Mar.... 538 326 201 1 1 1 10 149 279 n.a. 538 261 96 71 3 107 Apr.... 1 ,801 1 ,007 785 9 539 738 525 n.a. 1,801 365 36 302 5 1 ,095 May... 1,109 637 272 177 23 266 338 504 n.a. 1 ,094 .123 109 118 191 353 June... 734 517 178 39 97 154 485 n.a. 725 237 45 141 1 301 July, . . 1 ,092 825 257 10 405 242 444 n.a. 1,091 283 169 104 6 529 Aug... . 804 580 21 1 12 228 254 321 n.a. 797 206 155 81 2 353 Sept.... 535 338 105 49 43 129 405 n.a. 531 147 5 73 70 236 Oct.. . . 1 ,264 889 353 ........... 23 482 264 517 n.a. 1,259 373 39 264 68 ......... 515 1 Only bonds sold pursuant to 1949 Housing Act, which are secured s Includes urban redevelopment loans. by contract requiring the Housing Assistance Administration to make annual contributions to the local authority. Note.—The figures in the first column differ from those shown on the 2 Municipalities, counties, townships, school districts. following page, which are based on Bond Buyer data. The principal 3 Excludes U.S. Govt, loans. Based on date of delivery to purchaser difference is in the treatment of U.S. Govt, loans. and payment to issuer, which occurs after date of sale. Investment Bankers Assn, data; par amounts of long-term issues 4 Water, sewer, and other utilities. based on date of sale unless otherwise indicated. Components may not add to totals due to rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 46 SECURITY ISSUES □ DECEMBER 1969 TOTAL NEW ISSUES (In millions of dollars) Gross proceeds, all issues1 Noncorporate Corporate Period Bonds Stock Total U.S. U.S. U.S. Govt, State Others Total Govt.2 agency 3 and local4 Total P o u ff b e l r i e c d ly P p ri l v a a ce te d ly Preferred Common 1961................... 35,527 12,253 1,448 8,360 303 13,165 9,420 4,700 4,720 450 3,294 1962................... 29,956 8’590 1,188 8,558 915 10,705 8'969 4,440 4,529 422 1,314 1963 ................... 35,199 10'827 1,168 10,107 887 12,211 10,856 4,713 6,143 343 1,011 1964................... 37’122 10,656 1,205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 1965................... 40,108 9,348 2,731 11,148 889 15,992 13,720 5,570 8,150 725 1,547 1966................... 45^015 8,231 6' 806 11,089 815 18,074 15'561 8,018 7,542 574 1 ,939 1967................... 68,514 19,431 8,180 14,288 1,817 24798 21,954 14,990 6,964 885 1 ^959 1968................... 65,562 18,025 7,666 16,374 1,531 21 ^966 17'383 10^732 6^651 637 3,946 1968—Aug...... 9,821 5,850 580 1 ,729 230 1 ,432 1 ,037 637 400 93 303 Sept......... 3,819 361 250 1 423 228 1 ^557 1J59 726 433 I 397 Oct.......... 6,111 430 1,147 2,260 146 2 J29 1 ^604 1,099 595 25 499 Nov......... 3,294 379 1,037 118 1,767 1,301 939 362 41 425 Dec.......... 3,812 377 223 1,138 20 2,054 1,572 607 965 19 464 1969—Jan........... 4,284 427 424 1,244 113 2,075 1 ,616 980 636 67 393 Feb.......... 4,086 443 450 974 174 2,045 1,237 842 395 72 736 Mar...... 3,514 382 453 520 61 2,098 1 '344 835 509 98 657 Apr.......... 5^780 412 981 1,627 12 2,748 1 ,917 1,268 649 68 762 May........ 4^608 410 950 1 ;088 85 2; 076 1,382 '871 510 10 684 June........ 4,056 419 351 710 45 2,530 1 ,786 1 ,272 514 50 694 July......... 4,986 421 940 1 ,052 123 2,450 I ,871 1 ,279 592 36 543 Aug......... 3^377 377 600 794 117 1 ,489 1 ,004 685 319 72 413 Gross proceeds, major groups of corporate issuers Period Manufacturing C m om isc m e e lla rc n ia eo l u a s nd Transportation Public utility Communication a R nd e a fi l n e a s n ta c t i e a l Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 1961. 3,371 741 800 389 692 20 2,347 692 692 1,128 1 ,522 753 1962. 2,880 404 622 274 573 14 2,279 562 1,264 43 1,397 457 1963. 3,202 313 676 150 948 9 2,259 418 953 152 2,818 313 1964............................................ 2,819 228 902 220 944 38 2,139 620 669 1,520 3,391 466 1965. 4,712 704 1,153 251 953 60 2,332 604 808 139 3,762 514 1966. 5,861 1,208 1,166 257 1,856 116 3,117 549 1 ,814 189 1,747 193 1967. 9,894 1,164 1,950 117 1,859 466 4,217 718 1,786 193 2,247 186 1968............................................ 5,668 1,311 1,759 116 1 ,665 1,579 4,407 873 1,724 43 2,159 662 1969--Jan.................................... 299 104 169 200 257 2 509 118 181 4 201 31 Feb................................... 344 169 197 346 329 18 136 179 56 176 96 Mar.................................. 297 194 192 305 139 63 352 52 198 34 166 107 iv/ay.................................. 3 4 2 3 7 4 1 1 8 3 6 4 3 1 3 01 0 2 3 7 97 6 1 1 5 4 1 1 101 4 6 37 2 1 7 1 2 5 0 7 1 4 2 3 9 68 1 4 2 3 03 8 1 7 1 0 0 June.................................. 505 186 119 314 202 13 606 96 187 4 167 131 July.................. 642 239 133 178 122 4 445 47 286 243 110 Aug................................... 305 73 47 164 60 6 353 153 122 4 118 82 1 Gross proceeds are derived by multiplying principal amounts or 5 Foreign governments, International Bank for Reconstruction and number of units by offering price. Development, and domestic nonprofit organizations. 2 Includes guaranteed issues. 3 Issues not guaranteed. Note.—'Securities and Exchange Commission estimates of new issues * See Note to table at bottom of opposite page. maturing in more than I year sold for cash in the United States. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ SECURITY ISSUES A 47- NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers All securities Bonds and notes Common and preferred stocks Period New issues Retirements Net change New Retire­ Net New Retire­ Net issues ments change issues ments change In c v o e s s .1 t. Other In c v o e s s .1 t, Other In c v o e s s .1 t. Other 1964...................... 18,826 8,290 10,536 10,715 4,077 6,637 4,363 3,748 1,895 2,317 2,468 1,431 1965...................... 21,535 10,025 11,511 12,747 4,649 8,098 5,583 3,205 2,134 3,242 3,450 -37 1966....................... 26,327 9,567 16,761 15,629 4,542 11,088 6,529 4,169 2,025 3,000 4,504 1,169 1967...................... 33,303 10,496 22,537 21,299 5,340 15,960 6,987 4,664 2,761 2,397 4,226 2,267 1968....................... 35,384 16,234 19,150 19,381 5,418 13,962 9,945 6,057 3,857 6,959 6,088 -900 1968—1............... 7,720 3,021 4,700 3,997 1,286 2,711 2,493 1 ,230 823 912 1 ,670 319 II............... 8,421 3,933 4,489 5,124 1 ,308 3,816 1 ,873 1 ,424 1 ,053 1 ,572 820 -147 Ill.............. 8,280 4,112 4,167 4,732 1,249 3,482 2,127 1 ,421 949 1 ,914 1 ,178 -493 IV............... 10,962 5,168 5,794 5,528 1 ,575 3,953 3,452 I ,982 1 ,032 2,561 2,420 -579 1969—1................. 10,631 4,521 6,110 4,949 1,272 3,676 3,498 2,184 1 ,065 2,183 2,433 II............... 9,688 4,323 5,365 5,365 1,504 3,861 1 ,960 2,363 1 ,055 I ,764 905 599 Type of issuer Manu- Commercial Transpor- Public Communi- Real estate Period facturing and other 2 tation 3 utility cation and financial 4 & B n on o d te s s Stocks & B o n n o d te s s Stocks & B n o o n t d e s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks & B o n n o d te s s Stocks 1964.................. .. 1,303 -516 507 -483 317 -30 1,408 476 458 1,699 2,644 2,753 1965....................... 2,606 -570 614 -70 185 -1 1,342 96 644 518 2,707 3,440 1966....................... 4,324 32 616 -598 956 718 2,659 533 1,668 575 864 4,414 1967....................... 7,237 832 1,104 282 1,158 165 3,444 652 1 ,716 467 1 ,302 4,178 1968....................... 4,418 1 ,842 2,242 821 987 -149 3,669 892 1 ,579 120 1 ,069 5,347 1968—I'............... 991 -60 191 112 170 -26 956 309 295 31 109 1,624 IU.............. 1 ,550 -127 375 371 260 10 818 244 524 33 288 143 IIP............. 1 ,210 -484 716 -123 300 -62 585 187 491 6 181 1,161 IW............. 667 -1,171 960 461 257 -71 1 ,310 152 269 50 491 2,419 1969—1................. 1 ,458 -372 360 259 539 75 674 331 405 45 239 2,096 II............... 936 -386 433 445 175 49 I ,445 235 312 78 560 1 ,083 i Open-end and closed-end companies. exclude foreign and include offerings of open-end investment companies, 2 Extractive and commercial and misc. companies. sales of securities held by affiliated companies, special offerings to em­ 3 Railroad and other transportation companies. ployees, and also new stock issues and cash proceeds connected with 4 Includes investment companies. conversions of bonds into stocks. Retirements include the same types of issues, and also securities retired with internal funds or with proceeds of Note.—Securities and Exchange Commission estimates of cash trans­ issues for that purpose shown on opposite page. actions only. As contrasted with data shown on opposite page, new issues OPEN-END INVESTMENT COMPANIES (In millions of dollars) Sales and redemption Assets (market value Sales and redemption Assets (market value of own shares at end of period) of own shares at end of period) Year Month Sales 1 Re ti d o e n m s p­ s N al e e t s Total 2 po C s a it s io h n 3 Ocher Sales 1 Re ti d o e n m s p­ s N al e e t s Total 2 po C s a it s io h n3 Other 1957 ............. 1,391 406 984 8,714 523 8,191 1968—Oct.... 653 396 257 51,633 3,384 48,249 1958.............. 1,620 511 1,109 13,242 634 12,608 Nov... 688 313 375 54,860 3313 51,447 1959............. 2,280 786 1 i494 15’818 860 14,958 Dec.. . 653 319 354 52,677 3,187 49,490 I960............. 2,097 842 1,255 17,026 973 16,053 1969—Jan.... 876 397 479 53,323 3,831 49,492 1961 ........ 2^951 1,160 1,791 22,789 980 21,809 Feb... 625 379 246 50'512 3; 880 46,632 1962.............. 2,699 1,123 1376 21,271 1,315 19356 Mar... 628 285 343 51,663 4331 47,332 Apr... 654 348 306 52,787 4,579. 48,208 1963 .............. 2,460 1,504 952 25,214 1,341 23,873 May. . 529 364 165 52,992 4,262 48,730 1964............. 3 304 1’875 1,528 29’116 1’329 27,787 June.. 474 338 136 49,401 3^37 45,464 1965 ............. 4'359 1,962 2,395 35,220 1 303 33’417 July... 503 260 243 46;408 4; 167 42,241 Aug... 483 208 275 49,072 4; 542 44,430 1966............. 4,671 2,005 2,665 34,829 2,971 31,858 Sept.r. 442 235 207 48,882 4,393 44,489 1967.............. 4’670 2'745 1,927 44,70! 2’566 42’135 Oct... . 564 269 295 50,915 4372 46,343 1968............. 6; 820 3', 841 2^979 52,677 3 J 87 49 390 1 Includes contractual and regular single purchase sales, voluntary 3 Cash and deposits, receivables, all U.S. Govt, securities, and other and contractual accumulation plan sales, and reinvestment of invest­ short-term debt securities, less current liabilities. ment income dividends; excludes reinvestment of realized capital gains dividends. Note.—Investment Company Institute data based on reports of mem­ 2 Market value at end of period less current liabilities. bers, which comprise substantially all open-end investment companies registered with the Securities and Exchange Commission. Data reflect newly formed companies after their initial offering of securities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 48 BUSINESS FINANCE □ DECEMBER 1969 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1967 1968 19691 Industry 1964 1965 1966 1967 1968 III IV I II HI IV I II Manufacturing Total (177 corps.): Sales..................................... 158,253 177,237 177,738 201,399 225,740 48,317 52,818 53,633 57,732 53,987 60,388 57,613 61,392 Profits before taxes. ........... 18,734 22,046 23,487 20,898 25,375 4,232 5,867 5,985 6,878 5,580 6,932 6,565 6,887 Profits after taxes................. 10,462 12,461 13,307 12,664 13,787 2,268 3,268 3,298 3,609 3,030 3,850 3,579 3,750 Dividends............................. 5,933 6,527 6,920 6,989 7,271 1 ,721 1 ,897 1 ,716 1 ,731 1 ,746 2,078 1 ,838 1 ,916 Nondurable goods industries (78 corps.) .*2 Sales............................................. 59,770 64,897 73,643 77,969 84,861 19,695 19,996 20,156 21,025 21,551 22,129 21 ,764 23,198 Profits before taxes...................... 6,881 7,846 9,181 9,039 9,866 2,209 2,427 2,387 2,492 2,545 2,442 2,524 2,664 Profits after taxes........................ 4,121 4,786 5,473 5,379 5,799 1,313 1 ,431 1 ,428 1 ,411 1 ,471 1 ,489 1 ,492 1 ,559 Dividends..................................... 2,408 2,527 2,729 3,027 3,082 770 781 743 751 763 825 812 808 Durable goods industries (99 corps.):3 Sales...................................... 98,482 112,341 122,094 123,429 140,879 28,622 32,821 33,477 36,707 32,435 38,259 35,849 38,195 Profits before taxes...................... 11,853 14,200 14,307 11,822 15,510 2,024 3,440 3,598 4,386 3,036 4,490 4,041 4,224 Profits after taxes........................ 6,341 7,675 7,834 6,352 7,989 1,068 I ,838 1 ,871 2,198 1,559 2,361 2,087 2,190 Dividends..................................... 3,525 4,000 4,191 3,964 4,189 952 1,117 972 981 983 1 ,253 1 ,026 1,108 Selected industries: Foods and kindred products (25 corps.): Sales............................................. 15,284 16,427 19,038 20,134 22,109 5,131 4,980 5,184 5,389 5,737 5,799 5,714 5,923 Profits before taxes...................... 1,579 1 ,710 1 ,916 1 ,967 2,227 526 512 498 563 590 576 534 581 Profits after taxes........................ 802 896 1 ,008 1 ,041 1,093 284 268 255 260 285 293 261 275 Dividends..................................... 481 509 564 583 616 146 145 150 155 155 156 162 165 Chemical and allied products (20 corps.): Sales............................................. 16,469 18,158 20,007 20,56! 22,808 5,117 5,284 5,436 5,697 5,782 5,893 5,845 6,230 Profits before taxes...................... 2,597 2,891 3,073 2,731 3,117 636 701 760 807 806 744 844 875 Profits after taxes........................ 1 ,400 1,630 1 ,737 I ,579 1,618 363 416 390 419 412 398 448 473 Dividends..................................... 924 926 948 960 1,002 235 252 236 236 243 287 252 251 Petroleum refining (16 corps,): Sales......................................... 16,589 17,828 20,887 23,258 24,218 5,985 6,075 5,890 6,013 6,100 6,214 6,107 6,610 Profits before taxes................. 1,560 1,962 2,681 3,004 2,866 744 835 767 692 740 667 726 728 Profits after taxes......................... 1,309 1 ,541 1 ,898 2,038 2,206 504 540 592 520 561 534 562 558 Dividends..................................... 672 737 817 1,079 1 ,039 286 281 253 255 258 273 282 273 Primary metals and products (34 corps.): Sales............................................. 24,195 26,548 28,558 26,532 30,171 6,525 6,166 7,150 8,427 7,461 7,133 7,671 8,612 Profits before taxes...................... 2,556 2,931 3,277 2,487 2,921 477 647 669 915 601 735 691 828 Profits after taxes........................ 1 ,475 1 ,689 1 ,903 1,506 1,750 290 410 376 550 343 482 431 504 Dividends..................................... 763 818 924 892 952 228 228 224 230 233 264 242 245 Machinery (24 corps.): Sales.......................................... 22,558 25,364 29,512 32,721 35,660 8,994 8,994 8,371 8,864 8,907 9,517 8,957 9,757 Profits before taxes.................. 2,704 3,107 3,612 3,482 4,134 837 970 936 1,008 1,112 1,079 1 ,071 1 ,167 Profits after taxes.................... 1,372 1,626 1 ,875 1 ,789 2,014 438 513 448 499 537 531 526 576 Dividends..................................... 673 774 912 921 992 227 229 247 248 248 249 270 271 Automobiles and equipment (14 corps.): Sales............................................. 35,338 42,712 43,641 42,306 50,526 8,354 11,664 12,343 13,545 9,872 14,767 13,328 13,638 Profits before taxes...................... 4,989 6,253 5,274 3,906 5,916 216 1,204 1,507 1,851 640 1 ,918 1 ,663 1 ,542 Profits after taxes......................... 2,626 3,294 2,877 1 ,999 2,903 62 572 783 847 330 943 806 750 Dividends..................................... 1,629 1,890 1 ,775 1,567 1 ,642 362 477 364 364 364 550 365 436 Public utility Railroad: Operating revenue....................... 9,778 10,208 10,661 10,377 10,855 2,531 2,676 2,610 2.757 2,707 2,781 2,741 2,916 Profits before taxes..................... 829 979 1,094 385 634 92 -13 126 206 116 186 128 220 Profits after taxes......................... 694 815 906 319 568 87 -31 110 175 108 174 98 173 Dividends..................................... 440 468 502 538 517 103 155 116 136 98 166 116 136 Electric power: Operating revenue....................... 14,999 15,816 16,959 17,954 19,421 4,417 4,537 5,106 4,553 4,869 4,892 5,480 4,913 Profits before taxes...................... 3,926 4,213 4,414 4,547 4,789 1,155 1 ,088 1,351 1 ,040 1,271 1,125 1,384 1 ,065 Profits after taxes........................ 2,375 2,586 2,749 2,908 3,002 717 728 863 641 764 733 873 707 Dividends..................................... 1,682 1,838 1,938 2,066 2,201 513 529 539 555 543 565 580 577 Telephone: Operating revenue....................... 10,550 11,320 12,420 13,311 14,430 3,341 3,429 3,486 3,544 3,629 3,771 3,853 3,975 Profits before taxes...................... 3,069 3,185 3,537 3,694 3,951 953 949 971 989 990 1 ,001 1 ,070 1 ,043 Profits after taxes........................ 1 ,590 1,718 1,903 1,997 1,961 515 513 525 441 493 502 540 523 Dividends..................................... 1,065 1,153 1 ,248 1,363 1 ,428 341 351 351 318 396 363 368 371 1 Manufacturing figures reflect changes by a number of companies in profits before taxes are partly estimated by the Federal Reserve to include accounting methods and other reporting procedures. affiliated nonelectric operations. 2 Includes 17 corporations in groups not shown separately, Telephone: Data obtained from Federal Communications Commis­ 3 Includes 27 corporations in groups not shown separately. sion on revenues and profits for telephone operations of the Bell System Consolidated (including the 20 operating subsidiaries and the Long Note,—Manufacturing corporations: Data are obtained primarily from Lines and General Depts, of American Telephone and Telegraph Co.) published reports of companies. and for two affiliated telephone companies. Dividends are for the 20 Railroads: Interstate Commerce Commission data for Class I line­ operating subsidiaries and the two affiliates. haul railroads. All series: Profits before taxes are income after all charges and before Electric power: Federal Power Commission data for Class A and B Federal income taxes and dividends. electric utilities, except that quarterly figures on operating revenue and Back data available from the Division of Research and Statistics. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ BUSINESS FINANCE A 49 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t e a ro x fo f e i r t s e s c ta o I x n m e ­ e s P t a a r f o x te e fi s t r s d C d e a i n v s d i h ­ s tr U p ib r n o u d f t i i e t s s d ­ co c a n a t l i s l p o o u i n w t m a ­ l p ­ Quarter P b t e a ro x fo e fi r s t e s c ta o I x n m e ­ e s P t a a r f o x te e fi s t r s d C d e a i n v s d i h ­ s t U r p ib r n o u d f t i i e t s s d ­ co c a t n a i l o s l p o u n i w t m a ­ l p ­ ances1 ances 1 1961............. 50.3 23.1 27.2 13.8 13.5 26.2 1968—I. . .. 87.9 39.9 47.9 22.2 25.7 44.8 1962............. 55.4 24.2 31.2 15.2 16.0 30.1 II.... 90.7 41.1 49.7 22.9 26.7 45,8 1963............. 59.4 26.3 33.1 16.5 16.6 31.8 HI... 91 .5 41.4 50,0 23.6 26.5 46.2 1964............. 66.8 28.3 38,4 17.8 20.6 33.9 IV... 94.5 42.9 5i .6 23,8 27.8 46.7 1965 ............. 77.8 31.3 46.5 19.8 26,7 36.4 1966............. 84.2 34.3 49.9 20.8 29.1 39.5 1969—1.... 95.5 43.4 52.2 23.8 28.4 47.7 1967............. 80.3 33.0 47.3 21.5 25.9 42.6 U.. . . 95.4 43.6 51 8 24.3 27 5 48.6 1968.............. 91.1 41.3 49.8 23.1 26.7 45.9 in?.. 92.4 42.4 50.0 24.9 25. 1 49.6 J Includes depreciation, capital outlays charged to current accounts, and Note.—Dept, of Commerce estimates. Quarterly data are at seasonally accidental damages. adjusted annual rates. CURRENT ASSETS AND LIABILITIES OF CORPORATIONS (In billions of dollars) Current assets Current liabilities Net Notes and accts, Notes and accts, End of period working U.S. receivable payable Accrued capital Total Cash s G e o cu v r t, i­ I t n o v ri e e n s ­ Other Total F in e c d o e m ra e l Other ties G U o . v S t . .1 Other G U o . v S t . .1 Other taxes 1962........................... 155.6 326.5 43.7 19.6 3.7 144.2 100.7 14.7 170.9 2.0 119.1 15.2 34,5 1963............................ 163.5 351.7 46.5 20.2 3.6 156.8 107.0 17.8 188.2 2.5 130.4 16.5 38.7 1964............................ 170.0 372.2 47.3 18.6 3.4 169.9 113.5 19.6 202.2 2.7 140.3 17.0 42.2 1965............................ 180.7 410.2 50.0 17.0 3.9 190.2 126.9 22,3 229.6 3.1 160,4 19.1 46.9 1966............................ 190.2 443.4 50.1 15.7 4.5 205.1 144.5 23.6 253.2 4.4 176,2 19.1 53.6 1967—-IV.................... 201.1 464.0 52.3 12.4 5.1 214.5 153.8 25.9 262.9 5.8 183.6 15.2 58.3 1968—1....................... 206.0 471.4 50.1 14.6 4.8 216.6 156.6 28.7 265.4 6.1 181.9 17.3 60.2 U...................... 209.8 481.9 51.4 13.3 4.7 223.6 159.9 29.1 272.1 6.2 188.0 15.4 62.5 Ill.................... 210.9 492.2 52.8 12.9 4.8 229.5 163.7 28.6 281.3 6.3 193.8 15,6 65.5 IV.................... 214.4 506,9 56.1 13.9 5.1 235.6 166.2 29 9 292.5 6. 4 202,2 17.4 66 4 1969—1........................ 216.7 516.4 52.8 15.7 4.8 239.8 170.9 32. 3 299.7 6.9 203.0 19,9 69.8 II...................... 218.3 527.4 53.6 13.3 4.8 247.2 175.7 32.9 309.0 7.2 212,2 16.0 73.6 i Receivables from, and payables to, the U.S. Govt, exclude amounts Note.—Securities and Exchange Commission estimates; excludes offset against each other on corporations’ books. banks, savings and loan assns., insurance companies, and investment companies. BUSINESS EXPENDITURES ON NEW PLANT AND EQUIPMENT (In billions of dollars) Manufacturing Transportation Total Period Total Mining u P ti u li b ti l e ic s n C ic o a m ti m on u s ­ Other 1 a ( n S n . u A a . l Durable d N ur o a n b ­ le Railroad Other rate) 1962....................................... 37,31 7.03 7.65 1.08 .85 2,07 5.48 3.63 9.52 1963....................................... 39.22 7.85 7.84 1.04 1.10 1.92 5.65 3.79 10.03 1964....................................... 44.90 9.43 9.16 1.19 1.41 2.38 6.22 4.30 10.83 1965....................................... 51.96 11.40 11.05 1.30 1.73 2.81 6.94 4.94 11.79 1966....................................... 60.63 13.99 13.00 1.47 1.98 3.44 8.41 5.62 12.74 1967....................................... 61,66 13.70 13.00 1.42 1.53 3.88 9.88 5.91 12.34 1968....................................... 64.08 13.51 12.93 1.42 1.34 4.31 11.54 6.36 12.67 I9692r.................................... 71.25 15.34 14.35 1.61 1.49 4.29 13.06 7,75 13.34 1968—J.................................. 14.25 2.96 2.82 .36 .37 .98 2.33 1.48 2.93 64.75 II................................ 15,86 3.22 3.28 .36 .36 1.04 2.97 1.51 3.11 62.60 Ill............................... 16.02 3,37 3.25 .34 .30 1.12 2.96 1.50 3.18 63.20 IV............................... 17.95 3.95 3.57 .35 ,30 1.18 3.28 1.86 3.46 65.90 1969—1.................................. 15.21 3.26 2.95 .36 .32 1.06 2.66 1.68 2.91 68.90 II................................ 17.73 3.83 3.52 .41 .35 j. 14 3.38 1.86 3.23 70.20 in............................... 18.22 3.86 3.72 .40 .40 .96 3.44 1 3.48 72.45 iv2r............................ 20.09 4.39 4.16 .44 .42 1. 13 3.59 5.96 73.30 1970—P................................ 17.04 3.44 3.44 .40 .39 1 .04 3.01 5.32 76.85 i Includes trade, service, finance, and construction. Note.—Dept, of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corporate and noncorporate business, excluding agriculture. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 50 REAL ESTATE CREDIT □ DECEMBER 1969 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm Other 1- to 4-family houses4 Multifamily and Mortgage holders2 commercial properties5 type6 E pe n r d io o d f h A e o r l s l d l ­ tu F i t n c i i n o i s a a n t l i n s ­ ­ 1 a U c g i . e e S s n . ­ v o i I d t a n h u n d e d a r i ­ l s s h A e o r l s l d l ­ tu F i t n i c i n o i s a a n t l i n s ­ ­ * O h e o t r h l s d e 3 ­ r h A e o r l s l d l ­ Total tu F i t n i i n o s a n t n i s ­ , 1 O h e o th r l s d e ­ r Total tu F i t n i i n o s a n t n i s ­ , 1 O h e t o h rs ld er ­ F w u V H n ri d t A A t e e - — r n ­ t C i v o e o n n n a ­ ­ l 1941.......... 37.6 20.7 4.7 12,2 6.4 1.5 4.9 31.2 18.4 11,2 7.2 12.9 8.1 4.8 3.0 28,2 1945 ......... 35.5 21.0 2.4 12.1 4.8 1.3 3.4 30.8 18.6 12,2 6.4 12.2 7.4 4.7 4.3 26.5 1964......... 300.1 241.0 11.4 47.7 18,9 7.0 11.9 281.2 197.6 170.3 27.3 83.6 63.7 19.9 77.2 204.0 1965 ......... 325.8 264.6 12,4 48.7 21.2 7.8 13.4 304.6 212.9 184.3 28.7 91.6 72.5 19.1 81.2 223.4 1966.......... 347,4 280.8 15.8 50.9 23.3 8.4 14.9 324.1 223.6 192.1 31.5 100.5 80.2 20.3 84.1 240.0 1967*....... 370,2 298.8 18.4 53.0 25.5 9.1 16.3 344.8 236.1 201.8 34.2 108.7 87.9 20.9 88.2 256.6 1968*....... 397.5 319.9 21.7 55.9 27.5 9.7 17.8 370.0 251.2 213. I 38.1 118.7 97.1 21.6 92.8 277.2 1 967—Up.. 356.2 287.6 16.7 51.9 24.3 8.7 15,6 331.9 227.8 195.3 32.5 104.1 83.6 20.5 85.3 246.6 HIP. 363.3 293.3 17.5 52.5 24.9 8.9 16.0 338.3 232.0 198.7 33.3 106.4 85.7 20.7 86.4 251 .9 IV*. 370.2 298.8 18.4 53.0 25,5 9.1 16,3 344.8 236.1 201.8 34.2 108.7 87.9 20.9 88.2 256,6 1968—I*... 375.8 302.6 19.6 53.5 26.0 9.3 16.7 349.8 239.1 203.7 35.4 1 10.6 89.6 21.0 89.4 260.4 IIP.. 382.9 308.1 20.6 54.2 26.7 9.6 17.1 356.1 243.2 206.7 36.5 112.9 91.7 21.2 90.7 265.4 hip. 389.8 313.5 21.1 55,1 27.2 9.6 17.5 362.6 247.0 209.7 37.3 115.6 94.1 21.5 92.0 270.6 IV*. 397.5 319.9 21.7 55.9 27.5 9.7 17.8 370.0 251.2 213.1 38.1 118.7 97.1 21.6 92.8 277.2 1969—Ip... 403.7 324.7 22.6 56.4 28. 1 9.8 18.3 375.7 254.8 216.0 38.8 120.9 98.9 21.9 94.5 281 .2 IIP. 411.7 331.0 23.4 57.1 28.8 10,1 18,7 382.9 259.5 219.9 39.6 123,4 101.0 22.4 96.6 286.2 IIP . 418.5 335.5 24.9 58.1 29.3 10.1 19.2 389.2 263.4 222.5 40.9 125.8 102,9 22.9 ........... 1 Commercial banks (including nondeposit trust companies but not 5 Derived figures; includes small amounts of farm loans held by saving trust depts.), mutual savings banks, life insurance companies, and savings and loan assns. and loan assns. 6 Data by type of mortgage on nonfarm 1- to 4-family properties alone 2 U.S. agencies include former FNMA and, beginning fourth quarter are shown on second page following. 1968, new GNMA as well as FHA, VA, PHA, Farmers Home Admin., and in earlier years, RFC, HOLC, and FFMC. They also include U.S. Note.—Based on data from Federal Deposit Insurance Corp., Federal sponsored agencies—new FNMA and Federal land banks. Other agencies Home Loan Bank Board, Institute of Life Insurance, Depts, of Agricul­ (amounts small or current separate data not readily available) included ture and Commerce, Federal National Mortgage Assn., Federal Housing with “individuals and others.” Admin., Public Housing Admin., Veterans Admin., and Comptroller of 3 Derived figures; includes debt held by Federal land banks and farm the Currency. debt held by Farmers Home Admin. Figures for first three quarters of each year are F.R. estimates. 4 For multifamily and totaJ residential properties, see p. A-52. MORTGAGE LOANS HELD BY BANKS (In millions of dollars) Commercial bank holdings * Mutual savings bank holdings 2 Residential Residential End of period Other Other Tota 1 non­ Farm Total non­ Farm FHA- VA- Con­ farm FHA- VA- Con­ farm Total in­ guar­ ven­ Total in­ guar­ ven­ sured anteed tional sured anteed tional 1941.............................. 4,906 3,292 1 ,048 566 4,812 3,884 900 28 1945.............................. 4,772 3^395 '856 521 4,208 3,387 797 24 1964.............................. 43,976 28,933 7,315 2,742 18,876 12,405 2,638 40,556 36,487 12,287 11,121 13 079 4 016 53 1965.............................. 49,675 32'387 7^ 702 2; 688 21,997 14'377 2,911 44,617 40 096 13,791 11J 408 14^897 4,469 52 1966.............................. 54,380 34,876 7 544 2,599 24’733 16'366 3 138 47 337 42’242 14’500 11 471 16 272 5 041 53 1967.............................. 59*019 37,642 7^709 2,696 27,237 17,931 3 ’446 50 490 44*64! 15 ,074 11 ’795 17,772 5 ,732 117 1968.............................. 65,696 41,433 7,926 2^708 301800 20^505 3,’758 53,456 46’748 15^569 12^033 19’146 6 592 117 1966—IV...................... 54 380 34 876 7 544 2,599 24 733 16 366 3 138 47 337 42 242 14 500 11 471 16 272 5 041 53 1967—1......................... 54,531 34.890 7,444 2 547 24,899 16,468 3,173 48,107 42 879 14 723 11,619 16,537 5 176 52 II....................... 55,731 35,487 7’396 2’495 25,596 16,970 3’274 48 893 43 526 14'947 11 768 16 811 5 316 51 Ill...................... 57,482 36,639 7 584 2,601 26’454 17 475 3’368 49’732 44 094 15 '016 11 785 17 293 5 526 112 IV.............. 59,019 37,642 7’709 2 696 27 237 17 931 3 446 50’490 44641 15 074 ii ’795 17*772 5 732 117 1968—1......................... 60,119 38,157 7,694 2,674 27 789 18,396 3,566 51,218 45 171 15,179 11,872 18 120 5 931 116 ......6..1..,.9..6..7........39,113 7,678 2,648 28,787 19,098 3,756 51,793 45,570 15,246 11,918 18,406 6,108 115 Ill...................... 63,779 40,251 7,768 2,657 29 826 19,771 3,757 52 496 46 051 15,367 11 045 18 739 6 329 116 IV...................... 65,696 41,433 7,926 2 708 30 800 20^505 3,758 53 456 46’748 15 ,569 12’,033 19’146 6 592 117 1969—1......................... 67,146 42,302 7,953 2,711 31 638 20,950 3 894 54 178 47 305 15,678 12,097 19,530 6,756 117 II....................... 69’079 43^32 8; 060 2,743 32,729 21,459 4,088 54,844 47,818 15,769 12,151 19,898 6,908 117 Ill...................... 70,179 55,359 * Includes loans held by nondeposit trust companies, but not bank States and possessions. First and third quarters, estimates based on FDIC trust depts. data for insured banks for 1962 and part of 1963 and on special F. R. inter­ 2 Data for 1941 and 1945, except for totals, are special F.R. estimates. polations thereafter. For earlier years, the basis for first- and third-quarter estimates included F.R. commercial bank call report data and data from Note.—Second and fourth quarters, Federal Deposit Insurance Corpo­ the National Assn, of Mutual Savings Banks. ration series for all commercial and mutual savings banks in the United Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ REAL ESTATE CREDIT A 51 MORTGAGE ACTIVITY OF LIFE INSURANCE COMPANIES (In millions of dollars) Loans acquired Loans outstanding (end of period) Nonfarm Nonfarm Period Total VA- Farm Total VA- Farm Total tn F s H ur A e - d a g n u te a e r­ d Other 1 Total in F s H ur A e - d a g n u te a e r­ d Other 1945............................................. 976 6,637 5,860 1,394 4 466 766 1961............................................. 6,785 6,233 1,388 220 4,625 552 44,203 41,033 9,665 6,553 24,815 3,170 1962......................................... 7,478 6'859 1'355 469 5,035 619 46’902 43,502 10’176 6'395 26,931 3,400 1963............................................. 9,172 8'306 1 ’598 678 6,030 866 50'544 46,752 10’756 6'401 29395 31792 1964............................................. 10’433 9,386 I '812 674 6,900 1,047 55 J52 50,848 11 384 6'403 32'961 4^304 1965............................................. 11,137 9,988 1 ,738 553 7,697 1,149 60,013 55,190 12,068 6,286 36,836 4,823 1966............................................. 101217 9^223 1 ’300 467 7,456 994 64,609 59369 12351 6,201 40 817 5 ,240 1967............................................. 8,'470 7'633 757 444 6,432 837 67,516 61,947 12,161 6,122 43,664 5,569 1968............................................. 7,925 7’153 719 346 6,088 772 69 373 641172 11'961 5'954 46'257 5 801 558 513 59 26 428 45 68 993 63,218 12,000 5,997 45 221 5 775 Oct.................................. 615 578 84 30 464 37 69,212 63,434 12,003 6,002 45 429 5 778 Nov................................... 623 589 62 29 498 34 69,407 63,627 11 ,999 5,993 45,635 5 780 Dec................................... 1 ,207 1,123 84 29 1,010 84 70,071 641268 12,015 5'982 46,271 5,803 1969—.Jan.................................... 641 589 59 28 502 52 70,205 64,437 12,003 5 ,974 46 460 5 ,768 Feb................................... 558 497 64 29 404 61 70355 641584 11 ,’983 5'973 46 628 5,771 Mar......................... 626 541 53 21 467 85 701480 641694 11,947 5,943 46,804 51786 Apr................................... 607 549 48 24 477 58 70'661 64’855 11 '924 5'919 47 012 5 806 May................................. 556 496 55 19 422 60 70,820 64,993 ii 303 5,900 47,190 5,827 June.................................. 556 498 55 20 423 58 701964 65,114 11 '882 5'879 47'353 5 ,850 July.................................. 593 557 49 6 502 36 71 079 65'226 11 845 5 ,819 47 562 5 853 Aug.................................. 532 495 44 13 438 37 71,250 65,388 11,824 5,799 47 765 5 862 Sept................................... 576 553 41 14 498 23 71329 65,564 11,797 5’775 47,992 5,865 1 Include mortgage loans secured by land on which oil drilling or the end-of-Dec. figures may differ from end-of-year figures because (1) extracting operations are in process. monthly figures represent book value of ledger assets, whereas year-end figures represent annual statement asset values, and (2) data for year-end Note.—Institute of Life Insurance data. For loans acquired, the adjustments are more complete. monthly figures may not add to annual totals; and for loans outstanding MORTGAGE ACTIVITY OF SAVINGS AND FEDERAL HOME LOAN BANKS LOAN ASSOCIATIONS (In millions of dollars) (In millions of dollars) Advances outstanding Loans made Loans outstanding (end of period) (end of period) Period Ad­ Repay­ Members vances ments deposits New Total Short­ Long­ Period home Home FHA- VA- Con­ term * term 2 Total • con­ pur­ Total 2 in­ guar­ ven­ struc­ chase sured anteed tional tion 1945...................... 278 213 195 176 19 46 1961...................... 2,882 2,220 2,662 1,447 1 216 1,180 1945 ........... 1,913 181 1 358 5 376 1962...................... 4 JU 31294 3J79 2'005 1 474 1,213 1963...................... 5,601 4'296 4,784 21863 1 321 1 J51 1961............. 17,733 5,212 7,317 68,834 4,167 7,152 57,515 1964...................... 5,565 5’025 5’325 2,846 2 479 1 J99 1962............. 21,153 6,115 8,'650 78’770 4,476 7,010 67,284 1 1 9 9 6 6 3 4 . . . . . . . . . . . . . . . . . . . . . . . . . . 2 24 5 , , 9 1 1 7 3 3 7 6 ' ' 1 6 8 3 5 8 1 1 0 0 ' ’ 0 5 5 3 5 8 1 9 0 0 1, '9 3 4 33 4 4 4 ' ’ 6 8 9 9 6 4 6 6, , 6 9 8 6 3 0 7 89 9 1 ,2 7 8 5 8 6 1 1 19 9 9 6 6 6 7 5 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 3 I , , ’, 0 8 5 0 0 2 7 7 4 4 2 4 1 , , 3 0 8 3 7 6 5 6 6 5 4 6 , , ’ 9 3 9 9 8 3 7 6 5 5 3 3 , 3 ’ 0 0 8 7 0 5 4 6 2 1 , , 9 9 4 2 2 0 3 1 9 1 1 1 , , 1 0 0 4 4 3 3 3 6 2 1965............. 24,192 6,013 10,830 110,306 5,145 6,398 98,763 1968...................... 2'734 1 '861 5’259 4’867 392 11382 1966............. 16,924 3.653 7’828 114,427 51269 6'157 1031001 1967............. 20,122 4,243 91604 121,805 5’791 6’351 1091663 1968-—Oct............. 173 164 5,035 4,627 407 1,285 I968r........... 21,983 4^916 11,215 130'802 6'658 7,012 117,132 Nov........... 155 150 5,040 4’643 397 1 ,321 Dec............ 301 81 5’259 4,867 392 1 J82 1968—Oct. L. 1,949 466 995 129,164 6,459 6,845 115,860 Nov.r. 1,724 392 868 129,899 6,529 6,919 116,451 1969-—Jan.. .......... 277 179 5,357 4,975 382 1 110 Dec.T. 1,886 407 869 130,802 6,658 7,012 117,132 F M e a b r . . . . . . . . . . . . . . . . . . . . . . . . . 1 15 2 5 0 1 1 7 2 8 2 5 5, , 3 2 3 9 1 8 4 4, 3 9 4 8 0 3 3 3 5 4 8 9 1 1 , 1 1 2 3 4 0 3 1969—Jan.r.. 1,592 348 783 131,424 6,747 7,074 117,603 Apr............ 545 113 5,764 5'423 341 1,178 M A M Fe p a a b r y r . . . ' ' r r . . . . 2 2 1 1 , , , , 0 1 5 8 7 4 8 7 3 6 0 0 4 4 4 3 8 4 8 6 5 0 2 4 1 1 . , 1 0 8 7 1 2 6 9 3 3 7 6 1 1 1 1 3 3 3 3 2 3 4 5 , , , . 0 0 0 0 9 1 3 2 5 2 8 6 6 6 7 7, , , , 2 8 9 1 4 5 7 2 5 7 2 0 7 7 7 7 , , , , 2 1 1 3 7 2 9 5 1 9 4 4 1 1 1 1 1 1 2 1 8 9 0 8 , , , , 1 6 4 8 4 2 0 4 7 7 6 9 J J M A u u u a n l g y e y . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 7 3 6 1 5 2 3 7 4 9 0 1 1 1 7 1 2 3 2 8 0 9 6 7 7 5 , ' 3 ’. 0 4 5 7 5 1 4 1 3 3 4 5 6 6 6 * 1 ' ’, 0 6 5 8 5 4 6 7 4 7 4 2 4 6 3 3 8 7 2 5 9 2 4 9 1 1 , 1 ' r 2 9 8 2 0 2 4 7 1 7 7 6 J J u u n ly e ' r .. . 2 1 , , 4 9 1 7 5 4 4 42 9 1 5 I 1 , ,0 3 9 4 1 5 1 13 3 7 6 , , 1 2 0 4 7 2 7 7 , , 3 4 2 0 2 2 7 7, , 4 4 6 0 8 8 1 12 2 2 1 , , 1 4 1 3 7 2 S O e c p t. t . . . . . . . . . . . . . . . . . . . . . . . 4 6 5 3 1 7 1 5 3 5 8 7 8 , ’ 9 4 4 3 0 9 7 7 , ,' 2 7 7 7 3 9 6 6 6 67 0 8 8 9 6 1 5 Aug.r. 1,918 393 1 ,089 137,951 7,607 7,538 122,806 Sept... 1 ,728 377 936 138,618 7,694 7,570 123,354 Oct.... 1 ,686 368 863 139,770 7,770 7,599 123,844 2 1 S S e e c c u u r r e e d d o lo r a u n n s s , e a c m ur o e r d ti z lo e a d n s q u m a a rt t e u r r l i y n , g h i a n v i 1 n y g e a m r a o tu r r l i e ti s e s s . of more than 1 year but not more than 10 years. 1 Includes loans for repairs, additions and alterations, refinancing, etc., not shown separately. Note.—Federal Home Loan Bank Board data. 2 Beginning with 1958. includes shares pledged against mortgage loans; beginning with 1966, includes junior liens and real estate sold on contract; and beginning with 1967, includes downward structural adjustment for change in universe. Note—Federal Home Loan Bank Board data. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 52 REAL ESTATE CREDIT □ DECEMBER 1969 MORTGAGE DEBT OUTSTANDING MORTGAGE DEBT OUTSTANDING ON ON RESIDENTIAL PROPERTIES NONFARM 1- to 4-FAMILY PROPERTIES (In billions of dollars) (In billions of dollars) Government- All residential Multifamily1 underwritten Con­ E pe n r d io o d f Total F in c in i s a a t l i n ­ ­ h O ol t d h e e r r s Total F in i c n i s a a t l i n ­ ­ h O ol t d h e e r r s End of period Total Total F su i H n re A ­ d - an g V t u e A a e r - d ­ 1 ti v o e n n a ­ l tutions tutions 1 1 19 9 9 6 4 4 3 1 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 1 4 4 1 . . . 3 2 2 1 1 1 7 4 5 6 . . . 9 7 7 3 9 8 4 . . .5 4 6 2 5 5 9 . . , 8 7 0 20 3 3 . . 5 6 7 2 2 8 . . . 3 2 2 1 1 1 9 9 9 5 6 6 4 4 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 8 9 1 2 8 7 . , . 2 6 6 6 6 4 9 5 . , . 3 9 2 3 3 4 8 5 . . . 1 3 0 3 3 0 0 , . . 9 9 2 1 1 1 2 1 8 6 4 3 3 3 1964.............. 231.1 195.4 35.7 33.6 25.1 8.5 1965 .............................. 212.9 73.1 42.0 31.1 139 8 1 1 1 9 9 9 6 6 6 7 6 5 ’ . . ' . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 5 6 8 0 4 0 . . . 1 0 0 2 2 2 2 3 1 3 6 3 . . . 7 2 6 3 4 4 0 6 3 . . . 3 9 4 4 4 3 3 7 0 9 2 3 2 3 31 4 9 0 5 7 8 8 9 . . . 8 2 2 1 1 1 9 9 9 6 6 6 7 8 6 ? ? ... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 3 2 5 6 3 1 . . . 6 2 1 7 7 8 6 3 9 . . . 1 9 8 4 4 5 4 7 0 . , . 8 4 6 3 3 3 2 1 3 . . . 5 3 2 1 1 1 5 4 6 7 7 6 4 6 1 1968?............. 298.6 250.8 47.8 47 3 37 7 9.6 1966—IV....................... 223.6 76.1 44. 8 31.3 1 47 6 1967— I H n IP » P . . . . . . . . . . 2 2 2 7 8 6 4 9 0 . . . 8 7 0 2 2 2 3 2 3 2 8 6 . . . 5 3 6 4 4 4 2 3 1 , . . 3 4 4 4 4 4 2 1 3 . . . 8 9 9 3 3 3 3 4 2 . . . 8 7 9 9 9 8 . . . 2 0 9 1967—1 I II P ? I? .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 22 3 2 7 2 4 . . . 8 0 9 7 7 78 6 7 . . . 3 4 2 4 4 4 5 6 5 . . . 7 6 2 3 3 3 1 1 1 . . . 5 7 2 1 1 1 5 4 5 3 8 0 7 4 6 1968—I"........ 283.7 239 0 44,7 44 6 35 3 9.3 IV?.................... 236.1 79, 9 47. 4 32. 5 156 1 I ii P pj . . . . . . . 2 29 8 3 8 . . 3 6 2 2 4 4 2 6 . , 7 4 4 4 5 6. . 9 9 4 46 5 . . 2 3 3 36 5 , . 7 9 9 9. . 5 4 1968—1?....................... 239.1 81 .0 48.1 32.9 158,1 IV”.. .. 298.6 250.8 47.8 47.3 37.7 9.6 I H I? ip .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 4 4 7 3 . . 0 2 8 8 2 3 . . 1 2 4 4 8 9 , . 7 6 3 3 3 3 .6 4 1 16 6 1 3 8 1 1969—]p........... 303.1 254,4 48.7 48 3 38 4 9 9 IV?..................... 251.2 83.8 50.6 33.2 167.4 ip.. 308.9 259,3 49.6 49.4 393 10.1 in?... 314.1 262.7 51.4 50.6 40.1 10.5 1969— I 1 P ?. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 5 5 4 9 . . 8 5 8 87 5 , . 1 3 5 5 1 2 . , 4 2 3 3 3 4 . . 9 9 1 1 6 7 9 2 , , 5 3 IIP..................... 263.4 1 Structures of five or more units. sta N n o d t in e g .— ” t B a a b s le ed ( s o e n c o d n a d t a p r f e ro c m ed i s n a g m p e a g s e o ) u . rce as for “Mortgage Debt Out­ inv 1 e s In to c r lu s d u e n s d o e u r t r s e t p a u n r d c i h n a g s e a m ag o r u e n e t m o e f n t V . A vendee accounts held by private 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. GOVERNMENT-UNDERWRITTEN RESIDENTIAL LOANS MADE (In millions of dollars) FHA-insured VA-guaranteed Mortgages Mortgages DELINQUENCY RATES ON HOME MORTGAGES Period Prop­ Pro­ erty (Per 100 mortgages held or serviced) Total New Ex­ jects 1 im­ Total3 New Ex­ homes h is o t m in e g s m pr e o n v t e s - * homes h is o t m in e g s Loans not in foreclosure but delinquent for— Loans in fore­ 1945........... 665 257 217 20 171 192 End of period clos ure 1 1 9 9 6 6 3 4 . . . . . . . . . . . . . . . . . . . . . . 7 8 , '1 2 3 1 0 6 1 1 , , 6 6 0 6 8 4 4 3 ' , 9 9 6 0 5 5 8 8 4 9 3 5 8 66 0 3 4 2 3 0 8 4 4 5 6 1 1 0 2 2 7 3 2 I 1 *8 7 2 7 1 0 Total 30 days 60 days o 9 r 0 m da o y r s e 1965 ........... 8,689 1,705 5,760 591 634 2 652 876 1 774 1966........... 7.320 1,729 4'366 583 641 2 600 980 1 618 1963............... 3.30 2.32 .60 .38 .34 1967........... 7.150 1,369 4,516 642 623 3 *405 1 143 2*259 1964............... 3.21 2.35 .55 .31 .38 1968........... 8,275 1 ,’572 4,’924 1,123 656 3 774 1 430 2*343 1965............... 3.29 2.40 .55 .34 .40 1968—Oct... 869 158 549 95 67 360 122 237 1966............... 3.40 2.54 .54 .32 . 36 Nov,. 749 126 473 101 49 377 138 239 1967............... 3.47 2.66 .54 .27 .32 Dec.. 702 117 409 118 58 365 136 229 1968............... 3.17 2.43 .51 .23 .26 1969—Jan... 762 134 474 105 48 369 145 225 1966—1......... 3.02 2.13 .55 .34 .38 Feb.. 614 106 388 80 39 296 114 182 II... 2.95 2.16 .49 .30 .38 Mar.. 642 110 381 100 50 329 122 207 HI. . 3.09 2.25 .52 .32 .36 Apr.. 681 113 428 82 57 301 111 191 IV.. . . 3.40 2.54 .54 .32 .36 May. 704 111 409 123 62 323 115 208 June. 787 121 475 134 58 308 99 209 1967—1......... 3.04 2.17 .56 .31 .38 July.. 869 140 518 127 85 356 122 234 II........ 2.85 2.14 .45 .26 .34 Aug.. 791 130 501 92 68 385 126 259 III., 3.15 2.36 .52 .27 .31 Sept.. 872 148 566 95 63 364 134 230 IV.. .. 3.47 2.66 .54 .27 .32 Oct... 91 1 160 553 140 59 397 148 249 1968—1......... 2.84 2.11 .49 .24 .32 II 2.89 2.23 .44 .22 .28 1 Monthly figures do not reflect mortgage amendments included in annual HI. . 2.93 2.23 .48 .22 .26 totals. IV... . 3.17 2.43 .51 .23 .26 1 Not ordinarily secured by mortgages. 3 Includes a small amount of alteration and repair loans, not shown separ­ 1969—I......... 2.77 2.04 .49 .24 .26 ately; only such loans in amounts of more than $1,000 need be secured. II........ 2.68 2.06 .41 .21 .25 Note.— Federal Housing Admin, and Veterans Admin, data. FHA-insured loans represent gross amount of insurance written; VA-guaranteed loans, Note.—Mortgage Bankers Association of America data from gross amounts of loans closed. Figures do not take into account principal reports on 1- to 4-family FHA-insured, VA-guaranteed, and con­ repayments on previously insured or guaranteed loans. For VA-guaranteed ventional mortgages held by more than 400 respondents, including loans, amounts by type are derived from data on number and average mortgage bankers (chiefly), commercial banks, savings banks, and amount of loans closed. savings and loan associations. 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DECEMBER 1969 □ REAL ESTATE CREDIT A 53 GOVERNMENT NATIONAL MORTGAGE FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY ASSOCIATION ACTIVITY (In millions of dollars) (In millions of dollars) Mortgage Mortgage Mortgage Mortgage Mortgage Mortgage holdings transactions commitments holdings transactions commitments (during (during End of period) End of period) period period FHA- VA- Made Out FHA- VA- Made Out Total in­ guar- Pur­ during stand­ Total in­ guar­ Pur­ during stand­ sured antced chases Sales period ing sured anteed chases Sales period ing 1965 ........... 2,212 1 ,540 671 156 154 198 332 1965 ............ 2,519 1,864 656 757 47 1 189 462 1966....2..,.6..6..7 2,062 604 620 371 491 1966........... 4,’396 3,345 1 ,051 2 081 1 920 214 1967.....3..,.3..4.8 2,756 592 860 1 ,045 1 ,171 1967........... 5’522 4’048 1 ’474 1 400 12 1 ’736 501 1968 ...4..,.2..2..0. 3,569 651 1 ,089 1 867 1 ,266 1968 ........... 7 J 67 5,121 2,046 1 ’944 2,697 1 287 1968-Oct.... 4,125 3,468 657 82 61 1 ,225 1968-Oct... . 6,943 4,975 1 ,968 126 218 1,150 Nov... 4,166 3,51 1 655 58 57 1 ,248 Nov... 7,048 5,045 2’003 132 225 1 '236 Dec... 4,220 3,569 651 73 ..........7.0 1 ,266 Dec.. . 7,167 5’121 2,046 146 269 1 387 1969-Jan... . 4,255 3,607 648 54 62 1 ,297 1969-Jan... . 7,334 5,227 2,107 193 276 1 ,283 Feb... 4,301 3,657 644 63 40 1 ,296 Feb.. . 7,510 5'345 2'165 201 388 1,406 Mar... 4,328 3,687 641 44 48 1 ,311 Mar... 7^689 5’467 2’222 205 372 1 ,621 Apr... 4,357 3,721 636 50 49 1 ,312 Apr... 7'851 5'576 2^276 192 460 1 387 May.. 4,395 3,764 631 61 71 1 ,321 May.. 7'998 5’678 2,320 176 532 2337 June.. 4,442 3,816 626 70 71 1 ,322 June.. 8,175 5'802 2^73 209 561 2378 July.. . 4,493 3,871 622 68 55 1 ,304 July... 8'417 5^975 2'442 269 785 3,088 Aug.. . 4,552 3,935 617 77 33 1 ,266 Aug... 8,887 6^304 2'583 497 599 3'181 Sept... 4,614 4,001 613 80 41 1 ,237 Sept... 9,326 6^602 2324 468 703 3'402 Oct.... 4,680 4,072 608 84 ..........5.1 1 ,212 Oct.... 9,'850 6’950 2,'900 554 ........8..1.3 3,'594 Note.—Government National Mortgage Assn. data. Data prior to Note.—Federal National Mortgage Assn. data. Data prior to Sept. Sept. 1968 relate to Special Assistance and Management and Liquidating 1968 relate to secondary market portfolio of former FNMA. Mortgage portfolios of former FNMA and include mortgages subject to participation commitments made during the period include some multifamily and non­ pool of Government Mortgage Liquidation Trust, but exclude conven­ profit hospital loan commitments in addition to 1-4 family loan com­ tional mortgage loans acquired by former FNMA from the RFC Mortgage mitments accepted in FNMA’s free market auction system. Co., the Defense Homes Corp., the Public Housing Admin., and Com­ munity Facilities Admin. HOME-MORTGAGE YIELDS FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY UNDER FREE MARKET SYSTEM (Per cent) Primary market Secondary Implicit yield, by market Mortgage amounts commitment period (in months) FHA series FHLBB series Yield Auction Accepted Period (effective rate) on FHA- date insured New new By commitment New Existing homes homes Offered Total period (in months) 3 6 12-18 homes homes 3 6 12-18 1965...................... 5.81 5.95 5.83 5.47 1966...................... 6,25 6.41 6.40 6.38 In millions of dollars In percent 1967...................... 6.46 6.52 6.53 6,55 1968...................... 6.97 7.03 7.12 7.21 1969 1968—Nov............ 7.21 7.21 7.30 7.36 Dec............ 7.23 7.23 7,40 7.50 Sept. 22......... 247.5 145.1 38. 1 72,6 34.3 8,40 8.44 8.27 29......... 257,7 144.2 45.5 69.5 29.2 8.45 8.48 8.30 1969—Jan............. 7.30 7.32 7.55 Feb............ 7.39 7.42 7.60 7.99 Oct. 6..... . 251 .0 147,4 41.1 66.0 40.3 8.50 8.52 8.34 Mar............ 7.47 7.49 7.65 8.05 13 217.7 145.7 48.6 50.1 46.9 8.54 8,59 8.39 Apr............ 7.62 7.60 7.75 8.06 20......... 161.6 134,9 35.7 60.8 38,3 8.58 8.63 8.44 May........... 7.65 7.68 7.75 8.06 27......... 