Federal Reserve Bulletin, 1970-02

FEDERAL RESERVE BULLETIN • • • * * ^/ * * * * FEBRUARY 1970 BOARD OF GOVERNORS • THE FEDERAL RESERVE SYSTEM • WASHINGTON, D.C. Digitized for FRASER http://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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BULLETIN NUMBER 2 • VOLUME 56 • FEBRUARY 1970 CONTENTS 113 Financial Developments in the Fourth Quarter of 1969 123 Statement to Congress 129 Membership of the Board of Governors of the Federal Reserve System, 1913-70 131 Record of Policy Actions of the Federal Open Market Committee 137 Law Department 175 Directors of Federal Reserve Banks and Branches 190 Announcements 192 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 98 Board of Governors and Staff A 99 Open Market Committee and Staff; Federal Advisory Council A 100 Federal Reserve Banks and Branches A 101 Federal Reserve Board Publications A 105 Index to Statistical Tables Map of Federal Reserve System on Inside Back Cover EDITORIAL Charles Molony COMMITTEE J- Charles Partee Robert C. Holland Robert Solomon Kenneth B. Williams Elizabeth B. Sette The Federal Reserve BULLETIN is issued monthly under the direction of the staff editorial 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Financial Developments in the Fourth Quarter of 1969 This report, which was sent to the Joint Economic Committee of the U.S. Congress, highlights the important developments in financial markets during the autumn and early winter. FINANCIAL MARKETS remained under pressure during the fourth quarter of 1969, as most interest rates rose further, funds available for lending from financial institutions were limited, and credit demands of corporations, State and local governments, and Federal agencies were sizable. With respect to banks, reserves rose only slightly, and the total deposits of member banks were about unchanged from September to December, in contrast to a marked decline in the previous quarter. The shift in deposit behavior reflects in the main the slowing of the sharp drop in time deposits that had occurred in the third quarter. The money stock rose at an annual rate of about 1.5 per cent over the fourth quarter. Banks obtained less funds from the increase in nondeposit sources in the fourth quarter than they had in the previous quarter. Borrowings in the Euro-dollar market remained essentially unchanged. And although issuance of commercial paper by bank-related affiliates picked up somewhat, this increase was offset in part by further reductions in the outstanding amount of loans sold subject to repurchase agreements to other than affiliates. In view of the continued relative scarcity of lendable funds, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

114 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 banks extended portfolio adjustments initiated earlier in the year. They continued to liquidate a large volume of securities and to sell loans outright. And expansion of most types of loans remained at about the reduced pace of the third quarter, reflecting in part continued tight lending terms and conditions at banks. Net inflows of funds to thrift institutions moderated further in the fourth quarter, as withdrawals of deposits accelerated significantly in response to the higher yields available on market instruments. New extensions of mortgage commitments slowed, and the backlog of outstanding commitments continued to decline from the peak reached in the spring. BANK RESERVES Following a substantial decline during the third quarter, total reserves at member banks—adjusted to exclude the increase in required reserves due to the changes in Regulations D and M, effective October 16, 1969—resumed growth in the fourth quarter at an annual rate of approximately 1.5 per cent. Nonborrowed reserves, so adjusted, continued to decline on balance, but at a rate sharply reduced from that earlier in the year. Mem- BANK RESERVES AND BORROWINGS BILLIONS OF DOLLARS, SEASONALLY ADJUSTED Monthly averages of daily figures for member banks. Total and nonborrowed reserves are adjusted to exclude the effects of changes in reserve requirement percentages, but they do include increases in required reserves of approximately $425 million due to changes in Regulations D and M, effective October 16, 1969. Nonborrowed reserves are total reserves adjusted minus member bank borrowings from the Federal Reserve. Excess reserves are total reserves less required reserves. Latest figures, December. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Q4 1969 115 ber bank borrowing from Federal Reserve Banks remained, on average, near the $1.2 billion level of the third quarter. Indicative of the continued pressure on commercial bank reserve positions, banks maintained their heavy demands on the Federal funds market—where excess reserves of banks are bought and sold on a day-to-day basis. The average daily volume of Federal funds traded in the fourth quarter remained around the advanced third-quarter pace. Similarly, the Federal funds rate —which averaged about 8.95 per cent—was essentially unchanged from the average level of the third quarter. MONETARY AGGREGATES The further rise in interest rates, as well as the continued limited availability of credit, induced additional economies in holdings of money balances; privately held demand deposits declined slightly further. Expansion of currency in the hands of the public, however, continued at a fairly rapid pace. Consequently, the money stock—currency and privately held demand deposits combined—rose at an annual rate of about 1.5 per cent, following no change in the third quarter and an increase of 4 per cent during FLOWS OF SELECTED MONETARY AGGREGATES Percentage annual rates of change, seasonally adjusted 1968 1969 IItteemm IV I II III IV Money stock 7.1 4.1 4.5 .0 1.4 Time and savings deposits at all commercial banks. . 17.3 —5.1 -3.0 -13.3 .0 Total member bank deposits i 12.7 -4.8 -2.2 -9.4 .0 Total member bank deposits plus Euro-dollars 2 Total member bank deposits 11.9 -1.8 1.4 -6.2 -.3 plus Euro-dollars plus other nondeposit funds3.. n.a. n.a. n.a. —4.3 2.0 MEMO: Average money stock4 5.7 6.0 4.5 1.4 .6 1 Bank credit proxy. 2 Bank credit proxy adjusted to include liabilities of domestic banks to foreign branches. 3 Beginning on May 28, the following data were collected weekly: Euro-dollars borrowed directly from foreign banks or through brokers and dealers, bank liabilities to own branches in U.S. territories and possessions, commercial paper issued by bank holding companies or other bank affiliates, and loans or participation in pools of loans sold under repurchase agreement to other than banks and other than banks' own affiliates or subsidiaries. 4 The percentage change in the average level of the money stock during a quarter from the average level during the preceding quarter, at annual rates. This measure is included because it is used by many analysts and in various econometric models in relating money stock data to quarterly figures for economic activity, such as the gross national product. n.a. Not available. NOTE.— With the exception of the memo item, changes are calculated from the average amounts outstanding in the last month of each quarter. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

116 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 BANK CREDIT-COMPONENTS the first half of the year. U.S. Government deposits also rose CHANGE, BILLIANS OF O6LLARS slightly further. U.S. GOVT. SECURITIES i=r As most money market rates of interest rose further, domestic investors continued to switch out of time and savings deposits at banks—which are subject to Regulation Q interest rate ceilings—and into higher yielding market instruments. Consumer- OTHER SECURITIES type deposits—savings deposits and time deposits held by individuals and business other than their holdings of large negotiable certificates of deposits (CD's)—at large banks and total time and savings deposits at country banks both fell somewhat further. Attrition of CD's, however, was sharply reduced from what it was earlier in the year, reflecting the declining volume of maturing issues and the fact that major banks added substantially to their outstanding CD's during the fourth quarter by issuing these instruments to foreign official institutions; time deposits issued to such institutions are not subject to interest rate ceilings under Regulation Q. The 10 per cent marginal reserve requirement on borrowings abroad through branches—effective October 16, Seasonally adjusted. 1969—provided banks with some incentive to attract foreign official funds, as time deposits at the domestic head office are subject to a 6 per cent reserve requirement. In total, seasonally adjusted time and savings deposits at all commercial banks remained about unchanged, on balance, following a large reduction in the third quarter. Total member bank deposits also remained unchanged during the fourth quarter, following a large decline in the third quarter. For the entire second half of the year these deposits fell at an annual rate of about 4.7 per cent, or only slightly more than in the first half. NONDEPOSIT SOURCES Bank acquisitions of funds from nondeposit sources moderated in OF FUNDS TO BANKS the fourth quarter, and for the second half as a whole these funds did not completely offset deposit outflows. Banks acquired an additional $1.3 billion of such funds in the fourth quarter, about one-third as much as in the previous quarter. Issuance of commercial paper by bank holding companies and affiliates—the proceeds of which are usually transferred to banks through purchases of bank loans by the affiliates —rose by an additional $1.7 billion to an average level outstanding of $4.2 billion in December. Nearly 70 per cent of this increase took place prior to October 29, when the Board of Gover- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Q4 1969 117 nors of the Federal Reserve System announced that it was considering amending Regulation Q so that it would apply to funds received by member banks from the issuance of commercial paper or similar obligations by bank affiliates. Bank borrowing in the Euro-dollar market remained unchanged, on balance, during the final quarter of the year and borrowing through the sale of loans subject to repurchase agreement to the nonbank public continued to decline—by about $500 million—having become subject to Regulations Q and D (governing reserves of member banks) on August 28, 1969. BANKS' USES OF FUNDS With their lendable funds still limited, banks continued to liquidate securities in volume, to sell loans outright, and to maintain tight lending terms and conditions. Consequently, bank liquidity remained low in the fourth quarter and growth in total bank loans was moderate, although larger than in the previous quarter. The reduction in bank holdings of securities—which totaled nearly $3.0 billion—was about equal to that in the third quarter. All of this fourth-quarter reduction represented liquidation of holdings of U.S. Government securities even though banks underwrote several Treasury cash financings. Bank holdings of other securities remained unchanged on balance as a sharp rise in November offset declines in the other 2 months. The November increase was associated with a build-up in inventories of municipal and Federal agency issues in the hands of bank underwriters as they encountered difficulties in distributing new issues to final investors. Bank loans rose by nearly $5 billion—more than twice as BANK LOANS-MAJOR COMPONENTS much as in the previous quarter—largely the result of increases CHAN6E, BILLIONS OF DOLLARS in loans to brokers and dealers to finance larger inventories of BUSINESS 4 securities associated with the Treasury financings and a rise in n loans to nonbank financial institutions. Growth in other major 1 0 loan categories, however, remained at about the reduced pace of R EAL ES. TATE the third quarter. Business loans, for example, rose by $1.3 billion, the same increase as in the third quarter. In fact after ad- 1 r i i -i MLLLO CONSUMER justment for business loans sold outright by banks to affiliates, ,1 1 1 1 1 1 growth in business loans was well below that in the third quarter. S u ECURITY MI H I2 + Growth in real estate loans remained limited, accompanied by i —i reduced levels of housing starts and construction activity. And Q4 Q1 • - Q2 •• Q3 • ^ consumer loans at banks also continued to expand only mod- 1968 1969 erately, as did total consumer credit from all sources. Seasonally adjusted. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

118 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 NONBANK Net inflows of funds to savings and loan associations and mutual INTERMEDIARIES AND savings banks slowed appreciably further in the fourth quarter, THE MORTGAGE MARKET as the pull of higher yields on alternative investments continued to generate substantial withdrawals of deposits. Both types of institutions experienced significant net outflows of deposits during the interest-crediting month of October, and deposit gains for the balance of the quarter were modest. And with return flows NONBANK SAVINGS ACCOUNTS of funds from mortgage investments also constrained—due to a ANNUAL RATE OF CHANGEJPBCBIT c limited volume of prepayments associated with the over-all decline in real estate activity—new commitment activity at thrift institutions continued at a restrictive rate. Consequently, the backlog of outstanding mortgage commitments fell further below Q4 Q2 03 the peak reached in April. 1968 1969 Seasonally adjusted. NET CHANGE IN MORTGAGE DEBT OUTSTANDING In billions of dollars, seasonally adjusted 1968 1969 IItteemm III IV I II III IV« Total 6.6 7.5 7.6 7.1 6.6 6.0 Residential 4.5 5.1 5.5 5.3 4.9 4.2 Other i 2.0 2.4 2.1 1.8 1.6 1.8 « Partly estimated. 1 Includes farm properties. Net mortgage debt formation declined from the total registered in the preceding quarter. All of the decline was registered in the residential area, despite considerable support from the Federal home loan banks and the Federal National Mortgage Association. Pressures on available funds at commercial banks and life insurance companies also substantially limited the extent to which these institutions participated in the extension of new mortgage credit. FUNDS RAISED IN Corporations increased their borrowing in capital markets during SECURITY MARKETS the fourth quarter, with gross offerings of securities reaching the high second-quarter rate. A continuing rise in corporate expenditures for plant and equipment, a slowing of internal funds generation as profits were under pressure, and less available and more costly alternative sources of funds apparently accounted in large part for the increase in flotations of debt and equity issues. Small Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Q4 1969 119 OFFERINGS OF NEW SECURITY ISSUES Monthly averages in billions of dollars, not seasonally adjusted 1968 1969 IItteemm IV I II III IVc Corporate securities—total.. 2222....0000 2222....1111 2222....5555 2222....1111 2222....4444 Bonds 1111....5555 1111....4444 1111....7777 1111....5555 1111....6666 Stocks ....5555 ....7777 ....8888 ....6666 ....8888 State and local government bonds 1111....5555 ....9999 1111....2222 ....8888 1111....0000 e Estimated. and medium-sized companies accounted for the bulk of stock offerings. The use of this financing method probably reflected the limited access these companies have to other sources of funds. Debt issues were bolstered by several large issues of major industrial corporations as well as by a sizable volume of offerings by public utility and communications companies. State and local government bond offerings also increased in the fourth quarter as compared with the total for the previous quarter. New offerings of long-term municipal securities averaged $1 billion per month, or one-fourth above the reduced thirdquarter pace. This increase reflected several factors, including the temporary decline in interest rates on these securities in October, which permitted some governmental units subject to rate ceilings that were previously below market rates to sell deferred issues. In addition, several State legislatures liberalized statutory rate ceilings effective during the fourth quarter. Over-all, however, actual long-term borrowing fell short of the amount that had been planned, and some demand for funds spilled over into the short-term area. In other cases capital projects were delayed and/ or stretched out because of the lack of funds. The Federal Government was a sizable borrower of funds during the fourth quarter, as the budget moved further into deficit. This enlargement of the deficit represented somewhat less of a swing than usually occurs at this time of year. Receipts declined about seasonally, but expenditures also declined about $ 1 billion quarter-to-quarter. In addition to increased Treasury borrowing, Federal credit agency borrowing accelerated in the fourth quarter. Agency net borrowing amounted to an unusually large $3 billion; the FHLBB and FNMA raised nearly all this as they sought to channel additional funds to mortgage markets. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

120 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 FEDERAL GOVERNMENT BORROWING AND CASH BALANCE Quarterly totals in billions of dollars, not seasonally adjusted 1968 1969 IItteemm III IV I II III IV Budget surplus or deficit. -3.2 -7.1 -2.0 -15.5 -2.5 • -6.0 Net cash borrowing, or repayment (— 7.7 3.4 .2 -12.6 23.2 M.7 Other means of financing3 -1.2 -.2 1.9 -1.8 .0 -.1 Change in cash balance.. 3.3 -3.9 .1 1.1 .7 -1.3 MEMO: Federal agency borrowing4 -.1 .7 1.1 2.3 2.7 e3.0 1 Excludes effect on agency debt outstanding of transfers of certain agencies to private ownership. 2 Adjusted to remove effects of reclassification of $1.6 billion in Commodity Credit Corporation certificates of interest from budget transactions to agency securities (borrowing from the public). 3 Checks issued less checks paid and other accrued items. 4 Includes debt of FHLBB, Federal land banks, FNMA, and Federal intermediate credit banks, and banks for cooperatives beginning January 1969. e Estimated. INTEREST RATES Upward pressures on interest rates were particularly strong during the fourth quarter—an indication of the limited availability of and sustained demands for funds in most markets. The yield on 3-month Treasury bills advanced sharply to an average of 7.82 per cent in December, or more than 70 basis points above the September figure. In part, this rise in bill yields reflected several large Treasury financings and a continued decline in holdings of Treasury securities by commercial banks. Interest rates on commercial paper also rose on balance over the quarter, probably in association with stepped-up sales of paper by bank affiliates in the early part of the quarter and reflecting continued relatively intensive use of the short-term market by businesses. Yields on capital market instruments also advanced substantially and in December were at new highs. Corporate Aaa new issues (with 5-year call protection) registered 8.75 per cent in December, nearly 80 basis points above the rate at the end of the third quarter. State and local government bond yields declined during October—as did many other market rates—largely in response to expectational factors, but the limited purchases of municipal securities by banks and relatively high volume acted to push up rates markedly in November and December. Mortgage yields rose by less than other long-term rates as restrictive State usury ceilings and unusually high discounts on Governmentunderwritten mortgages somewhat impeded further upward rate adjustments. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL DEVELOPMENTS, Q4 1969 121 INTEREST RATES Monthly averages exceptFHA(based on quotations for one day each month). Yields: U.S. Treasury bills, market yields on 3-month issues; prime commercial paper, dealer offering rates; FHA, weighted averages of private secondary market prices of new-home 30-year mortgages converted to annual yield (dashed line indicates period of adjustment to change in contractual interest rate); corporate bonds, weighted averages of new publicly offered bonds rated Aaa, Aa, and A by Moody's Investors Service and adjusted to an Aaa basis; U.S. Govt, bonds, market yields adjusted to 20-year constant maturity by U.S. Treasury; State and local govt, bonds (20 issues, mixed quality), Bond Buyer. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Statement to Congress Statement by Arthur F. Burns, Chairman, rate of 1,245,000 private housing starts was Board of Governors of the Federal Reserve the lowest in 2Vi years. The downtrend has System, before the Committee on Banking come at a time when demand for both new and Currency, House of Representatives, and existing accommodations has generally on February 7, 1970. remained strong. As a result, the vacancy rate for dwellings available for sale or rent I welcome your invitation to present the has become disconcertingly low. views of the Board of Governors of the At the same time, I think it is well to note Federal Reserve System on conditions relat- that the performance of the housing indusing to the production, financing, and use of try over the past year has surpassed the exhousing. pectations of many experts. Adherence to a As a national resource, housing ranks policy of monetary restraint, which has been high on both economic and social grounds. a necessary part of our national effort to The construction of new homes and apart- bring inflationary pressures under control, ments absorbs the efforts of a major indus- has led to very tight credit market conditry. The fortunes of this industry influence tions and has clearly constrained homebuildthe course of production and employment in ing. Nevertheless, private housing starts in many other branches of the economy. 1969 as a whole came within 3 per cent of Even more importantly, the provision of the total in 1968. If we include new public decent housing for all families is among our housing starts as well as shipments of new most pressing needs, as Congress recognized mobile homes, last year's combined output in laying down a decennial goal for the of about 1,890,000 units actually exceeded production of new and rehabilitated hous- the preceding year's total. Measured in these ing. Besides the volume of housing produc- terms, the gross addition to our total stock tion, the price and quality of available of shelter in 1969 was, by a slim margin, the shelter are of vital significance. Prices of largest in 19 years. The net flow of funds inhomes and rents have of late been rising to residential mortgages also reached a new rapidly, reflecting not only higher financing record of nearly $20 billion, 5 per cent costs but also inflated prices of labor, land, above the 1968 level. and materials. If these costs are not brought The totals that I have cited for last year under control, the quality of all housing will conceal, however, the movement within the be bound to suffer. year. We need to recognize that the month- I assure you that the Federal Reserve to-month trend of total housing starts over Board is deeply concerned about the recent the past year, even including mobile homes, decline in production of housing and the has been distinctly downward, and I fear further rise in costs of buying, financing, that the totals may go still lower in the and operating new and existing dwellings. months immediately ahead. Despite every- Housing starts have been declining for three thing that has been done to bolster the flow consecutive calendar quarters now. By last of funds into housing, reduced credit flows December the seasonally adjusted annual through mortgage lending institutions and 123 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

124 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 lenders' preferences for other types of in- contracts negotiated last year called for an vestment have sharply curtailed the amount average first-year wage increase of as much of money available for housing. The envir- as 14 per cent, according to Bureau of Labor onment affecting savings flows to these in- Statistics figures on settlements affecting stitutions has been particularly adverse in 1,000 workers or more, whether employed recent weeks, and many of these institutions in residential or other construction. Accordare no longer in a position to make large ing to one widely cited, privately compiled commitments of funds for future deliveries index, the average cost of constructing a of mortgages. Moreover, reflecting the cur- new dwelling rose by more than 8 per cent tailed availability of funds, the terms of in 1969, the largest annual increase since mortgage credit—that is, interest rates, 1948. Land values also continued their longdownpayments, and credit standards—have term upward trend as did typical operating costs for both houses and apartments. tightened, thereby excluding otherwise willing buyers from the market. Of course, housing is not the only eco- MEASURES TAKEN TO AID HOUSING IN PAST YEAR nomic sector in which spending is being A number of measures have been taken restrained by tight credit conditions. As is within the past year to bolster the supply of well known, many State and local governresources available for housing and to shift ment units have had difficulty in selling some of the burden of credit restraint away bonds to finance their capital outlays. Funds from this sector. Paramount among these for commercial construction have become increasingly hard to come by, and many actions has been the administration's proprojects have been delayed because their gram to bring Federal finances under strict promoters were unable or unwilling to ob- control, as indicated in the austere budget tain financing at prevaling terms. Many presented to the Congress earlier this week. business firms—small firms in particular— A budget surplus is essential in achieving also have been unable to obtain all the credit a proper mix of fiscal and monetary policies they desired, especially as the ability of for restoring conditions that favor sustainbanks to lend has come under increasing able economic growth. There can be no constraint. Even some very large corpora- doubt whatever that the single most importions have announced cancellations or tant contribution toward improving housing stretchouts of capital spending programs, at market conditions would be success in the least partly because of the difficulty and cost present struggle to check inflationary trends of financing. It is the very essence of mone- and expectations. This, of course, has been tary restraint that many economic units find the principal objective of the monetary it difficult or impossible to carry through all policy of the Federal Reserve System over of their spending plans. This is the way that the past year. Nonetheless, it must be recogtotal spending is curbed and an overheated nized that it takes time to overcome an ineconomy cooled down to a manageable flationary momentum that has gathered condition. headway over a span of years dating all the It should be kept in mind, also, that the way back to 1964. problems of the housing industry are not As credit and fiscal measures were adapted related solely to tight credit. Unusually large last year to our overriding need to cool down wage settlements have been contributing the Nation's highly inflationary condition, powerfully to a further advance in the total special steps were simultaneously taken to cost of constructing dwellings. New labor lessen the impact of tight credit on housing. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 125 The principal Federal agencies supporting accounts, all types of financial institutions housing provided an unprecedented amount came under increasingly severe pressure. It of assistance to the mortgage market. The was no longer a question of one type of insticombined net purchases of home and multi- tution gaining at the expense of another but family mortgages by the Federal National of all losing savings funds heavily to the Mortgage Association and the Government securities markets. Under the circumstances, National Mortgage Association totaled a the Federal Reserve Board felt that a genrecord $4.3 billion. That accounted for eral upward adjustment in ceiling rates more than a fifth of the total net expansion could no longer be delayed and, after conin outstanding residential mortgage debt. In sultation with the other regulatory agencies, addition, the Federal home loan banks dur- an increase in the ceilings for member banks ing 1969 extended a record $4 billion in net was announced late last month. The Federal advances to savings and loan associations. Deposit Insurance Corporation and the This assistance was equivalent to 45 per FHLBB adopted similar measures. As a cent of the total expansion in mortgage result, all institutions now have somewhat portfolios at all such associations. higher rate ceilings, including the ability to The capacity of the savings and loan as- offer new 1- and 2-year time instruments at sociations to advance funds to the mortgage premium rates. Maximum permissible rates market was also sustained as the Federal on large CD's ($100,000 and over) were Home Loan Bank Board reduced minimum also raised appreciably, and the savings and liquidity requirements for such institutions. loan associations were permitted to offer The reductions, of one-half of a percentage such instruments at higher rates for the first point each in June and in November 1969, time. The higher ceilings generally are inaltogether released approximately $1.3 bil- tended to help preserve, and eventually to lion for additional mortgage investment. enhance, the flow of savings to the private The record amount of funds funneled into financial institutions, and thereby to give the mortgage market by these Federal agen- support to the flow of housing credit. cies partly counterbalanced the reduction in Also in January, contract interest rates net savings inflows to savings and loan as- on FHA-insured and VA-guaranteed mortsociations and mutual savings banks that gages were raised for the first time in 12 occurred last year. It should be pointed out, months. The increase brought returns on too, that the relationship among maximum such investments closer in line with yields ceiling rates on time and savings accounts available on other types of capital market that could be offered by financial institutions instruments, and should help to make such was such that the commercial banks suffered mortgages more acceptable to lenders in the largest decline in the share of total credit competition with other investments. Unflows. Thus, mutual savings banks and savfortunately, the one percentage point rise in ings and loan associations, which are major contract rates on these Government-undersources of funds for housing finance, were written mortgages failed to match fully the protected from interinstitutional competiincrease that had taken place over the pretion by the structure of ceiling rates on time vious year in bond market yields. and savings accounts—a notable departure There have been a number of other steps from the 1966 experience. taken in recent months to aid housing. Last As 1969 progressed, however, and as September, the administration ordered a remarket interest rates continued to rise fur- duction of 75 per cent on new contracts for ther above ceiling rates on time and savings Federal construction projects until condi- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

126 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 tions ease. This step was followed by a vig- penditures involve relatively large amounts orous effort, which has proved moderately of long-term credit with fixed interest successful, to persuade State governments to charges that are large relative to other and carry out similar postponements of construc- more variable costs over the life of the dwelltion work under their jurisdiction. All this ing. And in part it is because the depositary was done with a view to releasing resources, institutions, which accommodate the lion's wherever possible, for homebuilding. share of total mortgage demands, are un- Finally, in 1969, nearly a dozen States able to compete for funds on the same high raised their usury ceilings applicable chiefly interest terms that borrowers in the open to conventional home mortgages. The in- market are prepared to pay. creases brought these limits to more realistic For this reason, the Federal Reserve levels that allowed buyers of residential Board supports the continued large-scale exproperties who are dependent on this pre- tension of credit by specialized housing fidominant type of mortgage financing to nance agencies, such as FNMA and the compete on more equal terms with other Federal home loan banks, under current users for the scarce supply of credit funds. conditions. The Board also supports the principle of aiding disadvantaged families WHAT MORE CAN BE DONE? by subsidizing their mortgage debt burden These recent measures have contributed by means of appropriated funds. We do not significantly to the surprising performance favor, however, tapping Federal Reserve of housing under the very stringent credit credit for the support of a restructuring of conditions of 1969. However, as the con- credit flows, no matter how worthwhile the tinuing problems in the housing market immediate objectives may be. Special-purclearly indicate, more remains to be done, pose lending by the Federal Reserve for particularly if we are to enhance the po- housing would be likely to lead to demands tential for achieving the long-run housing for other types of special lending as well. objectives of the Nation, as enunciated by the Taking such assets into Federal Reserve Congress. portfolios would require us to make cor- In the immediate future, it will be vital respondingly heavy offsetting sales of Treasto preserve the taut fiscal position outlined ury securities in order to keep control of the in the administration's budget. Keeping a reserve base, and that would lead to a weaktight rein on Government expenditures will, ened market position for Treasury securities. of course, require discipline on the part of I assume, of course, that no one is suggestboth the executive and legislative branches ing that the credit needs of housing or other of the Government. Such a fiscal policy is special sectors, however worthy, should be an essential element in bringing inflationary monetized by superimposing them on the pressures under control and in laying a basis money and credit totals that would otherfor moderation in over-all credit conditions. wise be appropriate for the Nation as a When this happens, the cost of credit for whole. To compel the Federal Reserve to housing transactions will, obviously, move follow such a policy could lead to a disasdown. trous inflation. But as long as credit remains in rather In addition to providing for a continuing short supply, the financing of new housing substantial flow of Government-assisted is likely to be restricted. Housing is a sector funds into housing—while making certain highly sensitive to the cost and availability that it is financed through the housing agenof credit. In part this is because housing ex- cies rather than with newly created Federal Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT TO CONGRESS 127 Reserve credit—we also believe that every- long-term mortgages as well as other types thing possible should be done to enhance the of credit, the Board of Governors again attractiveness of mortgages to private in- wishes to recommend that the Congress pervestors. In this connection, there is consider- mit member banks of the Federal Reserve able room for improving the characteristics System to borrow from the Federal Reserve of the mortgage instrument and the insti- Banks on the security of mortgages or any tutional practices associated with issuing, other sound asset at the regular discount holding, and retiring mortgages. For exam- rate. Mortgages are only an example of the ple, greater standardization of laws and kinds of collateral involved. The adoption of customs is needed with respect to the origi- this recommendation would not, of course, nation of conventional mortgages and with solve all the problems of the mortgage marrespect to the foreclosure of all types of ket by any means, but we believe that this mortgages. We also support the provision of step—which should be taken in the interests facilities—such as that envisioned by of efficiency in any event—could prove to GNMA-guaranteed securities—that would be of some benefit in stimulating mortgage package mortgages in sufficiently large lots lending by member banks. to be attractive to pension funds and other Another helpful step would be to liberalinstitutional investors. It would also be de- ize the authority of national banks to make sirable if the States, as well as the Federal real estate loans. For conventional mort- Government, would continue to weed out gage loans, the loan-to-value limit should be restrictions that unnecessarily limit mort- raised from 80 to 90 per cent, and the maxigage lending by size of structure, location of mum maturity from 25 to 30 years; for property, or terms of credit. loans on large construction projects, the Of course, nothing will help very much in maximum maturity should be extended from stimulating private investment in mortgages, 3 years to 5 years. You will recall that the unless the yield available on such invest- Commission on Mortgage Interest Rates ments can be as attractive as that on alter- recommended these amendments in its renative outlets for funds. Some 21 States and port filed last year, and your committee inthe District of Columbia still impose ceilings cluded provisions to carry out this recomof 8 per cent or less on home mortgages, mendation in H. R. 15091, as reported to particularly on conventional loans which are the House. These provisions were retained the principal form of this type of credit. in the bill passed by the House, but were Although these limitations were originally dropped by the Senate-House conference designed to protect borrowers, we should committee. recognize that economic conditions change Taking a still longer perspective, further and that interest rate ceilings that are below measures will be required to release the full the market operate in practice to dis- potential of private enterprise to respond to criminate against borrowers by denying our Nation's shelter requirements. Substanthem access to sources of credit available at tial additions to the supply of skilled congoing market rates. We think that artificial struction labor, for example, will be forthbarriers to competitive rates on mortgages coming under the expanded and redirected should be lifted or, at the very least, admin- manpower training programs of the Federal istered flexibly. Government. Another promising attack on To give an added incentive to member the housing problem is the Department of banks in meeting the public's needs for Housing and Urban Development's "Opera- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

tion Breakthrough," which aims to cut con- and conditions that conform to broad public struction costs by relying on mass produc- policy. tion and factory technologies as well as by In summary, improvements over recent modernizing building codes and labor prac- years in Government-sponsored financing of tices. These and other approaches should housing and in laws and regulations surhelp to dampen rising construction costs, rounding the private financing of housing which in part have reflected, but also have have contributed to a significantly better been a major source of, inflationary pres- maintenance of housing starts in 1969 than sures. in the previous tight money period of 1966. The Board also recommends that further I have no doubt that further improvements detailed study be given to establishing a in the structure of the mortgage market are broad secondary market for conventional possible and practicable, and that these will residential mortgages, recognizing the tech- enhance the performance of the housing innical problems involved. Such a market for dustry in the future. conventional mortgages would depend in The Board is studying ways and means to part on the standardization of the instru- lighten the burden of monetary restraint on ment, including more uniform procedures the mortgage market without impairing the involving property inspection and loan use of monetary policy in achieving national origination. In the interim, to gain experi- economic objectives. There is great need to ence with a two-way market, the Board focus, as we hope many will, on seeking out suggests that the FNMA experiment with ways to increase the attractiveness of mortoperating a trading desk for outstanding gage instruments to private investors, to Government-underwritten loans. By facilitat- shift the flow of credit towards the housing ing portfolio adjustments, FNMA's trading market, and to lessen the cyclical impact of desk could enhance the appeal of this type of alternating tight and easy credit conditions mortgage issued under standardized terms on housing production and finance. • Digitized for FRASER1 28 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Membership of the Board of Governors of the Federal Reserve System, 1913-70 APPOINTIVE MEMBERS1 Federal Reserve Date of initial Other dates and information relating Name district oath of office to membership2 Charles S. Hamlin. .Boston Aug. 10, 1914 Reappointed in 1916 and 1926. Served until Feb. 3, 1936, on which date his successor took office. Paul M. Warburg New York .do. Term expired Aug. 9, 1918. Frederic A. Delano Chicago .do. Resigned July 21, 1918. W. P. G. Harding Atlanta .do. Term expired Aug. 9, 1922. Adolph C. Miller San Francisco. .do. Reappointed in 1924. Reappointed in 1934 from the Richmond District. Served until Feb. 3, 1936, on which date his successor took office. Albert Strauss New York Oct. 26, 1918 Resigned Mar. 15, 1920. Henry A. Moehlenpah Chicago Nov. 10, 1919 Term expired Aug. 9, 1920. Edmund Piatt New York June 8, 1920 Reappointed in 1928. Resigned Sept. 14, 1930. David C.Wills Cleveland Sept. 29, 1920 Term expired Mar. 4, 1921. John R. Mitchell Minneapolis May 12, 1921 Resigned May 12, 1923. Milo D. Campbell Chicago Mar. 14, 1923 Died Mar. 22, 1923. Daniel R. Crissinger Cleveland May 1, 1923 Resigned Sept. 15, 1927. George R. James St. Louis May 14, 1923 Reappointed in 1931. Served until Feb. 3, 1936, on which date his successor took office. Edward H. Cunningham Chicago .do Died Nov. 28, 1930. Roy A. Young Minneapolis. .Oct. 4, 1927 Resigned Aug. 31, 1930. Eugene Meyer New York... .Sept. 16, 1930 Resigned May 10, 1933. Wayland W. Magee Kansas City. .May 18, 1931 Term expired Jan. 24, 1933. Eugene R. Black Atlanta .May 19, 1933 Resigned Aug. 15, 1934. M. S. Szymczak Chicago .June 14, 1933 Reappointed in 1936 and 1948. Resigned May 31, 1961. J. J. Thomas Kansas City. .do Served until Feb. 10, 1936, on which date his successor took office. Marriner S. Eccles San Francisco Nov. 15, 1934 Reappointed in 1936, 1940, and 1944. Resigned July 14, 1951. Joseph A. Broderick New York Feb. 3, 1936 Resigned Sept. 30, 1937. John K. McKee Cleveland do Served until Apr. 4, 1946, on which date his successor took office. Ronald Ransom Atlanta do Reappointed in 1942. Died Dec. 2, 1947. Ralph W. Morrison Dallas Feb. 10, 1936 Resigned July 9, 1936. Chester C. Davis Richmond June 25, 1936 Reappointed in 1940. Resigned Apr. 15, 1941. Ernest G. Draper New York Mar. 30, 1938 Served until Sept. 1, 1950, on which date his successor took office. Rudolph M. Evans Richmond Mar. 14, 1942 Served until Aug. 13, 1954, on which date his successor took office. James K. Vardaman, Jr St. Louis Apr. 4, 1946 Resigned Nov. 30, 1958. Lawrence Clayton Boston Feb. 14,1947 Died Dec. 4, 1949. Thomas B. McCabe Philadelphia Apr. 15, 1948 Resigned Mar. 31, 1951. For notes see following page. 129 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

APPOINTIVE MEMBERS1—Continued Federal Reserve Date of initial Other dates and information relating Name district oath of office to membership2 Edward L. Norton Atlanta Sept. 1, 1950 Resigned Jan. 31, 1952. Oliver S. Powell Minneapolis do Resigned June 30, 1952. Wm. McC. Martin, Jr New York Apr. 2, 1951 Reappointed for term beginning Feb. 1, 1956. Term expired Jan. 31, 1970. A. L. Mills, Jr San Francisco Feb. 18, 1952 Reappointed in 1958. Resigned Feb. 28, 1965. J. L. Robertson Kansas City.-. do Reappointed for term beginning Feb. 1, 1964. Paul E. Miller Minneapolis Aug. 13, 1954 Died Oct. 21, 1954. C. Canby Balderston Philadelphia Aug. 12, 1954 Served through Feb. 28, 1966. Chas. N. Shepardson .Dallas Mar. 17, 1955 Retired Apr. 30, 1967. G. H. King, Jr Atlanta Mar. 25, 1959 Reappointed in 1960. Resigned Sept. 18, 1963. George W. Mitchell Chicago Aug. 31, 1961 Reappointed for term beginning Feb. 1, 1962. J. Dewey Daane Richmond. .Nov. 29, 1963 Sherman J. Maisel San Francisco Apr. 30, 1965 Andrew F. Brimmer Philadelphia Mar. 9, 1966 William W. Sherrill Dallas May 1, 1967 Reappointed for term beginning Feb. 1, 1968. Arthur F. Burns New York. Jan. 31, 1970 Term began Feb. 1, 1970 CHAIRMEN3 VICE CHAIRMEN3 Charles S. Hamlin Aug. 10, 1914-Aug. 9, 1916. Frederic A. Delano Aug. 10, 1914-Aug. 9, 1916' W. P. G. Harding 10, 1916-Aug. 9, 1922. Paul M. Warburg Aug. 10, 1916-Aug. 9, 1918' Daniel R. Crissinger.. 1, 1923-Sept. 15, 1927. Albert Strauss Oct. 26, 1918-Mar. 15, 1920' Roy A. Young , . . , Oct. 4, 1927-Aug. 31, 1930. Edmund Piatt July 23, 1920-Sept. 14, 1930' Eugene Meyer ... .Sept. 16, 1930-May 10, 1933. J. J. Thomas Aug. 21, 1934-Feb. 10, 1936' Eugene R. Black May 19, 1933-Aug. 15, 1934. Ronald Ransom Aug. 6, 1936-Dec. 2, 1947' Marriner S. Eccles. . . 15, 1934-Jan. 31, 1948. C. Canby Balderston...Mar. 11, 1955-Feb. 28, 1966' Thomas B. McCabe . .... Apr. 15, 1948-Mar. 31, 1951. J. L. Robertson Mar. 1, 1966 Wm. McC. Martin, Jr. 2, 1951-Jan. 31, 1970. Arthur F. Burns Feb. 1, 1970- EX-OFFICIO MEMBERS1 SECRETARIES OF THE TREASURY COMPTROLLERS OF THE CURRENCY W. G. McAdoo Dec. 23, 1913-Dec. 15, 1918. John Skelton Williams.Feb. 2, 1914-Mar. 2, 1921. Carter Glass Dec. 16, 1918-Feb. 1, 1920. Daniel R. Crissinger... Mar. 17, 1921-Apr. 30, 1923. David F. Houston Feb. 2, 1920-Mar. 3,1921. Henry M.Dawes May 1, 1923-Dec. 17, 1924. Andrew W. Mellon Mar. 4, 1921-Feb. 12, 1932. Joseph W. Mcintosh... Dec. 20, 1924-Nov. 20, 1928. Ogden L.Mills Feb. 12, 1932-Mar. 4, 1933. J. W. Pole Nov. 21, 1928-Sept. 20, 1932. William H. Woodin Mar. 4, 1933-Dec. 31, 1933. J. F. T. O'Connor May 11, 1933-Feb. 1, 1936. Henry Morgenthau, Jr Jan. 1, 1934-Feb. 1, 1936. 1 Under the provisions of the original Federal Reserve Act the appointive members; that the Secretary of the Treasury and the Comp- Federal Reserve Board was composed of seven members, including troller of the Currency should continue to serve as members until five appointive members, the Secretary of the Treasury, who was ex- Feb. 1, 1936; that the appointive members in office on the date of that officio chairman of the Board, and the Comptroller of the Currency. Act should continue to serve until Feb. 1,1936, or until their successors The original term of office was 10 years, and the five original ap- were appointed and had qualified; and that thereafter the terms of pointive members had terms of 2, 4, 6, 8, and 10 years, respectively. members should be 14 years and that the designation of Chairman In 1922 the number of appointive members was increased to six, and and Vice Chairman of the Board should be for a term of 4 years. in 1933 the term of office was increased to 12 years. The Banking Act 2 Date after words "Resigned" and "Retired" denotes final day of of 1935, approved Aug. 23, 1935, changed the name of the Federal service. Reserve Board to the Board of Governors of the Federal Reserve 3 Chairman and Vice Chairman were designated Governor and Vice System and provided that the Board should be composed of seven Governor before Aug. 23, 1935. 130 Digitized for FRASER http://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 Committee 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 decisions made at the meeting as well as a resume of the basis for the decisions. The summary descriptions of economic and financial conditions 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 October 7 were published 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; November, pages 879-87; December, pages 928-37; and January 1970, pages 23-34. The record for the meeting held on October 28, 1969, follows: Digitized for FRASER 131 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

132 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 MEETING HELD ON OCTOBER 28, 1969 Authority to effect transactions in System Account. Preliminary estimates of the Commerce Department indicated that expansion in private final sales had slackened further in the third quarter, but that growth in real GNP was sustained at a 2 per cent annual rate by an acceleration of inventory investment. Prices and costs continued to rise rapidly. Some crosscurrents were evident in the recent behavior of monthly economic measures. On the one hand, industrial production declined in September for the second successive month; nonfarm employment did not increase, and the unemployment rate rose to 4.0 from 3.5 per cent in August; and growth in personal income slowed considerably. Retail sales advanced moderately, but after adjustment for price increases, sales remained below the year-earlier level. On the other hand, new orders at manufacturers of durable goods rose sharply in September. The advance was widespread among industries, but was exceptionally large for the machinery and equipment industries. In addition, housing starts increased markedly from an August level that had been revised upward. Average prices of industrial commodities and the over-all index of wholesale prices rose slightly more from mid-August to mid-September than earlier estimates had indicated. During the third quarter as a whole prices of industrial commodities increased more rapidly than in the preceding quarter. However, the rise in the over-all wholesale price index slowed substantially, as prices of farm products and foods declined somewhat following their sharp advance in the second quarter. The consumer price index increased considerably further in September. Staff projections continued to suggest that real GNP would grow more slowly in the fourth quarter than in the third, and that there might be no growth in the first half of 1970. As before, the projections assumed that the income tax surcharge would be reduced to 5 per cent on January 1, 1970, and would remain at that rate through the first half of the year; that the investment tax credit would be repealed; and that social security benefits would be increased by 10 per cent on April 1. It was expected that Federal purchases of goods and services would decline over the interval, mainly because of reduced defense outlays, and that expansion Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 133 of aggregate demands in the private sector would moderate further. It was also expected that the rate of inventory accumulation would slow in the first half of 1970. Prospects were for continued increases in costs, but with demand pressures expected to ease, some moderation in the rate of price advance appeared likely. The U.S. foreign trade surplus increased further in September as exports remained near the high August level and imports declined. The trade balance showed a small surplus in the third quarter as a whole, following the small deficit recorded in the first half of 1969. With respect to the over-all balance of payments, in September the deficit was large on the liquidity basis and even larger on the official settlements basis. On both bases the balance was in deficit for the third quarter as a whole. On October 24 the German Government announced that, effective October 27, the official parity of the mark would be revalued upward by 9.3 per cent—somewhat more than had been generally expected. Before this announcement the exchange rate for the mark, which had been permitted to float since late September, had risen to a premium of about 8 per cent. The appreciation of the mark and its subsequent revaluation led to a partial reversal of the earlier speculative flow of funds into Germany. Also, interest rates in the Euro-dollar market declined considerably further despite some increase in early October in outstanding Euro-dollar borrowings by U.S. banks. During October the Treasury auctioned $5 billion of tax-anticipation bills; on October 8 it auctioned a $2 billion issue due in April 1970, and on October 23 a $3 billion issue due in June 1970. It was expected that the Treasury would raise an additional $2 billion to $2.5 billion of new cash later in the fourth quarter to meet further needs for funds. Since early October interest rates on long-term securities had declined considerably despite a continued heavy calendar of public offerings of new corporate bonds and a marked increase in bond offerings by State and local governments. To a large extent the declines reflected changing expectations among market participants: The publication of certain economic statistics—including the 4 per cent unemployment figure for September—and renewed hopes for peace in Vietnam had led to a growing belief that the pace of the economic expansion would slow in the months ahead and that the pressures in financial markets would moderate. These attitudes subsequently were tempered by new developments, and in Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

134 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 recent days bond yields had retraced part of their earlier declines. Most short-term interest rates also had declined on balance since early October, and Treasury bill rates had been relatively stable despite the Treasury's two large bill offerings. The market rate on 3-month Treasury bills was 6.99 per cent on the day before this meeting of the Committee, compared with 6.94 per cent 3 weeks earlier. System open market operations in the first part of the period since the preceding meeting had been directed at moderating tendencies toward undue tightness in the money market while maintaining the firm conditions that had prevailed earlier. The tendencies toward easing that emerged subsequently were not fully offset, because estimates for October of the bank credit proxy—daily-average member bank deposits— that were prepared shortly after the middle of the month indicated a significantly larger decline than had been projected at the time of the previous meeting. However, the-objectives of operations were modified only marginally, and near the close of the period—when new estimates indicated that the proxy series was not so weak as it had appeared for a time—operations were again directed at maintaining firm conditions. Over the period as a whole the effective rate on Federal funds, while fluctuating in a fairly wide range, averaged slightly more than 9 per cent —little changed from the previous period. Member bank borrowings averaged about $1.1 billion in the 3 weeks ending October 22, about the same as in the preceding 4 weeks, but net borrowed reserves increased somewhat as excess reserves declined. The latest staff estimates suggested that the bank credit proxy was declining on the average in October at an annual rate of 7 to 9 per cent. It appeared that the total outstanding of funds obtained by banks from "nondeposit" sources was increasing; Euro-dollar borrowings of U.S. banks and funds obtained through sales of commercial paper by bank affiliates, taken together, evidently were rising by more than enough to offset further reductions in funds obtained by sales of loans to nonbank customers under repurchase agreements. After adjustment for these developments the proxy series was estimated to be declining on the average in October at an annual rate of 5.5 to 7.5 per cent. In the third quarter as a whole the proxy series so adjusted had declined at an annual rate of 4.3 per cent. The money stock, which had changed little on balance in the third Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RECORD OF POLICY ACTIONS OF FOMC 135 quarter, was now estimated to be rising on the average in October at an annual rate of 1 to 4 per cent. Both U.S. Government deposits and total time and savings deposits were estimated to be declining—the latter slightly faster than in September but much more slowly than in preceding months. Net outflows of large-denomination CD's had diminished markedly in recent weeks, apparently in large part because of an increase in foreign official deposits. There were rather sizable net outflows of consumer-type time and savings funds at banks—and at nonbank thrift institutions as well—following quarterly interest crediting. Stall projections suggested that, if prevailing conditions in money and short-term credit markets were maintained, the average level of member bank deposits would rise from October to November at an annual rate of 5 to 8 per cent but would change little in December. All of the growth anticipated for November reflected an expected rise in U.S. Government deposits, in large part as a result of bank underwriting of the Treasury's bill financing in late October; private demand deposits and the money stock were projected to remain about unchanged on the average in November, and further declines in time and savings deposits appeared to be in prospect. It seemed likely that there would be some further net increase in November in funds obtained from nondeposit sources, primarily through sales of commercial paper by bank affiliates. After adjustment for such an increase, the proxy series was projected to rise at a rate of 6 to 10 per cent from October to November. The Committee agreed that no change in monetary policy would be appropriate at this time. It was noted in the discussion that prices were still rising rapidly and, despite the indications of further slowing in the economic expansion, expectations of continued inflation remained widespread. It was also noted that fiscal policy was likely to become less restrictive in 1970, and some members expressed concern about the possibility that the shift in the stance of fiscal policy might be marked. The Committee concluded that open market operations should be directed at maintaining the prevailing firm conditions in money and short-term credit markets, subject to the proviso that operations should be modified if bank credit appeared to be deviating significantly from current projections. A number of members expressed the view that operations should not be undertaken to resist tendencies toward lower interest rates that might be produced by market forces. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