120.6 118.4 37.7 52.8 28,0 8.54 8.60 8.45 June........... 7.76 7.79 8.00 8.35 July............ 7.91 7.94 8.10 8.36 Nov. 3......... 230.2 81 .7 31,0 44.1 6.6 8.44 8.49 8.45 Aug............ 8.00 8.05 8 30 8.36 10......... 267.4 101.9 45.1 50.6 6.2 8.47 8,49 8.47 Sept............ 8.05 8.08 8.25 8.40 17......... 242.6 122.7 46.0 67.3 10.4 8.50 8.51 8.48 Oct............. p8. 12 »8 13 8,30 8.48 24.......... 233.4 122.3 41 .6 67.7 13,0 8.53 8.54 8.50 Nov............ 8.35 8.48 235.9 120.6 24.2 67.0 29.4 8.57 8.58 8.52 8.......... 242.8 123.0 23,2 77.0 22.8 8.62 8.64 8.57 Note.—Annual data are averages of monthly figures. The 15......... (120.0) FHA data are based on opinion reports submitted by field offices on prevailing local conditions as of the first of the succeeding month. Yields on FHA-insured mortgages are derived from Note.—Implicit secondary market yields are gross—before deduction of 50weighted averages of private secondary market prices for Sec. basis-point fee paid for mortgage servicing. They reflect the average accepted bid 203, 30-year mortgages with minimum downpayment and an price for Govt.-underwritten mortgages after adjustment by Federal Reserve assumed prepayment at the end of 15 years. Gaps in the data to allow for FNMA commitment fees and FNMA stock purchase and holding are due to periods of adjustment to changes in maximum per­ requirements, assuming a prepayment period of 15 years for 30-year loans. Com­ missible contract interest rates. The FHA series on average mitments for 12-18 months are for new homes only. contract interest rates on conventional first mortgages in primary Total accepted shown in parenthesis for most recent week indicates FNMA markets are unweighted and are rounded to the nearest 5 basis announced limit before the “auction” date. points. The FHLBB effective rate series reflects fees and charges as well as contract rates (as shown in the table on conventional first mortgage terms, p. A-35) and an assumed prepayment at end of 10 years. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 54 CONSUMER CREDIT □ DECEMBER 1969 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment End of period Total Total m A pa o u p b t e o il r e ­ co g O p n o a s t o h p u d e e m s r r e r e a r n I R n o d a i e z n p m a s a t o i i o r 1 d n ­ Pe lo r a so n n s al Total p S a lo i y n a m g n e l s e n ­ t a C cc h o a u rg n e ts S c e r r e v d ic it e 1939........................................ 7,222 4,503 1,497 1 ,620 298 1,088 2,719 787 1,414 518 1941........................................ 9,172 6^085 2^458 1 ,929 376 1 ,322 3,087 845 1,645 597 1945........................................ 5’665 2,462 '455 816 182 1 ,009 3,203 746 1,612 845 1962........................................ 63,821 48,720 19,381 12,627 3,298 13,414 15,101 5,456 5,684 3,961 1963....................................... 71'739 5 5,'486 22,254 14,177 3,437 15,618 16,253 6,101 5,903 4,249 1964....................................... 80'268 62,692 24’934 16,333 3,577 17,848 17,576 6,874 6,195 4,507 1965........................................ 90,314 71,324 28,619 18,565 3,728 20,412 18,990 7,671 6,430 4,889 1966....................................... 97'543 77,539 30^556 20,978 3,818 22,187 20;004 7,972 6,686 5,346 1967....................................... 102,132 80,926 30,724 22,395 3,789 24,018 21,206 8,428 6,968 5,810 1968....................................... 113,191 89'890 34J30 24,899 3,925 26,936 23,301 9,138 7,755 6,408 1968—Oct.............................. 108,643 87,058 33,698 23,248 3,910 26,202 21 ,585 8,943 6,692 5,950 Nov............................ 110^035 87'953 33,925 23'668 3,931 26,429 22,082 9,024 6,964 6,094 Dec............................ 113,191 89,890 34,130 24,899 3,925 26,936 23,301 9,138 7,755 6,408 1969—Jan............................... 112,117 89,492 34,013 24,682 3,886 26,911 22,625 9,038 7,097 6,490 Feb.............................. 111,569 89^380 34,053 24;404 3,875 27,048 22,189 9,050 6,403 6,736 Mar............................. 111,950 89,672 34,262 24,306 3,874 27,230 22,278 9,139 6,340 6,'799 Apr.............................. 113,231 90,663 34,733 24^399 3,903 27,628 22,568 9,216 6,557 6,795 May............................ 114,750 91,813 351230 24,636 3; 964 27,983 22,937 9,218 6,971 6,748 115 ,995 93,087 35,804 24,956 4,022 28,305 22,908 9,227 7,002 6,679 July............................. 116'597 93^833 36'081 25 ’ 172 4,039 28^541 22;764 9,120 7^039 6^05 Aug..................... 117,380 94^732 36'245 25’467 4,063 28,957 22,648 9,073 6,988 6,587 Sept............................. 118,008 95’356 36’321 25,732 4; 096 29,207 22,652 9,075 7,005 6,572 Oct............................... 118,515 95,850 36,’599 25,855 4,084 29,312 22,665 9,025 7,085 6,555 1 Holdings of financial institutions; holdings of retail outlets are in- loans. For back figures and description of the data, see “Consumer Credit.” eluded in “other consumer goods paper.” Section 16 (New) of Supplement to Banking and Monetary Statistics, 1965, Note.—Consumer credit estimates cover loans to individuals for house- an^ Dec. 1968 Bulletin, pp. 983-1003. hold, family, and other personal expenditures, except real estate mortgage INSTALMENT CREDIT (In millions of dollars) Financial institutions Retail outlets End of period Total Total m C e o r m cia ­ l fi S n a a l n e c s e u C n r i e o d n i s t s C um on e ­ r Other1 Total m A o u b to ile ­ O re t t h a e il r banks cos. finance1 dealers2 outlets 1939........................................ 4,503 3,065 1,079 1,197 132 657 1,438 123 1,315 1941........................................ 6,085 4’480 1,726 1,797 198 759 1 ,605 188 1,417 1945........................................ 2,462 1 '776 '745 300 102 629 ’686 28 '658 1962........................................ 48,720 41,878 19,005 11,405 4,875 4,765 1 ,828 6,842 345 6,497 1963........................................ 55^486 47^819 221023 12^630 5,526 5'582 2,058 7,667 351 7,316 1964........................................ 62,692 53,'898 25,094 13’605 6’340 6,492 2,367 8’794 329 8,465 1965........................................ 71,324 61 ,533 28,962 15,279 7,324 7,329 2,639 9,791 315 9,476 1966........................................ 77’539 66'724 31 ,319 16’697 8’255 7^663 2,790 10,815 277 10^538 1967........................................ 80,926 69*490 32’700 16,838 8’972 8’103 2^877 11,436 285 11,151 1968........................................ 89’890 77’457 36’952 18,219 10,178 8’913 3,195 12,433 320 12,113 1968—Oct............................... 87,058 75,871 36,352 17,823 9,962 8,588 3,146 U,I87 317 10,870 Nov............................. 87'953 76346 36’560 17’960 10,049 8*685 3,192 11*507 319 11'188 Dec.............................. 89'890 77,457 36’952 18,219 10’178 8’913 3’195 12,433 320 12,113 1969—Jan............................... 89,492 77,360 37,005 18,175 10,101 8,879 3,200 12,132 319 11,813 Feb.............................. 89^380 77377 37,056 18^219 10J53 8,896 3^53 11,803 319 11 384 Mar...................... 89,672 78,006 37,257 18’253 10'294 8,927 3,275 11,666 320 11,346 Apr..................... 90,663 79’062 37,854 18*418 10’508 9’008 3,274 11,601 325 11'276 91'813 80'155 38'347 18’636 10^699 9’080 3'393 11,658 329 11 '329 June............................ 93^087 81 388 38’916 18,961 10,939 9,146 3'426 111699 333 11 ’366 July............................. 93^833 82 J 30 39,248 19 J27 Il;054 9,293 3'408 11,703 335 11 '368 Aug............................. 94^732 82’910 39’532 19,*265 11^220 9’436 3*457 11'822 336 11 '486 Sept............................ 95*356 83’440 39’793 19’360 11'347 9*450 3390 11,916 336 11’580 Oct............................... 95^850 83,949 40,006 19,569 11 ,'438 9,436 3^500 11,901 338 11 ,'563 J Consumer finance companies included with “other” financial insti- 2 Automobile paper only: other instalment credit held by automobile tutions until 1950. dealers is included with “other retail outlets.” See also Note to table above. 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DECEMBER 1969 □ CONSUMER CREDIT A 55 INSTALMENT CREDIT HELD BY COMMERCIAL BANKS INSTALMENT CREDIT HELD BY SALES FINANCE COMPANIES (In millions of dollars) (In millions of dollars) Automobile Repair paper Other and Per­ Other Repair con­ mod­ sonal Auto­ con­ and Per­ End of period Total sumer erniza­ loans End of period Total mobile sumer modern­ sonal ch P a u s r e ­ d Direct g p o a o p d e s r lo ti a o n n s paper g p o a o p d e s r iz lo a a ti n o s n loans 1939........................ 1 ,079 237 178 166 135 363 1939 1 ,197 878 115 148 56 1 1 9 9 4 4 1 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 ^ '7 7 4 2 5 6 44 6 7 6 3 1 3 4 8 3 3 1 0 1 9 4 1 16 1 1 0 4 3 7 1 1 2 1 1 9 9 4 4 1 5 1 ,7 3 9 0 7 0 1,3 1 6 6 3 4 16 2 7 4 20 5 1 8 5 6 4 6 1962........................ 19,005 6,184 3,451 2,824 2,261 4,285 1962 11,405 7,251 2,465 213 1 ,476 1963........................ 22^23 7,381 4,102 3;213 2,377 4^50 1963 12:630 7^22 2 699 214 1 ,795 1964........................ 25,094 8^91 4^34 3,670 2^57 5:542 1964 13,605 8 785 3,022 207 2,091 1 19 9 6 6 6 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 8 1* ,9 3 6 1 2 9 1 1 1 0, , 2 0 0 2 9 4 5 5 , : 6 9 5 5 9 6 4 4 , ^ 1 8 6 1 6 2 2 , ^ 5 4 71 7 6 7, , 0 3 1 5 1 7 1 1 9 9 6 6 5 6 1 1 5 6 , : 2 6 7 9 9 7 9 9 ,5 0 7 6 2 8 4 3 ,2 5 5 5 6 6 1 15 8 1 5 2 2 , : 4 ?1 7 8 0 1967........................ 32,700 10,927 6,267 5,126 2,629 7^51 1967 16,838 9,252 4,518 114 2^54 1968........................ 36^52 12,213 7,105 6; 060 2,719 8,855 1968 18 219 9*986 4*849 74 3*310 1968—Oct.............. 36,352 12,143 7,000 5,812 2,716 8,681 1968-—Oct................. 17,823 9,823 4,737 74 3,189 Nov............. 36:560 12,190 7^63 5^55 2:723 8^29 Nov.................... 17,960 9 898 4,778 74 3 210 Dec.............. 3^952 12,213 7,105 6^60 2,719 8,855 Dec.................... 18 219 9 986 4 849 74 3:310 1969—Jan............... 37,005 12,160 7,108 6,135 2,692 8,910 1969-—Jan.................... 18,175 9,951 4,857 71 3,296 Feb.............. 37,056 12,153 7J17 6,168 2^76 8,942 Feb..................... 18:219 9,962 4,867 71 3,319 Mar............. 37:257 12,224 7; 168 6,188 2,670 9,007 Mar.................... 18,253 9,988 4,868 70 3:327 Apr.............. 37,854 12,388 7:273 6^99 2^90 9^04 Apr.................... 18:418 10,095 4,896 70 3J57 May........... 38:347 12341 7^67 6:406 2^21 9,312 May.................. 18:636 10’246 4,945 69 3 376 June........ 38',916 12,727 7^57 6^57 2,763 9,412 June................... 18,961 10,440 5 ,039 70 3,412 J A u u l g y . . . . . . . . . . . . . . . . . . . . . . . . . . 3 3 9 9 , ^ 2 3 4 2 8 1 1 2 2 , ^ 8 5 1 9 4 7 7: ’, 5 5 0 1 l 3 6 6 , : 7 8 0 1 9 8 2 21 ,7 7 8 8 0 7 9 9, ^ 4 5 4 5 4 J A u u l g y. . . . . . . . . . . . . . . . . . . . . .. . ........ 1 1 9 9 , '2 1 6 2 5 7 1 1 0 0 5 5 3 7 8 0 5 5 ’0 1 8 3 8 9 6 70 9 3 3 ^ ,'4 3 8 1 7 Sept........ 39',793 12,864 7^43 6:929 2^08 9,649 Sept.................... 19,360 10,557 5,191 69 3^43 Oct.............. 40,006 12,914 7^97 7,023 2:798 9,674 Oct..................... 19^69 10,693 5,227 67 3,582 See Note to first table on previous page. See Note to first table on previous page. INSTALMENT CREDIT HELD BY OTHER NONINSTALMENT CREDIT FINANCIAL INSTITUTIONS (In millions of dollars) (In millions of dollars) Single­ Other Repair payment Charge accounts Auto­ con­ and Per­ loans End of period Total mobile sumer modern­ sonal paper goods ization loans Total Service paper loans End of period Com­ Other credit mer­ finan­ Retail Credit cial cial outlets cards1 1939............................. 789 81 24 15 669 banks insti­ 1941.............................. 957 122 36 14 785 tutions 1945.............................. 731 54 20 14 643 1962.............................. 11,468 2,150 841 824 7,653 1939.............. 2,719 625 162 1 ,414 518 1963.............................. 13,166 2,498 949 846 8:873 1941............... 3:087 693 152 1 ,*645 597 1964.............................. 15,199 2,895 1 ,176 913 10^15 1945.............. 3,203 674 72 1,612 845 1965 .............................. 17,292 3,368 1 ,367 972 11,585 1962............... 15,101 4,690 766 5,179 505 3,961 1966.............................. 18,708 3:727 1 ;503 1 ,020 12,458 1963............... 16,253 5^05 896 5^44 559 4^49 1967.............................. 19,952 3^93 1 ,*600 1 ;o46 13,313 1964.............. 17,576 5^50 924 5^87 608 4,507 1968.............................. 22,286 4*, 506 1 ’,877 1 ,132 14,771 1965.............. 18,990 6,690 981 5,724 706 4,889 1968—Oct.................. 21,696 4,415 1 ,829 1,120 14,332 1966.............. 20^04 6^46 1,026 5,812 874 5,346 Nov.................... 21;926 4^55 1 :847 1,134 14,490 1967............... 21;206 7,340 1:088 5,939 1 ,029 5,810 Dec.................... 22,286 4^06 1 ,877 1,132 14:771 1968.............. 23,301 7',975 1 163 6^50 1 ;3O5 6,408 1969—Jan..................... 22,180 4,475 1 ,877 1,123 14,705 1968—Oct,. . . 21,585 7,794 1 ,149 5,424 1,268 5,950 Feb..................... 22^02 4^02 1 :885 1 J28 14J87 Nov.... 22,082 7,857 1 ,167 5,670 1 ,294 6,094 Mar.................... 22,496 4^62 1 :904 1,134 14:896 Dec.,.. 23,301 7,975 1 ,163 6,450 1 ,305 6,408 Apr.................... 22,790 4,652 1 ,928 1 J43 15,067 May................... 23,172 4,747 1 ,956 1 J74 15 .*295 1969—Jan.. .. 22,625 7,878 1 ,160 5,763 1 ,334 6,490 June................... 23,511 4^47 1 ,994 1,189 15,481 Feb... . 22,189 7,877 1,173 5,087 1 ,316 6,736 July................... 23^55 4^93 2:007 1,189 15,666 Mar.... 22,278 7,961 1,178 5,037 1 ,303 6,799 Aug.................... 24,113 4^67 2,024 1 ,207 15,915 Apr.... 22,568 8,040 1,176 5,237 1 ,320 6,795 Sept.................... 24:287 5,021 2^32 1 ;219 16,015 May... 22,937 8,017 1 ,201 5,609 1 ,362 6,748 Oct..................... 24,374 5^57 2,042 1 ,'219 16,056 June... 22,908 8,031 1 ,196 5,574 1 ,428 6,679 July. . . 22,764 7,946 1,174 5,541 1 ,498 6,605 Aug.... 22,648 7,879 1 ,194 5,438 1 ,550 6,587 un N io o ns t , e .— ind In u s s t t i r tu ia t l i o l n o s a n re p c r o e m se p n a t n e i d e s a , r e m c u o t n u s a u l m s e a r v f in in g a s n c b e a c n o k m s, p s a a n v ie in s g , s c re an d d it O Se c p t. t . .. . . . 2 2 2 2 , , 6 6 6 5 5 2 7 7 , , 8 8 3 8 7 2 1 1 , , 1 1 9 8 3 8 5 5 , , 5 4 6 4 8 8 1 1 , ,5 5 1 5 7 7 6 6 , , 5 5 5 7 5 2 loan assns,, and other lending institutions holding consumer instalment credit. See also Note to first table on previous page. hea 1 t S in e g rv -o ic i e l a s c t c a o t u io n n ts . a n B d a n m k i c sc re e d lla it n c e a o r u d s a c c r c e o d u i n t- t c s a o rd u ts a ta cc n o d u in n g ts ar a e n d in c h lu o d m e e d ­ in estimates of instalment credit outstanding. See also Note to first table on previous page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 56 CONSUMER CREDIT □ DECEMBER 1969 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Other consumer Repair and Total Automobile paper goods paper modernization loans Personal loans Period S.AJ N.S.A. S.A.i N.S.A. S.A.i N.S.A. S.AJ N.S.A. S.AJ N.S.A. Extensions 1962........................................ 56,191 19,694 15,701 2,084 18,710 1963........................................ 63,591 22,126 17’920 2’186 21*359 1964........................................ 70,670 24^046 20’821 2,225 23’573 1965........................................ 78,586 27,227 22,750 2,266 26,343 1966........................................ 82335 27 J 341 25,591 2,200 27,203 1967........................................ 84’693 26,667 26,'952 2,113 28,961 1968........................................ 97 053 31,424 30’593 2,268 32 768 1968—Oct.............................. 8,533 8,687 2,782 2,917 2,645 2,752 202 211 2,904 2,807 Nov........................ 8’288 8’166 2^681 2’546 2’640 2'739 191 190 2,776 2,691 Dec.............................. 8'277 9^568 2,592 2,489 2’656 3,608 192 163 2’837 3 308 1969—Jan............................... 8 371 7,557 2,661 2,369 2,654 2,449 179 137 2 877 2,602 Feb.............................. 8 414 6371 2,716 2^344 2'598 1 ’985 201 149 2 899 2 493 Mar............................ 8,381 8 J 32 2 J 730 2^750 2’625 2,423 198 179 2,828 2,780 Apr.............................. 8 720 9^024 2’772 3,023 2; 763 2^668 219 216 2,966 3,117 8 680 8 960 2357 2’985 2’767 2'760 209 246 2,947 2 969 June............................ 8 705 9,169 2'725 3 045 2’,869 2^832 218 245 2’893 3 047 July............................. 8,521 8 920 2'582 2^828 2'777 2’778 185 214 2,977 3 100 Aug.............................. 8 680 8,604 2’634 2,593 2’819 2^764 177 206 3,050 3 ,041 Sept............................. 8,669 8'485 2’794 2^566 2,740 2’794 180 194 2'955 2’931 Oct............................... 8,661 8,797 2; 808 2,939 2; 707 2; 805 175 183 2,971 2,870 Repayments 1962........................................ 51,360 17,447 14,935 2,010 16 969 1963....................................... 56,825 19’254 16^369 2,046 19,156 1964....................................... 63’470 21’369 18^666 2'086 21 349 1965....................................... 69 957 23 543 20,518 2,116 23 780 1966....................................... 76,120 25,404 23,178 2,110 25’428 1967....................................... 81 306 26,499 25,535 2 142 27 130 1968....................................... 88 089 28,018 28’089 2’132 29’850 1968—Oct.............................. 7,586 7,813 2,391 2,555 2,451 2,492 177 182 2,567 2,584 Nov............................ 7*454 7 371 2’363 2'319 2’388 2’319 175 169 2’528 2^464 Dec.............................. 7'502 7’631 2’357 2,284 2,422 2^377 175 169 2’548 2 801 1969—Jan............................... 7 730 7,955 2,467 2,486 2,442 2,666 173 176 2,648 2,627 Feb.............................. 7^616 7,083 2,468 2'304 2’352 2,263 172 160 2,624 2 356 Mar............................. 7,735 7,840 2’501 2,541 2,461 2’521 180 180 2,593 2 598 Apr,.................... ,. ., 7,960 8,033 2’519 2’552 2'569 2,575 185 187 2’687 2 719 May............................ 7 834 7 810 2'488 2'488 2’507 2’523 183 185 2 656 2 614 June............................ 7’910 7 895 2 460 2’471 2’602 2^512 183 187 2*665 2’725 July............................ 7 899 8 174 2 471 2551 2’511 2’562 191 197 2,726 2 864 Aug.............................. 8 080 7 705 2’562 2 429 2*574 2 369 185 182 2759 2 625 Sept............................. 7 971 7 861 2 498 2 490 2,600 2,529 156 161 2,717 2,681 Oct............................... 7,992 8,303 2,463 2,661 2,615 2’682 189 195 2,'7 25 2,765 Net change in credit outstanding 2 1962........................................ 4,831 2,247 766 74 1,741 1963........................................ 6,766 2’872 1,551 140 2,203 1964........................................ 7,200 2’677 2,155 139 2,229 1965........................................ 8 629 3,684 2,232 150 2,563 1966........................................ 6’215 1 937 2,413 90 1 '775 1967........................................ 3,387 168 1,417 -29 1,831 1968........................................ 8 964 3 406 2’504 136 2’918 1968—Oct.............................. 947 874 391 362 194 260 25 29 337 223 Nov............................. 834 895 318 227 252 420 16 21 248 227 Dec.............................. 775 1 937 235 205 234 1 231 17 -6 289 507 1969—Jan............................... 641 — 398 194 —117 212 — 217 6 — 39 229 -25 Feb.............................. 798 -112 248 40 246 -278 29 -11 275 137 Mar............................. 646 292 229 209 164 -98 18 -1 235 182 Apr...................... 760 991 253 471 194 93 34 29 279 398 May............................ 846 1 150 269 497 260 237 26 61 291 355 June............................ 795 1 274 265 574 267 320 35 58 228 322 July............................. 622 '746 111 277 266 216 -6 17 251 236 Aug............................. 600 899 72 164 245 295 -8 24 291 416 698 624 296 76 140 265 24 33 238 250 Oct................................| 669 494 345 278 92 123 -14 -12 246 105 1 Includes adjustments for differences in trading days. purchases and sales of instalment paper, and certain other transac­ 2 Net changes in credit outstanding are equal to extensions less tions may increase the amount of extensions and repayments repayments. without affecting the amount outstanding. For back figures and description of the data, see “Consumer Note.—Estimates are based on accounting records and often Credit,” Section 16 (New) of Supplement to Banking and Monetary include financing charges. Renewals and refinancing of loans, Statistics, 1965, and pp. 983-1003 of the Bulletin for Dec. 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 a CONSUMER CREDIT A 57 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Sales finance Other financial Total Commercial banks companies institutions Retail outlets Period S.A J N.S.A. S.A.i N.S.A. S.AJ N.S.A. S.AJ N.S.A. S.A.i N.S.A. Extensions 1962 .......................... 56,191 20,474 11,269 14,787 9,659 1963 . . ..... 63’591 23,344 12 J52 16’768 11,327 1964 •■ • 70’670 25,950 12,613 18’797 13’310 1965 .................................. 78,586 29,528 13,722 20,906 14,430 [ 966 .................................. 82,335 30,073 14,278 21,490 16 >94 j 967 .................................... 84’693 30^850 13,833 22,574 17,436 1968 . . . 97,053 36,332 15 >09 25,777 19,035 1968—Oct............................. 8,533 8,687 3,252 3,306 1,367 1 ,437 2,309 2,246 1,605 1,698 Nov.................... 8’288 8,166 3,111 2,877 1,411 1 ,368 2,139 2; 139 1 ,627 I ’782 Dec.............................. 8l 277 9>68 3,139 3,094 1,362 1 ,535 2,208 2,571 1 ,568 2 >68 1969—Jan.............................. 8,371 7,557 3,135 2,908 1,381 1 ,227 2,250 1 ,977 1,605 1,445 Feb.............................. 8,414 6,971 3,155 2,728 1 ,419 1 ,192 2,315 1 >72 1 ,525 1,079 Mar............................. 8;381 8>32 3,199 3>55 1,429 1,359 2,239 2,219 1,514 1 >99 Apr.............................. 8,720 9,024 3,318 3,585 1 ,405 1 ,463 2,378 2,447 1,619 1 ,529 May............................ 8,680 8,960 3,236 3,436 1,451 1 ,478 2,365 2,428 1 ,628 1 >18 June............................ 8 >05 9,169 3 >72 3,540 I >36 1 ,566 2,323 2'479 1 '674 1 >84 July............................. 8,521 8,920 3,041 3 >23 1 ,400 1 ,507 2,439 2,539 1 >41 1 ,551 Aug............................ 8,680 8,604 3,148 3,162 1 ,431 1 ,401 2,470 2,463 1,631 1 ,578 Sept............. .............. 8,669 8,485 3,292 3,203 1,440 1 ,396 2,332 2,280 1 ,605 1 >06 Oct.......................... 8,661 8,797 3,298 3,346 1,518 1 ,603 2,341 2,267 1 ,504 1 >81 Repayments 1962....................................... 51,360 18,468 10,200 13,455 9,237 1963....................................... 56 >25 20,326 10,927 15,070 10,502 1964 .................................... 63,470 22>71 11,638 16’764 12,097 1965 ............................... 69,957 25,663 12,048 18,813 13,433 1966....................................... 76,120 27 >16 12,860 20,074 15,470 1967....................................... 81 ,306 29 >69 13 >92 21,330 16,815 1968....................................... 88,089 32 >80 14,528 23,443 18 >38 1968—Oct.............................. 7,586 7,813 2,764 2,877 1,230 1 ,294 2,052 2,061 1,540 1,581 Nov............................. 7,454 7>71 2 >69 2 >69 1 >54 1 ,231 1 ,950 1 ,909 1 ,481 1,462 Dec............................ 7 >02 7 >31 2 >61 2,702 1 >15 I ,276 2,019 2,211 1,507 1,442 1969—Jan.............................. 7,730 7,955 2 812 2,855 1 ,282 1 ,271 2,082 2,083 1 ,554 1,746 Feb.............................. 7 >16 7 083 2*869 2’677 1 '231 1 >48 2,066 1 ,850 1 >50 1 >08 Mar........................... 7,735 7,840 2,928 2,954 1 >87 1 >25 2’011 2,025 1,509 1,536 Apr............................. 7 >60 8,033 2,967 2 >88 1 >36 1 >98 2,140 2,153 1 >17 1 594 May.......................... 7 834 7 810 2 917 2 943 1 ’278 1 >60 2’091 2 >46 1 >48 I 561 June............................ 7,910 7,895 2989 2,971 1 >23 1 >41 2,079 2,140 1 >19 1 >43 July............................. 7 >99 8,174 2 859 2 >91 I >30 1 >41 2,181 2,295 1 >29 1,547 Aug............................. 8 080 7’705 2 958 2 878 I >86 1 ,263 2 >28 2,105 1 >08 1 >59 Sept............................. 7,971 7,861 2 919 2 942 1 ,355 1 >01 2’133 2; 106 1 ’ 564 1 >12 Oct.............................. 7,992 8,303 2,986 3,133 1 >24 1 ,394 2,148 2,180 1 >34 1,596 Net change in credit outstanding 2 1962 .. 4,831 1,997 1,078 1 ,332 422 1963 . 6 >66 3>18 1,225 1,698 825 1964....................................... 7,200 3 >65 975 2,033 1,127 1965 . . 8,629 3,865 1 ,674 2,093 997 1966 .. . . 6>15 2,357 1 ,418 1 ,416 1,024 1967....................................... 3 >87 1 ,381 ’141 1 >44 621 1968....................................... 8 >64 4>52 1 ,381 2>34 997 1968—Oct.............................. 947 874 488 429 137 143 257 185 65 117 Nov............................. 834 895 342 208 157 137 189 230 146 320 Dec............................ 775 1 ,937 378 392 147 259 189 360 61 926 1969—Jan.............................. 641 -398 323 53 99 -44 168 -106 51 -301 Feb.............................. 798 -112 286 51 188 44 249 122 75 -329 Mar............................. 646 292 271 201 142 34 228 194 5 -137 Apr.............................. 760 991 351 597 169 165 238 294 2 -65 May............................ 846 1 ,150 319 493 173 218 274 382 80 57 June............................ 795 1 ,274 283 569 213 325 244 339 55 41 July............................. 622 >46 182 332 70 166 258 244 112 4 Aug............................. 600 899 190 284 45 138 242 358 123 119 Sept............................. 698 624 373 261 85 95 199 174 41 94 Oct.............................. 669 494 312 213 194 209 193 87 -30 -15 1 Includes adjustments for differences in trading days. tween extensions and repayments for some particular holders do 2 Net changes in credit outstanding are equal to extensions less not equal the changes in their outstanding credit. Such transfers do repayments, except in certain months when data for extensions and not affect total instalment credit extended, repaid, or outstanding. repayments have been adjusted to eliminate duplication resulting See also Note to previous table. from large transfers of paper. In those months the differences be­ Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 58 INDUSTRIAL PRODUCTION: S.A. a DECEMBER 1969 MARKET GROUPINGS (1957-59= 100) 19 p 5 r 7 o - - 59 1968 1968 1969 Grouping por­ tion age’’ Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.r Sept.r Oct.r Total index.................................... 100.00 165.4 166.0 167.5 168.7 169.1 170.1 171.4 171,7 172.5 173,7 174,6 174.3 173.9 173.1 Finn! products, total............... 47.35 165.0 167.0 167.9 168.1 168.2 169.3 170.8 170.2 170.0 170.7 172.8 172.7 172.6 171.0 Consumer goods........................... 32.31 156.8 159.6 159,2 160.1 161 0 161 .7 162.8 161,8 160.7 161.5 164.4 164.2 163.3 161.3 Equipment, including defense. .. . 15.04 182,8 183.0 186.5 185.3 183,5 185.5 187.8 188.4 190.0 190.4 190.8 190.3 192.4 191 .7 Materials.......................................... 52.65 165.7 165.7 167.6 169.3 169.6 170.8 172.1 172.9 174.5 176.3 176.5 175.9 175.7 175.5 Consumer goods Automotive products... ............. 3.21 174.4 178.9 181.2 177.8 176.2 174.7 175.4 166.1 165.8 178.7 184.6 179.5 176.6 172.0 Autos,............................................... 1.82 174.8 180.3 180.6 174.5 170.6 165.0 165.0 149.6 148.9 168.3 178.7 178.4 169.9 164.0 Auto parts and allied products........ 1.39 173.9 177.0 182.1 182.2 183.5 187.6 189.0 187.9 188.0 192.3 192.4 181.0 185.5 182.5 Home goods and apparel.................. 10.00 156.4 158.1 158.6 157.6 160.8 160.5 162.8 161.5 161.9 159.7 160.8 159.3 157.7 155.3 Home goods...................................... 4.59 175.5 176,7 178.3 180.0 184.3 183.0 186.3 186.1 185.9 186.1 184.4 184.5 183.4 179,2 Appliances, TV, and radios.......... 1.81 168.5 171.8 171 .9 173.2 177.7 179, I 182.9 182.0 182.0 180.2 181.8 181.9 181.9 174.4 Appliances..................... .... 1 .33 174.2 175,1 177.2 181.7 186.9 187.3 189 4 190.1 192.7 190.7 195.6 195.0 195.4 186,1 TV and home radios.................. .47 152.4 162.5 156,9 149.4 151.5 156.0 164.4 158.9 151.9 150.6 143.0 144.9 143.6 141.3 Furniture and rugs........................ 1.26 173.7 174.2 177.0 180.2 184.3 181.2 182.0 183.3 183.4 184.0 180.0 179.7 178,2 175.9 Miscellaneous home goods....... 1.52 185.2 184.7 187,0 187.9 192.2 189.0 193.8 193.4 192.6 194.8 191.1 191.6 189.4 187.6 Apparel, knit goods, and shoes..... 5.41 139.5 142.3 142.0 138.7 140.8 141.4 142.9 140.6 141.5 137.4 140.9 138.0 136.0 Consumer staples............................... 19.10 154.0 157.1 155.8 158.4 158.6 160.2 160.8 161.2 159.2 159.6 162.9 164.1 164.1 162.7 Processed foods................................. 8.43 132.6 133.2 132.0 134.7 134.8 136.7 136 4 137.1 136.4 136.1 135.3 138.8 137.9 135,9 Beverages and tobacco..................... 2.43 141 .9 145.9 142.3 145.4 144.6 147.5 150.9 143.7 137.9 140.4 147.8 152.3 152.6 Drugs soap, and toiletries............... 2.97 193.3 199.8 200.4 201.4 203.7 203.7 205.0 209.9 208.0 206.1 211.9 207.2 210.6 210.0 Newspapers, magazines, and books. 1.47 143.3 145.8 146.0 147.1 146.3 145.7 143,3 145.9 147.3 146.3 147,5 147.6 149.8 147.9 Consumer fuel and lighting .... 3.67 182.9 188,7 186. 1 190.2 190.0 192.0 193,6 194.1 189.8 192.7 201.6 201.1 198.6 Fuel oil and gasoline..................... 1.20 138.9 141.4 140.6 141.3 129.9 139.6 141.6 142.4 143.9 146.8 146.1 144.4 146.1 152,2 Residential utilities................... 2.46 204.4 211.8 208.3 214.0 219.3 217.6 218.9 219.3 212.2 215.1 228.7 228.7 224.2 Electricity........................... 1.72 223.3 233.6 228,0 235.7 242.8 239.9 240,6 240.6 230.0 233.7 252.6 252.2 245.3 Gas............................................. .74 171.4 Equipment Business equipment............................ 11.63 184.8 186.8 191.2 191.1 191.4 191.9 192.9 194.1 195.7 197.0 196.9 197.0 200.3 200.6 Industrial equipment......................... 6,85 168.1 170.2 174.0 174.9 175.9 175.7 176.7 178,6 1 80.9 182.7 181.2 180.3 183.9 182,7 Commercial equipment..................... 2.42 205.3 207.3 208.7 205 3 209.9 214.3 217.3 220,1 221.7 221.0 220.5 221.3 222.9 224.8 Freight and passenger equipment ... 1,76 234.5 234.3 247.4 247.2 245.5 244,4 242.3 239.7 238.4 240.8 250.5 249.7 251.7 254.1 Farm equipment................................ .61 146.1 155.3 152.4 134.0 136.1 133.0 135,6 133.9 134.9 135.2 124.4 136.0 145.5 Defense equipment. ... ................ 3.41 Materials Durable goods materials............ 26.73 158.0 155.4 157.6 159.7 161.2 162.6 164.0 165.8 165.5 167.0 167.0 167.3 166.4 165.6 Consumer durable............................ 3.43 164.5 166.5 169.6 161.0 162.2 167.7 163.2 157,9 156 6 162.7 163.0 169.5 171.7 166.6 Equipment......................................... 7.84 185,2 184.7 187.7 187.5 187.4 189.3 190.7 190,3 191 7 193.2 193.2 195,1 197.2 194.7 Construction...................................... 9.17 145.9 146.3 148.3 152 2 153 5 154.2 154.5 153.2 153.0 151.7 150.0 149.9 149.4 149.6 Metal materials n.e.c......................... 6.29 137.9 126.6 131.8 140.5 '44.6 150.2 153.3 151.5 148.4 153.6 156.2 153.5 149.0 152.7 Nondurable materials ........................ 25.92 173.7 176.4 177.9 179.2 178. J 179.2 180.3 180.3 183.7 185.9 186.4 184.7 185.3 185.6 Business supplies............................... 9.11 157.5 162.3 161.7 163.2 164 2 164.4 165.3 162.3 165.9 166.3 167.1 167.4 167.0 166.9 Containers..................................... 3.03 157.0 167.4 161.5 164.8 >67.4 168.1 170.4 165.0 168.2 167.5 165.5 166.7 167.8 169.0 General business supplies............. 6.07 157.8 159.8 161.8 162.4 >62.6 162.5 162,7 160.9 164.7 165.7 167.9 167.8 166.6 165.9 Nondurable materials n.e.c............... 7.40 221.8 228,2 230.3 233.6 229.3 231.6 232.7 232.3 236,6 239,4 241.6 238.2 240.2 240.2 Business fuel and power................... 9.41 151.6 149.3 152.5 151,9 151.8 152.3 153.7 156.9 159.3 162.8 161.6 159.4 159.8 160.8 Mineral fuels.................................. 6,07 132,8 126.0 131,4 130,0 127.8 127.7 130,2 134.2 137.4 141.8 139.7 136.5 135.5 136.5 Nonresidential utilities ............. 2.86 199,3 206.3 205.7 206.7 211.5 212.5 211,7 213.7 214.9 216.1 216.7 217.3 221.1 g, Electricity................................... 2.32 202.4 208,6 207.1 208.1 213.7 214.8 214.7 216,7 218.1 220.0 220,5 221.1 225.8 General industrial.................. 1.03 197.5 203.6 202,0 204.2 206.2 209.2 208.3 212.4 213.4 216.4 216.7 219.2 221.4 Commercial and other........... 1.21 216.7 223.6 222.0 222.2 231.2 230.7 231.2 231.7 233.4 234.7 235.6 234.7 241.7 Gas ........................................ .54 171.4 Supplementary groups of consumer goods Automotive and home goods,...... 7.80 175.0 177.6 179.5 179,1 181.0 179.6 181.8 177,9 177,6 183.0 184.5 182.4 180.6 176,2 Apparel and staples.......................... 24.51 150.8 153.9 152.8 154.1 154.7 156,0 156.8 156.6 155.3 154.7 158.1 158.4 157.9 For note see page A-61. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ INDUSTRIAL PRODUCTION: S.A. A 59 INDUSTRY GROUPINGS (1957-59 = 100) Grouping 19 p 5 r 7 o - ­ 59 a 1 v 9 e 6 r 8 ­ 1968 1969 por­ age ^ tion Oct. Nov. Dec, Jan. Feb. Mar. Apr. May June July Aug.r Sept,r Oct.r Total index.................................... 100.00 165.4 166.0 167 5 168.7 169.1 170 1 171 4 171.7 172 5 73 7 1 74 6 174 3 173 9 in 1 Manufacturing, total....................... 86.45 166.8 167.8 169,1 170.2 170.2 171.8 173.1 173.0 173 8 174 8 )75 6 175 4 175 1 t r Durable......................................... 48.07 169.9 169.3 171.3 172.4 173.0 174.5 175 9 175.7 176 7 7. 0O 1J 178 7 178 8 178 5 77 t Nondurable........................... 38.38 1 63.0 165.9 166 3 167.4 166.7 168 3 169 5 169.6 1718 171 3 169 8 7ZAU . 7Z Mining.............................................. 8.23 126.4 120.7 126.4 127.4 125,8 124.8 126'7 128.8 130 3 34 4 133^2 131,2 129.9 30 4 Utilities............................................. 5.32 201 .6 208.9 206.9 210.1 215.1 214.9 215 1 216.3 222 2 222.6 222^5 A Durable manufactures Primary and fabricated metals...... 12.32 150.7 144.5 148.6 152.9 155.6 158.4 160.3 161,2 162.3 165 J 164. / 164 i 162.1 163 2 Primary metals................................. 6.9$ 137.3 123.1 129.3 135.4 139.5 143.6 146.2 147.9 149.3 153 1 152.4 151.3 149 0 150 4 Iron and steel............................... 5.45 131 .0 108.1 115.8 124.6 126.8 133.7 139.0 141.2 141.6 145 6 145.3 141.1 1 41.0 141 5 Nonferrous metals and products,. 1.50 160.1 174.0 173,8 180,7 179.6 183.4 186.9 186,2 184.3 190,8 181.8 177.9 178.7 178*5 Fabricated metal products ......... 5.37 168.1 172.2 173,5 175,6 176.4 177.6 178.5 178.3 179.2 1 RA A 179.1 180.6 179 I 170 7 Structural metal parts................... 2.86 162.3 165.1 168.3 170.3 170.1 174.5 175.8 174,4 173.1 R 170.8 171.5 171 5 if 6 Machinery and related products........ 27.98 183.9 185.0 186.2 185.6 185.2 186.3 187.9 187.4 188.4 190.3 192.3 192.0 193.0 189.9 Machinery......................................... 14.80 184.4 186. 1 187,4 188.6 191,8 192.7 194.7 194.6 196.9 197,2 198.1 199.4 201.8 198,7 Nonelectrical machinery............... 8.43 181.3 183.7 184,4 185.3 188.3 189.6 190.2 190.8 193.1 195.3 196.0 195.5 199.7 200.0 Electrical machinery..................... 6.37 188.6 189.3 191.4 193.0 196.4 196.9 200.7 199.5 201.8 199.6 200.8 204.5 204.5 197.0 Transportation equipment.............. 10.19 179.6 180.4 180.2 176.4 171.2 173.1 174.1 172.4 171.8 176,6 181.1 179. 1 178.8 175,9 Motor vehicles and parts............. 4.68 171.6 177.0 177.7 172,3 167.3 167.7 167.6 160.8 156.8 169.1 174.2 174.1 170.4 167.7 Aircraft and other equipment.. . . 5.26 185.1 181 .0 179.6 177.0 170.9 174,1 176.0 178.7 180.8 79.5 183.4 180.3 182.6 80.0 instruments and related products. .. 1.71 184.2 185.8 188.5 189,7 191,6 190.4 192.8 195.4 195.3 195.7 194.7 194.9 195.4 193.8 Ordnance and accessories 1 28 Clay, glass, and lumber............ 4.72 137.2 139.9 141.5 144.3 143. 8 145.6 145.1 143.2 143.6 140.6 138.3 140.2 )39.8 139.0 Clay, glass, and stone products....... 2.99 146.2 151 .8 150.4 151.2 156,2 156.5 153.4 155.1 156.9 55.2 152.7 155.3 157.4 55.6 Lumber and products................... 1.73 121 .7 119.4 126,1 132,3 122.5 126.7 130.8 122,6 120.7 1 15.5 113.4 114. 1 109.5 1 10.3 Furniture and miscellaneous......... 3.05 169.9 171.3 172.2 174.2 176.6 175. 7 176.5 178.4 179 0 170 1 176.3 176.2 175.4 174. 7 Furniture and fixtures...................... 1.54 178.3 180.4 181,7 182.9 186.8 186.5 187.0 188.9 190.2 189.9 185.0 186.5 185.3 84. 1 Miscellaneous manufactures............ 1.51 161.3 162.1 162.5 165.3 166.2 164.7 165.7 167.6 167.5 168.1 167.4 165,8 165.3 65.2 Nondurable manufactures Textiles, apparel, and leather........... 7.60 145.3 146,8 147.5 145.0 143.6 142.6 144.7 143.7 146,3 146.0 145.4 143.3 141.5 141.2 Textile mill products........................ 2.90 151.5 153.3 155.1 153.5 152.9 152.0 152.9 154.2 156,5 157.8 157,0 153,0 152.4 151.6 Apparel products............................. 3.59 149.9 152.1 152.5 149,2 148.1 147,9 150.2 147.8 150,0 149.2 150.7 148.8 146.2 Leather and products....................... 1.11 Ul.3 113.0 111.7 109.2 105.0 101,3 105,6 103.4 107.6 104,7 98.4 100.0 97,7 Paper and printing........................... 8.17 155.6 157.7 159.8 159.7 160.2 161.2 162.2 162.4 163.8 164.4 165.9 166.3 165.9 164.7 Paper and products.......................... 3.43 163.9 166,7 170.1 169.9 171.1 173.9 175.0 175.8 174,9 175,3 176.4 177.5 176.8 75.3 Printing and publishing............ 4.74 149.6 151.2 152.3 152.3 152.4 152.1 153.0 152.7 155,9 156.5 158.3 158.2 158.0 57.0 Newspapers................................... 1.53 136. 1 138.4 140.8 139.5 141.2 141 .7 141.4 137.5 142,8 41.3 145,6 144.4 143.3 43.0 Chemicals, petroleum, and rubber..,. 11.54 207. 1 212,8 2)3.6 216.8 214.1 218.0 2)9.6 221.7 222.7 223,2 225.2 222.4 223.5 223.3 Chemicals and products................... 7.58 221.3 227.8 228.7 231.8 231.3 234.4 235.2 239.1 239.5 239.7 243,1 238.1 239,3 239.8 Industrial chemicals................... . 3.84 261.0 268,2 268.0 275.0 273.4 276,7 277,7 283.3 285.2 286.1 288,6 281.5 284.9 Petroleum products........................ 1.97 139.8 142.2 141 .4 141.2 131.0 140.2 142,7 142.2 143.5 145.4 143.5 144.5 146.2 147.9 Rubber and plastics products....... 1.99 219.7 225,8 227,5 234.6 230 8 232,8 236,2 234.2 237.0 >37.3 238.3 239.9 240.0 Foods, beverages, and tobacco....... 11.07 134.6 136.1 134.9 137.0 138.0 139.5 139.8 138.2 136.9 137.0 138.4 141.0 140.4 138.8 Foods and beverages........................ 10,25 135.7 137,3 136,1 138,8 139.4 140.9 141.5 140.5 138.6 38.3 139.9 143.1 142.2 140.4 Food manufactures....................... 8.64 132.7 133.3 132,8 134.6 136.1 137.2 136,7 136.7 136.6 136.1 135.8 137.8 137,0 136.2 Beverages....................................... 1.61 152.6 158,6 153.7 161.6 157.4 160.9 167,2 160.6 149.4 149.8 161.7 171 .3 169.9 Tobacco products........... .82 120.9 120.8 119,9 113.6 119.5 121,2 118.7 110.5 115.4 21 .9 120,3 114.8 118.6 Mining Coal, oil, and gas................. 6.80 125.0 118.9 124.6 124.2 122.4 120.2 121,9 125.7 128.7 133,1 131.7 128.8 127.9 128.8 Coal.................................................. 1.16 117.8 86.6 115,9 118.3 115.3 112.4 114.3 120.2 123.9 124.8 130.0 122.1 114.7 115.7 Crude oil and natural gas................. 5.64 126.5 125.5 126,3 125.4 123.9 121.8 123.5 126.9 129,6 134,8 132,1 130,2 130,7 31.5 Oil and gas extraction................... 4.91 136.3 135.3 135.1 132.8 130.8 131.3 134.0 137.5 140.5 145.8 142.0 139.9 140.4 41,4 Crude oil.................................... 4.25 130.6 129.1 128.6 126.4 124,0 124.0 127.0 130.2 133.1 139.2 135.5 132,4 133.0 134.2 66 172 6 Oil and gas drilling 73 60 0 59.5 67. 3 75.4 Metal, stone, and earth minerals..... 1.43 132.9 129.2 135.3 143.0 142.1 146.4 149.9 143.6 138.3 140.4 I4O.3 142.6 139.5 138.0 Metal mining.................................... .61 126.4 125.1 135.1 137.6 140.2 142.7 149,1 146,6 134.5 137,4 138.1 142.3 133,1 35,4 Stone and earth minerals................. .82 137.7 132,2 135.5 147.0 143.5 149.2 150,5 141 .4 141 .2 142.6 142.2 142.8 144.3 139.9 Utilities Electric............................... 4 04 211.3 219.3 216.0 219.9 226,1 225.5 225.7 226,9 223.1 225.9 234.2 234.4 234.1 Gas ..... ...........,, 1.28 171.4 For note see p. A-61. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 60 INDUSTRIAL PRODUCTION: N.S.A. □ DECEMBER 1969 MARKET GROUPINGS (1957-59= 100) 19 p 5 r 7 o - ­ 59 1968 1968 1969 aver­ Grouping por­ tion age^ Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.r Sept.r Oct.r Total index.................................... 100.00 165.4 170.7 169.1 166,3 166.5 170.5 173.1 171,9 172.4 176,7 167,7 174,6 179.1 177 6 Final products, total,......................... 47.35 165.0 172.6 169.2 165.6 166.6 169.3 171.9 168.6 168.4 174.0 166.4 173.4 179.2 174.7 Consumer goods............................ 32.31 156.8 167.5 161.7 155.8 158.9 161.8 163.9 159.0 158.2 165.5 156.5 166.3 172.6 166 9 Equipment, including defense. . . . 15.04 182.8 183.6 185.4 186.6 183.1 185.4 189.0 189,1 190.4 192.4 187,7 188.5 193.3 191.5 Materials........................................... 52.65 165.7 169.0 169.5 166.9 166.4 171.5 174.3 174.8 176.1 179,2 168.8 175.6 179.0 178.9 Consumer goods Automotive products........................ 3.21 174.4 197.2 198.3 185.5 185.4 183.6 186.0 174.7 173. 1 191.1 132.5 133,2 181.8 188 9 Autos................................................ 1.82 174.8 207.4 212.2 192.0 187.7 181 .5 184.8 164,6 165.3 191 .0 94.7 91 .9 175.0 188 6 Auto parts and allied products........ 1.39 173.9 183.8 180.1 176.9 182.3 186.3 187.5 187.9 183.5 191.1 182,1 187,6 190.7 189 4 Home goods and apparel.................. 10.00 156.4 167.4 162. 7 149,2 155.9 164.2 168.9 161.9 162.3 165.4 147.9 159.2 162.1 165 0 Home goods...................................... 4.59 175.5 189.5 186.2 178.8 182.8 187,7 191.2 188.8 188.4 191.2 172.0 179.4 190,6 193 3 Appliances, TV, and radios.......... 1.81 168.5 187.5 180,1 161.5 1 83.2 195.0 198.8 194,7 194.3 194.6 166,1 164.4 189,5 193 6 Appliances................................. 1.33 174.2 186.1 180.7 172.2 191.8 206.0 211.7 213.1 212.0 212.7 185,5 168.8 200,7 203 1 TV and home radios................. .47 152.4 191.7 178.2 131.5 158.9 164.1 162.6 143.0 144.3 143.8 111.1 152,1 158.0 166 7 Furniture and rugs........................ 1.26 173.7 183.3 183.5 186.9 180.2 179.0 179.8 178,2 176.4 181.8 171 .4 183.8 183,2 185 0 Miscellaneous home goods........... 1.52 185.2 196.9 195.6 192.6 184.5 186.2 191,7 190.5 191.4 194.8 179.6 193.5 197,9 200 0 Apparel, knit goods, and shoes........ 5.41 139.5 148,7 142.7 124,1 133. 1 144.2 150,0 139.2 140.1 143.6 127.5 142.1 138.0 Consumer staples............................... 19. JO 154.0 162.6 155.0 154.3 155. 9 156,8 157.6 154.9 153.5 161.2 165. 1 175.6 176.6 164 1 Processed foods................................ 8.43 132.6 147.9 137.0 132.4 128.1 129.2 128.6 127.0 128.2 134.7 134,6 150.2 155.6 142 8 Beverages and tobacco............ 2.43 141.9 150.0 135.0 125.9 126.9 134.5 147.5 145.4 148.3 160.8 155.8 164,8 156,4 Drugs, soap, and toiletries.............. 2.97 193.3 204.6 201.4 196.8 199.6 203.7 205,0 207,8 203.8 213.3 206,6 21 1.3 216.9 215 0 Newspapers, magazines, and books. 1.47 143.3 145.7 144. 1 146.8 145.0 145.1 145,4 146.5 146.9 145.7 147.5 149.4 151 .1 147 8 Consumer fuel and lighting............. 3.67 182.9 176.5 175.0 191.3 206 9 200 5 196. 4 184.1 176.0 185.6 214.3 222.6 215.2 Fuel oil and gasoline..................... 1.20 138.9 137.7 139.7 144.6 135.3 143 0 140.0 135,1 139.3 145.1 148.7 148.7 149.4 148 3 Residential utilities,...................... 2.46 204.4 Electricity.............................. 1.72 223.3 210.2 205,0 235.7 275.1 255.7 247.8 224,5 203.8 219.7 277,9 295.1 278.4 Gas......................... .74 171.4 Equipment Ritsiness equipment........................... 11.63 184.8 187.0 188,3 191,3 190. 2 191 8 194 6 195.5 196.7 200.0 193,6 195 1 201.5 199 9 Industrial equipment....................... 6.85 168.1 169.2 172.4 175,8 175.5 174.8 176.9 178.6 181.1 184,5 179.4 179.8 185.6 181 6 Commercial equipment..................... 2.42 205 3 209.4 211.2 209 8 210 1 212.8 215.3 215.9 219.0 221.7 216.1 221 3 226.2 227.0 Freight and passenger equipment... 1.76 234^5 240.2 240.0 239.8 238. 1 244.4 249.6 249,3 245.6 250.4 245.5 244.7 251,7 254,1 Farm equipment............................... .61 146. 1 145.7 126.8 131,1 138.6 146.8 152 8 149.6 142.7 143.2 113,7 120.7 136.6 Defense equipment........................ 3.41 Materials Durable goods materials............. 26.73 158.0 158.9 159.6 158.2 157.0 162.8 165.9 166.4 167.4 171.6 160.5 166.2 170.0 169 3 Consumer durable............................ 3.43 164.5 169.0 174.7 169 0 167.9 170.2 168 1 162.6 161.3 166.0 149 1 161.0 170.0 169 1 Equipment......................................... 7.84 185 2 184.1 187.9 190.3 1 89.1 191.0 192,8 192.4 193.0 195,1 187,2 189.2 195,2 194 1 Construction..................................... 9.17 145 9 153.6 148.0 143.1 1 36,6 143 4 148 3 151.7 155.3 161.6 154,5 160,4 159.9 157 I Metal materials n.e.c......................... 6.29 137 9 129.6 132.9 134.3 140.8 151.6 157.0 157.6 156.6 160.1 142,1 149.0 153.5 156 4 Nondurable materials.............. 25.92 173.7 179.3 179.6 176.0 176.2 180 6 182.8 183.4 185.0 187.0 177.3 185.3 188.2 188 8 Business supplies.............................. 9.11 157.5 168 9 165.3 157.7 158.4 163.7 168.3 166.9 168.6 168.0 156.8 167.5 171.4 173 7 Containers..................................... 3.03 157.0 175 9 161 1 146.7 159.0 166.1 171,3 170.9 169.9 172.7 161.4 176.7 177.0 177 6 General business supplies............. 6.07 157 8 165 4 167 5 163.2 158.0 162.5 166 8 164.9 168.0 165.7 154 5 162.8 168.6 171 7 Nondurable materials n.e.c.. ........... 7.40 221.8 230.5 232.6 228,9 228.2 236.2 237.4 239.3 240.1 243.0 227.8 235.8 240.9 242 6 Business fuel and power................... 9.41 151.6 149.2 151.9 152.0 152 5 153. 1 153,9 155.4 157.4 161.2 157.5 162.9 163,0 161 0 Mineral fuels................................. 6.07 132.8 126. 1 132.7 131.6 129.9 131.8 133.0 135.9 137.3 138.1 129,5 134.8 135.6 137 0 Nonresidential utilities................. 2.86 199.3 Electricity................. 2.32 202.4 208.3 201.2 203.8 210.2 205.9 207,7 206.4 210.9 224.4 231.7 240.2 238.8 General industrial................. 1 .03 197.5 204.0 202.0 202.2 205.2 202.7 207.3 209.6 214.5 220.7 215.6 223.6 224,7 Commercial and other........... 1.21 216.7 222.7 210.9 215.5 225.4 219.2 218.7 214.3 218.7 239.4 258,0 267.6 263,9 Gas............................................ .54 171.4 Supplementaty groups of consumer goods Automotive and home goods........... 7.80 175.0 192.7 191.2 181.5 183.9 186,0 189.1 183.0 182.1 191.1 155.7 160.4 187.0 191.5 Apparel and staples.......................... 24.51 150.8 159.5 152,3 147.6 150.9 154,1 156,0 151.4 150.5 157.3 156.8 168.2 168.1 For note see page A-61. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ INDUSTRIAL PRODUCTION: N.S.A. A 61 INDUSTRY GROUPINGS (1957-59= 100) 1957-59 1 1968 1968 1969 Grouping pro­ averp ti o o r n ­ ageP Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug.r Sept.r Oct.r Total index.................................... 100.00 165.4 170.7 169.1 166.3 166.5 170.5 173.1 171.9 172.4 176.7 167.7 174.6 179.1 177,6 Manufacturing, total,........................ 86,45 166.8 173.4 171.4 167.5 167.0 172.1 175.1 173.7 174.4 178.5 167.3 174.3 179.8 179. 7 Durable....................................... 48.07 169.9 173,5 174.2 172.6 171.4 175.3 178.6 171.7 178.3 182 2 169.7 173.6 181.3 181.3 Nondurable................................... 38.38 163.0 173.3 168.0 161,2 161.4 168.0 170.8 168.6 169.5 173,9 164.3 175.0 177.9 177.7 Mining.............................................. 8.23 126.4 122.8 126.8 126.3 124. 1 124.2 125.4 130,2 132.9 134.6 127.9 132.3 132.6 132.8 Utilities............................................. 5.32 201.6 Durable manufactures Primary and fabricated metals.......... 12. 32 150.7 147.5 149.8 150.6 153.7 160.1 164.0 164.2 164.1 167.9 154.3 161.7 165.5 166.4 Primary metals................................. 6.95 137.3 124.3 129.3 131.3 139.5 150,3 155.3 155.3 153.0 155.4 137.2 144.2 148.3 151.9 Iron and steel............................... 5,45 131 .0 109.7 117.0 121.5 129,3 140.4 (46.0 146.8 144.4 145.6 130,0 135.5 139,6 143.6 Nonferrous metals and products.. 1.50 160.1 177.3 173.8 167.0 176.5 186.2 189.0 186,2 184,3 190.8 163.6 176. 1 180,0 181.9 Fabricated metal products............... 5.37 168.1 177.4 176.3 175,6 172.2 172.8 175.3 175.6 178,3 184.2 176.4 184.2 187.7 185,1 Structural metal parts.............. 2.86 162.3 170.1 170.8 172,0 166.7 167.5 168.9 169.2 172.2 177.3 170.8 175.8 178.4 177.8 Machinery and related products........ 27.98 183.9 188.4 190.3 188.4 186.8 189.3 192,1 190.0 190,5 194.2 180.8 182.0 193.6 193.3 Machinery......................................... 14.80 184.4 188.1 189.1 188.4 191 .7 195.0 197.6 197.4 198.5 201.3 190.6 193.2 202.0 200.6 Nonelectrical machinery............... 8.43 181 .3 180.4 182.6 185.3 188.3 192.3 195.5 196,5 197.9 200.8 191 .1 188.3 197.1 196.4 Electrical machinery..................... 6.37 188.6 198.3 197.6 192.4 196. 1 198.6 200.5 198.6 199.3 201 .9 189.9 199.8 208.5 206,0 Transportation equipment............... 10.19 179.6 186.4 188.3 183.8 176.0 178.2 181 .4 176.2 175.6 181.1 161 .4 160.6 179.7 181.8 Motor vehicles and parts............. 4.68 171 .6 188.9 192.6 181.5 176.6 176,3 177.7 167.9 165.6 180.9 136.5 137.7 173.7 179.7 Aircraft and other equipment.. .. 5.26 185.1 181.9 182.3 183.2 172.6 176.7 181.1 179,6 180.1 177.0 179.0 177,1 181.9 180.9 Instruments and related products. .. 1.71 184.2 187.8 190.0 192.0 189.3 189.4 191.8 192.5 193.3 197.7 192.8 196.5 197.5 195.9 Ordnance and accessories................. 1.28 Clay, glass, and lumber..................... 4.72 137.2 148.3 139.4 133.2 127.6 134.6 140.1 142.8 145.2 150.4 143.6 150.3 149.5 147.3 Clay, glass, and stone products........ 2.99 146.2 160. 1 150.4 143.2 138.4 141.0 147.4 154.5 159.4 165.9 161.1 167.4 166.4 164,2 Lumber and products............ 1.73 121 .7 1 27.8 120.4 115.8 109,0 123.5 127.5 122.6 120.7 123.6 113.4 120,9 120.4 118,0 Furniture and miscellaneous,............. 3.05 169.9 180.5 180,0 177.7 169.8 171.0 173.3 173.7 174.8 179.3 170.6 181.3 181.9 184.0 Furniture and fixtures...................... 1.54 178.3 187.3 186.8 189.8 183.1 183.7 184.8 183.8 184.5 189.5 180.4 191.7 190.9 191 . 1 Miscellaneous manufactures............. 1.51 161 .3 173.5 173.1 165.3 156.2 158. 1 161 .6 163.4 165.0 168.9 160,7 170,8 172.7 176.8 Nondurable manufactures Textiles, apparel, and leather........... 7.60 145.3 151.6 148.0 133.2 140.6 148.7 154.5 145.4 146.9 149.2 131.2 145.9 144.2 145.7 Textile mill products........................ 2.90 151.5 156.4 157.4 146.6 150.6 154.3 159.8 155.7 158,8 161 .0 142.1 153.8 155.4 154.6 Apparel products.............................. 3.59 149.9 158.9 152,5 132.0 143.7 156.8 163.7 150.8 151.5 153.7 135.6 151.8 149.1 Leather and products...................... 1.11 Hl .3 1 15.8 109.5 101.9 104.5 108.3 110.9 101.3 101,1 104.2 88.6 106.5 99.2 Paper and printing............................. 8.17 155.6 165.4 163.1 155.9 157.0 162.0 165.9 165.3 165.1 165,6 155.8 164,3 168.0 172.4 Paper and products.......................... 3.43 163.9 178.4 177.0 156.3 168.5 178.2 180.3 178.4 175,8 179.3 162.3 177,5 179.5 186.7 Printing and publishing.................... 4.74 149.6 156.1 157.4 155.6 148.7 150.3 155.6 155.7 157.4 155.7 151 .2 154.7 159.7 162.1 Newspapers................................... 1.53 136.1 148.5 154.9 143.0 129.9 136.0 144.9 146.4 152.2 142.0 126,7 132,1 144.0 153.4 Chemicals, petroleum, and rubber.... 11.54 207.1 216.9 214.3 212.2 210.2 220.8 221.3 222.1 222.8 228.2 216.1 223.1 228.9 227.6 Chemicals and products................... 7.58 221.3 230.4 230.9 227.8 226.5 236.1 237.3 241.9 239.7 244.9 234.7 239.0 244.1 242.5 Industrial chemicals...................... 3.84 261 .0 270.9 274.7 275.0 269.3 280.9 280.5 286.1 285.2 287.5 277.1 280,1 287.7 Petroleum products.......................... 1.97 >39,8 143.6 139.6 137.8 127,1 137.4 137.7 136.5 142,1 149.8 151.1 152.2 152.0 149.4 Rubber and plastics products....... 1.99 219.7 238.2 225.2 226.4 230.8 244.9 243.5 231.9 238.2 242.0 209.7 232.7 246.9 Foods, beverages, and tobacco........... 11.07 134.6 148.5 136,9 131.2 128.2 130.7 133.1 131.3 132.8 140.5 139.1 152.9 155.3 151.4 Foods and beverages........................ 10.25 135.7 149.8 138.0 134.2 129.0 131 .6 134.4 133,0 133.8 141,3 141 .7 155,2 157.9 153.2 Food manufactures...................... 8.64 132.7 148.0 137.4 132.6 128.6 129.7 129.0 127.4 128.4 134.7 134.4 149.5 155.0 147.2 Beverages....................................... 1.61 152.6 159.4 141 .4 143.0 131.3 141.6 163.0 163,2 162.8 176.2 180.8 185.5 173.3 Tobacco products............................ .82 120.9 131.6 122.3 92.5 118.2 120.6 116.9 110,3 119,6 130.4 106,5 124.2 123.2 Mining Coal, oil, and gas.............................. 6.80 125.0 119.1 125.7 125.6) 124.4 123.9 124.1 128.3 129.6 130.3 122.6 127.3 128.0 129.3 Coal................................................... 1.16 117.8 94.4 120.6 116.2 113.0 113,7 115.2 121.0 125.1 116.6 91 .0 128,4 121.3 126.1 Crude oil and natural gas................. 5,64 126.5 124.2 126.7 127.5 126.8 126.0 125,9 129.8 130,5 133.1 129,1 127. 1 129.4 130.0 Oil and gas extraction................... 4.91 136.3 133.5 135,5 135.2 134.0 136. 1 137.2 139.4 140.2 143.2 138.6 136.3 138.9 139.6 Crude oil.................................. 4.25 130.6 127.8 128.6 127.7 125.9 127,7 129.5 132,3 133,8 137.8 132.8 129,8 132.9 132.9 Gas and gas liquids................... .66 172.6 Oil and gas drilling....................... .73 60.0 61.0 67,0 75.2 Metal, stone, and earth minerals....... J. 43 132. 9 140.2 132.1 129.5 122.2 125.7 131.5 139.2 148.9 155.1 152.8 156.0 154.4 149.6 Metal mining.................................... .61 126.4 133.9 125.6 123.8 123,4 128.4 132.7 136.3 147.9 155.3 147.8 153.7 150.4 144.9 Stone and earth minerals................. .82 137.7 144.8 136.9 133.8 121.4 123.7 130,6 141.4 149.7 155,0 156.6 157.8 157.3 153.2 Utilities Electric.............................................. 4.04 21 1.3 209.1 202.8 217.4 237,9 227.1 224,8 214.1 207.9 222.4 251.4 263,6 255.7 Gas.................................................... 1.28 171.4 Note.—Published groupings include some series and subtotals not Industrial Production—1957-59 Rase. Figures for individual series and shown separately. A description and historical data are available in subtotals (N.S.A.) are published in the monthly Business Indexes release. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 62 BUSINESS ACTIVITY; CONSTRUCTION □ DECEMBER 1969 SELECTED BUSINESS INDEXES (1957-59 = 100, unless otherwise noted) Industrial production Manu­ Prices * facturing 2 Ca­ Nonag- Period M F a in jo a r l m pr a o r d k u e c t ts groupings Ma g j r o o r u p in in d g u s stry p u in t a t i i o l c m i n z it f a y g ­ . s c C t t i o r o o u n n n c ­ ­ ­ r p t e i u c lo m r u a y ­ l l ­ - Em­ s T re a o l t e t a a s il l 3 Whole­ Total Total C su o m n e ­ r E m q e u n ip t ­ M ria a l t s e­ Mfg. M in i g n­ U itie ti s l­ c (p e e n r t ) tracts T m o e ta n l t — i p m lo e y n - t r P o a ll y s ­ s C um on e ­ r m c s o o a m l d e i ­ ty goods 1951. 81.3 78.6 77.8 78.4 83.8 81.9 91.3 56.4 94.0 63 91.1 106.1 80.2 76 90.5 96.7 1952. 84.3 84.3 79.5 94.1 84.3 85.2 90.5 61.2 91.3 67 93.0 106.1 84.5 79 92.5 94.0 1953. 91.3 89.9 85.0 100.5 92.6 92.7 92.9 66.8 94,2 70 95.6 111.6 93.6 83 93.2 92.7 1954. 85.8 85.7 84.3 88.9 85.9 86.3 90.2 71.8 83.5 76 93.3 101.8 85.4 82 93.6 92.9 1955. 96.6 93.9 93.3 95.0 99.0 97.3 99.2 80.2 90.0 91 96.5 105.5 94.8 89 93.3 93.2 1956. 99.9 98.1 95.5 103.7 101.6 100.2 104.8 87.9 87.7 92 99.8 106.7 100.2 92 94.7 96.2 1957. 100.7 99.4 97.0 104.6 101.9 100.8 104.6 93.9 83.6 93 100.7 104.7 101.4 97 98.0 99.0 1958. 93.7 94.8 96.4 91.3 92.7 93.2 95.6 98.1 74.0 102 97.8 95.2 93.5 98 100.7 100.4 1959. 105.6 105.7 106.6 104.1 105.4 106.0 99.7 108.0 81.5 105 101.5 100.1 105.1 105 101.5 100.6 I960. 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 80.6 105 103,3 99.9 106.7 106 103.1 100.7 1961. 109.7 111.2 112.6 108.3 108.4 109.6 102.6 122.3 78.5 108 102.9 95.9 105.4 107 104.2 100.3 1962. 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 82.1 120 105.9 99. 1 113.8 115 105.4 100.6 1963. 124.3 124.9 125.2 124.2 123.7 124.9 107.9 140.0 83.3 132 108.0 99.7 117.9 120 106.7 100.3 1964. 132.3 131.8 131.7 132.0 132.8 133.1 111.5 151.3 85.7 137 lll.l 101 .5 124.3 128 108.1 100.5 1965. 143.4 142.5 140,3 147.0 144.2 145.0 114.8 160.9 88.5 143 115.8 106.7 136.6 138 109.9 102.5 1966. 156.3 155.5 147.5 172.6 157.0 158.6 120.5 173.9 90.5 145 121.8 113.5 151.7 148 113.1 105.9 1967. 158.1 158.3 148.5 179.4 157.8 159.7 123.8 184.9 85.3 153 125.4 113.6 155.1 153 116.3 106.1 1968.................... 165.3 164.9 156,7 182.6 165,7 166,8 126.4 201.6 84.5 173 129.2 115.2 167.8 166 121.2 108,7 1968--Oct........... 166.0 167.0 159.6 183.0 165.7 167.8 120.7 208.9 | »84.2 200 130.3 115.5 172.3 168 122.9 109.1 Nov.......... 167.5 167.9 159.2 186.5 167.6 169.1 126,4 206.9 183 130.7 115.9 173.9 168 123.4 109.6 Dec.......... 168.7 168.1 160. 1 185.3 169.3 170.2 127.4 210.1 185 131. 1 116.2 175.3 166 123,7 109.8 1969--Jan........... 169.1 168.2 161 .0 183.5 169.6 170.2 125.8 215,1 191 131.7 116.6 175.8 170 124,1 110.7 Feb........... 170.1 169.3 161.7 185.5 170.8 171.8 124.8 214.9 *’84.5 205 132.3 116.9 174.3 171 124.6 111.1 Mar...... 171.4 170.8 162.8 187.8 172.1 173.1 126.7 215.1 177 132.7 117.3 178.2 169 125.6 111.7 Apr........... 171.7 170.2 161.8 188.4 172.9 173.0 128.8 216.3 183 132.9 117.0 177.8 172 126.4 111.9 May......... 172.5 170,0 160,7 190.0 174.5 173.8 130.3 213.6 ”84.5 210 133,3 1 17.0 177.7 172 126.8 112.8 June......... 173.7 170.7 161.5 190.4 176.3 174,8 134.4 215.6 180 133,8 117.6 180.3 172 127,6 113.2 July.......... 174.6 172.8 164.4 190.8 176.5 175,6 133.2 222,2 176 133.7 117.3 179.8 170 128,2 113.3 Aug.......... 174.3 172.7 164.2 190.3 175,9 175.4 131.2 222.6 *’84.2 216 134.2 118.5 183.9 172 128.7 113.4 Sept.......... 173.9 172.6 163.3 192.4 175.7 175.1 129.9 222.5 173 134.0 117.3 184.2 171 129,3 113.6 Oct............| 173, I 171.0 161.3 191.7 175.5 174.0 I 130.4 223.4 195 134.5 116.9 183,4 173 129.8 114.0 Nov.J*. . , . 171.1 168.7 160,2 186.9 173.5 171.8 131 .4 223.5 ........... 134.5 115.6 181,7 172 .....1..1..4...5 1 Employees only; excludes personnel in the Armed Forces. Capacity utilization: Based on data from Federal Reserve, McGraw- 2 Production workers only. Hill Economics Department, and Department of Commerce. 3 F.R. index based on Census Bureau figures. Construction contracts: F. W. Dodge Co. monthly index of dollar 4 Prices are not seasonally adjusted. value of total construction contracts, including residential, nonresidential, and heavy engineering; docs not include data for Alaska and Hawaii. Note.—All series: Data are seasonally adjusted unless otherwise noted. 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. CONSTRUCTION CONTRACTS AND PRIVATE HOUSING PERMITS (In millions of dollars, except as noted) 1968 1969 Type of ownership and type of construction 1967 1968 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Total construction 1........................ 54,514 61,732 6,171 4,863 4,543 4,766 4,802 5,003 5,895 7,081 6,443 6,298 6,523 5,140 6,240 By type of ownership: Public....................................... 19,039 19,597 1,728 1 ,558 1,278 1,546 1,572 1 ,632 1 ,791 2,536 2,326 2,352 2,605 I ,719 I ,626 Private >................................... 35,475 42,135 4,443 3,305 3,265 3,220 3,230 3,371 4,104 4,545 4,118 3,947 3,918 3,420 4,615 By type of construction: Residential building 1............. 21,155 24,838 2,408 2,043 1,743 1,746 1 ,820 1 ,957 2,546 2,620 2,548 2,296 2,394 1,952 Nonresidential building........... 20,139 22,512 2,370 1,992 1 ,849 2, 145 1 885 1 772 2,136 2,680 2,357 2,402 2,460 2,013 Nonbuilding............................ 13,220 14,382 1,393 828 951 875 1 ,097 1 ,274 1 ,213 I ,780 1 ,538 1 ,600 1 ,669 1,375 Private housing units authorized. . . 1,141 1 ,330 1 ,378 1 ,425 1 ,463 1 ,403 1,477 1 ,421 1 ,502 1 ,323 1,340 1,228 1 ,245 rl.2O1 ”1.119 (In thousands, S.A., A.R.) 1 Because of improved collection procedures, data for 1-family homes Note.—Dollar value of construction contracts as reported by the F. W. beginning Jan. 1968 are not strictly comparable with those for earlier Dodge Co. does not include data for Alaska or Hawaii. Totals of monthly periods. To improve comparabilit , earlier levels may be raised by ap­ data exceed annual totals because adjustments—negative—are made into proximately 3 per cent for total and private construction, in each case, accumulated monthly data after original figures have been published. and by 8 per cent for residential building. Private housing units authorized are Census Bureau series for 13,000 reporting areas with local building permit systems. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ CONSTRUCTION A 63 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Period Total Total N f r a e o r s m n i­ ­ Buildings Total M tar il y i­ H w ig ay h­ d C v e o a v n & t e i s o l o e n p r ­ ­ Other 2 dential Total Indus­ Com­ b O u th il e d r ­ Other ment trial mercial ings 1 1959 .......................... 55,305 39,235 24,251 14,984 2,106 3,930 2,823 6,125 16,070 1,465 5,761 1,121 7,723 I960............................ 53,941 38,078 21,706 16,372 2,851 4,180 3,118 6,223 15,863 1,366 5,437 1,175 7,885 1961............................ 55,447 38,299 21,680 16,619 2,780 4,674 3,280 5,885 17,148 1,371 5,854 1,384 8,539 1962 J......................... 59,667 41,798 24,292 17,506 2,842 5,144 3,«31 5,889 17,869 1,266 6,365 1,524 8,714 19634........................... 63,423 44,057 26,187 17,870 2,906 4,995 3,745 6,224 19,366 1,189 7,084 1 ,690 9,403 1964............................. 66,200 45,810 26,258 19,552 3,565 5,396 3,994 6,597 20,390 938 7,133 1,729 10,590 1965............................. 72,319 50,253 26,268 23,985 5,118 6,739 4,735 7,393 22,066 852 7,550 2,019 11,645 1966............................. 75’120 51,120 23,971 27,149 6,679 6,879 5,037 8,554 24,000 769 8,355 2,195 12,681 1967............................ 76,160 50,587 23,736 26,85! 6,131 6,982 4,993 8,745 25,573 721 8,538 2,196 14,511 1968............................. 84,692 56,996 28,823 28,173 5,594 8,333 4,873 9,373 27,696 824 9,295 2,046 15,531 1968_ Oct.................... 87,757 59,259 29,823 29,436 6,096 8,939 4,680 9,721 28,498 1 ,028 9,214 2,099 16,157 Nov......... 87,812 59,014 30,152 28,862 6,271 8,262 4,716 9,613 28,798 852 9344 2.005 16,497 Dec.................. 88,068 58,899 30,937 27,962 5,905 8,046 4.449 9,562 27,169 1,132 9,605 2,155 14,277 1969—jani r................. 91 ,972 62,875 31,084 31,791 6,800 9,971 5,142 9,878 29,097 1 ,044 Feb.r................ 92,066 62,550 31’436 31,114 6,318 9,941 5,198 9,657 29,516 1 ,024 Mar.r............... 91 '816 62,762 32,423 30’339 6,019 9^751 4’827 9^742 29^54 1 339 Apr.r............... 92,793 62,962 32,930 30^032 5^857 9,066 5^73 9’836 29,831 1,196 Mayr............... 92389 63,564 32^866 30 ,'698 5^923 9^284 5,428 10;O63 28'525 1 ;oo3 Juner............... 90’913 63’197 31^805 31 ,392 6^050 10,020 5,117 10,145 27,716 949 Julyr................ 90,918 64,242 31,385 32 857 6 304 10^417 5,566 10'470 26,676 792 Aug.r............... 91,026 64,008 30^880 33’128 6,414 10J43 5’917 10'454 27,018 863 Sept.................. 92377 65^546 31'035 34’511 6^714 1 I '1 18 5^995 10,684 27J31 920 Oct J'................. 91 ,954 64,436 31,403 33,033 6,652 10,23! 5,745 10305 27^518 943 ............. 1 Includes religious, educational, hospital, institutional, and other build­ 4 Beginning 1963, reflects inclusion of new series under “Public" (for ings. State and local govt, activity only). 2 Sewer and water, formerly shown separately, now included in ''Other.” 3 Beginning July 1962, reflects inclusion of new series affecting most Note.—Monthly data are at seasonally adjusted annual rates. Figures private nonresidential groups. for period shown are Census Bureau estimates. NEW HOUSING UNITS (In thousands) Units started Private (S.A., A.R.) Government Mobile Private and public underwritten home Period (N.S.A.) (N.S.A.) ship­ Region Type of structure ments (N.S.) Total N e o a r s th t ­ C N e o n r t t r h al South West fam l- ily 2 fa - m to i l 4 y - f m 5 a - o m r o e il r y - Total Private Public Total FHA VA 1959........................ 1,517 268 368 512 369 1,234 283 1,554 1 ,517 37 458 349 109 121 I960........................ 1 352 221 292 429 309 995 257 1,296 1,252 44 336 261 75 104 1961........................ 1 313 247 277 473 316 974 339 1 ,365 11313 52 328 244 83 90 1962........................ 1363 264 290 531 378 991 471 1 ;492 1,463 30 339 261 78 118 1963 ........................ 1,610 26! 328 591 431 1,021 589 1,642 1 ,610 32 292 221 71 151 1964........................ 1,529 253 339 582 355 972 108 450 1,562 1 ,529 32 264 205 59 191 1965........................ 1373 270 362 575 266 964 87 422 1,510 1 ,473 37 246 197 49 216 1966........................ 1,165 207 288 473 198 779 61 325 1,196 1,165 31 195 158 37 217 1967........................ 1,292 215 337 520 220 844 72 376 1,322 1,292 30 232 180 53 240 1968........................ 1,508 227 369 619 294 900 81 527 1,548 1,508 40 283 227 56 318 1968—Oct................ 1,570 217 398 628 327 965 81 524 143 141 3 27 21 5 33 Nov.............. 1,733 193 396 810 334 905 86 742 130 127 2 22 18 4 28 Dec............... 1,509 196 345 659 307 922 69 516 100 96 3 21 16 4 24 1969—Jan................ 1,878 316 564 760 238 1,066 88 724 106 102 4 18 14 4 27 Feb............... 1 ,686 216 578 662 230 975 112 599 95 90 5 17 13 3 28 Mar.............. 1 ,584 265 430 554 335 828 92 664 136 132 4 23 19 4 32 Apr............... 1 363 255 358 582 368 797 86 680 160 159 1 27 23 4 35 May............. 1 ,509 243 345 587 334 883 84 542 158 156 2 25 21 4 33 June 1 369 236 288 604 341 808 76 585 151 147 4 26 22 5 35 July............... 1,371 193 285 551 342 765 65 541 127 125 1 26 21 5 33 Aug............... 1'384 189 388 529 278 723 69 592 128 125 3 27 22 4 35 Sept.’’............ 1,533 154 376 618 385 843 88 602 132 129 4 23 18 5 36 Oct3............. 1 ,342 167 284 523 368 765 95 482 121 119 2 30 25 5 Note.—Starts are Census Bureau series (including farm starts) except office reports of first compliance inspections. Data may not always add in the case of Govt.-underwritten, which are from Federal Housing to totals because of rounding. Admin, and Veterans Admin, and represent units started, based on field Mobile home shipments are as reported by Mobile Homes Manufac­ turers Assn. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 64 EMPLOYMENT □ DECEMBER 1969 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons, unless otherwise indicated) Civilian labor force, S.A. Total non- Total Unemploy­ Period in p s o N t p it . u u S l t a . i A o ti . o n n a l l N ab N o o t . r S in . f A o t r . h c e e l f a S o b r . c A o e . r Total Total E In m c u n p l o t l u n o r a y a g e l r d i- 1 agric I u n l ture U pl n o e ye m d ­ (pe m r S a r . e t c A e n e . t 2 n t) industries 1963.......................... 125,154 50,583 74,571 71,833 67,762 63,076 4,687 4,070 53 1964.......................... 127,224 51^394 75,830 73,091 69’305 64382 4323 3’786 5.2 1965......................... 129'236 52,058 77,178 74’455 71’088 66326 4’361 3 366 4.5 1966.......................... 131,180 52'288 78'893 75'770 72,895 68315 3’979 2'875 3.8 1967.......................... 133,319 52'527 80,793 77'347 74’371 70,527 3,844 2375 3.8 1968.......................... 135’562 53 ,291 82,272 78 ,737 75 320 72’103 3 817 2,817 3.6 19683-Nov............... 136,420 53,718 82,559 79,042 76,388 72 682 3,706 2,654 3 4 Dec............... 136’619 54,001 82’868 79’368 76’765 72,923 3,842 2’603 3.3 1969—Jan................ 136,802 55,091 83,351 79,874 77,229 73 477 3352 2,645 3 3 Feb................ 136^940 54,361 83,831 80,356 77'729 73 848 3,881 2 327 3.3 Mar............... 137,143 54,373 83 ,’999 80,495 77'767 74 035 3 ,732 2,328 3.4 Apr................ 137’337 54'200 83’966 80'450 77,605 73,941 3,664 2,’ 845 3.5 May.............. 137^549 54364 83’593 80',071 77365 73 360 3,805 2’806 3.5 June.............. 137,737 51 ,’857 83 ,957 80,433 77'671 73’966 3'705 2 362 3.4 July............... 137,935 51‘617 84377 80,756 77’874 74 323 3 551 2’882 3.6 Aug............... 138'127 52’081 84,584 81,054 78,187 74 553 3’634 2,867 3.5 Sept............... 138'317 53’790 84’902 81,359 78,127 74,669 3 ,458 3 332 4.0 138 539 53’501 85 014 81 486 78*325 74 993 3 ’ 332 3 ’ 161 3.9 Nov............... 138,732 53,’812 84,788 81,295 78,497 75 368 3,’429 2,798 3.4 1 Includes self-employed, unpaid family, and domestic service workers. Note.—Bureau of Labor Statistics. Information relating to persons 16 2 Per cent of civilian labor force. years of age and over is obtained on a sample basis. Monthly data relate 3 Beginning Jan. 1967, data not strictly comparable with previous data. to the calendar week that contains the 12th day; annual data are averages Description of changes available from Bureau of Labor Statistics. of monthly figures. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n r u in f g ac­ Mining c C o o n n s t t r r a u c c t ­ T tio ra n n s & p o p r u ta b ­ ­ Trade Finance Service G m ov e e n r t n­ tion lic utilities 1963........................................................ 56,702 16,995 635 2,963 3,903 11 ,778 2,877 8,325 9,225 1964........................................................ 58,331 17,274 634 3,050 3,951 12,160 2,957 8,709 9,596 1965........................................................ 60,815 18,062 632 3,186 4,036 12,716 3,023 9,087 10,074 1966........................................................ 63,955 19,214 627 3,275 4,151 13,245 3,100 9,551 10,792 1967........................................................ 65,857 19,447 613 3,208 4,261 13,606 3,225 10,099 11,398 1968........................................................ 67,860 19,768 610 3,267 4,313 14,081 3,383 10,592 11 ,846 SEASONALLY ADJUSTED 1968 —Nov........................................... 68,664 19,897 622 3,313 4,352 14,291 3,453 10,787 11,949 Dec............................................ 68,875 19,958 623 3,330 4,360 14,271 3,463 10,838 12,032 1969 —Jan............................................. 69,199 19,999 626 3,338 4,353 14,412 3,490 10,900 12,081 Feb............................................ 69,487 20,061 628 3,366 4,373 14,468 3,502 10,967 12,122 Mar........................................... 69,710 20,122 626 3,374 4,399 14,508 3,515 I 1 ,034 12,132 Apr............................................ 69,789 20,111 624 3,363 4,439 14,533 3,531 1 1 ,044 12,144 May........................................... 70,013 20,118 622 3,407 4,444 14,609 3,541 11 ,065 12,207 June........................................... 70,300 20,198 622 3,466 4,467 14,665 3,557 11 ,066 12,259 July............................................ 70,247 20,164 629 3,434 4,483 14,671 3,568 11 ,067 12,231 Aug............................................ 70,500 20,334 631 3,410 4,484 14,702 3,581 11 ,120 12,238 Sept.......................................... 70,390 20,197 631 3,420 4,480 14,716 3,586 11,150 12,210 Oct.".......................................... 70,642 20,156 632 3,415 4,486 14,827 3,594 11 ,235 12,297 Nov.p..................................................... 70,621 19,982 630 3,452 4,490 14,863 3,611 11,245 12,348 NOT SEASONALLY ADJUSTED 1968 —Nov............................................ 69,247 20,036 621 3,379 4,373 14,536 3,439 10,755 12,108 Dec............................................ 69,805 20,008 619 3.247 4,370 15,113 3,449 10,773 12,226 1969 —Jan............................................. 68,196 19,803 611 3,024 4,288 14,(89 3,448 10,693 12,140 Feb............................................ 68,403 19,891 610 2,999 4,303 14,097 3,467 10,792 12,244 Mar........................................... 68,894 19,978 610 3,077 4,346 14,201 3,490 10,913 12,279 Apr............................................ 69,462 19,952 619 3,255 4,403 14,398 3,517 11,044 12,274 May........................................... 69,929 19,982 624 3,404 4,431 14,517 3,534 1 1 ,131 12,306 June........................................... 70,980 20,336 638 3,601 4,512 14,717 3,585 11,243 12,348 July............................................ 70,347 20,114 645 3,681 4,528 14,662 3,629 11,266 11,822 Aug............................................ 70,607 20,435 647 3,707 4,533 14,660 3,642 11,253 11,730 Sept.......................................... 70,814 20,421 639 3,663 4,529 14,702 3,597 11 ,183 12,080 Oct.".......................................... 71,188 20,338 633 3,620 4,508 14,865 3,590 11 ,246 12,388 Nov,»........................................ 71,214 20,121 629 3,521 4,512 15,118 3,597 11,211 12,505 Note.—Bureau of Labor Statistics; data include all full- and part- Data on total and government employment have been revised back time employees who worked during, or received pay for, the pay pe- to 1964 due to adjustment of State and local government series to riod that includes the 12th of the month. Proprietors, self-employed Oct. 1967 Census of Governments. persons, domestic servants, unpaid family workers, and members of Beginning with 1967, series has been adjusted to Mar. 1968 benchthe Armed Forces are included. mark. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 a EMPLOYMENT AND EARNINGS A 65 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1968 1969 1968 1969 Nov. Sept. Oct J' Nov.'* Nov. Sept, Oct.” Nov?’ Total............................................................................. 14 594 14,772 14,730 14,556 14,741 14,997 14,918 14,702 Durable goods.................................................................................. . 8 505 8 701 8,677 8,453 8,586 8,755 8,737 8 532 Ordnance and accessories...................................... ’195 173 168 168 198 174 170 ’ 170 I.umber and wood products................................. 520 516 509 504 519 526 514 503 Furniture and fixtures,................................... 400 408 408 400 406 412 413 406 Stone, clay, and glass products............................. 524 529 531 531 528 542 538 535 Primary metal industries....................................... 1 011 1,106 1,111 1 , 102 1,015 1,093 1,085 I 085 Fabricated metal products.................................... 1 095 1,127 1,117 1,109 1,110 1 , 134 1,130 1 124 Machinery.............................................................. 1 354 1 380 I 387 1 ,355 1 346 1 371 1 372 1,347 Electrical equipment and supplies........................ 1 324 1 383 1,389 1 367 I 346 1,394 1 ,407 1 389 Transportation equipment.................................... L430 1,447 1 ,425 1392 1 ,463 1,458 1 ,451 1,424 Instruments and related products....................... 287 289 288 280 288 290 289 282 Miscellaneous manufacturing industries.............. 345 343 344 345 367 361 368 367 Nondurable goods......................................................... 6,089 6,071 6,053 6,103 6,155 6,242 6,181 6,170 Food and kindred products.................................. 1 194 1 199 1.180 1.225 1 322 1.325 1.265 1 354 Tobacco manufactures......................................... 70 67 65 65 ' 76 80 78 71 Textile-mill products........................................... ■ 883 862 861 867 888 867 866 873 Apparel and related products............................... 1 245 1.239 1,238 1 ,236 1,257 1,254 1 ,256 1,248 Paper and allied products..................................... 546 557 556 557 550 561 557 561 Printing, publishing, and allied industries....... 670 678 682 681 673 680 685 684 Chemicals and allied products.............................. 616 614 613 617 613 614 610 614 Petroleum refining and related industries............. 1 19 117 118 1 19 1 19 120 I 19 119 Rubber and misc, plastic products................ 439 451 450 447 446 454 455 454 Leather and leather products................................ 307 287 290 289 311 287 290 292 Note.—Bureau of Labor Statistics; data cover production and related workers only (full- and part-time) who worked during, or received pay for, the pay period that includes the 12th of the month. HOURS AND EARNINGS OF PRODUCTION WORKERS IN MANUFACTURING INDUSTRIES Average hours worked Average weekly earnings Average hourly earnings (per week; S.A.) (dollars per week; N.S.A.) (dollars per hour; N.S.A.) Industry group 1968 1969 1968 1969 1968 1699 Nov. Sept. Oct?' Nov?' Nov. Sept. Oct?’ Nov J* Nov. Sept. Oct.” Nov?’ Total.................... ................... 40.8 40.8 40.5 40.5 125.97 132.84 132.28 132.36 3.08 3.24 3.25 3.26 Durable goods................................................... 41.6 41,5 41.2 41.1 136.36 143.45 142.42 142.55 3.27 3.44 3.44 3.46 Ordnance and accessories.......................... 41.4 40.4 40.2 40.4 138.86 141.69 141.40 143.26 3.33 3.49 3.50 3. 52 Lumber and wood products..................... 40.6 40. 1 39.9 40. 5 105.73 1 14.33 113.65 113.88 2.63 2.83 2.82 2.84 Furniture and fixtures............................... 40. 5 40. 1 39.9 39.8 103.48 109.08 108.81 108.14 2.53 2.68 2.68 2.69 Stone, clay, and glass products................. 41.8 42. 1 41.7 41.7 127.49 138.45 137.57 136.36 3.05 3.25 3.26 3.27 Primary metal industries.......................... 41.4 42.2 42.2 41.8 149.14 162.93 160.55 159.78 3.62 3.87 3.85 3.85 Fabricated metal products........................ 42.1 41.5 41.5 41.5 137.05 142.72 141.70 142.20 3.24 3.39 3.39 3.41 Machinery.................................................. 42.3 42.7 42.4 42.6 145.94 155.00 155.61 157.19 3.45 3.63 3.67 3.69 Electrical equipment and supplies............. 40.3 40. 5 40.2 39.9 122.10 127.39 126.45 126.54 3.00 3.13 3. 13 3. 14 Transportation equipment........................ 42.3 41.8 41.4 40.4 165.02 167.09 166.32 164.39 3.82 3.95 3.96 3.99 Instruments and related products............. 40.7 41.0 40.7 41.2 124.75 131.84 131.70 134.14 3.05 3.20 3.22 3.24 Miscellaneous manufacturing industries... 39.2 39.0 38.9 39.1 100.19 104.66 105.99 106.65 2.53 2.67 2.69 2.70 Nondurable goods............................................. 39.7 39.7 39.5 39.5 111.72 118.00 117.51 117.91 2.80 2.95 2.96 2.97 Food and kindred products...................... 40.6 41.0 40.7 40.8 116.28 123.73 121.47 123.00 2.85 2.96 2.97 3.00 Tobacco manufactures.............................. 37.5 37.4 37.3 37.7 94.50 98.81 97.02 99.15 2.52 2.54 2.52 2.63 Textile-mill products......................... 41.1 40.8 40.6 40.7 93.98 98.81 98.57 99.22 2.27 2.41 2.41 2.42 Apparel and related products............. 36.0 35.8 36.0 35.7 81.36 84.13 84.84 83.54 2.26 2.35 2.35 2.34 Paper and allied products......................... 43.0 42.8 42.7 42.6 134.78 142.99 142.33 142.10 3. 12 3.31 3.31 3.32 Printing, publishing, and allied industries. 38.4 38.3 38.3 38.5 136.32 144.75 144.77 145.15 3.55 3.75 3.77 3.77 Chemicals and allied products................. 41.9 41.6 41.7 41.7 139.86 146.78 147.62 149.23 3.33 3.52 3.54 3.57 Petroleum refining and related industries . 42.6 42.0 42.5 42.2 161.88 172.10 172.96 171.75 3.80 4.04 4.06 4.07 Rubber and misc. plastic products........... 41.4 41.0 40.8 40.8 124.68 129.90 128.54 128.64 2.99 3.13 3. 12 3. 13 Leather and leather products.................... 37.9 37. 1 37.2 37.6 86.03 87.58 88.56 90.99 2.27 2.38 2.40 2.42 Note,—Bureau of Labor Statistics; data are for production and related workers only. 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A 66 PRICES o DECEMBER 1969 CONSUMER PRICES (1957-59=100) Housing Health and recreation Period ite A m ll s Food Total Rent o H w s o h n m ip e e r - ­ c F a o o u n i a e d l l l t e r G a i l c e n a i c d t s ­ y o n p F i a n i e s n u g r h d s r a ­ ­ ­ A u p p a p k n e a d e r e p T p r t o i a o r n t n a s ­ ­ Total M c ic a e a r d e l ­ s c P o a e n r r e a ­ l r R e a i c e n n r a g e d d a ­ ­ g O s a o e t n o h r d v d e ­ s r tion tion ices 1929 ....................... 59.7 55.6 ............85.4 1933. 45.1 35.3 60.8 1941 51.3 44.2 61.4 64.3 45.2 88.3 51.2 50.6 47.6 57.3 58,2 1945 62.7 58.4 67.5 66.1 ............ 53.6 86.4 55.4 57.5 63.6 75.0 67,3 1958. 100.7 101,9 100.2 100. 1 100.4 99.0 100.3 99.9 99.8 99.7 100.3 100.1 100,4 100,8 99,8 1959. 101.5 100.3 101.3 101.6 101.4 100.2 102.8 100.7 100.6 103.8 102.8 104.4 102.4 102.4 101.8 I960. 103.1 101.4 103.1 103.1 103.7 99.5 107.0 101.5 102.2 103.8 105,4 108. 1 104.1 104.9 103,8 1961 . 104.2 102.6 103.9 104.4 104.4 101.6 107.9 101.4 103.0 105.0 107.3 111.3 104,6 107.2 104.6 1962. 105.4 103.6 104.8 105.7 105.6 102.1 107,9 101.5 103.6 107.2 109.4 114.2 106.5 109.6 105,3 1963. 106.7 105.1 106.0 106.8 107.0 104.0 107.8 102.4 104.8 107.8 111.4 117.0 107.9 111.5 107.1 1964. 108.1 106,4 107.2 107.8 109.1 103.5 107.9 102.8 105.7 109,3 113.6 119.4 109.2 114.1 108.8 1965. 109.9 108,8 108.5 108.9 111,4 105.6 107.8 103,1 106.8 111,1 115,6 122.3 109.9 115.2 111.4 1966. 113.1 114.2 111.1 110.4 115.7 108.3 108.1 105.0 109.6 112.7 119.0 127.7 112.2 117,1 114.9 1967........................ 116.3 115.2 114.3 112.4 120.2 111.6 108,5 108,4 114.0 115.9 123.8 136.7 115.5 120.1 118.2 1968--Oct................ 122.9 120.9 120.9 116.0 130.0 115.9 109.1 114.2 123.3 120,6 131 .9 147.4 122.1 127.5 125.1 Nov............... 123.4 120.5 121.7 116.3 131.1 115.9 109.9 114.8 124.0 121.2 132,4 148.2 122,8 128,0 125,4 Dec............... 123.7 121.2 122.3 116.7 132,0 116.2 110,0 115. 1 124.3 120.2 132,8 149.1 123,4 128,2 125.6 1969--Jan................ 124.1 122.0 122.7 116.9 132.7 116.7 110.2 115.2 123.4 120,7 133.3 150.2 123,7 128,4 125.6 Feb............... 124.6 121.9 123.3 117.2 133.6 116.9 110.2 115.8 123.9 122.0 133.7 151.3 124.1 128.4 125.8 Mar............... 125.6 122.4 124.4 117.5 135.7 117.2 110.6 116.4 124,9 124,3 134.3 152.5 124.8 128,7 126.1 Apr............... 126.4 123.2 125.3 117.8 137,1 117.4 111,2 116,9 125.6 124.6 135.1 153.6 125.5 129,6 126.6 May.............. 126.8 123.7 125.8 118.1 138,0 117.5 111.2 117.4 126.6 124,0 135,7 154.5 125.8 130.2 126.9 June............. 127.6 125.5 126.3 118.5 138.7 117.5 111,3 117.9 127.0 124,6 136,3 155.2 126.2 130.4 127,9 July............... 128.2 126.7 127.0 118.8 140.0 117.4 110.9 118.2 126.8 124.3 137,0 155.9 126,6 130.7 129.1 Aug................ 128.7 127.4 127.8 119.3 141.3 117.7 111.5 118.5 126.6 124.2 137.7 156.8 126.8 131.2 130.1 Sept............... 129.3 127.5 128.6 119.7 142.6 118.1 112.0 119.0 128.7 123.6 138,4 157.6 127,3 131.6 131.3 Oct................ 129.8 127.2 129.2 120.1 143.6 118.4 1 12.2 119.3 129.8 125.7 138.6 156,9 127.3 132.0 132.2 Noth.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1957-59=100) Industrial commodities Pro­ All Farm cessed Ma­ Period m c t o i o e m s di ­ ­ p u r c o t d s ­ f f o e a o e n d d d s s Total t T e il e e tc x s . , ­ H e id tc e . s, F e u tc e . l, C ic e h a t e c ls m . , ­ R e b u t e c r b . , ­ L b e u e tc m r . , ­ P e a t p c e . r, M e a t l e s c , . t ­ e c a q e h n r u i y d n i p ­ ­ F t e u u t r c r e n . , i­ t N m m a o l i e l n n i ­ c ­ - T e p t r q o i a o u r n n t i a p s ­ ­ ­ n c M e e o l i l s u a ­ s ­ ment erals ment 1 1958............................ 100.4 103.6 102.5 99.5 98.9 96.0 98.7 100.4 100.1 97.4 100.1 99.1 100.0 100.2 99.9 n.a. 100 6 1959............................ 100.6 97.2 99.9 101.3 100.4 109.1 98.7 100,0 99.7 104.1 101 .0 101,2 102.1 100,4 101.2 n.a. 100, 8 1960............................ 100,7 96.9 100.0 101.3 101.5 105.2 99,6 100.2 99.9 100.4 101.8 101.3 102.9 100.1 101.4 n.a. 101.7 1961............................ 100,3 96.0 101.6 100.8 99.7 106.2 100.7 99.1 96.1 95.9 98.8 100.7 102.9 99.5 101.8 n.a. 102,0 1962............................ 100.6 97.7 102.7 100.8 100.6 107.4 100.2 97.5 93.3 96.5 100.0 100.0 102.9 98.8 101.8 102.4 1963............................ 100.3 95.7 103.3 100.7 100.5 104.2 99.8 96.3 93.8 98.6 99.2 100,1 103.1 98.1 101.3 n.a. 103. 3 1964............................ 100.5 94.3 103.1 101.2 101,2 104.6 97.1 96.7 92.5 100.6 99.0 102.8 103.8 98.5 101.5 n.a. 104,1 1965............................ 102.5 98.4 106.7 102.5 101.8 109.2 98,9 97.4 92.9 101.1 99.9 105.7 105.0 98.0 101.7 n.a. 104.8 1966............................ 105.9 105.6 113.0 104.7 102.1 119,7 101.3 97.8 94.8 105.6 102.6 108.3 108.2 99.1 102.6 n a 106.8 1967............................ 106.1 99.7 111.7 106.3 102.1 115.8 103.6 98.4 97.0 105.4 104.0 109 5 111.8 101.0 104. 3 n.a. 109.2 1968—Oct................... 109.1 101.2 114.4 109.7 107.0 122.3 101.9 97.8 101.0 124.9 105,2 112.5 116,1 104.5 108.9 n.a 112.0 Nov.................. 109,6 103.1 1 14.7 109.9 107,2 122.4 102,0 97.8 101.1 126.8 105.2 112 4 116.6 104.7 109.2 n a 112 5 Dec.................. 109.8 103,3 114.7 110.2 107.1 122.8 102.2 97.7 101,1 133.5 105,2 112.8 116.7 105.0 109 3 100 0 112 5 1969—Jan.................... 110.7 104.9 116.0 110.9 107.4 123.5 102.4 97.6 100.0 137,8 106.2 114 4 117.0 105 3 110 6 100 1 112.5 Feb................... 111.1 105,0 116.3 111.4 107.2 123,4 102.7 97.8 100.5 144.5 106.8 115 2 117 3 105 4 1112 100 1 112 5 Mar.................. 111.7 106,5 116.4 112.0 107.1 123.4 104.2 98 0 100.9 149.5 107 4 115 8 117 8 105 7 111.9 100 0 112.5 Apr................... 111.9 105.6 117.3 112.1 107 1 126 0 104.5 97 9 101 2 143.3 108 0 116 5 118 0 105 8 112 3 100 1 112 7 May. 112.8 110.5 119.4 112.2 106.9 126.1 104.5 98 I 101.1 138.0 108,1 117 5 118 3 105 9 112 6 100 2 112.8 June................. 113.2 111.2 121.4 112.2 107 2 125 7 105 0 98 3 101 2 129 8 108 3 117 9 118 6 105 9 112 8 100 3 115.1 July.................. 113.3 110,5 122.0 112,4 107,7 126.4 105,0 98 2 102 5 125.3 108 4 118 7 119 0 106 1 113 0 100 4 115 5 Aug.................. 113.4 108,9 121.5 112.8 108.7 126,4 104.7 98.7 103,0 124.0 108.7 120 4 119 1 106 2 113 0 99 9 115.9 Sept.................. 113.6 108.4 1 21.3 113.2 109.0 128.2 104.7 98.9 102,7 123.2 108.8 121 7 119 9 106 4 113 5 100 0 116.4 Oct................... l!4.0 107.9 12! .6 113.8 109.1 127.4 105.4 98.6 103.5 122,6 109.0 122.4 120.5 106.5 113.8 102,3 116.7 1 For transportation equipment, Dec. 1968 = 100. 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DECEMBER 1969 □ PRICES A 67 WHOLESALE PRICES: DETAIL (1957-59= 100) 1968 1969 1968 1969 Group Group Oct. Aug. Sept. Oct, Oct. Aug. Sept. Oct. Farm products: Pulp, paper, and allied products: Fresh and dried produce.................... 99 8 106.7 103.4 101 .3 Pulp, paper and products, excluding Grains................................................ 78.7 81.9 83.4 84.8 building paper and board............. 105 6 109.2 109 3 109 6 I .ivestock............................................. 104 1 123,6 1 19.2 118.7 Woodpulp......................................... 98 0 98 0 98 0 9R 0 I,ive poultry......................................... 79 3 92 3 89.0 85.3 Wastepaper....................................... 114 8 110.3 108 4 107 2 Plant and animal fibers...................... 74 2 66 9 66.4 66 1 Paper................................................. H3 1 117 2 116 5 116 5 Fluid milk........................................... 132 2 135.1 135.6 136.8 Paperboard..................................... 91 0 95 8 95'9 95 9 Fees..................................................... 106 5 100 5 122.5 113.8 Converted paper and paperboard. .. 105 4 109 2 109 8 110 3 Hay and seeds.................................... 105 3 107.3 105,7 101.2 Building paper and board............... 93 7 95.2 95 1 94^6 Other farm products................ 104 1 109.5 1 10.6 116.7 Processed foods and feeds: Metals and metal products: Cereal and hakery products............... 119 4 120.1 120.4 121,2 Iron and steel.................................... 106 7 112 7 113 2 113 7 Meat poultry and fish...................... 106 9 i24 5 122.9 120.2 Steelmill products....................... .. . 110 5 115 4 115 5 116 4 Dairy products.................................... 130 1 133.0 133.4 130.7 Nonferrous metals.......................... 1219 1 39 5 143 5 1448 Processed fruits and vegetables......... 114 0 116 8 116.6 116.0 Metal containers............................... 117 3 119 7 120 3 120 6 Sugar and confectionery..................... 118 2 127.2 127.2 127,7 Hardware.......................................... 117 3 120 6 1210 122 2 Beverages and beverage materials.... 110.5 112.6 113.1 115.0 Plumbing equipment........................ 114‘. 6 119.4 120’.2 120*8 Animal fats and oils............................ 73 5 105.0 104,0 118.3 Heating equipment.......................... 95 6 97 7 98 0 98 7 Crude vegetable oils............................ 72.1 80,0 79.8 88,4 Fabricated structural metal products 108 8 112.6 1 12 8 113 4 Refined vegetable oils.......................... 84.6 84.7 85.0 88.9 Miscellaneous metal products......... 117 5 123.2 124.2 124 4 Vegetable oil end products................. 98.8 102.1 102,1 104.7 Miscellaneous processed foods........... 118.4 1 19,8 121.2 131.6 Manufactured animal feeds................ 117.5 118.2 1 19,3 119.9 Machinery and equipment: Textile products and apparel: Agricultural machinery and equip.,. 127.8 132,3 133.0 133.2 Construction machinery and equip.. 131,5 134.9 136. 1 137.7 Cotton products.................................. 105,3 105.7 105.9 105,8 Metalworking machinery and equip. 130,0 133 5 134 4 135 4 Wool products.................................... 104.7 104.8 105.0 104.5 General purpose machinery and Man-made fiber textile products. 92 7 92.7 92. 1 91.6 equipment..................................... 118,2 121 8 122 6 123.4 Silk yarns............................................. 175,5 177.1 181 .2 183.9 Special industry machinery and Apparel.............................................. 111.7 1 15,8 116.2 116.5 equipment (Jan. 1961= 100)......... 123 5 129.2 129.6 130 2 Textile housefurnishings.................... 109.8 104,7 107.3 108.0 Electrical machinery and equip....... 103,2 104.7 105.4 105^6 Miscellaneous textile products........... 121.3 119.6 121.4 127.2 Miscellaneous machinery................. 115 0 118 5 119.2 120.0 Hides, skins, leather, and products: Furniture and household durables : Hides and skins................................... 105.6 123.1 128.7 118.0 Leather ........................................... 115 1 121,0 121,7 120.3 Household furniture........................ 118 5 123.0 1 23 0 123 3 Footwear..................................... 131.3 132.7 134.9 135.2 Commercial furniture...................... 116 5 119.5 121.7 122 4 Other leather products.. . ....... . 113 4 1 17.6 117,9 118.4 Floor coverings................................. 94 8 93,2 93 2 93 1 Household appliances..................... 92 7 93 0 93 0 93 1 Fuels and related products, and power: Home electronic equipment............. 80*2 77*9 77’9 77^9 Other household durable goods .... 125.6 131.4 131.4 Bl .2 Coal.................................................... 108.3 1 15.5 115.9 120.6 Coke..................................................... 117.0 120.3 120.3 126.9 Gas fuels (Jan. 1958= 100)................. 120,4 121,8 123.0 128.7 Nonmetallic mineral products: Electric power (Jan, 1958= 100)......... 101,9 102,4 103.5 103.7 Crude petroleum................................. 99.7 104,5 104,5 104.5 Flat glass........................................... 110 0 116,2 116.2 116.2 Petroleum products, refined............. 99.3 102.5 101,8 101.6 Concrete ingredients........................ 109 6 116.1 116 5 116 6 Concrete products............................ 109.1 112.4 113 2 113 5 Chemicals and allied products: Structural clay products excluding refractories.................................... 114.2 1 17.0 117 5 117 8 Industrial chemicals............................ 98.0 98.2 98.2 97.6 Refractories...................................... 112.6 117.0 117.2 117.2 Prepared paint .............................. 1 15.2 119,2 119,2 120.3 Asphalt roofing............................... 96 8 96,7 96 7 96 7 Paint materials............. 91.9 93.3 93.3 93.9 Gypsum products............................ 106 2 103 2 106 1 105 9 Drugs and pharmaceuticals................ 93, 3 93.8 94,0 94.0 Glass containers.............................. 110 0 116.1 116 I 116 I Fats and oils inedible........................ 69.9 99.3 102.1 98.9 Other nonmetallic minerals........ 106,8 109,2 109’6 1 10.6 Agricultural chemicals and products,, 98,1 88,4 87.4 86.3 Plastic resins and materials................. 80.9 80.7 81 .0 80.2 Other chemicals and products. ...... 110,2 112.9 113.9 114.3 Transportation equipment: Rubber and products: Motor vehicles and equipment........ 106.5 106.0 106.1 108.7 Railroad equipment (Jan. 1961= 100) 108.5 114.3 114.4 115.1 Crude rubber....................................... 85.8 92.5 90.6 89.7 Tires and tubes.................................... 99.5 99.2 99.2 100.6 Miscellaneous rubber products.......... 108,3 110.8 110.7 111.7 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition................................... 109.1 111.8 112.1 112.3 Lumber................................................ 133.4 131.1 129.5 128.0 Tobacco products............................. 115.0 123,5 123.8 123.8 Millwork.............................................. 121.4 135.1 134.4 133.9 Notions..................................... 100.7 106.7 106.7 106,7 Plywood.............................................. 111.8 93.6 94.4 95.8 Photographic equipment and supplies 113.0 111,4 113.9 114.9 Other wood products (Dec. 1966= 100) 108.0 116.8 116.5 116.7 Other miscellaneous products.......... 111.9 114.2 114.3 114.8 Note,—Bureau of Labor Statistics indexes as revised in Mar, 1967 to classification changes. Back data not yet available for some new classiincorporate (1) new weights beginning with Jan, 1967 data and (2) various fications. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 68 NATIONAL PRODUCT AND INCOME □ DECEMBER 1969 GROSS NATIONAL PRODUCT (In billions of dollars) 1968 1969 Item 1929 1933 1941 1950 1964 1965 1966 1967 1968 III IV I II ini’ Gm^s national product.................................... 103.1 55.6 124.5 284.8 632.4 684.9 749.9 793.5 865.7 876.4 892.5 908.7 924.8 942.8 f*innl purchases........................... 101.4 57.2 120. / 278.0 626.6 675.3 735.1 786,2 858.4 869.2 882.0 902.1 917.9 932.0 Personal cnnmimptinn expenditures. ......... 