The following current economic policy directive was issued to the Federal Reserve Bank of New York: The information reviewed at this meeting indicates that the pace of expansion in real economic activity was sustained in the third quarter by an acceleration of inventory investment, which about offset a further slackening in growth of private final sales. Slower overall growth is projected for the fourth quarter, although some crosscurrents have been evident in the recent behavior of monthly economic measures. Prices and costs are continuing to rise at a rapid pace. Most market interest rates have declined considerably on balance from their recent highs, in large part because of changing expectations. In the third quarter, average monthly bank credit declined and the money supply changed little; in October it appears that bank credit is decreasing further on average but that the money supply is growing somewhat. In recent weeks the net contraction of outstanding large-denomination CD's slowed markedly, apparently reflecting mainly an increase in foreign official time deposits, but flows of consumer-type time and savings funds at banks and nonbank thrift institutions appear to have remained relatively weak. The U.S. foreign trade surplus increased further in September, but the deficit in the over-all balance of payments was still large on the liquidity basis and even larger on the official settlements basis. The appreciation of the German mark since the end of September, culminating in the revaluation of the official parity, has led to a partial reversal of speculative flows, and conditions in the Euro-dollar market have eased. 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 pressures, with a view to encouraging sustainable economic growth and attaining reasonable equilibrium in the country's balance of payments. To implement this policy, System open market operations until the next meeting of the Committee shall be conducted with a view to maintaining the prevailing firm conditions in money and shortterm credit markets; provided, however, that operations shall be modified if bank credit appears to be deviating significantly from current projections. Votes for this action: Messrs. Martin, Hayes, Bopp, Brimmer, Clay, Coldwell, Daane, Maisel, Mitchell, Robertson, Scanlon, and Sherrill. Votes against this action: None. 136 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Law Department Statutes, regulations, interpretations, and decisions STATE TAXATION OF NATIONAL BANKS "(1) Sales taxes and use taxes complementary thereto upon purchases, sales, and use within such An Act of Congress approved December 24, jurisdiction. 1969 (Public Law 91-156), expands the authority "(2) Taxes on real property or on the occuof States to tax national banks. Effective January pancy of real property located within such juris- 1, 1972, a national bank will, for the purposes of diction. any State tax law, be treated as a bank organized "(3) Taxes (including documentary stamp under the law of the State within which its principal taxes) on the execution, delivery, or recordation of office is located. The Board is required to study the documents within such jurisdiction. probable consequences of the provision that will "(4) Taxes on tangible personal property (not become effective January 1, 1972, and to report the including cash or currency) located within such results of its study to the Congress by December jurisdiction. 31, 1970. "(5) License, registration, transfer, excise, or The text of the Act is as follows: other fees or taxes imposed on the ownership, use, or transfer of tangible personal property located AN ACT within such jurisdiction. To clarify the liability of national banks for cer- "(c) No sales tax or use tax complementary tain taxes. thereto shall be imposed pursuant to this paragraph Be it enacted by the Senate and House of Rep- 5 upon purchases, sales, and use within the taxing resentatives of the United States of America in jurisdiction of tangible personal property which is Congress assembled, the subject matter of a written contract of purchase § 1. Temporary amendment of section 5219, Re- entered into by a national bank prior to September vised Statutes 1, 1969. (a) Section 5219 of the Revised Statutes (12 "(d) As used in this paragraph 5, the term U.S.C. 548) is amended by adding at the end 'State' means any of the several States of the thereof the following: United States, the District of Columbia, the Com- "5. (a) In addition to the other methods of monwealth of Puerto Rico, the Virgin Islands, and taxation authorized by the foregoing provisions of Guam." this section and subject to the limitations and re- (b) The amendment made by subsection (a) of strictions specifically set forth in such provisions, a this section shall be effective from the date of en- State or political subdivision thereof may impose actment of this Act until the effective date of the any tax which is imposed generally on a nondis- amendment made by section 2(a) of this Act. criminatory basis throughout the jurisdiction of § 2. Permanent amendment of section 5219, Resuch State or political subdivision (other than a tax vised Statutes on intangible personal property) on a national (a) Section 5219 of the Revised Statutes (12 bank having its principal office within such State in U.S.C. 548) is amended to read: the same manner and to the same extent as such "SEC. 5219. For the purposes of any tax law entax is imposed on a bank organized and existing acted under authority of the United States or any under the laws of such State. State, a national bank shall be treated as a bank "(b) Except as otherwise herein provided, the organized and existing under the laws of the State legislature of each State may impose, and may or other jurisdiction within which its prinicpal office authorize any political subdivision thereof to imis located." pose, the following taxes on a national bank not (b) The amendment made by subsection (a) having its principal office located within the jurisbecomes effective on January 1, 1972. diction of such State, if such taxes are imposed generally throughout such jurisdiction on a nondis- § 3. Saving provision criminatory basis: (a) Except as provided in subsection (b) of Digitized for FRASER 137 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

138 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 this section, prior to January 1, 1972, no tax may "Interest on Deposits," to change the maximum be imposed on any class of banks by or under rates of interest a member bank may pay on deauthority of any State legislation in effect prior to posits. Specifically, the changes (1) raise from the enactment of this Act unless 4 to 4V2 per cent the maximum rate of interest a (1) the tax was imposed on that class of banks member bank may pay on savings deposits, (2) prior to the enactment of this Act, or raise (i) from 5 to 5Vi the maximum rate on (2) the imposition of the tax is authorized by single maturity time deposits of less than $100,000 affirmative action of the State legislature after the with maturity of 1 year but less than 2 years and enactment of this Act. (ii) from 5 to 53A the maximum rate on such (b) The prohibition of subsection (a) of this deposits with a maturity of two years or more, and section does not apply to (3) raise (i) from 61A to IV2 per cent the maxi- (1) any sales tax or use tax complementary mum rate of interest on a single maturity time thereto, deposit of $100,000 or more with maturity of 1 (2) any tax (including a documentary stamp year and (ii) raise by 3A per cent the maximum tax) on the execution, delivery, or recordation of rate of interest on such a deposit with maturities documents, or less than 1 year (30-59 days from 5Vi to 6V4; (3) any tax on tangible personal property (not 60-89 days from 53A to 6V2; 90-179 days from including cash or currency), or for any license, 6 to 63A, and 180 days to 1 year from 6V4 to 7). registration, transfer, excise or other fee or tax The text of the amended Supplement reads as imposed on the ownership, use or transfer of tan- follows: gible personal property, imposed by a State which does not impose a tax, SUPPLEMENT TO REGULATION Q or an increased rate of tax, in lieu thereof. Effective January 21, 1970 § 4. Study by Board of Governors of the Federal Reserve System SECTION 217.7—MAXIMUM RATES OF (a) The Board of Governors of the Federal Re- INTEREST PAYABLE BY MEMBER BANKS serve System (hereinafter referred to as the ON TIME AND SAVINGS DEPOSITS "Board") shall make a study to determine the Pursuant to the provisions of section 19 of the probable impact on the banking systems and other Federal Reserve Act and § 217.3, the Board of economic effects of the changes in existing law to Governors of the Federal Reserve System hereby be made by section 2 of this Act governing income prescribes the following maximum rates1 of intaxes, intangible property taxes, so-called doing terest per annum payable by member banks of the business taxes, and any other similar taxes which Federal Reserve System on time and savings deare or may be imposed on banks. In conducting posits : the study the Board shall consult with the Secretary (a) Single maturity time deposits. of the Treasury and appropriate State banking (1) Deposits of $100,000 or more. No memand taxing authorities. ber bank shall pay interest on any single maturity (b) The Board shall make a report of the results time deposit of $100,000 or more at a rate in exof its study to the Congress not later than Decemcess of the applicable rate under the following ber 31, 1970. The report shall include the Board's schedule: recommendations as to what additional Federal legislation, if any, may be needed to reconcile the Maturity Maximum per cent promotion of the economic efficiency of the bank- 30-59 days 614 ing systems of the Nation with the achievement of 60-89 days 6V2 effectiveness and local autonomy in meeting the 90-179 days 63A fiscal needs of the States and their political sub- 180 days or more but less divisions. than 1 year 7 1 year or more IV2 INTEREST ON DEPOSITS 1 The limitations on rates of interest payable by member MAXIMUM RATES OF INTEREST banks of the Federal Reserve System on time and savings PAYABLE ON DEPOSITS deposits, as prescribed herein, are not applicable to any deposit which is payable only at an office of a member bank The Board of Governors, effective January 21, located outside the States of the United States and the Dis- 1970, amended the Supplement to Regulation Q, trict of Columbia. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 139 (2) Deposits of less than $100,000. No mem- ordinarily performed in the United States by govber bank shall pay interest on any single maturity ernmental entities, (2) an international entity of time deposit of less than $100,000 at a rate in which the United States is a member, or (3) any excess of the applicable rate under the following other foreign, international, or supranational entity schedule: specifically designated by the Board as exempt from Maturity Maximum per cent § 217.7. All certificates of deposit issued by member banks to such entities on which the contract 30 days or more but less rate of interest exceeds the maximum prescribed than 1 year 5 under § 217.7 shall provide that (1) in the event 1 year or more but less of transfer, the date of transfer, attested to in writthan 2 years 5Vi 2 years or more 53A ing by the transferor, shall appear on the certificate, and (2) the maximum rate limitations of § 217.7 (b) Multiple maturity time deposits. in effect at the date of issuance of the certificate (1) Deposits payable at intervals of at least shall apply to the certificate for any period during 90 days. No member bank shall pay interest at a which it is held by a person other than an entity rate in excess of 5 per cent on a multiple maturity exempt therefrom under the foregoing sentence.6 time deposit that is payable only 90 days or more Upon the presentment of such a certificate for payafter the date of deposit, or 90 days or more after ment, the bank may pay the holder the contract the last preceding date on which it might have rate of interest on the deposit for the time that the been paid. certificate was actually owned by an entity so (2) Deposits payable at intervals of less than exempt. 90 days. No member bank shall pay interest at a rate in excess of 4 l/i per cent on a multiple matu- INTERPRETATION OF REGULATION Q rity time deposit that is payable less than 90 days after the date of deposit, or less than 90 days (but FOREIGN, INTERNATIONAL, AND at least 30 days) after the last preceding date on SUPRANATIONAL ENTITIES EXEMPT which it might have been paid. FROM INTEREST RATE LIMITATIONS (c) Savings deposits. No member bank shall pay interest at a rate in excess of AVi per cent on any savings deposit. Pursuant to § 217.3(g)(3), the following entities are hereby designated as exempt from § FOREIGN TIME DEPOSITS 217.7: The Board of Governors, effective January 16, Europe 1970, amended section 217.3(g) of Regulation Q in order to make clear that only foreign national Bank for International Settlements governments and agencies thereof with national European Atomic Energy Community jurisdiction are exempt from interest rate limita- European Coal and Steel Community tions. The text of the amendment reads as follows: The European Communities European Development Fund AMENDMENT TO REGULATION Q European Economic Community European Free Trade Association Effective January 16, 1970, section 217.3(g) is European Fund amended to read as follows: European Investment Bank (g) Time deposits of foreign governmental entities and international organizations. Section 217.7 Latin America does not apply to the rate of interest that may be Andean Development Corporation paid by a member bank on a time deposit having a Andean Subregional Group maturity of two years or less and representing Caribbean Development Bank funds deposited and owned by (1) a foreign national government, or an agency or instrumentality 6 A new certificate not maturing prior to the maturity date thereof5a engaged principally in activities which are of the original certificate may be issued by the member bank to the transferee, in which event the original must be retained by the bank. The new certificate may not provide 5a Other than States, provinces, municipalities or other for interest after the date of transfer at a rate in excess of regional or local governmental units, or agencies or instru- the applicable maximum rate authorized by § 217.7 as of the mentalities thereof. date of issuance of the original certificate. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

140 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 Caribbean Free Trade Association Section 19 of the Federal Reserve Act provides Caribbean Regional Development Agency that the limitations prescribed therein on rates of Central American Bank for Economic Integration interest paid on deposits are not applicable to de- The Central American Institute for Industrial Re- posits of a member bank "payable only at an office search and Technology thereof located outside of the States of the United Central American Monetary Stabilization Fund States and the District of Columbia" (12 U.S.C. East Caribbean Common Market 371a). The Board ruled in 1918 that the require- Latin American Free Trade Association ments of section 19 as to reserves to be carried by Organization for Central American States member banks also do not apply to foreign Permanent Secretariat of the Central American branches (1918 Federal Reserve BULLETIN 1123). General Treaty of Economic Integration In the Board's judgment, the applicability of River Plate Basin Commission these exemptions from Regulation Q and Regulation D is limited to deposits in foreign branches as Africa to which the depositor is entitled, under his agree- African Development Bank ment with the bank, to demand payment only out- Banque Centrale des Etats de l'Afrique de l'Ouest side the United States, regardless of special circum- Banque Centrale des Etats de l'Afrique Equa- stances. Said exemptions are intended principally to torial et du Cameroun enable foreign branches of U.S. banks to compete Conseil de l'Entente on a more nearly equal basis with other banks in East African Community foreign countries in accordance with the laws and Organisation Commune Africaine et Malagache regulations of those countries. A customer who Organization of African Unity makes a deposit that is payable solely at a foreign Union des Etats de l'Afrique Centrale branch assumes whatever risk may exist that the Union Douaniere et Economique de l'Afrique foreign country might impose restrictions on with- Centrale drawals. When payment of a deposit in a foreign Union Douaniere des Etats de l'Afrique de branch is guaranteed by a promise of payment at a l'Ouest banking office in the United States if not paid at the foreign office, the depositor no longer assumes Asia such risk, but enjoys substantially the same rights Asia and Pacific Council as if the deposit had been made in a U.S. office Association of Southeast Asian Nations of the bank. To assure the effectiveness of Regu- Bank of Taiwan lations D and Q and to prevent evasions thereof, the Korea Exchange Bank Board considers that such guaranteed foreign-branch deposits must be subject to those regulations. Middle East Accordingly, a deposit in a foreign branch of a Central Treaty Organization member bank that is guaranteed by a domestic Regional Cooperation for Development office is subject to the interest rate limitations and reserve percentages of Regulations Q and D the same as if the deposit had been made in the domestic office. INTERPRETATION OF REGULATIONS D AND Q This interpretation is not designed in any respect DEPOSITS IN FOREIGN BRANCHES to prevent the head office of a U.S. bank from GUARANTEED BY DOMESTIC OFFICE repaying borrowings from, making advances to, or OF MEMBER BANK supplying capital funds to its foreign branches. In accepting deposits at branches abroad, some RULES REGARDING DELEGATION OF member banks are reported to have entered into AUTHORITY agreements from time to time with depositors that in effect guarantee payment of such deposits in The Board of Governors, effective February 3, the United States if the foreign branch is pre- 1970, amended several of its Rules Regarding cluded from making payment. The question has Delegation of Authority mainly to expand the auarisen whether such deposits are subject to Parts thority of delegees to take action on behalf of the 204 and 217 (Regulations D and Q), and this Board in certain areas. The text of the amendinterpretation is intended as a clarification. ments reads as follows: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 141 AMENDMENT his absence, the Acting General Counsel) is authorized : Effective February 3, 1970, the Board's Rules Regarding Delegation of Authority are amended as follows: (4) Under the provisions of section 4(c)(8) of 1. Section 265.1a(a) and (b) is amended to the Bank Holding Company Act (12 U.S.C. 1843 read: (c) (8)) and § 222.4(a) of this chapter (Regulation Y), to issue an order for a hearing to be conducted for the purpose of determining whether SECTION 265.1a—SPECIFIC FUNCTIONS a company engaged in activities of a financial, DELEGATED TO BOARD MEMBERS fiduciary, or insurance nature falls within the ex- Any Board member designated by the Chairman emption described therein permitting retention or is authorized under sections 25 and 25(a) of the acquisition of control thereof by a bank holding Federal Reserve Act and Parts 211 and 213 of this company. chapter (Regulations K and M): * Sfj sfj * • (a) To approve the establishment, directly or indirectly, of a foreign branch or agency by a (c) The Director of the Division of Supervimember bank or corporation organized under sec- sion and Regulation (or, in his absence, the Acting tion 25(a) (an "Edge" corporation) or operating Director) is authorized: under an agreement with the Board pursuant to sjc sfc sjs sfc sjc section 25 (an "Agreement" corporation) which has already established, or has been authorized to (10) To exercise the functions described in subestablish, branches in two or more foreign coun- paragraph (4) of paragraph (f) of this section in tries. cases in which the conditions specified therein as (b) To grant specific consent to stock acquisi- prerequisites to exercise of such functions by the tions, either directly or indirectly, by a member Federal Reserve Banks are not present or in which, bank or an Edge or Agreement corporation (and even though such conditions are present, the apto approve such acquisitions which may exceed the propriate Federal Reserve Bank considers that limitations in section 25(a) based on such a cor- nevertheless it should not take action on the memporation's capital and surplus) not resulting in the ber bank's request, and to exercise the functions acquisition, either directly or indirectly, by such described in subparagraphs (1), (2), and (7) of bank or corporation of effective control of any paragraph (f) of this section in cases in which the foreign company (other than a company performappropriate Federal Reserve Bank considers that ing nominee, fiduciary, or other banking services it should not take action to approve the member incidental to the activities of a foreign branch bank's request. or affiliate of such bank or corporation). :{; sj: ^s % (14) Under the provisions of the seventh para- 2. Section 265.2 is amended by (i) adding para- graph of section 25 of the Federal Reserve Act graphs (b)(4), (c)(14), (15), and (16), (f)(18), (12 U.S.C. 602), to require submission of a report and (g), and (ii) revising paragraphs (a), (c) of condition respecting any foreign bank in which (10), (d)(3), and (f)(1), (2), and (7), as set a member bank holds stock acquired under the forth below: provisions of § 213.4 of this chapter (Regulation M). (15) Under the twelfth paragraph of section 13 SECTION 265.2—SPECIFIC FUNCTIONS of the Federal Reserve Act (39 Stat. 754) and DELEGATED TO BOARD EMPLOYEES AND § 203.2 of this chapter (Regulation C), to permit FEDERAL RESERVE BANKS. any member bank to accept drafts or bills of ex- (a) The Secretary of the Board (or, in his ab- change drawn upon it for the purpose of fursence, the Acting Secretary) is authorized, under nishing dollar exchange. the provisions of part 261 of this chapter, to make (16) Under the provisions of section 4(b) of available, upon request, information in the records the Federal Deposit Insurance Act (12 U.S.C. of the Board. 1814(b)), to certify to the Federal Deposit In- (b) The General Counsel of the Board (or, in surance Corporation that, with respect to the ad- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

142 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 mission of a State-chartered bank to Federal Re- (iv) the competitive situation (either actual or serve membership, the factors specified in section potential); 6 of that Act (12 U.S.C. 1816) were considered. (v) the prospects for profitable operations of the proposed branch within a reasonable time, and the ability of the bank to sustain the operational (d) The Director of the Division of Federal losses of the proposed branch until it becomes Reserve Bank Operations (or, in his absence, the profitable; and Acting Director) is authorized: (vi) the reasonableness of bank's investment in bank premises after the expenditure for the proposed branch. (3) Under the provisions of section 19(b) of (2) Under the provisions of the sixth parathe Federal Reserve Act (12 U.S.C. 461) and graph of section 9 of the Federal Reserve Act § 204.2(a)(2) of this chapter (Regulation D), to (12 U.S.C. 324) and the provisions of section 5199 permit a member bank in a reserve city to main- of the Revised Statutes (12 U.S.C. 60), to permit tain reserves at the ratios prescribed for banks not a State member bank to declare dividends in exin reserve cities, provided such bank holds demand cess of net profits for the calendar year combined deposits of not more more than $25 million, or, with the retained net profits of the preceding two demand deposits less than the amount of demand years, less any required transfers to surplus or a deposits of the largest bank in the city that is per- fund for the retirement of any preferred stock, if mitted to maintain reserves at such lower ratio, the Reserve Bank is satisfied that approval is warwhichever is larger, giving consideration to fac- ranted after giving consideration to: tors such as the amount of the bank's resources, (i) the bank's capitalization in relation to the total deposits, demand deposits, demand deposits character and condition of its assets and to its deowing to banks, types of depositors and borrowers, posit liabilities and other corporate responsibilities, turnover of demand deposits, geographical location including the volume of its risk assets and of its within the city, and competitive position with rela- marginal and inferior quality assets, all considered tion to other banks in the city. in relation to the strength of its management; and :jc H5 * • (ii) the bank's capitalization after payment of the proposed dividened. (f) Each Federal Reserve Bank is authorized, as to member banks or other indicated organizations headquartered in its district: (7) Under the provisions of section 24A of the Federal Reserve Act (12 U.S.C. 371d), to permit (1) Under the provisions of the third paragraph a State member bank to invest in bank premises in of section 9 of the Federal Reserve Act (12 U.S.C. an amount in excess of its capital stock, if the Re- 321), section 5155 of the Revised Statutes (12 serve Bank is satisfied that approval is warranted U.S.C. 36), and § 208.8 of this chapter (Regulaafter giving consideration to: tion H), to approve the establishment by a State (i) the bank's capitalization in relation to the member bank of a domestic branch if the proposed character and condition of its assets and to its debranch has been approved by the appropriate State posit liabilities and other corporate responsibilities, authority and if the Reserve Bank is satisfied that including the volume of its risk assets and of its approval is warranted after giving consideration to: marginal and inferior quality assets, all considered (i) the bank's capitalization in relation to the in relation to the strength of its management; and character and condition of its assets and to its deprovided that posit liabilities and other corporate responsibilities, (ii) upon completion of the proposed investincluding the volume of its risk assets and of its ment, the bank's aggregate investment (direct and marginal and inferior quality assets, all considered indirect) in bank premises plus the indebtedness of in relation to the strength of its management; any wholly-owned bank premises subsidiary will not (ii) the ability of bank's management to cope exceed 40 per cent of its total capital funds (includsuccessfully with existing or foreseeable problems, ing capital notes and debentures) plus reserves other and to staff the proposed branch without any sigthan valuation reserves. nificant deterioration in the overall management situation; Hs ifc ^ * (iii) the convenience and needs of the com- (18) Under the provisions of the second paramunity; graph of section 25(a) of the Federal Reserve Act Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 143 (12 U.S.C. 612) and § 211.3 of this chapter (Reg- date shall not be considered a refinancing under ulation K), to approve amendments to the Articles § 226.8(j), and no disclosures need be made in of Association of any "Edge Act" corporation to connection with such renewal, provided: reflect the following: (i) any increase in the capital (1) All disclosures required under this Part stock of such corporation where all additional were made in connection with the original extenshares are to be acquired by existing shareholders; sion of credit or a prior renewal thereof; (ii) any change in the location of the home office (2) The amount of the renewal does not exceed of such corporation within the city where such cor- the amount of the unpaid balance plus any accrued poration is presently located; and (iii) any change and unpaid finance charge; in the number of members of the Board of Direc- (3) The annual percentage rate (or rates) pretors of such corporation. viously disclosed is not increased; and (g) The Director of the Division of Interna- (4) The period for which renewal is made does tional Finance (or, in his absence, the Acting Di- not exceed by more than 4 days the period of the rector) is authorized, under the provisions of the extension of credit for which disclosures were sixth paragraph of section 14 of the Federal Re- made. serve Act (12 U.S.C. 358) to approve the estab- In instances in which disclosures are required to lishment of foreign accounts with the Federal Re- be made and renewal is made by mail, the creditor serve Bank of New York. may not know whether the customer will reduce his obligation by a payment on principal or, if re- TRUTH IN LENDING duced, the amount of that reduction. The question arises as to what disclosures should be made by INTERPRETATIONS OF REGULATION Z mail to the customer in these circumstances. The Board of Governors has revised certain of its If the creditor knows the amount of the princiinterpretations of Regulation Z to read as follows: pal payment, all disclosures should be made on the basis of the resulting new amount financed. If, PREMIUMS FOR VENDOR'S SINGLE however, the creditor does not know whether the INTEREST INSURANCE REQUIRED customer will reduce his original obligation, or BY CREDITOR if so, by how much, he should disclose on the assumption that there will be no reduction. In such The question arises whether charges or premiums circumstances, at the creditor's option, he may make for single interest insurance (Vendor's Single Inone or more additional disclosures based on one terest Insurance) written in connection with a or more examples of graduated principal reduccredit transaction may be excluded from the finance tion. For example, if a single payment note for charge under § 226.4(a) (6) if the insurer waives $1,000 at 7% is proposed to be renewed for $1,000 subrogation. at 8% for 3 months, in addition to the other re- If the insurer waives all right of subrogation quired disclosures, the creditor should disclose an against the customer in a single interest policy of amount financed of $1,000 with a finance charge insurance against loss of or damage to property of $20, and may, in addition, disclose that with a (which may include coverage for skip, concealprincipal payment of $300 the amount financed ment, conversion, and embezzlement) written in would be $700 with a finance charge of $14, and connection with a credit transaction, and the crediwith a principal payment of $500 the amount tor complies with the requirements of § 226.4(a) financed would be $500 with a finance charge of (6), charges or premiums for such insurance may $10. be excluded from the amount of the finance charge NOTE.—For earlier interpretation, see August 1969 BULLEon that transaction. However, if the insurer does TIN, page 660. not so waive subrogation in such policy of insurance, the charges or premiums shall be included in the finance charge. REFINANCING AND INCREASING- NOTE.—For earlier interpretation, see August 1969 DISCLOSURES AND EFFECTS ON THE BULLETIN, page 659. RIGHT OF RESCISSION In some cases the creditor of an obligation will RENEWALS OF NOTES refinance that obligation at the request of a cus- Any renewal of an extension of credit providing tomer by permitting the customer to execute a for payment of the full principal sum on a specified new note, contract, or other document evidencing Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

144 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 the transaction under the terms of which one or DISCLOSURES ON MULTIPLE ADVANCE more of the original credit terms, including the LOANS maturity date of the obligation, are changed. Except as provided in § 226.8ll,1 such refinancing In connection with construction and other mulconstitutes a new transaction, and all disclosures tiple advance loans under § 226.8 (i), which are required under § 226.8 must be made. The ques- payable in a single sum or permanently financed by tion arises as to whether that transaction is subject the same creditor at maturity of the construction to the right of rescission under § 226.9 where the phase with interest only payable up to such maobligation is already secured by a security interest turity, and in which either the amount or date of in real property which is used or expected to be an advance is not determinable, the question arises used as the principal residence of that customer. whether a method might be utilized to estimate the If the amount of such new transaction does not information to be disclosed under § 226.8(b)(2) exceed the amount of the unpaid balance plus any and (3) and (d)(3). accrued and unpaid finance charge on the existing In such cases, at the creditor's option, required obligation, §226.9 does not apply to the transaction. information may be estimated and disclosed as If, however, such new transaction is for an in- follows: creased amount, that is, for an amount in excess of (1) The following mathematical equations based the amount of the unpaid balance plus any accrued upon assumed continuous advances may be utilized and unpaid finance charge on the existing obliga- in estimating the amount of the interest component tion, § 226.9 applies to the transaction. However, of the finance charge and the annual percentage such right of rescission applies only to such excess rate by substituting the appropriate numerical and does not affect the existing obligation (or amounts for the following symbols in the equarelated security interest) for the unpaid balance tions: plus accrued unpaid finance charge. (i) Symbols: If a transaction is refinanced by a creditor other L == Amount of loan commitment. than the creditor of the existing obligation, the enr = Stated annual interest rate expressed as a tire transaction is subject to § 226.9. decimal figure. NOTE.—For earlier interpretation, see July 1969 BULLE- n = Number of interest payments to be made TIN, page 610. to maturity. The Board of Governors has added the follow- m = Number of interest periods (unit-periing interpretations of Regulation Z: ods) in 1 year. P = Total amount of any prepaid finance CREDIT FOR BUSINESS OR COMMERCIAL charge under § 226.8(e). PURPOSES—MORE THAN 4-FAMILY B = Amount of any required deposit balance UNITS under § 226.8(e). (ii) If interest is computed from the date of each Under § 226.3(a), extensions of credit for busi- advance on only the amounts advanced: ness or commercial purposes, other than agricul- nrL + 2mP Estimated annual percentage rate = tural purposes, are not subject to Regulation Z. n(L 2P - 2B) The question arises as to whether an extension nrL Estimated interest finance charge = of credit relating to a dwelling (as defined in 2m § 226.2(p)) which contains more than 4-family (iii) If interest is computed on the full amount housing units is an extension of credit for business of the commitment without regard for the dates of or commercial purposes. disbursements or actual amounts disbursed: Credit extended to an owner of a dwelling con- 2nrL + 2mP Estimated annual percentage rate = taining more than 4-family housing units for the n (L-2P — 2B) purpose of acquiring, financing, refinancing, im- nrL Estimated interest finance charge = proving, or maintaining that dwelling is an exten- m sion of credit for business or commercial purposes. (2) If the equations under subdivision (ii) of subparagraph (1) are utilized, the amounts of any xThe language in italics was inserted to conform this required interest payments during the construction interpretation to interpretation § 226.811, as amended. phase may be omitted in making the disclosures re- [Section 226.811 is entitled "Renewals of Notes" and is printed on page 143 of this BULLETIN.] quired under § 226.8(b) (3); however, if the equa- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 145 tions under subdivision (iii) of subparagraph (1) (2 X 9 X .06 X 20,000)+ (2 X 12 X 200) _ are utilized, then the amount of each scheduled in- 9 X [(20,000 - (2 X 200)] ~ terest payment shall be disclosed as required under .1497 or 14.97% or 15% estimated annual per- § 226.8(b)(3). centage rate. (3) In the case of a combination construction 9 X .06 X 20,000 __ 900 or $900 estimated inloan and permanent financing provided by the same 12 terest finance charge comcreditor: ponent of the finance (i) The amount of interest finance charge to be charge. This interest would paid prior to the due date of the first amortization be payable in 9 monthly payment shall be estimated as prescribed under subpayments of $100 each. divisions (ii) or (iii) of subparagraph (1) as the case may be and shall be treated as prepaid finance Example II charge for computational purposes; and A $20,000 construction loan followed by perma- (ii) Estimation of the annual percentage rate nent financing in same amount. Six per cent inshall be made without regard to the number of in- terest. One point loan fee. Nine months to maturity terest only payments to be made, assuming the first of construction phase. Nine monthly payments of payment period to be that interval between the date interest only during construction phase. Twentythe finance charge begins to accrue and the date the year maturity on permanent financing to be amorfirst amortization payment is due. tized in 240 equal monthly payments including in- 4. Disclosures made in accordance with this in- terest and principal. terpretation, when made along with the other dis- From mortgage amortization tables: closures required under § 226.8(b) and (d), shall Amortization of a $20,000 6% 20-year loan in constitute "all other material disclosures required 240 equal monthly payments including interest under this Part" referred to under § 226.9(a): and principal requires each monthly payment to be $143.29. Example I Total of 240 payments = 240 X A $20,000 construction loan commitment on $143.29 = $34,389.60 which the precise dates or amounts of advances are Subtract amount of loan principal $20,000.00 not determinable. The obligation bears a stated 6% interest rate and interest is to be paid monthly on Interest finance charge on permathe amounts advanced, and the total of the amounts nent financing $14,389.60 advanced under the commitment plus any unpaid Add: Estimated interest finance interest is due and payable at the end of nine charge on construction months from the date the finance charge begins to phase (pursuant to subaccrue. There is a loan fee of 1 % ($200), but there division (ii)) 450.00 is no required deposit balance. Substituting these Add: Loan fee 1 point 200.00 terms for the symbols, the equations become: (9 X -06 X 20,000)-)-(2 X 12 X 200) Estimated finance charge $15,039.60 9 X [(20,000 - (2 X 200)] = (If the interest on the construction phase is com- .0884 or 8.84% or S3A% puted on the full amount of the commitment for the estimated annual percentage rate. full time to maturity without regard for the dates of disbursements or actual amounts disbursed pursu- 9 X -06 X 20,000 _ 450 or $450 estimated inant to subdivision (iii), the estimated interest 2 x 12 terest finance charge comfinance charge for the construction phase would be ponent of the finance $900.00 which would result in a total estimated charge. finance charge of $15,489.60.) If the terms stated in the example were changed Loan fee 1 point prepaid finance so that interest would be computed on the full charge $ 200.00 amount of the commitment from the date the For computational purposes confinance charge begins to accrue without regard for sider interest to be paid on conthe dates of disbursements or actual amounts of struction phase as prepaid (not to funds disbursed, the equations under (iii) above be disclosed as prepaid). $ 450.00 become: Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

146 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 Total amount treated as prepaid the commitment without regard for the dates of finance charge for computational advances or actual amounts advanced, the estimated purposes $ 650.00 finance charge per $100 of amount financed is $81.96. On page 309M of Volume I, read down to Computational Disclosure the 249th payment line and across to $82.39 which Purposes Purposes is the nearest amount to $81.96, and read up to Amount of loan $20,000 $20,000 6.50% which is the estimated annual percentage Deduct total of esti- rate to be disclosed. mated finance charge treated as prepaid $ 650 PREMIUMS FOR INSURANCE ADDED TO Deduct actual amount AN EXISTING BALANCE of prepaid finance Subsequent to the consummation of a consumer charge $ 200 credit transaction the customer may wish to pur- Estimated amount fichase optional insurance in connection with the nanced for computaobligation. Typically, mortgage life and disability tional purposes $19,350 insurance may be offered to the customer at some date after consummation under a plan in which the Amount financed to be disclosed $19,800 lender will advance the amount of the premium due and add that amount to the existing unpaid Adjust first payment period (period of construc- balance of the obligation. Generally, each instaltion loan plus period from maturity date of con- ment on the original obligation paid during the struction loan to due date of first amortization pay- period before the next premium is due will be inment) by dividing the period of the construction creased proportionately to liquidate the amount of loan by 2 and adding the period of time between the additional advance plus any finance charge. the maturity date of the construction loan and the Additional advances are made automatically for date the first amortization payment is due. renewal premiums as they become due unless the 9 months divided by 2 = AVi months plus 1 borrower requests discontinuance of the coverage. month = 5V2 months The question arises as to the required disclosures. From Appendix A (Page A2) of Volume I of In such cases the insurance agreement may be the Board's Annual Percentage Rate Tables, read considered a single separate transaction, and the across to 5 months and on the line below opposite disclosures required under § 226.8, at the creditor's 15 days (V2 month) read + 9.0. This adjustment option, need be made only prior to the time the should be added to the number of regular amorti- agreement is executed and only with respect to the zation payments to determine the number of pay- amount of the initial advance. For example, a mortments in utilizing the Annual Percentage Rate gage life and disability insurance plan in which the Tables: annual premium advanced was $145 repayable in 240 monthly payments + adjustment 9.0 = 249 12 monthly instalments of $12.61 added to the Following the directions on Page 1 of Volume I: regular monthly mortgage payments would be dis- Estimated finance charge $15,039.60 X 100 = closed as an "amount financed" of $145, a "finance $1,503,960 which should be divided by the esti- charge" of $6.32, and a "total of payments" of $151.32. Additional disclosures as applicable under mated amount financed for computational pur- § 226.8 would, of course, be made. If, as in some poses: cases, only a portion of the advance is liquidated $1,503,960 — 19,350 = $77.72 estimated fi- during the premium period with the remainder paynance charge per $100 of estimated amount fi- able at the end of the mortgage contract, the credinanced for computational purposes. tor would likewise calculate the amount of finance Refer to page 309M of Volume I, read down charge which would accrue on the advance until number of payments column to 249; read across to paid in full. 78.71 (which is nearest to $77.72 computed In some cases the advance is secured by a secuabove), and read up to 6.25% which is the esti- rity interest in real property which is used or exmated annual percentage rate to be disclosed. pected to be used as the principal residence of the In the example where the interest on the con- customer. In those cases the premium advance struction phase is computed on the full amount of agreement is rescindable under § 226.9, and notice Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 147 of the right of rescission provided in § 226.9(b) obligation is payable on demand after the stated need only be given at the time the agreement is period together with the fact that disclosures are executed. Subsequent advances for renewal pre- made on the basis of the specified amortization miums are not subject to the right of rescission. schedule. Otherwise, disclosures shall be based upon the earliest date demand for payment in full may be made under the terms of the mortgage showing DISCLOSURE FOR DEMAND LOANS the unpaid balance due at that time as a "balloon Section 226.8(b)(3) requires a creditor to dis- payment." close the number, amount and due dates or periods The disclosure requirements of this interpretation of payments scheduled to repay an extension of shall become effective May 1, 1970. credit other than open end and, in appropriate cases, the total of payments. The question arises as ORDERS UNDER BANK MERGER ACT to how these requirements should be met in the case of demand loans. THE PEOPLES-LIBERTY BANK AND Section 226.4(g) provides that for the purpose TRUST COMPANY of calculating the finance charge and annual percentage rate, demand loans are considered to have In the matter of the application of The Peoplesa one-half year maturity unless the obligation is Liberty Bank and Trust Company for approval of alternatively payable upon a stated maturity, in merger with Bank of Independence. which case the stated maturity shall be used. In order to comply with the requirements of ORDER APPROVING MERGER OF BANKS § 266.8(b)(3), if no alternative maturity date is specified, the creditor need disclose only the due There has come before the Board of Governors, dates or periods of payments of all scheduled in- pursuant to the Bank Merger Act (12 U.S.C. terest payments for the first one-half year. In such 1828(c)), an application by The Peoples-Liberty cases, the creditor need not disclose the number, Bank and Trust Company, Covington, Kentucky, a amounts or total of payments or identify any bal- State member bank of the Federal Reserve Sysloon payment. Effective May 1, 1970, creditors tem, for the Board's prior approval of the merger shall disclose the fact that the obligation is payable of that bank and Bank of Independence, Independon demand. ence, Kentucky, under the charter and name of The If an alternative maturity date is specified, all Peoples-Liberty Bank and Trust Company. As an disclosures required under § 226.8(b)(3) shall be incident to the merger, the two offices of Bank of made, using that date. Independence would become branches of the resulting bank. Notice of the proposed merger, in form approved by the Board, has been published pursu- MORTGAGES WITH DEMAND FEATURES ant to said Act. In some cases real estate mortgages are written Upon consideration of all relevant material in the for a stated period, for example one year, with the light of the factors set forth in said Act, including provision that they shall be payable on demand after reports furnished by the Comptroller of the Curexpiration of that period, provided that until such rency, the Federal Deposit Insurance Corporation, demand is made the principal and interest shall be and the Attorney General on the competitive facpaid in scheduled periodic instalments until paid in tors involved in the proposed merger, full. The obligation is thus payable according to a IT IS HEREBY ORDERED, for the reasons set forth specified amortization schedule subject to the holdin the Board's Statement of this date, that said aper's right to demand payment after the stated plication be and hereby is approved, provided that period. said merger shall not be consummated (a) before The question arises whether the creditor may the thirtieth calendar day following the date of this make disclosures based on the specified amortiza- Order or (b) later than three months after the date tion schedule or whether disclosures must be made of this Order unless such period is extended for on the basis of the maturity established by the exgood cause by the Board or by the Federal Reserve piration of the stated period. Bank of Cleveland pursuant to delegated authority. In such cases the creditor may make disclosures based on the specified amortization schedule, pro- Dated at Washington, D.C. this 13th day of lanvided he discloses clearly and conspicuously that the uary 1970. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

148 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 By order of the Board of Governors. Under Kentucky law, a bank may establish de novo branches only within the county in which its Voting for this action: Governors Robertson, Mitchell, Daane, Maisel, and Brimmer. Absent and not head office is located, except that it may not estabvoting: Chairman Martin and Governor Sherrill. lish a branch in a community where another bank (Signed) KENNETH A. KENYON, has its main office. An application by Peoples Bank Deputy Secretary. to establish a branch in a shopping center not far from Independence and Taylor Mill was approved [SEAL] by the Kentucky Commissioner of Banks who, however, has advised that such approval will be STATEMENT withdrawn if the proposed merger is consummated. The Peoples-Liberty Bank and Trust Company, It is understood that an application for a branch at Covington, Kentucky ("Peoples Bank"), with total that location has now been made by The Covington deposits of $36.7 million, has applied pursuant to Trust and Banking Company, Covington, Kentucky the Bank Merger Act (12 U.S.C. 1828(c)), for the (deposits about $15.8 million). Board's prior approval of the merger of that bank In terms of deposits, Peoples Bank is the largest with the Bank of Independence, Independence, of the 23 banks located in the three northern Ken- Kentucky ("Other Bank"), which has deposits of tucky counties of Kenton, Boone and Campbell. $5.2 million.1 The banks would merge under the Consummation of the proposal would increase Peocharter and name of Peoples Bank, which is a mem- ples Bank's share of the total deposits of these banks ber of the Federal Reserve System. As an incident from about 18 per cent to 21 per cent. Important to the merger, the two offices of Other Bank would competition in the northern Kentucky area, howbecome branches of Peoples Bank, increasing the ever, would continue to be provided by The First number of its offices to six. National Bank and Trust Company of Covington Competition. All of the offices of both of the (deposits about $28 million), and by two nearby banks are in Kenton County, Kentucky (population banks in the area of Campbell County contiguous of about 127,000), a part of the Cincinnati, Ohio, to Kenton County, i.e., the Fort Thomas-Bellevue Metropolitan area. Covington, the location of Peo- Bank, Fort Thomas, and The Newport National ples Bank's head office and two branches, has a Bank, Newport, with deposits, respectively, of population of about 60,000 and is situated directly about $23 million and $22.5 million. across the Ohio River from Cincinnati. The bank's The three northern Kentucky counties are within other branch is southwest of Covington in Elsmere, the Cincinnati metropolitan area. Cincinnati has been near the boundary between Kenton and Boone a predominating influence with respect to the three Counties. counties, due not only to its proximity but to its Independence, the location of Other Bank's main labor opportunities. Approximately 60 per cent of office, has a population of about 500 and is situated the employable work force in the northern Kenabout \1V2 miles south of Covington. The bank's tucky area is said to commute to Cincinnati. only branch is at Taylor Mill, a community 3 miles Definite inter-action occurs between banks in Cinnortheast of Independence. cinnati and banks in the three northern Kentucky The nearest offices of peoples Bank and Other counties, and the Cincinnati banks provide im- Bank are about seven miles apart. There is no over- portant competition to the banks headquartered in lap of the Independence-Taylor Mill area served by the counties. Including the five Cincinnati banks Other Bank and the Kentucky area served by Peo- having deposits ranging from $78 million to $582 ples Bank, which constitutes a corridor across million with the 23 banks located within the three northern Kenton County extending eastward into northern Kentucky counties, the bank resulting Campbell County and into Boone County on the from the proposed merger would have only about west. Between the nearest offices of Peoples Bank 2 per cent of the total deposits held by the 28 and Other Bank are offices of other banks, includ- institutions. Thus, while the proposal, if consuming two branches of The First National Bank of mated, would result in some further concentration Covington, which is second in size to Peoples Bank of resources in the largest northern Kentucky bank, in the three-county area. There is little, if any, when viewed realistically in the light of the relationdirect competition existing between Peoples Bank ship of that area to Cincinnati, it would have no and Other Bank. more than a slightly adverse effect on competition. Financial and managerial resources and pros- 1 Figures are as of June 30, 1969. pects. The banking factors with respect to each of Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 149 the banks proposing to merge are satisfactory, as tion, and the Attorney General on the competitive they would be with respect to the resulting bank. factors involved in the proposed merger, Convenience and needs of the communities. The IT IS HEREBY ORDERED, for the reasons set forth effect of the merger on banking convenience and in the Board's Statement of this date, that said needs would be limited to the area south of Coving- application be and hereby is approved, provided ton served by Other Bank, which has been operated that said merger shall not be consummated (a) unaggressively as a small, rural bank. With the com- before the thirtieth calendar day following the date pletion of Interstate Route 75 southward from of this Order or (b) later than three months after the Covington area, and the scheduled construction the date of this Order unless such period is exof a Cincinnati beltway which would bisect the tended for good cause by the Board or by the area served by Other Bank, it is anticipated that Federal Reserve Bank of Cleveland pursuant to there will be substantially increased development in delegated authority. the area and need for banking services beyond the Dated at Washington, D.C. this 16th day of ability of Other Bank. The entry of Peoples Bank January, 1970. into the area would aid materially in this expected By order of the Board of Governors. growth and, in the meantime, would provide bank- Voting for this action: Governors Robertson, Miting services not presently available at offices of chell, Daane, Maisel and Sherrill. Absent and not vot- Other Bank. ing: Chairman Martin and Governor Brimmer. Summary and conclusions. The proposed merger (Signed) KENNETH A. KENYON, would benefit the present and expected banking Deputy Secretary. needs and convenience in the area served by Other Bank. In the Board's judgment, these benefits would [SEAL] offset the slightly adverse effect of the proposal on banking competition. STATEMENT Accordingly, the Board concludes that the appli- The Savings & Trust Company of Indiana, Incation should be approved. diana, Pennsylvania ("Indiana Bank"), with total deposits of about $30 million, has applied, pur- THE SAVINGS AND TRUST COMPANY suant to the Bank Merger Act (12 U.S.C. 1828 OF INDIANA (c)), for the Board's prior approval of the merger of that bank with Farmers' & Miners' Trust Com- In the matter of the application of the Savings pany, Punxsutawney, Pennsylvania ("Punxsutaw- & Trust Company of Indiana for approval of merney Bank"), which has total deposits of about $20 ger with Farmers' & Miners' Trust Company. million.1 The banks would merge under the charter and name of Indiana Bank, which is a member of ORDER APPROVING MERGER OF BANKS the Federal Reserve System. As an incident thereto, There has come before the Board of Governors, the sole office of Punxsutawney Bank would bepursuant to the Bank Merger Act (12 U.S.C. 1828 come a branch of Indiana Bank, increasing the (c)), an application by The Savings & Trust Com- number of its offices to four. pany of Indiana, Indiana, Pennsylvania, a State Competition. Indiana Bank has its main office member bank of the Federal Reserve System, for and a suburban branch in Indiana. It also operates a the Board's prior approval of the merger of that branch in Saltsburg, 21 miles southwest of Indiana. bank and Farmers' & Miners' Trust Company, Indiana Bank's main office is 28 miles south of Punxsutawney, Pennsylvania, under the charter and Punxsutawney Bank and is its nearest office to name of The Savings & Trust Company of Indiana. Punxsutawney Bank. As an incident to the merger, the office of Farmers' The areas served by the two banks do not over- & Miners' Trust Company would become a branch lap, and there is no meaningful competition beof the resulting bank. Notice of the proposed mer- tween them. Approximately 1 per cent of Indiana ger, in form approved by the Board, has been pub- Bank's deposits of individuals, partnerships, and lished pursuant to said Act. corporations ("IPC deposits") and about 1 per cent Upon consideration of all relevant material in of its loans originate in the area served by Punxsuthe light of the factors set forth in said Act, includ- tawney Bank, and about 2 per cent of Punxsutawing reports furnished by the Comptroller of the Currency, the Federal Deposit Insurance Corpora- 1 Figures are as of June 30, 1969. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