77.2 45.8 80. 6 191.0 401.2 432.8 466.3 492.3 536.6 544.9 550.7 562.0 572.8 579.8 Durable goods.............................................. 9.2 3.5 9.6 30.5 59.2 66.3 70.8 73.0 83.3 85.8 86.3 88.4 90.6 89.8 Nondurable goods....................................... 37.7 22. 3 42.9 98. 1 178.7 191. 1 206.9 215. 1 230.6 233.3 234.3 238.6 242.1 245.1 Services....................................................... 30.3 20.1 28. 1 62.4 163.3 175.5 188.6 204.2 222.8 225.8 230.1 235.0 240.1 244.9 GrOSS private domestic investment ................. 16.2 1.4 17.9 54. 1 94. 0 108.1 121.4 116.0 126.3 125.2 133.9 135.2 137.4 143.3 Fixed investment................ ....... 14.5 3.0 13.4 47.3 88.2 98.5 106.6 108.6 119.0 118.0 123.4 128.6 130.5 132.5 Nonresidential......................................... 10.6 2. 4 9.5 27. 9 61.1 71.3 81.6 83.7 88.8 88.1 91.5 95.3 97.8 101.1 Structures....................................... 5.0 .9 2.9 9. 2 21.2 25. 5 28.5 27.9 29.3 29.0 30. 1 32.3 32. 1 34.7 Producers* durable equipment............. 5.6 1.5 6.6 18.7 39.9 45.8 53. 1 55.7 59. 5 59. 1 61.4 63.0 65.7 66.4 Residential structures.............................. 4.0 . 6 3.9 19.4 27.1 27.2 25.0 25.0 30.2 29.9 31.9 33.3 32.7 31.4 Nonfarm............. • 3.8 . 5 3.7 18.6 26.6 26.7 24.5 24.4 29.6 29.4 31.4 32.8 32.2 30.9 Change *n business inventories................... 1.7 -1.6 4.5 6. 8 5.8 9.6 14.8 7.4 7.3 7.2 10.5 6.6 6.9 10.7 Nonfarm................................................. 1.8 - 1.4 4.0 6.0 6.4 8.6 15.0 6.8 7.4 7.5 10.7 6.6 6.7 10.3 Net i'vpnrts nf goods and services................... 1.1 . 4 1.3 1.8 8.5 6.9 5.3 5.2 2.5 3.6 1.2 1.5 1.6 2.7 Fxports ......... ........................................ 7.0 2.4 5.9 13.8 37.1 39.2 43.4 46.2 50.6 53.4 50.6 47.6 57.1 57.8 Imports....................................................... 5.9 2.0 4.6 12.0 28.6 32.3 38.1 41.0 48. 1 49.7 49.4 46. 1 55.5 55.2 Government purchases of goods and services.. 8.5 8.0 24.8 37.9 128.7 137.0 156.8 180. 1 200.3 202.5 206.7 210.0 212.9 217.0 Federal........................................................ 1.3 2.0 16.9 18.4 65.2 66.9 77.8 90.7 99.5 100.9 101.9 101.6 100.6 103.2 National defense .................................... 13.8 14. 1 50.0 50. 1 60.7 72.4 78.0 78. 8 79.3 79.0 78.5 80. 3 Other . . . ....................................... . 3. 1 4.3 15.2 16.8 17.1 18.4 21.5 22. 1 22. 5 22. 6 22. 1 22.9 State and local............................................. 7.2 6.0 7.9 19.5 63.5 70.1 79.0 89.3 100.7 101.7 104.8 108.5 112.3 113.8 Gross national product in constant (1958) dollars....................................................... 203.6 141.5 263.7 355.3 581.1 617.8 658.1 674.6 707.6 712.8 718.5 723.1 726.7 730.6 Note.—Dept, of Commerce estimates. Quarterly data are seasonally see the Survey of Current Business, July 1968, July 1969, and Supplement, adjusted totals at annual rates. For back data and explanation of series, Aug. 1966. NATIONAL INCOME (In billions of dollars) 1968 1969 1929 1933 1941 1950 1964 1965 1966 1967 1968 Item III IV I II up National income............................................... 86.8 40.3 104.2 241.1 518. 1 564.3 620.6 654.0 714.4 724. 1 737.3 751.3 765.7 780.5 Compensation of employees............................ 51.1 29.5 64.8 154.6 365.7 393.8 435.5 467.4 513.6 519.8 532.3 546.0 558.2 571.9 Wages and salaries....................................... 50.4 29.0 62.1 146.8 333.7 358.9 394.5 423.5 465.0 470.7 482.1 493.3 504.3 516.9 Private...................................................... 45.5 23.9 51.9 124.4 269.4 289.6 316.8 337.3 369.0 372.7 382.8 392. 5 402.0 410.2 Military.................................................... .3 .3 1.9 5.0 11.7 12.1 14.6 16.2 18.0 18.7 18.3 18.2 18.4 20. 1 Government civilian................................ 4.6 4.9 8.3 17.4 52.6 57. 1 63. 1 70.0 78.0 79.3 80.9 82.5 84.0 86.6 Supplements to wages and salaries.............. . 7 .5 2.7 7.8 32.0 35.0 41.0 43.9 48.6 49.1 50.2 52.7 53.8 55.0 Employer contributions for social in­ surance .............................................. . 1 2.0 4.0 15.4 16.2 20.3 21.8 24.4 24.7 25.3 27.3 27.9 28.6 Other labor income.................................. .6 .4 .7 3.8 16.6 18.7 20.7 22. 1 24.2 24.5 25.0 25.5 26.0 26.4 Proprietors’ income.......................................... 15.1 5.9 17.5 37.5 52.3 57.3 61.3 61.9 63.8 64.1 64.1 64.6 66.5 67.3 Business and professional.......................... 9.0 3.3 11.1 24.0 40.2 42.4 45.2 47.2 49.2 49.3 49.7 49.7 50. 1 50.5 Farm............................................................ 6.2 2.6 6.4 13.5 12. 1 14.8 16. 1 14.7 14.6 14.8 14.4 14.9 16.4 16.8 Rental income of persons................................ 5.4 2.0 3.5 9.4 18.0 19.0 20.0 20.8 21.2 21.2 21.4 21.5 21.6 21.7 Corporate profits and inventory valuation adjustment................................................. 10.5 -1.2 15.2 37.7 66.3 76.1 82.4 79.2 87.9 90.6 90.3 89.5 89.2 88.7 Profits before tax........................................ 10.0 1.0 17.7 42.6 66.8 77.8 84.2 80.3 91.1 91.5 94.5 95.5 95.4 92.4 Profits tax liability................................... 1.4 .5 7.6 17.8 28.3 31.3 34.3 33.0 41.3 41.4 42.9 43.4 43.fi 42.4 Profits after tax........................................ 8.6 .4 10.1 24.9 38.4 46.5 49.9 47.3 49.8 50.0 51.6 52.2 51.8 50.0 Dividends............................................. 5.8 2.0 4.4 8.8 17.8 19.8 20.8 21.5 23.1 23.6 23.8 23.8 24.3 24.9 Undistributed profits........................ . 2.8 ~1.6 5.7 16.0 20.6 26.7 29.1 25.9 26.7 26. 5 27.8 28.4 27.5 25.1 Inventory valuation adjustment................ .5 -2.1 -2.5 -5.0 -.5 -1.7 -1.8 -1.1 -3.2 -.9 -4.2 -6.1 -6.2 -3.7 Net interest....................................................... 4.7 4.1 3.2 2.0 15.8 18.2 21.4 24.7 28.0 28.4 29.3 29.8 30.3 30.9 Note.—Dept, of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also Note to table above. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ NATIONAL PRODUCT AND INCOME A 69 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1968 1969 Item 1929 1933 1941 1950 1964 1965 1966 1967 1968 in IV I n IIP Gross national product................................... 103. 1 55.6 124.5 284. 8 632.4 684.9 749.9 793. 5 865.7 876.4 892.5 908.7 924. 8 942.8 Less: Capital consumption allowances...... 7.9 7.0 8.2 18.3 56.1 59.8 63.9 68.6 73,3 73.7 74. 6 75.9 77.2 78.6 Indirect business tax and nontax lia­ bility .............................................. 7.0 7. 1 11.3 23.3 58.4 62.5 65.7 70. 1 77.9 79.4 81.4 83.3 85.7 88.0 Business transfer payments................. .6 .7 .5 .8 2. 5 2.7 3.0 3.2 3.4 3.4 3.5 3.5 3.6 3.6 Statistical discrepancy.......................... .7 .6 .4 1.5 -1.3 -3.1 -1.0 -1.0 -2. 5 -3.3 — 3.4 -4.2 -6.5 -6.7 Plus: Subsidies less current surplus of gov­ ernment enterprises......................... -. 1 . 1 .2 1.3 1.3 2. 3 1.4 .8 1.1 .9 1.1 .9 1. 1 Equalst National income................................. 86.8 40.3 104.2 241. I 518. 1 564.3 620.6 654.0 714.4 724.1 737.3 751.3 76S.7 780.5 Less: Corporate profits and inventory valu­ ation adjustment.............................. 10.5 — 1.2 15.2 37.7 66.3 76. 1 82.4 79.2 87.9 90.6 90. 3 89.5 89.2 88.7 Contributions for social insurance.... .2 .3 2.8 6.9 27.9 29.6 38.0 42.4 47.0 47.6 48.6 52.7 53.8 55.1 Excess of wage accruals over disburse­ ments............................................. Plus: Government transfer payments........... .9 1.5 2.6 14,3 34.2 37.2 41.1 48.8 55.8 56.7 58.1 60. 1 61.3 62.5 Net interest paid by government and consumers . . ............................... 2.5 1.6 2.2 7.2 19. 1 20.5 22.2 23.6 26. 1 26.4 27.4 27.9 28.5 28.9 Dividends........................................................... 5.8 2.0 4.4 8.8 17.8 19. 8 20.8 21.5 23.1 23.6 23.8 23.8 24. 3 24.9 Business transfer payments................. .6 .7 .5 .8 2.5 2.7 3.0 3.2 3.4 3.4 3.5 3.5 3.6 3.6 Equals: Personal income............................... 85.9 47.0 96.0 227.6 497.5 538.9 587.2 629.4 687.9 696.1 711.2 724.4 740.5 756.5 Less: Personal tax and nontax payments.... 2.6 1.5 3.3 20.7 59,4 65.7 75.4 82,9 97.9 102.6 107.0 114.2 118.5 117.5 Equals: Disposable personal income.................... 83.3 45.5 92.7 206.9 438.1 473.2 511.9 546. 5 590.0 593.4 604.3 610.2 622.0 639.0 Less: Personal outlays.................................. 79.1 46.5 81.7 193.9 411.9 444.8 479.3 506.2 551.6 560.2 566.2 577.7 588.8 596.0 Personal consumption expenditures. 77.2 45.8 80.6 191.0 401.2 432.8 466.3 492.3 536.6 544.9 550.7 562.0 572.8 579.8 Consumer interest payments........... 1.5 . 5 .9 2.4 10. 1 11.3 12.4 13. 1 14.2 14.4 14.7 15.0 15.2 15.4 Personal transfer payments to for­ eigners....................................... .3 .2 .2 . 5 .6 .7 .6 .8 .8 .8 .7 .7 .7 .8 Equals: Personal saving................................. 4.2 -.9 11.0 13.1 26.2 28.4 32.5 40.4 38.4 33.2 38.0 32.5 33.3 43.1 Disposable personal income in constant (1958) dollars...................................................... 150.6 112.2 190.3 249.6 407.9 435.0 458.9 477.7 497.6 498.9 502.1 502.6 506.2 514.1 Note.—-Dept, of Commerce estimates. Quarterly data are seasonally adjusted quarterly totals at annual rates. See also Note to table opposite. PERSONAL INCOME (In billions of dollars) 1968 1969 Item 1967 1968 Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.” Total personal income......................... 629.4 687.9 706.2 711.5 716.0 718.7 723.9 730.7 735.6 740.0 746.1 751.4 757.5 760.7 763.1 Wage and salary disbursements.......... 423.5 465.0 478.2 482.2 485.8 489.3 492.6 497.9 500.8 503.8 508.5 512.8 517.9 519.9 521.5 Commodity-producing industries... 166.5 181.5 186.2 187.5 189.6 190. 1 190.6 193.8 195.2 196.2 198.3 198.9 201.0 201.5 201.6 Manufacturing only..................... 134.2 145.9 149.6 150.5 151.8 152.4 152.5 154.9 155.8 156.3 157.8 158.5 160.5 160.7 160.5 Distributive industries.................... 100.3 109.2 1 12.5 113.5 113.3 114.6 115.6 116.4 1 17.2 118.3 119.5 120. 1 121.4 121.8 121.6 Service industries............................ 70.5 78.3 80.8 82.0 83.0 84.5 85.6 86.3 86.4 87.0 87.8 88.0 88.8 89.4 90.7 Government.................................. 86.2 96.0 98.7 99. 1 99.9 100.1 100.8 101.4 101.9 102.3 102.9 105.9 106.8 107.2 107.7 Other labor income............................ 22.1 24.2 24.8 25.0 25. 1 25.3 25.5 25.6 25.8 25.9 26.1 26.3 26.4 26.6 26.8 Proprietors* income............................ 61.9 63.8 64.0 64.0 64.2 64.0 64.7 65.0 65.8 66.5 67.3 67.3 67.3 67.3 67.3 Business and professional............... 47.2 49.2 49.5 49.7 49.8 49.5 49.8 49.7 50.0 50. 1 50.4 50.5 50.5 50.5 50.6 Farm................................................ 14.7 14.6 14.5 14.3 14.4 14.5 14.9 15.3 15.8 16.4 16.9 16.8 16.8 16.8 16.7 Rental income..................................... 20.8 21.2 21.3 21.4 21.4 21.4 21.5 21.5 21.5 21.6 21.6 21.7 21.7 21.7 21.8 Dividends............................................ 21.5 23. 1 23.9 24.0 23.6 23.6 23.8 24. I 24.2 24.3 24.5 24.6 24.8 25.1 25.3 Personal interest income..................... 48.3 54. 1 56.0 56.7 57.3 57.4 57.6 57.9 58.4 58.8 59.2 59.5 59.8 60.2 60.6 Transfer payments............................. 52.0 59.2 61.2 61.5 62.1 63.0 63.5 64.3 64.7 64.9 65.2 65.7 66.1 66.4 66.7 Less: Personal contributions for social insurance...................................... 20.6 22.6 23.2 23.2 23.4 25.3 25.3 25.6 25.7 25.8 26.1 26.4 26.6 26.7 26.8 Nonagricultural income....................... 609.7 667.9 686. 1 691.5 695.9 698.5 703.1 709.5 713.8 717.7 723.4 728.8 734.9 738.1 740.6 Agriculture income.............................. 19.7 20.1 20. 1 20.0 20.1 20.2 20.7 21.2 21.8 22.3 22.7 22.6 22.6 22.6 22.5 Note.—Dept, of Commerce estimates. Monthly data are seasonally adjusted totals at annual rates. See also Note to table opposite. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 70 FLOW OF FUNDS □ DECEMBER 1969 SAVING, INVESTMENT, AND FINANCIAL FLOWS (In billions of dollars) Year totals 1967 1968 1969 Transaction category, or sector 1964 1965 1966 1967 1968 II III IV I II III IV I II I. Savings and investment 1 Gross national saving........................ 160.3 181.6 195.3 192.6 211.2 187.8 194.4 200.7 199.1 209.7 214.6 220.5 226.9 235.0 1 2 Households................................... 98.3 108.9 118.4 130.2 139.2 127.7 130.5 138.2 137.6 141.0 136.( I42J 140.8 144.9 2 3 Farm and noncorp, business........ 14.5 15.2 15.6 17.4 17.3 17.5 18.3 17.3 16.7 17.0 17.7 17.0 18.5 18.7 3 4 Corporate nonfin. business.......... 50.5 56.6 61.2 61.2 63. 1 60. 1 61.4 62.8 59. 1 63.9 65.3 64. 1 63.0 63.3 4 5 U.S. Government......................... -4.3 1 - 1.5 -14.4 -6.4 -15.2 -14.6 -14.5 -9.8 -11.2 -3.7 -.8 7.3 9.6 5 6 State and local govt...................... -1.4 -2.^ -2.5 -5.9 -5. 5 -7.3 -6.0 -5.7 -7. 1 -5.3 -4.7 -5.1 -5.7 -5.7 6 7 Financial sectors.......................... 2.7 3.5 4.0 4.2 3.5 5. 1 4.9 2.6 2.6 4.3 3.9 3.0 3.0 4.1 7 8 Gross national investment................. 158.0 178.2 194.0 190.2 208.5 182.3 194.0 199.2 196.0 206.7 211.8 219.4 216.6 224.3 8 9 Consumer durable goods............. 59.2 66.3 70.8 73.0 83.3 73.5 73.3 75.2 79.5 81.8 85.8 86.3 88.4 90.4 9 10 Business inventories..................... 5.8 9.6 14.8 7.4 7.3 3.4 7.8 9.5 1.6 9.9 7.2 10.5 6.6 6.9 10 11 Gross pvt. fixed investment......... 88.2 98.5 106.6 108.6 119.0 106.1 109.9 113.8 117.7 116.7 118.0 123.4 128.6 130.4 11 12 Households............................... 23.C 22.9 21.7 20.7 25.4 18.S 21.9 24.0 24.6 25.7 25. ■ 26.0 27.3 28.5 12 13 Nonfinan. business................... 64.3 74.1 83.9 87.C 92.2 86.4 86.S 88.6 91.8 89.6 91.2 96. 1 100.C 100.6 13 14 Financial sectors....................... .9 .8 1.0 1.0 1.4 .9 1.2 1.2 1.3 1.4 1.4 1.3 1.3 1.3 14 15 Net financial investment........... 4.7 3.7 1.8 1.2 -1.1 -.6 2.9 .7 -2,8 -1.6 .8 -.9 -7. I -3.4 15 16 Discrepancy (1-8)............................. 2.3 3.5 1.3 2.5 2.7 5.5 .4 1.6 3.1 3.0 2.8 1.1 10.3 10.8 16 II. Financial flows—Summary 17 Net funds raised—Nonfinan. sectors. 67.0 72.3 69.9 83.1 97.8 44.3 104.6 108.9 101.2 84.8 119.2 84.7 103.5 74.7 17 18 Loans and short-term securities .... 26.4 33. 1 27.4 27.2 33.6 -16.1 46.8 44.2 42.1 24.3 40.6 26.2 47.0 34.7 18 19 Long-term securities and mtgs...... 40.6 39.2 42.5 55.9 64.2 60.4 57.8 64.7 59. 1 60.5 78.6 58.5 56.4 40.0 19 By sector 20 U.S. Government.......................7....1.. 3.6 6.3 12.7 15.7 -21.3 34.7 29.2 28.2 13.8 31.9 -11.4 10. 1 -13.0 20 21 Short-term mkt. securities......... . 4.0 3.5 2.2 6.4 1.6 -35.7 30.9 20.7 18.1 -1.3 2.9 -13.4 7.0 -1.7 21 22 Other securities............................. 3.0 .2 4. 1 6.2 14.1 14.5 3.9 8.5 10.1 15. 1 29.0 2.0 3.1 -11.3 22 23 Foreign borrowers............................ 4.4 2.6 1.5 4.0 2.9 3.7 3.9 2.8 4.3 1.9 2.2 3.1 5.7 3.8 23 24 Loans............................................ 3.7 1.9 (.0 2.7 1.6 2.7 2.2 1.4 2,8 1.4 1.2 1.0 4.2 2.6 24 25 Securities....................................... .7 .8 .5 1.3 1.3 1.0 1.6 1.4 1.5 .5 1.0 2. 1 1.5 1.2 25 26 Pvt. domestic nonfin. sectors........... 55.5 66.0 62.0 66.4 79.3 61.9 66.0 76.9 68.6 69.1 85.2 93.0 87.7 83.9 26 27 Loans............................................ 18.7 27.7 24. 1 18.0 30.4 16.9 13.7 22. 1 21.1 24.3 36.6 38.6 35.7 33.8 27 28 Consumer credit........................ 8.0 9.4 6.9 4.4 11.1 4.0 4.9 4.8 9.0 9.4 12.9 11.8 9.9 10.3 28 29 Bank loans n.e.c......................... 6.5 13.6 9.8 9.1 12.3 11.7 3.8 14.4 5.4 9.8 12,2 22. 1 14.5 8.8 29 30 Other loans................................ 4.1 4.7 7.4 4.5 7.0 1.3 5.1 2.9 6.8 5.1 11.6 4.7 11.3 14.7 30 31 Securities and mortgages............. 36.9 38.3 37.9 48.4 48.8 44.9 52.3 54.8 47.5 44.9 48.6 54.4 51.9 50.1 31 32 State and local obligations........ 5.9 7.3 6.0 10. 1 ll.l 11.5 7.5 11.2 9.3 6.3 14.3 14.6 9.9 8.8 32 33 Corporate securities................... 5.4 5.4 11.4 17.4 12.1 15.8 21.4 18.1 12.8 12.8 10.3 12.4 14,8 14.8 33 34 1- to 4-family mortgages........... 15.7 16.2 11.0 11.5 15.4 8.3 13.7 15.1 15.8 15. 1 14.3 16.3 16.3 16.6 34 35 Other mortgages................. 10.0 9.4 9.6 9.4 10.3 9.3 9.8 10.4 9.6 10.8 9.7 11.2 10.9 9.9 35 36 Net sources of credit (= line 17).... 67.0 72.3 69.9 83.1 97.8 44.3 104.6 108.9 101.2 84.8 119.2 84.7 103.5 14.1 36 37 Chg. in U.S. Govt, cash balance. . . 2 -1.0 -.4 1.2 -1.2 -14.8 13.4 6.8 -7.2 -15.0 25.6 -8.1 -2.6 -8.4 37 38 U.S. Govt, lending....................... 3.8 4.7 7.9 4.5 8.1 -.8 5.0 8.0 12.2 9.0 6.2 5.1 12.2 9.6 38 39 Foreign funds............................... 2. 5 .8 - .9 5.4 1.7 8.3 2.4 9.4 -1.3 -.7 1.8 7.2 -2.0 -3.3 39 40 Pvt. insur, & pension reserves. . . . 1 1. 1 11.6 12.8 13.2 15.1 12.4 14.0 14. 1 13.6 14.6 15.2 17.1 12.4 13.6 40 41 Sources n.e.c................................. 5.7 7.1 7.6 6.0 13.2 6.2 11.8 4.2 18.2 26.5 16.9 -9.0 23.5 36.8 41 42 Pvt. domestic nonfin. sectors....... 43.8 49.0 42.8 52.7 60.9 32.9 58.2 66.6 65.7 50.4 53.6 72.4 60.0 26.4 42 43 Liquid assets............................. 33.0 43.4 23.9 49.1 54.3 38.4 58.7 44.8 40.7 36.5 58.9 80.6 24.9 -9.4 43 44 Deposits............................... 35.3 40.4 22.7 50.9 46.3 51.7 56.2 34. 1 31.9 29.9 51.6 71.6 5.0 -2.1 44 45 Demand dep. and currency. 6.5 7.7 2.9 12.0 13.6 10.6 15.2 11.1 .1 13.4 8.7 32.4 2.5 6.7 45 46 Time and svgs. accounts.. 28.8 32.7 19.8 39.0 32.6 41.0 41.0 23.0 31.8 16.5 42.9 39.2 2.5 -8.8 46 47 At commercial banks.. . . 13.0 19.5 12.5 22.4 20.0 20.4 23.0 12.3 18.7 4.5 31.2 25.4 -12.0 -16.3 47 48 At savings instit.............. 15.8 13.2 7.3 16.6 12.7 20.6 18.0 10.7 13.1 12.0 11.8 13.8 14.5 7.5 48 49 Short-term U.S. Govt. sec... -2.3 3.0 1.2 -1.8 8.0 -13.3 2.5 10.6 8.8 6.6 7.3 9. 1 19.9 -7.2 49 50 Other U.S. Govt, securities. . . . 3. 1 . 1 6.8 -1.2 -.3 -3.9 -3.3 13.7 2.6 6.9 -.8 -10.0 2.0 2.2 50 51 Pvt. credit mkt. instruments. .. 7.5 5.9 12.0 7.0 8.3 1.0 5.9 11.6 19.4 9.7 -1.5 4.5 30.0 26.1 51 52 Less security debt..................... -.2 .3 -.2 2.2 1.4 2.5 3.1 3.5 -3.0 2.7 2.9 2.8 -3. 1 -7.5 52 III. Direct lending in credit markets 53 Total funds raised............................ 67.0 72.3 69.9 83.1 97.8 44.3 104.6 108.9 101.2 84.8 119.2 84.7 103.5 14.1 53 54 Less change in U.S. Govt, cash .... .2 -1.0 -.4 1.2 -1.3 -14.9 13.4 6.7 -7.4 -15.0 25.5 -8.1 -2.7 -8.5 54 55 Total net of U.S. Govt, cash........... 66.8 73.3 70.3 81.9 99. 1 59.1 91.2 102.2 108.6 99.8 93.7 92.9 106.1 83.2 55 56 Funds supplied directly to cr. mkts. ■. 66.8 73.3 70.3 81.9 99. 1 59.1 91.2 102.2 108.6 99.8 93.7 92.9 106.1 83.2 56 57 Federal Reserve System............... 3.2 3.8 3.3 3.9 4.8 -.3 7.9 4.5 7.7 7.0 7.7 -3.2 2.7 57 58 Total......................................... 3.4 3.8 3.5 4.8 3.7 2.9 3.7 6.9 4.3 6.5 7.3 -3.2 .1 2.7 58 59 Less change in U.S. Govt. cash. .2 ♦ .2 .9 -1.1 3.2 -4.2 2.4 -3.5 -.4 -.4 • .2 -.1 59 60 Commercial banks, net................ 21.8 29.3 17.9 35.9 38.9 40.3 37.2 24.6 23.7 34.3 45. 1 52.3 10.5 18.3 60 61 Total......................................... 22.4 29.1 17.4 36.4 38.9 22.3 54.8 28.9 19.6 20.5 71.2 44.4 8.1 10.3 61 62 Less chg. in U.S. Govt. cash... -1.0 -.5 . 2 -.2 -18. 1 17.6 4.4 -4.0 -14.5 25.9 -8. 1 -2.8 -8.5 62 63 . 6 .8 . 1 . 2 . 3 , 1 ♦ * .7 .2 .2 . 5 .4 63 64 Nonbank finance, net................... 29. 1 26.9 22. 5 32.6 30.7 35.2 38.4 27.7 30.9 30.6 30.2 31.0 28.4 26. 1 64 65 Total......................................... 33.5 32.9 25.8 33.8 39.5 19.5 51.3 33.3 30.3 40.9 46.5 40.4 22.3 46. 5 65 66 Less credit raised..................... 4.4 5.9 3.3 1.2 8.8 -15.7 12.9 5.7 -.7 10.3 16.3 9.4 -6. 1 20.4 66 67 U.S. Government......................... 3.8 4.7 7.9 4.5 8.1 -.8 5.0 8.0 12.2 9.0 6.2 5.1 12.2 9.6 67 68 Foreign......................................... .6 -.1 -1.4 3.2 2. 1 3.6 .9 5. 1 .4 -1.5 2.6 7.0 .2 -2.0 68 69 Pvt. domestic nonfin..................... 8.5 8.6 20.2 1.8 14.6 -18.8 2.0 32.4 33.8 20.5 2.0 .8 55.0 28.6 69 70 Households............................... 3.2 2.2 10.6 -4.2 .6 -18.3 -1.6 16.4 10.8 15. 1 -12.3 -11.5 19.2 8.0 70 71 Business.................................... 1.5 1.0 3.2 .4 7.7 -5.6 .2 5.9 11.4 5.8 6.5 6. 1 18.3 6. 3 71 72 State and local govts................ 3.7 5.8 6.2 7.8 7.7 7.7 6.5 13.7 8.5 2.3 10.8 9.1 14.4 6.8 72 73 Less net security credit............. -.2 .3 -.2 2.2 1.4 2.5 3.1 3.5 -3.0 2.7 2.9 2.8 -3.1 -7.5 73 Note.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ FLOW OF FUNDS A 71 PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) Year totals 1967 1968 1969 Transaction category, or sector 1964 1965 1966 1967 1968 II III IV I II III IV I II I. Demand deposits and currency 1 Net incr, in banking system liability. . 7.4 7.6 2.6 14.7 13.2 - .9 29.4 21.8 -8.7 1.0 34.8 25.8 -3.0 -.6 I 2 U.S. Govt, deposits.......................... .2 -1 .0 - .4 1.2 -1.3 -14.9 13.4 6.7 -7.4 -15.0 25.5 -8.1 -2.7 -8.5 2 3 Other............................................ 7.3 8.6 3.0 13.5 14.5 14.0 16.0 15.0 -1.3 15.9 9.4 33.9 -.3 8.0 3 4 Domestic sectors...................... 6.8 8.3 3.3 12.7 14.8 11.5 15.5 11.5 -.3 14.8 11.2 33.6 1.7 8.0 4 5 Households........................... 6.4 7. 1 1.9 12.4 15.9 14.2 7.3 14.5 1.7 12. 1 27.0 22.2 -1.0 2.2 5 6 Nonfinancial business........... -2. 1 -1.7 .7 -1.5 1.2 -3.9 4.2 -2.5 3.3 5.5 -9.2 5.5 1.7 6.4 6 7 State and local govts............. 1.2 -.2 .8 .3 .6 * 1.0 -2.9 .4 .7 -.8 1.9 1.7 1.3 7 8 Financial sectors................... .7 .7 1.2 .9 .4 .4 -.4 1.4 2.6 1.2 -.8 1.3 8 9 Mail float.............................. .9 2.5 -.5 .8 -4. 1 .4 2.6 2. 1 -5.3 -4.9 -8.4 2.8 -3.2 9 10 Rest of the world..................... .5 .3 -.3 .8 -.3 2.4 .5 3.5 -1.0 1.2 -1.9 .3 -2.1 ♦ 10 II. Time and savings accounts II Net increase—Total.......................... 30.4 •33.0 20.3 40.8 32.5 45.4 42.0 23.5 31.2 16.5 43.6 38.5 2.1 -9.6 11 12 At commercial banks—Total. . . . 14.5 20.0 13.3 23.fi 20. 1 23.7 23.7 12.7 18.3 4.3 32.3 25.4 -12.0 -17.4 12 13 Corporate business................... 3.2 3.9 -.7 4. 1 2.5 -.9 3.7 3.7 .5 -3. 1 9.9 2.5 -12.0 -11.0 13 14 State and local govts................ 1.7 2.4 1.3 2.4 2.6 3.4 .6 . 1 .5 1.4 4.9 3.7 -7.6 -5.2 14 15 Foreign depositors................... 1.4 .6 .8 1.3 - . 1 2.3 1.1 .8 -.7 -.4 1.0 -. 1 1 -1.3 15 16 Households............................... 8.2 13.3 11.9 15.8 14.9 17.9 18.7 8.5 17.6 6.2 16.4 19.2 7.6 -.1 16 17 At savings instutitions................. 15.9 13.0 7. 1 17.0 12.4 21.7 18.3 10.7 12.9 12.3 11.3 13.2 14.2 7.9 17 18 Memo: Households total................. 23.9 26.5 19.2 32.4 27.6 38.6 36.7 19.2 30.8 18.2 28.2 33.0 22. 1 7.4 18 III. U.S. Govt, securities 19 Total net issues................................. 7.1 3.6 6.3 12.7 15.7 -21.3 34.7 29.2 28.2 13.8 31.9 -11.4 10.1 -13.0 19 20 Short-term marketable................. 4.0 3.5 2.2 6.4 1.6 -35.7 30.9 20.7 18. 1 -1.3 2.9 -13.4 7.0 -1.7 20 21 Other............................................ 3.0 .2 4. 1 6.2 14. 1 14.5 3.9 8.5 10.1 15.1 29.0 2.0 3.1 -II .3 21 22 Net acquisitions, by sector............... 7.1 3.6 6.3 12.7 15.7 -21.3 34.7 29.2 28.3 13.8 31.9 -11.4 10.2 -13.0 22 23 Federal Reserve System............... 3.5 3.7 3.5 4.8 3.8 2.8 3.6 6.9 4.5 6.4 7.6 -3.1 .2 2.7 23 24 Short-term................................ 2. 1 3.7 5.4 1.9 -6.6 -4.2 2.3 9.3 1.8 -5.7 -12.3 -10.4 -9.6 11.4 24 25 Commercial banks....................... .4 -2.3 -3.5 8.8 2.8 -.3 23.6 -5.9 4.7 -4.6 13.7 -2.4 -8.4 -13.1 25 26 Short-term marketable............. 3.9 -1.7 -4.5 4.6 1.4 -7.2 18.3 -2.7 2.8 3.1 5.3 -5.5 -2.0 -7.5 26 27 Other direct............................... -4. 1 -1.4 1. 1 1.4 . 2 2.4 2.8 -5.2 1.0 -6.9 5.3 1.5 -6. 1 -8.0 27 28 Nonguaranteed........................ .6 .8 2.8 1.2 4.4 2.5 2.1 .9 -.8 3.0 1.7 -.4 2.3 28 29 Nonbank finance.......................... 2.0 - .8 .9 1.8 -8.5 9.6 -1.4 8.3 2.3 4.1 -7.5 . 1 4.2 29 30 Short-term marketable............. 1.2 -.4 1.5 1.0 1.7 -10.7 10.6 -.4 6.7 1.8 4.9 -6.6 1.8 1.6 30 3! Other direct.............................. .5 -.7 - 1.0 -1.5 -.6 .9 -.7 -1.1 -.5 1 -1.7 -. 1 -3.7 2.0 31 32 Nonguaranteed........................ .3 .3 .4 .5 .7 1.4 -.3 . 1 2.1 .6 1.0 -.8 1.9 .7 32 33 Foreign......................................... .5 -. 1 -2.6 2.1 -.5 1.9 — 1.4 5.2 -.7 -3.7 .1 2.5 -3.5 -1.7 33 34 Short-term................................ . 1 -.4 -.8 1.6 -2.5 .7 -2.1 4.8 -1.8 -6.8 - 1.5 .2 -3.6 -.3 34 35 Pvt. domestic nonfinan. sector. . . .8 3.1 8.0 -3.0 7.7 -17.2 -.8 24.4 11.4 13.5 6.4 -.9 21.9 -5.1 35 36 Short-term marketable............. -3.2 2.4 .7 -2.7 7.6 - 14.4 1.8 9.7 8.6 6.3 6.5 8.9 20.4 -6.8 36 37 Other direct.............................. 2.8 -1.2 2.2 — 1.6 -4. 1 -3.0 -1.8 8.1 . 1 -1.8 -2.5 -12.4 -2.7 -4.5 37 38 Nonguaranteed........................ .4 1.3 4.6 .4 3.8 -.9 -1.5 5.6 2.5 8.7 1.6 2.4 4.7 6.6 38 39 Savings bonds—Households. . . .9 .6 .6 .9 .4 1.1 .7 .9 .2 .3 .8 .2 -.5 -.4 39 IV. Other securities 40 Total net issues, by sector................ 14.6 16.2 18.7 29.6 25.5 28.1 31.4 30.8 24.5 21.1 26.4 29.9 27.6 27.6 40 41 State and local govts.................... 5.9 7.3 6.0 10.1 11.1 11.5 7.5 11.2 9.3 6.3 14.3 14.6 9.9 8.8 41 42 Nonfinancial corporations....... 5.4 5.4 11.4 17.4 12. 1 15.8 21.4 18.1 12.8 12.8 10.3 12.4 14.8 14.8 42 43 Commercial banks....................... .6 .8 . 1 .2 .3 .7 .2 .2 .5 .4 43 44 Finance companies...................... 2. 1 1.9 .8 .6 .7 -.3 1.0 . 1 .9 .8 .6 .7 1.0 2.3 44 45 Rest of the world......................... .7 .8 .5 1.3 1.3 1.0 1.6 1.4 1.5 .5 1.0 2. 1 1.5 1.2 45 46 Net purchases................................... 14.6 16.2 18.7 29.6 25.5 28.1 31.4 30.8 24.5 21.1 26.4 29.9 27.6 27.6 46 47 Households................................... 1.5 . 1 3.0 -2.8 -2.4 -6.8 -1.2 1.0 8.7 . 1 -12.9 -5.7 13.5 5.9 47 48 Nonfinancial corporations........... .2 .7 .8 .7 . 1 .7 .8 .7 -.1 . 1 .2 .3 .2 48 49 State and local govts.................... 2.8 2.8 4.1 6.0 4. 1 6.9 4.8 5.5 4.0 3.7 4.7 4.1 7.3 8.0 49 50 Commercial banks....................... 3.7 5.0 2.4 9.8 8.4 14.5 4.8 10.3 5.0 4.0 12.5 11.9 -.9 -2.4 50 51 Insurance and pension funds....... 7.5 9.5 9.5 13.5 15.0 11.0 14.6 14.4 14.3 14.2 14.0 17.4 13.4 12.9 51 52 Finance n.e.c................................. -.8 -1.7 -2.2 -.9 -3.2 -2.6 2.4 -1.6 -10.1 -4.2 4.3 -3.0 - 10.9 2.7 52 53 Security brokers and dealers. .. 1 -.4 -2.8 2.7 2.6 -1.7 -5.6 8.2 -2.5 -3.3 5.2 53 54 Investment cos., net................. -.8 -1.5 -2.4 -1.1 -2.8 . 1 -.3 -4.2 -8.4 1.5 -3.9 -.5 -7.6 -2.5 54 55 Portfolio purchases............... 1. 1 1.6 1.3 1.6 1.9 1.3 3. 1 -1.1 -1.4 3.4 1.4 4.2 -.6 . 1 55 56 Net issues of own shares. . . . 1.9 3. 1 3.7 2.6 4.7 1.2 3.4 3.1 6.9 2.0 5.3 4.8 7.0 2.7 56 57 Rest of the world........................ -.1 -.4 .9 1.0 2.0 1.3 2.2 * .7 1.9 2.1 3.2 3,9 57 —-—•—.—----— ----——. —------- —_~_ V. Mortgages 58 Total net lending.............................. 25.3 25.5 19.6 21.9 25.8 19.0 24.8 26.3 25.5 25.9 24.0 28.0 28.0 26.8 58 59 1- to 4-family.............................. 15.4 16.1 10.0 12.5 15.5 9.7 15.0 (6.0 15.9 15.1 14.2 16.8 17.1 16.9 59 60 In process................................. -.3 -.9 1.0 .2 1.4 1.3 .9 . 1 .6 .8 .3 60 61 Disbursed................................. 15.7 16.2 11.0 11.5 15.4 8.3 13.7 15.1 15.8 15. 1 14.3 16.3 16.3 16.6 61 62 Other............................................ 10.0 9.4 9.6 9.4 10.3 9.3 9.8 10.4 9.6 10.8 9.7 11.2 10.9 9.9 62 63 Net acquisitions...................................... 25.3 25.5 19.6 21.9 25.8 19.0 24.8 26.3 25.5 25.9 24.0 28.0 28.0 26.8 63 64 Households................................... -.2 -.9 -.4 -.6 -1.7 -.4 .2 1.2 .4 -.2 -1.6 -.1 .8 64 65 U.S. Government........................ .2 1.0 3.4 2.7 3.3 1.6 3. 1 3.7 4.4 4.3 2.4 2.2 2.9 3.6 65 66 Commercial banks....................... 4.5 5.6 4.6 4.6 6.6 3.5 6.0 6.7 6.6 6.5 5.9 7.6 8.1 6.2 66 67 Savings institutions...................... 14.8 13. 1 6.6 10.8 12.2 10.3 13.1 12.9 10.6 11.7 12.0 14.4 13.2 13.8 67 68 Insurance...................................... 5.1 5.5 5.1 3.1 2.5 2.9 2.0 2.3 2.3 2.0 2.7 2.9 2.2 2.0 68 69 Mortgage companies.................... .4 .5 -.6 .4 .6 1.3 -.2 . 1 -.3 .4 .4 1.7 1.0 -.4 69 VI. Bank loans n.e.c. 70 Total net borrowing.......................... 8.7 16.4 8.2 6.5 14.1 7.7 6.7 9.8 4.0 11.1 15.0 26.3 15.7 11.2 70 71 Nonfinancial business.................. 5.1 12.2 9.9 7.4 9.1 11.0 2.0 10.8 4.0 7.6 6.8 18,1 13.1 7.8 71 72 Nonbank finance.......................... .5 2.4 -1.4 -2.4 2.1 -3.3 2.1 -4.0 -1.0 1.4 3.2 4.7 1.4 1.8 72 73 Households................................... 1.4 1.3 -.1 1.7 3.2 .7 1.7 3.5 1.4 2.2 5.3 4.0 1,4 l.l 73 74 Rest of the world........................ 1.7 .4 - .2 -.3 -.3 -.8 .8 -.5 -.4 -.1 -.3 -.5 -.2 .5 74 Note.—Quarterly data are seasonally adjusted totals at annual rates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 72 U.S. BALANCE OF PAYMENTS o DECEMBER 1969 1. U.S. BALANCE OF PAYMENTS (Ln millions of dollars) 1968 1969 Item 1966 1967 1968 I II III IV I IP Transactions other than changes in foreign liquid assets in U.S. and in U.S. monetary reserve assets—Seasonally adjusted Exports of goods and services—-Total 1.......................... 43,360 46,188 50,594 11,934 12,66» 13,344 12,653 11,913 14,184 Merchandise....................................................................... 29,389 30,681 33,598 7,941 8,395 8,879 8,383 7,469 9,588 Military sales...................................................................... 829 1,240 1 ,427 305 353 406 364 418 331 Transportation................................................................ 2,608 2,775 2,924 717 731 757 720 618 801 Travel.................................................................................... 1,590 1 ,646 1,770 440 424 450 456 503 515 Investment income receipts, private........................... 5,659 6,234 6,934 1,562 1,768 1 ,828 1,777 1 ,886 1 ,899 Investment income receipts, Govt.............................. 593 638 765 209 205 212 140 234 236 Other services.................................................................... ' 2,693 2,973 3,177 760 792 812 813 785 814 Imports of goods and services—Total............................. -38,081 -41,011 -48,078 -11,463 -11,827 -12,435 -12,352 -11,550 -13,901 Merchandise....................................................................... -25,463 -26,821 -32,972 -7,817 -8,131 -8,566 -8,458 -7,572 -9,595 Military expenditures...................................................... -3,764 -4,378 -4,530 -1,102 — 1,116 -1,143 -1,169 -1,204 -1,217 Transportation.................................................................. -2,922 -2,990 -3,248 -785 -786 -841 -836 -742 -848 Travel.................................................................................... -2,657 -3,195 -3,022 -763 -732 -792 -735 -810 -830 Investment income payments....................................... -2,142 -2,362 -2,933 -671 -742 -770 -749 -892 -1,078 Other services.................................................................... -1,133 -1,266 -1,374 -325 -320 -323 -405 -330 -333 Balance on goods and services *........................................ 5,279 5,177 2,516 471 841 909 301 363 283 Remittances and pensions.................................................... -923 -1,196 -1,159 -276 -274 -325 -285 -271 -286 1. Balance on goods, services, remittances and pensions.................................................................. 4,356 3,981 1,357 195 567 584 16 92 -3 2. U.S. Govt, grants and capital flow, net..................... -3,444 -4,224 -3,955 -1,097 -1,055 -968 -835 -793 -1,103 Grants,2 loans, and net change in foreign cur­ rency holdings, and short-term claims......... -4,676 -5,227 -5,347 -1,426 -1,365 -1,301 -1,254 — 1,118 -1,449 Scheduled repayments on U.S. Govt, loans. . . 803 997 1,123 287 307 278 250 281 312 Nonscheduled repayments and selloffs................ 429 6 269 42 3 55 169 44 34 3. U.S. private capital flow, net...................................... -4,310 -5,655 -5,157 -806 -1,537 -1,868 -947 -1,345 -1,971 Direct investments...................................................... -3,639 -3,154 -3,025 -472 -1,009 -1,262 -283 -928 -1,101 Foreign securities......................................................... -481 -1,266 -1,266 -311 -164 -337 -455 -323 -426 Other long-term claims: Reported by banks............................................. 337 255 358 140 49 165 4 133 28 Reported by others................................................ - 112 -281 -174 34 -32 -57 -119 -66 -27 Short-term claims: Reported by banks............................................ -84 -730 -89 96 194 -255 -124 -55 -510 Reported by others................................................ -331 -479 -960 -293 -575 -122 30 -106 65 4. Foreign capital flow, net, excluding change in liquid assets in U.S...................... 2,532 3,360 8,565 1,555 2,517 1,805 2,688 1,633 203 Long-term investments.............................................. 2,156 2,411 5,942 1,300 1,461 1,267 1,915 1,708 256 Short-term claims........................................................ 296 499 750 43 269 236 202 -76 32 Nonliquid claims on U.S. Govt, associated with— Military contracts.................................................... 346 64 -137 -28 6 -141 27 -80 58 U.S. Govt, grants and capital............................ -205 -84 2 -5 15 -6 -2 -4 Other specific transactions................................... -12 1 -3 -27 -6 41 -10 -10 28 Other nonconvertible, nonmarketable, me­ dium-term U.S. Govt, securities3................ -49 469 2,010 273 772 409 556 95 -171 5. Errors and unrecorded transactions............................ -489 -1,007 -642 -410 -480 309 -60 -1,239 -838 Balances A. Balance on liquidity basis Seasonally adjusted (» 1+2+34-4+5)....... -1,357 -3,544 168 -564 9 -139 862 -1,653 -3,711 Less: Net seasonal adjustments........................... -297 -96 269 124 - 395 -64 Before seasonal adjustment...................................... -1,357 -3,544 168 -267 105 -408 738 -1,258 -3,647 B. Balance on basis of official reserve transactions Balance A, seasonally adjusted.............................. -1,357 -3,544 168 -564 9 -139 862 -1,653 -3,711 Plus: Seasonally adjusted change in liquid assets in the U.S. of— Commercial banks abroad.................................. 2,697 1,272 3,382 457 2,297 702 -74 2,944 4,653 Other private residents of foreign countries.. 212 414 374 4 103 44 223 -23 ^-147 International and regional organizations other than IMF.................................................. -525 -214 55 79 -86 19 43 -88 82 Less: Change in certain nonliquid liabilities to foreign central banks and govts.................. 761 1,346 2,341 355 770 529 687 37 -366 Balance B, seasonally adjusted............................... 266 -3,418 1,638 -379 1,553 97 367 1,143 1,243 Less: Net seasonal adjustments............................ -470 3 25 442 -567 29 Before seasonal adjustment....................................... 266 -3,418 1,638 91 1,550 72 -75 1,710 1,214 For notes see end of table. 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DECEMBER 1969 a U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE A 73 1. U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1968 1969 Item 1966 1967 1968 I II IV I II* Transactions by which balances were settled—Not seasonally adjusted A. To settle balance on liquidity basis........................... 1,357 3,544 -168 267 -105 408 -738 1,258 3,647 Change In U.S. official reserve assets (in­ crease, —)...,........................................ 568 52 -880 904 -137 -571 -1,076 -48 -299 Gold.............................................................. 571 1,170 1,173 1,362 22 -74 -137 56 -317 Convertible currencies................................ -540 -1,024 -1,183 -401 267 -474 -575 -73 246 IMF gold tranche position.......................... 537 -94 870 -57 -426 -23 -364 -31 -228 Change tn liquid liabilities to all foreign accounts 789 3,492 712 -637 32 979 338 1,306 3,946 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. securities4.........-.9..4...5...............4..5.5.............-10 100 -49 -61 -25 -10 Marketable U.S. Govt, bonds and notes4. -245 48 -379 -359 8 -26 -2 -3 * Deposits, short-term U.S. Govt, securi­ ties, etc.............-.5...8..2............1.,.4..9..5......-2,707 -1,107 -2,187 37 550 -1,680 -543 IMF (gold deposits)..................................... 177 22 -3 8 — 11 1 — 3 Commercial banks abroad........................... 2,697 1,272 3,382 638 2,205 954 -415 3,124 4,567 Other private residents of foreign countries. 212 414 374 4 103 44 223 -23 -147 International and regional organizations other than IMF..................................... -525 -214 55 79 -86 19 43 -88 82 B. Official reserve transactions................................. -266 3,418 -1,638 -91 -1,550 -72 75 -1,710 -1,214 Change in U.S. official reserve assets (in­ crease, —)................................................. 568 52 -880 904 -137 -571 -1,076 -48 -299 Change in liquid liabilities to foreign central banks and govts, and IMF (see detail above under A.)................................................... -1,595 2,020 -3,099 -1,358 -2,190 -38 487 -1,707 -556 Change in certain nonliquid liabilities to foreign central banks and govts.: Of U.S. private organizations................... 793 894 535 116 150 131 138 -43 -187 Of U.S. Govt............................................. -32 452 1,806 247 627 406 526 88 -172 1 Excludes transfers under military grants. Note.—Dept, of Commerce data. Minus sign indicates net payments 2 Excludes military grants. (debits); absence of sign indicates net receipts (credits). Details may not 3 Includes certificates sold abroad by Export-Import Bank. add to totals because of rounding. 4 With original maturities over 1 year. 2. MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars seasonally adjusted) Exports 1 Imports 2 Export surplus Period 1966 1967 1968 1969 1966 1967 1968 1969 1966 1967 1968 1969 Month: Jan................. 2,298 2,639 2,814 32,093 1 ,966 2,317 2,687 32,018 332 322 127 75 Feb.................... 2,353 2,582 2,775 32,297 2,013 2,216 2,592 32,655 339 366 184 -359 Mar................... 2,530 2,525 >2,439 33,196 2,050 2,166 32,589 32,981 480 359 -150 215 Apr.................... 2,317 2,608 32,855 33,355 2,091 2,198 32,604 33,177 226 410 251 178 May................... 2,416 2,549 2,740 33,292 2,061 2,118 2,755 33,276 355 432 -15 16 June................... 2,485 2,582 2,870 33,213 2,102 2,184 2,792 33,188 383 398 78 25 July................... 2,469 2,601 2,858 3,172 2,216 2,245 2,725 3,066 253 357 133 106 Aug................... 2,460 2,566 32,950 3,385 2,137 2,145 2,872 3,180 324 421 78 205 Sept................... 2,503 2,597 33,211 3,326 2,288 2,198 2,951 3,055 214 399 261 271 Oct.................... 2,616 2,415 32,631 3,379 2,303 2,254 2,736 3,222 313 161 -105 157 Nov................... 2,491 2,671 2,972 2,195 2,396 2,883 296 275 89 Dec.................... 2,467 2,677 2,977 2,196 2,493 2,908 271 184 70 Quarter: I..................... 7,180 7,745 8,028 7,586 6,029 6,698 7,867 7,654 1,152 1 ,047 161 -68 II....................... 7,217 7,739 8,465 9,859 6,253 6,500 8,151 9,641 964 1 ,240 314 218 III.............. 7,431 7,764 9,019 9,883 6,641 6,588 8,548 9,301 790 1,177 471 582 IV...................... 7,575 7,763 8,580 6,694 7,143 8,527 881 620 53 Year 4................... 29,403 31,011 34,092 25,617 26,928 33,093 3,786 4,083 1,001 ............. 1 Exports of domestic and foreign merchandise; excludes Dept, of 3 Significantly affected by strikes. Defense shipments of grant-aid military equipment and supplies under 4 Sum of unadjusted figures. Mutual Security Program. 2 General imports including imports for immediate consumption plus Note.—Bureau of the Census data. Details may not add to totals be­ entries into bonded warehouses. cause of rounding. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 74 U.S. GOLD TRANSACTIONS □ DECEMBER 1969 3. U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (Net sales ( — ) or net acquisitions; in millions of dollars at $35 per fine troy ounce) 1968 1 969 Area and country 1961 1962 1963 1964 1965 1966 1967 1968 II III IV I II III Western Europe: Austria................................ -143 -82 -55 -100 -25 Belgium.................................... -144 -63 -40 -83 -58 -33 France...................................... -456 -518 -405 -884 -601 600 220 240 140 50 275 Germany, Fed. Rep. of.. . -23 -225 Ireland...................................... -1 -2 -2 -2 -52 -32 -11 3 16 Italy........................................... 100 200 -80 -60 -85 -209 -25 -76 Netherlands........................... -25 -60 -35 -19 30 Spain......................................... -156 -146 -130 -32 -180 Switzerland............................. -125 102 -81 -50 -2 -30 -50 -25 -25 United Kingdom.................. -306 -387 329 618 150 80 -879 -835 50 15 O Ba th n e k r f .. o ... r . .. I . n ... t . i .. . . .. S .. e ... t . t . l . e ... m ... e .. n ... t . s .. . - - 5 2 3 3 -12 i -6 -35 -49 16 -47 -22 -16 -8 -1 H7 -7 Total................................ -754 -1,105 -399 -88 -1,299 -659 -980 -669 163 213 150 -52 292 9 Canada......................................... 190 .............. 200 ISO 50 Latin American republics: A Br r a g z e i n l.. t . i . n ... a .. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -9 -2 0 8 5 5 7 -3 7 0 2 54 25 -3 -3 9 - - 1 1 -25 • -5 * -15 -5 .............. -10 Colombia................................ 38 10 29 7 Venezuela.................. -25 Other........................................ -17 -5 -11 -9 -13 -6 11 -40 -7 -3 -3 -7 -5 -5 Total................................ -109 175 32 56 17 -41 9 -65 -12 -18 -8 -7 -5 -15 Asia: Iraq....................................... -10 -4 -21 -42 -28 Japan........................................ — 56 Lebanon.................................. -21 -32 -11 -11 -1 -95 -21 M Ph a i l l a ip y p s i i n a e .. s .. . . . .. .. . . .. .. . . .. .. . . .. .. . . .. .. . . .. .. . . .. .. . . .. .. . . .. .. . . .. . -I 25 20 • -1 .............. -34 9 -24 10 * 7 17 ii Saudi Arabia......................... -48 -13 -50 -25 -25 Singapore................................ — 81 — 23 — 28 11 Other r...................................... -32 -47 -13 -6 -14 -14 -22 -75 -26 -28 -6 -2 -1 -1 Total................................ -101 -93 12 3 -24 -86 -44 -366 -146 -71 -6 5 28 10 All other...................................... -6 -1 -36 -7 -16 -22 2-166 2-68 -16 2-51 -I -2 1 -1 Total foreign countries........... -970 -833 -392 -36 -1,322 -608 -1,031 -1,118 -10 73 136 -57 316 2 Inti. Monetary Fund 3........... 150 .............. 4-225 177 22 -3 -11 .............. J 1 8 Grand total................• • -820 -833 -392 -36 -1,547 -431 -1,009 -1,121 -22 73 136 -56 317 10 1 Includes purchase from Denmark of $25 million. IMF sold to the United States a total of $800 million of gold ($200 2 Includes sales to Algeria of $150 million in 1967 and $50 million in million in 1956, and $300 million in 1959 and in 1960) with the right of 1968. repurchase; proceeds from these sales invested by IMF in U.S. Govt, 3 Includes IMF gold sales to the United States, gold deposits by the securities. IMF (see note 1 (b) to Table 4), and withdrawal of ^deposits. The first ■» Payment to the IMF of $259 million increase in U.S. gold subscription, withdrawal, amounting to $17 million, was made in June 1968. less gold deposits by the IMF. Notes to Table 5 on opposite page: 1 Represents net IMF sales of gold to acquire U.S. dollars for use in cally if needed. Under appropriate conditions, the United States could IMF operations. Does not include transactions in gold relating to gold draw additional amounts equal to its quota. deposit or gold investment (see Table 6). 4 Represents a $600 million IMF gold sale to United States (1957). 2 Positive figures represent purchases from the IMF of currencies of less $6 million gold purchase by IMF from another member with U.S. other members for equivalent amounts of dollars; negative figures repre­ dollars (1948). sent repurchase of dollars, including dollars derived from charges on s Includes $259 million gold subscription to the IMF in June 1965 for drawings and from other net dollar income of the IMF. The United a U.S. quota increase, which became effective on Feb. 23, 1966. In figures States has a commitment to repay drawings within 3 to 5 years, but only published by the IMF from June 1965 through Jan. 1966, this gold sub­ to the extent that the holdings of dollars of the IMF exceed 75 per cent of scription was included in the U.S. gold stock and excluded from the the U.S. quota. Drawings of dollars by other countries reduce the U.S. reserve position. commitment to repay by an equivalent amount. 3 Represents the U.S. gold tranche position in the IMF (the U.S. Note.—The initial U.S. quota in the IMF was $2,750 million. The U.S. quota minus the holdings of dollars of the IMF), which is the amount quota was increased to $4,125 million in 1959 and to $5,160 million in that the United States could draw in foreign currencies virtually automati­ Feb. 1966. Under the Articles of Agreement, subscription payments equal to the quota have been made 25 per cent in gold and 75 per cent in dollars. 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DECEMBER 1969 □ U.S. GOLD STOCK; POSITION IN THE IMF A 75 4. U.S. GOLD STOCK, HOLDINGS OF CONVERTIBLE FOREIGN CURRENCIES, AND RESERVE POSITION IN IMF (In millions of dollars) Gold stock 1 Con­ Reserve Gold stock 1 Con­ Total vertible position Total vertible Reserve End of year reserve foreign in End of month reserve foreign position assets Total 2 Treasury currencies IMF 3 assets Total 2 Treasury c c u ie rr s e n 3 ­ IM in F 3 1956............................ 23,666 22,058 21,949 1 ,608 1968—Nov........1..5..,.6..60 10,897 10,367 3,655 1,108 1957............................ 24,832 22,857 22,781 1 ,975 Dec............... 15,710 10,892 10,367 3,528 1 ,290 1958............................ 22,540 20,582 20,534 1,958 1959............................ 21,504 19,507 19,456 1,997 1969—Jan........1..5...,.4..54 10,828 10,367 3,338 1,288 I960............................ 19,359 17,804 17,767 1,555 Feb........1..5...,.4..99 10,801 10,367 3,399 1,299 Mar............... 15,758 10,836 10,367 3,601 1,321 1961............................ 18,753 16,947 16,889 116 1,690 Apr............... 15,948 10,936 10,367 3,624 1 ,388 1962............................ 17,220 16,057 15,978 99 1,064 May.............. 16,070 11,153 10,367 3,474 1,443 1963............................ 16,843 15,596 15,513 212 1,035 June.............. 16,057 11,153 10,367 3,355 1 ,549 1964............................ 16,672 15,471 15,388 432 769 July........1..5...,.936 11,144 10,367 3,166 1,626 1965............................ 15,450 4 13,806 413,733 781 4 863 Aug............... 16,195 11,154 10,367 3,399 1 ,642 Sept........1..6..,..7.43 11,164 10,367 3,797 1,782 1966............................ 14,882 13,235 13,159 1,321 326 Oct................. 16,316 11,190 10,367 3,341 1 ,785 1967............................ 14,830 12,065 11,982 2,345 420 Nov............... 16,000 11,171 10,367 2,865 1 ,964 1968............................ 15,710 10,892 10,367 3,528 1,290 1 Includes (a) gold sold to the United States by the International Mon­ 4 Reserve position includes, and gold stock excludes, $259 million gold etary Fund with the right of repurchase, and (b) gold deposited by the subscription to the IMF in June 1965 for a U.S. quota increase which IMF to mitigate the impact on the U.S. gold stock of foreign purchases became effective on Feb. 23, 1966. In figures published by the IMF from for the purpose of making gold subscriptions to the IMF under quota June 1965 through Jan. 1966, this gold subscription was included in the increases. For corresponding liabilities, see Table 6. U.S. gold stock and excluded from the reserve position. 2 Includes gold in Exchange Stabilization Fund. 3 For holdings of F.R, Banks only, see pp. A-12 and A-13. 2 In accordance with IMF policies the United States has the right to draw foreign currencies equivalent to its reserve position in the IMF vir­ Note.—See Table 22 for gold held under earmark at F.R. Banks for tually automatically if needed. Under appropriate conditions the United foreign and international accounts. Gold under earmark is not included States could draw additional amounts equal to the U.S. quota. See Table 5. in the gold stock of the United States. 5. U.S. POSITION IN THE INTERNATIONAL MONETARY FUND (In millions of dollars) Transactions affecting IMF holdings of dollars IMF holdings (during period) of dollars (end of period) U.S. transactions with IMF Transactions by U.S. other countries reserve Period with IMF position P s t a u d io y b o n m o s ll s c a f e r r n i i s n p t s ­ by s g N I a o M l e e ld t s F * T t c f r i o c o u a i r n e r n e r s s s i e g a n 2 i n n c ­ ­ I i M d n o c F i l o n la m n rs e e t D d ra o w o lla i f n rs gs R m e e i p n n a ts y ­ c T h o an ta g l e Amount P q e U u r o . o c S f t e . a nt p i ( e n e r n i I o d M d o ) F f 3 dollars 1946—1957.................................. 2,063 4 594 -45 —2,664 827 775 775 28 1 975 1958—1963.................................. 1,031 150 60 -1,666 2,740 2,315 3,090 75 1 035 1964—1966.................................. 776 1 ,640 45 -723 ’ 6 1 '744 4 834 94 $326 1967................................................ 20 -114 -94 4 740 92 420 1968................................................ -84 20 -806 — 870 3 870 75 1 290 1968—Nov................................... -125 -1 -46 -172 4,052 79 1,108 Dec.................................... -159 4 -27 -182 3 870 75 1 290 1969—Jan..................................... 2 2 3 872 75 1 288 Feb.................................... 2 -13 — 11 3 861 75 1 299 Mar................................... 2 -24 —22 3*839 74 I *321 Apr.................................... 1 -68 — 67 3 772 73 1 388 May,....................... i -56 55 3*717 72 1 *443 June.................................. 5 1 -112 -106 3 *611 70 1 549 July................................... 2 — 79 — 77 3 534 68 1 626 Aug..................... -36 20 -16 3 518 68 1 642 Sept................................... 17 3 -282 122 -140 3 378 65 1 782 Oct..................................... 1 -9 5 3 3 375 65 1 785 Nov................................... .................... -268 89 -179 31196 62 1,’964 For notes see opposite page. 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A 76 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ DECEMBER 1969 6. U.S. LIQUID LIABILITIES TO FOREIGNERS (In millions of dollars) Liabilities to Inti. Liabilities to foreign countries Liabilities to non­ Monetary Fund arising monetary inti, and from gold transactions regional organizations 5 Official institutions J Banks and other foreigners Non­ End Short­ market­ Short­ pe o ri f o d Total Total p G o d s o e i l ­ t d 1 m in G v e o e n l s t d t ­ 2 Total i i p t n l b i i t e o a e a b s r U n r b t y m e k . r i S l e s d ­ ­ . M n b G o U a a o a t o b n n r . e S k v l d d s e t e . s , 4 t ­ c T o b U a r a n o i u b e b n . n v r l S a l y e d e d e s . s r ­ t ­ Total i i p t n S l b i i t e o a a e h b s r U n b r o t y m e k . i r r S l s t e d ­ ­ . ­ M n b G o U a a a o t o b n r . e n S k l v d s d e e . t s , 4 t ­ Total i i n p t l b i t i e o a e a U b s r n r b t y . m e k S i r l e s d ­ . ­ « M n b G o U a a o a t o b n n r e .S k v l d d s e t e . s , 4 t ­ notes 1957........... 715,825 200 200 n.a. 7,917 n.a. n.a. 5,724 n.a. n.a. 542 n.a. 1958........... 716,845 200 200 n.a. 8,665 n.a. n.a. 5,950 n.a. n.a. 552 n.a. 1959........... 19,428 500 500 10,120 9,154 966 7,618 7,077 541 1,190 530 660 19608......... (20,994 800 800 11,078 10,212 866 7,591 7,048 543 1,525 750 775 121,027 800 800 11,088 10,212 876 7,598 7,048 550 1,541 750 791 1961s......... 1 (2 2 2 2 , , 8 9 5 3 3 6 8 80 0 0 0 8 8 0 0 0 0 1 11 1 , , 8 8 3 3 0 0 1 1 0 0 , , 9 9 4 4 0 0 8 8 9 9 0 0 8 8 , , 2 3 7 5 5 7 7 7, , 8 7 4 5 1 9 5 5 1 16 6 1 1 , , 9 9 4 4 8 9 7 7 0 03 4 1 1 , , 2 2 4 4 5 5 1962«......... 1 1 2 2 4 4 , , 0 0 6 6 8 8 8 8 0 0 0 0 8 8 0 0 0 0 1 1 2 2 , , 7 7 4 1 8 4 1 11 1 , , 9 9 6 9 3 7 7 7 5 5 1 1 8 8 , , 3 35 5 9 9 7 7 , , 9 9 1 1 1 1 4 44 4 8 8 2 2 , , 1 1 6 9 1 5 1 1 , , 2 2 5 8 0 4 9 9 1 1 1 1 19638......... (26,361 800 800 14,387 12,467 1,217 703 9,214 8,863 351 1,960 808 1,152 126,322 800 800 14,353 12,467 1,183 703 9,204 8,863 341 1 ,965 808 1,157 19648......... J 1 2 2 8 9 . , 9 0 5 0 1 2 8 8 0 0 0 0 8 8 0 0 0 0 1 1 5 5, , 4 4 2 2 8 4 1 13 3 , , 2 2 2 2 0 4 1 1 , , 1 1 2 2 5 5 1 1 , , 0 0 7 7 9 9 1 1 1 1 , , 0 0 0 5 1 6 1 1 0 0 , , 6 6 2 8 5 0 3 3 7 7 6 6 1 1 , , 7 7 2 2 2 2 8 8 1 1 8 8 9 9 0 0 4 4 1965........... 29,115 834 34 800 15,372 13,066 I ,105 1 ,201 11,478 11,006 472 1 ,431 679 752 19668......... ( 1 2 2 9 9 , , 9 7 0 7 4 9 1 1 , , 0 0 1 1 1 1 2 21 1 1 1 8 8 0 0 0 0 1 1 3 3 , , 6 6 5 0 5 0 1 12 2 , , 5 4 3 8 9 4 8 8 6 6 0 0 2 2 5 5 6 6 1 1 4 4 , , 3 2 8 0 7 8 1 1 3 3, , 8 6 5 8 9 0 5 5 2 2 8 8 9 9 0 0 5 6 5 58 8 1 0 3 3 2 2 5 5 19678......... ( ( 3 3 3 3 , , 2 1 7 1 1 9 1 1 , , 0 0 3 3 3 3 2 2 3 3 3 3 8 8 0 0 0 0 1 1 5 5 , , 6 6 5 4 3 6 1 1 4 4 , , 0 0 2 34 7 9 9 0 0 8 8 7 7 1 1 1 1 1 15 5 , , 7 8 6 9 3 4 1 15 5 , , 2 3 0 3 5 6 5 55 5 8 8 6 69 7 1 7 4 47 8 3 7 2 2 0 0 4 4 1968-Sept... 33,507 1,030 230 800 12,063 10,770 531 762 19,725 19,099 626 689 613 76 Oct... . 33,949 1 ,030 230 800 12,137 10,844 531 762 20,018 19,398 620 764 696 68 Nov.,. 35,510 1 ,030 230 800 13,689 12,398 529 762 20,030 19,406 624 761 693 68 Dec. 9 r ( ( 3 3 3 3 , , 6 8 0 21 7 1 1 , , 0 0 3 3 0 0 2 2 3 3 0 0 8 8 0 0 0 0 1 12 2 , , 4 5 8 4 1 8 1 1 1 1 , , 3 3 1 1 8 8 4 5 6 2 2 9 7 7 0 0 1 1 1 1 9 9 , , 3 5 7 18 4 1 1 8 8 , , 9 9 0 0 9 9 4 6 6 0 5 9 7 72 2 5 2 6 6 8 8 3 3 4 3 2 9 1969-Jan.'. 33,596 1 ,031 231 800 10,726 9,563 462 701 21,166 20,672 494 673 633 40 Feb.L 34,265 1 ,031 231 800 10,778 9,643 459 676 21,817 21,315 502 639 601 38 Mar.r 34,930 1 ,031 231 800 10,772 9,637 459 676 22,493 21,998 495 634 596 38 Apr.r. 36,066 1 ,033 233 800 10,936 9,762 459 715 23,426 22,929 497 671 632 39 May r. 37,674 I ,033 233 800 12,434 11,310 459 665 23,487 23,014 473 720 672 48 Juner. 39,041 1 ,028 228 800 10,232 9,107 459 666 27,064 26,608 456 717 669 48 July''. 40,166 1 ,028 228 800 9,980 8,780 450 750 28,426 27,945 481 732 683 49 Aug... 41,592 1 ,028 228 800 11,040 9,840 450 750 28,793 28,301 492 731 682 49 Sept.* 42,650 1 ,019 219 800 12,480 11 ,280 450 750 28,426 27,894 532 725 676 49 i Represents liability on gold deposited by the International Monetary securities are based on a July 31, 1963, benchmark survey of holdings and Fund to mitigate the impact on the U.S. gold stock of foreign purchases regular monthly reports of securities transactions (see Table 16), Data in­ for the purpose of making gold subscriptions to the IMF under quota in­ cluded on the second line are based on a benchmark survey as of Nov. 30, creases. 1968, and the monthly transactions reports. For statistical convenience, 2 U.S. Govt, obligations at cost value and funds awaiting investment the new series is introduced as of Dec. 31, 1968, rather than as of the obtained from proceeds of sales of gold by the IMF to the United States survey date. to acquire income-earning assets. Upon termination of investment, the The difference between the two series is believed to arise from errors in same quantity of gold can be reacquired by the IMF. reporting during the period between the two benchmark surveys, from 3 Includes Bank for International Settlements and European Fund. shifts in ownership not involving purchases or sales through U.S. banks 4 Derived by applying reported transactions to benchmark data; and brokers, and from physical transfers of securities to and from abroad. breakdown of transactions by type of holder estimated for 1960-63, It is not possible to reconcile the two series or to revise figures for earlier Includes securities issued by corporations and other agencies of the U.S. dates. Govt, that are guaranteed by the United States, 5 Principally the International Bank for Reconstruction and Develop­ Note.—Based on Treasury Dept, data and on data reported to the ment and the Inter-American Development Bank. Treasury Dept, by banks and brokers in the United States. Data correspond 6 Includes difference between cost value and face value of securities in to statistics’following in this section, except for minor rounding differences. IMF gold investment account. Liabilities data reported to the Treasury Table excludes IMF “holdings of dollars,” and holdings of U.S. Treasury include the face value of these securities, but in this table the cost value of letters of credit and non-negotiable, non-interest-bearing special United the securities is included under “Gold investment.” The difference, which States notes held by other international and regional organizations. amounted to $34 million at the end of 1968, is included in this column. The liabilities figures are used by the Dept, of Commerce in the statistics 7 Includes total foreign holdings of U.S. Govt, bonds and notes, for measuring the U.S. balance of international payments on the liquidity which breakdown by type of holder is not available. basis; however, the balance of payments statistics include certain adjust­ 8 Data on the two lines shown for this date differ because of changes in ments to Treasury data prior to 1963 and some rounding differences, and reporting coverage. Figures on the first line are comparable with those they may differ because revisions of Treasury data have been incorporated shown for the preceding date; figures on the second line are comparable at varying times. The table does not include certain nonliquid liabilities with those shown for the following date. to foreign official institutions that enter into the calculation of the official 9 Data included on the first line for holdings of marketable U.S. Govt. reserve transactions balance by the Dept, of Commerce. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 77 7. U.S. LIQUID LIABILITIES TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES, BY AREA (Amounts outstanding; in millions of dollars) End of period c f o o T u r o n e t t i a g ri l n e s E W u e ro st p e e r n 1 Canada A re m p L e u a r b t i i l c n ic a s n Asia Africa cou O n t t h ri e e r s 2 1966...................................................................................... 13,655 7,488 1,189 1,134 3,339 277 228 1967...................................................................................... 15’646 9,872 996 1 ,131 3,145 249 253 1968—-Sept........................................................................... 12,063 6,962 438 1 ,196 2,963 293 211 Oct.......................................................................... 12,137 6,854 416 1 ’262 3 J 21 271 213 Nov......................................................................... 13,689 8,097 574 I '357 3,161 271 229 Dec.3 r....................................................................... / ( 1 1 2 2 , ^ 4 4 81 8 7 7 ; , O 00 O 1 9 5 5 3 3 3 2 1 1 ^ ,3 3 5 5 4 4 3 3 , , 1 1 6 2 8 2 2 2 5 4 9 8 2 2 2 2 5 4 1969—Jan.r......................................................................... 10,726 5,435 564 1 ,350 2,929 250 198 Feb.r......................................................................... 10,778 5’250 512 1,414 3,069 262 271 Mar.r........................................................................ 10,772 5,190 466 1 ’373 3,206 246 291 Apr.r......................................................................... 10,936 5’522 446 1 ,445 2,951 264 308 Mayr....................................................................... , 12,434 7’294 403 1 ;28i 2,904 235 317 June r......................................................................... 10^232 5'298 461 I ' 243 2,727 232 271 July......................................................................... 9'980 5,132 426 1 ’292 2,616 238 276 Aug............................................................................ 11'040 5,907 451 1 ^391 2^790 255 246 Sept.”........................................................................ 12’480 7,374 397 1,340 2'880 270 219 1 Includes Bank for International Settlements and European Fund. Note,—Data represent short-term liabilities to the official institutions 2 Includes countries in Oceania and Eastern Europe, and Western Euro­ of foreign countries, as reported by banks in the United States, and foreign pean dependencies in Latin America. official holdings of marketable and convertible nonmarketable U.S. Govt, J See note 9 to Table 6. securities with an original maturity of more than 1 year. 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) To nonmonetary international To all foreigners and regional organizations5 Payable in dollars IMF Deposits End of period Total 1 Total Deposits b T i r ll e U s a .S s a u . n r d y s O t h e t r o h m e rt r ­ P f r o e a c r n y i u e n c a r i i g b e ­ l s n e i m n g v e o e n l s d t t 4 ­ Total Demand Time2 b T i c r l c l e U e s a a r . t S t e s i a f s . u i n ­ r d y s l O t i h e a t r o h b m r e . t 3 r ­ Demand Time 2 c c e a r t t e if s i­ liab.3 1966............................. 27,599 27,010 9,884 5,869 7,547 3,710 589 800 580 56 139 212 173 19676.......................... / ( 3 3 0 0 . , 6 50 5 5 7 3 3 0 0 , ; 2 4 7 28 6 1 11 1 , J 5 4 7 7 7 5 5 ; , 7 7 7 8 5 0 9 9, ’, 1 1 7 7 3 3 3 3 , , 7 7 2 5 7 0 2 2 2 2 9 9 8 80 0 0 0 4 4 8 73 7 6 6 7 7 1 12 2 0 4 1 1 7 7 8 8 1 1 1 0 8 7 1968—Oct................... 31 ,738 31,187 14,887 5 ,494 6,405 4,401 551 800 696 56 123 404 113 Nov................. 3 3,’297 32^726 14,979 5 ,438 7’843 4,466 571 800 693 44 110 428 110 Dec.r................ 31 710 31,074 14 381 5 ,484 6*797 4,412 636 800 683 68 113 394 108 1969—Jan.r................. 31,668 31,163 15,658 5 ,489 5,422 4 594 505 800 633 59 94 361 118 Feb. r................ 32’359 31^802 16,021 5 ,568 5*486 4 727 557 800 601 62 89 307 143 Mar.r............... 33’031 32’457 16’226 5,598 5,376 5,257 574 800 596 69 92 211 225 Apr.r................ 34J23 33^538 16 744 5 '609 5^706 5 479 585 800 632 63 76 225 267 May r................ 35 796 3 5,’230 16 652 5,608 7,272 5’698 566 800 672 58 70 236 307 June r. 37 184 36^583 20 146 5,687 4'974 5 776 601 800 669 75 75 214 304 Julyr................. 38,208 37,763 21’,097 5,625 5,070 5,971 445 800 683 59 78 227 319 Aug.................. 39^623 39 J 65 21,167 5,779 5,858 6,361 458 800 682 54 74 230 322 Sept.P........... 40’650 40,234 20*828 5 '997 7,052 6*357 416 800 676 61 82 225 307 Oct.’................. 41,193 40,705 20;993 6i379 6,457 6,876 488 800 626 71 71 234 249 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 78 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ DECEMBER 1969 8. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE—Continued (Amounts outstanding; in millions of dollars) To residents of foreign countries To official institutions7 Payable in dollars Payable in dollars End of period Total Dema D n e d posi T ts ime2 T b c r il c e U e ls a a r . t S t s e a if u s . n i ­ r d y s O l t i h a e t o h r b m r e . t J r ­ P f r o e a c r n y i e u n c a i r i g b e ­ n l s e Total Dema D n e d posi T ts ime2 T b r i c c l e U l e a s a . t r S e s t a i s u . f n i r ­ d y O s l t i h e a th o r b m e r . t r 3 ­ cu P f r o a r r e y i e a n n i b c g l i n e e s 1966....................... 26,219 9,829 5,730 6,535 3,537 589 12,539 1 ,679 2,668 6,316 1,359 517 ( 29,370 11,680 5,656 8,195 3,610 229 14,034 2,054 2,462 7,985 1,381 152 1967 6..................... | 29,232 11,510 5,655 8,195 3,643 229 14,027 2,054 2,458 7,985 1,378 152 1968—Oct............. 30,242 14,831 5,370 5,201 4,288 551 10,844 2,001 1 ,988 5,089 1,362 404 Nov............ 31,804 14,935 5,329 6,615 4,355 571 12,398 2,253 1 ,910 6,494 1 ,337 404 Dec. 30,227 14,313 5,371 5,602 4,304 636 11 ,318 2,149 1,899 5,486 1 ,321 463 1969—jan r.......... 30,235 15,599 5.395 4,261 4,475 505 9,563 1,941 1,938 4,125 1,221 338 Feb.'.......... 30,958 15,959 5,478 4,379 4,584 557 9,643 1,844 1 ,927 4,265 1 ,219 388 Mar.r......... 31,635 16,157 5,506 4,364 5,033 574 9,637 2,012 1 ,876 4,218 1,143 388 Apr, 32,691 16,681 5,532 4,681 5,212 585 9,762 1 ,869 1 ,894 4,531 1 ,080 388 Mayr.......... 34,324 16,593 5,538 6,236 5,390 566 11 ,310 1 ,793 1 ,993 6,092 1 ,045 388 June r.......... 35,715 20,071 5,612 3,960 5,472 601 9,107 2,037 1 ,982 3,819 881 388 July r.......... 36,725 21,038 5,547 4,043 5,653 445 8,780 1,892 I ,872 3,872 912 232 Aug........ 38,141 21,113 5,705 4,828 6,038 458 9,840 2,066 1 ,984 4,671 887 232 Sept.p......... 39,174 20,767 5,915 6,027 6,049 416 11,280 1,981 2,123 5,895 1 ,049 232 Oct.P.......... 39,767 20,922 6,308 5,423 6,626 488 11,602 1,955 2,441 5,309 1 ,665 232 To banks* To other foreigners To banks Payable in dollars and other Foreigners: End of period Total payable in Total Dema D nd e ' posi T ts ime2 T b c r i c l e e U l a s a r . t s S t e a i u f s . n i r ­ d y s O l t i h e a t o h r b m r . e t 3 r ­ Total Dema D n e d posi T ts ime2 T b c r i c l e e U l a s a r . t S t s e a i u s f . n i­ r d y s O l t i h e a t o h r b m r e . t 3 r ­ f r o e c r n u e c r i i g ­ e n s 1966....................... 13,680 9,864 6,636 1 ,243 137 1 ,848 3,744 1,513 1,819 83 329 72 f 15,336 11,132 7,933 1,142 129 1 ,927 4,127 1,693 2,052 81 302 77 19676..................... (15,205 11,008 7,763 1,142 129 1 ,973 4,120 1,693 2,054 81 292 77 1968—Oct............. 19,398 15,053 11,234 1 ,241 35 2,542 4,197 1 ,596 2,141 77 383 148 Nov........... 19,406 14,896 11,008 1 ,240 38 2,610 4,343 1 .674 2,179 83 408 167 Dec.r......... 18,909 14,292 10,367 1 ,273 30 2,621 4,444 1 ,797 2,199 86 362 173 1969—Jan.r.......... 20,672 16,084 11,914 1 ,253 29 2,889 4,421 1 ,744 2,204 107 366 167 FebZ.......... 21,315 16,754 12,346 1 ,366 41 3,001 4,391 1 ,770 2,186 73 362 170 Mar.r......... 21,998 17,419 12,394 1 ,469 42 3,514 4,392 1,751 2,161 104 374 187 Apr.r......... 22,929 18,351 13,049 1 ,516 40 3,746 4,381 1 ,763 2,122 110 386 197 Mayr......... 23,014 18,520 13,098 1 ,473 35 3,915 4,315 1,703 2,072 1 10 431 179 Juner......... 26,608 22,109 16,245 1,638 35 4,191 4,286 1 ,789 1,992 106 400 213 Julyr.......... 27,945 23,596 17,467 1 ,746 54 4,330 4,136 1,679 1 ,929 116 412 213 Aug............. 28,301 24,004 17,394 1,873 35 4,703 4,071 1,653 1 ,847 122 448 226 Sept,p......... 27,894 23,647 17,010 1 ,988 25 4,623 4,063 1 ,775 1 ,804 107 377 184 Oct.P.......... 28,165 23,949 17,239 2,125 22 4,563 3,960 1,728 1,742 93 396 256 1 Data exclude ''holdings of dollars” of the International Monetary with those shown for the preceding date; figures on the second line are Fund. comparable with those shown for the following date. 2 Excludes negotiable time certificates of deposit, which are included 1 Foreign central banks and foreign central govts, and their agencies, in "Other.” and Bank for International Settlements and European Fund. 3 Principally bankers' acceptances, commercial paper, and negotiable 8 Excludes central banks, which are included in "Official institutions.” time CD’s. 4 U.S. Treasury bills and certificates obtained from proceeds of sales of Note.—"Short-term” refers to obligations payable on demand or having gold by the IMF to the United States to acquire income-earning assets. an original maturity of 1 year or less. For data on long-term liabilities Upon termination of investment, the same quantity of gold can be re­ reported by banks, see Table 10. Data exclude the "holdings of dollars” acquired by the IMF. of the International Monetary Fund; these obligations to the IMF consti­ 5 Principally the International Bank for Reconstruction and Develop­ tute contingent liabilities, since they represent essentially the amount of ment and the Inter-American Development Bank. dollars available for drawings from the IMF by other member countries. Includes difference between cost value and face value of securities in Data exclude also U.S. Treasury letters of credit and non-negotiable, non­ IMF gold investment account. interest-bearing special U.S. notes held by the Inter-American Develop­ 6 Data on the two lines shown for this date differ because of changes in ment Bank and the International Development Association. reporting coverage. Figures on the first line are comparable in coverage Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 79 9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (End of period; in millions of dollars) 1968 1969 Area and country Dec.r Feb.' Mar.r Apr.r Mayr Juner July r Aug. Sept.” Oct.” Europe: Austria..................................................................... 162 144 155 159 116 132 192 178 157 248 Belgium-Luxembourg............................................. 313 331 310 350 340 493 488 438 391 443 Denmark................................................................. 146 101 124 159 245 148 136 106 114 125 Finland.................................................................... 176 169 151 146 116 95 90 99 98 99 France..................................................................... 1,383 1,468 1,476 1,260 1,139 1 ,425 I ,330 1 ,525 1 ,536 1,527 Germany.................................................................. 2,640 1,368 1,064 1,597 3,653 2,116 2,057 2,677 4,234 2,898 Greece..................................................................... 183 178 170 190 176 165 199 201 184 181 Italy......................................................................... 729 601 633 669 628 697 754 782 812 828 Netherlands............................................................. 276 273 268 302 360 276 329 342 366 738 Norway.................................................................... 448 322 336 334 289 257 235 264 175 203 Portugal................................................................... 345 319 325 318 300 316 320 326 312 309 Spain...................................................................... 158 148 146 163 146 158 167 155 163 178 Sweden.................................................................... 453 391 419 391 319 276 210 260 209 318 Switzerland.............................................................. 2,155 1,816 2,154 1 ,960 1 ,783 1,852 1 ,543 1 ,603 1,868 1 ,936 Turkey..................................................................... 29 33 30 28 36 28 23 20 23 35 United Kingdom.................................................... 6,133 8,455 8,868 9,657 9,684 12,380 13,375 13,300 12,665 11,954 Yugoslavia.............................................................. 33 20 21 24 22 21 27 27 37 39 Other Western Europe 1. .................................... 357 385 383 386 387 412 396 472 630 1 ,162 U.S.S.R.................................................................... 5 6 6 8 4 7 8 7 11 5 Other Eastern Europe............................................. 48 35 35 41 38 39 33 41 43 67 Total................................................................ 16,170 16,561 17,074 18,141 19,780 21,293 21,912 22,824 24,030 23,295 Canada....................................................................... 2,797 3,106 3,061 3,093 3,253 3,084 3,450 3,578 3,385 4,183 Latin America: Argentina............................................................... 479 482 494 521 481 426 499 446 427 442 Brazil....................................................................... 257 256 265 291 314 292 304 293 322 362 Chile........................................................................ 323 330 336 345 344 348 352 365 343 352 Colombia................................................................ 249 241 229 223 229 229 223 252 244 249 Cuba........................................................................ 8 7 8 8 8 8 8 11 12 10 Mexico..................................................................... 974 938 914 886 789 798 759 764 740 790 Panama.................................................................... 154 151 149 158 152 150 139 130 125 1 19 Peru......................................................................... 276 279 274 273 262 252 248 231 227 220 Uruguay.................................................................. 149 155 151 146 145 151 144 133 125 111 Venezuela................................................................ 792 808 751 753 707 704 658 725 694 661 Other Latin American republics............................ 611 585 602 617 588 574 553 549 534 535 Bahamas and Bermuda........................................... 266 380 464 489 529 811 945 1,106 1,109 I ,434 Netherlands Antilles and Surinam........................ 88 104 95 97 99 97 93 76 77 72 Other Latin America.............................................. 30 30 34 31 32 29 29 32 34 29 Total................................................................ 4,657 4,745 4,765 4,838 4,679 4,870 4,955 5,114 5,013 5,388 Asia: China Mainland...................................................... 38 37 38 38 38 38 37 38 36 35 Hong Kong............................................................. 270 256 262 253 257 237 220 220 205 217 India........................................................................ 281 236 253 274 297 227 239 252 257 283 Indonesia........................................................ 50 66 69 80 70 67 66 69 75 63 Israel....................................................................... 215 150 150 140 154 152 146 134 138 122 Japan....................................................................... 3,320 3,383 3,547 3,419 3,442 3,436 3,373 3,491 3,604 3,640 Korea....................................................................... 171 150 132 129 138 143 151 158 188 217 Philippines.............................................................. 269 216 264 242 213 211 221 232 239 247 Taiwan..................................................................... 155 154 159 160 174 189 185 189 186 182 Thailand.................................................................. 556 577 563 553 543 534 530 566 585 561 Other....................................................................... 628 564 556 547 509 502 492 529 541 547 Total................................................................ 5,953 5,789 5,993 5,835 5,833 5,736 5,662 5,878 6,055 6,116 Africa: Congo (Kinshasa)................................................... 12 13 9 19 14 12 16 50 69 71 Morocco.................................................................. 13 14 15 17 17 18 17 16 18 18 South Africa............................................................ 58 58 53 76 61 58 56 59 51 53 U.A.R. (Egypt).................................................... 18 18 19 19 24 25 22 19 19 17 Other........................................................................ 260 298 268 258 256 252 261 254 240 333 Total................................................................ 361 401 365 390 373 365 373 399 396 492 Other countries: Australia.................................................................. 261 327 343 365 380 338 340 320 264 263 All other........................................................... 28 29 34 30 27 30 33 28 32 31 Total........................................................ 289 355 377 395 407 368 373 349 296 293 Total foreign countries............................................... 30,227 30,958 31,635 32,691 34,324 35,715 36,725 38,141 39,174 39,767 International and regional: International.......................................................... 1,372 1,287 1,261 1,311 1,347 1,318 1,328 1,321 1,311 1,277 Latin American regional......................................... 78 80 96 87 90 113 118 116 114 103 Other regional3....................................................... 33 34 39 34 35 38 37 45 51 46 Total............................................................... 1,483 1,401 1,396 1,432 1 ,472 1,469 1,483 1 ,482 1 ,476 1,426 Grand total..................................................... 31,710 32,359 33,031 34,123 35,796 37,184 38,208 39,623 40,650 41,193 For notes see the following page. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 80 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ DECEMBER 1969 9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) Supplementary data * (end of period) 1967 1968 1969 1967 1968 1969 Area or country Area or country Dec. Apr. Dec. Apr. Dec. Apr. Dec. Apr. Other Western Europe: Other Asia—Cont.: Cyprus.......................................... 1.7 20.9 8.0 2.3 Jordan......................................... 39. 8 6.6 3.0 4.0 Iceland.......................................... 4.3 3.3 5.6 4.4 Kuwait...................................... 36.6 34.0 66.7 40.5 Ireland Rep. of........................... 9.4 14.7 23.8 20.5 Laos.......................................... . 3.6 4.0 3.1 4.0 Luxembourg ............................ 31.3 (5) (5) (5) Lebanon............................. 113.3 97.2 78.3 81.9 Malaysia...................................... 63 9 52,1 51 8 40 9 Other Latin American republics: Pakistan...................................... 54 8 54.1 59 7 23 6 Bolivia.................................. 59.9 61.0 66.0 64.6 Ryukyu Islands (inch,Okinawa), 14.5 26.4 17.0 20^0 Costa Rica................................... 42.6 55.0 51.1 60.7 Saudi Arabia.............................. 61.2 70.3 29.0 47.9 Dominican Republic. .......... 55.1 60.2 68.9 58.9 Singapore................................... 159,5 156.9 66.6 40.1 Ecuador....................................... 85.6 64.1 66.4 61.9 Syria.......................................... 6.3 6.5 2.1 4.0 El Salvador.. . ............................. 72.8 83.6 82.1 88.7 Vietnam..................................... 148.2 123,0 50.5 40.4 Guatemala.................................... 73.0 96.4 85.8 89.9 Haiti............................................ 15.8 17.4 16,9 18.0 Other Africa: Honduras .............................. 29 7 31.4 33,2 36.5 Algeria........................................ 6.9 7.9 8.1 6.2 Jamaica......................................... 22,4 44,4 41 .7 28.5 Ethiopia, (inch Eritrea)............ 23.8 22.5 13.2 15.0 Nicaragua .................................. 45.6 57.9 67.0 78.5 Ghana......................................... 4. 3 13.0 3. 3 7.6 Paraguay.... ............................. 12.7 13.6 15,7 17.7 Kenya......................................... 16 4 19 8 28 6 34.1 Trinidad & Tobago...................... 6. 1 9.2 10.4 7.7 Liberia........................................ 24 9 26.4 25.2 27.8 Libya.................................. 17.9 45.0 68.9 Other Latin America: Nigeria........................................ 37.9 24,0 19,6 9.5 British West Indies...................... 13.8 20.6 25.2 25.3 Southern Rhodesia..................... 2.4 4.2 1.4 2.0 Sudan......................................... 2.3 2.1 5.3 2.9 Other Asia: Tanzania.................................... 20.3 26 9 21.2 23.5 Afghanistan.................................. 5.5 5.6 6.2 7.6 Tunisia........................................ 10,3 2.0 7.1 2.3 Burma,......................................... 10.8 16.6 4.7 5.2 Uganda...................................... 1,4 10 0 5.8 Cambodia................................... 1.9 2.7 2.4 2.0 Zambia............................. 24. 8 21.3 25,3 Ceylon.............................. 5.0 4.5 4.2 5.1 Iran............................................... 49.6 38.4 41.3 43,9 All other: Iraq............................................... 34.6 10.0 86.1 New Zealand,............................. 17.5 15 4 16 8 19.6 1 Includes Bank for International Settlements and European Fund. 4 Represent a partial breakdown of the amounts shown in the “other” 2 Data exclude “holdings of dollars” of the International Monetary categories (except “Other Eastern Europe”). Fund but include IMF gold investment. 5 Included with Belgium. 3 Asian, African, and European regional organizations, except BIS and European Fund, which are included in “Europe.” 10. LONG-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) To foreign countries Country or area To End of period Total i a n n t d i, Official Other Other AU regional Total in ti s o t n it s u­ Banks’ for e e r i s gn­ A t r i g n e a n­ Am La e t r i i n ca Israel Japan Thailand O A t s h i e a r co o u t n h t e ri r e s 1966............................. 1 ,494 506 988 913 25 50 234 8 197 140 277 133 I9672........................... ( ( 2 2 , , 5 5 4 6 6 0 6 6 8 9 9 8 1 1, . 8 8 6 5 3 8 1 1 , , 8 8 0 0 7 7 1 1 5 5 3 4 5 0 2 2 5 5 1 1 2 23 3 4 4 1 1 2 2 6 6 4 4 4 4 3 3 2 2 1 1 8 8 5 5 0 0 2 2 8 8 9 4 1968—Oct.................... 2,986 688 2,299 2,239 12 47 247 266 242 644 201 620 78 Nov................... 3'038 749 2,289 2*239 10 40 247 248 217 656 201 623 97 Dec.r............... 3,166 777 2^389 2'341 8 40 284 257 241 658 201 651 97 1969—'Jan.r................. 3,174 785 2,389 2,346 6 38 273 250 240 658 201 647 120 Feb.r................ 3,146 787 2’. 359 2'315 8 36 284 247 228 658 200 613 129 Mar.r............... 3,116 777 2.338 2’298 5 36 284 243 221 658 200 607 126 Apr.r.............. 3,057 781 2,276 2,234 5 37 284 205 208 658 202 592 127 Mayr............... 2,976 776 2,200 2’159 5 36 284 193 189 658 202 562 112 Juner................ 2.947 785 2,162 2,110 18 34 284 153 189 658 199 558 120 July................... 2,826 795 2,031 1 ;967 ' 29 36 207 129 181 658 199 532 125 Aug.................. 2,771 810 1,961 1 '894 30 37 207 149 154 658 157 515 122 Sept.p............... 2,676 883 1,793 1 '714 43 36 146 129 101 659 117 510 131 Oct.!1................. 2^49 933 1,616 1 ’538 43 35 72 123 43 658 117 478 125 1 Excludes central banks, which are included with “Official institutions.” those shown for the preceding date; figures on the second line are com­ 2 Data on the two lines for this date differ because of changes in report- parable with those shown for the following date. ing coverage. Figures on the first line are comparable in coverage with Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 81 11. ESTIMATED FOREIGN HOLDINGS OF MARKETABLE U.S. GOVERNMENT BONDS AND NOTES (End of period; in millions of dollars) 1968 1969 Area and country Oct. Nov. Dec. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept.” OctJ' Europe: Denmark............................ 11 11 11 10 10 9 9 9 9 9 9 9 9 9 Finland............................. 2 2 2 1 1 1 I 1 1 1 1 1 1 1 France................................ 7 7 7 5 5 5 5 6 6 6 6 6 6 6 Netherlands....................... 4 4 4 2 2 2 2 2 2 2 2 2 2 2 Norway.......................... 38 38 38 37 37 37 37 37 37 37 37 37 37 37 Spain................................. Sweden.............................. 6 6 6 5 5 5 5 5 5 5 5 5 5 5 Switzerland...................... 90 87 87 39 45 45 45 45 44 44 44 44 45 42 United Kingdom............... 444 446 432 350 371 .377 370 371 351 334 357 368 406 420 Other Western Europe.... 46 46 46 30 30 30 30 30 30 30 21 21 21 21 Eastern Europe................. 6 6 6 6 6 6 6 6 7 7 7 7 7 7 Total 655 654 64! 488 515 520 512 514 494 477 491 502 541 553 Canada 370 375 373 384 386 387 388 388 388 387 389 389 389 271 Latin America: Latin American republics.. 5 5 5 2 2 2 2 2 2 2 2 2 2 2 Neth. Antilles & Surinam. 22 22 22 15 15 15 15 15 12 12 12 12 12 12 Other Latin America........ 1 1 * * ♦ * * * * * * • * Total 28 28 28 17 17 18 17 17 14 14 14 14 14 14 Asia: Japan.... 10 10 10 9 9 9 9 10 10 10 10 10 10 10 Taiwan.. . 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Other Asia 61 61 61 16 15 15 15 16 16 16 16 16 16 17 Total 73 73 73 26 27 27 27 28 28 28 28 28 28 29 Other countries 25 23 23 11 1 1 9 9 9 9 9 9 9 9 7 Total foreign countries, 1,151 1 ,153 1 ,138 927 956 961 954 956 932 915 931 942 982 874 International and regional: International.................. 29 29 29 25 25 24 24 24 32 32 32 32 32 32 Latin American regional.. 38 39 13 13 14 14 14 15 15 15 17 17 17 17 Asian regional............... 1 1 1 I 1 Total 68 68 43 39 40 38 38 39 48 48 49 49 49 50 Grand total 1 ,219 1 ,221 1,180 966 996 999 992 995 980 963 980 991 1 ,031 923 Note.—Data represent estimated official and private holdings of mar­ Data shown for Dec. 1968 (second column) through latest date are based ketable U.S. Govt, securities with an original maturity of more than 1 on a benchmark survey as of Nov. 30, 1968, and the monthly transactions year. Data shown through Dec. 1968 (first column) are based on a July 31, reports. For statistical convenience, the new series is introduced as of Dec. 1963, benchmark survey of holdings and regular monthly reports of se­ 31, 1968, rather than as of the survey date. See also note 9 to Table 6. curities transactions (see Table 16). 12. NONMARKETABLE U.S. TREASURY BONDS AND NOTES ISSUED TO OFFICIAL INSTITUTIONS OF FOREIGN COUNTRIES (In millions of dollars or dollar equivalent) Payable in dollars Payable in foreign currencies End of period Total Total g B iu e m l­ C ad a a n­ 1 m De a n rk ­ Italy 2 Korea S d w e e n ­ T w a an i­ T la h n a d i­ Total A tr u ia s­ g B iu e m l­ m G a e n r y ­ 3 Italy z S er w la i n t­ d B.I.S. 1966 695 353 144 184 25 342 25 30 50 125 1967 1 ,563 516 314 177 25 1 ,047 50 60 601 125 211 1968—Nov. 2,969 1,370 12 1,134 20 146 15 25 18 1,598 50 60 1,051 125 311 Dec. 3,330 1,692 32 1,334 20 146 15 25 20 100 1 ,638 50 1 ,051 226 311 1969—Jan.. 3,455 1,692 32 1,334 20 146 15 25 20 100 1,763 50 1,176 226 311 Feb. 3,431 1 ,692 32 1,334 20 146 15 25 20 100 1 ,738 50 1,126 226 337 Mar. 3,405 1,667 32 I ,334 141 15 25 20 100 1,738 50 1,126 226 337 Apr. 3,568 1,666 32 I ,334 140 15 25 20 100 1,902 50 1,250 226 376 May 3,518 1 ,666 32 1,334 140 15 25 20 100 1 ,852 50 1,200 226 376 June 3,269 1,416 32 I ,084 140 15 25 20 100 1 ,853 50 1,200 226 377 July. 3,352 1,391 32 1,084 140 15 20 100 1,961 25 1,200 226 511 Aug. 3,251 1 ,390 32 1 ,084 140 15 20 100 1 ,861 25 1 ,200 125 511 Sept. 3,251 1 ,390 32 1,084 139 15 20 100 1,861 25 1,200 125 511 Oct.. 3,271 I ,435 32 1,129 139 15 20 100 1 ,836 1,200 125 Nov. 3,097 1,431 32 1,129 135 15 20 100 1,666 1 ,000 125 541 1 Includes bonds issued in 1964 to the Government of Canada in connec­ 2 Bonds issued to the Government of Italy in connection with mili­ tion with transactions under the Columbia River treaty. Amounts out­ tary purchases in the United States. standing end of 1966, $144 million; end of 1967 through Oct. 1968, $114 3 In addition, non marketable U.S. Treasury notes amounting to $125 million; end of 1968 through Sept. 1969, $84 million; and Oct. 1969 million equivalent were issued to a group of German commercial banks in through latest date, $54 million. June 1968. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 82 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ DECEMBER 1969 13. SHORTTERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (End of period; in millions of dollars) 1968 1969 Area and country Dec.r Feb.’’ Mar.r Apr.r May r Juner July Aug. Sept.* Oct." Europe: Austria..................................................................... 6 5 3 3 12 3 4 4 5 5 Belgium-Luxembourg............................................. 40 52 46 53 55 62 49 49 53 71 Denmark.................................................................. 36 42 31 29 3! 35 34 31 32 40 Finland.................................................................... 63 61 57 59 59 60 61 65 72 72 France...................................................................... 66 53 58 66 89 95 87 80 91 85 Germany.................................................................. 171 149 136 157 178 165 158 161 213 199 Greece...................................................................... 12 12 12 12 13 14 15 18 20 19 Italy.......................................................................... 105 93 98 110 109 107 94 89 101 108 Netherlands.............................................. 40 34 41 38 38 ’ 48 39 41 46 54 Norway............................................................ 43 35 32 39 42 46 49 40 40 36 Portugal................................................................... 10 8 8 9 9 12 9 9 9 9 Spain........................................................................ 46 40 44 47 40 51 56 49 53 70 Sweden..................................................................... 58 54 56 53 54 77 70 54 71 64 Switzerland.............................................................. 93 124 108 124 107 93 101 IIO 92 110 Turkey...................................................................... 38 26 35 31 28 29 34 30 32 31 United Kingdom..................................................... 318 305 328 329 333 345 355 326 383 425 Yugoslavia.............................................................. 22 34 36 38 37 33 26 26 24 25 Other Western Europe........................................... 15 It 11 11 12 12 12 12 10 11 U.S.S.R.................................................................... 3 1 3 2 4 4 2 1 2 2 Other Eastern Europe............................................. 21 18 18 21 25 21 27 28 28 25 Total................................................................. 1 ,205 1 ,157 1,160 1,231 1 ,275 1,311 1,282 1 ,224 1 ,377 1 ,462 Canada........................................................................ 533 608 682 737 801 739 702 724 634 746 Latin America: Argentina................................................................ 249 247 254 274 266 275 284 276 297 305 Brazil........................................................................ 338 336 337 331 328 336 292 309 307 317 Chile........................................................................ 193 168 165 164 161 168 179 170 177 174 Colombia................................................................. 206 188 197 208 197 200 218 210 212 215 Cuba........................................................................ 14 14 14 14 14 14 14 13 14 14 Mexico..................................................................... 948 936 971 953 958 931 941 914 845 798 Panama................................................................... 56 57 58 56 55 53 58 58 69 63 Peru.......................................................................... 207 179 181 191 188 182 177 171 168 179 Uruguay.......................................................... 44 43 42 41 43 44 42 43 41 43 Venezuela................................................................ 232 204 203 211 212 226 238 239 237 233 Other Latin American republics............................ 280 270 273 274 285 283 271 275 270 285 Bahamas and Bermuda........................................... 80 88 61 65 64 61 60 76 51 59 Netherlands Antilles and Surinam........................ 19 14 16 11 14 13 12 12 12 14 Other Latin America.............................................. 22 16 17 18 19 24 20 22 23 21 Total............................................................... 2,889 2,761 2,789 2,812 2,804 2,809 2,806 2,786 2,724 2,721 Asia: China Mainland...................................................... 1 1 1 1 1 I 1 I 1 1 Hong Kong............................................................. 32 26 33 42 38 40 36 39 36 43 India........................................................................ 19 13 11 12 10 12 9 9 9 8 Indonesia................................................................. 23 24 25 59 61 54 38 32 33 25 Israel........................................................................ 84 80 94 93 122 118 101 99 91 94 Japan...................................................................... 3,114 2,972 3,053 2,916 3,036 3,224 3,147 3,157 3,162 3,071 Korea.................................................................... 77 78 75 102 114 121 136 138 164 159 Philippines............................................................... 239 241 269 253 256 272 274 249 242 241 Taiwan..................................................................... 38 39 44 47 46 44 37 38 38 39 Thailand.................................................................. 99 87 84 84 86 88 87 89 93 94 Other........................................................................ 145 142 137 152 158 179 166 165 164 190 Total................................................................ 3,872 3,703 3,825 3,760 3,929 4,153 4,031 4,015 4,033 3,965 Africa: Congo (Kinshasa)................................................... 3 2 2 4 7 4 3 3 3 4 Morocco.................................................................. 2 3 4 3 4 3 3 3 2 3 South Africa............................................................ 46 38 38 42 46 47 47 44 49 54 U.A.R. (Egypt)....................................................... 8 8 8 10 11 11 13 13 12 10 Other....................................................................... 73 70 56 61 64 69 67 64 70 71 Total................................................................. 133 120 109 120 132 133 132 127 136 141 Other countries: Australia.................................................................. 66 53 56 65 67 65 59 57 55 57 All other.................................................................. 13 10 10 11 11 12 13 14 14 14 Total................................................................. 79 63 66 75 78 77 71 71 69 70 Total foreign countries............................................... 8,710 8,412 8,632 8,734 9,019 9,222 9,026 8,948 8,973 9,106 International and regional.......................................... * 1 2 1 1 1 1 1 1 1 Grand total...................................................... 8,711 8,413 8,634 8,735 9,019 9,223 9,026 8,948 8,973 9,107 Note.—Short-term claims are principally the following items payable their own account or for account of their customers in the United States; on demand or with a contractual maturity of not more than 1 year: loans and foreign currency balances held abroad by banks and bankers and made to, and acceptances made for, foreigners; drafts drawn against their customers in the United States. Excludes foreign currencies held foreigners, where collection is being made by banks and bankers for by U.S. monetary authorities. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 83 14. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY TYPE (Amounts outstanding; in millions of dollars) Payable in dollars Payable in foreign currencies End of period Total Total Total O in f s f L i t c i o t i u a a ­ l n s t B o a — nks1 Others C s t o t o i a o u ll n n e t d s ­ c ­ ­ f A o o a m c r f n c a a c f e o d e c p e s c r ­ t t ­ , Other Total w D e i e i t g h p n o e f s r o s it r s ­ g c F a o u c o n v r o r i d t e t m , i e i f g s l. i s e ­ n , ­ Other tions ing eigners nance paper 1966............................. 