150 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 ney Bank's IPC deposits and 3 per cent of its loans furnish needed depth to management which would originate in the area served by Indiana Bank. Penn- also benefit the community. Considerations under sylvania laws permit banks to branch de novo in this factor lend some support to approval of the their home counties and in contiguous counties. application. Consequently, there is some potential for the devel- Summary and conclusion. In the judgment of the opment of increased competition between the pro- Board, the benefits of the proposed merger to the ponent banks. This would be eliminated by the banking convenience and needs of the areas served merger. However, it does not appear likely that by Punxsutawney Bank would offset the slightly de novo offices would be established in the foresee- adverse effect on banking competition. able future because of the present sufficiency of Accordingly, the Board concludes that the applibanking offices in the areas in relation to the num- cation should be approved. ber of industries and inhabitants of the respective communities. PEOPLES TRUST OF NEW JERSEY Punxsutawney Bank's main competitor is a considerably larger bank headquartered in Punxsutaw- In the matter of the application of Peoples Trust ney that controls an additional $7 million in deof New Jersey for approval of merger with Fort posits. There are five banks located at a distance of Lee Trust Company. six miles or more which also compete but to a lesser extent. Punxsutawney Banks holds approxi- ORDER APPROVING MERGER OF BANKS mately 17 per cent of the total deposits for the area it serves. There has come before the Board of Governors, Two banks in addition to Indiana Bank are head- pursuant to the Bank Merger Act (12 U.S.C. 1828 quartered in Indiana. Their total deposits are ap- (c)), an application by Peoples Trust of New Jerproximately $23 million and $28 million, respec- sey, Hackensack, New Jersey, a State member bank tively. A bank located six miles south operates a of the Federal Reserve System, for the Board's branch in Indiana with total deposits of about $ 15 prior approval of the merger of that bank and million. Indiana Bank competes with eight other Fort Lee Trust Company, Fort Lee, New Jersey, banks in the area and holds approximately 19 per under the charter and name of Peoples Trust of cent of the area's total deposits. New Jersey. As an incident to the merger, the two Within the combined areas served by the pro- offices of Fort Lee Trust Company would become ponent banks, Punxsutawney Bank is seventh larg- branches of the resulting bank. Notice of the proest, controls 5.8 per cent of the deposits and 3.4 posed merger, in form approved by the Board, has per cent of the loans, and Indiana Bank ranks third been published pursuant to said Act. with 8.7 per cent of the deposits and 10 per cent of Upon consideration of all relevant material in the the loans. If the proposed merger were consum- light of the factors set forth in said Act, including mated, the resulting bank would be the second larg- reports furnished by the Comptroller of the Curest bank in the combined areas now served by the rency, the Federal Deposit Insurance Corporation, two banks. and the Attorney General on the competitive fac- The effect of the merger on competition would tors involved in the proposed merger, be slightly adverse. IT IS HEREBY ORDERED, for the reasons set forth Financial and managerial resources and pros- in the Board's Statement of this date, that said appects. The banking factors with respect to Indiana plication be and hereby is approved, provided that Bank and Punxsutawney Bank are satisfactory, and said merger shall not be consummated (a) before this would be true also with respect to the resulting the thirtieth calendar day following the date of this bank. Order or (b) later than three months after the Convenience and needs of the communities. The date of this Order unless such period is extended replacement of Punxsutawney Bank by an office of for good cause by the Board or by the Federal Indiana Bank would result in an improvement in Reserve Bank of New York pursuant to delegated the quality of banking services available in the authority. Punxsutawney area and thereby increase competi- Dated at Washington, D.C. this 19th day of tion. The conveniences of the public would be January 1970. served through the broader banking services which By order of the Board of Governors. would be available at the Punxsutawney office of Voting for this action: Chairman Martin and Govthe resulting bank. In addition, the proposal would ernors Mitchell, Maisel, Brimmer, and Sherrill. Voting Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 151 against this action: Governor Robertson. Absent and Fort Lee Bank, for example, has only three trust not voting: Governor Daane. accounts and its lending, particularly consumer (Signed) KENNETH A. KENYON, lending, is confined generally to depositors; further, Deputy Secretary. although the bank is located in an important residential area, nearly 15 per cent of its loan portfolio [SEAL] is made up of loans to brokers, and only 2 per cent consists of instalment loans. It is also noteworthy, STATEMENT in assessing the competitive effects of the proposed Peoples Trust of New Jersey, Hackensack, New merger, that about three-fourths of the working Jersey ("Peoples Trust"), with total deposits of population of Fort Lee commutes to New York $497 million, has applied, pursuant to the Bank City and thus has many convenient banking options. Merger Act (12 U.S.C. 1828(c)), for the Board's Peoples Trust, the largest of 25 commercial prior approval of the merger of that bank with Fort banks operating in Bergen County, holds 27.4 per Lee Trust Company, Fort Lee, New Jersey ("Fort cent of the commercial bank deposits in the county; Lee Bank"), which has deposits of $31 million.1 the five largest banks in the county hold 69.8 per The banks would merge under the charter and name cent of the deposits. Fort Lee Bank, with 1.7 per of Peoples Trust, which is a member of the Fed- cent of the county's commercial bank deposits, eral Reserve System. As an incident to the merger, ranks tenth in this respect. The concentration of the two offices of Fort Lee Bank would become banking resources in Bergen County is somewhat banches of Peoples Trust, increasing the number of high, but the significance of this factor is reduced its offices to 23. markedly, in the Board's judgment, by a recent Competition. With the exception of two recently change in New Jersey law. opened branches of Peoples Trust (in Essex and Until July 17, 1969, a bank in New Jersey Morris Counties), all offices of Peoples Trust and could establish de novo branches in the munici- Fort Lee Bank are in Bergen County (population pality in which it was headquartered; in the case 914,000). Peoples Trust operates its head office and of any other municipality in the county in which it four of its 20 branches in Hackensack (population was headquartered, a bank could not establish a de 36,000), about five miles northwest of Fort Lee novo branch if the head office or a branch office of (population 33,000), the site of Fort Lee Bank's another bank was located there. The establishment head office and sole branch. Peoples Trust has one of out-of-county branches was prohibited. New branch within 2.3 miles, and four other branches Jersey law now permits a bank to establish a de within 4 miles, of Fort Lee. The only other banking novo branch in the banking district in which it is office in the community is the sole office of First headquartered, subject, however, to a home-office- National Bank in Fort Lee (deposits, $29 million); protection feature for all municipalities and to a an application for a State charter for a new bank branch-office-protection feature for municipalities to be headquartered in Fort Lee is pending. with populations under 7,500; intra-district mergers Peoples Trust is precluded by the home-office- are also permissible. protection feature of State law from establishing a Bergen County, together with Passaic County de novo branch in Fort Lee, an impediment that and five other counties, comprise New Jersey's appears likely to remain for some time. The bank First Banking District. There are seven banks in does, however, derive some business from the com- Passaic County and more than 50 banks in the munity; its total loans and deposits derived from other counties making up the First Banking Dis- Fort Lee equal 8.8 per cent and 7.8 per cent, re- trict, exclusive of Bergen County; many of these spectively, of the total loans and deposits of Fort banks are large and aggressive enough to be con- Lee Bank and the First National Bank in Fort Lee sidered as potential entrants into Bergen County combined. The proposed merger would, therefore, through the establishment of de novo branches. eliminate competition between Peoples Trust and Indeed, on the date the new branch banking law Fort Lee Bank. The success of People Trust in became effective, three out-of-county banks' appligenerating business in Fort Lee must be attributed cations for the establishment of four de novo in no small part, however, to the lack of com- branches in Bergen County were approved, and six petitive effort by Fort Lee Bank and its failure to such applications from three other banks were provide a reasonable range of banking services. pending. Bergen County and Passaic County comprise the 1 Figures are as of December 31, 1968. Paterson-Clifton-Passaic Standard Metropolitan Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

152 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 Statistical Area ("Paterson SMSA"). In view of the Federal Reserve Bank of New York, and the their economic nexus, and in light of the above- New Jersey Commissioner of Banking have endescribed changes in New Jersey law regulating deavored to impress upon the directors of Fort Lee branch banking, it is concluded that these two Bank the necessity for resolving the bank's probcounties form the most realistic market for gauging lems. The Board concludes that, because of the the competitive effects of the merger of Peoples dissension surrounding Fort Lee Bank, it is ex- Trust and Fort Lee Banks. Peoples Trust, with 16.6 tremely unlikely that a capable chief executive per cent of the deposits, is the largest of 32 com- officer could be hired and retained; further, if the mercial banks in the Paterson SMSA;_ Fort Lee merger proposal were disapproved stockholder dis- Bank holds about 1 per cent of the deposits in sension,3 and revival of the litigation mentioned the area and ranks sixteenth in size. The five larg- above, would make meaningful merger negotiations est banks in the Paterson SMSA hold 61 per cent with the other banks virtually impossible.4 of the area's total commercial bank deposits. Convenience and needs of the community. The The effect of the merger of Peoples Trust and effect of the merger on banking convenience and Fort Lee Bank on competition would be adverse, needs would be limited to the area served by Fort but not substantially adverse. The proposed trans- Lee Bank. action should not be approved, therefore, unless As noted earlier, Fort Lee Bank does not prothere are potential benefits for the public interest vide a reasonable range of banking services. It is that at least counter-balance the adverse competitive understood that this shortcoming is one reason that effect. See 34 Fed. Reg. 11414 (July 10, 1969); prompted a local group to apply for a State charter 12 C.F.R. § 250.182. to establish a new bank in the community. Financial and managerial resources and pros- The replacement of Fort Lee Bank by offices of pects. The banking factors with respect to Peoples Peoples Trust would provide a convenient source of Trust are generally satisfactory, except the bank's full banking services for the Fort Lee community. capital needs to be strengthened. Peoples Trust is The weight that can properly be accorded this confully capaple of increasing its capital and, it is ex- sideration is limited, however, by the fact that full pected, will do so in the near future. Thus, the banking services are presently available without banking factors with respect to Peoples Trust fol- undue inconvenience at banking offices near the lowing its proposed merger with Fort Lee Bank community, including some that are operated by would be satisfactory. Peoples Trust. The banking factors as they relate to Fort Lee The failure of Fort Lee Bank to provide a Bank are reasonably satisfactory, except the bank reasonable range of banking services can be attribhas a serious management succession problem, the uted, at least in part, to the dissension of its stockresolution of which is made exceedingly difficult by holders, which has resulted in a management probwrangling among the stockholders. Fort Lee Bank lem for the bank that spans several years. It would has been plagued for several years by stockholder benefit the community if this problem were redissension, which has resulted in proxy fights and solved. litigation concerning various matters.2 The attend- Summary and conclusion. The effect of the merant publicity has been harmful for the bank. In ger of Peoples Trust and Fort Lee Bank on comparticular, the strife from which the bank has petition would be adverse. It is the judgment of the suffered has made the hiring and retention of able Board, however, that the adverse effect on competimanagement personnel very difficult. Since January tion would be offset by the effect of the transaction 1964 Fort Lee Bank has had four chief executive officers. The incumbent president took the post on 3 The Board understands that there was considerable difficulty in obtaining stockholder approval of the proposed a temporary basis in 1966 and has done a creditable merger with Peoples Trust. Ten stockholders own or conjob in trying circumstances; however, he is 72 trol 52 per cent of Fort Lee Bank's outstanding stock. It is years of age and has stated that if the proposed understood that a small number of individuals in this group who own or control about 21 per cent of the bank's merger is not approved he will resign. stock and who voted in favor of the merger with Peoples During the last several years the Board, through Trust now would not vote to support any merger of Fort Lee Bank. Ownership of the bank's remaining shares (48 per cent) is scattered among more than 180 stockholders. 2 Proceedings in one such lawsuit have been stayed pend- State law requires that a merger agreement be approved ing the outcome of the Board's action on the application by the stockholders of each bank holding at least twoto merge Fort Lee into Peoples Trust. It is understood thirds of the capital stock entitled to vote. that the parties have agreed that the suit will be dis- 4 The New Jersey Commissioner of Banking reached missed if the application is approved. essentially the same conclusion. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 153 in resolving the management problem of Fort Lee to be the case, there are, as the majority acknowl- Bank, a problem the Board regards as serious, in edges, a number of other banks with which it might the light of the history of dissension among the merge with little or no adverse effect on competibank's stockholders, and one which cannot be tion. readily resolved except through merger. There are In my view, it is not justifiable under the Bank a number of banks in New Jersey's First Banking Merger Act to approve an anticompetitive merger District with which Fort Lee Bank might merge of financially sound banks simply because the sharewith little or no adverse effect on competition. The holders of one of the banks are at loggerheads (for Board believes, however, that the prospects for whatever reason), or even because the shareholders agreement on such a merger in the near future are and directors have failed to provide for successor poor. management. Indeed, the approval of an anticom- Accordingly, the Board concludes that the appli- petitive merger on such grounds establishes a precation should be approved. cedent which, if not overturned, will seriously frustrate realization of the purposes of the Bank Merger Act. DISSENTING STATEMENT OF GOVERNOR ROBERTSON In essence, the majority's decision in this case I am not persuaded that the merger of Peoples stands for the proposition that bank shareholders, Trust and Fort Lee Bank will not have a "sub- by failing to provide for successor management, stantially adverse" effect on competition, within the will thereupon be permitted to sell a financially meaning of section 7 of the Clayton Act.1 How- sound bank on terms most advantageous to their ever, in my judgment there are no potential benefits personal interests, provided they contend that they for the public interest that offset even the "adverse" are unwilling to take any other course of action. effect on competition that my colleagues acknowl- The highest bidder, of course, is likely to be a large edge the transaction will have. bank and one that stands to gain considerably in The majority's rationale for approving the mer- terms of market leverage.3 Put another way, the ger is that, because of stockholder dissension, there majority's decision in this case rewards, and thereappears to be no feasible solution to the manage- fore encourages, shareholder intransigence (whether ment succession problem of Fort Lee Bank other real or professed) of a sort that is conducive to than merger with Peoples Trust. The majority's bank mergers that are most incompatible with the reasoning is bottomed on the assumption that stock- purposes of the Bank Merger Act. holders of Fort Lee Bank who own or control more In sum, I find nothing in the record before me than one-third of the bank's shares would be so that supports a conclusion that benefits for the pubirrational as to block the merger of the bank with lic are likely to flow from the merger of Fort Lee an institution other than Peoples Trust in the face Bank and Peoples Trust, a transaction that, adof a management succession problem that, if not mittedly, will be anticompetitive. Rather, I conresolved, might adversely affect the bank's earnings clude, for the reasons heretofore set out, that the and, perhaps, jeopardize the stockholders' invest- public interest intended by Congress to be protected ment in the bank. In my view, such an assumption by the Bank Merger Act will be harmed, and the is not only unwarranted,2 it is irrelevant. efficacy of the Act itself put in jeopardy. There is Fort Lee Bank is in sound financial condition. ample evidence, to be sure, that the shareholders of Its earnings are good. It is located in a very desir- the two banks will benefit, particularly those of Fort able area. I find it difficult to believe that its man- Lee Bank, who will garner a handsome profit. But agement succession problem cannot be resolved that, of course, is not the test under the law. except through merger; but even if this were found Accordingly, I would deny the application. 1 See, e.g., United States v. Von's Grocery Co., 384 U.S. THE UNION BANK AND SAVINGS 270 (1966); United States v. Pabst Brewing Co., 384 U.S. COMPANY 546 (1966). 2 In point of fact, stockholders owning 29,113 shares of In the matter of the application of The Union Fort Lee Bank's 32,000 shares outstanding voted in favor Bank and Savings Company for approval of acquisiof the merger with Peoples Trust; holders of 1,984 shares voted against the proposal and owners of 903 shares did tion of assets of The Farmers and Citizens Banking not vote. The three stockholders who voted in favor of the Company. merger but who would not, it is claimed, henceforth vote in favor of any merger, own or control, 6,720 shares of 3 Indeed, Peoples Trust is one of Fort Lee Bank's near- Fort Lee Bank stock. A merger by the bank requires the est competitors and the largest bank in both Bergen County approval of the holders of 21,334 shares. and the Paterson SMSA. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

154 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 ORDER APPROVING ACQUISITION OF BANK'S Merger Act (12 U.S.C. 1828(c)), for the Board's ASSETS prior approval of its acquisition of assets and assumption of deposit liabilities of The Farmers and There has come before the Board of Governors, Citizens Banking Company, Monroeville, Ohio pursuant to the Bank Merger Act (12 U.S.C. 1828 ("Farmers Bank"), which has total deposits of (c)), an application by The Union Bank and $5.4 million.1 As an incident to the transaction, Savings Company, Bellevue, Ohio, a State member the sole office of Farmers Bank would become a bank of the Federal Reserve System, for the branch of Union Bank, increasing the number of Board's prior approval of its acquisition of assets its offices to three. and assumption of deposit liabilities of The Far- Competition. The head office and only branch of mers and Citizens Banking Company, Monroeville, Union Bank are in Bellevue (population 9,400), Ohio, and, as an incident thereto, The Union Bank which is about 65 miles west of Cleveland. Belleand Savings Company has applied, under section 9 vue has more than 40 industrial concerns, which of the Federal Reserve Act (12 U.S.C. 321), for have a total of about 2,500 employees. The surthe Board's prior approval of the establishment by rounding area is devoted to agriculture. There is that bank of a branch at the location of the sole one other bank in the community, The First Naoffice of The Farmers and Citizens Banking Comtional Bank of Bellevue (deposits $16.7 million). pany. Notice of the proposed acquisition of assets There is also a bank (deposits $9.4 million) in and assumption of deposit liabilities, in form ap- Clyde (population 5,000), about seven miles west proved by the Board, has been published pursuant of Bellevue. to said Act. The sole office of Farmers Bank is in Monroe- Upon consideration of all relevant material in ville (population 1,400), about nine miles east of the light of the factors set forth in said Act, includ- Bellevue. There is some business activity in Moning reports furnished by the Comptroller of the roeville, but agriculture provides the principal eco- Currency, the Federal Deposit Insurance Corporanomic support for the area served by Farmers tion, and the Attorney General on the competitive Bank. Monroeville is five miles west of Norwalk factors involved in the proposed transaction, (population 13,000), the seat of government for IT IS HEREBY ORDERED, for the reasons set forth Huron County. There are two banks in Norwalk, in the Board's Statement of this date, that said the Huron County Banking Company (deposits $29 application be and hereby is approved, provided million) and The Citizens National Bank of Northat said acquisition of assets and assumption of walk (deposits $16 million). These banks are the deposit liabilities and establishment of the branch major competitors of Farmers Bank. shall not be consummated (a) before the thirtieth Union Bank and Farmers Bank draw the precalendar day following the date of this Order or ponderance of their business from different areas, (b) later than three months after the date of this but there is some competition between them. Union Order unless such period is extended for good cause Bank derives 6.2 per cent of its loans and 2.9 per by the Board or by the Federal Reserve Bank of cent of its deposits from the area served by Far- Cleveland pursuant to delegated authority. mers Bank. Farmers Bank derives 3.8 per cent of Dated at Washington, D.C., this 19th day of its loans and 4.2 per cent of its deposits from the January 1970. area served by Union Bank. The business derived By order of the Board of Governors. by Union Bank from the service area of Farmers Voting for this action: Chairman Martin and Gov- Bank, particularly loan business, is attributal in part ernors Mitchell, Maisel, Brimmer, and Sherrill. Voting to its larger size and lending limit. Although against this action: Governor Robertson. Absent and Ohio law permits county-wide de novo branching, not voting: Governor Daane. the potential for greater competition between the (Signed) KENNETH A. KENYON, two banks is limited by the small size of Farmers Deputy Secretary. Bank and of the community it serves. [SEAL] Six banks operate 12 offices in the combined service areas of Union Bank and Farmers Bank. Union Bank, with 21 per cent of the deposits, ranks STATEMENT second in size among these banks; Farmers Bank, The Union Bank and Savings Company, Belle- with about six per cent of the deposits, is the vue, Ohio ("Union Bank"), with total deposits of $19.9 million, has applied, pursuant to the Bank 1 Figures are as of June 30, 1969. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 155 smallest. The largest bank in the area holds about creased by the amalgamation of Union Bank and 30 per cent of the deposits. Union Bank, with 16 Farmers Bank. Union Bank, with 16 per cent of the per cent of the deposits, ranks third in size among deposits, ranks third among the eight banks that the eight banks that operate in Huron County;2 operate in Huron County. The three largest banks Farmers Bank, with 4.4 per cent of the deposits, hold over 57 per cent of the total deposits in the is the smallest bank in the county. Following the county. Following its acquisition of Farmers Bank, acquisition of Farmers Bank, Union Bank would Union Bank, with 20.4 per cent of the deposits, be the second largest bank in the county in terms will be the second largest bank operating in Huron of deposits; the largest bank in the county holds County; the three largest banks then will hold over 23.7 per cent of the deposits and the bank presently 61 per cent of the total deposits in the county. ranking second holds 17.4 per cent of the deposits. In my judgment, the effect of the acquisition of The proposed transaction would have a slightly Farmers Bank by Union Bank on competition adverse effect on competition. cannot realistically be characterized as only "slightly Financial and managerial resources and pros- adverse". The transaction is, in my view, clearly pects. The banking factors with respect to each of anticompetitive. Further, I regard the elimination the banks proposing to merge are reasonably satis- of Farmers Bank as an alternative source of bankfactory, as they would be with respect to the result- ing services as totally unnecessary and as a detriing bank. ment to the banking convenience and needs of the Convenience and needs of the community. It Monroeville community. The residents of the Monappears that the banking needs of the Monroe- roeville area already have easy access to the offices ville community are being adequately met and of Union Bank; in addition, Union Bank could without undue inconvenience. As was indicated establish de novo branches in or near Norwalk, earlier, Monroeville is only five miles from Nor- which would afford added convenience for the resiwalk, which is the site of two banks, both of which dents of Monroeville. I see no benefits for the are significantly larger than Farmers Bank. How- public that will flow from the transaction to offset ever, the replacement of Farmers Bank by an office the anticompetitive consequences. of Union Bank would make a wider range of bank- I would deny the application. ing services more conveniently available to the Monroeville community. LONG ISLAND TRUST COMPANY Summary and conclusion. In the judgment of the Board, the proposed transaction would have only a In the matter of the application of Long Island slightly adverse effect on competition, which would Trust Company for approval of merger with Bank be offset by the benefit to the banking convenience of West bury Trust Company. of the Monroeville community. Accordingly, the Board concludes that the appli- ORDER DENYING APPLICATION FOR APPROVAL OF cation should be approved. MERGER OF BANKS There has come before the Board of Governors, DISSENTING STATEMENT OF GOVERNOR ROBERTSON pursuant to the Bank Merger Act (12 U.S.C. 1828 Union Bank and Farmers Bank are only nine (c)), an application by Long Island Trust Commiles apart; the communities they serve are linked pany, Garden City, New York, a State member by a good road and there are no banking offices in bank of the Federal Reserve System, for the the intervening area. The banks are direct com- Board's prior approval of the merger into that bank petitors, with each deriving a significant portion of Bank of Westbury Trust Company, Westbury, of its business from the service area of the other. New York, under the charter and title of Long Moreover, there is potential for increased com- Island Trust Company. Notice of the proposed petition between the two banks, particularly since merger, in form approved by the Board, has been Union Bank could establish de novo branches in or published pursuant to said Act. near Norwalk, and thus near Monroeville. Upon consideration of all relevant material in The already high concentration of banking re- the light of the factors set forth in said Act, includsources in Huron County will be substantially in- ing reports furnished by the Comptroller of the Currency, the Federal Deposit Insurance Corpora- 2 Union Bank could also establish branches in Sandusky tion, and the Attorney General on the competitive County because a portion the community in which it is headquartered lies in that county. factors involved in the proposed merger, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

156 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 IT IS HEREBY ORDERED, for the reasons set forth The main offices of Long Island Trust and Westin the Board's Statement of this date, that said bury Bank are 3.5 miles apart; their nearest offices application be and hereby is denied. are only 1.1 miles apart. The main office of Long Dated at Washington, D.C., this 30th day of Island Trust and three of its branches, and all four January 1970. offices of Westbury Bank, are within about a 5- By order of the Board of Governors. mile radius of Westbury, in central Nassau County. Westbury Bank derives the bulk of its business Voting for this action: Chairman Martin and Governors Robertson, Mitchell, Daane, Maisel, and Brim- from central Nassau County, and Long Island mer. Absent and not voting: Governor Sherrill. Trust derives a significant volume of its business (Signed) KENNETH A. KENYON, from the same area. Deputy Secretary. Long Island Trust, with 23.5 per cent of area [SEAL] deposits, ranks second in this respect among the 11 banks that operate 40 offices in central Nassau STATEMENT County; following the acquisition of Westbury Long Island Trust Company, Garden City, New Bank, Long Island Trust would rank first in de- York ("Long Island Trust"), with total deposits posits, holding more than 30 per cent of the area's of $237 million, has applied, pursuant to the Bank total. Merger Act (12 U.S.C. 1828(c)), for the Board's The merger would remove home-office-protecprior approval of the merger of that bank with tion from Westbury and open the community to Bank of Westbury Trust Company, Westbury, New de novo branching; at the same time, it would York ("Westbury Bank"), which has total de- eliminate meaningful competition between Long posits of $37.5 million.1 The banks would merge Island Trust and Westbury Bank, and enhance the under the charter and name of Long Island Trust, already significant position of Long Island Trust which is a member of the Federal Reserve System. in central Nassau County. As an incident to the merger, the four offices of The effect of the proposed merger on competi- Westbury Bank would become branches of Long tion would be adverse. Island Trust, increasing the number of its offices Financial and managerial resources and prosto 24. pects. The banking factors with respect to Long Competition. Both banks are headquartered in Island Trust and Westbury Bank are reasonably Nassau County, which forms a part of the New satisfactory, as they would be with respect to the York metropolitan area. About 50 per cent of the resulting bank. working residents of the county commute to work Convenience and needs of the community. It in New York City. There are 54 banks in the does not appear that there is any important need metropolitan area, but the 11 largest of these hold for banking services in the Westbury community nearly 93 per cent of the deposits. Long Island that is not now being met with reasonable con- Trust, with .3 per cent of area deposits, ranks nine- venience by Westbury Bank, Long Island Trust and teenth in this respect; following the acquisition of other banking offices in central Nassau County, a number of which are branches of large banks that Westbury Bank, Long Island Trust would hold less are based in New York City. Further, the proposed than .4 per cent of the deposits, but would rank merger would eliminate Westbury Bank as a conseventeenth among area banks. venient alternative source of banking services. The Long Island Trust operates its head office and transaction would have the advantage of opening three of its 12 Nassau County branches in Garden Westbury to de novo branching by outside banks, City (population 25,000); the bank also operates but that could be accomplished through acquisition seven branches in Suffolk County. Westbury Bank's of Westbury Bank by an institution not now commain office and two of its branches are in Westbury peting in central Nassau County. Village (population 15,000); the bank also operates a branch in Williston Park, 3.5 miles west of its Summary and conclusion. In the judgment of the head office. Long Island Trust and Westbury Bank Board, the merger of Long Island Trust and Westhold 7.4 per cent and 1.4 per cent, respectively, bury Bank would have an adverse effect on comof the deposits held by all commercial banking petition, without offsetting benefits under the conoffices in Nassau County. venience and needs factor. Accordingly, the Board concludes that the appli- 1 Figures are as of June 30, 1969. cation should be denied. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 157 ORDERS UNDER SECTION 3 OF BANK By order of the Board of Governors. HOLDING COMPANY ACT Voting for this action: Vice Chairman Robertson BARNETT BANKS OF FLORIDA, INC., and Governors Mitchell, Daane, Maisel, and Sherrill. Absent and not voting: Chairman Martin and Governor JACKSONVILLE, FLORIDA Brimmer. In the matter of the application of Barnett Banks (Signed) KENNETH A. KENYON, Deputy Secretary. of Florida, Inc., Jacksonville, Florida, for approval of acquisition of 70 per cent or more of the voting [SEAL] shares of Barnett Bank of Daytona Beach, Daytona Beach, Florida, a proposed new bank. STATEMENT Barnett Banks of Florida, Inc., Jacksonville, Flor- ORDER APPROVING ACQUISITION OF BANK STOCK ida ("Applicant"), a registered Bank holding com- BY BANK HOLDING COMPANY pany, has applied to the Board of Governors, pursu- There has come before the Board of Governors, ant to section 3(a)(3) of the Bank Holding Compursuant to section 3(a)(3) of the Bank Holding pany Act of 1956 (12 U.S.C. 1842(a)(3)), for Company Act of 1956 (12 U.S.C. 1842(a)(3)), prior approval of the acquisition of 70 per cent or and section 222.3(a) of Federal Reserve Regulation more of the voting shares of Barnett Bank of Day- Y (12 CFR 222.3(a)), an application by Barnett tona Beach, Daytona Beach, Florida ("Bank"), a Banks of Florida, Inc., Jacksonville, Florida, a reg- proposed new bank. istered bank holding company, for the Board's prior Views and recommendation of supervisory auapproval of the acquisition of 70 per cent or more of thority. Because the proposed new bank is to be a the voting shares of Barnett Bank of Daytona Beach, State bank, the Board notified the Commissioner of Daytona Beach, Florida, a proposed new bank. Banking of the State of Florida of the receipt of the In as much as the proposed new bank is to be a application, as required by section 3(b) of the Act, State bank, the Board, pursuant to section 3(b) of and requested his views and recommendation the Act, gave written notice of receipt of the applicathereon. In response, the Commissioner recomtion to the Commissioner of Banking of the State of mended approval of the application. Florida, and requested his views and recommenda- Statutory considerations. Section 3(c) of the Act tion thereon. In response, the Commissioner recomprovides that the Board shall not approve an acquisimended approval of the application. tion that would result in a monopoly or would be in Notice of receipt of the application was published furtherance of any combination or conspiracy to in the Federal Register on September 9, 1969 (34 monopolize or to attempt to monopolize the business Federal Register 14189), providing an opportunity of banking in any part of the United States. Nor may for interested persons to submit comments and the Board approve a proposed acquisition, the effect views with respect to the proposal. A copy of the of which, in any section of the country, may be subapplication was forwarded to the United States stantially to lessen competition, or to tend to create Department of Justice for its consideration. Time a monopoly, or which in any other manner would be for filing comments and views has expired and all in restraint of trade, unless the Board finds that the those received have been considered by the Board. anticompetitive effects of the proposed transaction IT IS HEREBY ORDERED, for the reasons set forth are clearly outweighed in the public interest by the in the Board's Statement of this date, that said approbable effect of the transaction in meeting the plication be and hereby is approved, provided that convenience and needs of the communities to be the acquisition so approved shall not be consummated (a) before the thirtieth calendar day follow- served. In each case, the Board is required to take ing the date of this Order or (b) later than three into consideration the financial and managerial remonths after the date of this Order, unless such pe- sources and future prospects of the bank holding riod is extended for good cause by the Board, or by company and the banks concerned, and the conthe Federal Reserve Bank of Atlanta pursuant to venience and needs of the communities to be served. delegated authority, and that Barnett Bank of Day- Competitive effect of proposed transaction. Aptona Beach be open for business not later than six plicant is the third largest banking organization in months after the date of this Order. the State of Florida. It operates 17 subsidiary banks Dated at Washington, D.C., this 14th day of Jan- which have total deposits of approximately $560 uary 1970. million, an amount equal to 4.8 per cent of the de- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

158 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 posits held by all Florida banking organizations.1 ment and prospects are regarded as reasonably satis- One of its subsidiary banks, Barnett First National factory. These conclusions also apply to Applicant's Bank of Deland (deposits $31 million), is located subsidiaries. in Volusia County, approximately 23 miles south- Bank's organization has received preliminary apwest of the location selected for Bank. Bank will be proval of the Commissioner of Banking of the State established in the Daytona Beach area of Volusia of Florida. Its capital appears adequate, its proposed County. Applicant's other subsidiaries are located management satisfactory, and its prospects favor- 50 miles or more from Daytona Beach. able. Because Bank is to be newly organized,.there is Considerations relating to the banking factors, as no existing competition between any of Applicant's applied to the transaction, therefore, are regarded as subsidiaries and Bank which will be eliminated by consistent with approval. the acquisition. Moreover, since Bank will not be Convenience and needs of the communities inestablished unless the application is approved, no volved. Bank is to be located in the Daytona Beach potential competition is to be foreclosed. The rele- market area and will serve primarily a portion of vant market within which to assess the competitive the market in which, at the present time, no other impact of the proposed acquisition is the Daytona bank is located. There is no evidence that the major Beach market area, which lies in the eastern portion banking needs of Bank's proposed service area are of Volusia County and includes Daytona Beach not presently being served by the banks located (population 46,500), New Smyrna Beach, Ormand therein. However, it is reasonably concluded that Beach, Holly Hill, and adjacent areas. Entry into that the convenience of residents in Bank's immediate market by branching of Applicant's present sub- area would be more conveniently served by the sidiaries is not possible, since Florida law prohibits establishment of Bank. In addition, as earlier noted, branching. However, Applicant's entry into the rele- residents and businesses in the greater Daytona vant market, presently served by 11 commercial Beach area will benefit from the availability of the banks with aggregate deposits of $193.6 million, by competitive service of another established full-servestablishment of Bank, will tend to enhance com- ice organization. petition there, since a viable competitive alternative Considerations relating to the convenience and will be added to the market. No adverse effect on needs of the community which Bank would immediany other bank in the market is reasonably antici- ately serve and those of the greater Daytona Beach pated. area provide some weight toward approval of the Because Bank is to be newly established, con- application. summation of the proposed transaction will not re- Summary and conclusion. On the basis of all relesult in an immediate increase in concentration of vant facts contained in the record and in the light banking resources in any area. Furthermore, in view of the factors set forth in section 3(c) of the Act, of the fact that none of Applicant's present sub- it is the Board's judgment that the proposed acquisisidiaries is located within the area which Bank would tion would be in the public interest, and that the serve, some deconcentration would result in that application should be approved. area. Based upon Bank's projected deposits of $3 million at the end of its first year of operation, no FIRST VIRGINIA BANKSHARES significant increase in concentration is foreseen in CORPORATION, ARLINGTON, VIRGINIA any of the broader geographic areas involved. Based upon the foregoing, the Board concludes In the matter of the application of First Virginia that consummation of the proposed acquisition Bankshares Corporation, Arlington, Virginia, for would not result in a monopoly or be in furtherance approval of acquisition of 90 per cent or more of of any combination, conspiracy, or attempt to mo- the voting shares of the successor by merger to The nopolize the business of banking in any area, and Bank of Nansemond, Driver, Virginia. would not substantially lessen competition, tend to create a monopoly, or restrain trade in any section ORDER APPROVING ACQUISITION OF BANK STOCK of the country. BY BANK HOLDING COMPANY Financial and managerial resources and future prospects. Applicant's financial condition, manage- There has come before the Board of Governors, pursuant to section 3(a)(3) of the Bank Holding 1 All banking data are as of June 30, 1969, refer to in- Company Act of 1956 (12 U.S.C. 1842(a)(3)) sured commercial banks, and reflect bank holding company formations and acquisitions approved by the Board to date. and section 222.3(a) of Federal Reserve Regula- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 159 tion Y (12 CFR 222.3(a)), an application by acquiring the voting shares of the bank to be First Virginia Bankshares Corporation, Arlington, merged into it; the proposal is therefore treated Virginia, for the Board's prior approval of acquisi- herein as one to acquire shares of Bank. tion of 90 per cent or more of the voting shares of a Views and recommendation of supervisory aunew bank into which The Bank of Nansemond, thority. As required by section 3(b) of the Act, the Driver, Virginia, will be merged. Board notified the Commissioner of Banking for the As required by section 3(b) of the Act, the Board State of Virginia of receipt of the application and notified the Commissioner of Banking for the State requested his views and recommendation thereon. of Virginia of the application and requested his The Commissioner recommended that the applicaviews and recommendation. The Commissioner rec- tion be approved. ommended that the application be approved. Statutory considerations. Section 3(c) of the Act Notice of receipt of the application was pub- provides that the Board shall not approve an lished in the Federal Register on September 24, acquisition that would result in a monopoly or 1969 (34 Federal Register 14746), providing an would be in furtherance of any combination or opportunity for interested persons to submit com- conspiracy to monopolize or to attempt to monopments and views with respect to the proposal. A olize the business of banking in any part of the copy of the application was forwarded to the United States. Nor may the Board approve a pro- United States Department of Justice for its con- posed acquisition, the effect of which, in any secsideration. Time for filing comments and views has tion of the country, may be substantially to lessen expired and all those received have been con- competition, or to tend to create a monopoly, or sidered by the Board. which in any other manner would be in restraint of IT IS HEREBY ORDERED, for the reasons set forth trade, unless the Board finds that the anticompetiin the Board's Statement of this date, that said tive effects of the proposed transaction are clearly application be and hereby is approved, provided outweighed in the public interest by the probable that the acquisition so approved shall not be con- effect of the transaction in meeting the convenience summated (a) before the thirtieth calendar day and needs of the communities to be served. In each following the date of this Order or (b) later than case, the Board is required to take into considerathree months after the date of this Order, unless tion the financial and managerial resources and such period is extended for good cause by the future prospects of the bank holding company and Board, or by the Federal Reserve Bank of Rich- the banks concerned, and the convenience and mond pursuant to delegated authority. needs of the communities to be served. Dated at Washington, D.C., this 21st day of Competitive effect of proposed transaction. The January 1970. nine largest banking organizations in Virginia, By order of the Board of Governors. which include six bank holding companies, control 65.3 per cent1 of the total deposits held by all com- Voting for this action: Vice Chairman Robertson and Governors Mitchell, Maisel, and Brimmer. Absent mercial banks in the State. Applicant has 11 suband not voting: Chairman Martin and Governors sidiary banks with total deposits of $435 million, Daane and Sherrill. representing 6.4 per cent of the State deposits, and (Signed) KENNETH A. KENYON, is the sixth largest banking organization and the Deputy Secretary. fourth largest bank holding company in the State. [SEAL] Acquisition of Bank, which has $2 million of deposits, would have no significant effect on the con- STATEMENT centration of banking resources in Virginia. Bank, the only office of which is located in the First Virginia Bankshares Corporation, Arlingtown of Driver, is the only bank headquartered in ton, Virginia, ("Applicant"), a registered bank the area which it serves, which consists principally holding company, has applied to the Board of Govof the northern portion of Nansemond County, but ernors pursuant to section 3(a)(3) of the Bank which also extends into the northeastern section of Holding Company Act of 1956 (12 U.S.C. 1842 Isle of Wight County. However, within the area, (a)(3)), for prior approval of the acquisition of approximately five miles east of Driver, there are 90 per cent or more of the voting shares of a new bank into which it proposes to merge The Bank of 1 Banking data are as of June 30, 1969, unless otherwise Nansemond, Driver, Virginia ("Bank"). The new noted, and reflect acquisitions and mergers approved by bank has no significance except as a vehicle for appropriate supervisory authorities to date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

160 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 four branches of much larger Portsmouth and Rich- Considerations under the banking factors are mond banks (deposits ranging from $20 million to consistent with approval of the application. $600 million) which compete with Bank and offer Convenience and needs of the communities incomplete banking services. Also competing with volved. Consummation of the proposal would have Bank, but to a lesser degree, are two banks, with no effect on customers served by Applicant's present deposits of $9.8 million and $7.8 million, respec- subsidiary banks. tively, located just outside the service area in the Bank serves the predominantly agricultural area town of Smithfield, 12 miles northwest of Driver. of Nansemond and Isle of Wight Counties in south- Bank is the smallest banking institution in Nanse- eastern Virginia, just west of the Tidewater section. mond County and in its service area. In view of the A variety of manufacturing industries, which indisparity in the size of Bank and the competing clude farm implements, hosiery, bricks, fertilizer, banks, it does not appear that consummation of the and a recently established plant manufacturing proposed acquisition would adversely affect other portable television sets, provide diversification to the banking institutions, although Bank's competitive area's economy, and economic prospects of the area ability would likely be improved thereby. appear favorable. In the event the application is ap- The closest subsidiary of Applicant to Bank is proved, Applicant proposes to make additional Southern Bank of Norfolk, the nearest office of mortgage funds available in the area and to exwhich is located 15 miles east of Driver; no other pand Bank's credit capacity through participations subsidiary bank has an office within 85 miles of arranged with other subsidiary banks. It also pro- Bank. A number of banking offices in the City of poses, through its other subsidiary banks, to make Portsmouth and its environs are located in the area trust services available to the area. Data processing between Driver and Norfolk, and there is only will be made available to Bank and its customers, minimal competition between the Norfolk sub- and Bank will be assisted in providing various spesidiary and Bank. No competition exists between cialized services beyond its present capacity. Bank and any of the other subsidiaries. The same It appears that the convenience and needs of the locational factors which have heretofore prevented communities involved will be better served as a significant competition between Bank and Appli- result of Bank's affiliation with Applicant, and this cant's present subsidiaries would likely prevent factor is regarded as supporting approval of the meaningful competition between them in the future application. as well, in view of the fact that the subsidiary banks Summary and conclusion. Based on all the releare prohibited by State laws from branching de vant facts contained in the record, and in the light novo into Nansemond County. of the factors set forth in section 3(c) of the Act, The Board concludes, on the basis of the record it is the Board's judgment that the proposed transbefore it, that consummation of Applicant's pro- action would be in the public interest, and that the posal would not result in a monopoly, nor be in application should be approved. furtherance of any combination or conspiracy to monopolize or to attempt to monopolize the busi- FIRST NATIONAL CORPORATION, ness of banking in any relevant area. Neither does APPLETON, WISCONSIN it appear likely that such consummation would substantially lessen competition, tend to create a mo- In the matter of the application of First National nopoly, or restrain trade in any section of the Corporation, Appleton, Wisconsin, for approval of country. acquisition of 80 per cent or more of the voting Financial and managerial resources and future shares of The Clintonville National Bank, Clintonprospects. The financial conditions and manageville, Wisconsin. ments of Applicant and its subsidiary banks are satisfactory, and prospects for the group appear ORDER APPROVING ACQUISITION OF BANK STOCK favorable. BY BANK HOLDING COMPANY Bank was opened for business in 1964. Its financial condition and management are satisfactory, and There has come before the Board of Governors, its prospects as an independent organization appear pursuant to section 3(a)(3) of the Bank Holding reasonably good. However, affiliation with Appli- Company Act of 1956 (12 U.S.C. 1842(a)(3)) cant should enable it to compete more effectively and section 222.3(a) of Federal Reserve Regulawith the larger area banks, and to that extent its tion Y (12 CFR 222.3(a)), an application by prospects would be improved. First National Corporation, Appleton, Wisconsin, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 161 for the Board's prior approval of the acquisition of provides that the Board shall not approve an acqui- 80 per cent or more of the voting shares of The sition that would result in a monopoly or would be Clintonville National Bank, Clintonville, Wisconsin. in furtherance of any combination or conspiracy As required by section 3(b) of the Act, the to monopolize or to attempt to monopolize the busi- Board gave written notice of receipt of the applica- ness of banking in any part of the United States. tion to the Comptroller of the Currency and re- Nor may the Board approve a proposed aquisition, quested his views and recommendation. The Comp- the effect of which, in any section of the country, troller recommended approval of the application. may be substantially to lessen competition, or to tend Notice of receipt of the application was pub- to create a monopoly, or which in any other manner lished in the Federal Register on October 24, 1969 would be in restraint of trade, unless the Board finds (34 Federal Register 17314), providing an oppor- that the anticompetitive effects of the proposed transtunity for interested persons to submit comments action are clearly outweighed in the public interest and views with respect to the proposal. A copy of by the probable effect of the transaction in meeting the application was forwarded to the United States the convenience and needs of the communities to be Department of Justice for its consideration. Time served. In each case, the Board is required to take for filing comments and views has expired and all into consideration the financial and managerial rethose received have been considered by the Board. sources and future prospects of the bank holding IT IS HEREBY ORDERED, for the reasons set forth company and the banks concerned, and the conin the Board's Statement of this date, that said ap- venience and needs of the communities to be plication be and hereby is approved, provided that served. the acquisition so approved shall not be consum- Competitive effect of the proposed transaction. mated (a) before the thirtieth calendar day follow- The 10 largest banking organizations in Wisconsin, ing the date of this Order or (b) later than three all of which are bank holding companies, control months after the date of this order, unless such deposits of $3.3 billion, representing 39 per cent of period is extended for good cause by the Board, or the total commercial bank deposits in the State.1 by the Federal Reserve Bank of Chicago pursuant Applicant controls three banks with aggregate deto delegated authority. posits of $88 million. Upon acquisition of Bank, Dated at Washington, D.C., this 21st day of which has deposits of $6.7 million (.1 per cent January 1970. of the State total), Applicant would be the ninth By order of the Board of Governors. largest bank holding company and banking organization in the State, controlling 1.1 per cent of State Voting for this action: Vice Chairman Robertson and Governors Mitchell, Daane, Maisel, Brimmer, and deposits. Sherrill. Absent and not voting: Chairman Martin. Bank is one of 12 banks, with 13 banking offices (Signed) KENNETH A. KENYON, and total deposits of $81 million, in Waupaca Deputy Secretary. County. Applicant has no subsidiary in the county. Through acquisition of Bank's single office, it would [SEAL] control 8.4 per cent of the county deposits and STATEMENT would become the second bank holding company to operate an office in the county. First National Corporation, Appleton, Wisconsin Bank's service area, located in the northern cor- ("Applicant"), a registered bank holding company, ner of Waupaca County, covers an area within an has applied to the Board of Governors, pursuant eight-mile radius of the City of Clintonville. Its to section 3(a)(3) of the Bank Holding Company office in Clintonville is approximately 36 miles Act of 1956 (12 U.S.C. 1842 (a)(3)), for prior northwest of Appleton and 43 miles west of Green approval of the acquisition of 80 per cent or more Bay. There are four banks located in the area, of the voting shares of The Clintonville National which has a population of approximately 15,000. Bank, Clintonville, Wisconsin ("Bank"). Bank is the second largest in the area; another Views and recommendation of supervisory au- Clintonville bank is the area's largest, holding about thority. As required by section 3(b) of the Act, $10 million in deposits. The third largest bank ($5 notice of receipt of the application was given to million deposits) is located in Marion, seven miles the Comptroller of the Currency, and his views and northwest of Clintonville, and the smallest bank recommendation were requested. The Comptroller 1 Banking data are as of June 30, 1969, unless otherwise recommended approval of the application. noted, and reflect holding company formations and acquisi- Statutory considerations. Section 3(c) of the Act tions approved by the Board to date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

162 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 ($2 million deposits) is located five miles to the The banking factors, as they concern Applicant, northeast in Embarrass. The rate of increase in are consistent with approval, and, as they relate to Bank's deposits for five years from December 31, Bank, lend some weight toward approval of the 1963 through December 31, 1968, has been con- application. siderably less than the deposit growth experienced Convenience and needs of the communities to be by the competing banks for this period. It appears served. Consummation of the proposal would have that affiliation with Applicant would enable Bank to no significant effect on customers served by Applicompete more effectively with the area banks, with- cant's present subsidiaries. out undue adverse effect on any competing bank. Clintonville has a population of approximately The closest subsidiaries of Applicant to Bank are 5,000. The economy of the city is industrial, but a recently approved subsidiary, The First National the surrounding area is agriculturally oriented and Bank of Seymour, located 27 miles east and south is a leading dairy farming section of the State. Apof Bank, and the Greenville branch of the First Na- plicant proposes to offer, through Bank, several tional Bank of Appleton, located approximately 31 services not now available in the area, including full miles south-southeast of Clintonville. The service trust services, estate planning, investment advice, areas of Bank and Applicant's three subsidiaries are and direct leasing services. Services presently ofcompletely separate, and there are five banking fered by Bank would be improved, particularly in offices located in the intervening areas. None of the the area of credit services. The managerial staff subsidiaries of Applicant competes significantly in would be increased to include a trained individual the Clintonville area, and less than 1 per cent of to head an instalment loan department, and con- Bank's deposits and only one loan originate in the sideration would also be given to the employment areas served by Applicant's subsidiaries. It appears by Applicant of a farm representative to serve that consummation of the proposal would not elimi- Bank and Applicant's other subsidiaries. nate any significant degree of existing competition, Considerations relating to the convenience and and that, because of the distances separating the needs of the community served by Bank provide banks and the restrictions placed on branching by some weight in favor of approval of the application. Wisconsin laws, future competition would not be Summary and conclusion. On the basis of all releadversely affected. vant facts contained in the record, and in the light For the foregoing reasons, the Board concludes of the factors set forth in section 3(c) of the Act, that consummation of the present proposal would not result in a monopoly or be in furtherance of it is the Board's judgment that the proposed acquiany combination, conspiracy or attempt to monop- sition would be in the public interest and that the olize the business of banking in any part of the application should be approved. United States, and would not restrain trade, substantially lessen competition, or tend to create a FIRST AT ORLANDO CORPORATION, monopoly in any section of the country. ORLANDO, FLORIDA Financial and managerial resources and future prospects. Applicant received approval in February In the matter of the application of First at Or- 1965 to become a bank holding company through lando Corporation, Orlando, Florida, for approval the acquisition of voting shares of the First Naof acquisition of at least 80 per cent of the voting tional Bank of Appleton and a proposed new bank, shares of First National Bank of Lake Wales, Lake Valley National Bank, both located in Appleton, Wales, Florida. Wisconsin. On December 9, 1969, the Board approved the acquisition by Applicant of The First ORDER APPROVING ACQUISITION OF BANK STOCK National Bank of Seymour, Seymour, Wisconsin. BY BANK HOLDING COMPANY The financial condition, management, and prospects of Applicant and its subsidiary banks are re- There has come before the Board of Governors, garded as generally satisfactory. pursuant to section 3(a)(3) of the Bank Holding The financial condition, management, and pros- Company Act of 1956 (12 U.S.C. 1842(a)(3)), pects of Bank are considered to be fair. Its pros- and section 222.3(a) of Federal Reserve Regulapects would be improved by Applicant's proposals tion Y (12 CFR 222.3(a)), an application by First to expand and improve Bank's lending services, to at Orlando Corporation, Orlando, Florida, a regprovide for personnel training, and to assist in the istered bank holding company, for the Board's prior selection and hiring of key personnel. approval of the acquisition of at least 80 per cent Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 163 of the voting shares of First National Bank of in furtherance of any combination or conspiracy Lake Wales, Lake Wales, Florida. to monopolize or to attempt to monopolize the As required by section 3(b) of the Act, the business of banking in any part of the United Board gave written notice of receipt of the applica- States. Nor may the Board approve a proposed tion to the Comptroller of the Currency and re- acquisition, the effect of which, in any section of quested his views and recommendation. The Comp- the country, may be substantially to lessen competitroller recommended approval of the application. tion, or to tend to create a monopoly, or which Notice of receipt of the application was pub- in any other manner would be in restraint of trade, lished in the Federal Register on October 24, 1969 unless the Board finds that the anticompetitive (34 Federal Register 17314), providing an oppor- effects of the proposed transaction are clearly outtunity for interested persons to submit comments weighed in the public interest by the probable and views with respect to the proposal. A copy of effect of the transaction in meeting the convenience the application was forwarded to the United States and needs of the communities to be served. In each Department of Justice for its consideration. Time case, the Board is required to take into considerafor filing comments and views has expired and all tion the financial and managerial resources and those received have been considered by the Board. future prospects of the bank holding company and IT IS HEREBY ORDERED, for the reasons set forth the banks concerned, and the convenience and in the Board's Statement of this date, that said ap- needs of the communities to be served. plication be and hereby is approved, provided that Competitive effect of proposed transaction. The the acquisition so approved shall not be consum- 10 largest banking organizations in Florida, all of mated (a) before the thirtieth calendar day follow- which are bank holding companies, control about ing the date of this Order, or (b) later than three 38 per cent of deposits held by all commercial months after the date of this Order, unless such banks in the State.1 Applicant, the fifth largest, contime shall be extended for good cause by the Board, trols 14 banks with aggregate deposits of $420.3 or by the Federal Reserve Bank of Atlanta pursu- million. Acquisition of Bank ($11.5 million deant to delegated authority. posits) would increase Applicant's share of the Dated at Washington, D.C., this 23rd day of total State deposits from 3.6 per cent to 3.7 per January 1970. cent, and would otherwise leave unchanged Appli- By order of the Board of Governors. cant's position relative to other banking organizations in the State. Voting for this action: Chairman Martin and Governors Robertson, Mitchell, Maisel, Brimmer, and Bank, with a single office in Lake Wales, Polk Sherrill. Absent and not voting: Governor Daane. County, Florida, is the tenth largest of the 20 banks (Signed) KENNETH A. KENYON, located in the county and controls 3.2 per cent of Deputy Secretary. the deposits held by all such banks. It serves an [SEAL] area encompassing Lake Wales and extending approximately seven miles north, five miles south and STATEMENT west, and nineteen miles east from Bank. The only First at Orlando Corporation, Orlando, Florida other bank located in the service area is also head- ("Applicant"), a registered bank holding company, quartered in Lake Wales, and has deposits of has applied to the Board of Governors, pursuant to about $15 million; acquisition of that bank by Atsection 3(a)(3) of the Bank Holding Company lantic Bancorporation, a registered bank holding Act of 1956 (12 U.S.C. 1842(a)(3)), for prior company, was recently approved by the Board.2 approval of the acquisition of at least 80 per cent Ten other banks, five of which are larger than of the voting shares of the First National Bank of Bank, compete to some extent in the area. Bank Lake Wales, Lake Wales, Florida ("Bank"). holds 44.4 per cent of the total deposits of the two Views and recommendation of supervisory au- banks located in the service area, and 6.4 per cent thority. As required by section 3(b) of the Act, of the total deposits of the 12 banks competing notice of receipt of the application was given to the therein. Comptroller of the Currency, and his views and None of Applicant's present subsidiaries is lorecommendation were requested. The Comptroller cated in Polk County or competes with Bank. The recommended approval of the application. Statutory considerations. Section 3(c) of the Act 1 All banking data are as of June 30, 1969, adjusted to reflect holding company formations and acquisitions approvides that the Board shall not approve an acqui- proved by the Board to date. sition that would result in a monopoly or would be 2 1969 Federal Reserve BULLETIN 899. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