7,853 7,433 3,141 256 1 ,739 1,145 1,288 2,540 464 420 241 70 110 1967 2.......................... (8,583 8,158 3,137 306 1,603 1,228 1,511 3,013 498 425 287 74 63 (8,606 8,182 3,150 306 1 ,616 1,228 1,552 3,013 467 425 287 70 67 196g—Oct.................... 8,428 8,031 3,150 267 1 ,705 1,178 1,657 2,773 451 397 306 28 63 Nov................... 8,547 8,149 3,219 220 1 ,811 1,189 1,697 2,747 486 398 279 52 67 Dec.r................ 8,711 8,262 3,166 247 1 ,697 1,222 1,733 2^854 509 448 336 40 72 1969——Jan.r................. 8,371 7,986 3,041 217 1 ,667 1,157 1,623 2,794 528 385 252 59 73 Feb.r................ 8,413 8,017 3’141 222 1 ,757 1 J62 1 ;567 2,746 563 396 257 62 76 Mar.r............... 8,634 8,186 3; 208 275 1,781 1,152 1,634 2J77 567 448 267 91 90 Apr.T, , ........... 8:735 8,'225 3'164 289 1 '763 1111 1,723 2,773 565 510 318 94 98 Mayr. 9,019 8^497 3,209 295 1 '855 1,059 1,734 2^900 654 522 291 127 104 Juner............... 9,223 8^670 3,327 293 1,971 1 '062 1 '751 3,068 526 553 334 111 108 Julyr................. 9,026 8'514 3,119 258 1,829 1,032 1,766 3^059 571 512 310 90 113 Aug................... 8,948 8^468 3,073 235 1 ,819 1,020 1,838 3’015 543 480 272 101 107 Sept.”............... 8,973 8,464 3’087 210 1,882 995 1,857 2'973 546 510 354 68 88 Oct.”................. 9,107 8 J 589 3,192 263 1^22 1,007 1,894 2,940 563 518 392 46 79 1 Excludes central banks which are included with “Official institutions.” with those shown for the preceding date; figures on the second line are 2 Data on the two lines shown for this date differ because of changes in comparable with those shown for the following date. reporting coverage. Figures on the first line are comparable in coverage 15. LONG-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES (Amounts outstanding; in millions of dollars) Type Country or area Payable in dollars E pe n r d io o d f Total Loans to—■ O lo t n h g e ­ r P c fo u a r r y i e r n a e i g b n l n e ­ U K d n i o n it m e g d ­ E O u t r h o e p r e Canada Am La e t r i i n c a Japan O A t s h i e a r co o u A t n h l t e l r i r e s Official Other term cies Total institu­ Banks1 foreign­ claims tions ers 1966................. 4,180 3,915 702 512 2,702 247 18 70 1 ,143 326 1 ,346 326 409 562 1967................. 3'925 3,638 669 323 2'645 272 15 56 ’720 427 1 ,556 180 449 537 1968—Oct....... 3,645 3,285 582 267 2,436 346 13 71 495 416 1 ,418 132 620 492 Nov...... 3,603 3,242 577 246 2,419 347 14 69 497 420 1,382 128 624 484 Dec....... 3,567 3,158 528 237 2,393 394 16 68 479 428 1 ,375 122 617 479 1969—Jan....... 3,509 3,120 509 230 2,382 374 16 67 473 408 1,376 118 611 456 Feb....... 3,534 3,114 501 243 2,370 402 18 67 474 432 1 ,382 117 610 452 Mar...... 3,434 3,017 485 211 2,321 401 16 67 473 400 1 ,336 114 571 473 Apr,r... 3,434 3,019 474 230 2,315 400 15 66 480 402 1 ,331 113 577 466 Mayr... 3,454 3,057 472 236 2,349 381 17 55 488 397 1 ,353 112 572 477 JuneL . - 3,402 2,979 478 220 2,281 401 22 54 484 398 1 ,331 101 587 448 July.... 3,254 2,825 446 208 2,171 408 21 54 447 390 1 ,294 97 570 403 Aug. .. . 3,288 2,860 504 211 2,145 406 21 56 436 405 1 ,348 95 551 395 Sept.*... 3,271 2,849 485 210 2,153 406 17 55 416 403 1 ,334 93 563 406 Oct.”... 3,282 2,849 492 207 2,150 417 16 56 411 410 1,343 88 572 402 1 Excludes central banks, which are included with “Official institutions.” Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 84 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ DECEMBER 1969 16. PURCHASES AND SALES BY FOREIGNERS OF LONG-TERM SECURITIES, BY TYPE (In millions of dollars) U.S. corporate Marketable U.S, Govt, bonds and notes * securities 2 Foreign bonds Foreign stocks Net purchases or sales Period Pur­ Net pur­ Pur­ Net pur­ Pur­ Net pur­ Inti. Foreign chases Sales chases or chases Sales chases or chases Sales chases or Total and sales sales sales regional Total Official Other 1967............................. -43 -121 78 45 33 10,275 9,205 1,070 2,024 3,187 -1,163 880 1,037 -157 1968............................ -489 -161 -328 -380 51 17,563 13,329 4,234 2,306 3,673 -1,367 1 ,252 1 ,566 -314 1969—Jan.-Oct.77....... -42 11 -53 -129 76 13,023 10,752 2,272 1,276 2,193 -917 1,291 1,667 -377 1968—Oct................... -14 -8 -6 -6 1,856 1,454 402 450 692 -242 216 154 62 Nov................. 2 2 -2 3 1,615 1 ,270 345 172 361 -189 146 155 -9 Dec.................. -41 -26 -15 ............. -15 1,803 1,468 334 104 166 -62 100 179 -79 1969—Jan................... 30 1 29 29 1,661 1,124 537 164 335 -170 130 109 20 Feb.................. 4 -1 5 -3 7 1,405 1,057 348 119 225 -106 123 191 -68 Mar................. -7 -7 -7 1,269 979 290 244 262 -19 126 125 1 Apr.................. 3 1 2 ♦ 2 1,119 1 ,018 101 101 179 -77 102 137 -34 May................. -15 9 -24 * -24 1,565 1 ,335 229 155 149 6 169 254 -85 June................. -17 -17 -17 1,172 1 ,192 -20 88 202 -115 185 293 -108 July.................. 17 1 16 -9 25 1,058 1 ,007 51 82 321 -239 117 120 -3 Aug.................. 11 * 11 11 1,061 941 120 75 140 -65 105 103 2 Sept.71.............. 40 ♦ 40 40 1 ,062 904 158 90 207 -116 104 205 -101 Ocl.'............... -108 ♦ -108 -117 9 1,653 1,195 457 157 173 -16 130 131 -1 1 Excludes nonmarkctablc U.S. Treasury bonds and notes issued to Also includes issues of new debt securities sold abroad by U.S. corpora­ official institutions of foreign countries; see Table 12. tions organized to finance direct investments abroad. 2 Includes State and local govt, securities, and securities of U.S. Govt, Note.—Statistics include transactions of international and regional agencies and corporations that are not guaranteed by the United States. organizations. 17. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE STOCKS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y ­ N la e n th d e s r­Sw la it n z d er­ K U in n g i d te o d m E O u t r h o e p r e E T u o ro ta p l e Canada Am La e t r in ic a Asia Africa co O u t n h t e ri r e s r I e n g t i i o . n & a l 1967..................... 757 68 68 22 250 -115 49 342 265 84 49 3 14 1968.................... 2,270 201 169 298 822 -28 130 I ,592 386 151 124 2 3 12 1969—Jan.-Oct.p. 1,355 135 174 181 449 -240 249 948 151 131 88 3 * 34 1968—Oct........... 211 9 24 7 119 -11 -4 144 21 30 15 2 Nov 284 48 17 18 92 26 6 207 40 18 18 2 Dec........... 237 20 31 8 79 -21 34 151 39 39 6 * * 2 1969—jan........... 361 9 27 8 150 1 16 211 94 30 22 -1 4 Feb........... 267 9 21 3 110 2 43 188 36 40 5 * ♦ -1 Mar,..... 99 4 18 13 82 -39 33 ill -9 -12 9 * Apr........... 74 6 12 35 -21 20 51 9 10 3 ♦ 1 May......... 156 3 5 22 63 -25 50 118 -1 30 1 8 June......... -105 -11 12 16 -120 -68 24 -148 15 10 15 ♦ -1 4 July.......... -52 5 4 24 -63 -31 -26 -87 7 3 19 6 Aug....... 89 76 19 -15 29 -21 40 127 -27 -21 7 * 3 Sept.?. .. . 118 21 17 32 38 -4 27 130 -3 -15 I 6 Oct.”........ 347 12 41 79 126 -34 22 246 32 57 6 3 * 4 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ INTL. CAPITAL TRANSACTIONS OF THE U.S. A 85 18. NET PURCHASES OR SALES BY FOREIGNERS OF U.S. CORPORATE BONDS, BY COUNTRY (In millions of dollars) Period Total France m G a e n r y ­ N la e n th d e s r­Sw la it n z d er­ K U in n g i d te o d m E O u t r h o e p r e E T u o ro ta p l e Canada Am La e t r i i n c a Asia Africa co O u t n h t e ri r e s I r n e t g i, i o a n n a d l 1 1 9 9 6 6 7 8 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 ,9 3 6 13 4 1 19 1 5 4 25 3 3 8 39 9 5 1 1 7 0 7 -3 5 3 2 7 2 23 4 8 2 1 ,75 4 7 3 4 6 1 8 3 1 1 2 - 3 1 0 3♦4 1 1 1 4 1 1 2 1 1 7 1969—Jan.-Oct.”. 917 55 156 5 135 216 47 615 16 7 -13 ♦ 8 284 1968—O N De c o c t v . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9 9 6 1 8 0 50 9 9 58 3 4 1 • 2 3 1 8 4 3 - 2 3 2 5 4 - 1 4 2 0 1 7 9 0 1 3 6 - - 5 9 4 -1 -5 1 ♦ -2 -1 4 3 * * ♦ - 1 3 0 3 113 4 1 1969—J F a e n b ,r T . . . . . . . . . . . . . . . 1 8 7 1 6 3 1 3 3 2 5 7 2 46 8 - 3 8 3 1 4 0 8 2 4 4 2 6 -3 * * 1 3 0 6 1 6 6 J M M A u p a a n r r e y . . r r r r . . . . . . . . . . . . . . . . . . . . . . 19 2 7 8 1 7 5 4 - 3 1 3 9 1 43 7 2 - - 2 I 4 - 2 2 4 5 4 1 4 5 3 6 9 4 4 -1 10 3 1 1 5 3 8 1 3 9 9 6 -6 8 7 3 -10 9 8 I - 11 1 * * * * - — 1 2 6 7 - - 3 3 10 2 2 4 3 2 July.......... 103 5 39 1 22 8 5 81 -11 -5 1 * 38 S O A e c u p t g . t ” . . ” . . . . . . . . . . . . . .. . . . H 3 3 O 1 9 3 * 2 27 4 8 -t 2 1 -4 5 7 -2 2 0 3 7 -6 2 7 5 32 4 2 -2 5 4 - -1 7 5 * * * * -15 * * -1 3 8 3 5 2 Note,—Statistics include State and local govt, securities, and securities the United States. Also includes issues of new debt securities sold abroad of U.S. Govt, agencies and corporations that are not guaranteed by by U.S. corporations organized to finance direct investments abroad. 19. NET PURCHASES OR SALES BY FOREIGNERS OF 20. FOREIGN CREDIT AND DEBIT LONG TERM FOREIGN SECURITIES, BY AREA BALANCES IN BROKERAGE ACCOUNTS (Amounts outstanding; in millions of dollars) (In millions of dollars) Credit Debit Period Total gi I a o r n n e n t d - i a , 1 c T e f o o o i n g t r a n n ­ l - r E op u e ­ C a a d n a ­ A L m i a c t a e in r­ Asia r A ic f a ­ O c t o r t i h u e e n s ­ r E pe n r d io o d f fo b ( r a d e l u i a g e n n c e t e o r s s ) f ( o d b r a u e l e i a g n n fr c e o e r m s s ) tries 1964..................................... 116 91 1965..................................... 158 119 1967................... -1,320 -393 -927 3 -768 38 -152 -20 -27 1966..................................... 175 128 1968.................. -1,682 -329-1 ,352 7 -932 -300 -96 -39 6 1967.................................... 311 298 1969-Jan.-Oct.”. -1,294 59-1,353 50 -989 -109 -303 -6 5 1968—Mar.......................... 351 269 June.......................... 453 372 1968—Oct......... -180 -218 38 82 -55 2 -7 16 Sept.......................... 468 398 N De o c v . . . . . . . . . . . . . . . . - - 1 1 4 9 1 8 -5 -6 8 - -1 1 3 4 5 0 -6 4 8 1 -1 -2 0 1 1 -6 -5 0 - -3 2 5 6 3 * -6 2 Dec.r........................ 636 508 1969—MarZ....................... 553 396 1969—Jan.r.. .. -150 -32 -118 13 -124 -5 -4 -1 3 June.......................... 566 401 FebT... . -175 -5 -170 -3 -163 4 -9 2 Sept.”....................... 467 297 Mar.r. . . -18 102 -120 22 -20 -60 -45 -6 -11 Apr.r.., . -112 8 -119 -22 -63 -14 -21 1 J M u a n y e . r . . .. . . . .. . -2 -7 2 9 3 4 3 -2 -8 2 3 7 - -2 1 1 6 -1 -4 6 3 4 -1 2 - -4 2 1 6 1 1 mo N n o e t y e d .— eb D it a b t a a l a r n e c p e r s e s a e p n p t e t a h r e in m g o o n n e t y h e c r b e o d o i k t s b o al f a r n e c p e o s rt a in nd g July....... -241 -11 -230 -1 -211 -6 -15 3 brokers and dealers in the United States, in accounts of Aug........ -63 -6 -57 9 -50 -16 -1 -1 2 foreigners with them, and in their accounts carried by Sept.”... -217 -9 -208 16 -131 -97 3 foreigners. Oct.”.. . . -17 4 -22 53 -21 -12 -43 2 -I Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 86 INTL. CAPITAL TRANSACTIONS OF THE U.S. □ DECEMBER 1969 21. LIABILITIES OF U.S. BANKS TO THEIR FOREIGN BRANCHES 22. MATURITY OF EURO DOLLAR DEPOSITS IN FOREIGN (In millions of dollars) BRANCHES OF U.S. BANKS Wednesday Amount Wednesday Amount Wednesday Amount (End of month) Amounts, 1966 1968 1969—Cont.T billions of dollars Maturity of Jan. 26.. 1,688 Jan. 31.. 4,259 June 25............. 13,269 liability Feb. 23.. 1,902 Feb. 28.. 4,530 July Aug. Sept. Mar. 30.. . ........... 1,879 Mar. 27. . 4,920 J A M u p a n r e y . 2 2 2 5 7 9 . . . . . . 2 1 1 , , , 0 9 9 0 0 5 3 9 ! J A M u p a n r y e . 2 2 26 4 9 . . . . . . 5 6 5 , , , 0 2 8 2 0 7 0 2 2 July 2 1 9 2 3 6 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 4 3 2 4 , , , , 2 8 8 3 6 3 2 6 1 3 6 9 O C Ot v a h e l e l r . r n . . l . i i g . a .. h b .. t i . . l . . i . t . . i . . e . . . . s . . . . , . . . . m . ... a .. t . u .. r . i . n .. g .. 1 1. . 8 7 3 0 1 1 . . 4 9 1 3 1 1. . 8 2 3 9 July 31.. 6,126 30......... 14,434 in following calendar July 27.. 2,786 Aug. 28. . 7,004 months after report Aug. 31.. 3,134 Sept. 25.. 7,104 date: S O N e c o p t v . t . . 2 2 3 8 6 0 . . . . . . . . . 3 3 3 , , , 6 7 4 7 8 7 1 6 2 O N De o c c t v . . . 2 2 3 7 5 0 . . . . . . 6 7 7 , , , 0 9 1 4 4 7 1 8 0 Aug. 2 2 1 6 0 7 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 1 1 4 4 4 4 , , , , 7 6 1 3 7 5 7 0 7 6 8 4 4 2 3 1 n t s r h d t d . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 3 5 1 . . . . 5 0 5 2 1 1 5 0 4 2 6 1 . . . . 8 3 4 69 2 8 4 7 3 3 1 . . . . 7 5 4 1 5 6 6 6 Dec. 28... 4,036 1969' 6 S t t h h. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 1 . . 9 3 1 4 0 1 . . 8 0 8 7 1 1. . 4 0 0 0 1967 Jan. 29. ............ 8,545 Sept. 1 3 0 . . . . . . . . . . . . . . . . . . .. . . . . . 1 1 4 4 , , 5 9 7 1 1 9 7 8 t t h h . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0 0 . . 2 39 4 0 0 . . 4 2 6 5 0 0 , . 2 2 7 9 Jan. 25.. . 3,653 Feb. 26.. 8,822 17............. 14,593 9th............................ 0.24 0.27 0.41 Feb. 22.,. 3,396 Mar. 5.. 9,113 24............. 14,349 10th............................ 0.24 0.35 0.26 Mar. 29... 3,412 12. . 9,382 11th............................ 0.35 0.27 0.12 19. . 9,720 12th............................ 0.26 0.11 0.08 Apr. 26... 3,047 26 . 9,621 Oct. 1............. 14,118 Maturities of more than 1 J M u a ne y 3 2 1 8 . . . . . . 2 3 , , 7 1 7 6 6 6 Apr. 9 2 . . . . ........... 9 9, , 5 2 1 0 1 6 1 8 5 . . . . . . . . . . . . . . . . . . .. . . . . . 1 1 4 4’ ,9 6 7 0 0 9 0.29 0.28 0.31 July 26... 3,660 2 1 3 6. . . . 1 9 0 , ,2 6 8 9 1 4 2 2 2 9 . . . . . . . . . . . . . . . . . . . .... 1 1 4 3 , , 3 6 1 49 0 Total......................... 22.08 22.62 23.19 3,976 30. . 9,399 Sept. 27... 4,059 May 7.. 9,977 Nov. 5............. 14,415 Note.—-Includes interest-bearing U.S. dollar Oct. 25... 4,322 14. . 9,545 12............. 14,369 deposits and direct borrowings of all branches in Nov. 29., . 4,206 21 . . 10,095 19............. 15,048 the Bahamas and of all other foreign branches Dec. 27. . . 4,241 28. . 9,868 26............. 14,897 for which such deposits and direct borrowings June 4. . 10,808 amount to $50 million or more. 11.. 11,852 Details may not add to totals due to rounding. 18. . 13,057 Note.—The data represent gross liabilities of reporting banks to their branches in foreign countries. For weekly data covering the period Jan. 1964-Mar. 1968, see May 1968 Bulletin, page A-104. 23. DEPOSITS, U.S. GOVT. SECURITIES, 24. SHORT-TERM LIQUID CLAIMS ON FOREIGNERS AND GOLD HELD AT F.R. BANKS FOR REPORTED BY NONBANJCING CONCERNS FOREIGNERS (In millions of dollars) (In millions of dollars) Payable in Assets in custody Payable in dollars foreign currencies End of period Deposits End of United U.S. Govt, Earmarked period Total Short­ Short­ King­ Canada securities 1 gold term term dom Deposits invest­ Deposits invest­ ments^ ments 1 1966............. 174 7,036 12,946 1967............. 135 9 ,’223 13,253 1966................... 973 757 48 109 59 441 301 1968—Nov... 220 9,673 13,059 19672................. (1,078 768 133 127 49 537 309 Dec... 216 9,120 13,066 1 1 ,163 852 1J J 128 49 621 309 1969—Jan.... 126 7,893 13,132 1968—Sept........ 1 ,835 1 ,410 90 298 37 1 183 241 Feb.. . 121 8,062 13,160 Oct......... 1 ’768 1 393 95 229 51 I ’ 134 242 Mar... 164 8,012 13,176 Nov........ 1 ,829 1,398 106 265 60 1 ’ 155 261 Apr... 130 8,526 13,128 Dec......... 1 '638 1 219 87 272 60 979 280 May .. 107 10,035 13,037 June.. 155 7,710 13,039 1969—Jan......... 1,775 1 350 101 245 79 1 076 333 July... 158 7,419 13,050 Feb......... 1 J 861 1 388 122 243 107 1 099 405 Aug... 143 8,058 13,033 Mar........ 1 ,850 1 351 105 261 132 j 056 457 Sept... 143 9,252 13,004 Apr......... 1 ,817 1,311 119 267 121 1,019 462 Oct.... 131 8,447 12,979 May....... C937 1 ;38O 95 347 116 1,024 518 Nov,,. 130 7,533 12,998 June....... 1,761 1,215 106 347 93 949 435 July........ 1,762 1 ,232 101 310 120 986 438 Aug...... 1 ,678 1,208 78 293 99 963 392 1 U.S. Treasury bills, certificates of indebtedness, Sept........ 1 ,578 1 ’098 87 303 90 912 346 notes, and bonds; includes securities payable in foreign currencies. 1 Negotiable and other readily transferable foreign obligations payable on demand Note.—Excludes deposits and U.S. Govt, securities or having a contractual maturity of not more than 1 year from the date on which the held for international organizations. Earmarked gold obligation was incurred by the foreigner. is gold held for foreign and international accounts and 2 Data on the two lines for this date differ because of changes in reporting coverage. is not included in the gold stock of the United States. Figures on the first line are comparable in coverage with those shown for the preceding date; figures on the second line are comparable with those shown for the following date. Note.—Data represent the liquid assets abroad of large nonbanking concerns in the United States. They are a portion of the total claims on foreigners reported by nonbanking concerns in the United States and are included in the figures shown in Table 26. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ INTL CAPITAL TRANSACTIONS OF THE U.S. A 87 25. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (End of period; in millions of dollars) Liabilities to foreigners Claims on foreigners Area and country 1968 1969 1968 1969 June Sept. Dec. Mar. Junep June Sept, Dec. Mar. June1’ Europe: Austria.................................................. 3 2 3 3 4 6 6 5 5 5 Belgium-Luxembourg.......................... 47 60 78 79 67 54 68 49 61 52 Denmark.............................................. 8 8 4 2 2 9 10 12 12 12 Finland................................................. 4 4 4 9 9 9 6 7 France.................................................. 92 114 112 116 121 136 157 145 140 162 Germany, Fed. Rep. of........................ 125 150 120 112 102 127 174 204 153 210 Greece.................................................. 15 14 11 5 5 24 26 27 22 36 Italy...................................................... 60 64 63 57 54 119 130 124 119 148 Netherlands.......................................... 84 65 42 49 48 86 67 54 59 62 Norway................................................. 4 5 4 6 14 10 10 10 12 15 Portugal.......................................... 6 8 4 7 7 8 8 7 7 11 Spain.................................................... 50 48 37 40 47 72 76 71 85 81 Sweden................................................. 24 26 25 20 17 26 26 26 25 26 Switzerland........................................... 70 112 116 115 116 32 71 39 49 44 Turkey................................................. 3 3 5 5 4 9 7 6 13 14 United Kingdom.................................. 274 407 393 384 351 1 ,527 1 ,450 1 ,219 1 ,304 1 ,234 Yugoslavia........................................... 1 1 1 1 I 6 4 7 8 14 Other Western Europe........................ 6 5 9 13 17 13 15 16 17 17 Eastern Europe.................................... 1 1 2 2 1 10 6 8 12 12 Total............................................ 877 1,096 1 ,032 1,017 979 2,282 2,318 2,038 2,110 2,161 Canada..................................................... 199 199 194 164 159 559 501 540 724 694 Latin America: Argentina............................................. 6 7 6 8 5 31 36 46 45 42 Brazil.................................................... 18 19 16 17 15 87 102 91 90 95 Chile..................................................... 12 6 5 4 4 30 38 36 39 38 Colombia............................................. 9 7 7 7 6 25 25 29 26 27 Cuba..................................................... 2 2 2 2 2 Mexico.................................................. 9 9 6 7 11 83 94 103 111 114 Panama................................................. 3 5 3 4 3 12 15 15 14 17 Peru...................................................... 5 6 7 7 8 28 28 26 28 26 Uruguay............................................... 1 1 1 I 1 5 4 6 5 4 Venezuela............................................. 35 36 33 27 26 59 57 67 60 69 Other L.A. republics............................ 18 23 20 16 18 63 72 82 78 85 Bahamas and Bermuda........................ 12 10 18 19 19 36 46 66 66 38 Neth. Antilles & Surinam.................... 4 4 5 3 2 6 5 6 6 5 Other Latin America........................... 2 1 2 2 2 8 8 9 11 14 Total.............................................. 133 134 130 122 121 474 532 584 579 575 Asia: Hong Kong.......................................... 4 4 5 4 5 10 10 8 9 11 India..................................................... 14 10 12 15 18 37 39 34 32 40 Indonesia.............................................. 5 3 4 5 6 6 7 7 8 7 Israel.................................................... 17 15 17 13 II 10 9 6 11 13 Japan.................................................... 78 91 89 99 114 175 195 207 200 214 Korea.................................................... 1 1 2 1 14 18 21 22 24 Philippines............................................ 8 10 9 8 11 22 21 25 25 25 Taiwan.................................................. 4 3 5 5 5 12 12 19 19 19 Thailand............................................... 2 2 2 2 2 15 15 16 13 12 Other Asia............................................ 45 36 31 41 50 90 97 134 120 106 Total............................................. 176 175 176 195 223 392 423 477 460 469 Africa: Congo (Kinshasa)................................ 1 1 1 I 2 5 3 2 3 3 South Africa......................................... 6 12 11 9 14 16 19 31 27 27 U.A.R. (Egypt).................................... 6 4 5 5 2 6 6 7 7 8 Other Africa......................................... 12 8 8 14 51 37 37 37 42 43 Total............................................. 24 25 24 29 68 64 65 76 78 81 Other countries: Australia.............................................. 46 43 44 44 46 62 58 54 56 53 All other.............................................. 7 6 5 5 3 10 9 11 9 7 Total............................................. 53 49 49 50 50 72 68 65 65 60 International and regional...................... • * * • * I 1 1 2 2 Grand total................................... 1,463 1 ,678 1,606 1,576 1,601 3,845 3,907 3,781 4,018 4,042 Note.—Reported by exporters, importers, and industrial and com- Data exclude claims held through U.S. banks, and intercompany accounts mercial concerns and other nonbanking institutions in the United States. between U.S. companies and their foreign affiliates. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 88 INTL CAPITAL TRANSACTIONS OF THE U.S. □ DECEMBER 1969 26. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS, BY TYPE (In millions of dollars) Liabilities Claims Payable in foreign currencies End of period Total P d a o y i l n l a a b r l s e cu P fo r a r r y e i e n n a i b c g i l n e e s Total P d a o y i l n l a a b r l s e D ba e n p k o s s i a ts b r w o i a th d Other in reporter’s name 1965 June................................................................................................. 740 568 172 2,411 1,966 198 248 Sept. • ................................................................... . . 779 585 195 2306 1’949 190 267 Dec................................................................................................ 807 600 207 2,397 2,000 167 229 Dec i........................................................... 810 600 210 2,299 1,911 166 222 1966—Mar................................................................................................. 849 614 235 2,473 2,033 211 229 June................................................................................................ 894 657 237 2,469 2,063 191 215 Sept................................................................................................. 1,028 785 243 2,539 2,146 166 227 Dec.................................................................................................. 1 ’,089 827 262 2', 628 2,225 167 236 1967 Mar................................................................................................. 1,148 864 285 2,689 2,245 192 252 June............................................................................................... 11203 916 287 21585 21110 199 275 Sept................................................................................................. 1,353 1,029 324 2,555 2,116 192 246 Dec.................................................................................................. 1,371 1,027 343 2,946 2,529 201 216 Dec 1.............................................................................................. 1,386 1 .039 347 3,011 2,599 203 209 1968—Mar.................................................................................................. 1,348 981 367 3,341 2,908 211 222 June................................................................................................. 1 ,463 1 ,046 417 3,845 3,406 210 229 Sept................................................................................................. 1 ,678 1,271 407 3,907 3,292 422 193 Dec................................................................................................ 1 ,606 1 ,223 382 3,781 3,172 368 241 1969—Mar.................................................................................................. 1,576 1,185 391 4,018 3,334 357 327 June11............................................................................................... 1 ,601 1 ,247 354 4,042 3,302 462 278 t Data differ from that shown for Dec. in line above because of changes in reporting coverage, 27. SHORT-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (In millions of dollars) Claims Country or area End of period lia T b o il t it a i l e s Total K U in n g it d e o d m E O u t r h o e p r e Canada Brazil Mexico A O m La t e h t r i e i n c r a Japan O A t s h i e a r Africa o A th l e l r 1965—June........................... 110 1,081 31 118 208 221 70 144 85 96 91 17 Sept............................ 120 1,101 31 116 230 217 74 138 89 96 91 18 Dec............................. 136 1,169 31 112 233 209 69 196 98 114 89 17 Dec. 1.................... 147 1,139 31 112 236 209 65 198 98 87 85 18 1966—Mar............................ 176 1,156 27 124 239 208 61 206 98 87 87 19 June........................... 188 1’207 27 167 251 205 61 217 90 90 86 14 Sept............................ 249 1,235 23 174 267 202 64 207 102 91 90 14 Dec............................. 329 1’256 27 198 272 203 56 212 95 93 87 13 1967—Mar............................ 454 1,324 31 232 283 203 58 210 108 98 84 17 June. ................. 430 1 '488 27 257 303 214 88 290 110 98 85 15 Sept.......................... 411 1,452 40 212 309 212 84 283 109 103 87 13 Dec............................. 414 1,537 43 257 311 212 85 278 128 117 89 16 Dec, i......................... 428 1 ’570 43 263 322 212 91 274 128 132 89 16 1968—Mar............................ 582 1,536 41 264 330 206 61 256 128 145 84 21 June........................... 747 1 ,568 32 288 345 205 67 251 129 134 83 33 Sept............................ 757 1,625 43 313 376 198 62 251 126 142 82 32 Dec............................. 1 ,087 1,739 142 312 381 194 73 231 128 156 83 38 1969—Mar........................... 1,256 1,817 177 348 383 194 75 224 126 176 72 43 June?......................... 1 ,296 1 ,886 168 373 389 195 76 217 142 212 72 41 1 Data differ from that shown for Dec. in line above because of changes in reporting coverage. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ MONEY RATES A 89 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Australia Period Ar ( g p e e n so ti ) na (s A c u h s il t li r n ia g ) B (f e r l a g n iu c m ) C (d a o n l a la d r a ) C (ru e p y e lo e n ) D ( e kr n o m n a e r ) k ( F m in a l r a k n k d a ) (pound) (dollar) 1 1 9 9 6 6 4 5 . . .......................................................... . .5 7 9 1 5 7 1 8 7 6 2 2 2 2 2 2 . , 4 7 8 8 3 3 . . 8 8 7 69 0 8 4 2 2 . . 0 00 1 9 4 9 4 9 9 2 2. . 7 6 4 8 3 9 2 2 0 0 . . 9 9 8 5 8 9 1 1 4 4 . . 4 4 6 6 0 0 3 3 1 1 . . 0 0 6 7 7 0 1966. .48690 223.41 mi,22 3.8686 2.0067 92,811 20.946 14.475 31.061 1967. .30545 ...............1..11.25 3.8688 2.0125 92.689 20.501 14.325 229.553 1968. .28473 111.25 3.8675 2,0026 92.801 16.678 13.362 23.761 1968-—Nov................................................. .28476 110.89 3.8664 31.9927 93.177 16.675 *13.308 *23.757 Dec................................................. .28500 110.82 3,8681 1.9935 93.177 16.678 13.340 23.763 1969-—Jan.................................................. .28512 110.95 3.8670 1.9921 93.206 16.678 13.317 23.763 Feb................................................. .28490 111.15 3,8650 1.9928 93.060 16,678 13.288 23.772 Mar................................................. .28489 111.17 3.8671 1.9883 92.863 16.678 13.321 23.785 Apr................................................. .28490 111.24 3.8669 I.9890 92.903 16.678 13.285 23.785 May................................................ .28490 110.93 3.8646 1.9925 92.837 16,694 13.269 23.785 June................................................ .28490 111.07 3.8647 1.9868 92.628 16,795 13.282 23.785 July................................................. .28490 111.11 3.8664 1.9889 92.526 16,785 13.282 23.771 Aug................................................. .28490 110.87 3.8668 1 .9885 92.743 16.784 13.282 23.785 Sept................................................. .28490 110.81 3.8637 1.9869 92.732 16.784 13.287 23.785 Oct.................................................. .28490 111.10 3.8644 2.0023 92.762 16.784 13.297 23.773 Nov................................................. .28490 •..............1.11.38 3.8621 2.0121 92.941 16,784 13.334 23,748 Period ( F f r r a a n n c c e ) ( G d m e eu r a m ts rk a c ) n he y (r I u n p d e ia e ) ( I p re o l u a n n d d ) ( I l t i a ra ly ) J ( a ye pa n n ) M (d a o la ll y a s r i ) a M (p e e x s i o c ) o ( e g N r u la e il n d th d e ­ s r) 1964. 20.404 25,157 20.923 279.21 .16014 .27625 32.566 8.0056 27.724 1965. 20.401 25.036 20.938 279.59 .16004 .27662 32.609 8.0056 27.774 1966. 20,352 25.007 M6.596 279.30 .16014 .27598 32.538 8.0056 27.630 1967. 20.323 25.084 13.255 275.04 .16022 .27613 32.519 8.0056 27.759 1968. 20.191 25.048 13.269 239.35 .16042 .27735 32.591 8.0056 27.626 1968-—Nov............................................... 420.121 625.153 13.230 238.58 \16O37 .27925 32.538 8,0056 327.556 Dec................................................. 20,199 25.032 13.234 238,42 .16026 .27940 32.614 8.0056 27.710 1969--Jan.................................................. 20.199 24.978 13.244 238,70 .16022 .27934 32.640 8.0056 27.636 Feb................................................. 20.188 24.881 13.244 239.14 .15978 .27945 32.675 8.0056 27.581 Mar................................................. 20,167 24.879 13.244 239.17 .15911 .27935 32.639 8.0056 27.565 Apr................................................. 20,145 24.925 13.249 239.31 .15947 .27917 32.649 8.0056 27.520 May................................................ 20,115 25.065 13.212 238,65 .15919 .27899 32.636 8.0056 27.467 June................................................ 20,110 24.992 13.223 238.95 .15946 .27880 32.638 8.0056 27.424 July................................................. 20,110 25.002 13,228 239.04 .15926 .27809 32.586 8.0056 27.469 Aug................................................. 718,627 25.083 13.218 238.53 .15915 .27810 32.605 8.0056 27.635 Sept................................................. 18.005 25.236 13.214 238.40 .15885 .27908 32.629 8.0056 27.659 Oct.................................................. 17,907 826.801 13.217 239,02 . 15923 .27911 32.659 8.0056 27.804 Nov................................................ 17,928 27.101 13.231 239,63 .15971 .27951 32.661 8.0056 27.748 Period (pou N n e d w ) Zeal ( a d n o d llar) N (k o r r o w n a e y ) P (e o s r c t u u d g o a ) l ( A S ra o fr n u ic t d h a ) (p S e p s a e i t n a ) ( S k w ro e n de a n ) ( e S f r r w l a a n i n tz c d ) ­ ( U p K d o n i o n u it m n g e d d ­ ) 1964 ........................................................ 276.45 13.972 3.4800 139,09 1.6663 19,414 23.152 279.21 1965 ................................................... 276.82 13,985 3.4829 139.27 1.6662 19,386 23,106 279,59 i 966 ........................................................ 276.54 13,984 3.4825 139,13 1.6651 19,358 23.114 279.30 1967........................................................... 276.69 9131.97 13,985 3.4784 139,09 1.6383 19.373 23.104 275.04 1968........................................................... 111.37 14.000 3.4864 139,10 1.4272 19.349 23.169 239.35 1968 Nov.............................................. 111.01 *13.999 *3.4855 138.65 31.4281 *19.323 23,256 238.58 Dec.............................................. 110.93 14.000 3,4886 138.56 1.4279 19.323 23.259 238.42 1969—Jan ................................................. 111.06 13.988 3.4925 138.72 1.4278 19.340 23.146 238.70 Feb................................................ 111.27 13.988 3.4975 138.98 1.4279 19.326 23.145 239.14 Mar......................... ■ • 111.28 14.001 3.5042 138.99 1.4277 19.340 23.261 239.17 Apr ......................................... 111.35 14.007 3.5036 139.08 1.4271 19.350 23,135 239.31 111.04 13.999 3.4985 138.69 1.4262 19.337 23,117 238.65 June ............................................. 111.18 14.014 3.4989 138.87 1.4260 19.327 23,176 238.95 July. ............................................... 111.22 14.005 3,5011 138.92 1.4267 19.337 23.197 239.04 110.99 13.998 3.5031 138.62 1,4277 19.345 23,228 238.53 Sept................................................. 110.92 13.989 3.5029 138.54 1.4276 19.330 23.265 238.40 111.21 13.986 3.5038 138.91 1.4262 19.365 23.229 239.02 Nov................................................. 111.50 13.989 3.5032 139.26 1,4248 19.354 23,118 239.63 i Effective Feb. 14, 1966, Australia adopted the decimal currency 8 Effective Oct. 26, 1969, the new par value of the deutsche mark was system. The new unit, the dollar, replaces the pound and consists of 100 set at 3.66 per U.S. dollar. cents, equivalent to 10 shillings or one-half the former pound. 9 Effective July 10, 1967, New Zealand adopted the decimal currency 2 Effective Oct. 12, 1967, the Finnish markka was devalued from 3,2 system. The new unit, the dollar, replaces the pound and consists of 100 to 4.2 markkaa per U.S. dollar. cents, equivalent to 10 shillings or one-half the former pound. 3 Quotations not available Nov. 20, 1968. 4 Quotations not available Nov. 20-22, 1968. Note.—After the devaluation of the pound sterling on Nov. 18, 1967, 3 Effective June 6, 1966, the Indian rupee was devalued from 4.76 to the following countries devalued their currency in relation to the U.S. 7.5. rupees per U.S. dollar. dollar: Ceylon, Denmark, Ireland, New Zealand, and Spain. 4 Quotations not available Nov. 20-21, 1968. Averages of certified noon buying rates in New York for cable transfers. 7 Effective Aug. 10, 1969, the French franc was devalued from 4.94 to For description of rates and back data, see “International Finance,” 5.55 francs per U.S. dollar. Section 15 of Supplement to Banking and Monetary Statistics, 1962. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 90 MONEY RATES ° DECEMBER 1969 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months Rate as of Nov. 30, 1968 Rate Country 1968 1969 as of Nov. 30, Per Month 1969 cent effective Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Argentina ■ - ■. - - 6.0 Dec. 1957 6.0 Austria .......................... 3.75 Oct. 1967 4.75 4.75 Belgium . 3.75 Mar. 1968 4.5 5.0 5.5 6.0 7.0 7.5 7.5 Brazil. ................... 22.0 Jan. 1967 20.0 20.0 Burma • 4.0 Feb. 1962 4.0 (^■.nada 1 ........ 6.0 Sept. 1968 6.5 7.0 7.5 8.0 8.0 Ceylon ....... 5.5 May 1968 5.5 Chilo . ......... 12.0 July 1968 13.0 14.0 14.0 Cz»|omh ja 8.0 May 1963 8.0 Costa Rica 4.0 June 1966 4.0 Denmark ■ • 6.0 Aug. 1968. 7.0 9.0 9.0 Ecuador • -■ 5.0 Nov. 1956 5.0 RI Salvador . ... 4.0 Aug. 1964 4.0 Finland . . . 7.0 Apr. 1962 7.0 France .... . 6.0 Nov. 1968 7.0 8.0 8.0 (Jermany Fed Rep of.. 3.0 May 1967 4.0 5.0 6.0 6.0 Ohan^ . . 5.5 Mar. 1968 5.5 Orecca,, -. - - ■ t t........ 5.0 July 1968 5.5 6.0 6.0 Honduras 2 ....................... 3.0 Jan. 1962 3.0 Iceland. . 9.0 Jan. 1966 9.0 India ........... 5.0 Mar. 1968 5.0 Indonesia.............................. 9.0 Aug. 1963 9.0 Iran . ........... 7.0 Nov. 1968 8.0 8.0 Ireland.................................. 7.0 Nov. 1968 7.17 7.12 8.0 8.75 8.38 8.5 8.44 8.38 8.38 Israel.................................... 6.0 Feb. 1955 6.0 Italy...................................... 3.5 June 1958 4.0 4.0 Tamaica .............................. 5.0 Sept. 1968 5.5 6.0 6.0 Japan................................... 5.84 Aug. 1968 6.25 6.25 Korea................................... 28.0 Dec. 1965 26.0 26.0 Mexico , ............................ 4.5 Juno 1942 4.5 Netherlands.......................... 4.5 Mar. 1967 5.0 5.5 6.0 6.0 New Zealand.. .................... 7.0 Mar. 1961 7.0 Nicaragua............................. 6.0 Apr. 1954 6.0 Norway............................... 3.5 Feb. 1955 4.5 4.5 Pakistan................................ 5.0 June 1965 5.0 Peru..................................... 9.5 Nov. 1959 9.5 Philippine Republic............ 7.5 Feb. 1968 8.0 10.0 10.0 Portugal................................ 2.5 Sept. 1965 2.75 2.75 South Africa........................ 5.5 Aug. 1968 5.5 Spain... ............................ 4.5 Nov. 1967 5.5 5.5 Sweden......... ................... 5.0 Oct. 1968 6.0 7.0 7.0 Switzerland.......................... 3.0 July 1967 3.75 3.75 Taiwan ............................. 11.9 Aug. 1968 10.8 10.8 Thailand............................... 5.0 Oct. 1959 5.0 Tunisia.................................. 5.0 Sept. 1966 5.0 Turkey.................................. 7.5 May 1961 7.5 United Arab Rep. (Egypt).. 5.0 May 1962 5.0 United Kingdom................. 7.0 Sept. 1968 8.0 8.0 Venezuela............................ 4.5 Dec. 1960 5.5 5.5 i On June 24, 1962, the bank rate on advances to chartered banks Colombla~~5 per cent for warehouse receipts covering approved lists of was fixed at 6 per cent. Rates on loans to money market dealers will products, 6 and 7 per cent for agricultural bonds, and 12 and 18 per cent continue to be .25 of 1 per cent above latest weekly Treasury bill tender for rediscounts in excess of an individual bank’s quota; average rate, but will not be more than the bank rate. Costa Rica—5 per cent for paper related to commercial transactions 2 Rate shown is for advances only. (rate shown is for agricultural and industrial paper); Ecuador—6 per cent for bank acceptances for commercial purposes; Note.—Rates shown are mainly those at which the central bank cither Indonesia^Various rates depending on type of paper, collateral, com­ discounts or makes advances against eligible commercial paper and/or modity involved, etc.; govt, securities for commercial banks or brokers. For countries with Japan—Penalty rates (exceeding the basic rate shown) for borrowings more than one rate applicable to such discounts or advances, the rate from the central bank in excess of an individual bank’s quota; shown is the one at which it is understood the central bank transacts Peru—5 and 7 per cent for small credits to agricultural or fish production, the largest proportion of its credit operations. Other rates for some import substitution industries and manufacture of exports; 8 per cent for of these countries follow: other agricultural, industrial and mining paper; Argentina—3 and 5 per cent for certain rural and industrial paper, de­ Philippines—6 per cent for financing the production, importation, and dis­ pending on type of transaction; tribution of rice and corn and 7.75 per cent for credits to enterprises en­ Brazil—8 per cent for secured paper and 4 per cent for certain agricultural gaged in export activities. Preferential rates are also granted on credits to paper; rural banks; and Chile—17 percent for forestry paper, preshipment loans and consumer Venezuela—2 per cent for rediscounts of certain agricultural paper (Sept. loans, 18 per cent for selective and special rediscounts, 19.5 per cent for 1962), and 5 per cent for advances against govt, bonds, mortgages, or gold, cash position loans, and 23.5 per cent for construction paper beyond a and 6 per cent for rediscounts of certain industrial paper and on advances basic rediscount period. A fluctuating rate applies to paper covering the against securities of Venezuelan companies. acquisition of capital goods. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ MONEY RATES; ARBITRAGE A 91 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Germany, Netherlands Switzer­ Fed, Rep. of land Month 3 T m r b e o i a l n l s s t u , h ry s 1 m Da o d n y a e - y t y o 2 ­ 3 B a a m a c n n c o c k e e n e p s t r h , t s ­ s ’ 3 T r m e bi a o U s n s u t , h ry s D m a d o y a n - y e t o y ­ a B d ll e o a p w n o o k n a s e n i r t c s s e ’ D m a o d y n a - e y t o y3 ­ Tr 6 d e b a 0 a i y l - l s 9 s s u 0 , 4 r y m Da o d n y a e - y t y o ­ 5 3 T r m b ea i o ll s n s u t , h r s y D m a d o y a n - y e t o y ­ d P is r r c i a v o t a e u te n t 1966—pec............. 5,05 4,71 6.94 6.64 6.00 5.00 5.68 4.75 5.85 4.90 3.68 4,00 1967—Dec............. 5.80 5.67 7.78 7.52 6.83 6.00 4.76 2.75 2,77 4.51 4.05 3.75 1968—Oct............. 5.63 5,10 6.97 6.51 5.93 5.00 7.08 2.75 3.18 4.47 4,15 3.75 Nov. 5,64 4.73 7.03 6.67 5.92 5.00 9.16 2,75 1.55 4.50 4.86 3,75 Dec............. 5.96 5.31 7,26 6.80 5.99 5.00 8,22 2,75 1.84 4.65 4.96 3.75 1969—'Jan............. 6,36 6.02 7.28 6.77 5.91 5.00 8.04 2,75 3.30 4.90 4.44 3.75 Feb........... 6.31 5.34 7.32 6.97 6,08 5.08 7.88 2,75 3.27 5.00 5.38 3.75 Mar............ 6.62 5.89 8.35 7.78 6.90 6.00 8,18 2,75 3.63 5.00 5.38 3.81 Apr............ 6.69 6.47 8.41 7.79 6.88 6.00 8.34 3,75 2.46 5.39 5.77 4.00 May....... 6.74 6.67 8.46 7.82 6.88 6.00 8,96 3.75 1.63 5.50 5.88 4.00 June........... 7.03 6.98 8.73 7.89 6.66 6.00 9.46 4.75 5.02 5.50 5.92 4.06 July............ 7.49 7.40 8 88 7.86 6.95 6.00 9.23 4.75 5.80 5.50 7.17 4.25 Aug............ 7.65 7,57 8.88 7.80 6.95 6.00 8.84 4,75 5.87 5.98 7.71 4.25 Sept............ 7.75 7.77 8.88 7.80 7.07 6.00 9.39 5.75 4.03 6.00 7.66 4.38 Oct............. 7.68 7.71 8.88 7.73 7.02 6.00 5.75 6.68 5.88 3.80 4.75 1 Based on average yield of weekly tenders during month, 5 Monthly averages based on daily quotations. i 3 B R a a s te e d s h o o n w w n e i e s k o ly n a p v r e iv ra a g t e e s s o ec f u d r a it i ie ly s . closing rates. Se N ct o io t n e .— 15 F o o f r S d u e p s p c l r e i m pt e io n n t a to n d B a b n a k c in k g d a a n ta d , M se o e n e " t I a n r t y e r S n t a a t t i is o t n ic a s l , 1 F 9 in 6 a 2. nce,’’ 4 Rate in effect at end of month. ARBITRAGE ON TREASURY BILLS (Per cent per annum) United States and United Kingdom United States and Canada Treasury bill rates Treasury bill rates Date q K ( u U i a b n o U n d a g t . i s j a d t S . i e s t o . t i ) d o o m n U S n ta it te e s d L S ( o f p n a o r v d e f o a o r d n ) P d f ( ( o p r is + - e r o c w ) m u ) o a n i o u o u r d n n r d m t i L n o ( c f N n a e o d n v e f o o t t i v n r e ) qu A i o n s t e d C ana q d A a uo U d t j . a . S t t . io o n U S n ta it te e s d C S ( a f p a n o r v e a f o a d d r a ) C P d f ( ( d o a r i + s - e o r n c w ) m l a ) l o a a d i u o u r o r i s n n a d m r t n i C n ( c a f N e a n o n v a e f t o d t i v r a e ) Canada basis 1969 July 3............. 7.58 6.80 .78 -3.30 -2.52 7.13 6.91 6.80 .11 4-1.60 + 1.71 Il............. 7.78 6,93 .85 -2.97 -2.12 7,35 7.13 6,93 .20 + 1.64 + 1.84 18............. 7.68 7.00 .68 -2.73 -2.05 7,63 7.39 7.00 .39 4-1.12 + 1.51 25............. 7.64 7.07 .57 -2.51 -i.94 7.63 7.39 7.07 .32 + 1.12 + 1.44 Aug. 1............. 7.64 7.01 .63 -2.60 - 1 .97 7.60 7.36 7.01 .35 + .82 + 1.17 8............. 7.64 6.94 .70 -2.80 -2. 10 7.60 7.36 6.94 .42 + .78 + 1.20 15............. 7.64 6.86 .78 -7.91 -7,13 7.62 7.38 6.86 .52 4-.69 + 1.21 22............. 7.64 6.86 .78 -8.16 -7.38 7.66 7.42 6.86 .56 + .69 + 1.25 29............. 7.64 6.99 .65 -8.33 -7.68 7.66 7.42 6.99 .43 + .48 + .91 Sept. 5............. 7.58 7.02 .56 -8.92 -8.36 7.73 7,49 7,02 .47 + .61 + 1.08 12............. 7.58 7.03 .55 -7.58 -7.03 7.72 7.48 7,03 .45 + .61 + 1.06 19............. 7.58 7.10 .48 -6.00 -5.52 7.75 7.51 7.10 .41 4-.39 + .80 26............. 7.64 7.03 ,61 -4.92 -4.3! 7.77 7.53 7.03 .50 4-.39 + .89 Oct. 3............. 7.57 6.97 .60 -2.56 -1,96 7.77 7.53 6,97 .56 + .52 + 1.08 10............. 7.55 6.98 .57 -2.47 -1.90 7.69 7.45 6.98 .47 + .61 + 1.08 17............. 7.61 6.99 .62 -1.52 -.90 7.64 7.40 6.99 .41 + .56 + .97 24............. 7.61 6.95 .66 -1.38 -.72 7.62 7.38 6.95 .43 + .19 + .62 31............. 7.61 6.98 .63 -1.27 -.64 7.62 7.38 6.98 .40 4-. 02 + .42 Nov. 7............. 7.58 7.09 .49 -.79 -.30 7.67 7.43 7.09 .34 -.04 + .38 14............. 7.58 7.14 .44 -.66 -.22 7.67 7.43 7.14 .29 -.13 + .16 21............. 7.58 7.31 .27 -.69 - .42 7.72 7.48 7.31 .17 4-.09 + .26 28............. 7.58 7.49 .09 -.51 -.42 7.75 7.50 7.49 .01 + .09 + .10 Dec. 5............. 7.61 7.56 .05 -.17 -.12 7.77 7.53 7.56 .03 + .04 + .07 Note,—Treasury bills'. All rates are on the latest issue of 91-day bills. All series: Based on quotations reported to F.R. Bank of New York U,S. and Canadian rates are market offer rates 11 a.m. Friday; U.K. by market sources. rates are Friday opening market offer rates in London. For description of series and for back figures, see Oct. 1964 Bulletin, Premium or discount on forward pound and on forward Canadian dollar: pp. 1241-60. For description of adjustments to U.K. and Canadian Rates per annum computed on basis of midpoint quotations (between Treasury bill rates, see notes to Table 1, p. 1257, and to Table 2, p. 1260, bid and offer) at 11 a.m. Friday in New York for both spot and forward Oct. 1964 Bulletin. pound sterling and for both spot and forward Canadian dollars. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 92 GOLD RESERVES □ DECEMBER 1969 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti­ Inti. Esti­ E pe n r d i o o d f m to a t t a e l d M ta o r n y e ­ U S n ta i t t e e s d r m es a t t e o d f Af is g t h a a n n­ A t r i g n e a n­ t A ra u l s ia ­ A tr u ia s­ g B iu e m l­ Brazil Burma Canada Chile world1 Fund world 1962. 41,475 2,194 16,057 23,225 36 61 190 454 1,365 225 42 708 43 1963 42,305 2,312 15,596 24,395 36 78 208 536 I ,371 150 42 817 43 1964 43,015 2,179 15,471 25,365 36 71 226 600 1 ,451 92 84 1 ,026 43 1965 243’230 31 ,869 13,806 27,285 35 66 223 700 1 ,558 63 84 1,151 44 1966 43,185 2,652 13,235 27,300 35 84 224 701 1 ,525 45 84 1,046 45 1967 41,600 2,682 12,065 26,855 33 84 231 701 I .480 45 84 1 '015 45 1968- Oct................ 2,299 10,788 33 109 258 714 ,522 45 84 863 45 Nov............... 2,286 10,897 33 109 257 714 '522 45 84 863 45 Dec............... 40,905 2,288 10,892 27,725 33 109 257 714 324 45 84 863 46 1969-—Jan................ 2,288 10,828 33 109 258 714 324 45 84 863 47 Feb.............. 2,292 10,801 33 109 257 714 1 ,522 45 84 863 46 Mar............... 41 ,050 2,295 10,836 27,920 33 109 256 714 1 ,522 45 84 863 46 Anr............... 2,297 10,936 33 109 255 714 1 ,522 45 84 863 47 May.............. 2,301 11,153 33 109 256 714 1 322 45 84 863 46 June.............. 40,970 2,257 11,153 27,560 33 110 258 715 1 ,522 45 84 866 47 July............... 2,316 11,144 33 115 258 715 1 ,522 84 866 47 Aug ............ 2,336 11 ,154 33 120 257 715 1 320 84 866 47 Sept.p........... 40,860 2,258 11,164 27,440 33 120 257 715 1 ,520 84 872 47 Oct.p............. 2,260 11,190 33 125 262 715 1 ,520 84 872 47 Ger­ E p n e d ri o o d f lo C m o b ­ ia m De a n rk ­ l F a i n n d ­ France m F a e n d y . , Greece India Iran Iraq l I a r n e d ­ Israel Italy Japan Rep. of 1962. 57 92 61 2,587 3,679 77 247 129 98 18 41 2,243 289 1963. 62 92 61 3,175 3,843 77 247 142 98 18 60 2,343 289 1964. 58 92 85 3,729 4; 248 77 247 141 112 19 56 2,107 304 1965. 35 97 84 4,706 4,410 78 281 146 110 21 56 2,404 328 1966. 26 108 45 5,238 4,292 120 243 130 106 23 46 2,414 329 1967......................... 31 107 45 5,234 4,228 130 243 144 115 25 46 2,400 338 1968-—Oct.............. 32 113 45 4,136 4,456 140 243 158 193 79 46 2,784 355 Nov......... 31 113 45 3,876 4’538 145 243 158 193 79 46 2,846 356 Dec............... 31 114 45 3,877 4,539 140 243 158 193 79 46 2'923 356 1969-—Jan................ 31 114 45 3,877 4,539 132 243 158 193 79 46 2,923 356 Feb.. ....... 31 114 45 3,877 4,541 132 243 158 193 79 46 2,925 356 Mar.., .......... 30 114 45 3,827 4,541 132 • 243 158 193 79 46 2,924 357 Apr............... 30 114 45 3,726 4,541 131 243 158 193 79 46 2,924 359 May.............. 29 88 45 3,551 4,542 130 243 158 193 79 46 2,926 359 June.............. 29 89 45 3,552 4,563 130 243 158 193 79 46 2,937 363 July............... 29 89 45 3,551 4,563 130 243 158 193 79 46 2,936 363 Aug............. . 29 89 45 3,551 4,564 130 243 158 193 69 46 2,938 363 Sept.p........... 27 89 45 3,545 4,597 130 243 158 193 64 46 2,954 371 Oct p 27 89 45 3,547 4,597 243 158 193 39 46 2,954 371 E pe nd ri o o d f Kuwait a L n e o b n ­ Libya M s a i l a ay­ M c e o xi­ Mo c r o oc­ N la e n th d e s r­ N w o ay r­ P st a a k n i­ Peru P p h in i e li s p­ Po g r a t l u­ A S r a a u b d ia i 1962......................... 49 172 3 3 95 29 1,581 30 53 47 41 471 78 1963......................... 48 172 7 8 139 29 1,601 31 53 57 28 497 78 1964......................... 48 183 17 7 169 34 1,688 31 53 67 23 523 78 1965......................... 52 182 68 2 158 21 1,756 31 53 67 38 576 73 1966......................... 67 193 68 109 21 1,730 18 53 65 44 643 69 1967......................... 136 193 68 31 166 21 1,711 18 53 20 60 699 69 1968--Oct................ 112 288 85 66 165 21 1 ,697 24 54 20 59 853 119 Nov............... 122 288 85 66 165 21 1,697 24 54 20 65 856 119 Dec............... 122 288 85 66 165 21 1 ,697 24 54 20 62 856 119 1969-—Jan................ 122 288 85 66 165 21 1,697 24 54 20 58 857 119 Feb................ 124 288 85 66 165 21 1,698 23 54 20 60 856 119 Mar,............. 123 288 85 65 165 21 1 ,698 24 54 25 65 856 119 Apr............... 123 288 85 65 165 21 1,698 24 54 25 67 860 119 May.............. 120 288 85 64 165 21 1,698 24 54 25 56 860 119 June.............. 120 288 85 64 166 21 1,703 24 54 25 52 860 119 July............... 110 288 85 64 166 21 1 ,703 24 54 25 52 860 119 Aug............... 107 288 85 64 167 21 1,703 24 54 25 45 872 119 Sept.p............ 103 288 85 21 1 ,711 25 54 25 45 872 119 Oct.”............. 100 288 85 1,711 25 54 45 872 119 For notes see end of table. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

DECEMBER 1969 □ GOLD RESERVES AND PRODUCTION A 93 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d io o d f A So fr u ic th a Spain Sweden Sw la it n z d er­ Taiwan T la h n a d i­ Turkey ( U E . g A y . p R t) . U K n in ite g d ­ g U u r a u y ­ V zu e e n l e a ­ Y sl u a g vi o a ­ I f n o t r i. dom Settle­ ments 4 1962............................. 499 446 181 2,667 43 104 140 174 2,582 180 401 4 -50 1963............................. 630 573 182 2,820 50 104 115 174 2,484 171 401 14 -279 1964............................. 574 616 189 2,725 55 104 104 139 2,136 171 401 17 -50 1965............................. 425 810 202 3,042 55 116 139 2,265 155 401 19 -558 1966............................. 637 785 203 2,842 62 92 102 93 1,940 146 401 21 -424 1967............................. 583 785 203 3,089 81 92 97 93 1,291 140 401 22 -624 1968—Oct.................... 1,145 785 225 2,626 81 92 97 93 134 403 44 -274 Nov.................. 1,199 785 225 2,625 81 92 97 93 133 403 50 -260 Dec................... 1 ,243 785 225 2,624 81 92 97 93 1,474 133 403 50 -349 1969—Jan.................... 1 ,287 785 225 2,623 81 92 97 93 133 403 50 -276 Feb................... 1 ,321 785 225 2,646 81 92 97 93 133 403 50 -278 Mar.................. 1 ,367 785 225 2,645 81 92 97 93 1 ,476 136 403 50 -284 Apr................... 1 ,409 785 225 2,644 81 92 97 93 136 403 50 -286 May................. 1 ,282 785 225 2,643 81 92 97 93 136 403 50 -282 June................. 1 ,264 785 225 2,643 81 92 97 93 1,474 136 403 r51 -285 July................... 1,171 785 225 2,643 81 92 107 93 136 403 '51 -275 Aug................... 1,138 785 226 2,642 81 92 107 93 403 '51 -268 Sept.”............... 1 ,093 785 226 2,642 81 92 107 93 1,459 403 50 -285 Oct.”................. 1,128 226 2,642 92 117 50 -314 1 Includes reported or estimated gold holdings of international and some member countries in anticipation of increase in Fund quotas, except regional organizations, central banks and govts, of countries listed in those matched by gold mitigation deposits with the United States and this table and also of a number not shown separately here, and gold to be United Kingdom; adjustment is $270 million. distributed by the Tripartite Commission for the Restitution of Monetary 3 Excludes gold subscription payments made by some member countries Gold; excludes holdings of the U.S.S.R., other Eastern European coun­ in anticipation of increase in Fund quotas: for most of these countries tries, and China Mainland. the increased quotas became effective in Feb. 1966. The figures included for the Bank for International Settlements are 4 Net gold assets of BIS, i.e., gold in bars and coins and other gold the Bank’s gold assets net of gold deposit liabilities. This procedure assets minus gold deposit liabilities. avoids the overstatement of total world gold reserves since most of the gold deposited with the BIS is included in the gold reserves of individual Note.—For back figures and description of the data in this and the countries. following tables on gold (except production), see “Gold,” Section 14 of 2 Adjusted to include gold subscription payments to the IMF made by Supplement to Banking and Monetary Statistics, 1962. GOLD PRODUCTION (In millions of dollars at $35 per fine troy ounce) Africa North and South America Asia Other World Period p t r i o o d n u c 1 ­ A S f o r u ic th a R de h s o ia ­ Ghana C s ( h K o a n i s n g a ­ o ) U S n ta i t t e e s d C a a d n a ­ M ic e o x­ r N a i g c u a a ­ Co b l i o a m­ India P p h in il e ip s ­ t A ra u l s ia ­ ot A h l e l r 1961.. 1,215.0 803.0 20.1 29.2 8.1 54.8 156.6 9.4 7.9 14.0 5.5 14.8 37.7 53.9 1962.. 1,295.0 892.2 19.4 31.1 7.1 54.5 146.2 8.3 7.8 13.9 5.7 14.8 37.4 56.6 1963.. 1,355.0 960.1 19.8 32.2 7.5 51.4 139.0 8.3 7.2 11.4 4.8 13.2 35.8 64.3 1964.. 1,405.0 1,018.9 20.1 30.3 6.6 51.4 133.0 7.4 7.9 12.8 5.2 14.9 33.7 62.8 1965.. 1,440.0 1 ,069.4 19.0 26.4 3.2 58.6 125.6 7.6 6.9 11.2 4.6 15.3 30.7 61.5 1966.. 1,445.0 1,080.8 19.3 24.0 5.6 63.1 114.6 7.5 7.0 9.8 4.2 15.8 32.1 61.2 1967.. 1,410.0 1,068.7 18.0 26.7 5.4 53.4 103.7 6.4 6.2 9.0 3.4 17.2 28.4 63.5 1968^. 1,420.0 1 ,088,0 17.5 25.4 5.9 53.9 94.1 6.2 6.8 8.4 4.0 17.8 27.6 64.4 1968—Sept. 93.7 8.3 .4 .6 2.3 Oct. 92.4 7.7 1.8 .7 24.6 2.6 Nov. 87.9 7.5 .5 .6 1.9 Dec. 83.5 7.7 .7 2.2 24.2 1969—Jan.. 83.4 7.8 .5 1.9 Feb.. 86.7 7.1 .7 2.0 Mar. 89,1 7.6 .7 2.1 Apr., 89.3 7.3 .7 2.3 May. 90,0 7.4 .7 2.2 June, 91.3 7.3 .7 July. 93,7 6.7 .7 Aug. 93.9 6.6 .7 Sept. 95.1 7.0 1 Estimated; excludes U.S.S.R., other Eastern European countries, Note.—Estimated world production based on report of the U.S. China Mainland, and North Korea. Bureau of Mines. Country data based on reports from individual 2 Quarterly data. countries and Bureau of Mines. Data for the United States are from the Bureau of the Mint. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM Wm. McC. Martin, Jr., Chairman J. L. Robertson, Vice Chairman George W. Mitchell J. Dewey Daane Sherman J. Maisel Andrew F. Brimmer William W. Sherrill Robert C. Holland, Secretary of the Board J. Charles Partee, Adviser to the Board Robert Solomon, Adviser to the Board Howard H. Hackley, Assistant to the Board Charles Molony, Assistant to the Board Robert L. Cardon, Assistant to the Board Joseph R. Coyne, Special Assistant to the Board Robert E. Nichols, Special Assistant to the Board OFFICE OF THE SECRETARY DIVISION OF FEDERAL RESERVE BANK Robert C. Holland, Secretary OPERATIONS Kenneth A. Kenyon, Deputy Secretary John R. Farrell, Director Elizabeth L. Carmichael, Assistant Secretary John N. Kiley, Jr., Associate Director Arthur L. Broida, Assistant Secretary James A. McIntosh, Assistant Director Robert P. Forrestal, Assistant Secretary P. D. Ring, Assistant Director Charles C. Walcott, Assistant Director LEGAL DIVISION Lloyd M. Schaeffer, Chief Federal Reserve David B. Hexter, General Counsel Examiner Thomas J. O'Connell, Deputy General Counsel Jerome W. Shay, Assistant General Counsel DIVISION OF SUPERVISION AND REGULATION Robert F. Sanders, Assistant General Counsel Frederic Solomon, Director Pauline B. Heller, Adviser Brenton C. Leavitt, Deputy Director Frederick R. Dahl, Assistant Director DIVISION OF RESEARCH AND STATISTICS Jack M. Egertson, Assistant Director J. Charles Partee, Director Janet O. Hart, Assistant Director STEPHEN H. Axilrod, Associate Director John N. Lyon, Assistant Director Lyle E. Gramley, Associate Director Milton W. Schober, Assistant Director Stanley J. Sigel, Adviser Thomas A. Sidman, Assistant Director Tynan Smith, Adviser Kenneth B. Williams, Adviser DIVISION OF PERSONNEL ADMINISTRATION Peter M. Keir, Associate Adviser Edwin J. Johnson, Director Murray S. Wernick, Associate Adviser John J. Hart, Assistant Director James B. Eckert, Assistant Adviser Bernard Shull, Assistant Adviser DIVISION OF ADMINISTRATIVE SERVICES Louis Weiner, Assistant Adviser Joseph E. Kelleher, Director Joseph S. Zeisel, Assistant Adviser John D. Smith, Assistant Director DIVISION OF INTERNATIONAL FINANCE Robert Solomon, Director OFFICE OF THE CONTROLLER "Robert L. Sammons, Associate Director John Kakalec, Controller John E. Reynolds, Associate Director Harry J. Halley, Assistant Controller John F. L. Ghiardi, Adviser A. B. Hersey, Adviser OFFICE OF DEFENSE PLANNING Reed J. Irvine, Adviser Innis D. Harris, Coordinator Samuel I. Katz, Adviser Bernard Norwood, Adviser DIVISION OF DATA PROCESSING Ralph C. Wood, Adviser Jerold E. Slocum, Director Robert F. Gemmill, Associate Adviser John P. Singleton, Associate Director Samuel Pizer, Associate Adviser Glenn L. Cummins, Assistant Director *On leave of absence. Richard S. Watt, Assistant Director A 94 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL OPEN MARKET COMMITTEE Wm. McC. Martin, Jr., Chairman Alfred Hayes, Vice Chairman Karl R. Bopp Philip E. Coldwell J. L. Robertson Andrew F. Brimmer J. Dewey Daane Charles J. Scanlon George H. Clay Sherman J. Maisel William W. Sherrill George W. Mitchell Robert C. Holland, Secretary Arthur L. Broida, Deputy Secretary David P. Eastburn, Associate Economist Kenneth A. Kenyon, Assistant Secretary Lyle E. Gramley, Associate Economist Charles Molony, Assistant Secretary Ralph T. Green, Associate Economist Howard H. Hackley, General Counsel A. B. Hersey, Associate Economist David B. Hexter, Assistant General Counsel Robert G. Link, Associate Economist J. Charles Partee, Economist John E. Reynolds, Associate Economist Stephen H. Axilrod, Associate Economist Robert Solomon, Associate Economist Ernest T. Baughman, Associate Economist Clarence W. Tow, Associate Economist Alan R. Holmes, Manager, System Open Market Account Charles A. Coombs, Special Manager, System Open Market Account FEDERAL ADVISORY COUNCIL John A. Mayer, fourth federal reserve district, President J. Harvie Wilkinson, Jr., fifth federal reserve district, Vice President Mark C. Wheeler, first federal John Fox, eighth federal reserve reserve district DISTRICT George S. Moore, second federal Philip H. Nason, ninth federal RESERVE DISTRICT RESERVE DISTRICT George H. Brown, Jr., third federal Jack T. Conn, tenth federal RESERVE DISTRICT reserve district George S. Craft, sixth federal John E. Gray, eleventh federal RESERVE DISTRICT reserve district Donald M. Graham, seventh federal Frederick G. Larkin, Jr., twelfth RESERVE DISTRICT federal reserve district Herbert V. Prochnow, Secretary William J. Korsvik, Assistant Secretary A 95 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 96 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank Chairman President Vice President Deputy Chairman First Vice President in charge of branch Zip code Boston................. ....02106 Howard W. Johnson Frank E. Morris John M. Fox Earle O. Latham New York........... ....10045 Albert L. Nickerson Alfred Hayes James M. Hester William F. Treiber Buffalo............ ....14240 Gerald F. Britt A. A. Maclnnes, Jr. Philadelphia........ ....19101 Willis J. Winn Karl R. Bopp Bayard L. England Robert N. Hilkert Cleveland............ ....44101 Albert G. Clay W. Braddock Hickman J. Ward Keener Walter H. MacDonald Cincinnati....... ....45201 Graham E. Marx Fred O. Kiel Pittsburgh....... ....15230 Lawrence E. Walkley Clyde E. Harrell Richmond............ ....23213 Wilson H. Elkins Aubrey N. Heflin Robert W. Lawson, Jr. Robert P. Black Baltimore........ ....21203 Arnold J. Kleff, Jr. Donald F. Hagner Charlotte......... ....28201 James A. Morris Edmund F. MacDonald Atlanta................ ...30303 Edwin I. Hatch Monroe Kimbrel John C. Wilson Kyle K. Fossum Birmingham... ...35202 Mays E. Montgomery Dan L. Hendley Jacksonville.... ...32201 Henry K. Stanford Edward C. Rainey Nashville......... ...37203 James E. Ward Jeffrey J. Wells New Orleans... ...70160 Robert H. Radcliff, Jr. Arthur H. Kantner Chicago............... ...60690 Franklin J. Lunding Charles J. Scanlon Emerson G. Higdon Hugh J. Helmer Detroit............ ...48231 Max P. Heavenrich, Jr. Daniel M. Doyle St. Louis............. ...63166 Frederic M. Peirce Darryl R. Francis Smith D. Broadbent, Jr. Dale M. Lewis Little Rock.... ...72203 Jake Hartz John F. Breen Louisville......... ...40201 Harry M. Young, Jr. Donald L. Henry Memphis......... . ..38101 William L. Giles Eugene A. Leonard Minneapolis......... ...55440 Robert F. Leach Hugh D. Galusha, Jr. David M. Lilly M. H. Strothman, Jr. Helena............ ....59601 Edwin G. Koch Howard L. Knous Kansas City......... ....64198 Dolph Simons George H. Clay Willard D. Hosford, Jr. John T. Boysen Denver............ ....80217 Cris Dobbins John W. Snider Oklahoma City.....73125 C. W. Flint, Jr. Howard W. Pritz Omaha............ ....68102 Henry Y. Kleinkauf George C. Rankin Dallas.................. ....75222 Carl J. Thomsen Philip E. Coldwell Max Levine T. W. Plant El Paso............ ....79999 C. Robert McNally, Jr. Fredric W. Reed Houston.......... ....77001 Geo. T. Morse, Jr. J. Lee Cook San Antonio.,.....78206 W.A. Belcher Carl H. Moore San Francisco........94120 O. Meredith Wilson Eliot J. Swan S. Alfred Halgren A. B. Merritt Los Angeles........90054 Norman B. Houston Paul W. Cavan Portland.......... ...97208 Frank Anderson William M. Brown Salt Lake City......84110 Royden G. Derrick Arthur L. Price Seattle............. ...98124 William McGregor William R. Sandstrom Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 97 FEDERAL RESERVE BOARD PUBLICATIONS The material listed may he obtained 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. (Stamps and coupons not accepted.) THE FEDERAL RESERVE SYSTEM—PURPOSES AND BANK MERGERS & THE REGULATORY AGENCIES: FUNCTIONS. 1963. 298 pp. APPLICATION OF THE BANK MERGER ACT OF 1960. 1964. 260 pp. $1.00 a copy; 10 or more ANNUAL REPORT. sent to one address, $.85 each. FEDERAL RESERVE BULLETIN. Monthly. $6.00 per BANKING MARKET STRUCTURE & PERFORMANCE annum or $.60 a copy in the United States and IN METROPOLITAN AREAS: A STATISTICAL its possessions, Bolivia, Canada, Chile, Colom­ STUDY OF FACTORS AFFECTING RATES ON bia, Costa Rica, Cuba, Dominican Republic, BANK LOANS. 1965. 73 pp. $.50 a copy; 10 or Ecuador, Guatemala, Haiti, Republic of Hon­ more sent to one address, $.40 each. duras, Mexico, Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela; 10 THE PERFORMANCE OF BANK HOLDING COM­ or more of same issue sent to one address, $5.00 PANIES. 1967. 29 pp. $.25 a copy; 10 or more per annum or $.50 each. Elsewhere, $7.00 per sent to one address, $.20 each. annum or $.70 a copy. FARM DEBT. Data from the 1960 Sample Survey FEDERAL RESERVE CHART BOOK ON FINANCIAL of Agriculture. 1964. 221 pp. $1.00 a copy; 10 AND BUSINESS STATISTICS. Monthly. Annual or more sent to one address, $.85 each. subscription includes one issue of Historical Chart Book. $6.00 per annum or $.60 a copy in MERCHANT AND DEALER CREDIT IN AGRICUL­ the United States and the countries listed above; TURE. 1966. 109 pp. $1.00 a copy; 10 or more 10 or more of same issue sent to one address, sent to one address, $.85 each. $.50 each. Elsewhere, $7.00 per annum or $.70 a copy. THE FEDERAL FUNDS MARKET. 1959. Ill pp. $1.00 a copy; 10 or more sent to one address, HISTORICAL CHART BOOK. Issued annually in Sept. $.85 each. Subscription to monthly chart book includes one issue. $.60 a copy in the United States and TRADING IN FEDERAL FUNDS. 1965. 116 pp. $1.00 countries listed above; 10 or more sent to one address, $.50 each. Elsewhere, $.70 a copy. a copy; 10 or more sent to one address, $.85 each. FLOW OF FUNDS IN THE UNITED STATES, 1939­ 53. 1955. 390 pp. $2.75. U.S. TREASURY ADVANCE REFUNDING, JUNE 1960-JULY 1964. 1966. 65 pp. $.50 a copy; 10 DEBITS AND CLEARING STATISTICS AND THEIR or more sent to one address, $.40 each. USE. 1959. 144 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. THE FEDERAL RESERVE ACT, as amended through Nov. 5, 1966, with an appendix containing pro­ SUPPLEMENT TO BANKING AND MONETARY STA­ visions of certain other statutes affecting the TISTICS. Sec. 1. Banks and the Monetary Sys­ Federal Reserve System. 353 pp. $1.25. tem. 1962. 35 pp. $.35. Sec. 2. Member Banks. 1967. 59 pp. $.50. Sec. 5. Bank Debits. 1966. 36 REGULATIONS OF THE BOARD OF GOVERNORS OF pp. $.35. Sec. 6. Bank Income 1966. 29 pp. THE FEDERAL RESERVE SYSTEM. $.35. Sec. 9. Federal Reserve Banks. 1965. 36 pp. $.35. Sec. 10. Member Bank Reserves and PUBLISHED INTERPRETATIONS OF THE BOARD OF Related Items. 1962. 64 pp. $.50. Sec. 11. Cur­ rency. 1963. 11 pp. $.35. Sec. 12. Money Rates GOVERNORS, as of June 30, 1969. $2.50. and Securities Markets. 1966. 182 pp. $.65. Sec. 14. Gold. 1962. 24 pp. $.35. Sec. 15. Inter­ BANK CREDIT-CARD AND CHECK-CREDIT PLANS. national Finance. 1962. 92 pp. $.65. Sec. 16 1968. 102 pp. $1.00 a copy; 10 or more sent to (New). Consumer Credit. 1965. 103 pp. $.65. one address, $.85 each. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 98 FEDERAL RESERVE BULLETIN □ DECEMBER 1969 INTEREST RATE EXPECTATIONS: TESTS ON YIELD RESERVE ADJUSTMENTS OF THE EIGHT MAJOR SPREADS AMONG SHORT-TERM GOVERNMENT NEW YORK CITY BANKS DURING 1966. 1968. SECURITIES. 1968. 83 pp. $.50 a copy; 10 or 29 pp. more sent to one address, $.40 each. DISCOUNT POLICY AND OPEN MARKET OPERA­ TIONS. 1968. 23 pp. SURVEY OF FINANCIAL CHARACTERISTICS OF CONSUMERS. 1966. 166 pp. $1.00 a copy; 10 or more sent to one address, $.85 each. THE REDESIGNED DISCOUNT MECHANISM AND THE MONEY MARKET. 1968. 29 pp. SURVEY OF CHANGES IN FAMILY FINANCES. 1968. SUMMARY OF THE ISSUES RAISED AT THE ACA­ 321 pp. $1.00 a copy; 10 or more sent to one DEMIC SEMINAR ON DISCOUNTING. 1968. address, $.85 each. 16 pp. REPORT OF THE JOINT TREASURY-FEDERAL RE­ A REVIEW OF RECENT ACADEMIC LITERATURE SERVE STUDY OF THE U.S. GOVERNMENT ON THE DISCOUNT MECHANISM. 1968. 40 pp. SECURITIES MARKET. 1969. 48 pp. $.25 a copy; 10 or more sent to one address, $.20 each. DISCOUNT POLICY AND BANK SUPERVISION. 1968. 72 pp. (Limited supplies of the staff studies on the Government Securities Market Study, as THE LEGITIMACY OF CENTRAL BANKS. 1969. listed on page 48 on the main report, are 24 pp. available upon request for single copies. These studies are printed in mimeographed SELECTIVE CREDIT CONTROL. 1969. 9 pp. or similar form.) SOME PROPOSALS FOR A REFORM OF THE DIS­ REAPPRAISAL OF THE FEDERAL RESERVE DIS­ COUNT WINDOW. 1969. 40 pp. COUNT MECHANISM: REPORT OF A SYSTEM COMMITTEE. 1968. 23 RATIONALE AND OBJECTIVES OF THE 1955 RE­ VISION OF REGULATION A. 1969. 33 pp. pp. $.25 a copy; 10 or more sent to one ad­ dress, $.20 each. AN EVALUATION OF SOME DETERMINANTS OF MEMBER BANK BORROWING. 1969. 29 pp. REPORT ON RESEARCH UNDERTAKEN IN CON­ NECTION WITH A SYSTEM STUDY. 1968. 47 pp. $.25 a copy; 10 or more sent to one STAFF ECONOMIC STUDIES address, $.20 each. Studies and papers on economic and financial sub­ jects that are of general interest in the field of Limited supply of the following papers relating to economic research. the Discount Study, in mimeographed or similar form, available upon request for single copies: Summaries only printed in the Bulletin. (Limited supply of mimeographed copies of full EVOLUTION OF THE ROLE AND FUNCTIONING text available upon request for single copies.) OF THE DISCOUNT MECHANISM. 1968. 65 pp. MEASURES OF INDUSTRIAL PRODUCTION AND A STUDY OF THE MARKET FOR FEDERAL FUNDS. FINAL DEMAND, by Clayton Gehman and Cor­ 1968. 47 pp. nelia Motheral. Jan. 1967. 57 pp. THE SECONDARY MARKET FOR NEGOTIABLE CHANGES IN BANK OWNERSHIP: THE IMPACT ON CERTIFICATES OF DEPOSIT. 1968. 89 pp. OPERATING PERFORMANCE, by Paul F. Jessup. Apr. 1969. 35 pp. THE DISCOUNT MECHANISM IN LEADING IN­ DUSTRIAL COUNTRIES SINCE WORLD WAR II. CHARACTERISTICS OF MERGING BANKS, by David 1968. 216 pp. L. Smith. July 1969. 30 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS A 99 OPTIMAL FACTOR ADJUSTMENT PATHS: A GENER­ CYCLES AND CYCLICAL IMBALANCES IN A CHANG­ ALIZATION OF "STOCK ADJUSTMENT” DECISION ING WORLD, Staff Paper by Frank R. Garfield. RULES, by P, A. Tinsley. July 1969. 14 pp. Nov. 1965. 15 pp. ECONOMIC FORECASTS: EVALUATION PROCE­ RESEARCH ON BANKING STRUCTURE AND PER­ DURES AND RESULTS, by H. O. Stekler. Oct. FORMANCE, Staff Economic Study by Tynan 1969. 49 pp. ' Smith. Apr. 1966. 11 pp. SOME PROBLEMS IN FORECASTING INVENTORY COMMERCIAL BANK LIQUIDITY, Staff Economic INVESTMENT, by H. O. Stekler. Oct. 1969. 23 pp. Study by James Pierce. Aug. 1966. 9 pp. AUTOMOTIVE TRADE BETWEEN THE UNITED TOWARD UNDERSTANDING OF THE WHOLE DE­ STATES AND CANADA, by Kathryn A. Morisse. VELOPING ECONOMIC SITUATION, Staff Eco­ Nov. 1969. 33 pp. nomic Study by Frank R. Garfield. Nov. 1966. MONETARY POLICY AND THE AVAILABILITY OF 14 pp. MORTGAGE LENDING COMMITMENTS, by Rob­ A REVISED INDEX OF MANUFACTURING CAPACITY, ert Moore Fisher. Dec. 1969. 36 pp. Staff Economic Study by Frank de Leeuw with IMPORTED INFLATION AND THE INTERNATIONAL Frank E. Hopkins and Michael D. Sherman. ADJUSTMENT PROCESS, by Ruth Logue. Dec. Nov. 1966. 11 pp. 1969.147 pp. THE ROLE OF FINANCIAL INTERMEDIARIES IN Printed in full in the Bulletin. U.S. CAPITAL MARKETS, Staff Economic Study (Reprints available as shown in following list.) by Daniel H. Brill, with Ann P. Ulrey. Jan. 1967. 14 pp. REPRINTS REVISED SERIES ON COMMERCIAL AND INDUS­ (From Federal Reserve Bulletin unless preceded TRIAL LOANS BY INDUSTRY. Feb. 1967. 2 pp. by an asterisk.) AUTO LOAN CHARACTERISTICS AT MAJOR SALES ADJUSTMENT FOR SEASONAL VARIATION. Descrip­ FINANCE COMPANIES. Feb. 1967. 5 pp. tion of method used by Board in adjusting eco­ nomic data for seasonal variations. June 1941. SURVEY OF FINANCE COMPANIES, MID-1965. Apr. 11 PP- 1967. 26 pp. ‘ SEASONAL FACTORS AFFECTING BANK RESERVES. MONETARY POLICY AND THE RESIDENTIAL MORT­ Feb. 1958. 12 pp. GAGE MARKET. May 1967. 13 pp. LIQUIDITY AND PUBLIC POLICY, Staff Paper by Stephen H. Axilrod. Oct. 1961. 17 pp. BANK FINANCING OF AGRICULTURE. June 1967. 23 pp. SEASONALLY ADJUSTED SERIES FOR BANK CREDIT. July 1962. 6 pp. EVIDENCE ON CONCENTRATION IN BANKING INTEREST RATES AND MONETARY POLICY, Staff MARKETS AND INTEREST RATES, Staff Eco­ Paper by Stephen H. Axilrod. Sept. 1962. 28 pp. nomic Study by Almarin Phillips. June 1967. 11 PP- MEASURES OF MEMBER BANK RESERVES. July 1963. 14 pp. ' NEW BENCHMARK PRODUCTION MEASURES, 1958 AND 1963. June 1967. 4 pp. CHANGES IN BANKING STRUCTURE, 1953-62. Sept. 1963. 8 pp. REVISED INDEXES OF MANUFACTURING CAPACITY THE OPEN MARKET POLICY PROCESS. Oct. 1963. AND CAPACITY UTILIZATION. July 1967. 3 pp. 11 PP- THE PUBLIC INFORMATION ACT—ITS EFFECT ON REVISION OF BANK DEBITS AND DEPOSIT TURN­ MEMBER BANKS. July 1967. 6 pp. OVER SERIES. Mar. 1965. 4 pp. TIME DEPOSITS IN MONETARY ANALYSIS, Staff INTEREST COST EFFECTS OF COMMERCIAL BANK Economic Study by Lyle E. Gramley and UNDERWRITING OF MUNICIPAL REVENUE Samuel B. Chase, Jr. Oct. 1965. 25 pp. BONDS. Aug. 1967. 16 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 100 FEDERAL RESERVE BULLETIN □ DECEMBER 1969 THE FEDERAL RESERVE-MIT ECONOMETRIC REVISION OF CONSUMER CREDIT STATISTICS. MODEL, Staff Economic Study by Frank de Dec. 1968. 21 pp. Leeuw and Edward Gramlich. Jan. 1968. 30 pp. HOUSING PRODUCTION AND FINANCE. Mar. 1969. THE PRICE OF GOLD IS NOT THE PROBLEM. Feb. 7 PP- 1968. 7 pp. RECENT TRENDS IN THE U.S. BALANCE OF PAY­ U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN MENTS. Apr. 1969. 18 pp. 1960-67. Apr. 1968. 23 pp. QUARTERLY SURVEY OF CHANGES IN BANK LEND­ MARGIN ACCOUNT CREDIT. June 1968. 12 pp. ING PRACTICES. Apr. 1969. 5 pp. MONETARY RESTRAINT AND BORROWING AND BANKING AND MONETARY STATISTICS, 1968. CAPITAL SPENDING BY LARGE STATE AND Selected series of banking and monetary statis­ LOCAL GOVERNMENTS IN 1966. July 1968. tics for 1968 only. Mar. and May 1969. 16 pp. 30 pp. OUR PROBLEM OF INFLATION. June 1969. 15 pp. REVISED SERIES ON BANK CREDIT. Aug. 1968. 4 pp. THE CHANNELS OF MONETARY POLICY, Staff Eco­ nomic Study by Frank de Leeuw and Edward FEDERAL FISCAL POLICY IN THE 1960’s. Sept. Gramlich. June 1969. 20 pp. 1968. 18 pp. REVISION OF WEEKLY SERIES FOR COMMERCIAL HOW DOES MONETARY POLICY AFFECT THE BANKS. Aug. 1969. 5 pp. ECONOMY? Staff Economic Study by Maurice Mann. Oct. 1968. 12 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX­ CHANGE OPERATIONS. Sept. 1969. 22 pp. BUSINESS FINANCING BY BUSINESS FINANCE COMPANIES. Oct. 1968. 13 pp. EURO DOLLARS: A CHANGING MARKET. Oct. 1969. 20 pp. MANUFACTURING CAPACITY: A COMPARISON OF TWO SOURCES OF INFORMATION, Staff Eco­ REVISION OF MONEY SUPPLY SERIES. Oct. 1969. nomic Study by Jared J. Enzler. Nov. 1968. 16 PP- 5 PP- CHANGES IN TIME AND SAVINGS DEPOSITS, APRIL- JULY 1969. Oct. 1969. 11 pp. MONETARY RESTRAINT, BORROWING, AND CAP­ ITAL SPENDING BY SMALL LOCAL GOVERN­ FINANCIAL DEVELOPMENTS IN THE THIRD MENTS AND STATE COLLEGES IN 1966. Dec. QUARTER OF 1969. Nov. 1969. 10 pp. 1968. 30 pp. Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS A 101 PERIODIC RELEASES WEEKLY CONSUMER CREDIT AT CONSUMER FINANCE COMPANIES (G.22) APPLICATIONS AND REPORTS RECEIVED, OR ACTED ON, BY THE BOARD (H.2) CONSUMER INSTALMENT CREDIT AT COMMER­ ASSETS AND LIABILITIES OF ALL COMMERCIAL CIAL BANKS (G.18) BANKS IN THE UNITED STATES (H.8) FEDERAL RESERVE PAR LIST (Also annual list) COMMERCIAL AND INDUSTRIAL LOANS OUT­ (G.3) STANDING BY INDUSTRY (H.12) INTERDISTRICT SETTLEMENT FUND (G.15) CONDITION REPORT OF LARGE COMMERCIAL INDEX NUMBERS OF WHOLESALE PRICES (G.8) BANKS IN NEW YORK AND CHICAGO (H.4.3) MATURITY DISTRIBUTION OF EURO-DOLLAR DE­ CONDITION REPORT OF LARGE COMMERCIAL POSITS IN FOREIGN BRANCHES OF U.S. BANKS BANKS AND DOMESTIC SUBSIDIARIES (H.4.2) (G.17) DEMAND DEPOSITS, CURRENCY, AND RELATED MATURITY DISTRIBUTION OF OUTSTANDING NE­ ITEMS (H.6) GOTIABLE TIME CERTIFICATES OF DEPOSIT (G.9) DEPOSITS, RESERVES, AND BORROWINGS OF MEMBER BANKS (H.7) MONTHLY FOREIGN EXCHANGE RATES (G.5) FACTORS AFFECTING BANK RESERVES AND CON­ NATIONAL SUMMARY OF BUSINESS CONDITIONS DITION STATEMENT OF F. R. BANKS (H.4.1) (G.12.2) RESERVE POSITIONS OF MAJOR RESERVE CITY OPEN MARKET MONEY RATES AND BOND PRICES BANKS (H.5) (G.13) SELECTED INTEREST & EXCHANGE RATES FOR SALES FINANCE COMPANIES (G.2O) MAJOR COUNTRIES & THE U.S. (H.13) STATE MEMBER BANKS OF THE FEDERAL RE­ WEEKLY FOREIGN EXCHANGE RATES (H.10) SERVE SYSTEM AND NONMEMBER BANKS THAT MAINTAIN CLEARING ACCOUNTS WITH FED­ WEEKLY SUMMARY OF BANKING AND CREDIT ERAL RESERVE BANKS (Also annual list) (G.4) MEASURES (H.9) SUMMARY OF EQUITY SECURITY TRANSACTIONS WEEKLY U.S. GOVERNMENT SECURITY YIELDS (G.16) AND PRICES (H.15) MONTHLY U.S. GOVERNMENT SECURITY YIELDS SEMIMONTHLY—IRREGULAR AND PRICES (G.14) CHANGES IN STATE MEMBER BANKS (K.3) RESEARCH LIBRARY—RECENT ACQUISITIONS (J.2) QUARTERLY—SEMIANNUALLY ASSETS AND LIABILITIES OF ALL COMMERCIAL MONTHLY BANKS, BY CLASS OF BANK (E.3.4) AGGREGATE RESERVES AND MEMBER BANK DE­ BANK RATES ON SHORT-TERM BUSINESS LOANS POSITS (G.10) (E.2) ASSETS AND LIABILITIES OF ALL MEMBER BANKS, CAPACITY UTILIZATION IN MANUFACTURING (E.5) BY DISTRICTS (G.7.1) LIST OF OTC MARGIN STOCKS (E.7) AUTOMOBILE LOANS BY MAJOR SALES FINANCE SALES, PROFITS, AND DIVIDENDS OF LARGE COR­ COMPANIES (G.25) PORATIONS (E.6) AUTOMOBILE INSTALMENT CREDIT DEVELOP­ MENTS (G.26) ANNUALLY BANK DEBITS, DEPOSITS AND DEPOSIT TURN­ BANK DEBITS TO DEMAND DEPOSIT ACCOUNTS OVER (G.6) EXCEPT INTERBANK AND U.S. GOVERNMENT BUSINESS INDEXES (G.12.3) ACCOUNTS (C.5) CONSUMER CREDIT (G.19) MEMBER BANK INCOME (C.4) Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 102 FEDERAL RESERVE BULLETIN □ DECEMBER 1969 INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page A-3.) )xedni siht ni dettimo si ”A“ xiferp eht hguohtla 39-A hguorht 4-A segap ot era secnerefeR( Acceptances, bankers’, 14, 31, 37 Deposits (See also specific types of deposits): Agricultural loans of commercial banks, 24, 26 Accumulated at commercial banks for payment of Arbitrage, 91 personal loans, 23 Assets and liabilities (See also Foreigners, claims on, Adjusted, and currency, 18 and liabilities to): Banks, by classes, 11, 19, 25, 29, 37 Banks, by classes, 19, 24, 26, 37 Euro-dollars, 86 Banks and the monetary system, 18 Federal Reserve Banks, 12, 86 Corporate, current, 49 Postal savings, 18 Federal Reserve Banks, 12 Subject to reserve requirements, 17 Automobiles: Discount rates, 9, 90 Consumer instalment credit, 54, 55, 56 Discounts and advances by Reserve Banks, 4, 12, 15 Production index, 58, 59 Dividends, corporate, 48, 49 Dollar assets, foreign, 75, 81 Bankers’ balances, 25, 28 (See also Foreigners, claims on, and liabilities to) Earnings and hours, manufacturing industries, 65 Banks and the monetary system, 18 Employment, 62, 64, 65 Banks for cooperatives, 39 Euro-dollar deposits in foreign branches of Bonds (See also U.S. Govt, securities): U.S. banks, 86 New issues, 45, 46, 47 Yields and prices, 34, 35 Farm mortgage loans, 50, 51 Branch banks, liabilities of U.S. banks to their foreign Federal finance: branches, 30, 86 Cash transactions, 40 Brokerage balances, 85 Receipts and expenditures, 41 Business expenditures on new plant and equipment, 49 Treasury operating balance, 40 Business indexes, 62 Federal funds, 8, 24, 26, 30, 33 Business loans (See Commercial and industrial loans) Federal home loan banks, 39, 51 Federal Housing Administration, 50, 51, 52, 53 Capacity utilization, 62 Federal intermediate credit banks, 39 Capital accounts: Federal land banks, 39 Banks, by classes, 19, 25, 30 Federal National Mortgage Assn., 39, 53 Federal Reserve Banks, 12 Federal Reserve Banks: Central banks, 90, 92 Condition statement, 12 Certificates of deposit, 30 U.S. Govt, securities held, 4, 12, 15, 42, 43 Coins, circulation, 16 Federal Reserve credit, 4, 12, 15 Commercial and industrial loans: Federal Reserve notes, 12, 16 Commercial banks, 24 Federally sponsored credit agencies, 39 Weekly reporting banks, 26, 31 Finance company paper, 33, 37 Commercial banks: Financial institutions, loans to, 24, 26 Assets and liabilities, 19, 24, 26 Float, 4 Consumer loans held, by type, 55 Flow of funds, 70 Deposits at, for payment of personal loans, 23 Foreign: Number, by classes, 19 Currency operations, 12, 14, 75, 81 Real estate mortgages held, by type, 50 Deposits in U.S. banks, 4, 12, 18, 25, 29, 86 Commercial paper, 33, 37 Exchange rates, 89 Condition statements (See Assets and liabilities) Trade, 73 Construction, 62, 63 Foreigners: Consumer credit: Claims on, 82, 83, 86, 87, 88 Instalment credit, 54, 55, 56, 57 Liabilities to, 30, 76, 77, 79, 80, 81, 86, 87, 88 Noninstalment credit, by holder, 55 Consumer price indexes, 62, 66 Gold: Consumption expenditures, 68, 69 Certificates, 12, 16 Corporations: Earmarked, 86 Sales, profits, taxes, and dividends, 48, 49 Net purchases by U.S., 74 Security issues, 46, 47 Production, 93 Security yields and prices, 34, 35 Reserves of central banks and govts., 92 Cost of living (See Consumer price indexes) Stock, 4, 18, 75 Currency and coin, 4, 10, 25 Government National Mortgage Association, 53 Currency in circulation, 4, 16, 17 Gross national product, 68, 69 Customer credit, stock market, 36 Hours and earnings, manufacturing industries, 65 Debits to deposit accounts, 15 Housing permits, 62 Debt (See specific types of debt or securities) Housing starts, 63 Demand deposits: Adjusted, banks and the monetary system, 18 Adjusted, commercial banks, 15, 17, 25 Income, national and personal, 68, 69 Banks, by classes, 11, 19, 25, 29 Industrial production index, 58, 62 Subject to reserve requirements, 17 Instalment loans, 54, 55, 56, 57 Turnover, 15 Insurance companies, 38, 42, 43, 51 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX TO STATISTICAL TABLES A 103 Insured commercial banks, 21, 23, 24 Real estate loans: Interbank deposits, 11, 19, 25 Banks, by classes, 24, 27, 37, 50 Interest rates: Delinquency rates on home mortgages, 52 Business loans by banks, 32 Mortgage yields, 53 Federal Reserve Bank discount rates, 9 Type of holder and property mortgaged, 50, 51, Foreign countries, 90, 91 52, 5.3. Money market rates, 33, 91 Reserve position, basic, member banks, 8 Mortgage yields, 53 Reserve requirements, member banks, 10 Prime rate, commercial banks, 32 Reserves: Time deposits, maximum rates, 11 Central banks and govts., 92 Yields, bond and stock, 34 Commercial banks, 25, 28, 30 International capital transactions of the U.S., 76-88 Federal Reserve Banks, 12 International institutions, 74, 75, 90, 92 Member banks, 4, 6, 11, 17, 25 Inventories, 68 Residential mortgage loans, 35, 50, 51, 52 Investment companies, issues and assets, 47 Retail credit, 54 Investments (See also specific types of investments): Retail sales, 62 Banks, by classes, 19, 24, 28, 37 Commercial banks, 23 Sales finance companies, loans, 54, 55, 57 Federal Reserve Banks, 12, 15 Saving: Life insurance companies, 38 Flow of funds series, 70 Savings and loan assns., 38 National income series, 69 Savings and loan assns., 38, 43, 51 Savings deposits (See Time deposits) Labor force, 64 Savings institutions, principal assets, 37, 38 Loans (See also specific types of loans): Securities (See also U.S. Govt, securities): Banks, by classes, 19, 24, 26, 37 Federally sponsored agencies, 39 Commercial banks, 19, 23, 24, 26, 31 International transactions, 84, 85 Federal Reserve Banks, 4, 12, 15 New issues, 45, 46, 47 Insurance companies, 38, 51 Silver coin and silver certificates, 16 Insured or guaranteed by U.S., 50, 51, 52, 53 State and local govts.: Savings and loan assns., 38, 51 Deposits, 25, 29 Holdings of U.S. Govt, securities, 42, 43 New security issues, 45, 46 Ownership of securities of, 24, 28, 37, 38 Manufacturers: Yields and prices of securities, 34, 35 Capacity utilization, 62 State member banks, 21, 23 Production index, 59, 62 Stock market credit, 36 Margin requirements, 10 Stocks: Member banks: New issues, 46, 47 Assets and liabilities, by classes, 19, 24 Yields and prices, 34, 35 Borrowings at Reserve Banks, 6, 12 Deposits, by classes, 11 Number, by classes, 19 Tax receipts. Federal, 41 Reserve position, basic, 8 Time deposits, 11, 17, 18, 19, 25, 29 Reserve requirements, 10 Treasury cash, Treasury currency, 4, 16, 18 Reserves and related items, 4, 17 Treasury deposits, 5, 12, 40 Mining, production index, 59, 62 Treasury operating balance, 40 Mobile home shipments, 63 Money rates (See Interest rates) Unemployment, 64 Money supply and related data, 17 U.S. balance of payments, 72 Mortgages (See Real estate loans and Residential mort­ U.S. Govt, balances: gage loans) Commercial bank holdings, 25, 29 Mutual funds (See Investment companies) Consolidated condition statement, 18 Mutual savings banks, 18, 29, 37, 42, 43, 50 Member bank holdings, 17 Treasury deposits at Federal Reserve Banks, 4, 12, 40 U.S. Govt, securities: National banks, 21, 23 Bank holdings, 18, 19, 24, 27, 37, 42, 43 National income, 68, 69 Dealer transactions, positions, and financing, 44 National security expenditures, 41, 68 Federal Reserve Bank holdings, 4, 12, 15, 42, 43 Nonmember banks, 22, 23, 24, 25 Foreign and international holdings, 12, 81, 84, 86 International transactions, 81, 84 New issues, gross proceeds, 46 Open market transactions, 14 Open market transactions, 14 Outstanding, by type of security, 42, 43, 45 Ownership of, 42, 43 Yields and prices, 34, 35, 91 Payrolls, manufacturing, index, 62 United States notes, 16 Personal income, 69 Utilities, production index, 59, 62 Postal Savings System, 18 Prices: Veterans Administration, 50, 51, 52, 53 Consumer and wholesale commodity, 62, 66 Security, 35 Prime rate, commercial banks, 32 Weekly reporting banks, 26 Production, 58, 62 Profits, corporate, 48, 49 Yields (See interest rates) )xedni siht ni dettimo si ”A“ xiferp eht hguohtla 39-A hguorht 4-A segap ot era secnerefeR( Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX TO VOLUME 55 GUIDE TO PAGE REFERENCES IN MONTHLY ISSUES Other (“A” pages) Other (“A” pages) Issue Text Issue Text etc. Index to etc. Index to total Total tables total Total tables Fanuary 1- 88 1- 98 97- 98 July . . . . 565-632 1-100 99-100 February .... 89-176 1-103 102-103 August . . . . 633-682 1-105 104-105 March . 177-290 1-110 109-110 September . 683-764 1-104 103-104 April . .. 291-400 1-100 99-100 October . 765-866 1-102 101-102 May ... 401-460 1-115 114-115 November 867-910 1-102 101-102 June . 461-564 1-100 99-100 December . 911-970 1-112 102-103 (References to “A’ pages in this index are to such pages in the December issue.) Pages Pages Affiliated Bank Corporation, Order under Bank Bank holding companies—Continued Holding Company Act .............................. 552 Statements on one-bank holding companies by Affiliated Bankshares of Colorado, Inc., Order Chairman Martin and Vice Chairman under Bank Holding Company Act............. 954 J. L. Robertson .................................... 331, 338 American Bancorporation, Inc., Order under Bank Holding Company Act: Bank Holding Company Act............................. 168 Orders issued under: American Bank and Trust Company, Lansing, Affiliated Bank Corporation....................... 552 Mich., Order under Bank Merger Act ..... 54 Affiliated Bankshares of Colorado, Inc. 954 American Bancorporation, Inc...................... 168 Annual Report, 1968, Board of Governors ........ 562 Associated Bank Services, Inc...................... 381 Articles: Atlantic Bancorporation and The Atlantic Bank lending practices, survey of changes 311 National Bank of Jacksonville ........621, 899 Consumption and saving patterns since mid- B.N.Y. Company, Inc................................... 363 1968 ....................................................... 461 Bank Securities, Inc. (NSL)................. 153, 895 Corporate financing patterns, changes ......... 911 Bankers Trust New York Corporation 451, 613 Credit extended by banks to real estate mort­ Barnett National Securities gage lenders, reports....................34, 325, 921 Corporation ...................170, 615, 753, 854 Euro-dollars: A changing market ................... 765 Financial developments, quarterly reports to Central Banking System, Inc.................378, 379 Congress: Charter Bankshares Corporation ............... 59 Q-4, 1968 .................................................... 89 Charter New York Corporation . .665, 844, 848 Q-l, Q-2, and Q-3, 1969 ............401, 63 3, 867 Citizens and Southern Holding Company Industrial production in 1968 ......................... 1 and The Citizens and Southern National Bank ................................................... 673 Inflation, problem of, staff presentation . . 492 Manpower resource use, recent patterns 177 Colorado CNB Bankshares, Inc.................. 850 Commerce Bancshares, Inc. 360, 554, 555, 904 Member bank income, 1968 ........................... 419 Money supply series, revision ......................... 787 Dacotah Bank Holding Co......................... 284 Mortgage, construction, and real estate mar­ Denver U.S. Bancorporation, Inc..........369, 371 kets .................................. 565 Depositors Corporation ....................57, 73, 743 Price developments ........................................ 683 Dominion Bankshares Corporation . 558, 858 Time and savings deposits, Eastern Trust Financial Associates ........... 158 surveys ............................189, 409, 581, 804 Exchange Bancorporation, Inc...................... 278 Treasury and Federal Reserve foreign ex­ Fidelity-American Bankshares, Inc............. 163 change operations, reports ..................210, 697 First at Orlando Corporation . . . .71, 453, 852, Truth in lending.............................................. 98 942, 945, 946 U.S. balance of payments, recent trends . 291 First Banc Group of Ohio, Inc...........901, 902 Weekly series for commercial banks, revision 642 First Bank System, Inc................................. 61 Associated Bank Services, Inc., Order under First Bankshare Association ..................... 282 Bank Holding Company Act ......................... 381 First Empire State Corporation ................. 738 Atlantic Bancorporation and The Atlantic Na­ First Financial Corporation ....................... 280 tional Bank of Jacksonville, Orders under First Florida Bancorporation................165, 166 Bank Holding Company Act ....................621, 899 First Holding Company, Inc........................ 69 Axilrod, Stephen H., Associate Director, Divi­ First National Bank of Fort Worth ......... 374 sion of Research and Statistics, appointment, 624 First National Charter Corporation ......... 663 First National Corporation........................ 959 B.N.Y. Company, Inc., Order under Bank Hold­ First Security Corporation ......................... 667 ing Company Act ...................................... 363 First Wisconsin Bankshares Corporation 384, 755 Bacon, C. Henry, Jr., director, Seattle Branch, Hamilton National Associates, appointment ................................................ 76 Incorporated .................................387, 860 Balance of payments (See U.S. balance of pay­ Hawkeye Bancorporation ................66, 67, 856 ments) Bank holding companies: Huntington Bancshares Incorporated .......... 64 Interlocking service between securities com­ Lincoln First Banks Inc.............................. 748 panies and, interpretation and amendment Marine Corporation .................................. 619 to Regulation R .................................52, 938 Marine Midland Banks, Inc........................ 446 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 105 Pages Pages Bank Holding Company Act—Continued Barnett National Securities Corporation, Orders Orders issued under—Continued under Bank Holding Company Act.......170, 615, Marshall & Ilsley Bank Stock 753, 854 Corporation .................746, 757, 758, 759 Bauer, W. C., director, Birmingham Branch, ap­ Mid America Bancorporation, Inc........611, 962 pointment .................................................... 76 Midwest Bancorporation, Inc....................... 560 Beam, John G., director, Louisville Branch, ap­ Northeastern Bankshare pointment .................................................... 76 Association ............................751, 950, 951 Beck, Darwin L., article.................................... 787 Northland Bancshares, Inc. ........................ 156 Board of Governors: Otto Bremer Company and Otto Bremer Annual Report, 1968 ...................................... 562 Foundation .......................................... 388 Delegation of authority, amendments to Pan American Bancshares, Inc. ................. 172 rules ...................................51, 150, 354, 736 Security Financial Services, Inc.................... 841 Foreign credit restraint program (See Foreign Shawmut Association, Inc............................ 897 credit restraint program) Southeast Bancorporation, Inc.................... 376 Members: Tennessee Financial Corporation ............... 160 Statements to Congress (See Statements to Valley Bancorporation................................ 846 Congress) Virginia Commonwealth Bankshares, Inc. . 957 Members and officers .....................................A-94 Bank lending practices, survey of changes......... 311 Mergers, terms used by the Board to define Bank Merger Act: competitive effects of proposed mergers . 610 Competitive effects of proposed mergers, terms Publications (See Publications) used by the Board to define..................... 610 Regulations (See Regulations) Orders issued under: Staff changes: American Bank and Trust Company, Lan­ Axilrod, Stephen H., Associate Director, Di­ sing, Mich............................................. 54 vision of Research and Statistics, appoint­ Bank of Las Vegas, Las Vegas, Nev...........551 ment ..................................................... 624 Bank of Wood County Company, Bowling Cummins, Glenn L., Assistant Director, Di­ Green, Ohio ........................................ 56 vision of Data Processing, appointment 967 Citizens Trust and Savings Bank, South Gemmill, Robert F., Associate Adviser, Di­ Haven, Mich........................................ 358 vision of International Finance, appoint­ Colonial Bank and Trust Company, Water­ ment ................................................... 85 bury, Conn............................................ 940 Gramley, Lyle E., Associate Director, Divi­ Connecticut Bank and Trust Company, sion of Research and Statistics, appoint­ Hartford, Conn.................................... 939 ment ................................................... 624 Continental Bank and Trust Company, Salt Halley, Harry J., Assistant Controller, ap­ Lake City, Utah ................................. 894 pointment ............................................ 