164 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 closest of the subsidiary banks is located in Orlando, banking services would be to improve and expand which is about 53 road miles north of Bank. In the services now offered by Bank. Drawing on its view of the lack of present competition, the distances association with Applicant, Bank would offer imwhich separate Bank from Applicant's present sub- proved trust services and more expeditious handling sidiaries, the presence of numerous banks in the of participations required to serve credit needs of intervening areas, and Florida laws which prohibit larger customers. Additionally, affiliation with Apbranching, it appears that consummation of the plicant should facilitate solutions to problems reproposal would neither eliminate existing competi- lated to managerial succession and future capital tion nor foreclose potential competition between needs, thereby enabling Bank to more adequately Bank and Applicant's subsidiaries. There would be serve its customers. no significant impact upon the degree of concentra- Considerations relating to the convenience and tion of banking resources in any relevant market, needs of the community served by Bank provide and no undue adverse effect on any competing additional weight in favor of approval of this applibank. cation. On the record before the Board, it is concluded Summary and conclusion. On the basis of all the that the proposed acquisition would not result in relevant facts contained in the record, and in the a monopoly, or be in furtherance of any combina- light of the factors set forth in section 3(c) of the tion or conspiracy to monopolize the business of Act, it is the Board's judgment that the proposed banking in any relevant area. Consummation of transaction would be in the public interest and that the proposal would not substantially lessen com- the application should be approved. petition, tend to create a monopoly, or restrain BANCOHIO CORPORATION, trade in any section of the country. COLUMBUS, OHIO Financial and managerial resources and future prospects. The financial conditions and manage- In the matter of the application of Bancohio ments of Applicant and its subsidiary banks are Corporation, Columbus, Ohio, for approval of acsatisfactory and their prospects are favorable. quisition of up to 100 per cent of the voting shares The proposed acquisition would provide the of The Logan County Bank, Bellefontaine, Ohio. means for adding needed strength to Bank's man- ORDER APPROVING ACQUISITION OF BANK STOCK agement, with resultant improvement in its financial condition and earnings. Prospects of Bank are con- BY BANK HOLDING COMPANY sidered favorable. There has come before the Board of Governors, These considerations, as they relate to Applicant pursuant to section 3(a)(3) of the Bank Holding and its present subsidiaries, are consistent with ap- Company Act of 1956 (12 U.S.C. 1842(a)(3)) proval of the present application, and lend some and section 222.3(a) of Federal Reserve Regulaweight in support of such action as they relate to tion Y (12 CFR 222.3(a)) an application by Banc- Bank. Ohio Corporation, Columbus, Ohio, a registered Convenience and needs of the communities in- bank holding company, for the Board's prior apvolved. Consummation of the present proposal proval of the acquisition of up to 100 per cent of would not affect the convenience or needs of cus- the voting shares of The Logan County Bank, Belletomers served by Applicant's present subsidiary fontaine, Ohio. banks. As required by section 3(b) of the Act, the The city of Lake Wales is in Central Florida, Board gave written notice of receipt of the appliabout 50 miles south of Orlando. The economy of cation to the Superintendent of Banks for the State the area is primarily agricultural. Citrus products of Ohio and requested his views and recommendaare the principal crops, and citrus processing the tion. The Superintendent recommended approval principal industry. Cattle ranching is also important, of the application. and there are some tourist activities. The population Notice of receipt of the application was published of the area served by Bank, which, as earlier de- in the Federal Register on October 24, 1969 (34 scribed, includes Lake Wales and several nearby Federal Register 17313), providing an opportunity communities, is 16,500. for interested persons to submit comments and It appears that banking needs of the area are views with respect to the proposal. A copy of the served adequately by the banks located in and near application was forwarded to the United States the area. The principal effect of the acquisition on Department of Justice for its consideration. Time Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 165 for filing comments has expired and all those re- meeting the convenience and needs of the comceived have been considered by the Board. munities to be served. In each case, the Board is IT IS HEREBY ORDERED, for the reasons set forth required to take into consideration the financial and in the Board's Statement of this date, that said ap- managerial resources and future prospects of the plication be and hereby is approved, provided that bank holding company and the banks concerned, the acquisition so approved shall not be consum- and the convenience and needs of the communities mated (a) before the thirtieth calendar day follow- to be served. ing the date of this Order or (b) later than three Competitive effect of the proposed transaction. months after the date of this Order, unless such Applicant is the largest bank holding company and period is extended for good cause by the Board, or the third largest banking organization located in the by the Federal Reserve Bank of Cleveland pursuant State of Ohio. It operates 22 banking subsidiaries, to delegated authority. with total deposits of approximately $1 billion,1 in a Dated at Washington, D.C., this 30th day of 21 county area in central Ohio. Applicant holds 6 per January 1970. cent of the deposits held by all banking organiza- By order of the Board of Governors. tions in Ohio, and its control of State deposits would increase only a negligible degree as a result Voting for this action: Vice Chairman Robertson and Governors Mitchell, Daane, Maisel, and Sherrill. Ab- of the present proposal. sent and not voting: Chairman Martin and Governor Bank operates two offices in Logan County, Brimmer. Ohio. It is the second largest bank located in Logan (Signed) KENNETH A. KENYON, County, holding deposits of approximately $9 mil- Deputy Secretary. lion, which represent approximately 21 per cent [SEAL] of the deposits held by all banking organizations in the County. Applicant operates subsidiary banks in STATEMENT Hardin and Union Counties, which are contiguous to Logan County, on the north and east, respective- BancOhio Corporation, Columbus, Ohio ("Aply. Applicant's Hardin County subsidiary, The Kenplicant") a registered bank holding company, has ton Savings Bank, with deposits of approximately applied to the Board of Governors, pursuant to sec- $ 11 million, is located approximately 22 miles from tion 3(a)(3) of the Bank Holding Company Act Bank's main office in Bellefontaine. The two banks of 1956 (12 U.S.C. 1842(a)(3)), for prior apmaintain branches only nine miles apart. However, proval of the acquisition of up to 100 per cent of there are no roads which directly link the commuthe voting shares of The Logan County Bank, Bellenities served by these branches; the flow of comfontaine, Ohio ("Bank"). merce in each community is county-oriented, and Views and recommendation of supervisory au- each county represents a distinct banking market. thority. As required by section 3(b) of the Act, For these reasons, it appears that there is no signotice of receipt of the application was given to the nificant competition presently existing between the Superintendent of Banks for the State of Ohio, and banks. his views and recommendation were requested. The Similarly, Applicant's Union County subsidiary, Superintendent recommended approval of the ap- The First National Bank of Marysville ($15 million plication. deposits), serves an area separate from that present- Statutory considerations. Section 3(c) of the Act ly served by Bank. Its office is located 26 miles provides that the Board shall not approve an acqui- from Bellefontaine. However, Bank has authority sition that would result in a monopoly or would be to open an additional branch in East Liberty, Logan in furtherance of any combination or conspiracy to County, which is located approximately 15 miles monopolize or to attempt to monopolize the busi- distant from the headquarters of The First Naness of banking in any part of the United States. tional Bank of Marysville. Prospects of increased Nor may the Board approve a proposed acquisition, growth and development of the intervening area, the effect of which, in any section of the country, including the proposed establishment of a research may be substantially to lessen competition, or to tend center, and consequent population growth, suggests to create a monopoly, or which in any other manner a possibility that some competition might develop would be in restraint of trade, unless the Board finds between these two banks in the future. Logan that the anticompetitive effects of the proposed transaction are clearly outweighed in the public 1 All banking data are as of June 30, 1969, and refer to interest by the probable effect of the transaction in insured commercial banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

166 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 County and Union County will likely remain as processing, investment advisory, trust, and internaseparate banking markets, however, and prohibi- tional banking services. Considerations, relating to tion of de novo branching across county lines under the convenience and needs factors, therefore, weigh Ohio law will limit the amount of future competi- in favor of approval of the transaction. tion likely to develop between these institutions. In Summary and conclusion. On the basis of all view of this, and in view of the competition faced relevant facts contained in the record and in the by Bank and Applicant's Union County subsidiary light of the factors set forth in section 3(c) of the from other banks within their respective markets, Act, it is the Board's judgment that the proposed it appears that there would be no significant ad- acquisition would be in the public interest, and that verse effect on potential competition resulting from the application should be approved. consummation of Applicant's proposal. As previously stated, Bank is the second largest UNITED VIRGINIA BANKSHARES bank located in Logan County, and holds approxi- INCORPORATED, RICHMOND, VIRGINIA mately 21 per cent of county deposits. Consummation of the proposed transaction will likely increase In the matter of the application of United Vircompetition between Bank and the larger bank in ginia Bankshares Incorporated, Richmond, Virginia, Logan County, Beliefontaine National Bank (de- for approval of acquisition of 80 per cent or more posits $12.1 million). No adverse effect on any of the voting shares of Manassas Bank, N.A., other bank is reasonably foreseen as likely to result Manassas, Virginia, a proposed new bank. from Applicant's proposal. Based upon the foregoing, the Board concludes ORDER APPROVING ACQUISITION OF BANK STOCK that consummation of the proposed acquisition BY BANK HOLDING COMPANY would not result in a monopoly nor be in further- There has come before the Board of Governors, ance of any combination, conspiracy, or attempt to pursuant to section 3(a)(3) of the Bank Holding monopolize the business of banking in any area, and Company Act of 1956 (12 U.S.C. 1842(a)(3)) would not substantially lessen competition, tend to and section 222.3(a) of Federal Reserve Regulacreate a monopoly, nor restrain trade in any section tion Y (12 CFR 222.3(a)), an application by of the country. United Virginia Bankshares Incorporated, Rich- Financial and managerial resources and future mond, Virginia, for the Board's prior approval of prospects. The financial condition and management the acquisition of 80 per cent or more of the votof Applicant are regarded as satisfactory and its ing shares of Manassas Bank, N.A., Manassas, prospects are favorable. These conclusions apply as Virginia, a proposed new bank into which will be well to Applicant's subsidiaries. Bank's financial merged The Peoples National Bank of Manassas, condition is satisfactory, its management adequate, Manassas, Virginia, under the charter of the former and its prospects satisfactory. Considerations relatand the title of United Virginia Bank/Peoples Naing to the banking factors are therefore regarded tional. as consistent with approval of the application. As required by section 3(b) of the Act, the Convenience and needs of the communities in- Board notified the Comptroller of the Currency of volved. Consummation of the proposed transaction receipt of the application and requested his views would have no effect on customers of Applicant's and recommendation. The Comptroller recomsubsidiaries. The record before the Board indicates mended approval of the application. that the major bank service requirements arising in Notice of receipt of the application was published Logan County are presently served by existing in the Federal Register on August 23, 1969 (34 facilities. However, the commercial development in Federal Register 13631), which provided an opprospect within Logan County reasonably suggests portunity for interested persons to submit comments the need for considerably larger credit accommoda- and views with respect to the proposed acquisition. tions within the County. The proposed affiliation of A copy of the application was forwarded to the Bank with Applicant will better enable Bank to United States Department of Justice for its conserve these needs both directly and indirectly sideration. through participations with other subsidiaries of IT IS HEREBY ORDERED, for the reasons set forth Applicant. Additionally, Applicant, through Bank, in the Board's Statement of this date, that said apintends to improve and expand a number of bank- plication be and hereby is approved, provided that ing services to residents of the market such as data the acquisition so approved shall not be consum- Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 167 mated (a) before the thirtieth calendar day follow- the Board finds that the anticompetitive effects of ing the date of this Order or (b) later than three the proposed transaction are clearly outweighed in months after the date of this Order unless such the public interest by the probable effect of the period is extended for good cause by the Board or transaction in meeting the convenience and needs by the Federal Reserve Bank of Richmond pursu- of the communities to be served. In each case, the ant to delegated authority. Board is required to take into consideration the Dated at Washington, D.C., this 30th day of financial and managerial resources and future pros- January 1970. pects of the bank holding company and the banks By order of the Board of Governors. concerned, and the convenience and needs of the communities to be served. Voting for this action: Chairman Martin and Governors Mitchell, Daane, and Sherrill. Voting against Competitive effect of proposed transaction. The this action: Governors Robertson, Maisel, and Brim- nine largest banking organizations in Virginia, each mer. with deposits of more than $100 million, together (Signed) KENNETH A. KENYON, control 65.3 per cent of the total deposits held by Deputy Secretary. all insured commercial banks located in the State. [SEAL] Applicant is one of six bank holding companies operating in Virginia, and is the largest banking STATEMENT organization in the State, controlling 13.7 per cent of such deposits. Applicant's acquisition of Peoples United Virginia Bankshares Incorporated, Rich- National would increase its percentage of control mond, Virginia ("Applicant"), a registered bank of State deposits to 14.0 per cent. holding company, has applied to the Board of Governors, pursuant to section 3(a)(3) of the Bank Peoples National's five offices are all located in Holding Company Act of 1956 (12 U.S.C. 1842 Manassas, in Prince William County. Its service (a) (3)), for prior approval of the acquisition of 80 area consists of Manassas and its environs and the per cent or more of the voting shares of Manassas nearby towns of Haymarket, Gainesville, and Bank, N.A., Manassas, Virginia, a proposed new Nokesville. In terms of local deposits, it ranks secbank into which would be merged The Peoples Na- ond in size among four banks in Prince William tional Bank of Manassas, Manassas, Virginia County. However, two of the competing banks are ("Peoples National" or "Bank"), under the char- subsidiaries of holding companies and the third is ter of the former and the title of United Virginia the largest independent bank in Virginia. The four Bank/Peoples National. banks operate 33 offices in the County. In its serv- Applicant controls 10 banks with total deposits ice area Peoples National is the largest bank in of $940 million.1 Peoples National has $18 million terms of deposits and competes with nine offices of the two holding company subsidiaries. Consummain deposits. Views and recommendation of supervisory au- tion of the proposal would not reduce the number thority. As required by section 3(b) of the Act, of local banking alternatives. the Board notified the Comptroller of the Currency As will be seen from the discussion below, Bank of receipt of the application and requested his views is not a strong competitor in the rapidly expanding and recommendation thereon. The Comptroller rec- Manassas area. In addition to the competition ommended approval of the application. offered by the two holding company subsidiaries, Statutory considerations. Section 3(c) of the Act Bank competes with two savings and loan associaprovides that the Board shall not approve an ac- tions. Consummation of the proposal can reasonquisition that would result in a monopoly or would ably be expected to increase Bank's competitive be in furtherance of any combination or conspiracy position, thus affording more expanded services to monopolize or to attempt to monopolize the to this growing area, and more meaningful competibusiness of banking in any part of the United tion for Bank's principal banking competitors—the States. Nor may the Board approve a proposed ac- holding company subsidiaries operating in Prince quisition, the effect of which, in any section of the William County. country, may be substantially to lessen competition, The closest office of any of Applicant's subsidiaries or to tend to create a monopoly, or which in any to Manassas is 16 miles away, in Vienna, although other manner would be in restraint of trade, unless the same subsidiary is about to open another office in Fairfax, some 13 miles from Manassas. The only 1 All banking data are as of June 30, 1969, unless otherwise noted. other office of a subsidiary of Applicant in the Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

168 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 Northern Virginia area is located in Alexandria, 30 have taken place during a period in which Applimiles from Manassas. The volume of deposits and cant's proposal has been a matter of public knowlloans of Applicant's subsidiaries which originates in edge, cast doubt also on the assertion that consum- Peoples National's service area and of Peoples Na- mation of the proposal would significantly increase tional which originates in the service areas of Appli- existing barriers to new entry. During the five cant's subsidiaries is relatively small, ranging down- months since the present application was filed, a wards from 3.7 per cent in the case of total loans of newly chartered independent bank has been granted customers of Peoples National who reside in the a Certificate of Authority to do business, and plans service areas of Applicant's subsidiaries. This vol- to open approximately March 1 in quarters now ume of business is not viewed as indicative of sig- under construction in Manassas. A second State nificant competition between the Bank and affiliates charter has been granted to a group of Manassas of Applicant. businessmen; the organization of their proposed Regarding the probable effect of this proposal on new bank is now in a preliminary stage. A charter potential competition, the United States Department has also been granted to a group of individuals deof Justice, responding to the Board's notice to it of siring to open a new bank in Woodbridge, in norththe pendency of this application, concluded that ern Prince William County, from which location it "this acquisition would have a significantly adverse would be legally possible to branch de novo into effect upon potential competition within Prince the Manassas area. And finally, Virginia National William County, as well as more broadly in the Bank, the largest bank in Virginia, having recently state." consummated a merger with a bank which thereto- The Department's response was transmitted to fore was the only bank in Prince William County the Applicant, which was invited to, and did, reply not having an office in Manassas, has applied for thereto. In reaching its decision the Board has con- supervisory approval to move one of the offices of sidered the views of both the Department and the the merged bank to Manassas. Applicant. In view of these developments, it appears likely The Department noted that, if the proposed ac- that the Manassas area, in the near future, will be quisition is approved, Applicant, the largest banking served by three of the largest banking organizations organization in the State, would extend the geo- in the State, and by at least one, and possibly two, graphic range of its activities into Prince William independent banks in addition to Peoples National. County, on the edge of the Washington metropoli- If the proposed new bank in Woodbridge is ortan area. It asserted that the acquisition would have ganized, it would have the legal ability to branch a significantly adverse effect upon potential com- into Manassas. There is thus a potential for seven petition because (1) a "strong local competitor, the competing banking organizations in Manassas and last remaining within a significant and growing Prince William County, taking into account only market" would be eliminated and the already high those organizations now competing in the area and barriers to new entry into the County would be in- those which have announced plans to do so. creased; (2) if all three banks headquartered in It is true, nevertheless, that acquisition of Bank Prince William County were bank holding company is not necessary in order for Applicant to achieve affiliates, they would be in a position to expand entry into the area, and its pursuit of that method rapidly and preempt new office sites so as to make of entry would foreclose competition which could more difficult de novo entry by new banks or other arise if it were to enter the area through the estabholding companies; and (3) it would eliminate Ap- lishment and acquisition of a new bank. That conplicant as the most likely entrant which might es- sideration might be significant if Peoples National tablish a new bank in the Manassas area. were, or were likely without assistance to be- Applicant, in reply, disputed the contention that come, a strong local competitor. In fact, however, its proposal would eliminate a strong local com- as earlier mentioned and for reasons hereinafter petitor, and asserted that, on the contrary, affilia- more fully discussed, it is the Board's view that tion of Bank with Applicant would strengthen Bank is not presently a significant competitive force Bank's competitive position, making it better able in the area, and, in the absence of a change in its to compete with the larger banking organizations present operational policies, is unlikely to become now serving the area. In addition, Applicant such. Therefore, while Applicant's proposal would stressed several recent developments which make it eliminate it as a possible future competitor in the clear that Bank will not long be the only independ- area, it would immediately and greatly increase ent competitor in the area, and which, because they Bank's competitive impact on the market. While Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 169 the acquisition would lessen by one the number of developers, and in handling larger lines of credit potential competitors in the area, it would increase through participations. by one the number of significant competitors ac- The Board concludes that the availability of Aptually serving the area. In that light, and in view of plicant's management and capital resources will the persuasive evidence that other potential com- enable the Bank better to meet the expanding needs petitors will not be dissuaded by Applicant's ac- of the community and will provide an alternative quisition of Bank, the Board concludes that con- source of full banking services. Therefore, consummation of Applicant's proposal will not sub- siderations with regard to the convenience and stantially lessen competition, restrain trade, or tend needs factor lend substantial weight toward apto create a monopoly in banking in Manassas, proval of the application. Prince William County, or any other area. Summary and conclusion. On the basis of all Financial and managerial resources and future relevant facts contained in the record, and in the prospects. Applicant's financial condition, and that light of the factors set forth in section 3(c) of the of its subsidiary banks, is regarded as generally Act, it is the Board's judgment that the proposed satisfactory. Its prospects are regarded as favorable, transaction would be in the public interest and that as are those of its subsidiary banks. The manage- the application should be approved. ment of Applicant and its subsidiary banks is considered capable and experienced and in all respects DISSENTING STATEMENT OF GOVERNORS satisfactory. ROBERTSON, MAISEL, AND BRIMMER Peoples National's financial condition is regarded as sound, and its management as experienced and We believe that the effect of the proposed transcapable. However, the Bank has experienced slow action upon competition would be seriously addeposit growth; and under present management its verse. In our view, neither the convenience and prospects in this respect seem limited, particularly needs of the community to be served nor financial in view of its conservative lending policies and ap- factors relating to the institutions involved overparent lack of initiative in seeking out the new come the anticompetitive effect of the proposal. business being generated by the local economy. The Manassas area is experiencing rapid eco- Future prospects would be considerably enhanced nomic growth, both as a residential community and by affiliation with Applicant, and considerations as a site for light industry, and it is conceded by under this factor provide weight toward approval the majority that it offers an attractive market for of the application. any new entrant. As the largest banking organiza- Convenience and needs of communities involved. tion in the State, with an active history of external Peoples National is located in an area that is exgrowth, Applicant is one of the most likely enperiencing rapid economic expansion both as a subtrants into this market. That independent banks urban residential community of the Washington have been, or are being, organized in this market metropolitan area, and as an accessible and otherdoes not alter this fact; it merely reinforces the wise attractive site for the development of light inconclusion that the market is an attractive one for dustry. However, as the record indicates, Peoples new entry. Consummation of the proposal will also National is making little effort to meet the expandforeclose the possibility of entry by a smaller banking needs of the community. In the last calendar ing organization through merger with, or acquisiyear, deposits grew by less than 4 per cent and loan tion of, Peoples National. volume remained almost constant. In recent years The proposal would also eliminate direct comthe ratio of total loans to deposits has declined from petition between Peoples National and Applicant's 63 per cent at the end of 1966 to 48 per cent as of subsidiary banks. While competition between them October 1969. presently is not substantial, given the area's poten- Applicant, in its appraisal of the present and future credit needs of the communities served by tial for economic growth, the potential for develop- Bank, proposes to offer a wide array of lending ing competition is a significant factor. The fact that services not presently provided by Bank, such as Applicant advertises extensively as a holding comaccounts receivable financing, floor planning, com- pany in the area gives increased weight to this facmercial financing, and financing for small business tor. In addition, approval of the application inand for agricultural and industrial development. creases Applicant's State-wide deposit concentra- Through its affiliates, Applicant will also assist tion, which is already high, and results in a very Bank in providing construction loans to real estate substantial increase in deposit concentration in bank Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

170 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 holding companies in Prince William County and ORDER APPROVING APPLICATIONS UNDER the Manassas area. BANK HOLDING COMPANY ACT The majority recognizes the existence of anticompetitive consideration (although it accords them There has come before the Board of Governors, less weight than we do), but finds, in effect, that pursuant to section 3(a)(3) of the Bank Holding they are outweighed by advantages related to the Company Act of 1956 (12 U.S.C. 1842(a) (3)), convenience and needs of the community to be and section 222.3(a) of Federal Reserve Regulaserved and the potential liberalizing effect on Peo- tion Y (12 CFR 222.3(a)), the applications of ples National's conservative lending practices which Atlantic Bancorporation and The Atlantic National the proposed affiliation would allegedly bring about. Bank of Jacksonville, both of Jacksonville, Florida, We believe that the asserted advantages are largely for the Board's prior approval of the acquisition of illusory. It is true that Peoples National has been not less than 80 per cent of the voting shares of conservatively operated since 1966. However, this Aloma National Bank of Winter Park, Winter Park, fact is explained primarily by the much less cau- Florida. tious operating practices that preceded present man- As required by section 3(b) of the Act, the agement in the Bank, and reasonably fostered the Board gave written notice of receipt of the applicapresent conservative operating policies, particularly tions to the Comptroller of the Currency and rewith respect to credit extensions. quested his views and recommendation. The Comp- Further, under these circumstances, the conservatroller recommended approval of the applications. tive policies of the present management may indeed Notice of receipt of the applications was pubbe appropriate, and in any event, should not neclished in the Federal Register on November 25, essarily be taken as indicating overly cautious man- 1969 (34 Federal Register 18834), providing an agement. In regard to earnings, Peoples National's opportunity for interested persons to submit comratio of earnings to assets for 1968 was considerments and views with respect to the proposal. ably above the average ratio for banks in the Federal Reserve District in which it is located. Its de- Copies of the applications were forwarded to the posit growth has been comparable to that of other United States Department of Justice for its conbanks in the Manassas market and the banking sideration. Time for filing comments and views has services which it offers, apart from the rather con- expired and all those received have been considered servative loan policy referred to, appear to us to be by the Board. satisfactory. Persons in the Manassas area who seek IT IS HEREBY ORDERED, for the reasons set forth more specialized services than those offered by Peo- in the Board's Statement of this date, that said apples National do not have far to go. Two other plications be and hereby are approved, provided holding company subsidiaries operate nine offices in that the acquisition so approved shall not be conthat area and one of Applicant's subsidiaries has an summated (a) before the thirtieth calendar day office 16 miles away and is about to open another following the date of this Order or (b) later than one even closer. three months after the date of this Order, unless In view of the substantial anticompetitive aspects such period is extended for good cause by the of the proposal and the lack of any balancing ad- Board, or by the Federal Reserve Bank of Atlanta vantage to either the community or the institutions pursuant to delegated authority. involved, we would deny the application. Dated at Washington, D.C. this 5th day of February 1970. By order of the Board of Governors. ATLANTIC BANCORPORATION AND THE ATLANTIC NATIONAL BANK OF Voting for this action: Vice Chairman Robertson JACKSONVILLE, JACKSONVILLE, and Governors Mitchell, Maisel, Brimmer, and Sherrill. FLORIDA Absent and not voting: Chairman Martin and Governor Daane. Chairman Burns was not a member of In the matter of the applications of Atlantic Ban- the Board on the date of the Board's decision. corporation and The Atlantic National Bank of Jacksonville, Jacksonville, Florida, for approval of (Signed) KENNETH A. KENYON, acquisition of not less than 80 per cent of the voting Deputy Secretary. shares of Aloma National Bank of Winter Park, Winter Park, Florida. [SEAL] Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 171 STATEMENT fourth largest bank holding company and banking organization in the State. Upon acquisition of Bank Atlantic Bancorporation ("Atlantic") and The ($9.7 million deposits), Atlantic's relative position Atlantic National Bank of Jacksonville ("Atlantic among holding companies and banking organiza- National Bank"), both of which are registered bank tions in the State would remain unchanged, and holding companies located in Jacksonville, Florida, its share of State deposits would increase to 4.7 have applied to the Board of Governors, pursuant per cent. to section 3(a)(3) of the Bank Holding Company Bank's only office is located in Winter Park, Act of 1956 (12 U.S.C. 1842(a)(3)), for prior Orange County, Florida, a suburb of Orlando. approval of the acquisition of not less than 80 per Bank is the sixteenth largest of 20 banks in the cent of the voting shares of Aloma National Bank county and controls 1.5 per cent of county deposits. of Winter Park, Winter Park, Florida ("Bank"). Bank's primary service area (population 75,000) is Atlantic is a bank holding company by virtue of its comprised of Winter Park, the northern portion of control of Atlantic National Bank and 12 other Orlando, and a small portion of southern Seminole banks. Atlantic National Bank is also a bank hold- County. Bank is the seventh largest of eight banks ing company because it owns more than 25 per cent within this area, controlling only 4.6 per cent of of the voting shares of Atlantic, and thereby has the area's deposits. indirect control of Atlantic's subsidiary banks. The Atlantic has no subsidiary within Orange County; proposed acquisition would be directly made by the closest subsidiary is located approximately Atlantic. seventeen miles north in Seminole County. There Views and recommendations of supervisory auis no overlap in the areas from which the subsidithorities. As required by section 3(b) of the Act, ary and Bank derive business, and none appears notice of receipt of the applications was given to likely to develop, due to the rural area separating the Comptroller of the Currency, and his views and the two, the existence of intervening banks, and the recommendation were requested. The Comptroller fact that Florida law prohibits branch banking. recommended approval of the applications. Six of the 20 banks in Orange County are subsid- Statutory considerations. Section 3(c) of the Act iaries of the County's largest banking organization, provides that the Board shall not approve an aca bank holding company whose subsidiaries control quisition that would result in a monopoly or would 42 per cent of county deposits. Atlantic's entry into be in furtherance of any combination of conspiracy competition in the county through acquisition of to monopolize or to attempt to monopolize the one of the area's smallest banks (Bank holds 1.5 business of banking in any part of the United per cent of total county deposits) should serve to States. Nor may the Board approve a proposed acincrease competition and, by providing an alternaquisition, the effect of which, in any section of the tive source of full banking services, facilitate decountry, may be substantially to lessen competition, concentration of the area's banking resources. or to tend to create a monopoly, or which in any other manner would be in restraint of trade, unless Based upon the foregoing, the Board concludes the Board finds that the anticompetitive effects of that consummation of the proposed acquisition the proposed transaction are clearly outweighed in would not result in a monopoly or be in furtherance the public interest by the probable effect of the of any combination, conspiracy, or attempt to transaction in meeting the convenience and needs monopolize the business of banking in any area, of the communities to be served. In each case the and would not substantially lessen competition, tend Board is required to take into consideration the to create a monopoly, or restrain trade in any secfinancial and managerial resources and future pros- tion of the country. pects of the bank holding company and the banks Financial and managerial resources and future concerned, and the convenience and needs of the prospects. Atlantic and its subsidiary banks are in communities to be served. satisfactory financial condition, with capable man- Competitive effect of the proposed transaction. agement and favorable prospects. Atlantic controls 13 banks with total deposits of The prospects of Bank also appear favorable. Its $541 million, representing 4.6 per cent of the total management is capable and its financial condition bank deposits in the State of Florida.1 It is the satisfactory. On the basis of the foregoing, considerations 1 All banking data are as of June 30, 1969, and reflect relating to the banking factors are regarded as conholding company formations and acquisitions approved by the Board to date. sistent with approval of the applications. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

172 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 Convenience and needs of the communities in- ments and views with respect to the proposed acvolved. Consummation of the proposed transaction quisition. A copy of the application was forwarded will have no effect on customers of Atlantic's to the United States Department of Justice for its present subsidiaries. consideration. Time for filing comments and views It appears that the banking needs of the public has expired and all those received have been conin both Orange County and Bank's service area are sidered by the Board. being adequately served at the present time. The IT IS HEREBY ORDERED, for the reasons set forth primary benefits likely to result from the acquisition in the Board's Statement of this date, that said apwould be an enhancement of Bank's ability to ar- plication be and hereby is approved, provided that range participations to finance large commercial the acquisition so approved shall not be consumtransactions in the rapidly growing area, and an mated (a) before the thirtieth calendar day folupgrading of the quality and efficiency of present lowing the date of this Order, or (b) later than services. Improvements in Bank's service offering three months after the date of this Order, unless should result from Atlantic's proposal to provide such period is extended for good cause by the Bank with counseling in accounting and tax mat- Board, or by the Federal Reserve Bank of Atlanta ters, investments, credits and operations. pursuant to delegated authority. These considerations weigh in favor of approval Dated at Washington, D.C., this 5th day of Febof the applications. ruary 1970. Summary and conclusion. On the basis of all By order of the Board of Governors. relevant facts contained in the record, and in the Voting for this action: Vice Chairman Robertson and light of the factors set forth in section 3(c) of th'e Governors Mitchell, Daane, Maisel, and Brimmer. Absent and not voting: Chairman Martin and Gov- Act, it is the Board's judgment that the proposed ernor Sherrill. Chairman Burns was not a member of transaction would be in the public interest and that the Board on the date of the Board's decision. the applications should be approved. (Signed) KENNETH A. KENYON, Deputy Secretary. FIRST FINANCIAL CORPORATION, [SEAL] TAMPA, FLORIDA In the matter of the application of First Financial In the matter of the application of First Financial Corporation, Tampa, Florida, for approval of ac- Corporation, Tampa, Florida, for approval of acquisition of at least 51 per cent of the voting shares quisition of not less than 80 per cent of the voting of The First National Bank in Plant City, Plant City, shares of The First National Bank in Punta Gorda, Florida. Punta Gorda, Florida. ORDER APPROVING APPLICATION UNDER ORDER APPROVING APPLICATION UNDER BANK HOLDING COMPANY ACT BANK HOLDING COMPANY ACT There has come before the Board of Governors, There has come before the Board of Governors, pursuant to section 3(a)(3) of the Bank Holding pursuant to section 3(a)(3) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(a)(3)), Company Act of 1956 (12 U.S.C. 1842(a)(3)) and section 222.3(a) of Federal Reserve Regula- and section 222.3(a) of Federal Reserve Regulation Y (12 CFR 222.3(a)), an application by tion Y (12 CFR 222.3(a)), and application by First Financial Corporation, Tampa, Florida, a reg- First Financial Corporation, Tampa, Florida, a registered bank holding company, for the Board's prior istered bank holding company, for the Board's prior approval of the acquisition of at least 51 per cent of approval of the acquisition of not less than 80 per the voting shares of The First National Bank in cent of the voting shares of The First National Plant City, Plant City, Florida. Bank in Punta Gorda, Punta Gorda, Florida. As required by section 3(b) of the Act, the As requested by section 3(b) of the Act, the Board notified the Comptroller of the Currency of Board notified the Comptroller of the Currency of receipt of the application and requested his views receipt of the application and requested his views and recommendation. The Comptroller offered no and recommendation. The Comptroller recomobjection to approval of the application. mended that the application be given favorable Notice of receipt of the application was pub- consideration. lished in the Federal Register on November 13, Notice of receipt of the application was pub- 1969 (34 Federal Register 18203), providing an lished in the Federal Register on September 30, opportunity for interested persons to submit com- 1969 (34 Federal Register 15278), which provided Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

LAW DEPARTMENT 173 an opportunity for interested persons to submit provides that the Board shall not approve an accomments and views with respect to the proposed quisition that would result in a monopoly or would transaction. A copy of the application was for- be in furtherance of any combination or conspiracy warded to the United States Department of Justice to monopolize or to attempt to monopolize the for its consideration. The time for filing comments business of banking in any part of the United and views has expired and all those received have States. Nor may the Board approve a proposed acbeen considered by the Board. quisition, the effect of which, in any section of the IT IS HEREBY ORDERED, for the reasons set forth country, may be substantially to lessen competition, in the Board's Statement of this date, that said ap- or to tend to create a monopoly, or which in any plication be and hereby is approved, provided that other manner would be in restraint of trade, unless the acquisition so approved shall not be consum- the Board finds that the anticompetitive effects of mated (a) before the thirtieth calendar day follow- the proposed transaction are clearly outweighed in ing the date of this Order or (b) later than three the public interest by the probable effect of the months after the date of this Order, unless such transaction in meeting the convenience and needs period is extended for good cause by the Board, or of the communities to be served. In each case, the by the Federal Reserve Bank of Atlanta pursuant to Board is required to take into consideration the delegated authority. financial and managerial resources and future pros- Dated at Washington, D.C., this 5th day of Feb- pects of the bank holding company and the banks ruary 1970. concerned, and the convenience and needs of the By order of the Board of Governors. communities to be served. Competitive effect of the proposed transaction. Voting for this action: Vice Chairman Robertson and Governors Mitchell, Daane, Maisel, and Brimmer. The 10 largest banking organizations in Florida, Absent and not voting: Chairman Martin and Gov- which include 8 of 13 Florida-based bank holding ernor Sherrill. Chairman Burns was not a member of the Board on the date of the Board's decision. companies, control 39.6 per cent of State deposits.1 Applicant, the sixth largest banking organization, (Signed) KENNETH A. KENYON, controls 2.3 per cent of State deposits. It directly Deputy Secretary. owns a majority of the shares of The First National [SEAL] Bank of Tampa and directly and indirectly owns STATEMENT and controls a majority of the shares of Union Security & Investment Company ("US&I"), a reg- First Financial Corporation, Tampa, Florida istered bank holding company which has four sub- ("Applicant"), a registered bank holding company, sidiary banks. Consummation of the proposed transhas applied to the Board of Governors, pursuant to actions would increase Applicant's share of State section 3(a)(3) of the Bank Holding Company deposits to 2.4 per cent, but would not otherwise Act of 1956, for prior approval of the acquisition affect its position relative to other large banking of not less than 80 per cent of the voting shares of organizations in the State. The First National Bank in Punta Gorda, Punta Punta Gorda Bank ($17.8 million deposits) is Gorda, Florida ("Punta Gorda Bank"), and at the only bank in Punta Gorda, and is slightly the least 51 per cent of the voting shares of The First smaller of two banks in Charlotte County, its National Bank in Plant City, Plant City, Florida primary service area; a larger independent bank ("Plant City Bank"). Each of the applications has ($18.3 million deposits) located in Port Charlotte been separately considered and is the subject of a is the only competitor within this area, which has separate Board Order. However, since certain facts a population of 23,000. The closest of Applicant's and circumstances are common to both applicasubsidiary banks are located in Tampa, approxitions, this Statement contains the Board's findings mately 100 miles north of Punta Gorda, and no and conclusions with respect to both. significant competition exists between Punta Gorda Views and recommendation of supervisory au- Bank and any of the present subsidiaries. thority. As required by section 3(b) of the Act, the Plant City Bank ($17.7 million deposits) is the Board gave written notice of receipt of the applicasmaller of two independent banks serving Plant tions to the Comptroller of the Currency, and re- City, and the eleventh largest of 24 banks located quested his views and recommendations thereon. The Comptroller's views are consistent with ap- 1 All banking data are as of June 30, 1969, and reflect proval of the applications. holding company formations and acquisitions approved by Statutory considerations. Section 3(c) of the Act the Board to date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

174 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 in Hillsborough County. Applicant has three sub- additional capital, as needed. sidiaries in Hillsborough County, all of which are The capital of Plant City Bank is marginal, and located in Tampa, 20 miles west of Plant City, Of the bank has some asset weakness as well. The the three, only Applicant's largest subsidiary de- chief executive officer of the bank recently rerives any business from Plant City, the primary signed, and operating management is currently service area of Plant City Bank. That business, being provided by Applicant's organization. In view which is insignificant in amount and wholesale in of Applicant's earlier-mentioned proposal to supplenature, does not appear indicative of present or ment the bank's capital and its ability to continue to possible future competition between that bank and provide effective management, affiliation with Appli- Plant City Bank. Applicant's closest subsidiary is cant would significantly improve the prospects of located in Lakeland, Polk County, 13 miles east of Plant City Bank. Plant City, and derives no significant business from Considerations regarding the banking factors the Plant City area. Plant City Bank derives less lend some weight in support of the Punta Gorda than 5 per cent of its deposits and loans from the application and weigh heavily in favor of approval Lakeland and Tampa areas. Because of the presof the Plant City application. ence of intervening banks in the area between Convenience and needs of the communities in- Plant City and Applicant's present subsidiaries, the volved. Consummation of the proposed acquisitions distances involved, and the fact that branching is would not significantly affect the convenience or prohibited under Florida law, consummation of the needs of the communities served by Applicant's acquisition would neither eliminate existing compresent subsidiaries. petition nor foreclose significant potential competition. It appears that most of the banking services required by the communities served by the proposed On the basis of the foregoing, the Board consubsidiary banks are presently being provided by cludes that consummation of the proposals would banks located there. However, trust services are not not result in a monopoly or be in furtherance of presently offered by any bank in Plant City or in any combination, conspiracy or attempt to monop- Charlotte County, and it appears likely that there olize the business of banking in any part of the is some demand for such services in both areas. United States, and would not restrain trade, sub- In the event the proposed acquisitions are consumstantially lessen competition, or tend to create a mated, Applicant would make such services availmonopoly in any section of the country. able in both areas, through the facilities of its lead Financing and managerial resources and future bank. prospects. Applicant is a registered bank holding company, recently formed pursuant to Board ap- The providing of capable management to Plant proval2 in order to effect a technical reorganiza- City Bank should considerably improve the quality tion of a previously existing relationship among of services offered by that bank, and the ability of The First National Bank of Tampa, US&I, and the both banks to serve their communities should be latter's subsidiary banks. Applicant has indicated its enhanced by the counsel which Applicant could intention to provide additional capital for three of provide in various areas of service. Their ability to its present subsidiaries, as well as for Plant City meet demands for larger credits would be in- Bank in the event that the application relating to creased by the greater facility of arranging particithat bank is approved. In the light of the proposed pations with Applicant's other subsidiaries, and data capital improvements, the banking factors, as they processing services available from Applicant would relate to Applicant and its present subsidiary banks, permit efficiencies of indirect benefit to their cusare regarded as consistent with approval of the tomers. present applications. Considerations relating to the convenience and The financial condition and management of needs of the areas involved weigh in favor of ap- Punta Gorda Bank are satisfactory, and its prosproval of the applications. pects appear favorable. The bank is located in a Summary and conclusion. On the basis of all the rapid growth area, and it appears likely that perelevant facts contained in the record and in the riodic increases in capital will be necessary to meet light of the factors set forth in section 3(c) of the anticipated growth in the bank's deposits; affiliation Act, it is the Board's judgment that the proposed with Applicant should facilitate the raising of such transactions would be in the public interest and 2 1969 Federal Reserve BULLETIN 280. that the applications should be approved. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Directors of Federal Reserve Banks and Branches Following is a list of the directorates of the Federal Reserve Banks and branches as at present constituted. The list shows, in addition to the name of each director, his principal business affiliation, the class of directorship, and the date when his term expires. Each Federal Reserve Bank has nine directors; three Class A and three Class B directors, who are elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be officers, directors, or employees of any bank. For the purpose of electing Class A and Class B directors, the member banks of each Federal Reserve district are classified by the Board of Governors of the Federal Reserve System into three groups, each of which consists of banks of similar capitalization, and each group elects one Class A and one Class B director. Class C directors may not be officers, directors, employees, or stockholders of any bank. One Class C director is designated by the Board of Governors as Chairman of the Board of Directors and Federal Reserve Agent and another as Deputy Chairman. Federal Reserve Bank branches have either five or seven directors, of whom a majority are appointed by the board of directors of the parent Federal Reserve Bank and the others are appointed by the Board of Governors of the Federal Reserve System. One of the directors appointed by the Board of Governors at each branch is designated annually as Chairman of the Board in such manner as the Federal Reserve Bank may prescribe. District 1—FEDERAL RESERVE BANK OF BOSTON Term Expires Class A: Dec. 31 WILLIAM R. KENNEDY President, Merrimack Valley National Bank, Haverhill, Mass. 1970 JOHN SIMMEN Chairman of the Board, Industrial National Bank of Rhode Island, Providence, R.I. 1971 TUCKER H. DAVID Executive Vice President, The Deep River National Bank, Deep River, Conn. 1972 Class B.- JAMES R. CARTER Chairman of the Board, Nashua Corporation, Nashua, N.H. 1970 W. GORDON ROBERTSON Chairman of the Executive Committee, Co-Chairman of the Board, Bangor Punta Corporation, Bangor, Maine 1971 F. RAY KEYSER, JR. Vice President, Vermont Marble Company, Proctor, Vt. 1972 Class C: JOHN M. FOX " Chairman of the Board, President, United Fruit Company, Boston, Mass. 1970 JAMES S. DUESENBERRY 1 Professor of Economics, Harvard University, Cambridge, Mass. 1971 Louis W. CABOT Chairman of the Board, Cabot Corporation, Boston, Mass. 1972 1 Chairman 2 Deputy Chairman 175 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

176 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 District 2—FEDERAL RESERVE BANK OF NEW YORK Term Expires Dec. 31 Class A : R. E. MCNEILL, JR. Chairman of the Board, Manufacturers Hanover Trust Company, New York, N.Y. 1970 C. E. TREMAN, JR. President, Tompkins County Trust Company, Ithaca, N.Y. 1971 ARTHUR S. HAMLIN President, The Canandaigua National Bank and Trust Company, Canandaigua, N.Y. 1972 Class B: ARTHUR K. WATSON Chairman of the Board, IBM World Trade Corporation, Armonk, N.Y. 1970 MILTON C. MUMFORD Chairman of the Board, Lever Brothers Company, New York, N.Y. 1971 MAURICE R. FORMAN President, B. Forman Co., Inc., Rochester, N.Y. 1972 Class C: JAMES M. HESTER President, New York University, New York, N.Y. 1970 ROSWELL L. GILPATRIC Partner, Cravath, Swaine and Moore, New York, N.Y. 1971 ALBERT L. NICKERSON New York, N.Y. 1972 BUFFALO BRANCH Appointed by Federal Reserve Bank: WILMOT R. CRAIG Chairman of the Board, Chief Executive Officer, Lincoln Rochester Trust Company, Rochester, N.Y. 1970 CHARLES L. HUGHES President, The Silver Creek National Bank, Silver Creek, N.Y. 1970 JAMES I. WYCKOFF President, The National Bank of Geneva, N.Y. 1971 DAVID J. LAUB President, Marine Midland Trust Company of Western New York, Buffalo, N.Y. 1972 Appointed by Board of Governors: ROBERT S. BENNETT 1 General Manager, Lackawanna Plant, Bethlehem Steel Corporation, Buffalo, N.Y. 1970 NORMAN F. BEACH Vice President, Eastman Kodak Company, Rochester, N.Y. 1971 MORTON ADAMS General Manager, Pro-Fac Cooperative, Inc., Rochester, N.Y. 1972 District 3—FEDERAL RESERVE BANK OF PHILADELPHIA Class A: H. LYLE DUFFEY Executive Vice President, The First National Bank, McConnellsburg, Pa. 1970 HAROLD F. STILL, JR. President, Central-Penn National Bank of Philadelphia, Pa. 1971 WILLIAM R. COSBY President, Princeton Bank and Trust Company, Princeton, N.J. 1972 1 Chairman 2 Deputy Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 177 District 3—FEDERAL RESERVE BANK OF PHILADELPHIA—Continued Term Expires Class B: Dec. 31 PHILIP H. GLATFELTER, III President, P. H. Glatfelter Co., Spring Grove, Pa. 1970 HENRY A. THOURON President, Hercules Incorporated, Wilmington, Del. 1971 EDWARD J. DWYER President, ESB Incorporated, Philadelphia, Pa. 1972 Class C.- WILLIS J. WINN 1 Dean, Wharton School of Finance and Commerce, University of Pennsylvania, Philadelphia, Pa. 1970 D. ROBERT YARNALL, JR. President, Yarway Corporation, Blue Bell, Pa. 1971 BAYARD L. ENGLAND 2 Chairman of the Board, Atlantic City Electric Company, Atlantic City, N.J. 1972 District 4—FEDERAL RESERVE BANK OF CLEVELAND Class A: SEWARD D. SCHOOLER President, Coshocton National Bank, Coshocton, Ohio 1970 GEORGE F. KARCH Chairman of the Board, Chief Executive Officer, The Cleveland Trust Company, Cleveland, Ohio 1971 DAVID L. BRUMBACK, JR. President, Van Wert National Bank, Van Wert, Ohio 1972 Class B.- JOHN L. GUSHMAN Chief Executive Officer, President, Anchor Hocking Corporation, Lancaster, Ohio 1970 J. WILLIAM HENDERSON, JR. President, Buckeye International, Inc., Columbus, Ohio 1971 R. STANLEY LAING President, The National Cash Register Company, Dayton, Ohio 1972 Class C: Chairman of the Board, The B. F. Goodrich Company, Akron, J. WARD KEENER 2 Ohio 1970 Chairman of the Board, Chief Executive Officer, TRW Inc., HORACE A. SHEPARD Cleveland, Ohio 1971 ALBERT G. CLAY 1 President, Clay Tobacco Company, Mt. Sterling, Ky. 1972 CINCINNATI BRANCH Appointed by Federal Reserve Bank: FLETCHER E. NYCE Chairman of the Board, Chief Executive Officer, The Central Trust Company, Cincinnati, Ohio 1970 ROBERT B. JOHNSON President, Pikeville National Bank & Trust Company, Pikeville, Ky. 1971 EDWARD W. BARKER President, First National Bank of Middletown, Ohio 1972 FRED O. MACFEE, JR. Vice President, General Manager, Aircraft Engine Operating Division, General Electric Company, Cincinnati, Ohio 1972 1 Chairman 2 Deputy Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

178 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 District 4—FEDERAL RESERVE BANK OF CLEVELAND—Continued CINCINNATI BRANCH—Continued Term Expires Appointed by Board of Governors: Dec. 31 ORIN E.ATKINS President, Ashland Oil, Inc., Ashland, Ky. 1970 GRAHAM E. MARX 1 President, General Manager, The G. A. Gray Company, Cincinnati, Ohio 1971 PHILLIP R. SHRIVER President, Miami University, Oxford, Ohio 1972 PITTSBURGH BRANCH Appointed by Federal Reserve Bank: GEORGE S. COOK President, Somerset Trust Company, Somerset, Pa. 1970 CHARLES H. BRACKEN President, Marine National Bank, Erie, Pa. 1971 ROBINSON F. BARKER Chairman of the Board, Chief Executive Officer, PPG Industries, Pittsburgh, Pa. 1972 J. W. BINGHAM President, The Merchants & Manufacturers National Bank, Sharon, Pa. 1972 Appointed by Board of Governors: B. R. DORSEY President, Gulf Oil Corporation, Pittsburgh, Pa. 1970 RICHARD M. CYERT Dean, Graduate School of Industrial Administration, Carnegie- Mellon University, Pittsburgh, Pa. 1971 LAWRENCE E. WALKLEY President, Chief Executive Officer, Westinghouse Air Brake Company, Pittsburgh, Pa. 1972 District 5—FEDERAL RESERVE BANK OF RICHMOND Class A : GILES H. MILLER, JR. President, The Culpeper National Bank, Culpeper, Va. 1970 DOUGLAS D. MONROE, JR. President, Chesapeake National Bank, Kilmarnock, Va. 1971 HUGH A. CURRY President, The Kanawha Valley Bank, Charleston, W.Va. 1972 Class B: H. DAIL HOLDERNESS President, Carolina Telephone and Telegraph Company, Tarboro, N.C. 1970 CHARLES D. LYON Hagerstown, Md. 1971 ROBERT S. SMALL President, Dan River Mills, Inc., Greenville, S.C. 1972 Class C.- STUART SHUMATE President, Richmond, Fredericksburg and Potomac Railroad Company, Richmond, Va. 1970 WILSON H. ELKINS 1 President, University of Maryland, College Park, Md. 1971 ROBERT W. LAWSON, JR. 2 Managing Partner of Charleston Office, Steptoe & Johnson, Attorneys, Charleston, W.Va. 1972 1 Chairman 2 Deputy Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 179 District 5—FEDERAL RESERVE BANK OF RICHMOND—Continued BALTIMORE BRANCH Term Expires Appointed by Federal Reserve Bank: Dec. 31 ADRIAN L. MCCARDELL Chairman of the Board, First National Bank of Maryland, Baltimore, Md. 1970 JAMES J. ROBINSON Executive Vice President, Bank of Ripley, W.Va. 1970 TILTON H. DOBBIN Chairman of the Executive Committee, President, Maryland National Bank, Baltimore, Md. 1971 J. R. CHAFFINCH, JR. Executive Vice President, The Denton National Bank, Denton, Md. 1972 Appointed by Board of Governors: JOHN H. FETTING, JR. President, A. H. Fetting Company, Baltimore, Md. 1970 JAMES M. JARVIS Chairman of the Board, Jarvis, Downing & Emch, Inc., Clarksburg, W.Va. 1971 ARNOLD J. KLEFF, JR. 1 Manager, Baltimore Refinery, American Smelting and Refining Company, Baltimore, Md. 1972 CHARLOTTE BRANCH Appointed by Federal Reserve Bank: C. C. CAMERON Chairman of the Board, President, First Union National Bank, Charlotte, N.C. 1970 H. PHELPS BROOKS, JR. President, The Peoples National Bank, Chester, S.C. 1970 L. D. COLTRANE, III President, The Concord National Bank, Concord, N.C. 1971 J. WILLIS CANTEY President, The Citizens and Southern National Bank, Columbia, S.C. 1972 Appointed by Board of Governors: WILLIAM B. MCGUIRE 1 President, Duke Power Company, Charlotte, N.C. 1970 JOHN L. FRALEY Executive Vice President, Carolina Freight Carriers Corporation, Cherryville, N.C. 1971 E. CRAIG WALL, SR. Chairman of the Board, Canal Industries, Inc., Conway, S.C. 1972 District 6—FEDERAL RESERVE BANK OF ATLANTA Class A: A. L. ELLIS Chairman of the Board, First National Bank, Tarpon Springs, Fla. 1970 JOHN W. GAY President, The First National Bank of Scottsboro, Ala. 1971 WILLIAM B. MILLS President, The Florida National Bank, Jacksonville, Fla. 1972 1 Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

180 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued Term Expires Class B: Dec. 31 HOSKINS A. SHADOW President, Tennessee Valley Nursery, Inc., Winchester, Tenn. 1970 OWEN COOPER President, Mississippi Chemical Corporation and Coastal Chemical Corporation, Yazoo City, Miss. 1971 PHILIP J. LEE Vice President, Tropicana Products, Inc., Tampa, Fla. 1972 Class C: JOHN C. WILSON 2 President, Horne-Wilson, Inc., Atlanta, Ga. 1970 EDWIN I. HATCH 1 President, Georgia Power Company, Atlanta, Ga. 1971 F. EVANS FARWELL President, Milliken & Farwell, Inc., New Orleans, La. 1972 BIRMINGHAM BRANCH Appointed by Federal Reserve Bank: ARTHUR L. JOHNSON President, Camden National Bank, Camden, Ala. 1970 GEORGE A. LEMAISTRE President, City National Bank, Tuscaloosa, Ala. 1970 K. M. VARNER, JR. President, The First National Bank of Auburn, Ala. 1971 HARVEY TERRELL Chairman of the Board, The First National Bank of Birmingham, Ala. 1972 Appointed by Board of Governors: C. CALDWELL MARKS 1 Chairman of the Board, Owens-Richards Company, Inc., Birmingham, Ala. 1970 W. CECIL BAUER President, South Central Bell Telephone Company, Birmingham, Ala. 1971 E. STANLEY ROBBINS President, National Floor Products Company, Inc., Florence, Ala. 1972 JACKSONVILLE BRANCH Appointed by Federal Reserve Bank: HARRY HOOD BASSETT Chairman of the Board, The First National Bank, Miami, Fla. 1970 JOHN Y. HUMPHRESS Executive Vice President, Capital City First National Bank, Tallahassee, Fla. 1970 EDWARD W. LANE, JR. President, The Atlantic National Bank, Jacksonville, Fla. 1971 JAMES G. RICHARDSON Chairman of the Board, President, The Commercial Bank and Trust Company of Ocala, Fla. 1972 Appointed by Board of Governors: HENRY CRAGG 1 Vice-President, Coca-Cola Company Foods Division, Orlando, Fla. 1970 CASTLE W. JORDAN President, AO Industries, Inc., Coral Gables, Fla. 1971 HENRY K. STANFORD President, University of Miami, Coral Gables, Fla. 1972 1 Chairman 2 Deputy Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 181 District 6—FEDERAL RESERVE BANK OF ATLANTA—Continued NASHVILLE BRANCH Term Expires Appointed by Federal Reserve Bank: Dec. 31 H. A. CROUCH, JR. President, The First National Bank, Tullahoma, Tenn. 1970 W. H. SWAIN President, First National Bank, Oneida, Tenn. 1970 HUGH M. WILLSON President, Citizens National Bank, Athens, Tenn. 1971 EDWARD C. HUFFMAN Chairman of the Board, President, First National Bank, Shelbyville, Tenn. 1972 Appointed by Board of Governors: ROBERT M. WILLIAMS 1 President, ARO, Inc., Tullahoma, Tenn. 1970 EDWARD J. BOLING Vice President for Development and Administration, The University of Tennessee, Knoxville, Tenn. 1971 ROY J. FISHER Manager, Tennessee Operations, Aluminum Company of America, Alcoa, Tenn. 1972 NEW ORLEANS BRANCH Appointed by Federal Reserve Bank: LUCIEN J. HEBERT, JR. Executive Vice President, Lafourche National Bank of Thibodaux, La. 1970 MORGAN WHITNEY Senior Vice President, Whitney National Bank, New Orleans, La. 1970 E. W. HAINING President, The First National Bank, Vicksburg, Miss. 1971 H. P. HEIDELBERG, JR. President, Pascagoula-Moss Point Bank, Pascagoula, Miss. 1972 Appointed by Board of Governors: ROBERT H. RADCLIFF, JR. President, Southern Industries Corporation, Mobile, Ala. 1970 FRANK G. SMITH 1 Vice President, Mississippi Power & Light Company, Jackson, Miss. 1971 D. BEN KLEINPETER Wholesale Manager, Kleinpeter Farms Dairy, Inc., Baton Rouge, La. 1972 District 7—FEDERAL RESERVE BANK OF CHICAGO Class A : MELVIN C. LOCKARD President, First National Bank, Mattoon, 111. 1970 FLOYD F. WHITMORE President, The Okey-Vernon National Bank, Corning, Iowa 1971 EDWARD B. SMITH Chairman of the Board, The Northern Trust Company, Chicago, 111. 1972 Class B.- HOWARD M. PACKARD Chairman of the Finance Committe, S. C. Johnson & Son, Inc., Racine, Wis. 1970 JOSEPH O. WAYMIRE Indianapolis, Ind. 1971 WILLIAM H. DAVIDSON President, Harley-Davidson Motor Company, Milwaukee, Wis. 1972 1 Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

182 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 District 7—FEDERAL RESERVE BANK OF CHICAGO—Continued Term Expires Class C.- Dec. 31 FRANKLIN J. LUNDING Chairman of the Finance Committee, Jewel Companies, Inc., Melrose Park, 111. 1970 WILLIAM H. FRANKLIN - President, Caterpillar Tractor Co., Peoria, 111. 1971 EMERSON G. HIGDON 1 President, The Maytag Company, Newton, Iowa 1972 DETROIT BRANCH Appointed by Federal Reserve Bank: RAYMOND T. PERRING Chairman of the Board, The Detroit Bank and Trust Company, Detroit, Mich. 1970 B. P. SHERWOOD, JR. President, Security First Bank & Trust Company, Grand Haven, Mich. 1971 GEORGE JL. WHYEL President, Genesee Merchants Bank & Trust Company, Flint, Mich. 1972 ROLAND A. MEWHORT Chairman of the Board, Manufacturers National Bank of Detroit, Mich. 1972 Appointed by Board of Governors: L. WM. SEIDMAN 1 Resident Partner, Seidman & Seidman, Grand Rapids, Mich. 1970 PETER B. CLARK Chairman of the Board, President, The Evening News Association, Detroit, Mich. 1971 W. M. DEFOE Chairman of the Board, Defoe Shipbuilding Company, Bay City, Mich. 1972 District 8—FEDERAL RESERVE BANK OF ST. LOUIS Class A: BRADFORD BRETT President, First National Bank of Mexico, Mo. 1970 JAMES P. HICKOK Chairman of the Board, First National Bank in St. Louis, Mo. 1971 CECIL W. CUPP, JR. President, Arkansas Bank & Trust Company, Hot Springs, Ark. 1972 Class B.- MARK TOWNSEND Chairman of the Board, Townsend Lumber Company, Inc., Stuttgart, Ark. 1970 SHERWOOD J. SMITH Vice President, D/P Computer Services, Inc., Evansville, Ind. 1971 EDWARD J. SCHNUCK President, Schnuck Markets, Inc., St. Louis, Mo. 1972 Class C: SMITH D. BROADBENT, JR. 2 Broadbent Hybrid Seed Co., Cadiz, Ky. 1970 FREDERIC M. PEIRCE 1 Chairman of the Board, Chief Executive Officer, General American Life Insurance Company, St. Louis, Mo. 1971 SAM COOPER President, HumKo Products, Memphis, Tenn. 1972 1 Chairman 2 Deputy Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 183 DISTRICT B—FEDERAL RESERVE BANK OF ST. LOUIS—Continued LITTLE ROCK BRANCH Term Expires Appointed by Federal Reserve Bank: Dec. 31 EDWARD M. PENICK Chief Executive Officer, President, Worthen Bank & Trust Company, Little Rock, Ark. 1970 Louis E. HURLEY Chairman of the Board, The Exchange Bank & Trust Company, El Dorado, Ark. 1971 ELLIS E. SHELTON President, The First National Bank of Fayetteville, Ark. 1972 WAYNE A. STONE Chairman of the Board, Chief Executive Officer, Simmons First National Bank of Pine Bluff, Ark. 1972 Appointed by Board of Governors: FRED I. BROWN, JR. President, Arkansas Foundry Company, Little Rock, Ark. 1970 AL POLLARD1 President, Brooks-Pollard Company, Little Rock, Ark. 1971 JAKE HARTZ, JR. President, Jacob Hartz Seed Co., Inc., Stuttgart, Ark. 1972 LOUISVILLE BRANCH Appointed by Federal Reserve Bank: J. E. MILLER Executive Vice President, Sellersburg State Bank, Sellersburg, Ind. 1970 HUGH M. SHWAB Vice Chairman of the Board, First National Bank of Louisville, Ky. 1971 PAUL CHASE President, The Bedford National Bank, Bedford, Ind. 1972 JAMES C. ZIMMERMAN Executive Vice President, The Owensboro National Bank, Owensboro, Ky. 1972 Appointed by Board of Governors: HARRY M. YOUNG, JR. 1 Farmer, Herndon, Ky. 1970 RONALD E. REITMEIER President, Catalysts and Chemicals Inc., Louisville, Ky. 1971 JOHN G. BEAM President, Thomas Industries Inc., Louisville, Ky. 1972 MEMPHIS BRANCH Appointed by Federal Reserve Bank: J.J.WHITE President, Helena National Bank, Helena, Ark. 1970 WADE W. HOLLOWELL President, The First National Bank of Greenville, Miss. 1971 JAMES R. FITZHUGH Executive Vice President, Bank of Ripley, Tenn. 1972 LEWIS K. MCKEE Chairman of the Board, National Bank of Commerce, Memphis, Tenn. 1972 Appointed by Board of Governors: ALVIN HUFFMAN, JR. 1 President, Huffman Brothers Inc., Blytheville, Ark. 1970 C. WHITNEY BROWN President, S. C. Toof & Company, Memphis, Tenn. 1971 WILLIAM L. GILES President, Mississippi State University, State College, Miss. 1972 1 Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

184 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 District 9—FEDERAL RESERVE BANK OF MINNEAPOLIS Term Expires Class A: Dec. 31 WARREN F. VAUGHAN President, Security Trust & Savings Bank, Billings, Mont. 1970 G. A. DAHLEN President, 1st National Bank, Ironwood, Mich. 1971 JOHN BOSSHARD Executive Vice President, The First National Bank, Bangor, Wis. 1972 Class B.- DALE V. ANDERSEN President, Mitchell Packing Company, Inc., Mitchell, S. Dak. 1970 JOHN H. BAILEY President, The Cretex Companies, Inc., Elk River, Minn. 1971 DAVID M. HESKETT President, Montana-Dakota Utilities Co., Bismarck, N. Dak. 1972 Class C: BRYON W. REEVE President, Lake Shore, Inc., Iron Mountain, Mich. 1970 ROBERT F. LEACH ] Attorney, Oppenheimer, Hodgson, Brown, Wolff and Leach, St. Paul, Minn. 1971 DAVID M. LILLY 2 Chairman of the Board, Toro Manufacturing Corporation, Minneapolis, Minn. 1972 HELENA BRANCH Appointed by Federal Reserve Bank: CHARLES H. BROCKSMITH President, First Security Bank of Glasgow, N.A., Glasgow, Mont. 1970 GLENN H. LARSON President, First State Bank, Thompson Falls, Mont. 1970 RICHARD D. RUBIE Chairman of the Board, President, Missoula Bank of Montana, Missoula, Mont. 1971 Appointed by Board of Governors: WARREN B. JONES 1 Secretary-Treasurer, Two Dot Land & Livestock Co., Harlowton, Mont. 1970 WILLIAM A. CORDINGLEY Publisher, Great Falls Tribune, Great Falls, Mont. 1971 District 10—FEDERAL RESERVE BANK OF KANSAS CITY Class A: C. M. MILLER President, The Farmers & Merchants State Bank, Colby, Kans. 1970 JOHN A. O'LEARY Chairman of the Board, The Peoples State Bank, Luray, Kans. 1971 ROGER D. KNIGHT, JR. Chairman of the Board, Denver U.S. National Bank, Denver, Colo. 1972 Class B.- ALFRED E. JORDAN Vice President, Trans World Airlines, Inc., Kansas City, Mo. 1970 STANLEY LEARNED Member of Finance Committee, Phillips Petroleum Company, Bartlesville, Okla. 1971 CECIL O. EMRICH Manager, Norfolk Livestock Market, Inc., Norfolk, Nebr. 1972 1 Chairman 2 Deputy Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 185 District 10—FEDERAL RESERVE BANK OF KANSAS CITY—Continued Term Expires Class C: Dec. 31 DOLPH SIMONS1 Editor, Journal-World, Lawrence, Kans. 1970 ROBERT W. WAGSTAFF President, Kansas City Coca-Cola Bottling Company, Kansas City, Mo. 1971 WILLARD D. HOSFORD, JR. 2 Vice President, General Manager, John Deere Company, Omaha, Nebr. 1972 DENVER BRANCH Appointed by Federal Reserve Bank: THEODORE D. BROWN Executive Vice President, The First National Bank of Denver, Colo. 1970 ROBERT L. TRIPP President, Albuquerque National Bank, Albuquerque, N.M. 1970 ARMIN B. BARNEY Chairman of the Board, The Colorado Springs National Bank, Colorado Springs, Colo. 1971 Appointed by Board of Governors: DAVID R. C. BROWN President, The Aspen Skiing Corporation, Aspen, Colo. 1970 CRIS DOBBINS 1 Chairman of the Board, President, Ideal Basic Industries, Inc., Denver, Colo. 1971 OKLAHOMA CITY BRANCH Appointed by Federal Reserve Bank: CHARLEY M. CRAWFORD President, First National Bank, Frederick, Okla. 1970 MARVIN MILLARD Chairman of the Board, National Bank of Tulsa, Okla. 1970 W. H. MCDONALD Chairman of the Executive Committee, The First National Bank and Trust Company of Oklahoma City, Okla. 1971 Appointed by Board of Governors: F. W. ZALOUDEK Manager, J. I. Case Implements, Kremlin, Okla. 1970 C. W. FLINT, JR. 1 Chairman of the Board, Flint Steel Corporation, Tulsa, Okla. 1971 OMAHA BRANCH Appointed by Federal Reserve Bank: EDWARD W. LYMAN President, The United States National Bank, Omaha, Nebr. 1970 JOHN W. HAY, JR. President, Rock Springs National Bank, Rock Springs, Wyo. 1971 S. N. WOLBACH President, First National Bank, Grand Island, Nebr. 1971 Appointed by Board of Governors: HENRY Y. KLEINKAUF1 President, Natkin & Company, Omaha, Nebr. 1970 A. JAMES EBEL Vice President, General Manager, Cornhusker Television Corporation, Lincoln, Nebr. 1971 1 Chairman 2 Deputy Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

186 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 District 11—FEDERAL RESERVE BANK OF DALLAS Term Expires Class A: Dec. 31 J. V. KELLY President, The Peoples National Bank of Belton, Tex. 1970 A. W. RITER, JR. President, The Peoples National Bank of Tyler, Tex. 1971 MURRAY KYGER Chairman of the Board, The First National Bank of Fort Worth, Tex. 1972 Class B.- CARL D. NEWTON President, Fox-Stanley Photo Products, Inc., San Antonio, Tex. 1970 HUGH F. STEEN President, El Paso Natural Gas Company, El Paso, Tex. 1971 C. A. TATUM, JR. President, Chief Executive Officer, Texas Utilities Company, Dallas, Tex. 1972 Class C.- CARL J. THOMSEN 1 Senior Vice President, Texas Instruments Incorporated, Dallas, Tex. 1970 CHAS. F. JONES 2 President, Humble Oil & Refining Company, Houston, Tex. 1971 PHILIP G. HOFFMAN President, University of Houston, Tex. 1972 EL PASO BRANCH Appointed by Federal Reserve Bank: CULLEN J. KELLY President, The First National Bank of Midland, Tex. 1970 JOEB. SISLER President, The Clovis National Bank, Clovis, N.M. 1971 ARCHIE B. SCOTT President, The Security State Bank of Pecos, Tex. 1972 SAM D. YOUNG, JR. President, El Paso National Bank, El Paso, Tex. 1972 Appointed by Board of Governors: GORDON W. FOSTER 1 Vice President, Farah Manufacturing Company, Inc., El Paso, Tex. 1970 JOSEPH M. RAY Benedict Professor of Political Science, The University of Texas at El Paso, Tex. 1971 ALLAN B. BOWMAN President, General Manager, Banner Mining Company, Tucson, Ariz. 1972 HOUSTON BRANCH Appointed by Federal Reserve Bank: A. G. MCNEESE, JR. Chairman of the Board, Chief Executive Officer, Bank of the Southwest National Association, Houston, Tex. 1970 HENRY B. CLAY President, First Bank & Trust, Bryan, Tex. 1971 W. G. THORNELL President, The First National Bank of Port Arthur, Tex. 1972 JOHN E. WHITMORE Chairman of the Board, Texas National Bank of Commerce of Houston, Tex. 1972 1 Chairman 2 Deputy Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 187 District 11—FEDERAL RESERVE BANK OF DALLAS—Continued HOUSTON BRANCH—Continued Term Expires Appointed by Board of Governors: Dec. 31 M. STEELE WRIGHT, JR. President, General Manager, Texas Farm Products Company, Nacogdoches, Tex. 1970 R. M. BUCKLEY President, Eastex Incorporated, Silsbee, Tex. 1971 GEO T. MORSE, JR. 1 President, General Manager, Peden Iron & Steel Company, Houston, Tex. 1972 SAN ANTONIO BRANCH Appointed by Federal Reserve Bank: RAY M. KECK, JR. President, Union National Bank of Laredo, Tex. 1970 JAMES T. DENTON, JR. President, Corpus Christi Bank and Trust, Corpus Christi, Tex. 1971 T. C. FROST, JR. President, The Frost National Bank of San Antonio, Tex. 1972 W. O. ROBERSON President, First National Bank at Brownsville, Tex. 1972 Appointed by Board of Governors: LLOYD M. KNOWLTON General Manager, Knowlton's Creamery, San Antonio, Tex. 1970 FRANCIS B. MAY 1 Professor of Business Statistics, The University of Texas, Austin, Tex. 1971 W. A. BELCHER Veterinarian, Rancher, Brackettville, Tex. 1972 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO Class A: Chairman of the Board, The Pacific National Bank, Seattle, CHARLES F. FRANKLAND Wash. 1970 Chairman of the Board, Chief Executive Officer, First National RALPH V. ARNOLD Bank and Trust Company, Ontario, Calif. 1971 President, The First National Bank, Willows, Calif. 1972 CARROLL F. BYRD Class B: President, Chief Executive Officer, Schlage Lock Company, San MARRON KENDRICK Francisco, Calif. 1970 Treasurer, Standard Oil Company of California, San Francisco, HERBERT D. ARMSTRONG Calif. 1971 Honorary Chairman of the Board, The Eimco Corporation, Salt JOSEPH ROSENBLATT Lake City, Utah 1972 Class C: President, Director, Center for Advanced Study in the Behavioral Sciences, Stanford, Calif. 1970 O. MEREDITH WILSON 1 Chairman of the Board, Pacific Vegetable Oil Corporation, San Francisco, Calif. 1971 BERNARD T. ROCCA, JR. Senior Vice President, Carnation Company, Los Angeles, Calif. 1972 1 Ch S. a i A rm LF a R n ED HALGREN 2 2 Deputy Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

188 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO—Continued LOS ANGELES BRANCH Term Expires Appointed by Federal Reserve Bank: Dec. 31 HARRY J. VOLK Chairman of the Board, Chief Executive Officer, Union Bank, Los Angeles, Calif. 1970 CARL E. SCHROEDER President, The First National Bank of Orange County, Orange, Calif. 1970 T. H. SHEARIN President, Community National Bank, Bakersfield, Calif. 1970 SHERMAN HAZELTINE Chairman of the Board, First National Bank of Arizona, Phoenix, Ariz. 1971 Appointed by Board of Governors: NORMAN B. HOUSTON Senior Vice President, Treasurer, Golden State Mutual Life Insurance Company, Los Angeles, Calif. 1970 J. LELAND ATWOOD President, Chief Executive Officer, North American Rockwell Corporation, El Segundo, Calif. 1971 LELAND D. PRATT \ President, Kelco Company, San Diego, Calif. 1972 PORTLAND BRANCH Appointed by Federal Reserve Bank: E. W. FIRSTENBURG Chairman of the Board, President, First Independent Bank, Vancouver, Wash. 1970 JAMES H. STANARD Vice President, First National Bank, McMinnville, Oreg. 1970 RALPH J. Voss President, First National Bank of Oregon, Portland, Oreg. 1971 Appointed by Board of Governors: ROBERT F. DWYER 1 Dwyer Forest Products Company, Portland, Oreg. 1970 FRANK ANDERSON Farmer, Heppner, Oreg. 1971 SALT LAKE CITY BRANCH Appointed by Federal Reserve Bank: NEWELL B. DAYTON Chairman of the Board, Tracy-Collins Bank and Trust Company, Salt Lake City, Utah 1970 RODERICK H. BROWNING President, Bank of Utah, Ogden, Utah 1970 WILLIAM E. IRVIN Chairman of the Board, The Idaho First National Bank, Boise, Idaho 1971 Appointed by Board of Governors: PETER E. MARBLE 1 Rancher, Deeth, Nev. 1970 ROYDEN G. DERRICK President, General Manager, Western Steel Company, Salt Lake City, Utah 1971 L Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DIRECTORS RESERVE BANKS AND BRANCHES 189 District 12—FEDERAL RESERVE BANK OF SAN FRANCISCO—Continued SEATTLE BRANCH Term Expires Appointed by Federal Reserve Bank: Dec. 31 A. E. SAUNDERS President, Puget Sound National Bank, Tacoma, Wash. 1970 PHILIP H. STANTON President, Washington Trust Bank, Spokane, Wash. 1970 JOSEPH C. BAILLARGEON Chairman of the Board, Seattle Trust & Savings Bank, Seattle, Wash. 1971 Appointed by Board of Governors: C. HENRY BACON, JR. 1 President, Simpson Timber Company, Seattle, Wash. 1970 FRANCIS G. CRANE Owner-Manager, Crane and Crane Orchards and Cold Storage, Brewster, Wash. 1971 1 Chairman Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Announcements RETIREMENT OF MR. WILLIAM McCHESNEY MAR- confidence is just one bit of luck. Being an op- TIN, JR., AS A MEMBER AND CHAIRMAN OF THE timistic man by nature, I reckon that we in the BOARD OF GOVERNORS Federal Reserve Board will have our average William McChesney Martin, Jr., retired as a Mem- luck. ber and Chairman of the Board of Governors, ef- "With that, and with your confidence and fective January 31, 1970, at the expiration of his with the skills at the Federal Reserve Board, we 14-year term. should do, I think, reasonably well in the years ahead. Let us all pray and hope that this will Mr. Martin had served as a Member of the happen. Board of Governors and its Chairman since April 2, 1951, during the administrations of Presidents "Thank you." Truman, Eisenhower. Kennedy, Johnson, and Dr. Burns was born in Stanislau, Austria, on Nixon. Mr. Martin was guest of honor at a dinner April 27, 1904. He received his A.B. (1925), A.M. given by President and Mrs. Nixon at the White (1925), and Ph.D. (1934) degrees from Colum- House on January 17. bia University and holds honorary degrees from 12 American universities and from Rikkyo (St. APPOINTMENT OF DR. ARTHUR F. BURNS AS Paul's) University, Tokyo. He was an instructor A MEMBER AND CHAIRMAN OF THE BOARD OF in economics at Rutgers University and remained GOVERNORS TO SUCCEED MR. MARTIN at Rutgers while teaching part-time at Columbia Arthur F. Burns of New York was appointed by University beginning in 1941. In 1944 Dr. Burns the President to succeed Mr. Martin for the 14- became a full-time professor on the faculty at year term as a Member of the Board beginning Columbia and in 1959 he became the John Bates February 1, 1970, with designation as Chairman Clark Professor of Economics, an endowed chair, for 4 years. Dr. Burns took the oath of office at at Columbia. Concurrent with his career in educaa White House ceremony on January 31, 1970, and tion, Dr. Burns was a member of the National made the following statement at that time: Bureau of Economic Research, beginning as a re- "Mr. President, members of the Cabinet, and search associate in 1930. He became president of friends: the National Bureau in 1957 and chairman in "I want to express my appreciation to you for 1967. Dr. Burns' wide-ranging Government service the confidence that you place in me in having includes chairman of the President's Council of appointed me to this position. Economic Advisers from 1953 to 1956; chairman "My duties at the Federal Reserve Board, I of the Advisory Board on Economic Growth and think, can be described in a sentence: to do what Stability, 1953 to 1956; chairman of the Cabinet I can to help protect the integrity of the dollar Committee on Small Business, 1956; a member of and to help foster a stable prosperity for our the President's Advisory Committee on Labor- Nation. Management Policy from 1961 to 1966, and a "In discharging these duties, I will be aided member of advisory boards and councils of various powerfully by a Board carefully chosen in the other governmental departments and agencies. past, consisting of distinguished men and very Most recently, Dr. Burns served as Counselor to able men dedicated to the public service. the President, Executive Office of the President, "I shall also be aided by a staff of very great beginning in January 1969. and proven skill, a staff, an economic staff, that is second to none in this country or, for that DELEGATION OF ADMINISTRATIVE matter, in the entire world. RESPONSIBILITIES "Mr. President, the Federal Reserve Board In the interest of administrative efficiency and will do its best. What we need now in addition effectiveness, and in furtherance of the provision to doing our best and in addition to having your of law that "the Chairman of the Board, subject to Digitized for FRASER1 90 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

its supervision, shall be its active executive officer," CHANGES IN THE BOARD'S STAFF the Board of Governors has delegated to the Chair- Mr. Innis D. Harris, Coordinator, Office of Deman of the Board, subject to the limitations shown fense Planning, retired on February 12, 1970. He below, the administrative responsibilities of the had been on the Board's staff since 1958. On the Board. occasion of his retirement, Mr. Harris received The responsibilities delegated include the follow- "The Distinguished Service Citation" from the Deing: partment of Defense and a Citation from the (a) The appointment, supervision, and re- Office of Emergency Preparedness, Executive Ofmoval of personnel employed under the Board; fice of the President, for "developing and imple- (b) The distribution of business among such menting the programs which brought the emerpersonnel and among administrative units of the gency preparedness of the Nation's banking sys- Board; tem to a level unexcelled by any other sector of the economy." (c) The direction of personnel who perform, or who supervise the performance of, any func- FEDERAL OPEN MARKET COMMITTEE MINUTES tion of the Board, but in such manner as to afford reasonable access by each member of the The Board of Governors of the Federal Reserve Board to the services of such personnel; System and the Federal Open Market Committee announced on January 22, 1970, that minutes of (d) The over-all internal management, funcdiscussions and actions at the Committee's meettioning, and organization of the Board, including ings during the years 1962 through 1965 are being the formulation and implementation of plans transferred to the National Archives. and policies to increase the effectiveness of the These minutes are contained in approximately performance of the Board's functions under the 4,900 pages of typed material. Their transfer has law and the initiation of means of correcting or preventing avoidable delays in the performance been arranged with the understanding that the of such functions; and National Archives will make them available for inspection by interested persons under its usual (e) The allocation, use and expenditure of rules and procedures. funds of the Board. Similar records for earlier years are already The limitations prescribed were as follows: available at the National Archives on the same (a) In carrying out the responsibilities delebasis; minutes of the Committee for the years gated, the Chairman shall be governed by gen- 1936 through 1960 were transferred in 1964, and eral policies determined by the Board, by the those for 1961 were transferred in 1967. Complete budget adopted by the Board, and by such microfilm copies of these earlier minutes may be regulatory decisions, findings, and determinaobtained at cost from the National Archives, 8th tions as may be made by the Board pursuant to Street and Pennsylvania Ave., N.W., Washington, law. D.C., 20408. The National Archives will be pre- (b) The appointment or removal by the pared later to furnish similar copies of the 1962-65 Chairman of officers of the Board shall be subminutes. ject to the Board's approval. Copies of the records for the years 1962 through (c) This delegation shall not apply to per- 1965 also will be made available later for public sonnel employed regularly and full time in the inspection at the Board's offices in Washington and immediate offices of members of the Board other at each Federal Reserve Bank and branch, the than the Chairman. same procedure followed with respect to earlier (d) This delegation shall not extend to the records. Meanwhile, a work copy will be available powers vested in the Board to exercise supervi- for inspection at the Board's offices, and another at sion over the Federal Reserve Banks. the Federal Reserve Bank of New York. The Chairman was also authorized, from time Release of the minutes for 1962 through 1965 to time, as he may deem appropriate, to redelegate presented special problems involving international to any member, officer, employee, or administra- financial relationships, an area in which Federal tive unit of the Board any responsibilities delegated Reserve activity has increased considerably in reto the Chairman. cent years. Consequently, a few sentences or para- Digitized for FRASER 191 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

graphs have been deleted, with a footnote in each pany, Class A, $1.00 par common, and Class B, case indicating the general nature or subject of the $1.00 par common; Anchor Corporation, Class B, deleted matter. nonvoting, common, is changed to Washington National Corporation, $5.00 par common; Manufac- CHANGES IN OTC MARGIN STOCKS turers and Traders Trust Co. (New York), $5.00 The Board of Governors of the Federal Reserve par capital, becomes First Empire State Corpora- System on January 26, 1970, announced several tion, $5.00 par common; The Ohio Casualty Insurchanges in its "List of OTC Margin Stocks" first ance Co., Capital, becomes Ohio Casualty Corpublished on July 8, 1969. poration, $.50 par capital; The Philadelphia Na- Seven stocks are deleted: The Bank of Cali- tional Bank, Capital, is changed to PNB Corporafornia, N. A., $10.00 par value common capital; tion, $1.00 par common; and Wachovia Corpora- Bank of New York Co., $15.00 par common; The tion, $5.00 par common, is corrected to read TI Corporation (of California), Common, $1.00 Wachovia Corporation, The, $5.00 par common. par value; Will Ross, Inc., $1.00 par common; ADMISSION OF STATE BANK TO Edgcomb Steel Company, Common, $5.00 par MEMBERSHIP IN THE FEDERAL RESERVE SYSTEM value; Grinnell Corporation, No par value, common; and Narragansett Capital Corporation, $1.00 The following bank was admitted to membership par common. in the Federal Reserve System during the period Other changes are as follows: American Maize- January 16, 1970, through February 15, 1970: Products Company, Without par or face value, Colorado common, becomes American-Maize Products Com- Westminster Citizens Bank Digitized for FRAS1E9R2 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions Released for publication February 13 Industrial production and retail sales declined television sets and furniture, showed little change further in January. Nonfarm employment was un- from the reduced December level but production changed and the unemployment rate rose appreci- of consumer staples rose. Output of business and ably. Industrial commodity prices continued to in- defense equipment continued to decline in January. crease. Commercial bank credit and time and sav- Within the business equipment group, production ings deposits declined, and the money supply rose. of industrial and commercial equipment dropped Between mid-January and mid-February, yields on again, as did production of trucks and aircraft. U.S. Government securities declined while yields Among industrial materials, steel production was on municipal and newly-issued corporate bonds off 5 per cent and output of most other durable rose slightly. and nondurable materials declined. INDUSTRIAL PRODUCTION EMPLOYMENT Industrial production declined again in January The labor market eased further in January. The and, at 169.9 per cent of the 1957-59 average, was unemployment rate rose to 3.9 per cent from 3.5 down 0.7 per cent from December, and was only per cent in the two preceding months, mainly re- 0.5 per cent above a year earlier. The January in- flecting increased joblessness among men 25 to 54 dex was 2.7 per cent below the July 1969 peak of years of age. Nonfarm payroll employment again 174.6 per cent; almost 1 percentage point of this was unchanged. Employment increased in retail reduction can be attributed to a protracted strike trade and services, but declined sharply in conin the electrical equipment industry. struction (partly because of severe weather) and In January, output of both final products and in State and local governments. In manufacturing, materials declined. Among final products, output of employment declines in durable goods industries consumer goods changed little after dropping 2.6 were offset by increases in nondurable goods indusper cent since its July high. Auto assemblies were tries. The average factory workweek declined reduced 6 per cent further to an annual rate of 6.8 sharply by 0.4 hour, to 40.2 hours. million units, and in early February production was cut again. Output of most home goods, such as RETAIL SALES The value of retail sales declined 1 per cent in January and was only 1 per cent above a year INDUSTRIAL PRODUCTION earlier. Sales at durable goods stores fell 5 per cent and at nondurable goods stores rose 1 per cent. Unit sales of new domestic autos dropped 10 per cent further in January to an annual rate of 6.8 million units. FINAL PRODUCTS COMMODITY PRICES The total wholesale price index increased 0.7 per cent from mid-December to mid-January as 200 prices of processed foods and feeds increased M DU A R N A U B F L A E C TURES Y 180 sharply. Industrial commodity prices rose 0.3 per cent. Since mid-January, substantial further increases have been announced for important steel NONDURABLE MANUFACTURES products. Consumer prices rose 0.6 per cent in December, reflecting a large rise in prices of foods 1966 1968 1970 1966 1968 1970 and services. F.R. indexes, seasonally adjusted. Latest figures: January. Digitized for FRASER 193 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK CREDIT, DEPOSITS, AND RESERVES December. Both member bank borrowings and excess reserves declined somewhat in January. Commercial bank credit declined $2.5 billion further in January with much of the decrease re- SECURITIES MARKETS sulting from a reduction in holdings of U.S. Treasury securities. The $1.9 billion drop in Between mid-January and mid-February, yields on Treasury security holdings was partly offset by an U.S. Government securities declined sharply on increase of $400 million in holdings of other se- balance across the maturity range. The 3-month curities. Loans also showed a large decline, mainly bill was bid at around 7.25 per cent in the middle in the business and security loans categories. of February, down more than half a percentage Due to a year-end bulge in demand deposits, the point from a month earlier. Rates on intermediatemoney supply in January averaged considerably term notes and bonds fell about Vs of a percentage above the December level. U.S. Government de- point on average; long-term Treasury bond yields posits increased slightly while time and savings dropped around 35 basis points. deposits fell $2 billion, mainly because of a sharp Yields on municipal and newly-issued corporate drop in consumer-type deposits. Attrition of large- bonds fluctuated mostly upward, but closed in middenomination CD's continued, but at a slower rate February at levels only slightly higher than one than during most months in 1969. month earlier. The volume of trading on the two Net borrowed reserves of member banks aver- major stock exchanges remained moderate, while aged about $770 million for the four weeks ending prices declined to the lowest level since October January 28, compared with about $850 million in 1966. PRICES INTEREST RATES 1957-59=100 140 130 120 ALL COMMODITIES ^ 110 - FARM PRODUCTS . AND FOODS F.R. DISCOUNT RATE V A/- INDUSTRIAL COMMODITIES .. 1967 1968 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, November; Wholesale, December. years or more and for 90-day Treasury bills. Latest figures: week ending Feb. 6. Digitized for FRASER1 94 http://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 Digitized for FRASER A 1 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 2 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 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 (flows through Q3 1969) 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 TABLES PUBLISHED PERIODICALLY: A 94 Earnings and expenses of Federal Reserve Banks, 1969 A 96 Number of banking offices—Analysis of changes A 105 INDEX TO STATISTICAL TABLES Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 3 Guide to Tabular Presentation SYMBOLS AND ABBREVIATIONS e Estimated N.S.A. Monthly (or quarterly) figures not adjusted c Corrected for seasonal variation p Preliminary IPC Individuals, partnerships, and corporations r Revised SMSA Standard metropolitan statistical area rp Revised preliminary A Assets I, II, 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 include not fully guaranteed issues) as well as direct obligations of the Treasury. "State and local govt." also includes municipalities, special districts, and other political subdivisions. In some of the tables details do not add to totals because of rounding. The footnotes labeled NOTE (which always appear last) provide (1) the source or sources of data that do not originate in the System; (2) notice when figures are estimates; and (3) information on other characteristics of the data. TABLES PUBLISHED QUARTERLY, SEMIANNUALLY, OR ANNUALLY, WITH LATEST BULLETIN REFERENCE Quarterly Issue Page Annually—Continued Issue Page Flow of funds. Feb. 1970 A-70 Banks and branches, number, by class and State Apr. 1969 A-91 Flow of funds: Semiannually Assets and liabilities: 1967 May 1968 A-67.10 Banking offices: 1955-68 Nov. 1969 A-71.10 Analysis of changes in number of.... Feb. 1970 A-96 Flows: On, and not on, Federal Reserve 1955-68 Nov. 1969 A-70 Par List, number Aug. 1969 A-95 Income and expenses: Federal Reserve Banks Feb. 1970 A-94 Annually Member banks: Calendar year May 1969 A-95 Bank holding companies : Operating ratios May 1969 A-104 List of, Dec. 31, 1968 June 1969 A-91 Insured commercial banks May 1969 A-107 Banking offices and deposits of group banks, Dec. 31, 1968 Aug. 1969 A-96 Banking and monetary statistics, 1968.. Mar. 1969 A-92—A-102 Stock exchange firms, detailed debit May 1969 A-91—A-94 and credit balances Sept. 1969 A-94 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 4 BANK RESERVES AND RELATED ITEMS • FEBRUARY 1970 MEMBER BANK RESERVES, FEDERAL RESERVE BANK CREDIT, AND RELATED ITEMS (In millions of dollars) Factors supplying reserve funds Reserve Bank credit outstanding U.S. Govt, securities 1 Special Period or date Drawing Dis- Gold Rights Held counts Other stock certificate under and Float 2 F.R. Total 4 account Bought repur- ad- assets 3 Total out- chase vances right agreement Averages of daily figures 1939—Dec 2,510 2,510 83 2,612 17,518 1941—Dec 2,219 2,219 5 170 2,404 22,759 1945—Dec 23,708 23,708 381 652 24,744 20,047 1950—Dec 20,345 20,336 142 1,117 21,606 22,879 1960—Dec 27,248 27,170 78 94 1,665 29,060 17,954 1965—De c 40,885 40,772 113 490 2,349 43,853 13,799 1966—De c 43,760 43,274 486 570 2,383 46,864 13,158 1967—De c 48,891 48,810 81 238 2,030 51,268 12,436 1968—De c 52,529 52,454 75 765 3,251 56,610 10,367 1969—Ja n 52,665 52,662 43 697 3,054 56.476 10,367 Feb 52,265 52,074 191 824 2,602 55,786 10,367 Mar 52,122 51,987 135 918 2,367 55.477 10,367 Apr 52,463 52,257 206 996 2,429 2,837 58,821 10,367 J M u a n y e 5 5 4 3 , , 0 3 2 9 8 0 5 5 2 3 , , 8 9 9 2 8 6 4 1 9 0 2 2 1 1 , , 4 4 0 0 7 2 2 2 , ,4 2 6 1 3 8 2 2 , ,6 8 1 7 4 6 6 5 0 9 , ,9 5 9 6 9 5 1 10 0 , , 3 3 6 6 7 7 July 54,298 54,252 46 1,190 2,684 2,670 60,887 10,367 Aug 54,599 54,334 265 1,249 1,230 2.672 60,876 10,367 Sept 53,840 53,722 118 1,067 2,477 3,032 60,459 10,367 Oct 54,708 54,497 211 1,135 2,462 3,153 61,516 10,367 Nov 56.499 56,424 75 1,241 2,541 2,460 62,788 10,367 Dec 57.500 57,295 205 1,086 3,235 2,204 64,100 10,367 1970—Jan. ? 56,273 56,182 91 964 3,429 2,114 62,853 11,141 155 Week ending— 1969—Nov. 5 55,624 55,345 279 1,328 2,172 2,945 62,116 10,367 12 56,007 55,930 77 1,244 2,312 2,881 62,491 10,367 19 56,745 56,745 1,071 2,892 2,380 63,131 10,367 26 56,909 56,909 1,210 2,717 2,026 62,910 10,367 Dec. 3 57,479 57,311 168 1,191 2,539 2,008 63,273 10,367 10 57,664 57,483 181 1,200 2,688 2,035 63,654 10,367 17 57,435 57,279 156 1,044 3,050 2,134 63,740 10,367 24 57,237 57,173 64 1,096 3,556 2,248 64,203 10,367 31 57,491 57,154 337 1,104 3,976 2,480 65,149 10,367 1970—Jan. 7* 57,319 56,980 339 854 3,689 2,731 64,692 10,367 14 p 56,297 56,297 864 3,761 1,874 62,862 11,367 200 2 28 1* * 5 5 6 5 , , 2 5 4 0 0 2 5 5 6 5 , , 2 5 4 0 0 2 1,0 9 2 66 8 3 3, , 0 6 7 0 3 0 2 1 , , 0 8 3 8 3 7 6 6 2 1 , ,6 7 9 5 8 4 1 1 1 1 , , 3 3 6 6 7 7 2 20 0 0 0 End of month 1969—No v 57,318 57,318 1,531 2,705 1,996 63,599 10,367 Dec 57,154 657,154 183 3,440 2,743 63,584 10,367 1970—Jan. ? 55,739 55,517 222 1,566 2,509 61,826 11,367 Wednesday 1969—Nov. 5 56,254 55,746 508 1,204 1,997 2,997 62,513 10,367 12 56,297 56,297 695 1,698 2,907 61,639 10,367 19. 56,803 56,803 652 3,000 2,009 62,509 10,367 26 56,708 56,708 1,146 2,296 2,019 62,219 10,367 Dec. 3 57,832 657,656 176 814 2,649 2,043 63,399 10,367 10 57.153 6 57,153 666 2,616 2,082 62,575 10,367 17 57,584 657,229 355 683 3,429 2,257 64,056 10,367 24*> 57,609 6 57,160 449 721 3,844 2,264 64,539 10,367 31 57.154 657.154 813 3,440 2,743 63,584 10,367 1970—Jan. 7 * 56,691 6»756,691 164 3,770 2,704 63,393 10,367 14» 55,699 6-755,699 1,006 3,113 1,877 61,758 11,367 200 21 P 56.155 756.155 2,031 3,326 1,862 63,437 11,367 200 28* 55,568 6.755,568 1,070 2,642 2,012 61,352 11,367 200 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • 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 with F.R. Banks Other Period or date Treas- Other F.R. ury F.R. liacash ac- bilities h i o n l g d s - Tr u e r a y s - F ei o g r n - Other 2 counts3 ca a p n it d a l 3 B W F a . n i R t k h . s r c C a e o n u n in d c r y - 5 Total Averages of daily figures 2,402 616 739 248 11,473 11,473 1939—Dec. 2,189 592 ,531 292 12,812 12,812 1941—Dec. 2,269 625 ,247 493 16,027 16,027 1945—Dec. 1,290 615 920 353 739 17,391 17,391 1950—Dec. 408 522 250 495 1,029 16,688 2,595 19,283 1960—Dec. 808 683 154 231 389 18,747 3,972 22,719 1965—Dec. 1,191 291 164 429 83 19,568 4,262 23,830 1966—Dec. 1,428 902 150 451 -204 20,753 4.507 25,260 1967—Dec. 756 360 225 458 -1,105 22,484 4,737 27,221 1968—Dec. 760 602 189 495 1,174 22,988 5,075 28,063 1969—Jan. 762 641 130 488 -932 22,644 4,647 27,291 Feb. 728 536 152 463 -902 22,246 4.508 26,754 Mar. 707 369 131 510 1,937 22,581 4,498 27,079 Apr. 691 549 132 445 1,968 23,371 4,532 27,903 May 672 970 107 458 2,010 22,768 4,549 27,317 June 657 1,117 142 473 2,038 22,309 4,671 26,980 July 671 881 141 469 2,062 22,430 4,649 27,079 Aug. 678 597 128 454 2,055 22,238 4,733 26,971 Sept. 665 983 121 479 2,078 22,659 4,681 27,340 Oct. 666 1,074 135 445 2,140 23,037 4,727 27,764 Nov. 656 1,194 146 458 2,192 23,071 4,960 28,031 Dec. 655 1,206 170 642 2,044 23,566 5,272 28,838 1970—Jan.25 Week ending— 662 1,114 136 463 2,183 22,894 4,767 27,661 1969—Nov. 5 670 1,155 137 447 2,139 22,800 4,925 27,725 12 662 1,074 147 436 2,068 23,370 4,599 27,969 19 661 1,018 122 436 2,138 23,033 4,568 27,601 26 659 1,022 123 455 2,238 22,902 4,835 27,737 Dec. 3 652 1,183 138 427 2,318 22,852 4,923 27,775 10 656 975 149 437 2,126 23,080 4,936 28,016 17 651 1,246 143 449 2,133 23,037 4,839 27,876 24 659 1,405 163 517 2,153 23,493 5,187 28,680 31 666 1,263 207 530 1 ,967 23,697 5,003 28,700 1970—Jan. 7? 6 65 5 1 9 1 1 , ,1 2 0 6 9 2 1 1 6 8 1 1 6 6 7 7 1 8 2 1 , , 0 9 5 9 7 7 2 2 4 3 , ,4 0 6 0 7 8 5 5 , , 4 4 1 6 9 8 2 2 9 8, , 9 4 3 2 5 7 2 14 \ P p 649 1,197 137 675 2,105 23,266 5,291 28,557 28 p End of month 633 980 130 453 2,218 23,385 4,835 28,220 1969—Nov. 657 ,312 134 807 1,919 22,085 5,187 27,272 Dec. 640 ,127 152 692 2,163 23,603 5,059 28,662 1970—Jan.? Wednesday 677 1 ,027 208 471 2,221 22,942 4,767 27,709 669 874 106 448 2,007 22,091 4,924 27,015 1969—Nov. 5 665 1,099 147 398 2,087 22,639 4,598 27,237 12 661 853 109 427 2,167 22,173 4,569 26,742 19 26 659 1,267 113 465 2,286 22,553 4,835 27,388 Dec. 3 657 1,116 104 416 2,316 21,617 4,927 26,544 10 667 861 128 450 2,110 23,367 4,939 28,306 17 657 1 ,058 168 521 2,163 23,156 4,839 27,995 24 657 1,312 134 807 1,919 22,085 5,187 27,272 31 679 1 ,057 229 503 1,978 22,788 003 27,791 1970—Jan. 7* 652 1,194 122 703 2,037 22,585 468 28,053 14 p 660 1,131 121 706 2,076 24,786 419 30,205 21* 643 1,256 158 701 2,127 22,808 291 28,099 28* 1 U.S. Govt, securities include Federal agency obligations. s Part allowed as reserves Dec. 1, 1959—Nov. 23, 1960; 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 closea 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 6 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 6 BANK RESERVES AND RELATED ITEMS • FEBRUARY 1970 RESERVES AND BORROWINGS OF MEMBER BANKS (In millions of dollars) Reserve city banks All member banks New York City City of Chicago Period Bor- Reserves Bor- Reserves Bor- T h o e t ld al qu R ir e e - d 1 B r i F a o n a n . w g t R k s - . s Free T h o e t ld al qu R ir e e - d] Excess B r F i a n o a . n R w g t k s . - 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 B r a F in o n a . w g R k t s s - . 1939—Dec.. 211,473 6,462 5,01 3 5,008 5,623 3,012 2,611 2,611 1,141 601 540 1941—Dec.. 12,812 9,422 3,390 5 3,385 5,142 4,153 989 989 1,143 848 295 1945—Dec.. 16,027 14.536 1,491 334 1,157 4,118 4,070 48 192 -144 939 924 14 1950—Dec.. 17,391 16,364 1,027 142 885 4,742 4,616 125 58 67 1,199 1,191 8 I960—Dec.. 19,283 18,527 756 87 669 3,687 3.658 29 19 10 958 953 4 1963—Dec.. 20,746 20,210 536 327 209 3,951 3,895 56 37 19 1,056 1,051 5 1964—Dec.. 21,609 21,198 411 243 168 4,083 4,062 21 35 -14 1,083 1,086 -3 1965—Dec.. 22,719 22,267 452 454 -2 4,301 4,260 41 111 -70 1,143 1,128 15 1966—Dec.. 23,830 23,438 392 557 -165 4,583 4,556 27 122 -95 1,119 1,115 4 1 1 9 9 6 6 7 8 — — D D e e c c . . , , 2 27 5 , , 2 2 2 6 1 0 2 2 4 6 , , 9 7 1 6 5 6 4 3 5 4 5 5 7 2 6 3 5 8 -3 1 1 0 0 7 5 5 , , 1 0 5 5 7 2 5 5, , 0 0 5 3 7 4 10 18 0 23 4 0 0 -1 -2 3 2 0 1 1 . , 1 22 9 5 9 1 1 , , 1 21 8 7 4 1 8 5 1969—Jan... 28,063 27,846 217 697 -480 5,397 5,392 5 65 -60 1,286 1,287 -1 Feb.. 27,291 27,063 228 824 -596 5,190 5,194 -4 63 -67 1,259 1.253 6 Mar.. 26,754 26.537 217 918 -701 5,040 5,019 21 65 -44 1,204 1,207 -3 Apr.. 27,079 26,927 152 996 -844 5,039 5,045 -6 111 -117 1,202 1,202 May. 27,903 27,603 300 1,402 -1,102 5,174 5,134 40 129 -89 1,277 1,281 -4 June. 27,317 26,974 343 1,407 -1,064 4.962 4,894 68 96 -28 1,241 1,206 35 July.. 26,980 26,864 116 1,190 -1,074 4,837 4,817 20 86 -66 1,197 1,207 -10 Aug.. 27,079 26,776 303 1,249 -946 4.963 4,922 41 93 -52 1,188 1,196 -8 Sept.. 26,971 26,735 236 1,067 -831 4,990 4,967 23 87 -64 1.200 1,186 14 Oct... 27,340 27,197 143 1,135 -992 5,195 5,183 12 138 -126 1,228 1,235 -7 N D o ec v . . . . 2 2 8 7 , , 0 7 3 6 1 4 2 2 7 7 , , 5 7 1 7 1 4 2 2 5 5 7 3 1 1 , ,0 24 8 1 6 - - 9 8 8 2 8 9 5 5 , , 4 3 4 7 1 6 5 5 , , 3 3 8 5 5 0 5 2 6 6 2 1 5 6 9 9 - - 2 1 0 4 3 3 1 1 , , 2 2 8 4 5 4 1 1, . 2 2 6 5 7 4 -1 1 0 1970—Jan.p 28,838 28,692 146 964 -81! 5,667 5.659 141 -134 1,317 1,316 Week ending— 1969—Aug. 6.. 27,042 26,791 251 1,090 -839 4,844 4,829 15 18 -3 1.214 1,199 15 13.. 26,960 26,627 333 1,329 -996 4,843 4,784 59 135 -76 1,211 1,210 1 20. . 27,159 27,100 59 1,221 -1,162 5,101 5,164 -63 136 -199 1,224 1,216 8 27. . 26,909 26,697 212 1,204 -992 4,941 4,896 45 64 — 19 1,145 1,164 -19 Sept. 3.. 26,950 26,548 402 1,240 -838 4,945 4,922 23 84 -61 1.215 1,186 10.. 26,941 26,550 391 740 -349 5,086 4,941 145 64 81 1,183 1,179 17.. 26,814 26,682 132 1,018 -886 4,947 4,984 -37 129 -166 1,182 1,190 24.. 26,931 26,727 204 1,106 -902 4,926 4,915 11 -100 1,169 1 ,166 Oct. 1.. 27,400 27,080 320 1,436 -1,116 5,134 5,062 72 99 -27 1,211 1,212 -1 8.. 27,153 27,014 139 967 -828 5,012 5,041 -29 198 -227 1,192 1,197 -5 15.. 27,379 27,161 218 1,347 -1,129 5,222 5,186 36 222 -186 1,242 1,231 11 22.. 27,614 27,458 156 1,015 -859 5,296 5,355 -59 42 -101 1.271 1,272 29., 27,172 27,092 80 1,179 -1,099 5,158 5,148 10 65 55 1,227 1,239 Nov. 5.. 27,661 27,365 296 1,328 1,032 5,347 5,257 90 144 -54 1.272 1,254 12.. 27,725 27,354 371 1,244 -873 5,404 5,318 86 350 -264 1,246 1,244 19.. 27,969 27,823 146 1,071 -925 5,588 5,559 29 25 4 1.287 1,279 26.. 27,601 27,463 138 1,210 -1,072 5,275 5,269 6 8 -2 1,232 1.237 Dec. 3.. 27,737 27,534 203 1,191 -988 5,300 5,294 6 266 -260 1,229 1,227 10.. 27,775 27,484 291 1,200 -909 5,444 5,355 89 299 -210 1,254 1,257 17. . 28,016 27,919 97 1,044 -947 5,465 5,471 -6 164 -170 1,291 1,287 24.. 27,876 27,612 264 1,096 -832 5,255 5,238 17 296 -279 1,242 1.238 31.. 28,680 28,152 528 1,104 -576 5,628 5,515 113 348 -235 1,320 1,304 1970—Jan. 7®. 28,700 28,444 256 854 -597 5,620 5,604 16 196 -180 1,293 1,312 14f. 28,935 28,917 18 864 -846 5,742 5,781 -39 234 -273 1,331 1,327 21 29,427 29,213 214 966 -752 5,919 5,873 46 80 -34 1,366 1,360 28p. 28,557 28,399 158 1,028 -870 5,408 5,451 -43 86 -129 1.288 1,279 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • 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 Period Borrow- Borrowings at Free ings at Free F.R. reserves F.R. reserves T h o e t ld al Required ^ Banks T h o e t ld al Required1 Excess Banks 761 749 12 409 -397 632 610 22 327 -305 .... 1929—June 648 528 120 58 62 441 344 96 126 -30 ....1933—June 3,140 1,953 1,188 1,188 1,568 897 671 3 668 . ...1939—Dec. 4,317 3,014 1,303 1 1,302 2,210 1,406 804 4 800 . ...1941—Dec. 6,394 5,976 418 96 322 4,576 3,566 ,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 6,689 6,066 623 40 583 ....I960—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. 10,990 10,900 90 270 -180 9,875 9,625 250 180 70 .. ..1968—Dec. 11,271 11,287 -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 Mar. 10,914 10,923 -9 512 -521 9,924 9,757 167 257 -90 Apr. 11,275 11,195 80 618 -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 10,114 9,928 186 637 -451 Aug. 10,668 10,654 14 461 -447 10,113 9,928 185 468 -283 Sept. 10,745 10,772 -27 531 -558 10,172 10,007 165 447 -282 Oct. 10,888 10,841 47 572 -525 10,256 10,066 190 443 -253 Nov. 10,970 10,964 6 479 -473 10,335 10,158 177 321 -144 Dec. 11,291 11 ,314 -23 454 -477 10,563 10,402 161 283 -122 1970—Jan.? Week ending— 10,834 10,788 46 434 -388 10.150 9,975 175 638 -463 .1969—Aug. 6 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 10,113 9,947 166 633 -467 27 10,709 10,587 122 463 -341 10,081 9,853 228 664 -436 Sept. 3 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 1 1 1 1 0 0 0 0 , , , , 8 7 8 7 1 3 9 8 3 7 4 6 1 1 1 1 0 0 0 0 , , , , 8 7 8 7 4 4 2 2 6 4 4 4 -1 - 4 7 1 6 8 2 5 3 6 6 5 6 6 2 1 2 4 6 - - - - 6 3 5 5 7 5 1 6 5 8 4 4 1 1 1 1 0 0 0 0 , , , , 1 2 2 1 5 1 6 0 3 2 9 2 1 1 9 9 0 0 , , , , 9 9 0 0 8 2 3 8 5 0 2 2 1 1 1 1 8 8 6 8 7 2 8 0 4 5 4 3 3 1 5 9 9 8 3 6 - - - - 2 2 3 2 5 3 2 6 8 7 8 6 Oct. 2 1 2 I 8 5 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 10,881 10,821 60 400 -340 10,194 9,971 223 409 -186 12 10,908 10,949 -41 625 -666 10,186 10,036 150 421 -271 19 10,801 10,801 697 -697 10,293 10,156 137 504 -367 26 10,879 10,858 21 545 -524 10,329 10,155 178 379 -205 Dec. 3 10,846 10,818 28 522 -494 10,231 10,054 177 379 -202 Dec. 10 10,984 11,034 -50 584 -634 10,276 10,127 149 296 -147 17 11,032 10,961 71 508 -437 10,347 10,175 172 292 -120 24 11,187 11,091 96 337 -241 10,545 10,242 303 299 4 31 11,267 11,217 50 216 -166 10,520 10,311 209 245 -36 .1970—Jan. 7» 11,345 11,411 -67 440 -507 10,516 10,398 118 161 -43 14* 11,483 11,497 -14 555 -569 10,658 10,483 175 254 -79 21p 11,241 11,216 25 541 -516 10,621 10,453 167 385 -218 28p 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 opening 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 8 MAJOR RESERVE CITY BANKS • FEBRUARY 1970 BASIC RESERVE POSITION, AND FEDERAL FUNDS AND RELATED TRANSACTIONS (In millions of dollars, unless otherwise noted) Basic reserve position Interbank Federal funds transactions Related transactions with U.S. Govt, securities dealers Less- Net- Gross transactions Net transactions Reporting banks week a e n n d d ing— Excess r a o t B w o F i r n .R - gs . F i b e n N d a t e e n e t r r k - a l S d u e r o f p r ic lu it s r P e e q a r u o v c f g i r e . e n d t ch P a u s r e - s Sales t a w c t T r t o o a i - o t n w n a s l s - a 2 y b c o P u h f y a u n i s r n e e - t s g s o b S e f a a l l n n l i e k n e s s g t de L a o l t e a o r n s s 3 de f r B i a r n o l o o w e g r m r s - - s * lo N a e n t s Banks funds reserves banks trans. Total—46 Banks 1969—Dec. 3 16 573 3,515 -4,072 34.0 6,505 2,990 2,714 3,791 276 1,190 152 1,038 10 133 557 4,501 -4,924 40.8 7,116 2,615 2,297 4,819 318 831 165 666 17 53 461 4,539 -4,946 40.1 7,413 2,874 2,554 4,859 321 762 143 619 24 107 652 4,551 -5,097 42.5 7,144 2,593 2,571 4,573 23 945 162 783 31 340 653 4,315 -4,629 37.6 7,101 2,786 2,551 4,549 235 1,052 155 897 1970—Jan. 7 317 523 4,803 -5,009 40.0 7,645 2,842 2,784 4,862 59 1,355 146 1,209 14 -19 516 5,492 -6,027 469 8,222 2,730 2,599 5,623 131 1,352 138 1,214 21 56 415 5,005 -5,364 41.4 7,911 2,906 2,882 5,029 25 843 127 716 28 44 286 3,182 -3,424 27.8 6,652 3,470 2,710 3,942 759 748 184 564 8 in New York City 1969—Dec. 3 13 266 1,065 -1,318 27.3 2,065 1,000 941 1,124 921 98 822 10 105 293 1,528 -1,716 35.1 2,231 703 703 1,528 650 87 563 17 65 164 1,394 -1,494 29.9 2,392 997 998 1,394 612 96 517 24 45 296 974 -1,224 25.7 071 1,098 1,082 989 816 137 679 31 178 319 1,243 -1,384 27.5 204 961 961 1,243 896 130 766 1970—Jan. 7 87 196 1,215 -1,325 25.9 351 1,136 1,136 1,215 1,104 128 976 14 -5 234 1,407 -1,645 30.2 532 1,125 1,125 1,407 930 117 813 2 2 1 8 52 7 7 8 5 6 1,2 - 4 3 3 -1, - 2 7 6 6 6 23 1 . . 6 5 4 6 7 5 5 8 1 1 , , 2 6 3 6 1 1 1 1, , 1 2 5 3 9 2 1,2 4 4 9 3 9 502 6 6 7 1 8 1 1 12 1 5 0 4 5 8 6 6 9 38 outside New York City 1969—Dec. 3 3 307 2,450 -2,754 38.5 4,440 1,990 1,772 2,668 217 2.69 216 10 28 264 2,973 -3,209 44.7 4,885 1,912 1,594 3,291 318 181 103 17 -12 297 3,145 -3,453 47.0 5,021 1,876 1,556 3,465 321 149 102 24 61 356 3,577 -3,873 53.5 5,073 1,495 1,488 3,584 7 129 104 31 162 334 3,072 -3,244 44.6 4,897 1,825 1,590 3,306 235 156 131 1970—Jan. 7 231 327 3,588 -3,684 49.7 5,294 1,706 1,647 3,647 59 250 233 14 -15 281 4,085 -4,381 57.9 5,690 1 ,605 1,474 4,216 131 421 401 21 4 340 3,761 -4,097 54.0 5,436 1,675 1,650 3,786 25 165 148 28 37 200 3,185 -3,348 45.5 4,994 1,809 1,552 3,443 258 138 78 5 in City of Chicago 1969—Dec. 3 6 999 -993 88.8 1,317 318 318 1,000 60 60 10 1 1,358 -1,357 118.3 1,593 235 235 1,358 67 66 17 5 1,093 -1,087 92.4 1,410 317 317 1,093 51 51 24 2 1,127 -1,125 99.5 1,400 274 274 1,127 45 45 31 23 120 1,041 -1,138 95.2 1,308 267 267 1,041 28 26 1970—Jan. 7 3 197 1,114 -1,308 108.9 1,414 300 300 1,114 56 56 14 -4 29 1,426 -1,459 118.8 1,706 281 281 1,426 59 59 21 3 74 1,011 -1,082 86.9 1,386 376 376 1,011 41 41 28 10 967 -958 82.1 1,305 338 338 967 34 34 33 others 1969—Dec. 3 -4 307 1,451 -1,761 29.2 3,123 1 ,672 1,455 1,668 217 209 54 156 10 27 264 1,615 -1,852 30.7 3,292 1,678 1,359 1,933 318 114 78 37 17 -17 297 2,052 -2,366 38.4 3,611 1,559 1,239 2,373 321 98 47 51 24 59 356 2,451 -2,748 45.0 3,673 1,222 1,215 2,458 7 84 25 60 31 139 214 2,031 -2,106 34.7 3,589 1,558 1,323 2,266 235 128 23 104 1970—Jan. 7 228 130 2,474 -2,376 38.3 3,881 1,406 1,348 2,533 59 194 18 177 2 1 1 4 -11 2 2 5 6 3 6 2 2, , 7 6 5 6 1 0 - - 2 3 , , 9 0 2 1 3 6 4 4 6 7 . . 1 5 4 3 , ,9 0 8 5 4 0 1 1, , 2 3 9 2 9 4 1 1 , , 1 2 9 7 4 4 2 2, , 7 7 7 9 5 0 1 2 3 5 1 3 1 6 2 3 4 2 18 0 3 1 4 0 2 6 28 27 200 2,218 -2,391 38.6 3,689 1,471 1,214 2,476 258 104 59 45 1 Based upon reserve balances, including all adjustments applicable to banks, 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- 4 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 o 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 last par. Sec. 133 Advances and discounts under Advances under Federal Reserve Bank Sees. 13 and 13a 1 Sec. 10(b)2 R Ja a 1 n t 9 e . 7 0 3 o 1 n , Ef d fe a c t t e i ve Pr r e a v t i e o us R Ja a 1 n t 9 e . 7 0 3 o 1 n , Ef d fe a c t t e i ve Pr r e a v t i e o us R Ja a 1 n t 9 e . 7 0 3 o 1 n , Ef d fe a c t t e i ve Pre ra v t io e us Boston Apr. 8, 1969 5*4 6*4 Apr. 8, 1969 7 Apr. 8, 1969 6*4 P N h ew ila Y de o l r p k h . i a . .. . A A p p r r . . 4 4 , , 1 1 9 9 6 6 9 9 5 5 * * 4 4 6 6V *4 4 A A p p r r . . 4 4 , , 1 1 9 9 6 6 9 9 A A p p r r . . 4 4 , , 1 1 9 9 6 6 9 9 7 6 *4 Cleveland Apr. 4, 1969 5*4 6V4 Apr. 4, 1969 7*4 Apr. 4, 1969 7 Richmond... Apr. 4, 1969 5*4 6V4 Apr. 4, 1969 7 Apr. 4, 1969 6*4 Atlanta Apr. 4, 1969 5*4 6*4 Apr. 4, 1969 7 Apr. 4, 1969 6*4 Chicago Apr. 4, 1969 5 *4 6*4 Apr. 4, 1969 7 Apr. 4, 1969 6*4 St. Louis Apr. 4, 1969 5% 6*4 Apr. 4, 1969 7 Apr. 4, 1969 6*4 Minneapolis.. Apr. 4, 1969 5*4 6*4 Apr. 4, 1969 7*4 Apr. 4, 1969 6*4 S K D a a a n l n la s F a s r s a C nc i i t s y c . o . A A A p p p r r r . . . 4 4 4 , , , 1 1 1 9 9 9 6 6 6 9 9 9 5 5 5 * * * 4 4 4 6 6 6 * * * 4 4 4 A A Ap p p r r r . . . 4 4 4 , , , 1 1 1 9 9 9 6 6 6 9 9 9 7 7 7 A A A p p p r r r . . . 4 4 4 , , , 1 1 1 9 9 9 6 6 6 9 9 9 6 6 6V * * 4 4 4 i 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 All F.R. of date All F.R. of Banks N.Y. Banks N.Y. Banks N.Y. In effect Dec. 31, 1941 1 -1*4 1955—Cont. 1960 1942 Sept. 1 9 3 2 2 - V 2% 4 18 June 1 3 0 m O Ap ct r . 3 1 1 0 1 5 \r tV4 Nov. 1 2 8 3 2V 2 4 - t 2 o * 4 A Se u p g t . . 1 1 9 2 4 3 3 3- * 3 4 * 4 Apr. 25 1946 t *4-l Apr. 2 13 0 1956 2 2 V % 4 July 2 1 6 7 1963 3 3 - * 3 4 * 4 May 10 Aug. 24 3 1948 31 3 Nov. 24 1964 3*44 -4 Jan. 12 1 -1% 1957 30 Aug. 2 1 1 3 3 9 1950 1* 1 4 1 * * - 4 1 4 * 4 1 ig 8 D A N e u o c g v . . . 2 1 9 2 5 3 3 3 3 3 * - - 3 4 3 * * 4 4 3 3 3 3 *4 Dec. 1 6 3 1 1 9 9 6 6 7 5 4 4 4 - * - 4 4 4 * * 4 4 % Aug. 2 2 1 5 1*4 1 - % 1 * in Jan. 22 1958 2V4-3 3 Apr. 1 7 4 4 1953 Mar. 2 4 7 2 2 * % 4 - - 3 3 2 2 % *4 Nov. 2 2 0 7 4 4* - 4 4 *4 4 4 * * 4 4 A M J F a e p a n b r y . . . 2 2 1 1 1 1 1 3 4 5 6 6 5 1954 1 l 1 1 % * * V 2 1 4 1 4 - * 4 - % 2 - 1 4 - 1 % % 2 S N A A O M e p u o c a p t r g v y . t . . . . 2 2 2 1 1 1 1 7 4 1 3 9 5 2 8 3 .. 2 2 l l % % % * 2 2 2 4 ? * * - - - - 2 2 2 4 4 2 < % * * 4 2 2 2 2 2 2 1 % * * % 4 4 D A M A e p u a c r g r . . . . 2 2 2 1 1 1 3 1 2 6 8 5 6 0 9 0 1968 5 4 5 5 1 * * / 5 5 5 4 4 4 V * * - - - - 5 5 5 4 4 5 4 1 * * /2 4 4 5 5 4 5 5 5 5 * * * * * * * 4 4 4 4 4 4 4 1955 1959 1969 Apr. 1 1 4 5 1 1I * Yl4Zl - ~ 1 1 %l 3// 4 1 1 * 3 4 / Mar. 1 6 6 2V 3 4 -3 3 3 Apr. 4 8 5* 6 4 -6 6 6 May 2 1% i% May 29 3 -3*4 3*4 Aug. 4 l%-2*4 1% June 12 3*4 3*4 1970 13/4-2*4 2 Sept. 11 3*4-4 4 2 -2*4 2 18 4 4 In effect Jan. 31, 1970. 6 6 t Preferential rate of *4 of 1 per cent for advances secured by U.S. in the following periods (rates in percentages): 1955—May 4-6, 1.65; Govt, obligations maturing in 1 year or less. The rate of 1 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 Sees. 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 10 RESERVE AND MARGIN REQUIREMENTS • FEBRUARY 1970 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 5 deposits 2 deposits 2'4 (all classes of banks) Time deposits Reserve Country Other Effective date 1 b C r a e e c s n n i e t k t r y r s v a e 3 l b s c R a e i r n t e v y k - e s C ba o tr n u y k n s - b cl a a ( o n a s f l k s l e s s ) Effective date 1 $ U 5 n c m d it e i y r l - ba $ n O 5 k v m s e r il - $ U 5 n m de b i r l a - nk $ O s 5 v m er il - d S e in i p a t g s v o s - s - $ U 5 ti n m m d e e i r l- d e $ p O 5 o s v i m e ts r i llion lion lion lion lion lion In effect Dec. 31, 1949. 22 18 12 1966—July 14,21. 6 16% 6 12 64 64 Sept. 8, 15. 1951—Jan. 11,16... 23 19 13 Jan. 25, Feb. 1... 24 20 14 1967—Mar. 2. 3Vi 1953—July 9,1 22 19 13 Mar. 16. 5* 1954—June 24, 16 21 July 29, Aug. 1 20 18 12 1968—Jan. 11,18.... 16% 17 12 12% 1958—Feb. 27, Mar. 1 19*4 17* 11* Mar. 20, Apr. 1 19 1969—Apr. 17 17 17% 12% 13 Apr. 17 18 % Apr. 24 18 16% In effect Jan. 31, 1970. 17 17% 12% 13 1960—Sept. 1 17% Nov. 24 12 Present legal Dec. 1 16% requirement: 1962—July 28 (3) Minimum 10 7 3 3 3 Oct. 25, Nov. 1 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. 6 See preceding columns for earliest effective date of this rate. 4 Beginning Oct. 16, 1969, a member bank is required under Regulation 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 7700 5500 7700 9900 7700 5500 7700 7777777700000000 8888888800000000 Listed bonds convertible into stocks 5555555500000000 6666666600000000 For short sales 777000 555000 777000 999000 777000 555000 777000 7777777700000000 8888888800000000 Regulation U: For credit extended by banks on— Stocks 777000 555000 777000 999000 777000 555000 777000 7777777700000000 8888888800000000 Bonds convertible into listed stocks 5555555500000000 6666666600000000 Regulation G: For credit extended by others than brokers and dealers and banks on— Listed stocks 7777777700000000 8888888800000000 Bonds convertible into listed stocks 5555555500000000 6666666600000000 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 conon 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • MAXIMUM INTEREST RATES; BANK DEPOSITS A 11 MAXIMUM INTEREST RATES PAYABLE ON TIME AND SAVINGS DEPOSITS (Per cent per annum) Rates Jan. 1, 1962—July 19, 1966 Rates beginning July 20, 1966 Effective date Effective date Type of deposit Type of deposit Jan. 1, July 17, Nov. 24, Dec. 6, July 20, Sept. 26, Apr. 19, Jan. 21, 1962 1963 1964 1965 1966 1966 1968 1970 Savings deposits: Savings deposits 4% Other time deposits:2.. 12 months or more.. 4 4 Multiple maturity:3.. Less than 12 months. 3% 3% 9 L 0 e s d s a t y h s a o n r 9 m 0 o d r a e y s... 5 4 % (30-89 days) Single-maturity: Other time deposits: 2 Less than $100,000: 30 days to 1 year.. 5 12 months or more 4 2 1 y y e e a a r r s t a o n 2 d y o e v a e r r s . . . . 5% 53/4 9 L 6 0 e m ( s d 3 s o a 0 t n y - h 8 t s a h 9 t n s o d t 9 o 6 a 0 y m 1 s d ) 2 a o y m n s t o h n s t . h . s . 3 1 % 4 4 % 5% $1 9 3 6 0 0 0 0 0 - - - ,0 1 8 5 0 9 9 7 0 9 d d a d a a n y y a d s s y s over: 5% 5% f ' 5 5 6 3 % /4 6 6 6 V V V 4 4 4 180 days to 1 year. >61/4 7 1 year or more. .. m 1 Closing date for the Postal Savings System was Mar. 28, 1966. Max- NOTE.—Maximum rates that may be paid by member banks as estabimum 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. 1, 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 mm bb ee aa AA mm nn ll bb ll kk ss ee rr Y N o e r w k C o i f t y Other C b o a u n n k t s r y Item m b e a A m n l b l k e s r Y N o e r w k C o i f t y Other C b o a u n n k t s r y City Chicago City Chicago Four weeks ending Dec. 3, 1969 Four weeks ending Dec. 31, 1969 Gross demand—Total 182,628 43,831 7,404 63,294 68,099 Gross demand—Total.. 184,482 42,973 7,569 64,848 69,092 Interbank 23,108 9,982 1,368 9,196 2,561 Interbank 22,862 9,575 1,393 9,288 2,606 U.S. Govt 4,275 856 186 1,614 1,619 U.S. Govt 4,561 788 206 1,780 1,787 Other 155,245 32,993 5,850 52,484 63,918 Other 157,059 32,610 5,970 53,780 64,699 Net demand 1 134,792 24,930 5,631 47,408 56,823 Net demand 1 139,077 26,037 5,898 49,102 53,040 Time 149,895 14,945 4,545 55,232 75,174 Time 149,686 15,145 4,583 54,819 75,140 Demand balances due Demand balances due from dom. banks 9,894 508 163 2,693 6,528 from dom. banks.... 9,803 498 168 2,640 6,497 Currency and coin 4,733 391 84 1,476 2,781 Currency and coin 4,971 426 95 1,549 2,901 Balances with F.R. Balances with F.R. Banks 23,026 5,001 1,165 9,391 7,470 Banks 23,116 5,022 1,182 9,463 7,449 Total reserves held 27,759 5,392 1,249 10,867 10,251 Total reserves held 28,087 5,448 1,277 11,012 10,350 Required 27,544 5,360 1,247 10,857 10,080 Required 27,792 5,395 1,272 10,976 10,150 Excess 215 32 2 10 171 Excess 295 53 5 36 200 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 12 FEDERAL RESERVE BANKS a FEBRUARY 1970 CONSOLIDATED STATEMENT OF CONDITION OF ALL FEDERAL RESERVE BANKS (In millions of dollars) Wednesday End of month IIIttteeemmm 1970 1969 1970 1969 Jan. 28 Jan. 21 Jan. 14 Jan. 7 Dec. 31 Jan. 31 Dec. 31 Jan. 31 Assets Gold certificate account 1111,,003366 1111,,003366 1111,,003366 10,036 10,036 1111,,003366 10,036 10,025 220000 220000 220000 220000 115577 114433 112266 111 110 116699 110 236 Discounts and advances: Member bank borrowings 11,,007700 22,,003311 11,,000066 164 183 11,,556666 183 862 Acceptances: Bought outright 60 63 63 64 64 555777 64 50 222666 Federal agency obligations—Held under repurchase 333000 U.S. Govt, securities: Bought outright: Bills 20,680 21,267 20,811 21,803 22,266 22,266 17,946 222000,,,666222999 31,392 31,392 31,392 31,392 31,392 3i,392 31,392 28,706 3,496 3,496 3,496 3,496 3,496 3,496 3,496 5,475 2.355,568 356,155 2.355,699 2.356,691 357,154 5555,,551177 357,154 52,127 HHeelldd uunnddeerr rreeppuurrcchhaassee aaggrreeeemmeennttss 119922 55,568 56,155 55,699 56,691 57,154 5555,,770099 57,154 52,127 TRT+FT| TT C COONRITIAC 55,698 58,249 56,768 56,919 57,401 57,388 57,401 53,039 P9,595 p10,889 Pl1,059 Pl 1,389 10,564 P8,424 10,564 8,015 117 117 117 116 116 117 116 113 Other assets: 1,069 968 1,017 1,867 1,967 975 1,967 1,883 219 219 219 219 219 219 219 231 607 558 524 502 441 618 441 639 A 11 NTHOR f79,698 "82,379 P81,066 P81,159 80,854 PP7799,,114466 80,854 7744,,118811 Yotjj assets • ... LLLiiiaaabbbiiillliiitttiiieeesss 45,695 45,996 46,479 46,985 47,473 4455,,449944 47,473 4422,,882299 DDDeeepppooosssiiitttsss::: P22,808 p24,786 f22,585 P22,788 22,085 PP2233,,660033 22,085 2233,,112244 1,256 1,131 1,194 1,057 1,312 11,,112277 1 ,312 551177 158 121 122 229 134 115522 134 112266 OOOttthhheeerrr::: IIIMMMFFF gggooolllddd dddeeepppooosssiiittt 111 219 219 219 219 219 221199 219 223311 482 487 484 284 588 447733 588 229977 AAAllllll ooottthhheeerrr f24,923 p26,744 P24,604 P24,577 24,338 p25,574 24,338 24,295 TTToootttaaalll dddeeepppooosssiiitttsss 6,953 7,563 7,946 7,619 7,124 5,915 7,124 5,162 DDDeeefffeeerrrrrreeeddd aaavvvaaaiiilllaaabbbiiillliiitttyyy cccaaassshhh iiittteeemmmsss 521 535 561 568 581 529 581 402 OOOttthhheeerrr llliiiaaabbbiiillliiitttiiieeesss aaannnddd aaaccccccrrruuueeeddd dddiiivvviiidddeeennndddsss 22>>7788,,009922 pp8800,,883388 ff7799,,559900 PP7799,,774499 79,516 PP7777,,551122 79,516 7722,,668888 TTToootttaaalll llliiiaaabbbiiillliiitttiiieeesss CCCaaapppiiitttaaalll aaaccccccooouuunnntttsss 667755 667744 667733 667733 669 667755 669 663355 666699 666699 666699 666699 669 666699 669 663300 CCCaaapppiiitttaaalll pppaaaiiiddd iiinnn 226622 119988 113344 6688 229900 222288 TTTOOOooottthhhtttaaaeeelllrrr lllccciiiaaaaaabbbpppiiiiiillltttiiiaaatttllliii eeeaaasss cccaaacccnnnoooddduuu nnnccctttaaasssppp iiitttaaalll aaaccccccooouuunnntttsss 79,698 P82,379 P81,066 P81,159 80,854 P79,146 80,854 74,181 CCCooonnntttiiinnngggeeennnttt llliiiaaabbbiiillliiitttyyy ooonnn aaacccccceeeppptttaaannnccceeesss pppuuurrrccchhhaaassseeeddd fffooorrr fffooorrreeeiiigggnnn cccooorrrrrreeessspppooonnndddeeennntttsss 146 144 144 145 146 147 146 104 UUU...SSS... GGGooovvvttt,,, ssseeecccuuurrriiitttiiieeesss hhheeelllddd iiinnn cccuuussstttooodddyyy fffooorrr fffooorrreeeiiigggnnn aaaccccccooouuunnnttt 7,672 7,493 7,328 7,186 7,030 7,374 7,030 7,893 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 49,709 49,956 50,138 50,306 50,412 49,635 50,412 46,854 Collateral held against notes outstanding: Gold certificate account 3,222 3,222 3,222 3,222 3,222 3,222 3,222 3,507 Eligible paper U.S. Govt, securities 48,162 48,162 48,162 48,162 48,152 48,112 48,152 45,116 Total collateral 51,384 51,384 51,384 51,384 51,374 51,334 51,374 48,623 1 See note 1 (b) at top of page A-75 3 See note 7 on page A-5. 2 See note 6 on page A-5. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • FEDERAL RESERVE BANKS A 13 STATEMENT OF CONDITION OF EACH FEDERAL RESERVE BANK ON JANUARY 31, 1970 (In millions of dollars) Item Total Boston Y N o e r w k P p d h h e i i l l a - a - C la le n v d e - m Ri o c n h d - At t l a a n- c C a h g i o - L S ou t. i s M ap in o n li e s - K C s a a it n s y - Dallas F c S i r s a a c n n o - AAsssseettss GGoolldd cceerrttiiffiiccaattee aaccccoouunntt 1111111111,,,,,000003333366666 555 33333,,,,,000005555511111 662 830 966 595 1 ,744 393 228 458 418 1 ,136 SSppeecciiaall DDrraawwiinngg RRiigghhttss cceerrttiiff.. aacccctt 222220000000000 11 4444477777 12 16 18 11 35 8 3 7 7 25 FF..RR.. nnootteess ooff ootthheerr bbaannkkss 11111 ,,,,,333333333377777 135 222225555599999 83 112 99 215 79 39 30 51 54 181 OOtthheerr ccaasshh 111116666699999 7 2222233333 8 16 11 21 21 11 5 9 12 25 DDiissccoouunnttss aanndd aaddvvaanncceess:: 999993333399999 46 111114444488888 70 21 110 63 221 58 10 61 32 99 SSeeccuurreedd bbyy UU..SS.. GGoovvtt,, sseeccuurriittiieess........ 666662222277777 49 111113333300000 10 19 14 15 212 24 2 21 13 118 OOtthheerr AAcccceeppttaanncceess:: 5555577777 5555577777 2222266666 2222266666 HHHHeeeelllldddd uuuunnnnddddeeeerrrr rrrreeeeppppuuuurrrrcccchhhhaaaasssseeee aaaaggggrrrreeeeeeeemmmmeeeennnnttttssss........ FFFFeeeeddddeeeerrrraaaallll aaaaggggeeeennnnccccyyyy oooobbbblllliiiiggggaaaattttiiiioooonnnnssss————HHHHeeeelllldddd 3333300000 3333300000 uuuunnnnddddeeeerrrr rrrreeeeppppuuuurrrrcccchhhhaaaasssseeee aaaaggggrrrreeeeeeeemmmmeeeennnnttttssss UUUU....SSSS.... GGGGoooovvvvtttt,,,, sssseeeeccccuuuurrrriiiittttiiiieeeessss:::: BBBBoooouuuugggghhhhtttt oooouuuuttttrrrriiiigggghhhhtttt 111115555555555,,,,,555551111177777 2,750 1111133333,,,,,999992222277777 2,843 4,364 4,088 2,955 9,166 2,049 1 ,105 2,093 2,366 7,811 HHHHeeeelllldddd uuuunnnnddddeeeerrrr rrrreeeeppppuuuurrrrcccchhhhaaaasssseeee aaaaggggrrrreeeeeeeemmmmeeeennnnttttssss........ 111119999922222 111119999922222 TTTToooottttaaaallll llllooooaaaannnnssss aaaannnndddd sssseeeeccccuuuurrrriiiittttiiiieeeessss 5577,,338888 2,845 1144,,551100 2,923 4,404 4,212 3,033 9,599 2,131 1 ,117 2,175 2,411 8,028 CCCCaaaasssshhhh iiiitttteeeemmmmssss iiiinnnn pppprrrroooocccceeeessssssss ooooffff ccccoooolllllllleeeeccccttttiiiioooonnnn............ 11,,004400 595 11 ,,889966 571 730 775 1 ,184 1 ,767 539 395 870 734 984 BBBBaaaannnnkkkk pppprrrreeeemmmmiiiisssseeeessss 111177 2 99 2 7 11 18 17 10 6 18 8 9 OOOOtttthhhheeeerrrr aaaasssssssseeeettttssss:::: DDDDeeeennnnoooommmmiiiinnnnaaaatttteeeedddd iiiinnnn ffffoooorrrreeeeiiiiggggnnnn ccccuuuurrrrrrrreeeennnncccciiiieeeessss........ 997755 47 22 225577 50 87 50 63 144 33 21 41 55 127 221199 221199 AAAllllll ooottthhheeerrr 661188 42 115555 31 47 46 32 98 22 14 22 26 83 TTToootttaaalll aaasssssseeetttsss p83,099 4,239 20,426 4,342 6,249 6,188 5,172 13,504 3,186 1 ,819 3,651 3,725 10,598 LLLiiiaaabbbiiillliiitttiiieeesss FFF...RRR... nnnooottteeesss 4466,,883311 2,672 1100,,999955 2,663 3,840 4,215 2,517 8,197 1 ,761 804 1 ,732 1 ,692 5,743 DDDeeepppooosssiiitttsss::: MMMeeemmmbbbeeerrr bbbaaannnkkk rrreeessseeerrrvvveeesss **2233,,660033 846 66,,665522 1 ,031 1 ,544 1 ,135 1 ,478 3,508 865 576 1 ,036 1 ,314 3,618 UUU...SSS... TTTrrreeeaaasssuuurrreeerrr———GGGeeennneeerrraaalll aaaccccccooouuunnnttt...... 11 ,,112277 88 118844 82 59 97 65 69 64 65 111 80 163 FFFooorrreeeiiigggnnn 115522 7 44 4499 7 12 7 9 21 5 3 6 8 18 OOOttthhheeerrr::: IIIMMMFFF gggooolllddd dddeeepppooosssiiittt 333 221199 221199 AAAAAllllllllll ooooottttthhhhheeeeerrrrr 447733 1 441177 5 2 11 3 5 2 3 4 3 17 TTTTToooootttttaaaaalllll dddddeeeeepppppooooosssssiiiiitttttsssss »25,574 942 7,521 1 ,125 1 ,617 1 ,250 1,555 3,603 936 647 1,157 1,405 3,816 DDDDDeeeeefffffeeeeerrrrrrrrrreeeeeddddd aaaaavvvvvaaaaaiiiiilllllaaaaabbbbbiiiiillllliiiiitttttyyyyy cccccaaaaassssshhhhh iiiiittttteeeeemmmmmsssss 8,531 521 1 ,341 443 609 597 971 1,372 414 322 675 520 746 529 25 139 27 41 36 27 84 19 11 20 22 78 OOOOOttttthhhhheeeeerrrrr llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd aaaaaccccccccccrrrrruuuuueeeeeddddd dddddiiiiivvvvviiiiidddddeeeeennnnndddddsssss *81,465 4,160 19,996 4,258 6,107 6,098 5,070 13,256 3,130 1 ,784 3,584 3,639 10,383 TTTTToooootttttaaaaalllll llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss CCCCCaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss 675 32 181 34 60 34 44 100 23 15 28 37 87 CCCCCS O S O S O S O S O uuuuuaaaaa ttttthhhhh rrrrrpppppppppp eeeee iiiiittttt rrrrr llllluuuuuaaaaa ccccc lllllsssss aaaaa ppppp ppppp aaaaa iiiii iiiii ttttt ddddd aaaaa lllll iiiiinnnnn aaaaa ccccccccccooooouuuuunnnnntttttsssss 2 6 9 6 0 9 3 1 2 5 1 7 7 2 7 3 1 4 6 2 6 2 0 2 3 2 4 4 1 3 5 9 4 9 9 2 1 3 0 1 5 5 2 1 8 1 3 1 7 2 4 8 1 7 TTTTToooootttttaaaaalllll llllliiiiiaaaaabbbbbiiiiillllliiiiitttttiiiiieeeeesssss aaaaannnnnddddd cccccaaaaapppppiiiiitttttaaaaalllll aaaaaccccccccccooooouuuuunnnnntttttsssss.......... p83,099 44,,223399 2200,,442266 44,,334422 66,,224499 66,,118888 55,,117722 1133,,550044 33,,118866 11,,881199 33,,665511 3,725 10,598 CCCCCooooonnnnntttttiiiiinnnnngggggeeeeennnnnttttt llllliiiiiaaaaabbbbbiiiiillllliiiiitttttyyyyy ooooonnnnn aaaaacccccccccceeeeeppppptttttaaaaannnnnccccceeeeesssss 33 66 pppppuuuuurrrrrccccchhhhhaaaaassssseeeeeddddd fffffooooorrrrr fffffooooorrrrreeeeeiiiiigggggnnnnn cccccooooorrrrrrrrrreeeeessssspppppooooonnnnnddddd----eeeeennnnntttttsssss 147 77 55 4400 77 1133 77 1100 2222 55 8 19 Federal Reserve Notes—Federal Reserve Agents' Accounts F.R. notes outstanding (issued to Bank) 4499,,663355 22,,883377 1111,,662288 22,,778844 44,,114455 44,,339999 2,734 88,,660033 11 ,,884455 884422 1 ,813 11 ,,884466 6,159 Collateral held against notes outstanding : Gold certificate account 33,,222222 118800 550000 330000 551100 554455 11 ,,000000 115555 2277 55 Eligible paper U.S. Govt, securities 48,112 2,667 11,400 2,620 3,750 3,955 2,850 7,950 1 ,780 835 1 ,875 1 ,930 6,500 Total collateral 51,334 2,847 11,900 2,920 4,260 4,500 2,850 8,950 1 ,935 862 1 ,875 1,935 6,500 1 See notes 6 and 7 on page A-5. 4 After deducting $103 million participations of other Federal Reserve 2 After deducting $718 million participations of other Federal Reserve Banks. Banks. 5 After deducting $107 million participations of other Federal Reserve 3 See note 1(b) to table at top of page A-75. Banks. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 14 OPEN MARKET ACCOUNT • FEBRUARY 1970 TRANSACTIONS OF THE SYSTEM OPEN MARKET ACCOUNT (In millions of dollars) Outright transactions in U.S. Govt, securities by maturity Total Treasury bills Others within 1 year 1-5 years MMoonntthh 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—Dec 66666666666666,,,,,,,,,,,,,,111111111111110000000000000000000000000000 66666666666666,,,,,,,,,,,,,,333333333333333333333333333344444444444444 111111111888888888000000000 66666666666666,,,,,,,,,,,,,,111111111111110000000000000000000000000000 66666666666666,,,,,,,,,,,,,,333333333333333333333333333344444444444444 111111888888000000 335588 --335588 1969—Jan 44444444444444,,,,,,,,,,,,,,000000000000001111111111111111111111111111 44444444444444,,,,,,,,,,,,,,555555555555559999999999999900000000000000 222222222333333333111111111 44444444444444,,,,,,,,,,,,,,000000000000001111111111111111111111111111 44444444444444,,,,,,,,,,,,,,555555555555559999999999999900000000000000 222222333333111111 Feb 11111111111111,,,,,,,,,,,,,,222222222222223333333333333344444444444444 11111111111111,,,,,,,,,,,,,,111111111111111111111111111100000000000000 111111111777777777555555555 11111111111111,,,,,,,,,,,,,,111111111111114444444444444499999999999999 11111111111111,,,,,,,,,,,,,,111111111111111111111111111100000000000000 111111777777555555 222333 ---888,,,444777999 333333 666,,,000999555 Mar 333333333333338888888888888855555555555555 6666666666666655555555555555 333333333888888888111111111 222222222222221111111111111177777777777777 6666666666666655555555555555 333333888888111111 444999 555777444 777333 ---555777444 Apr 22222222222222,,,,,,,,,,,,,,111111111111112222222222222211111111111111 11111111111111,,,,,,,,,,,,,,333333333333334444444444444466666666666666 222222222000000000666666666 22222222222222,,,,,,,,,,,,,,111111111111112222222222222211111111111111 11111111111111,,,,,,,,,,,,,,333333333333334444444444444466666666666666 222222000000666666 May 22222222222222,,,,,,,,,,,,,,333333333333336666666666666688888888888888 11111111111111,,,,,,,,,,,,,,444444444444444444444444444444444444444444 22222222222222,,,,,,,,,,,,,,111111111111117777777777777733333333333333 11111111111111 444444444444444444444444444444444444444444 3333 1100,,888833 7788 --1100,,889955 June 44444444444444,,,,,,,,,,,,,,555555555555558888888888888866666666666666 33333333333333,,,,,,,,,,,,,,999999999999999999999999999933333333333333 777777777""""""""" 44444444444444,,,,,,,,,,,,,,555555555555558888888888888866666666666666 33333333333333,,,,,,,,,,,,,,''''''''''''''999999999999999999999999999933333333333333 777 July 33333333333333,,,,,,,,,,,,,,444444444444449999999999999955555555555555 33333333333333,,,,,,,,,,,,,,222222222222225555555555555511111111111111 222222222000000000000000000 33333333333333,,,,,,,,,,,,,,444444444444442222222222222288888888888888 33333333333333,,,,,,,,,,,,,,222222222222225555555555555511111111111111 222000000 1100 2244 Aug 22222222222222,,,,,,,,,,,,,,222222222222220000000000000011111111111111 11111111111111,,,,,,,,,,,,,,666666666666665555555555555588888888888888 22222222222222,,,,,,,,,,,,,,222222222222220000000000000011111111111111 11111111111111,,,,,,,,,,,,,,666666666666665555555555555588888888888888 440077 44,,551144 Sept 44444444444444,,,,,,,,,,,,,,777777777777776666666666666622222222222222 55555555555555,,,,,,,,,,,,,,444444444444448888888888888833333333333333 111155 44444444444444,,,,,,,,,,,,,,777777777777776666666666666622222222222222 55555555555555,,,,,,,,,,,,,,444444444444448888888888888833333333333333 111155 Oct 55555555555555,,,,,,,,,,,,,,111111111111114444444444444455555555555555 33333333333333,,,,,,,,,,,,,,777777777777770000000000000044444444444444 55555555555555,,,,,,,,,,,,,,000000000000001111111111111166666666666666 33333333333333,,,,,,,,,,,,,,777777777777770000000000000044444444444444 ---666999444 777444 555111999 Nov 22222222222222,,,,,,,,,,,,,,999999999999991111111111111155555555555555 777777777777773333333333333355555555555555 111444888 22222222222222,,,,,,,,,,,,,,888888888888885555555555555522222222222222 777777777777773333333333333355555555555555 111444888 222888 111,,,111777777 222999 ---444000 Dec 11111111111111,,,,,,,,,,,,,,222222222222225555555555555500000000000000 11111111111111,,,,,,,,,,,,,,000000000000002222222222222299999999999999 333888666 11111111111111,,,,,,,,,,,,,,222222222222225555555555555500000000000000 11111111111111,,,,,,,,,,,,,,000000000000002222222222222299999999999999 333888666 Outright transactions in U.S. Govt, securities—Continued RRReeepppuuurrrccchhhaaassseee BBaannkkeerrss'' aaagggrrreeeeeemmmeeennntttsss FFFFeeeeddddeeeerrrraaaallll aacccceeppttaanncceess (((UUU...SSS... GGGooovvvttt,,, ____ NNNNeeeetttt aaaaggggeeeennnnccccyyyy 55--1100 yyeeaarrss OOvveerr 1100 yyeeaarrss ssseeecccuuurrriiitttiiieeesss))) cccchhhhaaaannnnggggeeee oooobbbblllliiiiggggaaaa---- MMMMoooonnnntttthhhh iiiinnnn UUUU....SSSS.... ttttiiiioooonnnnssss UUnnddeerr NNNNeeeetttt GGGGoooovvvvtttt,,,, ((((nnnneeeetttt rrrreeee---- rreeppuurr-- cccchhhhaaaannnnggggeeee **** Exch. Exch. sssseeeeccccuuuurrrr---- ppppuuuurrrrcccchhhhaaaasssseeee OOuutt-- cchhaassee Gross or ma- Gross or ma- Gross iiiittttiiiieeeessss aaaaggggrrrreeeeeeee---- rriigghhtt,, aaggrreeee-pur- Gross turity pur- Gross turity pur- Gross mmmmeeeennnnttttssss)))) nneett mmeennttss,, chases sales shifts chases sales shifts chases sales nneett 1968—Dec 11111111111111,,,,,,,,,,,,,,333333333333336666666666666699999999999999 11111111111111,,,,,,,,,,,,,,333333333333336666666666666699999999999999 --------------444444444444441111111111111144444444444444 ************** --------------444444444444441111111111111144444444444444 1969—Jan 333333333333337777777777777711111111111111 333333333333337777777777777711111111111111 --------------888888888888881111111111111100000000000000 --------------88888888888888 --------------888888888888881111111111111188888888888888 FFFeeebbb............ 222444 22,,338844 666 22222222222222,,,,,,,,,,,,,,555555555555551111111111111177777777777777 22222222222222,,,,,,,,,,,,,,333333333333331111111111111188888888888888 111111111111114444444444444488888888888888 222222000000 11111111111111 444444000000 222222222222220000000000000099999999999999 MMMaaarrr............ 222666 222000 22222222222222,,,,,,,,,,,,,,000000000000004444444444444444444444444444 11111111111111,,,,,,,,,,,,,,888888888888885555555555555544444444444444 111111111111113333333333333300000000000000 555555 --------------44444444444444 777777 111111111111113333333333333377777777777777 AAAppprrr...... ... ... 11111111111111,,,,,,,,,,,,,,999999999999992222222222222299999999999999 11111111111111,,,,,,,,,,,,,,777777777777779999999999999900000000000000 777777777777770000000000000088888888888888 555555444444 55555555555555 444444333333 888888888888881111111111111100000000000000 MMaayy...... 6600 1122 2244 44444444444444,,,,,,,,,,,,,,111111111111119999999999999922222222222222 44444444444444,,,,,,,,,,,,,,444444444444447777777777777700000000000000 666666666666664444444444444466666666666666 111111 --------------55555555555555 ------666666000000 555555555555558888888888888822222222222222 JJuunnee 11111111111111,,,,,,,,,,,,,,333333333333331111111111111122222222222222 11111111111111,,,,,,,,,,,,,,555555555555556666666666666622222222222222 333333333333333333333333333366666666666666 ------888888000000 --------------55555555555555 ------333333000000 222222222222222222222222222200000000000000 JJuullyy........ 2233 1100 555555555555556666666666666600000000000000 555555555555556666666666666600000000000000 4444444444444444444444444444 --------------11111111111111 ************** 4444444444444433333333333333 AAuugg........ --44,,992211 22222222222222,,,,,,,,,,,,,,777777777777772222222222222211111111111111 22222222222222,,,,,,,,,,,,,,444444444444449999999999999911111111111111 777777777777777777777777777733333333333333 3333399999 222222 888888888888883333333333333344444444444444 Sept 11111111111111,,,,,,,,,,,,,,111111111111112222222222222211111111111111 11111111111111,,,,,,,,,,,,,,000000000000006666666666666622222222222222 --------------777777777777777777777777777777777777777777 -----3333399999 --------------33333333333333 ---222222 --------------888888888888884444444444444411111111111111 Oct 555222 111777555 333 22222222222222,,,,,,,,,,,,,,666666666666665555555555555555555555555555 22222222222222,,,,,,,,,,,,,,777777777777771111111111111155555555555555 11111111111111,,,,,,,,,,,,,,333333333333338888888888888811111111111111 1111177777 44444444444444 11111111111111,,,,,,,,,,,,,,444444444444440000000000000022222222222222 NNoovv 333 ---111,,,111333777 444 11111111111111,,,,,,,,,,,,,,000000000000003333333333333311111111111111 11111111111111,,,,,,,,,,,,,,222222222222226666666666666600000000000000 11111111111111,,,,,,,,,,,,,,888888888888880000000000000033333333333333 -----1111177777 88888888888888 11111111111111,,,,,,,,,,,,,,777777777777779999999999999944444444444444 DDeecc 33333333333333,,,,,,,,,,,,,,333333333333333333333333333366666666666666 33333333333333,,,,,,,,,,,,,,333333333333333333333333333366666666666666 --------------111111111111116666666666666655555555555555 1111111111111155555555555555 --------------111111111111115555555555555500000000000000 1 Net change in U.S. Govt, securities, Federal agency obligations, and NOTE.—Sales, redemptions, and negative figures reduce System holdbankers' 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 45 413 1968—Oct.. 1,273 694 124 378 65 4 Nov.. 2,211 1.443 111 571 75 4 Dec.. 2,061 1.444 433 165 4 1969—Jan.. 1,883 1,443 41 25 294 67 4 Feb.. 1,938 1,450 13 25 318 125 4 Mar.. 2,059 1,396 23 461 160 13 4 Apr.. 1,960 1,245 44 50 436 163 15 4 May. 1,889 1,542 50 176 100 15 4 June. 1,834 1,564 50 115 15 86 July. 1,670 1,383 50 24 15 196 Aug.. 1,929 1,571 224 15 114 Sept.. 2,330 1,693 204 315 114 Oct.. .1,823 1,494 1 313 2 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • 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 1970 1969 1970 1969 Jan. 28 Jan. 21 Jan. 14 Jan. 7 Dec. 31 Jan. 31 Dec. 31 Jan. 31 Discounts and advances—Total. . . 1,070 2,031 1,006 164 183 1,566 183 862 Within 15 days 1,061 2,026 1,001 161 180 1,549 180 857 16 days to 90 days 9 5 5 3 3 17 3 5 Acceptances—Total 60 63 63 64 64 83 64 50 Within 15 days 20 19 14 15 15 45 15 8 16 days to 90 days 40 44 49 49 49 38 49 42 U.S. Government securities—Total 55,568 56,155 55,699 56,691 57,154 55,739 57,154 52.127 Within 15 days* 2,189 3,070 1,532 1,940 2,148 2,210 2,148 10.128 16 days to 90 days 10,821 10,028 10,756 11,174 11,168 11,112 11,168 9,409 91 days to 1 year 21,427 21,926 22,280 22,446 22,707 21,286 22,707 8,156 Over 1 year to 5 years 12,811 12,811 12,811 12,811 12,811 12,811 12,811 12,880 Over 5 years to 10 years 7,642 7,642 7,642 7,642 7,642 7,642 7,642 10,943 Over 10 years 678 678 678 678 678 678 678 611 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 accounts l 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—Dec 8,755.8 44,,007766..88 111,,,999000222...444 444,,,666777999...000 22222,,,,,777777777766666.....66666 65.0 140.8 61.2 44.2 37.1 1969—jan 8,734.2 33,,889966..77 222,,,000000777...999 444,,,888333777...555 22222,,,,,888882222299999.....66666 65.7 138.3 65.5 46.2 38.2 Feb 8888,,,,888833333333....1111 3,929.8 222,,,000444777...222 444,,,999000333...222 22222,,,,,888885555566666.....11111 67.3 144.9 67.2 47.0 38.7 Mar 8888....777722223333....7777 3,882.8 11,,997744..33 444,,,888444000...999 22222,,,,,888886666666666.....66666 66.0 142.6 64.5 46.1 38.5 Apr 8888....888888883333....8888 3333,,,,999900002222....0000 22,,002288..99 444,,,999888111...888 22222,,,,,999995555522222.....99999 66.6 140.9 66.3 47.2 39.4 May 9999,,,,111144447777....6666 4444....000099997777....6666 22,,008833..22 555,,,000555000...000 222222,,,,,,999999666666666666......888888 68.2 147.3 67.1 47.5 39.5 June 99999999........333333338888888855555555........22222222 4444....111155555555....7777 22,,116644..44 5,229.6 333333......000000666666555555......222222 68.7 145.5 68.6 48.4 40.1 July 99999999,,,,,,,,222222224444444422222222........88888888 3333,,,,999900008888....6666 2222222,,,,,,,222222244444444444444.......4444444 555,,,333333444...222 333333......000000888888999999......888888 67.6 136.1 71.8 49.4 40.3 Aug 99999999,,,,,,,,444444443333333300000000........11111111 44..114488..44 2222222,,,,,,,222222244444442222222.......8888888 555...222888111...777 333333......000000333333888888......999999 70.1 146.5 72.9 49.7 40.3 Sept 99999999........777777773333333377777777........33333333 44..331111..55 2222222.......222222244444449999999.......6666666 555...444222555...888 333333......111111777777666666......333333 72.3 153.5 73.0 50.9 41.9 Oct 99999999,,,,,,,,555555552222222277777777........00000000 4,127.6 2222222.......222222255555554444444.......7777777 55,,339999..33 333333,,,,,,111111444444444444......777777 70.8 148.8 72.9 50.6 41.5 Nov 99999999,,,,,,,,444444448888888844444444........55555555 444,,,222000777...555 2222222.......222222222222224444444.......8888888 55,,227777..00 333,,,000555222...222 70.5 151.6 71.7 49.4 40.3 Dec 99999999,,,,,,,,555555555555555599999999........00000000 444,,,111999888...222 2222222.......222222211111112222222.......9999999 55,,336600..88 333,,,111444777...999 6699..44 114455..77 6699..66 4499..22 4400..88 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 16 U.S. CURRENCY • FEBRUARY 1970 DENOMINATIONS IN CIRCULATION (In millions of dollars) Total Coin and small denomination currency Large denomination currency End of period in circulation 1 Total Coin $1 2 $2 $5 $10 $20 Total $50 $100 $500 $1,000 7,598 5,553 590 559 36 1,019 1,772 1,576 2,048 460 919 191 425 11,160 8,120 751 695 44 1,355 2,731 2,545 3,044 724 1,433 261 556 28,515 20,683 1,274 1,039 73 2,313 6,782 9,201 7,834 2,327 4,220 454 801 28,868 20,020 1.404 1.048 65 2,110 6,275 9,119 8,850 2,548 5,070 428 782 27,741 19,305 1,554 1,113 64 2,049 5,998 8,529 8,438 2,422 5,043 368 588 31,158 22,021 1,927 1,312 75 2,151 6,617 9,940 9,136 2,736 5,641 307 438 32,193 22,856 2,182 1,494 83 2,186 6,624 10,288 9,337 2,792 5,886 275 373 32,591 23,264 2,304 1,511 85 2,216 6,672 10,476 9,326 2,803 5,913 261 341 32,869 23,521 2,427 1,533 2,246 6,691 10,536 9,348 2,815 5.954 249 316 33,918 24,388 2,582 1,588 92 2,313 6,878 10,935 9,531 2,869 6,106 242 300 35,338 25,356 2,782 1,636 97 2,375 7,071 11,395 9,983 2,990 6,448 240 293 37,692 26,807 3,030 1,722 103 2,469 7,373 12,109 10,885 3,221 7,110 249 298 39,619 28,100 3.405 1,806 111 2,517 7,543 12,717 11,519 3,381 7,590 248 293 42,056 29,842 4,027 1.908 127 2,618 7,794 13,369 12,214 3,540 8,135 245 288 44,663 31,695 4,480 2,051 137 2,756 8,070 14,201 12,969 3,700 8,735 241 286 47,226 33,468 4,918 2,035 136 2,850 8,366 15,162 13,758 3,915 9,311 240 285 49,989 35,489 5,625 1,957 136 2,862 8,627 16,282 14,500 4,092 9,869 242 290 50,961 36,163 5.691 2.049 136 2,993 8,786 16,508 14,798 4,186 10,068 244 292 48,983 34,401 5,673 1,907 136 2,779 8,257 15,650 14,582 4,090 9,951 244 291 48,996 34,421 5,603 1,895 136 2,784 8,318 15,685 14,576 4,080 9.955 243 291 49,475 34,792 5,645 1.909 136 2,806 8,383 15,915 14,682 4,102 10,023 244 291 49,642 34,895 5.692 1,934 136 2,815 8,363 15,955 14,747 4,130 10,073 244 292 50,399 35,529 5,730 1,971 136 2,861 8,531 16,300 14,869 4,158 10,166 244 292 50,936 35,920 5,790 1,989 136 2,882 8,592 16,531 15,016 4,212 10,259 245 292 51,120 35,981 5,827 1,992 136 2,852 8,546 16,629 15,139 4,251 10,345 243 291 51,461 36,232 5,849 2,001 136 2,868 8,586 16,791 15,229 4,276 10,418 241 286 51,336 36,032 5,877 2,023 136 2,858 8,500 16,639 15,303 4,280 10,493 239 283 51,710 36,275 5,909 2,041 136 2,865 8,536 16,789 15,435 4,302 10,608 236 280 52,991 37,325 5,965 2,115 136 2,971 8,839 17,300 15,666 4,385 10,761 235 278 53,950 37,917 6,021 2,213 136 3,092 8,989 17,466 16,033 4,499 11,016 234 276 * 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 TTToootttaaalll ooouuuttt--- HHHeeelllddd bbbyyy ssstttaaannndddiiinnnggg,,, AAss sseeccuurriittyy FFoorr FFF...RRR... 1969 1968 KKKiiinnnddd ooofff cccuuurrrrrreeennncccyyy DDDeee 111 ccc 999 ... 666 999 333 111,,, gg aa oo ss gg ll ii dd aa llvv iinn ee aa rr ss nn tt dd TTrr cc ee aa aa ss ss hh uu rryy BB FF aa aa .. nn nn RR dd kk .. ss AAA BBB aaa ggg aaa nnn eee nnn nnn ddd kkk ttt sss sss Dec. Nov. Dec. cceerrttiiffiiccaatteess AAggeennttss 31 30 31 1111100000,,,,,333336666677777 ((1100,,003366)) 22333311 Gold certificates (((((1111100000,,,,,000003333366666))))) 331100,,003355 1111 Federal Reserve notes 5555500000,,,,,444441111122222 111333888 2222,,,,999944440000 444777,,,333333444 444666,,,444333111 444444,,,666555333 Treasury currency—Total 66666,,,,,888885555522222 111222666 111111110000 666,,,666111555 666,,,555666000 666,,,333000888 SSttaannddaarrdd ssiillvveerr ddoollllaarrss 444888555 3333 444448888822222 444448888822222 444448888822222 Fractional Coin 555,,,777444222 99994444 111000999 55555,,,,,555553333399999 55555,,,,,444448888833333 55555,,,,,222220000099999 United States notes 333222333 22229999 222229999922222 222229999922222 333331111100000 In process of retirement4 330033 333330000033333 333330000033333 333330000088888 TToottaall——DDeecc.. 3311,, 11996699 555566667777,,,,666633332222 ((((11110000,,,,000033336666)))) 555599996666 11110000,,,,000033335555 3333,,,,000055551111 5533,,995500 Nov. 30, 1969 555566666666,,,,444477771111 ((((11110000,,,,000033336666)))) 666633333333 11110000,,,,000033335555 2222,,,,888811112222 5522,,999911 Dec. 31, 1968 555566664444,,,,777722222222 ((((11110000,,,,000022226666)))) 666699995555 11110000,,,,000022226666 3333,,,,000044441111 5500,,996611 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 $219 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 Treasury. 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. 4 Redeemable from the general fund of the Treasury. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • MONEY SUPPLY; BANK RESERVES A 17 MONEY SUPPLY AND RELATED DATA (In billions of dollars) Seasonally adjusted Not seasonally adjusted Money supply Money supply PPPeeerrriiioooddd TTiimmee TTiimmee UU..SS.. ddeeppoossiittss ddeeppoossiittss GGoovvtt,, Currency Demand aadd-- Currency Demand aadd-- ddeemmaanndd Total component deposit jjuusstteedd ii Total component deposit jjuusstteedd 11 ddeeppoossiittss11 component component 1966—Dec 170.4 38.3 132.1 158.5 175.8 39\ 1 136.7 156.9 3.4 1967—Dec 181.7 40.4 141.3 183.7 187.5 41.2 146.2 182.0 5.0 1968—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 6.9 196.8 44.1 152.6 202.3 195.0 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 9.2 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 199.3 45.9 153.4 193.4 201.0 46.4 154.7 192.6 5.1 Dec.* 199.7 46.0 153.7 194.1 206.0 47.0 159.1 192.4 5.6 Jan.* 201.2 46.0 155.1 192.1 207.2 46.0 161.2 191.7 4.8 Week ending— 1969—Dec. 3 199.3 45.9 153.3 193.8 202.1 46.7 155.5 192.3 6.0 10 198.4 46.0 152.4 193.8 202.8 47.0 155.9 192.3 4.4 17* 198.7 46.1 152.7 194.1 205.7 46.8 158.9 192.4 4.9 24* 197.8 46.2 151.6 194.3 205.2 47.3 157.9 192.4 7.4 31p 202.9 45.9 157.0 193.9 211.0 46.9 164.1 192.5 5.5 Jan 7» 202.5 45.7 156.8 193.3 212.8 46.6 166.3 192.5 4.8 14p 202.1 46.0 156.1 192.2 209.7 46.2 163.5 191.9 3.4 2\p 201.7 46.1 155.5 192.0 206.8 46.0 160.8 191.6 4.1 28p 199.2 46.3 152.9 191.5 201.7 45.5 156.2 191.3 6.0 1 At all commercial banks. and F.R. float; (2) foreign demand balances at F.R. Banks; and (3) currency outside the Treasury, F.R. Banks, and vaults of all commercial NOTE.—For description of revised series and for back data, see Oct. banks. Time deposits adjusted are time deposits at all commercial 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 requirements 2 S.A. N.S.A. PPPeeerrriiioooddd TToottaall NNoonn-- RReeqquuiirreedd bboorrrroowweedd Time Private U.S. Time Private U.S. Total and demand Govt, Total and demand Govt, savings demand savings demand 1966—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—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 5.4 300.8 162.7 134.0 4.2 Feb 28.06 27.21 27.83 296.7 161.0 129.1 6.7 295.8 161.8 128.1 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 27.94 295.1 159.3 130.0 5.9 294.2 160.1 126.3 7.9 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 27.33 288.0 155.1 130.5 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 27.14 285.7 152.1 129.2 4.4 284.6 151.8 128.3 4.4 Oct 27.35 26.21 27.13 283.5 151.5 128.9 3.1 283.8 151.1 129.3 3.5 Nov 27.78 26.54 27.55 285.8 151.1 129.1 5.6 284.7 150.0 130.3 4.3 Dec.* 27.92 26.80 27.71 285.7 151.5 129.3 4.9 288.6 149.7 134.3 4.6 1970—Jan.* 27.98 26.95 27.82 284.9 149-4 130.2 5.3 288.6 148.9 135.7 4.0 1 Averages of daily figures. Data reflect percentage reserve require- inated from time deposits for reserve purposes. Jan. 1969 data are not 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 include total time and savings deposits and net demand deposits as defined NOTE.—Due to changes in Regulations M and D, required reserves by Regulation D. Private demand deposits include all demand deposits ex- include increases of approximately $400 million since Oct. 16, 1969. cept those due to the U.S. Govt., less cash items in process of collection Seasonally adjusted data for the period 1959 to date may be obtained from and demand balances due from domestic commercial banks. Effective June the Banking Section, Division of Research and Statistics, Board of Govern- 9, 1966, balances accumulated for repayment of personal loans were elim- ors of the Federal Reserve System, Washington, D.C. 20551. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 18 BANKS AND THE MONETARY SYSTEM • FEBRUARY 1970 CONSOLIDATED CONDITION STATEMENT (In millions of dollars) Liabilities and capital Total Bank credit assets, Treas- net— Date D R S G r p i a g a e n o h w c l d t i d i a s n l i g s r t c o e u i a u n u n r n r g t c y d - - y - Total n L e o t a 2 n . s 3 , Total U.S. s C b a T a a v o r n n i m e n d k a g l s s . s u ry R F s B e e e a d c s n e u e r k r r v a i s t e l i es Other4 r O s i e t t i c h e u e s - r 3 c l T a i i a a n p t o n i b e i t e t d a t i s a l l - l , c d u T e r a p o r n o e t d a s n i l c t s y C co m a a n a u p n i c e n s i d - t c t t a s . , l 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 20,778 2,888 14,741 199,008 184,384 14,624 1967—Dec. 30. 11,982 6,784 468,943 282,040 117,064 66,752 49,112 1,200 69,839 487,709 444,043 43,670 1968—Dec. 31. 10,367 6,795 514,427 311,334 121,273 68,285 52,937 51 81,820 531,589 484,212 47,379 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 6,800 503,000 306,000 115,500 63,500 51,900 100 81,500 520,200 466,800 53,300 Mar. 26.. 10,400 6,800 504,100 307,300 114,600 62,500 52,000 100 82,300 521,300 466,300 54,900 Apr. 30. 10,400 6,700 511,400 313,200 115,000 61,900 53,100 100 83,200 528,500 472,500 56,100 May 28. , 10,400 6,700 508,700 313,200 112,700 59.200 53,400 100 82,800 525,800 467,000 58,900 June 305 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 6,700 515,000 321,200 111,300 58,300 53,000 82,400 532,100 464,600 67,500 Aug. 27. 10,400 6,800 512,600 317,700 112,900 57,900 54,900 82,000 529,800 461,800 67,900 Sept. 24. 10,400 6,800 514,300 321,200 110,700 56,700 53,900 82,400 531,400 465,200 66,200 Oct. 29p. 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 6,800 519,300 322,800 114,900 58,200 56,700 81,600 536,500 467,800 68,700 Dec. 31 p 10,400 6,800 530,300 333,600 115,000 57,900 57,200 81,600 547,500 483,000 64,500 1970—Jan. 28p, 11,600 6,900 514,600 322,300 111,400 55,800 55,600 81,000 533,100 466,600 66,500 DETAILS OF DEPOSITS AND CURRENCY Money supply Related deposits (not seasonally adjusted) Seasonally adjusted 6 Not seasonally adjusted Time U.S. Government DDDaaattteee Total o b r u C e a t n u n s c i r k d y - s e d ju m e D p s a a t d o e e n s - - d d i t 7 s Total o b r u C e a t n u n s c r i k d y - s e d ju m e D p s a a t d o e e n s - - d d i t 7 s Total b m C a e n o r k m c s ia - 2 l b M sa a v u n i t k n u s g a s 8 l S P t a S o e v y m s i s t n a - 4 g l s nn ee FF ii ee oo gg tt rr nn -- 99 ,, T h c i u r o n a e r l g s a d y h s s - - s b c 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 11994477——DDeecc.. 3311........ 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 11995500——DDeecc.. 3300........ 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 11996677——DDeecc.. 3300.... .... 181,500 39,600 141,900 191,232 41,071 150,161 242,657 182,243 60,414 2,179 1,344 5,508 1,123 11996688——DDeecc.. 3311........ 199,600 42,600 157,000 207,347 43,527 163,820 267,627 202,786 64,841 2,455 695 5,385 703 11996699——JJaann.. 2299........ 190,100 42,800 147,300 192,500 42,200 150,400 266,000 201,200 64,900 2,200 800 7,900 500 FFeebb.. 2266........ 191,300 42,800 148,500 190,500 42,300 148,100 266,700 201,600 65,200 2,100 800 6,200 600 MMaarr.. 2266........ 193,500 43,200 150,300 190,700 42,800 147,900 267,700 201,800 65,900 2,100 700 4,600 500 AApprr.. 3300........ 192,300 43,300 149,000 192,300 42,900 149,400 266,900 201,200 65,700 2,300 700 9,300 1,000 MMaayy 2288........ 191,700 43,600 148,100 189,300 43,500 145,900 267,500 201,500 66,000 2,100 700 6,900 400 JJuunnee 330055...... 195,300 43,700 151,600 193,996 44,478 149,518 266,171 199,516 66,655 2,402 633 5,997 1,258 JJuullyy 3300........ 192,600 44,000 148,600 192,300 44,100 148,300 262,200 196,000 66,200 2,300 700 5,800 1,200 AAuugg.. 2277........ 193,700 43,900 149,800 192,100 44,200 147,900 260,800 194,500 66,300 2,100 700 5,200 1,000 SSeepptt.. 2244........ 194,200 44,000 150,200 192,900 44,100 148,800 260,300 193,600 66,600 2,300 700 7,900 1,200 OOcctt.. 2299pp...... 194,100 44,400 149,700 195,500 44,500 151,000 259,200 192,700 66,500 2,300 700 6,400 1,100 NNoovv.. 2266pp.... .. 195,600 44,900 150,700 198,800 46,300 152,500 258,300 191,700 66,600 2,400 700 6,800 900 DDeecc.. 3311 pp...... 205,700 45,300 160,400 213,600 46,300 167,300 259,600 192,400 67,100 2,700 700 5,200 1,300 11997700——JJaann.. 2288**\\.. 195,500 45,300 150,200 198,100 44,700 153,400 257,500 190,200 67,300 2,500 600 6,500 1,300 1 Includes Special Drawing Rights beginning January 1970. 8 Includes relatively small amounts of demand deposits. Beginning with 2 Beginning with data for June 30, 1966, about $1.1 billion in "Deposits June 1961, also includes certain accounts previously classified as other liaaccumulated for payment of personal loans" were excluded from "Time bilities. deposits" and deducted from "Loans" at all commercial banks. These 9 Reclassification of deposits of foreign central banks in May 1961 rechanges resulted from a change in Federal Reserve regulations. These duced this item by $1,900 million ($1,500 million to time deposits and $400 hypothecated deposits are shown in a table on p. A-23. million to demand deposits). 3 See note 2 at bottom of p. A-22. 4 After June 30, 1967, Postal Savings System accounts were eliminated from this Statement. 5 Beginning June 30, 1969, figures for commercial banks reflect (1) NOTE.—For back figures and descriptions of the consolidated condition inclusion of consolidated reports (including figures for all bank-premises statement and the seasonally adjusted series on currency outside banks and subsidiaries and other significant majority-owned domestic subsidiaries) demand deposits adjusted, see "Banks and the Monetary System," Section and (2) reporting of figures for total loans and for individual categories of 1 of Supplement to Banking and Monetary Statistics, 1962, and BULLETINS securities on a gross basis—that is, before deduction of valuation reserves. for Jan. 1948 and Feb. 1960. Except on call dates, figures are partly esti- See also note 1. mated and are rounded to the nearest $100 million. 6 Series began in 1946; data are available only for last Wed. of month. For description of substantive changes in official call reports of 7 Other than interbank and U.S. Govt., less cash items in process of condition beginning June 1969, see BULLETIN for August 1969, pp. collection. 642-46. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • 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 Interbank 3 Other Total Cash lia- Bor- capital Class of bank assets 3 bilities row- acand date Total Loans and Total 3 Demand ings counts 1 , 2 U.S. capital De- Treas- Other 2 ac- mand Time Time1 ury counts 4 U.S. Govt. Other All 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 1945—Dec. 31... 124,019 26,083 90,606 7,331 34,806 160,312 150,227 14,065 105,921 30,241 219 8,950 1947—Dec. 315.. 116,284 38,057 69,221 9,006 37,502 155,377 144,103 12,7921 240 1,343 94,367 35,360 65 10,059 1966—Dec. 31.. 322,661 217,726 56,163 48,772 69,119 403,368 352,287 19,770 967 4,992 167,751 158,806 4,859 32,054 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 1968—Dec. 31.. 401,262 265,259 64,466 71,537 83,752 500,657 434,023 24,747 1,211 5,010 199,901 203,154 8,899 37,006 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 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 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 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 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 June 306. 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 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 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 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 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 Nov. 26*. 411,580 286,230 54,850 70,500 82,340 512,970 411,800 23,190 680 6,560 189,400 191,970 21,960 39,450 Dec. 31*. 418,810 293,630 54,570 70,610 89,880 527,730 433,350 27,230 670 4,960 207,800 192,690 17,800 39,850 1970—Jan. 28*. 408,440 285,970 52,500 69,970 77,280 504,080 404,290 21,570 660 6,270 185,340 190,450 22,620 39,860 Members of F.R. System: 1941—Dec. 31 43,521 18,021 19,539 5,961 23,123 68,121 61,717 10,385 140 1,709 37,136 12,347 4 5,886 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 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 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 1967—Dec. 30.. 293,120 196,849 46,956 49,315 68,946 373.584 326,033 20,811 ,169 4,631 151,980 147,442 5,370 28,098 1968—Dec. 31. . 325,086 220,285 47,881 56,920 73,756 412,541 355,414 23,519 ,061 4,309 163,920 162,605 8,458 30,060 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 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 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 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 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 June 306. 329,707 233,960 39,382 364 424, ,466 24,097 722 4,874 31,317 July 30. . 328,560 233,196 39,962 402 4io; 993 20,079 699 4,562 31,090 Aug. 27. . 325,413 230,654 39,754 005 408, 063 20,433 707 4,046 31,234 Sept. 24. . 327,61' 233,744 38,643 224 411; 780 20,234 683 6,576 31,374 Oct. 29. . 327,288 233,260 39,725 303 412; 768 21,182 721 5,438 31,694 Nov. 26. . 330,002 235,055 40,276 671 419. 350 22,138 522 5,666 31,793 Dec. 31. . 336,392 241,594 40,038 760 432; 997 25,898 514 4,078 32,110 1970—Jan. 28*. 327,368 234,860 38,328 54,180 68,449 411,828 324,605 20,560 497 5,420 150,363 147,765 21,263 32,078 Reserve city member: New York City:7 1941—Dec. 31. ., 12,896 4,072 7,265 1,559 6,637 19,862 17,932 4,202 6 866 12,051 807 1,648 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 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 1966—Dec. 31. . 46,536 35,941 4,920 5,674 14,869 64,424 51,837 6,370 467 1,016 26,535 17,449 1,874 5,298 1967—Dec. 30.. 52,141 39,059 6,027 7,055 18,797 74,609 60,407 7,238 741 1,084 31,282 20,062 1,880 5,715 1968—Dec. 31 . . 57,047 42,968 5,984 8,094 19,948 81,364 63,900 8,964 622 33,351 20,076 2,733 6,137 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 Feb. 26. . 54,596 42,652 4,495 7,449 17,659 76,545 56,323 7,123 469 924 29,340 18,467 3,299 6,156 Mar. 26. . 53,942 41,875 4,574 7,493 18,680 76,776 55,046 7,588 442 356 28,746 17,914 4,010 6,153 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 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 June 306. 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 July 30. . 57,645 45,922 4,893 6,830 19,776 82,327 54,066 8,519 369 821 29,732 14,625 5,011 6,241 Aug. 27. . 56,571 44,914 4,904 6,753 20,574 81,955 54,538 8,783 373 722 30,490 14,170 5,459 6,275 Sept. 24. . 57,278 45,807 4,534 6,937 19,165 81,486 54,273 8,346 331 1,298 30,286 14,012 5,422 6,256 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 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 Dec. 31.. 60,337 48,269 5,047 7,021 22,426 88,205 62,464 10,431 237 694 36,145 14,957 4,388 6,377 1970—Jan. 28 57,069 45,722 4,794 6,553 20,535 82,673 56,240 8,697 236 1,140 31,730 14,437 4,930 6,248 For notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 20 COMMERCIAL BANKS a FEBRUARY 1970 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 f d a b t a e n k Total Loans Securities a C ss a e s t h s 3 b T i a l l o i n i a t t d i - a e l s Total 3 Interbank 3 Dema O n t d h er r B in o o w g r s - - c c T a o a o p u c t i n - a ta t l s l N b b a u o e n f m r k - s 1.2 T U r u e . r S a y . s - Other c c o a u a p n c i - t t a s l 4 m D a e n - d Time G U o . v S t . . Other Time1 Reserve city member (cont.): City of Chicago: 7,8 1941—Dec. 31 2,760 954 1,430 376 1,566 4,363 4,057 1,035 127 2,419 476 288 1945—Dec. 31 5,931 1,333 4,213 385 1,489 7,459 7,046 1,312 1,552 3,462 719 377 1947—Dec. 31 5,088 1,801 2,890 397 1,739 6,866 6,402 1,217 72 4,201 913 426 1966—Dec. 31 11,802 8,756 1,545 1,502 2,638 14,935 12,673 1.433 310 6,008 4,898 484 1,199 1967—Dec. 30 12,744 9,223 1,574 1,947 2,947 16,296 13,985 1.434 267 6,250 6,013 383 1,346 1968—Dec. 31 14,274 10,286 1,863 2,125 3,008 18,099 14,526 1,535 257 6,542 6,171 682 1,433 1969—Jan. 29 13,935 10,189 1,647 2,099 2,932 17,589 13,376 1,165 569 5,722 5,902 885 1,424 Feb. 26 13,802 10,030 1,558 2,214 3,128 17,685 13,144 1,246 238 5,826 5,817 1,130 1,431 Mar. 26 14,146 10,313 1,634 2,199 2,768 17,696 12,789 1,267 92 5,775 5,638 1,418 1,435 Apr. 30 14,004 10,218 1,592 2,194 2,835 17,635 13,201 1,170 615 5,901 5,498 1,319 1,460 May 28 13,646 9,996 1,473 2,177 3,067 17,559 12,662 1,190 233 5,886 5,336 1,682 1,446 June 306 14,321 10,573 1,616 2,132 2,716 17,869 13,035 1,368 274 6,192 5,176 1,230 1.492 July 30 14,238 10,630 1,556 2,052 2,601 17,635 12,042 1,192 242 5,686 4,907 1,354 1,455 Aug. 27 13,832 10,373 1,473 1,986 2,698 17,344 11,779 1,170 149 5,630 4,811 1,717 1,483 Sept. 24 14,005 10,564 1,471 1,971 2,925 17,784 11,806 1,189 349 5,555 4,689 2,092 1.493 Oct. 29 13,945 10,341 1,667 1,937 2,604 17,410 11,641 1,153 334 5,543 4,584 2,064 1,492 Nov. 26 14,022 10,331 1 ,685 2,006 2,942 17,824 11,958 1,330 250 5,866 4,491 1,985 1,500 Dec. 31 14,369 10,773 1,565 2,031 2,855 17,988 13,317 1,732 175 6,769 4,614 1,290 1,516 1970—Jan. 28 13,684 10,376 1,351 1,957 2,858 17,287 12,024 1,205 336 5,903 4,548 1,783 1,520 Other reserve city: 7• 8 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 1 1 9 9 4 4 5 7 — — D D e e c c . . 3 3 1 1 4 3 0 6 , , 1 0 0 4 3 0 1 8 3 , , 5 4 1 4 4 9 2 2 9 0 , , 5 1 5 9 2 6 2 2 , , 0 3 4 9 2 6 1 11 3 , ,0 2 6 8 6 6 4 5 9 1 , , 6 8 5 9 9 8 4 4 9 6 , , 0 4 8 6 5 7 6 5 , , 4 6 1 2 8 7 2 3 2 0 8,2 4 2 0 1 5 2 2 4 8 , , 6 9 5 9 5 0 1 9 1 , , 7 4 6 2 0 3 2 1 2 2 , , 5 8 6 4 6 4 1966—Dec. 31 95,83 69,464 13,040 13,326 24,228 123,863 108,804 8,593 233 1,633 49,004 49,341 1,952 9,471 1967—Dec. 30 105,724 73,571 14,667 17,487 26,867 136,626 120,485 9,374 310 1,715 53,288 55,798 2,555 10,032 1968—Dec. 31 119,006 83,634 15,036 20,337 28,136 151,957 132,305 10,181 307 1,884 57,449 62,484 4,239 10,684 1969—Jan. 29 116,456 82,141 14,167 20,148 23,463 144,460 122,369 7,651 306 2,348 50,142 61,922 6,179 10,743 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 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 Apr. 30 117,79:5 84,932 12,857 20,006 25,890 148,544 124,498 8,062 249 3,457 51,735 60,995 7,522 10,982 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 June 306 119,789 88,582 11,635 19,572 27,265 152,827 125,157 9,028 159 2,171 54,079 59,721 11,166 July 30 118,838 87,753 11,716 19,369 24,037 148,510 118,489 8,108 204 1,735 50,333 58,109 11,194 Aug. 27 117,449 86,509 11,810 19,130 24,644 147,680 116,983 8,224 204 1,633 49,740 57,182 11,219 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 11,271 Oct. 29 117,954 87,388 11,794 18,772 23,979 147,722 117,701 8,631 246 2,411 50,780 55,633 11,391 Nov. 26 118,287 87,908 11,583 18,796 26,601 150,766 118,724 8,853 167 2,213 52,603 54,888 11,381 Dec. 31 120,976 90,447 11,958 18,571 29,968 156,951 126,147 10,687 164 1,541 58,900 54,855 11,492 1970—Jan. 28 118,177 88,298 11,255 18,624 '24,714 148,856 115,408 8,327 143 2,350 50,625 53,963 11,846 11,505 Country member: 8 1941—Dec. 31 12,518 5,890 4,377 2,250 6,402 19,466 17,415 792 30 225 10,109 6,258 4 1,982 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 11 2,525 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 1966—Dec. 31 109,518 68,641 22,419 18,458 19,004 131,338 117,749 2,392 69 1,474 56,672 57,144 308 10,309 1967—Dec. 30 122,511 74,995 24,689 22,826 20,334 146,052 131,156 2,766 96 1,564 61,161 65,569 552 11,005 1968—Dec. 31 134,759 83,397 24,998 26,364 22,664 161,122 144,682 2,839 111 1,281 66,578 73,873 804 11,807 1969—Jan. 29 133,166 81,932 25,090 26,144 18,979 155,471 138,314 2,185 102 1,766 60,368 73,893 1,658 11,680 Feb. 26 133,316 82,660 24,183 26,473 19,318 156,543 138,108 2,200 102 1,666 59,350 74,790 1,665 11,830 Mar. 26 134,526 83,873 23,763 26,890 19,207 157,809 139,211 2,210 102 1,588 59,717 75,594 1,445 11,876 Apr. 30 135,514 85,222 23,307 26,985 21,063 160,766 141,522 2,240 111 1,829 61,570 75,772 1,780 12,017 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 June 306 137,71 88,573 21,686 452 143,739 2,515 86 1,448 63,562 76,129 1,787 12,376 July 30 137,839 88,891 21,797 151 140,396 2,260 111 1,764 60,622 75,639 2,607 12,200 Aug. 27 137,561 88,858 21,567 136 139,763 2,256 111 1,542 60,279 75,575 2,680 12,257 Sept. 24 138,629 89,796 21,528 305 141,016 2,370 111 1,966 60,964 75,605 2,572 12,354 Oct. 29 138,484 89,744 21,542 198 140,714 2,325 111 1,365 61,548 75,365 2,684 12,530 Nov. 26 139,184 90,567 21,521 096 142,737 2,415 86 1,695 63,496 75,045 2,691 12,594 Dec. 31 140,710 92,105 21,468 137 148,069 3,048 86 1,668 67,967 75,300 1,691 12,725 1970—Jan. 28 138,438 90,464 20,928 27,046 20,342 163,012 140,933 2,331 86 1,594 62,105 74,817 2,704 12,805 For notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • 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 FRS membership Cash lia- Borand FDIC assets3 bilities rowinsurance Total Loans and Total 3 Demand ings 1,2 U.S. Other capital De- Time Time Treas- ac- mand 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 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 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 1961—Dec. 30.. 213,904 124,348 66,026 23,531 56,086 276,600 247,176 17,737 333 5,934 141,050 82,122 462 1962—Dec. 28.. 234,243 139,449 65,891 28,903 53,702 295,093 260,609 15,844 402 6,815 140,169 97,380 3,584 1963—Dec. 20.. 252,579 155,261 62,723 34,594 50,337 310,730 273,657 15,077 443 6,712 140,702 110,723 3,571 1964—Dec. 31.. 275,053 174,234 62,499 38,320 59,9V 343,876 305,113 17,664 733 6,487 154,043 126,185 2,580 1965—Dec. 31.. 303,593 200,109 59,120 44,364 60,327 374,051 330,323 18,149 923 5,508 159,659 146,084 4,325 1966—Dec. 31.. 321,473 217,379 55,788 48,307 68,515 401,409 351,438 19,497 881 4,975 166,689 159,396 4,717 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 1968—Dec. 31.. 399,566 264,600 64,028 70,938 83,061 498,071 432,719 24,427 1,155 5,000 198,535 203,602 8,675 1969—June 306. 408,620 283,199 53,723 71,697 87,31 513,960 423,957 24,889 800 5,624 192,357 200,287 14,450 National member: 1941—Dec. 31.. 27,571 11,725 12,039 3,806 14,977 43,433 39,458 6,786 23,262 8,322 4 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 1947—Dec. 31.. 65,280 21,428 38,674 5,178 22,024 88,182 82,023 ,375 35 795 53,541 19,278 45 1961—Dec. 30.. 116,402 67,309 36,088 13,006 31,078 150,809 135,51 10,359 104 3,315 76,292 45,441 225 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 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 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 1965—Dec. 31.. 176,605 [18,537 32,347 25,720 36,880 219,744 193,860 12,064 458 3,284 92,533 85,522 2,627 1966—Dec. 31.. 187,251 129,182 30,355 27,713 41,690 235,996 206,456 12,588 437 3,035 96,755 93,642 3,120 1967—Dec. 30.. 208,971 139,315 34,308 35,348 46,634 263,375 231,374 13,877 652 3,142 106,019 107,684 3,478 1968—Dec. 31.. 236,130 159,257 35,300 41,572 50,953 296,594 257,884 15,117 657 3,090 116,422 122,597 5,923 1969—June 306. 242,241 170,834 29,481 41,927 52,271 305,800 251,489 14,324 437 3,534 113,134 120,060 9,895 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 1945—Dec. 31.. 37,871 8,850 27,089 1,933 9,731 48,084 44,730 4,411 8,166 24,168 7,986 130 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 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 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 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 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 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 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 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 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 1969—June 306. 88,346 64,007 9,902 14,437 26,344 119,358 93,858 9,773 285 1,341 37,307 4,104 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 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 1947—Dec. 31.. 16,444 4,958 10,039 1,448 4,083 20,691 19,340 262 149 12,366 6,558 7 1961—Dec. 30.. 34,320 18,123 11,972 4,225 6,508 41,504 37,560 543 553 21,456 14,979 24 1962—Dec. 28.. 38,557 20,811 12,932 4,814 6,276 45,619 41,142 535 729 22,170 17,664 34 1963—Dec. 20.. 42,464 23,550 13,391 5,523 5,942 49,275 44,280 559 726 23,140 19,793 72 1964—Dec. 31.. 46,567 26,544 13,790 6,233 7,174 54,747 49,389 658 649 25,504 22,509 99 1965—Dec. 31.. 52,028 30,310 14,137 7,581 7,513 60,679 54,806 695 618 27,528 25,882 91 1966—Dec. 31.. 56,857 33,636 13,873 9,349 7,777 65,921 59,434 709 543 28,471 29,625 99 1967—Dec. 30.. 64,449 37,675 15,146 11,629 8,403 74,328 67,107 786 588 31,004 34,640 162 1968—Dec. 31.. 73,553 43,378 16,155 14,020 9,305 84,605 76,368 908 691 34,615 40,060 217 1969—June 306. 78,032 48,358 14,341 15,333 8,696 88,802 78,610 791 749 34,070 42,921 451 For notes see p. A-22. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 22 COMMERCIAL BANKS • FEBRUARY 1970 PRINCIPAL ASSETS AND LIABILITIES AND NUMBER, BY CLASS OF BANK—Continued (Amounts in millions of dollars) Loans and investments Deposits TTTToooottttaaaallll aaaasssssssseeeettttssss———— CCCCllllaaaassssssssiiiiffffiiiiccccaaaattttiiiioooonnnn bbbbyyyy Securities TTTToooottttaaaallll Interbank3 Other TTTToooottttaaaallll NNNNuuuummmm---- FFFFRRRRSSSS mmmmeeeemmmmbbbbeeeerrrrsssshhhhiiiipppp CCCCaaaasssshhhh lllliiiiaaaa---- BBBBoooorrrr---- ccccaaaappppiiiittttaaaallll bbbbeeeerrrr aaaannnndddd FFFFDDDDIIIICCCC aaaasssssssseeeettttssss 3333 bbbbiiiilllliiiittttiiiieeeessss rrrroooowwww---- aaaacccc---- ooooffff iiiinnnnssssuuuurrrraaaannnncccceeee TTToootttaaalll LLLooo111aaa,,,nnn222sss aaaannnndddd TTToootttaaalll 333 Demand iiiinnnnggggssss ccccoooouuuunnnnttttssss"""" bbbbaaaannnnkkkkssss UU..SS.. OOtthheerr ccccaaaappppiiiittttaaaallll DDee-- TTiimmee TTiimmee TTrreeaass-- 22 aaaacccc---- mmaanndd ll uurryy ccccoooouuuunnnnttttssss 4444 U.S. Govt. Other Noninsured nonmember: 1941 _Dec. 31.. 1,457 455 761 241 763 2,283 1,872 329 1,291 253 13 329 852 1945—Dec. 31.. 2,211 318 1,693 200 514 2,768 2,452 181 1,905 365 4 279 714 1947—Dec. 315. 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 1,463 190 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 306. 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* 04 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 14,101 6,045 11 1,362 7,130 1947—Dec. 31. . 18,454 5,432 11,318 1,703 4,659 23,334 21,591 439 190 167 13,758 7,036 12 1,596 7,261 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«. 80,841 50,1:59 14,662 16,021 9,594 92,743 81,166 1,090 160 765 35,500 43,652 741 7,506 7,737 8 Beginning Jan. 4, 1968, a country bank with deposits of $321 million 1 See table "Deposits Accumulated for Payment of Personal Loans" and was reclassified as a reserve city bank. Beginning Feb. 29, 1968, a reserve its notes on p. A-23. city bank in Chicago with total deposits of $190 million was reclassified as 2 Beginning June 30, 1966, loans to farmers directly guaranteed by a country bank. CCC were reclassified as securities, and Export-Import Bank portfolio fund participations were reclassified from loans to securities. This reduced NOTE.—Data are for all commercial banks in the United States (includ- "Total loans" and increased "Other securities" by about $1 billion. ing Alaska and Hawaii, beginning with 1959). Commercial banks represent "Total loans" include Federal funds sold, and beginning with June 1967 all commercial banks, both member and nonmember, stock savings securities purchased under resale agreements, figures for which are included banks; and nondeposit trust companies. in "Federal funds sold, etc.," on p. A-24. For the period June 1941-June 1962 member banks include mutual 3 Reciprocal balances excluded beginning with 1942. savings banks as follows: three before Jan. 1960; two through Dec. 1960, 4 Includes other assets and liabilities not shown separately. See also and one through June 1962. Those banks are not included in insured note 1. commercial banks. 5 Beginning with Dec. 31, 1947, the series was revised; for description, Beginning June 30, 1969, commercial banks and member banks exclude see note 4, p. 587, May 1964 BULLETIN. a small national bank in the Virgin Islands; also, member banks exclude, 6 Monthly series beginning July 1969 and call report series beginning and noninsured commercial banks include, a small member bank engaged June 30, 1969, reflect (1) inclusion of consolidated reports (including exclusively in trust business. figures for all bank-premises subsidiaries and other significant majority- Comparability of figures for classes of banks is affected somewhat by owned domestic subsidiaries) and (2) reporting of figures for total loans and changes in F.R. membership, deposit insurance status, and the reserve for individual categories of securities on a gross basis—that is, before classifications of cities and individual banks, and by mergers, etc. deduction of valuation reserves—rather than net as previously reported. Data for national banks for Dec. 31, 1965, have been adjusted to make 7 Regarding reclassification of New York City and Chicago as reserve them comparable with State bank data. cities, see Aug. 1962 BULLETIN, p. 993. For various changes between Figures are partly estimated except on call dates. reserve city and country status in 1960-63, see note 6, p. 587, May 1964 For revisions in series before June 30, 1947, see July 1947 BULLETIN, BULLETIN. pp. 870-71. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 a COMMERCIAL BANKS A 23 LOANS AND INVESTMENTS (In billions of dollars) Seasonally adjusted Not seasonally adjusted Securities Securities PPPeeerrriiioooddd TToottaall 11,,22 LLooaannss 11,,22 TToottaall 11,,22 LLooaannss11,,22 U.S. Other 2 US. Other 2 Govt. Govt. 1959 Dec. 31 185.9 107.8 57.7 20.5 189.5 110.0 58.9 20.5 1960—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 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) 3 397.3 269.2 56.3 71.8 401.3 274.9 54.0 72.4 July 30 ' 397.7 269.9 56.8 71.0 397.7 271.7 54.7 71.3 Aug. 27 r 397.5 270.3 56.9 70.3 394.7 269.5 54.3 70.9 Sept. 24 f 396.5 271.3 54.7 70.5 396.5 272.1 53.2 71.2 Oct. 29 rp 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 Dec. 31 f 398.6 276.2 51.8 70.5 407.8 282.6 54.6 70.6 1970—Jan. 28* 396.1 275.3 49.9 70.9 395.1 272.7 52.5 70.0 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 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 11111,,,,,222222222233333 11111,,,,,222228888833333 11111,,,,,222221111166666 11111,,,,,111115555500000 All member—Cont. Insured 11111,,,,,222222222233333 11111,,,,,222228888833333 11111,,,,,222221111166666 11111,,,,,111114444499999 Other reserve city 333337777700000 333336666622222 333333333322222 222229999933333 National member 777772222299999 777774444477777 777773333300000 666669999944444 Country 555557777711111 666661111177777 666660000055555 555558888888888 State member 222221111122222 222223333322222 222220000077777 111118888877777 All nonmember 222228888833333 333330000044444 222227777788888 222226666699999 All member 999994444411111 999997777799999 999993333377777 888888888811111 222228888822222 333330000044444 222227777788888 222226666688888 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 pp. A-21 and A-22 and on pp. shown in the tables on the following pages: A-19, A-20, and A-26—A-30 A-24 and A-25 (IPC only for time deposits). (consumer instalment loans), and in the table at the top of this page. Details may not add to totals because of rounding. These changes resulted from a change in the Federal Reserve regulations. See June 1966 BULLETIN, p. 808. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 24 COMMERCIAL BANKS • FEBRUARY 1970 LOANS AND INVESTMENTS BY CUSS OF BANK (In millions of dollars) Other loans 1 Investments For To U.S. Treasury b C a l n a k s s a o n f d l T o a a o n n t d a s l i f F u er e n a d d l - s C m o e m r- - Agri- o p s r u e r c c c u a h r r a r it y s i i i e n n s g g in f s in ti a tu n t c i i o a n l s Real Ot t h o e r, securities 6 S a t n a d te call date invest- sold, Total cial cul- es- in- Other local Other ments etc. 2 3,4 and tur- To tate di- govt, secuin- al 5 bro- vid- Bills secu- rities 5 d tr u ia s- l k a e n r d s ot T h o er s Banks Others uals3 Total ce a r n t d if i- Notes Bonds rities deal- cates ers Total: 2 1947—Dec. 31.. 116,284 38,057 18,167 1,660 830 ,220 115 9,393 5,723 947 69,221 9,982 6,034 53,205 5,276 3,729 1967—Dec. 30.. 361,186 4,057 233,180 88,443 9,270 6,215 3,780 1,902 12,535 58,525 51,585 5,659 62,473 n.a. n.a. 50,006 11,471 1968—Dec. 31.. 402,477 6,747 259,727 98,357 9,718 6,625 4,108 2,206 13,729 65,137 58,337 6,724 64,466 n.a. n.a. 58,570 12.967 1969—June 30io 411,429 7,226 277,773 1104,403 10,552 5,306 4,212 2,587 13,746 68,419 61,540 7,009 54,044 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 4,505 21,046 988 3,159 16,899 3,651 3,333 1945—Dec. 31.. 121,809 25,765 9,461 ,314 3,164 3,606 49 4,677 2,361 1,132 88,912 21,526 16,045 51,342 3,873 3,258 1947—Dec. 31.. '14,274 37,583 18,012 1,610 823 1,190 114 9,266 5,654 914 67,941 9,676 5,918 52,347 5,129 3,621 1967—Dec. 30.. 358,536 3,919 231,583 87,870 9,250 6,017 3,719 1,848 12,394 58,209 51,395 5,606 62,094 13,134 18,624 31,623 49,737 11,204 1968—Dec. 31.. 399,566 6,526 258,074 97,741 9,700 6,409 4,063 2,145 13,621 64,804 58,142 6,655 64,028 n.a. n.a. n.a. 58,288 12,650 1969—June 30 io 408,620 7,067 276,132 103,723 10,534 5,180 4,168 2,541 13,605 68,104 61,337 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 3,653 19,539 971 3,007 15,561 3,090 2,871 1945—Dec. 31 107,183 22,775 8,949 855 3,133 3.378 47 3,455 1,900 1,057 78,338 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 4,815 45,295 4,199 3,105 1967—Dec. 30.. 294,098 3,438 194,389 79,344 5,702 5,820 3,099 1,754 11,587 45,528 40,454 5,190 46,956 9,633 13,657 24,614 41,520 7,795 1968—Dec. 31.. 326,023 5,551 215,671 87,819 5,921 6,174 3.379 2,012 12,797 50,461 45,404 6,189 47,881 n.a. n.a. n.a. 48,423 8,498 1969—June 30 io 330,587 5,444 229,397 92,926 6,348 4,996 3,473 2,386 12,820 52,556 47,457 6,435 39,382 n.a. n.a. 48,600 7,764 New York City: 1941—Dec. 31.. 12,896 4.072 2,807 412 169 32 123 522 7,265 31 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 93 111 564 238 11,972 1,642 558 9,772 638 604 1967—Dec. 30.. 52,141 415 38,644 23,183 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 42,222 25,258 3,803 903 1,099 3,426 3,619 3,485 1,694 5,984 n.a. n.a. n.a. 7,233 861 1969—June 30 io 57,885 992 45.240 26,469 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 48 52 22 95 1,430 256 153 1,022 182 193 1945—Dec. 31.. 5,931 1,333 760 211 233 36 51 40 4,213 ,600 749 1,864 181 204 1947—Dec. 31.. 5,088 1,801 1,418 73 87 46 149 26 2,890 367 248 2,274 213 185 1967—Dec. 30.. 12,744 266 8,958 5,714 459 220 162 951 675 754 241 1,574 427 344 853 1,487 459 1968—Dec. 31.. 14,274 312 9,974 6,118 535 253 205 1,219 738 848 281 1,863 n.a n.a. n.a. 1,810 315 1969—June 301 14,321 207 10,366 6,353 366 264 179 1,144 790 888 338 1,616 n.a. n.a. 1,867 265 Other reserve city: 1941—Dec. 31.. 15,347 7,105 3,456 300 114 194 4 1,527 1,508 6,467 295 751 5,421 956 820 1945—Dec. 31.. 40,108 8,514 3,661 205 427 1,503 17 1,459 855 387 29,552 8,016 5,653 15,883 1,126 916 1947—Dec. 31. 36,040 13,449 7,088 225 170 484 15 3,147 ,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 1,311 881 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 16,916 2,520 15,036 n.a. n.a, 18,111 2,226 1969—June 301 120,082 1,997 86,879 37,120 1,512 760 1,360 885 5,816 19,417 17,354 2,656 11,635 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. 123,127 1,538 74,074 19,839 4,332 607 906 100 2,200 24,453 21,554 1,516 24,689 4,168 7,793 13,147 18,338 4,488 1968—Dec. 31.. 135,364 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*0 138,298 2,248 86,913 22,984 4,779 460 963 104 2,041 28,308 25,509 1,765 21,686 n.a, n.a. 22,559 4,893 Nonmember: 1947—Dec. 31.. 18,454 5,432 1,205 614 20 156 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 11,131 469 15,516 n.a. n.a. n.a. 8,486 3,676 1968—Dec. 31.. 76,454 1,196 44,056 10,538 3,797 451 729 194 932 14,676 12,933 535 16,585 n.a. n.a. n.a. 10,147 4,469 1969—June 30*0 80,841 1,783 48,376 11,476 4,204 310 739 201 925 15,863 14,083 574 14,662 n.a. n.a. n.a. 11,481 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 1941 and 1945 appear in the add to the total and are not entirely comparable with prior figures. Total table on pp. 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 $1 billion. and "Loans to banks." 6 Beginning with Dec. 31, 1965, components shown at par rather than 3 See table (and notes) entitled Deposits Accumulated for Payment of at book value; they do not add to the total (shown at book value) and are Personal Loans, p. A-23. not entirely comparable with prior figures. See also note 10. For other notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • COMMERCIAL BANKS A 25 RESERVES AND LIABILITIES BY CLASS OF BANK (In millions of dollars) Demand deposits Time deposits bb cc CC aa aa ll nn ll aa ll kk ss dd ss aa aa oo nn tt ff ee dd ss BB FF ee ww RR aa rr .. ii nn vv RR ee tthh -- kk ee .. ss ss r C c a e o n u n i c d r n y - b m a a w B d n e n i a o c s t k - l t e h - s i s c 7 j m p u D s o a d a t d s e e e n i - - - d t d s 8 m D e I s o n t - t i e c r 7 ba e F n ig k o n r - 9 G U o S v . t . S g S g ll aa oo oo tt nn cc aa vv aa dd tt tt ee ll .. c C c h o f a e e e i e t f n e r r c f c d d s t i . k - i ' - s, IPC I b n a t n e k r- G P S U i a o n o a n . s g v v S d t s - t . a , l g S l a o o t n c a v a d t t e l . IPC 3 r B i o n o w g r s - - c C o a t a u a c p n l - i t - s Total:3 1947—Dec. 31.... 17,796 2,216 10,216 87,123 11,362 1,430 1,343 6,799 2,581 84,987 240 866 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 5,777 34,384 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 19,110 184,892 8,899 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 14,740 38,823 AH insured: 1941—Dec. 31.... 12,396 1,358 8,570 37,845 9,823 673 1,762 3,677 1,077 36,544 158 59 492 15,146 10 6,844 1945—Dec. 31.... 15,810 1,829 11,075 74,722 12,566 1,248 23,740 5,098 2,585 72,593 70 103 496 29,277 215 8,671 1947—Dec. 31.... 17,796 2,145 9,736 85,751 11,236 1,379 1,325 6,692 2,559 83,723 54 111 826 33,946 61 9,734 1967—Dec. 30.... 20,275 5,916 16,997 151,948 19,688 1,909 5,219 15,471 8,608 158,905 1,258 267 15,836 166,956 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 14,450 38,321 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 11,857 7,940 132,184 ,169 235 12,856 135,329 5,370 28,098 1968—Dec. 31.... 21,230 5,634 11,279 131,491 21,483 2,036 4,309 12,851 8,592 142,476 ,061 330 15,668 147,545 8,458 30,060 1969—June 30io.. 19,801 4,828 10,370 118,038 22,026 2,072 4,874 12,916 11,513 133,857 722 305 13,071 143,990 13,999 31,317 New York City: 1941—Dec. 31.... 5,105 93 141 10,761 3,595 607 866 319 450 11,282 6 29 778 1,648 1945—Dec. 31.... 4,015 111 78 15,065 3,535 1,105 6,940 237 1,338 15,712 17 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 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 ,152 18,840 ,880 5,715 1968—Dec. 31.... 4,506 443 420 20,808 7,532 1,433 888 1,068 4,827 27,455 622 ,623 18,380 2,733 6,137 1969—June 30io.. 4,212 400 424 15,504 9,725 1,509 983 1,314 7,801 25,338 405 673 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 3,853 902 426 1967—Dec. 30.... 1,105 94 151 4,758 1,357 77 267 283 217 5,751 602 5,409 383 1,346 1968—Dec. 31.... 1,164 98 281 5,183 1,445 89 257 245 207 6,090 624 5,545 682 1,433 1969—June 30io.. 652 78 134 4,428 1,298 69 274 321 228 5,644 391 4,783 ,230 1,492 Other reserve city: 1941—Dec. 31.... 4,060 425 2,590 11,117 4,302 54 491 1,144 286 11,127 104 243 4,542 1,967 1945—Dec. 31.... 6,326 494 2,174 22,372 6,307 110 8,221 1,763 611 22,281 30 160 9,563 2,566 1947—Dec. 31.... 7,095 562 2,125 25,714 5,497 131 405 2,282 705 26,003 22 332 11,045 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 5,830 50,250 2,555 10,033 1968—Dec. 31.... 8,847 1,800 2,986 43,674 9,725 456 1,884 3,835 1,947 51,6o7 307 168 7,378 55,271 4,239 10,684 1969—June 30io.. 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 30 146 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 17 219 12,224 11 2,525 1947—Dec. 31.... 4,993 929 3,900 27,424 1,049 7 432 2,647 528 25,203 17 337 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 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 11 6,043 68,348 804 11,807 1969—June 30io.. 6,991 2,851 7,036 58,325 2,465 49 1,447 7,490 1,641 54,432 86 5,776 70,852 1,787 12,376 Nonmember ;3 1947—Dec. 31 544 33333,,,,,999994444477777 111333,,,555999555 385 55 167 1,295 180 1122,,228844 190 172 6,858 12 1,596 1967—Dec. 30 1,285 66666,,,,,999993333399999 333111,,,777222333 903 169 603 3333,,,,777700007777 737 2277,,664411 147 3,035 32,305 408 6,286 1968—Dec. 31 1,560 77777,,,,,666663333311111 333555,,,666555444 111,,,000111888 209 701 4444,,,,222200005555 111,,,000999222 333000,,,888666555 150 3,442 37,347 441 6,945 1969—june 30io 11,,443300 77777,,,,,222222222211111 3344,,995577 999000333 118866 776655 4444,,,,000011113333 111,,,222000444 333000,,,222888333 160 3,619 39,986 741 7,506 ^ Beginning with 1942, excludes reciprocal bank balances. banks in U.S. possessions are included through 1968 and excluded there- 8 Through 1960 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. 1960, 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 Beginning June 30, 1969, reflects (1) 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 F.R. membership, deposit insurance status, and the reserve is, before deduction of valuation reserves. See also notes 1 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 26 WEEKLY REPORTING BANKS • FEBRUARY 1970 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 invest- Com- To brokers To institutions ments To mer- and dealers others com- To cial Agri- Total mer- U.S. others Total and culcial Treas- Other indus- tural banks ury se- trial U.S. U.S. se- curi- Treas- Other Treas- Other curi- ties ury sees. ury sees. ties sees. sees. Large banks— Total 19693 Jan. 1 233,271 168,316 74,153 1,978 1,492 5,219 111 2,741 8 231,170 167,691 73,958 2.023 1,648 4,526 133 2,737 15 229,792 166,873 73,831 2,025 1,265 4,168 108 2,727 22 228,222 165,322 73,516 2.024 877 3,866 104 2.750 29 228,016 165,652 72,896 2,018 879 3,660 100 2.751 1969 Dec. 3 233,640 5,784 5,249 376 114 45 168,567 78,347 2,037 598 3,31 100 2,508 10 234,363 6,007 5,448 260 238 61 168,792 78,525 2.041 589 3,376 100 2,490 17 23 & 220 6,321 5,881 234 100 106 172,002 80,367 2,030 491 3,410 100 2,534 24 237,780 6,174 5,801 161 144 68 172,449 80,514 2.042 437 3,631 100 2,505 31 239,758 4,637 4,000 330 173 134 175,534 81,548 2,044 1,137 4,009 105 2,578 1970 Jan. 7 237,735 6,305 5,732 182 232 159 172,235 79,886 2,028 1,135 3,320 100 2,495 1 4 235,068 5,958 5,267 482 129 170,433 79,164 2,028 1,104 3,069 104 2,475 21 232,673 5,666 5,404 64 137 169,143 78,874 2,028 599 2,998 98 2,447 28p 232,246 6,747 6,495 106 97 167,867 78,123 2,019 555 2,910 94 2,434 New York City 19693 Jan. 1 53,841 41,796 24,562 781 2,955 892 8 52,829 41,414 24,560 926 2,454 886 1 5 52,702 41,667 24,489 1,056 2,323 881 22 52,045 40,845 24,262 651 2,115 874 29 52,506 41,440 23,997 572 1 ,994 874 1969 Dec. 3 54,790 1,115 1,093 42,470 26,138 470 2,019 782 10 55,059 919 755 145 42,665 26,335 459 2,076 773 17 57,214 1,733 1,1X4 43,944 27,064 373 2,059 763 24 56,878 1,985 1,955 43,940 27,062 337 2,273 749 31 57,002 691 619 45,273 27,345 995 2,605 762 1970 Jan. 7 55,508 1,363 1,230 100 43,350 26,449 919 2,035 757 1 4 54,408 1,189 1,143 42,603 26,080 867 1,869 756 21 53,805 1,759 1,717 41,639 25,803 451 1,813 751 28p 53,834 2,340 2,313 41,150 25,483 394 1 ,746 752 Outside New York City 19693 Jan. 1 179,430 126,520 49,591 1,962 71 2,264 1,849 8 178,341 126,277 49,398 2,008 722 2,072 1,851 1 5 177,090 125,206 49,342 2,010 209 1,845 1,846 22 176,177 124,477 49,254 2,008 226 1,751 1.876 29 175,510 124,212 48,899 2,002 307 1,666 1.877 1969 Dec. 3 178,850 4,669 4,156 376 114 126,097 52,209 2,024 128 1,292 1,726 10 179,304 5,088 4,693 260 93 126,127 52,190 2,028 130 1,300 1,717 17 181,006 4,588 4,167 234 100 128,058 53,303 2,018 11 1,351 1,771 24 180,902 4,189 3,846 161 144 128,509 53,452 2,030 100 1,358 1,756 31 182,756 3,946 3,381 330 173 130,261 54,203 2,033 142 1,404 1,816 1970 Jan. 7 182,227 4,942 4,502 167 132 141 128,885 53,437 2.015 216 1,285 1,738 14 180,660 4,769 4,124 472 129 44 127,830 53,084 2.016 237 1,200 1,719 21 178,868 3,907 3,687 44 137 39 127,504 53,071 2,013 148 1,185 1,696 28p 178,412 4,407 4,182 86 97 42 126,717 52,640 2,004 161 1,164 1,682 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • 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 Certifestate 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 19693 333333222222,,,,,,111111000000666666 333333,,,,,,111111222222111111 111111,,,,,,666666000000555555 111111888888,,,,,,555555999999222222 111111,,,,,,000000444444000000 111111444444,,,,,,222222888888666666 222222999999,,,,,,333333444444999999 555555,,,,,,333333222222000000 555555,,,,,,111111888888555555 111111222222,,,,,,222222000000888888 666666,,,,,,666666333333666666 1 333333222222,,,,,,000000222222111111 444444,,,,,,444444333333888888 111111,,,,,,555555777777777777 111111888888,,,,,,666666222222444444 111111,,,,,,000000444444555555 111111444444,,,,,,111111000000999999 222222888888,,,,,,111111000000111111 444444,,,,,,111111999999666666 555555,,,,,,222222888888000000 111111222222,,,,,,000000777777444444 666666,,,,,,555555555555111111 . 8 333333222222,,,,,,111111333333777777 444444,,,,,,444444999999999999 111111,,,,,,666666333333000000 111111888888,,,,,,666666222222000000 111111,,,,,,000000555555999999 111111444444,,,,,,000000888888111111 222222777777,,,,,,888888111111222222 333333,,,,,,999999666666222222 555555,,,,,,222222555555666666 111111222222,,,,,,000000888888333333 666666,,,,,,555555111111111111 .15 333333222222,,,,,,222222111111444444 444444,,,,,,333333333333111111 111111,,,,,,555555222222444444 111111888888,,,,,,666666666666333333 111111,,,,,,000000444444888888 111111333333......999999555555777777 222222888888,,,,,,000000555555111111 444444,,,,,,222222777777777777 555555,,,,,,222222666666666666 111111222222,,,,,,000000666666999999 666666,,,,,,444444333333999999 ,22 333333222222,,,,,,222222222222000000 555555,,,,,,444444777777333333 111111,,,,,,555555777777333333 111111888888,,,,,,777777111111999999 111111,,,,,,000000000000444444 111111333333......999999555555888888 222222777777,,,,,,666666555555666666 444444,,,,,,000000000000777777 555555,,,,,,222222555555000000 111111111111,,,,,,999999888888777777 666666,,,,,,444444111111222222 ,29 1969 333333444444,,,,,,000000555555666666 333333777777222222 111111,,,,,,444444555555888888 222222000000,,,,,,000000333333999999 111111,,,,,,000000888888333333 111111333333,,,,,,666666555555888888 222222333333,,,,,,666666777777000000 333333,,,,,,666666222222333333 333333,,,,,,666666555555999999 111111333333,,,,,,333333888888444444 333333,,,,,,000000000000444444 Dec. 3 333333444444,,,,,,000000555555000000 333333888888555555 111111,,,,,,444444111111666666 222222000000,,,,,,000000666666111111 111111,,,,,,000000888888999999 111111333333,,,,,,666666222222111111 222222333333,,,,,,999999777777444444 333333,,,,,,999999222222333333 333333,,,,,,666666777777555555 111111333333,,,,,,333333777777222222 333333,,,,,,000000000000444444 10 333333444444,,,,,,111111000000333333 333333777777777777 111111,,,,,,444444666666888888 222222000000,,,,,,111111555555000000 111111,,,,,,000000666666555555 111111333333,,,,,,999999777777111111 222222333333,,,,,,555555777777222222 333333,,,,,,666666888888444444 333333,,,,,,555555666666777777 111111333333,,,,,,333333222222999999 222222,,,,,,999999999999222222 17 333333444444,,,,,,000000666666333333 444444222222444444 111111,,,,,,555555999999333333 222222000000,,,,,,222222111111555555 111111,,,,,,000000555555333333 111111333333,,,,,,999999111111999999 222222333333,,,,,,222222777777000000 333333,,,,,,444444777777555555 333333,,,,,,555555111111555555 111111333333,,,,,,222222777777999999 333333,,,,,,000000000000111111 24 333333333333,,,,,,444444888888444444 444444444444222222 111111,,,,,,444444555555000000 222222000000,,,,,,333333333333888888 111111,,,,,,000000111111777777 111111444444,,,,,,222222555555444444 222222333333,,,,,,888888555555666666 444444,,,,,,000000666666444444 333333,,,,,,444444666666111111 111111333333,,,,,,333333111111555555 333333,,,,,,000000111111666666 ,31 1970 3333333333,,,,,444449999977777 444449999988888 11111,,,,,444446666633333 2222200000,,,,,333335555533333 999996666677777 1111144444,,,,,333339999911111 2222233333,,,,,444445555533333 33333,,,,,666668888811111 33333,,,,,555550000000000 1111133333,,,,,333335555522222 22222,,,,,999992222200000 7 3333333333,,,,,555550000077777 444448888855555 11111,,,,,555550000077777 2222200000,,,,,222228888844444 999998888844444 1111144444,,,,,000007777766666 2222233333,,,,,111115555511111 33333,,,,,444446666699999 33333,,,,,555558888811111 1111133333,,,,,222222222211111 22222,,,,,888888888800000 14 3333333333,,,,,555552222200000 444446666600000 11111,,,,,444449999933333 2222200000,,,,,222222222200000 999995555544444 1111133333,,,,,888887777799999 2222222222,,,,,666660000011111 22222,,,,,999996666655555 33333,,,,,666669999911111 1111133333,,,,,000007777733333 22222,,,,,888887777722222 21 3333333333,,,,,555553333377777 444447777777777 11111,,,,,444448888877777 2222200000,,,,,222221111166666 999996666600000 1111133333,,,,,888885555500000 2222222222,,,,,444443333377777 22222,,,,,888889999933333 33333,,,,,666668888822222 1111133333,,,,,000000000099999 22222,,,,,888885555533333 ..2288** New York City 19693 333333,,,,,,111111999999555555 666666999999222222 888888000000555555 111111,,,,,,333333777777555555 666666777777222222 222222,,,,,,777777666666222222 555555,,,,,,444444777777333333 111111,,,,,,444444888888444444 666666888888777777 111111,,,,,,888888777777777777 111111,,,,,,444444222222555555 1 333333,,,,,,111111999999222222 999999666666666666 888888111111555555 111111,,,,,,333333777777333333 666666666666888888 222222,,,,,,666666555555111111 555555,,,,,,111111111111555555 111111,,,,,,111111666666222222 777777000000444444 111111,,,,,,888888555555000000 111111,,,,,,333333999999999999 . 8 333333,,,,,,222222111111777777 111111,,,,,,333333444444888888 888888444444999999 111111,,,,,,333333777777555555 666666888888111111 222222,,,,,,666666333333111111 444444,,,,,,999999111111444444 999999999999000000 666666888888777777 111111,,,,,,888888444444111111 111111,,,,,,333333999999666666 .15 333333,,,,,,222222222222333333 111111,,,,,,555555000000999999 777777777777888888 111111,,,,,,444444555555444444 666666777777333333 222222,,,,,,555555666666000000 555555,,,,,,222222333333222222 111111,,,,,,222222888888999999 666666999999444444 111111,,,,,,888888444444888888 111111,,,,,,444444000000111111 22 333333,,,,,,222222111111444444 222222,,,,,,444444999999555555 888888000000111111 111111,,,,,,444444444444777777 666666333333777777 222222,,,,,,666666000000999999 555555,,,,,,111111000000000000 111111,,,,,,111111999999999999 666666777777999999 111111,,,,,,888888333333888888 111111,,,,,,333333888888444444 .29 1969 333333,,,,,,888888000000666666 111111888888555555 777777666666222222 111111,,,,,,666666000000888888 777777000000444444 222222,,,,,,777777222222111111 555555,,,,,,000000555555222222 111111,,,,,,777777555555222222 333333999999000000 222222,,,,,,444444333333222222 444444777777888888 Dec. 3 333333,,,,,,888888111111222222 111111666666333333 777777333333555555 111111,,,,,,666666222222222222 777777111111999999 222222,,,,,,666666555555888888 555555,,,,,,333333111111999999 111111,,,,,,999999555555000000 444444000000111111 222222,,,,,,444444888888888888 444444888888000000 ,10 333333,,,,,,888888444444111111 111111888888999999 777777444444888888 111111......666666222222333333 666666999999444444 222222,,,,,,888888555555333333 555555,,,,,,000000555555777777 111111,,,,,,666666999999888888 333333888888444444 222222,,,,,,555555111111555555 444444666666000000 17 333333,,,,,,888888222222888888 222222111111222222 888888444444111111 111111......666666222222444444 666666888888111111 222222,,,,,,777777000000444444 444444,,,,,,666666777777666666 111111,,,,,,333333000000888888 444444000000111111 222222,,,,,,555555000000000000 444444666666777777 .24 333333,,,,,,333333555555111111 222222333333000000 666666999999222222 111111,,,,,,666666333333000000 666666444444555555 222222,,,,,,777777999999555555 444444,,,,,,777777000000888888 111111,,,,,,333333222222000000 444444000000444444 222222,,,,,,555555111111000000 444444777777444444 31 1970 33333,,,,,333331111144444 222229999900000 777774444411111 11111,,,,,666662222211111 666660000000000 22222,,,,,999992222255555 44444,,,,,666662222277777 11111,,,,,222225555577777 444443333355555 22222,,,,,444446666666666 444446666699999 7 33333.....333332222244444 222229999933333 777779999900000 11111,,,,,666662222288888 666661111144444 22222,,,,,777778888800000 44444,,,,,666662222255555 11111,,,,,222229999988888 444444444411111 22222,,,,,444442222299999 444445555577777 14 33333.....333332222255555 222226666611111 777774444477777 11111,,,,,666662222277777 666660000000000 22222,,,,,666668888844444 44444,,,,,444449999900000 11111,,,,,111117777733333 444448888888888 22222,,,,,333337777733333 444445555566666 21 33333,,,,,333333333300000 222225555500000 777778888888888 11111,,,,,666664444422222 666660000011111 22222,,,,,777770000000000 44444,,,,,444445555599999 11111 ,,,,,111113333344444 555551111100000 22222,,,,,333337777733333 444444444422222 28^ Outside New York City 19693 222222888888,,,,,,999999111111111111 222222,,,,,,444444222222999999 888888000000000000 17 217 333333666666888888 111111111111,,,,,,555555222222444444 222222333333,,,,,,888888777777666666 333333,,,,,,888888333333666666 444444,,,,,,444444999999888888 111111000000,,,,,,333333333333111111 555555,,,,,,222222111111111111 1 222222888888,,,,,,888888222222999999 333333,,,,,,444444777777222222 777777666666222222 1111177777'''''222225555511111 333333777777777777 111111111111,,,,,,444444555555888888 222222222222,,,,,,999999888888666666 333333,,,,,,000000333333444444 444444,,,,,,555555777777666666 111111000000,,,,,,222222222222444444 555555,,,,,,111111555555222222 . 8 222222888888,,,,,,999999222222000000 333333,,,,,,111111555555111111 777777888888111111 1111177777,,,,,222224444455555 333333777777888888 111111111111,,,,,,444444555555000000 222222222222,,,,,,888888999999888888 222222,,,,,,999999777777222222 444444,,,,,,555555666666999999 111111000000,,,,,,222222444444222222 555555,,,,,,111111111111555555 15 222222888888,,,,,,999999999999111111 222222,,,,,,888888222222222222 777777444444666666 1111177777,,,,,222220000099999 333333777777555555 111111111111,,,,,,333333999999777777 222222222222,,,,,,888888111111999999 222222,,,,,,999999888888888888 444444,,,,,,555555777777222222 111111000000,,,,,,222222222222111111 555555,,,,,,000000333333888888 22 222222999999,,,,,,000000000000666666 222222,,,,,,999999777777888888 777777777777222222 1111177777,,,,,222227777722222 333333666666777777 111111111111,,,,,,333333444444999999 222222222222,,,,,,555555555555666666 222222,,,,,,888888000000888888 444444,,,,,,555555777777111111 111111000000,,,,,,111111444444999999 555555,,,,,,000000222222888888 29 1969 333333000000,,,,,,222222555555000000 111111888888777777 666666999999666666 111111888888,,,,,,444444333333111111 333333777777999999 111111000000,,,,,,999999333333777777 111111888888,,,,,,666666111111888888 111111,,,,,,888888777777111111 333333,,,,,,222222666666999999 111111000000,,,,,,999999555555222222 222222,,,,,,555555222222666666 3 333333000000,,,,,,222222333333888888 222222222222222222 666666888888111111 111111888888,,,,,,444444333333999999 333333777777000000 111111000000,,,,,,999999666666333333 111111888888,,,,,,666666555555555555 111111 ,,,,,,999999777777333333 333333,,,,,,222222777777444444 111111000000,,,,,,888888888888444444 222222,,,,,,555555222222444444 10 333333000000,,,,,,222222666666222222 111111888888888888 777777222222000000 111111888888,,,,,,555555222222777777 333333777777111111 111111111111,,,,,,111111111111888888 111111888888,,,,,,555555111111555555 111111,,,,,,999999888888666666 333333,,,,,,111111888888333333 111111000000,,,,,,888888111111444444 222222,,,,,,555555333333222222 17 333333000000,,,,,,222222333333555555 222222111111222222 777777555555222222 111111888888,,,,,,555555999999111111 333333777777222222 111111111111,,,,,,222222111111555555 111111888888,,,,,,555555999999444444 222222,,,,,,111111666666777777 333333,,,,,,111111111111444444 111111000000,,,,,,777777777777999999 222222,,,,,,555555333333444444 24 333333000000,,,,,,111111333333333333 222222111111222222 777777555555888888 111111888888,,,,,,777777000000888888 333333777777222222 111111111111,,,,,,444444555555999999 111111999999,,,,,,111111444444888888 222222,,,,,,777777444444444444 333333,,,,,,000000555555777777 111111000000,,,,,,888888000000555555 222222,,,,,,555555444444222222 31 1970 3333300000,,,,,111118888833333 222220000088888 777772222222222 1111188888,,,,,777773333322222 333336666677777 1111111111,,,,,444446666666666 1111188888,,,,,888882222266666 22222,,,,,444442222244444 33333,,,,,000006666655555 1111100000,,,,,888888888866666 22222,,,,,444445555511111 7 3333300000,,,,,111118888833333 111119999922222 777771111177777 1111188888,,,,,666665555566666 333337777700000 1111111111,,,,,222229999966666 1111188888,,,,,555552222266666 22222,,,,,111117777711111 33333,,,,,111114444400000 1111100000,,,,,777779999922222 22222,,,,,444442222233333 14 3333300000,,,,,111119999955555 111119999999999 777774444466666 1111188888,,,,,555559999933333 333335555544444 1111111111,,,,,111119999955555 1111188888,,,,,111111111111111 11111,,,,,777779999922222 33333,,,,,222220000033333 1111100000,,,,,777770000000000 22222,,,,,444441111166666 21 3333300000,,,,,222220000077777 222222222277777 666669999999999 1111188888,,,,,555557777744444 333335555599999 1111111111,,,,,111115555500000 1111177777,,,,,999997777788888 11111,,,,,777775555599999 33333,,,,,111117777722222 1111100000,,,,,666663333366666 22222,,,,,444441111111111 28* Digitized for FFRoAr SnoEteRs see p. A-30. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 28 WEEKLY REPORTING BANKS • FEBRUARY 1970 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 of State corp. stock, in serves Cur- ances in sub- Wednesday and and process with rency with sidiar- Other political securities of F.R. and do- ies not assets Total subdivisions collec- Banks coin mestic consoltion banks idated Tax Certif. war- All of All rants 4 other partici- other 6 pation 5 Large banks— Total 19693 Jan. 1 38,974 5,031 29,458 1,476 3,009 32,874 16,407 3,352 5,547 11,581 8 38,871 5,041 29,397 1,417 3,016 28,430 16,373 3,155 4,833 11,178 15 38,603 4,936 29,263 1,411 2,993 30,943 16,838 3,113 4,805 11,081 22 38,344 4,867 29,132 1,415 2,930 27,346 17,549 3,056 4,514 10,846 29 38,205 4,810 29,105 1,429 2,861 25,852 17,384 3,103 4,394 10,729 1969 Dec. 3 35,619 3,425 28,476 1,085 2,633 33,522 16,732 3,180 4,813 577 13,258 10 35,590 3,365 28,580 1,077 2,568 31,630 15,934 3,332 4,566 582 13,133 17 36,325 1,591 29,027 1,111 2,596 34,763 17,485 3,335 4,971 580 13,112 24 35,887 3,465 28,698 1,092 2,632 32,289 16,765 3,042 4,627 596 13,315 31 35,731 3,360 28,604 1 ,( 2,679 36,824 16,181 3 6,021 592 13,516 1970 Jan. 7 35,742 3,424 28,559 1,103 2,656 33,169 17,106 3,376 5,407 591 13,293 1 4 35,526 3,391 28,510 1,057 2,568 34,162 16,779 3,413 4,664 594 13,132 21 35,263 3,292 28,380 1,042 2,549 32,468 18,784 3,255 4,876 599 12,973 28 p 35,195 3,283 28,255 1,041 2,616 29,468 16,960 3,267 4,502 599 12,951 New York City 19693 Jan. 1 7,524 1,760 4,5 125 751 14,220 4,355 398 373 4,438 8 7,345 1,672 4,829 114 730 12,350 4,477 418 355 4,331 1 5 7,166 1,545 4,765 114 742 14,053 3,917 399 404 4,308 22 7,013 1,530 4,670 113 700 12,976 4,643 396 294 4,107 2 9 7,011 1,506 4,672 116 717 12,529 4,697 393 334 3,911 1969 Dec. 3 6,153 901 4,541 119 592 16,320 4,523 416 458 274 4,754 10 6,156 874 4,590 123 569 15,925 4,415 444 337 275 4,604 17 6,480 986 4,791 123 580 17,408 4,850 421 482 275 4,724 24 6,277 977 4,580 124 596 14,704 3,584 370 369 285 4,863 31 6,330 900 4,676 125 629 16,749 4,143 415 456 284 5,049 1970 Jan. 7 6,168 909 4,518 127 614 15,648 4,463 444 395 282 4,823 1 4 5,991 873 4,437 104 577 16,818 5,055 424 439 282 4,772 21 5,917 842 4,419 101 555 16,728 5,044 415 466 281 4,643 28p 5,885 832 4,383 92 578 14,874 4,430 412 361 281 4,666 Outside New York City 19693 Jan. 1 31,450 3,271 24,570 1,351 2,258 18,654 12,052 2,954 5,174 7,143 8 31,526 3,369 24,568 1,303 2,286 16,080 11,896 2,737 4,478 6,847 1 5 31,437 3,391 24,498 1,297 2,251 16,890 12,921 2,714 4,401 6,773 22 31,331 3,337 24,462 1,302 2,230 14,370 12,906 2,660 4,220 6,739 29 31,194 3,304 24,433 1,313 2,144 13,323 12,687 2,710 4,060 6,818 1969 Dec. 3 29,466 2,524 23,935 966 2,041 17,202 12,209 2,764 4,355 303 8,504 10 29,434 2,491 23,990 954 1,999 15,705 11,519 2,888 4,229 307 8,529 17 29,845 2,605 24,236 988 2,016 17,355 12,635 2,914 4,489 305 8,388 24 29,610 2,488 24,118 968 2,036 17,585 13,181 2,672 4,258 311 8,452 31 29,401 2,460 23,928 963 2,050 20,075 12,038 2,993 5,565 308 8,467 1970 Jan. 7 29,574 2,515 24,041 976 2,042 17,521 12,643 2,932 5,012 309 8,470 14 29,535 2,518 24,073 953 1,991 17,344 11,724 2,989 4,225 312 8,360 21 29,346 2.450 23,961 941 1,994 15,740 13,740 2,840 4,410 318 8,330 28p 29,310 2.451 23,872 949 2,038 14,594 12,530 2,855 4,141 318 8,285 For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • WEEKLY REPORTING BANKS A 29 ASSETS AND LIABILITIES OF LARGE COMMERCIAL BANKS—Continued (In millions of dollars) Deposits Demand Time and savings i Domestic interbank Foreign IPC States States Wednesday and Certi- and Dopolit- fied polit- mes- For- IPC 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 19693 144,252 102,795 7,671 3,437 19,058 773 854 2,094 7,570 112,167 49,151 45,078 12,048 722 4,620 Jan. 1 131,759 95,868 6,297 2,122 16,603 862 689 2,017 7,301 111,574 48,812 44,971 11,987 644 4,609 8 133,179 97,517 6,424 1,499 16,124 750 701 2,017 8,147 110,724 48,523 44,678 11,738 633 4,603 15 128,654 92,452 5,891 4,891 14,777 663 747 1,840 7,393 110,345 48,438 44,580 11,585 605 4,594 22 127,001 90,113 6,318 5,434 14,595 640 671 1,894 7,336 110,031 48,340 44,416 11,523 593 4,620 29 1969 135,748 93,115 6,452 3,908 18,969 660 804 2,169 9,671 96,168 46,317 36,548 6,702 287 5,966 Dec. 3 133, 46 94,028 6,328 1,601 17,666 637 816 2,322 9,948 96,185 46,216 36.533 6,680 286 6,132 10 140,605 96,872 6,019 5,148 18,699 671 724 2,227 10,245 96,257 46,150 36,431 6,754 287 6,296 17 136,812 97,133 6,348 3,762 17,886 604 721 2,290 8,068 96,218 46,139 36,412 6,741 286 6,305 24 150,945 105,613 7,942 2,989 20,850 809 787 2,457 9,498 96,589 46,486 36.534 6,702 279 6,255 31 1970 141,021 98,646 6,481 2,980 19,322 908 778 2,196 9,710 96,252 46,438 36,177 6,649 281 6,399 Jan. 7 137,647 97,935 6,179 1,559 18,021 787 732 2,253 10,181 95,707 46,156 35,984 6,646 278 6.351 14 136,099 94,165 6,218 3,577 17,668 683 715 2,273 10,800 95,266 45,978 35,762 6,601 284 6.352 21 131,899 92,212 6,371 4,474 16,288 645 745 2,260 8,904 95,017 45,822 35,632 6,616 285 6,372 28* New York City 1969 3 41,785 25,674 884 870 6,956 477 686 1,460 4,778 18,869 4,657 9,398 1,274 432 2.859 Jan. 1 36,993 23,507 521 425 5,421 530 518 1,434 4,637 18,534 4,637 9,154 1,257 381 2,866 8 38,117 23,559 627 351 5,514 437 539 1,437 5,653 18,157 4,626 8,856 1,202 375 2.860 15 36,841 22,495 431 ,311 5,176 384 595 1,282 5,167 17,958 4,615 8,765 1,141 350 2,845 22 37,360 22,058 484 ,845 5,607 369 505 1,349 5,143 17,822 4,611 8,661 1,131 341 2,840 29 1969 41,243 22,038 482 1,261 7,692 398 645 1,518 7,209 13,569 4,395 4,579 224 152 4,072 Dec. 3 40,577 22,619 467 195 7,077 376 666 1,667 7,510 13,705 4,387 4,645 223 151 4,165 10 4 4 0 3, , 7 1 3 0 3 2 2 2 3 3 , , 7 5 4 4 9 6 5 56 0 1 9 1,5 5 5 7 5 9 7 7 , , 0 4 0 4 2 0 4 3 1 8 7 8 5 5 7 8 6 2 1 1 , , 5 6 6 1 3 2 7 5, , 8 9 3 2 2 4 1 1 3 3 , , 7 7 8 8 6 6 4 4 , , 3 3 8 7 1 9 4 4 , ,6 6 3 1 5 9 1 1 9 6 6 2 1 1 5 5 1 1 4 4 , , 2 3 8 4 8 0 2 1 4 7 45,718 26,445 990 676 8,096 526 634 1,682 6,669 13,838 4,422 4,708 136 148 4,290 31 1970 41,840 23,570 589 656 7,355 595 606 1,497 6,972 13,770 4,407 4,547 136 149 4,408 Jan. 7 41,360 23,377 460 161 6,991 499 537 1,532 7,803 13,631 4,381 4,463 135 149 4,382 14 4 40 2 , , 3 1 2 6 4 2 2 2 2 2 , , 4 7 4 6 3 4 4 5 8 0 4 8 1,1 7 0 9 4 9 7 6 , , 2 6 9 0 9 6 3 4 9 1 5 3 5 56 2 1 6 1 1 , ,6 6 1 1 4 2 6 8 , , 7 56 9 2 6 1 13 3 , , 3 5 3 2 1 7 4 4, , 3 3 6 7 6 8 4 4 , , 3 2 8 7 8 9 1 1 2 2 1 0 1 1 5 5 8 8 4 4 , , 3 2 6 8 5 9 2 2 1 8* Outside New York City 1969 3 102,467 77,121 6,787 2,567 12,102 296 168 634 2,792 93,298 44,494 35,680 10,774 290 1,761 Jan. 1 94,766 72,36: 5,776 1,697 11,182 332 171 583 2,664 93,040 44,175 35,817 10,730 263 1,743 8 95,062 73,958 5,797 1,148 10,610 313 162 580 2,494 92,567 43,897 35,822 10,536 258 1,743 15 91,813 69,957 5,460 3,580 9,601 279 152 558 2,226 92,387 43,823 35,815 10,444 255 1 ,749 22 89,641 68,055 5,834 3,589 8,988 271 166 545 2,193 92,209 43,729 35,755 10,392 252 1,780 29 1969 94,505 71,077 5,970 2,647 11,277 262 159 651 2,462 82,599 41,922 31,969 6,478 135 1,894 Dec. 3 92,769 71,409 5,861 1,406 10,589 261 150 655 2,438 82,480 41,829 31,888 6,457 135 1,967 10 96,872 73,123 5,510 3,593 11,259 254 148 664 2,321 82,471 41,769 31,796 6,558 136 2,008 17 96,710 73,587 5,787 3,183 10,884 216 139 678 2,236 82,432 41,760 31,793 6,579 135 1,965 24 105,227 79,168 6,952 2,313 12,754 283 153 775 2,829 82,751 42,064 31,826 6,566 131 1,965 31 1970 99,181 75,076 5,892 2,324 11,967 313 172 699 2,738 82,482 42,031 31,630 6,513 132 1,991 Jan. 7 96,287 74,558 5,719 1,398 11,030 288 195 721 2,378 82,076 41,775 31,521 6,511 129 1,969 14 93,937 71,722 5,710 2,778 10,369 270 189 661 2,238 81,739 41,600 31,374 6,480 126 1,987 21 91,575 69,448 5,887 3,370 9,682 250 184 646 2,108 81,686 41,456 31,353 6,496 127 2,083 28* For notes see p. A-30. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 30 WEEKLY REPORTING BANKS • FEBRUARY 1970 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 deposits1 ties of pur- F.R. ties, Secur- ac- loans invest- mand banks chased, Banks Others etc. 8 ities counts (gross) ments deposits to etc. 7 ad- (gross) ad- Issued Issued their justed 9 ad- justed io Total to to foreign justed? IPC's others branches Large banks— Total 19693 Jan. 1. 149 7,881 16,584 3,368 21,999 161,827 230,150 88,883 2.2,820 14,537 8,283 6,039 7. 117 11,479 18,296 3,493 21,914 159,760 226,732 84,604 22,374 14,224 8,150 7,485 15. 860 10,969 18,895 3.496 21,945 158,878 225,293 84,613 21,787 13,827 7,960 8,083 22. 727 10,509 19,357 3,495 21,941 157,496 223,891 81,640 21,345 13,505 7,840 8,536 29. 685 10,672 19,113 3.497 21,976 156,682 222,543 81,120 21,031 13,285 7,746 8,545 Dec. 1 3 0 . . 1 1 6 6 , , 2 9 2 4 9 6 5 6 2 2 0 6 2 2 , , 8 7 2 3 0 4 2 2 7 6 , , 0 7 9 7 3 2 3 3. . 6 6 0 0 3 2 1 1 0 0 5 8 2 2 3 3 , , 3 3 3 2 1 6 1 16 6 8 8 , , 9 7 6 3 6 0 2 2 2 28 8 , , 0 5 1 3 9 0 7 8 9 2 , , 3 4 4 4 9 9 1 11 1 , , 1 1 9 5 1 9 5 5 , , 6 6 3 9 7 0 5 5 , ,4 5 6 5 9 4 1 1 4 4 , , 7 5 9 6 6 4 17. 18,612 557 2,641 26,893 3,595 104 23,202 172,065 231,962 81,995 11,148 5,562 5,586 14,583 24. 18,265 576 2,680 26,953 3,579 93 23,238 172,398 231,555 82,875 11,056 5,515 5,541 14,400 31. 13,472 110 2,767 25,200 3,741 93 23,383 