456 Fidelity Bank, Philadelphia, Pa................... 356 Heller, Pauline B., Adviser, Legal Division, Fidelity Union Trust Company, Newark, appointment ........................................ 85 N.J........................... 275 Keir, Peter M., Associate Adviser, Division First Pennsylvania Banking and Trust Com­ of Research and Statistics ................... 624 pany, Philadelphia, Pa.......................... 53 Kern, Harry E., Assistant Director, Division First Virginia Bank of the Southwest, Chris- of Administrative Services, retirement 907 tianburg, Va........................................... 660 Partee, J. Charles, Director, Division of Re­ Girard Trust Bank, Philadelphia, Pa...........446 search and Statistics, and Adviser to the Hempstead Bank, Hempstead, N.Y............. 892 Board, appointment ................................ 624 Island State Bank, Patchogue, N.Y............. 277 Pizer, Samuel, Associate Adviser, Division Main State Bank of Chicago, Chicago, III. 662 of International Finance, appointment . . 85 Oregon Bank, Portland, Oreg...................... 152 Sanders, Robert F., Assistant General Coun­ Roachdale Bank and Trust Company, Roach­ sel, appointment.................................. 85 dale, Ind................................................ 661 Schober, Milton W., Assistant Director, Di­ Security Bank and Trust Company, Danville, vision of Supervision and Regulation, ap­ Va.......................................................... 941 pointment ........................................... 456 Sedan State Bank, Sedan, Kans.................... 55 Sherman, Merritt, Assistant to the Board, Summit and Elizabeth Trust Company, Sum­ retirement .......................... 287 mit, N.J................................................. 151 Sigel, Stanley J., Adviser, Division of Re­ Trust Company of Georgia, Atlanta, Ga. . 839 search and Statistics, appointment ...... 85 Union Bank, Los Angeles, Calif.................. 357 Singleton, John P., Associate Director, Di­ Virginia Commonwealth Bankshares, Inc. . 957 vision of Data Processing ................. 562 Walker Bank & Trust Company, Salt Lake Slocum, Jerold E., Director, Division of City, Utah ............................................ 893 Data Processing, appointment................. 397 Bank of Las Vegas, Las Vegas, Nev., Order Smith, John D., Assistant Director, Division under Bank Merger Act.............................. 551 of Administrative Services, appointment 456 Bank of Wood County Company, Bowling Green, Smith, Tynan, Adviser, Division of Research Ohio, Order under Bank Merger Act......... 56 and Statistics, appointment ................. 85 Watt, Richard S., Assistant Director, Divi­ Bank Securities, Inc. (NSL), Orders under Bank sion of Data Processing, appointment 967 Holding Company Act ..........................153, 895 Zeisel, Joseph S., Assistant Adviser, Division Bankers Trust New York Corporation, Orders of Research and Statistics, appointment . 624 under Bank Holding Company Act .....451, 613 Boling, Edward J., director, Nashville Branch, Banking and credit measures, weekly summary 397 appointment ................................................ 76 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 106 FEDERAL RESERVE BULLETIN □ DECEMBER 1969 Pages Pages Bracken, Charles H.. director, Pittsburgh Branch, Connecticut Bank and Trust Company, Hartford, appointment ................................................ 83 Conn., Order under Bank Merger Act ..... 939 Branch banks: Construction, mortgage, and real estate markets, Federal Reserve: article ......................................................... 565 Directors (See Directors, Federal Reserve Consumer Credit Protection Act (See Truth in branch banks) lending) O'erritory of Memphis Branch, extension 863 Consumption and saving patterns since mid-1968, Foreign: article........................................................... 461 Assets and liabilities of overseas branches of Continental Bank and Trust Company, Salt Lake member banks .................................... 625 City, Utah, Order under Bank Merger Act 894 Certain deposits of, new requirement against, Coombs, Charles A., reports on Treasury and amendments to Regulations D and M . 656 Federal Reserve foreign exchange Letter to member banks regarding deposits operations ................................................210, 697 of U.S. residents ................................. 562 Cooper, Sam, Class C director, St. Louis, appoint­ Officers’ checks reflecting transfers involving ment ............................................................. 76 foreign branches of member banks as de­ Corporate financing patterns, article on changes 911 posits for purposes of reserve require­ Cosby, William R., Class A director, Philadelphia, ments, amendment to Regulation D . 655 election ..................................................... 965 Brimmer, Andrew F.: Credit (See also Stock market credit): Credit cards, regulation of issuance and con­ Applicability of plan-lender provisions to fi­ sumer liability for fraud losses, statement 923 nancing of stock options and stock purchase Foreign credit restraint program, statement 21 rights qualified or restricted under Internal Brown, C. Whitney, director, Memphis Branch, Revenue Code ........................................ 891 appointment ................................................ 76 Contribution to joint venture as extension of Brown, Fred I., Jr., director, Little Rock Branch, credit when contribution is disproportionate appointment ................................................ 287 to contributor’s share in venture’s profit or Browning, Roderick H., director, Salt Lake City losses ....................................................... 548 Branch, appointment ....................... 85 Corporate guaranty of bank loan as extension Brumback, David L., Jr., Class A director, Cleve­ of credit in ordinary course of business . 441 land, election .............................................. 965 Credit cards, regulation of issuance and con­ Business conditions, national summary 87, 175, 288, sumer liability for fraud losses, statement of 398, 458, 563, 631, 681, 763, 864, 909, 968 Governor Brimmer.................................. 923 Emergency procedures for banks in Hurricane Cagle, Caroline H„ articles 189, 409, 419, 581, 804 Camille disaster areas............................... 762 Central Banking System, Inc., Orders under Extended by banks to real estate mortgage Bank Holding Company Act ................. 378, 379 lenders, reports ..........................34, 325, 921 Chairmen and Deputy Chairmen of Federal Re­ Housing production and finance, staff memo­ serve Banks ........................................76, A-96 randum for congressional commission .... 228 Charter Bankshares Corporation, Order under Truth in lending (See Truth in lending) Bank Holding Company Act ..................... 59 “Weekly Summary of Banking and Credit Mea­ Charter New York Corporation, Orders under sures,” new release .................................. 397 Bank Holding Company Act .....665, 844, 848 Cummins, Glenn L., Assistant Director, Division Checks, collection of, and other items, amend­ of Data Processing, appointment................. 967 ment to Regulation J .................................. 938 Currency, issuance of large-denomination notes to Citizens and Southern Holding Company and The be discontinued, announcement ................. 624 Citizens and Southern National Bank, Order Curry, Hugh A., Class A director, Richmond, under Bank Holding Company Act ......... 673 election......................................................... 965 Citizens Trust and Savings Bank, South Haven, Cyert, Richard M., director, Pittsburgh Branch, Mich., Order under Bank Merger Act ..... 358 appointment ............................................... 76 Clark, Peter B., director, Detroit Branch, appoint­ ment ........................................................... 76 Dacotah Bank Holding Co., Order under Bank Colonial Bank and Trust Company, Waterbury, Holding Company Act .................................. 284 Conn., Order under Bank Merger Act ...... 940 David, Tucker H., Class A director, Boston, elec­ Colorado CNB Bankshares, Inc., Order under tion ........................................................... 965 Bank Holding Company Act ......................... 850 Defense production loans, amendment to Regula­ Coltrane, Lester D., Ill, director, Charlotte tion V ....................................................... 938 Branch, appointment .................................. 83 de Leeuw, Frank, staff economic study ............ 472 Commerce Bancshares, Inc., Orders under Bank Denver U.S. Bancorporation, Inc., Orders under Holding Company Act ......... 360, 554, 555, 904 Bank Holding Company Act ....................369, 371 Commercial banks: Depositors Corporation, Orders under Bank Hold­ Credit cards, regulation of issuance and con­ ing Company Act............................57, 73, 743 sumer liability for fraud and losses, state­ Deposits: ment of Governor Brimmer . ........... 923 Euro-dollars.................................................. 907 Revision of weekly series ............... 642 Foreign branches of member banks: Trust Assets of Insured Commercial Banks— Letter regarding deposits of U.S. residents . 562 1968, publication of Comptroller of the Cur­ Reserve requirements against certain deposits, rency, FDIC, and Federal Reserve ............. 863 amendments to Regulations D and M . . 656 Condition reports of State member banks, amend­ Liability on repurchase agreements as deposits, ment to Regulation H ................. 353 amendments to Regulations D and Q . .655, 736 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX VOLUME 55 A 107 Pages Pages Deposits—Continued Federal Reserve Banks—Continued Time and savings deposits: Authority to acquire Federal agency obliga­ Advertising of interest, amendment to Regu­ tions or securities fully guaranteed by any lation Q............................................... 604 U.S. agency, proposed broadening ............. 819 Foreign time deposits, exemption of interest Branches (See Branch banks) on certain deposits ............................... 889 Chairmen and Deputy Chairmen .........76, A-96 Maximum interest rates on, flexible authority Collection of checks and other items, amend­ for supervisory agencies to set, and related ment to Regulation J .................................. 938 proposals, statements and extension of Directors (See Directors, Federal Reserve law ......................................719, 819, 839 Banks) Reserve requirements against demand de­ Discount rates (See Discount rates) posits, increase ............................ 353, 456 Earnings and expenses .................................... 86 Surveys ................................ 189, 409, 581, 804 Presidents and First Vice Presidents, list A-96 Directors, Federal Reserve Banks: Security devices and procedures for, issuance Chairmen and Federal Reserve Agents 76, A-96 of Regulation P............................................ 45 Class A and B, elections ................................ 965 Vice Presidents, list ......................................A-96 Class C, appointments .................................. 77 Federal Reserve districts: Deputy Chairmen....................................76, A-96 Territory of Memphis Branch, extension . . 863 List.................................................................. 105 Federal Reserve notes: Resignations .............................................397, 967 Interest paid to Treasury ............................. 86 Directors, Federal Reserve branch banks: Federal Reserve System: Admissions of State banks to membership 287, 397 List..........................................................105, A-96 Resignations ..............................................86, 287 562, 625, 762, 908 Balance of payments program (See Foreign Discount rates at Federal Reserve Banks: credit restraint program) Increases ......................................................85, 456 Dividends: Emergency credit procedures for banks in Federal Reserve Banks .................................. 86 Hurricane Camille disaster areas ............. 762 Foreign exchange operations (See Foreign ex­ Member banks .................................420, 423, 424 change operations) Dobbin, Tilton H., director, Baltimore Branch, appointment ............................................... 83 Fidelity-American Bankshares, Inc., Order under Dominion Bankshares Corporation, Orders under Bank Holding Company Act ......................... 163 Bank Holding Company Act ....................558, 858 Fidelity Bank, Philadelphia, Pa., Order under Duesenberry, James S„ Class C director, Boston, Bank Merger Act .......................................... 356 appointment ................................................ 76 Fidelity Union Trust Company, Newark, N.J., Order under Bank Merger Act ..................... 275 Earnings and expenses: Financial developments, quarterly reports to Con­ Bank statements of income to be included in gress: stockholder reports, letter from Reserve Q-4, 1968 ....................................................... 89 Banks on, revisions...................................... 679 Q-l, Q-2, and Q-3, 1969 ..............401, 633, 867 Federal Reserve Banks.................................... 86 Financial markets, statement of Chairman Martin Member banks ............................................... 419 on recent developments ............................. 326 Eastern Trust Financial Associates, Order under Financing, corporate, article on changes in patterns 911 Bank Holding Company Act ........................ 158 First at Orlando Corporation, Orders under Bank Enders, Robert C., Class A director, Philadelphia, Holding Company Act ....................71, 453, 852, resignation ................................................. 397 942, 945, 946 “Equity funding” plans or programs, amendments First Banc Group of Ohio, Inc., Orders under to Regulations G, T, and U limiting credit Bank Holding Company Act ....................901, 902 available in connection with purchase of . 519 First Bank System, Inc., Order under Bank Hold­ Euro-dollars: ing Company Act........................................ 61 Article ................................................... 765 First Bankshare Association, Order under Bank Deposits in foreign branches of U.S. banks 907 Holding Company Act .................................. 282 Exchange Bancorporation, Inc., Order under First Empire State Corporation, Order under Bank Holding Company Act ...................... 278 Bank Holding Company Act ......................... 738 First Financial Corporation, Order under Bank Federal Advisory Council .................................A-95 Holding Company Act .................................. 280 Federal Open Market Committee: First Florida Bancorporation, Orders under Bank Foreign exchange operations, reports . . .210, 697 Holding Company Act ..............................165, 166 Members and staff .........................................A-95 First Holding Company, Inc., Order under Bank Policy actions . .35, 1 19, 258, 345, 433, 508, 596, Holding Company Act.................................... 69 647, 727, 823, 879, 928 First National Bank of Fort Worth, Order under Reciprocal currency arrangements . .457, 762, 863 Bank Holding Company Act ......................... 374 Federal Reserve and Treasury reports: First National Charter Corporation, Order under Foreign exchange operations......................210, 697 Bank Holding Company Act ......................... 633 Report of the Joint Treasury-Federal Reserve First National Corporation, Order under Bank Study of the U.S. Government Securities Holding Company Act.................................... 959 Market ....................................................... 624 First Pennsylvania Banking and Trust Company, Federal Reserve Banks: Philadelphia, Pa., Order under Bank Merger Advances by: Act .................................................................. 53 Amendment to Regulation A................. 354 First Security Corporation, Order under Bank Interpretations .......................................150, 354 Holding Company Act.................................... 667 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 108 FEDERAL RESERVE BULLETIN □ DECEMBER 1969 Pages Pages First Virginia Bank of the Southwest, Christian- Housing—Continued burg, Va., Order under Bank Merger Act . , 660 Statement of Governor Maisel on first annual First Wisconsin Banksharcs Corporation, Orders report on national housing goals............. 425 under Bank Holding Company Act.....384, 755 Huntington Bancshares Incorporated, Order under Foreign banking and financing corporations: Bank Holding Company Act............................ 64 Amendment to Regulation K ..................... 51 Interpretations of Regulation K ..............548, 890 Income and expenses (See Earnings and expenses) Foreign branches of U.S. banks (See Branch Industrial production in 1968, article................... 1 banks) Inflation, problem of, article based on staff pre­ Foreign credit restraint program: sentation ..................................................... 492 Foreign investment control, letter from the Interest on deposits: Board to the Department of Commerce re­ Advertising of, amendment to Regulation Q 604 garding ......................................................... 610 Foreign time deposits, exemption of interest Guidelines for banks and nonbank financial on certain deposits .................................. 889 institutions ...........................................11, 316 Maximum rates on time and savings deposits, Statement of Governor Brimmer..................... 21 flexible authority for supervisory agencies to Foreign deposits: set, and related proposals, statements and ex­ Reserve requirements against certain deposits, tension of law .............................719, 819, 839 amendments to Regulations D and M...... 656 Repurchase agreements as deposits, amendments Time deposits, exemption of interest on certain to Regulations D and Q......................655,736 deposits .................................................... 889 Interest rates: Foreign exchange operations: Discount rates at Federal Reserve Banks: Reciprocal currency arrangements 457, 762, 863 Treasury and Federal Reserve operations, Increases ..................................................85, 456 reports ...............................................210, 697 Foreign time deposits, exemption of interest on Foreign investment control (See Foreign credit certain deposits ........................................ 889 restraint program) Maximum rates on deposits or share accounts, Fox, John M.. Deputy Chairman, Boston, desig­ flexible authority for supervisory agencies to nation ......................................................... 76 set, and related proposals, statements and ex­ Franklin, William H., Class C director, Chicago, tension of law..............................719, 819, 839 appointment .................................................... 76 Prime rate of commercial banks, statement of Fry, Edward R., article ...................................... 787 Chairman Martin on economic circumstances surrounding recent increase....................... 591 Trend of, statement of Chairman Martin ... 326 Gemmill, Robert F„ Associate Adviser, Division of International Finance, appointment ...... 85 Interlocking relationships between securities com­ Gilpatric, Roswell L., Class C director, New York, panies and bank holding companies, interpreta­ appointment ................................................ 76 tion and amendment to Regulation R . . .52, 938 Girard Trust Bank, Philadelphia, Pa., Order Interpretations: under Bank Merger Act ............................ 446 Acquisition of rights to acquire shares incident Gramley, Lyle E., Associate Director, Division to extensions of credit, foreign banking . . 548 of Research and Statistics, appointment...... 624 Acting in the United States as trustee, con­ Gramlich, Edward M., staff economic study 472 version agent, and paying agent of securi­ Guidelines for banks and nonbank financial in­ ties issued to finance foreign activities and stitutions, foreign credit restraint program 11,316 distributed only outside the United States 890 Advances by Reserve Banks, obligations eligible as collateral ....... 150, 354 Haining, E. W., director, New Orleans Branch, appointment.................................................. 84 Applicability of plan-lender provisons to financ­ Halley, Harry J., Assistant Controller, appoint­ ing of stock options and stock purchase rights ment .............................................................. 456 qualified or restricted tinder Internal Revenue Hamilton National Associates, Incorporated, Or­ Code ....................................................... 891 ders under Bank Holding Company Act . . 387, 860 Contribution to joint venture as extension of Hamlin, Arthur S., Class A director, New York, credit when contribution is disproportionate election ........................................................ 965 to contributor’s share in venture’s profit or Hawkeye Bancorporation, Orders under Bank losses ....................................................... 548 Holding Company Act...........................66, 67, 856 Corporate guaranty of bank Joan as extension Heller, Pauline B., Adviser, Legal Division, ap­ of credit in ordinary course of business.... 441 pointment .................................................... 85 Interlocking service between securities compa­ Hempstead Bank, Hempstead, N.Y., Order under nies and bank holding companies............. 52 Bank Merger Act ........................................ 892 Truth in lending. Regulation Z....................355,442 Heskett, David M., Class B director, Minneapolis, ' ' 549,608, 659,736, 890 election ........................................................ 966 Investments (See also Securities): Hester, James M., Deputy Chairman, New York, Foreign investment control ............................ 610 designation .................................................. 76 Island State Bank, Patchogue, N.Y., Order under Higdon, Emerson G., Deputy Chairman, Chicago, Bank Merger Act.......................................... 277 designation.................................................... 76 Hosford, Willard D., Jr., Deputy Chairman, Kansas City, designation............................... 76 Jarvis, James M., director, Baltimore Branch, Housing: appointment................................................. 76 Production and finance, staff memorandum for Johnson, Robert B., director, Cincinnati Branch, congressional commission ....................... 228 appointment................................................. 83 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX VOLUME 55 A 109 Pages Jones, Warren B.. director, Helena Branch, ap­ Margin requirements—Continued pointment ..................................................... 76 Corporate guaranty of bank loan as extension of credit in ordinary course of business..... 441 Keener, J. Ward, Deputy Chairman, Cleveland, Over-the-counter stocks: designation ................................................. 76 List of, subject to margin regulations, and Keir, Peter M., Associate Adviser, Division of changes............................625, 679, 762, 907 Research and Statistics, appointment............... 624 Revisions of Regulations G, T, and U......... 519 Kelly, Cullen J., director, El Paso Branch, ap­ Marine Corporation, Order under Bank Holding pointment ................................................... 397 Company Act .............................................. 619 Kern, Harry E., Assistant Director, Division of Marine Midland Banks, Inc., Order under Bank Administrative Services, retirement ........... 907 Holding Company Act .................................... 446 Knight, Roger D., Class A director, Kansas City, Marshall & Ilsley Bank Stock Corporation, Orders election ....................................................... 966 under Bank Holding Company Act............... 746, 757, 758, 759 Lane, Edward W., Jr., director, Jacksonville Martin, Wm. McC., Jr.: Branch, appointment .................................. 83 Authority of Reserve Banks to acquire Federal agency obligations or securities fully guaran­ Leach, Robert F.. Chairman and Federal Reserve teed by any U.S. agency, proposed broaden­ Agent, Minneapolis, designation ............... 76 ing, statement .......................................... 819 Legislation: Bank prime loan rate, economic circumstances Authority of Reserve Banks to acquire Federal surrounding recent increase, statement...... 591 agency obligations or securities fully guaran­ Economic problems facing the Nation, statement, teed by any U.S. agency, proposed broadening 819 and staff projection of economic and financial Consumer protection bill ................................ 507 developments in 1969................................ 235 Financial relationships between Treasury and Financial markets, developments in, and trend Federal Home Loan Bank Board, proposed of interest rates, statement......................... 326 changes ....................................................... 719 Interest-rate ceiling authority on deposits or Interest-rate controls, extension to noninsured share accounts, and other matters, state­ savings institutions, proposed ................... 719 ments ........... 719, 819 Nondeposit sources of funds to banking system, Mortgage interest rates, statement..................... 815 regulatory authority to control, proposed . . 719 One-bank holding companies, statement........... 331 Rate ceilings on deposits or share accounts, Member banks: flexible authority for Federal supervisory Advertising of interest on deposits, amendment agencies to set: to Regulation Q........................................ 604 Extension to December 22, 1969................. 839 Emergency credit procedures for banks in Hurri­ Statements to Congress...........................719,819 cane Camille disaster areas....................... 762 Rate ceilings on obligations issued by an affili­ Foreign branches (See Branch banks) ate of a member bank, proposed............. 719 Income and expenses, 1968.............................. 419 Reserve requirements against foreign borrow­ Reserve requirements (See Reserve requirements) ings by member banks, proposed............. 719 State member banks (See State member banks) Lilly, David M., Class C director, Minneapolis, Membership in Federal Reserve System: appointment; designation as Deputy Chairman 76 Admissions of State banks......................287, 397, Lincoln First Banks Inc., Order under Bank Hold­ 562, 625, 762, 908 ing Company Act........................................ 748 Merritt, Sherman, Assistant to the Board, retire­ Loans: ment ............................................................. 287 Advances by Reserve Banks (See Federal Re­ Mid America Bancorporation, Inc., Orders under serve Banks) Bank Holding Company Act....................611, 962 Applicability of plan-lender provisions to financ­ Midwest Bancorporation, Inc., Order under Bank ing of stock options and stock purchase rights Holding Company Act.................................. 560 qualified or restricted under Internal Revenue Millard, Marvin, director, Oklahoma City Branch, Code............................................................. 891 appointment.................................................. 84 Bank lending practices, survey of changes....... 311 Monetary policy, channels of, staff economic study 472 Corporate guaranty of bank loan as extension Money supply series, revision.............................. 787 of credit in ordinary course of business..... 441 Mortgage markets: Defense production loans, amendment to Regu­ Article on mortgage, construction, and real lation V................................................... 938 estate markets .......................................... 565 Stock market credit (See Stock market credit) Credit extended by banks to real estate mortgage Lyman, Edward W„ director, Omaha Branch, lenders, reports of.........................34, 325, 921 appointment................................................. 84 Housing production and finance, staff memo­ randum for congressional commission.....228 Main State Bank of Chicago, Chicago, III., Order Interest rates on mortgages, statement of Chair­ under Bank Merger Act................................ 662 man Martin.............................................. 815 Maisel, Sherman J.: National housing goals, statement concerning first annual report on................................ 425 National summary of business conditions 87, 175,288, Manpower resource use, recent patterns, article . 177 398, 458, 563, 631, 681, 763, 864, 909, 968 Margin requirements: Nickerson, Albert L., Class C director. New York, Contribution to joint venture as extension of appointment; designation as Chairman and Fed­ credit when contribution is disproportionate eral Reserve Agent...................................... 76 to contributor’s share in venture’s profit or Northeastern Bankshare Association, Orders under losses ....................................................... 548 Bank Holding Company Act............751, 950, 951 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 110 FEDERAL RESERVE BULLETIN □ DECEMBER 1969 Pages Pages Northland Bancshares, Inc., Order under Bank Regulations, Board of Governors—Continued Holding Company Act................................ 156 G, Securities Credit by Persons Other Than Banks, Brokers, or Dealers—Continued Contribution to joint venture as extension of Open Market Committee (See Federal Open Mar­ credit when contribution is disproportionate ket Committee) to contributor’s share in venture’s profit or Oregon Bank, Portland, Oreg., Order under Bank losses, interpretation ................................ 548 Merger Act ................................................ 152 Otto Bremer Company and Otto Bremer Founda­ Corporate guaranty of bank loan as extension tion, Order under Bank Holding Company Act 388 of credit in ordinary course of business, Over-the-counter securities (See Securities) interpretation........................................ 441 Revision extending margin requirements to certain over-the-counter securities and Pan American Bancshares, Inc., Order under Bank amendment limiting credit available for Holding Company Act.................................. 172 purchase of “equity funding” plans or pro­ Partee, J. Charles, Director, Division of Research grams ....................................................... 519 and Statistics, and Adviser to the Board, appoint­ H, Membership of State Banking Institutions in ment ............................................................. 624 Pizer, Samuel, Associate Adviser, Division of In­ the Federal Reserve System: Amendment................................................. 353 ternational Finance, appointment................. 85 Policy actions, Federal Open Market Committee . 35, J, Collection of Checks and Other Items by Fed­ 119, 258, 345, 433, 508, 596, 647, 727, 823, 879, 928 eral Reserve Banks: Pollard, Al, director, Little Rock Branch, appoint­ Amendment................................................. 938 ment ............................................................. 76 K, Corporations Engaged in Foreign Banking Presidents of Federal Reserve Banks, list................A-96 and Financing Under the Federal Reserve Price developments, article................................. 683 Act: Prime rate, commercial banks, statement of Chair­ Acquisition of rights to acquire shares incident man Martin.................................................. 591 to extensions of credit, interpretation.... 548 Profits: Acting in the United States as trustee, conver­ Member banks.............................................420, 424 sion agent, and paying agent of securities Publications in 1969, Board of Governors: issued to finance foreign activities and dis­ Annual Report, 1968 ..................................... 562 tributed only outside the United States, in­ List ..................................................................A-97 terpretation ............................................. 890 Report of the Joint Treasury-Federal Reserve Study of the U.S. Government Securities Amendment to reinstate general consent for Market.......................................................... 624 “Edge” and “Agreement” corporations to Trust Assets of Insured Commercial Banks— make certain equity investments in a for­ 1968, Comptroller of the Currency, FDIC, eign business ........................................ 51 and Federal Reserve publication ............... 863 M, Foreign Activities of National Banks: “Weekly Summary of Banking and Credit Meas­ Acquisition of rights to acquire shares inci­ ures,” new release...................................... 397 dent to extensions of credit, interpretation 548 Reserves against foreign branch deposits, Real estate (See Mortgage markets) amendment ...................................... 656 Reciprocal currency arrangements.......457, 762, 863 P, Minimum Security Devices and Procedures Record of policy actions of Federal Open Market for Federal Reserve Banks and State Mem­ Committee..........................35, 119, 258, 345, 433, ber Banks: 508, 596, 647, 727, 823, 879, 928 Issuance....................................................... 45 Regulations, Board of Governors: Q. Interest on Deposits: A, Advances and Discounts by Federal Reserve Advertising of, amendment....................... 604 Banks: Foreign time deposits, exemption of interest Amendment.................................................. 354 on certain deposits, amendment............. 889 Interpretations.........................................150, 354 Liability on repurchase agreements as deposits, D, Reserves of Member Banks: amendments....................................655,736 Liability on repurchase agreements as deposits, R, Relationships with Dealers in Securities amendments.....................................655, 736 under Section 32 of the Banking Act of Officers’ checks reflecting transfers involving 1933: foreign branches of member banks as de­ posits for purposes of reserve requirements, Amendment................................................. 938 amendment to include........................... 655 Interlocking service between securities compa­ Reserve requirement against certain foreign nies and bank holding companies, interpre­ deposits, amendment............................. 656 tation ................................................... 52 Reserve requirements against demand depos­ T, Credit by Brokers and Dealers: its, increase .......................................... 353 Revision to permit extension of credit on cer­ Delegation of authority, amendments to rules . . 51, tain over-the-counter securities and amend­ 150, 354, 736 ment to limit credit available for purchase G, Securities Credit by Persons Other Than of “equity funding” plans or programs. . 519 Banks, Brokers, or Dealers: U, Credit by Banks for the Purpose of Purchas­ Applicability of plan-lender provisions to ing or Carrying Margin Stocks: financing of stock options and stock pur­ Corporate guaranty of bank loans as exten­ chase rights qualified or restricted under sion of credit in ordinary course of busi­ Internal Revenue Code, interpretation. ... 891 ness, interpretation ............................... 441 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

INDEX VOLUME 55 A 111 Pages Pages Regulations, Board of Governors—Continued Sedan State Bank, Sedan, Kans., Order under U, Credit by Banks for the Purpose of Purchas­ Bank Merger Act ........................................... 55 ing or Carrying Margin Stocks—Continued Shawmut Association, Inc., Order under Bank Revision extending margin requirements to Holding Company Act................................ 897 certain over-the-counter securities and Shepard, Horace A., Class C director, Cleveland, amendment limiting credit available for appointment................................................. 76 purchase of “equity funding” plans or pro­ Shwab, Hugh M., Jr., director, Louisville Branch, grams ................................................ 519 appointment................................................. 84 V, Loan Guarantees for Defense Production: Sigel, Stanley J., Adviser, Division of Research and Amendment.............................................. 938 Statistics, appointment .................................... 85 Z, Truth in Lending: Singleton, John P., Associate Director, Division of Amendments.......................................657, 889 Data Processing, appointment ......................... 562 Interpretations. .355, 442, 549, 608, 659, 736, 890 Sloan, Ralph M., Jr., director, Little Rock Branch, Issuance, text, and Supplements I and II. 126, 605 resignation ................................................. 86 Reitmeier, Ronald E., director, Louisville Branch, Slocum, Jerold E., Director, Division of Data appointment................................................. 76 Processing, appointment.................................. 397 Repurchase agreements as deposits, liability on, Small, Robert S., Class B director, Richmond, amendments to Regulations D and Q.....655, 736 election......................................................... 966 Reserve requirements, member banks: Smith, Edward Byron, Class A director, Chicago, Borrowings from foreign branches, proposed . . 719 election......................................................... 966 Certain foreign deposits, new requirement Smith, John D., Assistant Director, Division of against, amendments to Regulations D and M 656 Administrative Services, appointment............... 456 Increase in, against demand deposits........... 353, 456 Smith, Tynan, Adviser, Division of Research and Officers’ checks reflecting transfers involving Statistics, appointment...................................... 85 foreign branches of member banks as deposits Southeast Bancorporation, Inc., Order under Bank for purposes of, amendment to Regulation D 655 Holding Company Act.................................... 376 Repurchase agreements as deposits, liability on, Staff economic studies: amendments to Regulations D and Q........... 655 Channels of monetary policy...................... 472 Reserves, member banks: Summaries .309, 579, 580, 785, 786, 877, 919, 920 Reserve requirements (See Reserve requirements) Stanard, James H., director, Portland Branch, Roachdale Bank and Trust Company, Roachdale, appointment................................................. 624 Ind., Order under Bank Merger Act................. 661 State member banks: Robertson, J. L.: Admissions to membership in Federal Reserve Consumer protection bill, statement................. 507 System........................287, 397, 562, 625, 762, 908 One-bank holding companies, statement........... 338 Mergers (See Bank Merger Act) Truth in Lending Act, statement.........................251 Reports of condition, amendment to Regulation H ............................................................. 353 Security devices and procedures for, issuance Sanders, Robert F., Assistant General Counsel, of Regulation P........................................ 45 appointment................................................. 85 Stockholder reports, statements of income to be Saving patterns, consumption and, since mid-1968 461 included in, letter on revisions................... 679 Schnuck, Edward J., Class B director, St. Louis, Statements to Congress: election ....................................................... 966 Authority of Reserve Banks to acquire Federal Schober, Milton W., Assistant Director, Division agency obligations or securities fully guaran­ of Supervision and Regulation, appointment 456 teed by any U.S. agency, proposed broadening 819 Securities: Bank prime loan rate, economic circumstances Applicability of plan-lender provisions to financ­ surrounding recent increase....................... 591 ing of stock options and stock purchase rights Consumer protection bill.................................. 507 qualified or restricted under Internal Revenue Credit cards, regulation of issuance and con­ Code ....................................................... 891 sumer liability for fraud losses............... 923 Eligible as collateral for advances by Reserve Economic problems facing the Nation, and staff Banks (See Federal Reserve Banks) projection of economic and financial develop­ Federal agency obligations or securities fully ments in 1969........................................... 235 guaranteed by any U.S. agency, proposed Extension of interest-rate controls to noninsured broadening................................................ 819 savings institutions, proposed..................... 719 Over-the-counter stocks: Financial developments, quarterly reports to List of, subject to margin regulations, and Congress: Q-4, 1968 ................................................... 89 Margin requirements for, revisions of Regula­ Q-l, Q-2, and Q-3, 1969.............401, 63 3, 867 tions G, T, and U................................. 519 Financial markets, developments, and trend of Stock market credit (See Stock market credit) interest rates ......................................... 326 Securities companies, interlocking relationships Financial relationships between Treasury and between, and bank holding companies, interpre­ Federal Home Loan Bank Board, proposed tation and amendment to Regulation R.....52, 938 changes .............................................. 719 Security Bank and Trust Company, Danville, Va., Foreign credit restraint program....................... 21 Order under Bank Merger Act......................... 941 Housing production and finance, staff memoran­ Security devices and procedures for Reserve Banks dum for congressional commission............. 228 and State member banks, issuance of Regulation Mortgage interest rates.................................... 815 P................. 45 National housing goals, statements concerning 425 Security Financial Services, Inc., Order under Nondeposit sources of funds to banking system, Bank Holding Company Act...............................841 regulatory authority to control, proposed . 719 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

A 112 FEDERAL RESERVE BULLETIN □ DECEMBER 1969 Pages Pages Statements to Congress—Continued Truth in lending: One-bank holding companies...................331, 338 Article ......................................................... 98 Rate ceilings on deposits or share accounts, flex­ Regulation Z: ible authority for Federal supervisory agencies Amendments.......................................657, 889 to set, proposed permanent extension of Interpretations 355, 442, 549, 608, 659, 736, 890 authority ......... 719, 819 Text, and Supplements I and II............... 126, 605 Rate ceilings on obligations issued by affiliate Statements of Vice Chairman Robertson. . .251, 507 of a member bank, proposed..................... 719 Reserve requirements against foreign borrowings Union Bank, Los Angeles, Calif., Order under by member banks, proposed.................... 719 Bank Merger Act............................................. 357 Truth in Lending Act....................................... 251 U.S. balance of payments (See also Foreign credit Stock market credit: restraint program): Contribution to joint venture as extension of Euro-dollars: A changing market..................... 765 credit when contribution is disproportionate Recent trends, article....................................... 291 to contributor’s share in venture’s profit or U.S. Govt, securities: losses ....................................................... 548 Report of the Joint Treasury—Federal Reserve Corporate guaranty of bank loan to buy stock Study of the U.S, Government Securities of corporation as extension of credit in ordi­ Market..................................................... 624 nary course of business............................ 441 Over-the-counter stocks: Valley Bancorporation, Order under Bank Hold­ List, subject to margin regulations, and ing Company Act......................................... 846 changes ..........................625, 679, 762, 907 Varner, K. M., Jr., director, Birmingham Branch, Margin requirements for, revisions of Regu­ appointment................................................. 83 lations G, T, and LI ............................ 519 Vaughn, Harry T., Class B director, Atlanta, Summit and Elizabeth Trust Company, Summit, resignation ................................................... 967 N.L, Order under Bank Merger Act......... 151 Virginia Commonwealth Bankshares, Inc., Order under Bank Holding Company Act............. 957 Tables (See list at bottom of p. A-3 for tables published periodically; see guide at top of p. A-104 for index to tables published monthly) Wagstaff, Robert W., Class C director, Kansas Tennessee Financial Corporation, Order under City, appointment........................................... 76 Bank Holding Company Act..........................,160 Walker Bank & Trust Company, Salt Lake City, Territory of Memphis Branch, extension ........... 863 Utah, Order under Bank Merger Act........... 893 Treasury and Federal Reserve foreign exchange Watt, Richard S., Assistant Director, Division of operations, reports.......................... 210, 697 Data Processing, appointment.......................... 967 Treasury and Federal Reserve study of the U.S. Weaver, Mary F., article..................................... 787 Government securities market.......................... 624 Weekly reporting banks, revision of series ......... 642 Tripp, Robert L., director, Denver Branch, ap­ Willson, Hugh M., director, Nashville Branch, pointment ..................................................... 84 appointment................................................. 83 Trust Assets of Insured Commercial Banks—1968, Wyckoff, James L, director, Buffalo Branch, ap­ publication of Comptroller of the Currency, pointment ................................................... 83 FDIC, and Federal Reserve....... ............. 863 Trust Company of Georgia, Atlanta, Ga., Order Zeise), Joseph S., Assistant Adviser, Division of under Bank Merger Act.................... 839 -Research and Statistics, appointment .......... 624 Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES A (o THE "FEDERAL RESERVE SYSTEM 9 * Legend ' " Boundaries of Federal Reserve Districts -----Boundaries of Federal Reserve Branch Territories O Board of Governors of the Federal Reserve System ® Federal Reserve Bank Cities • Federal Reserve Branch Cities Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis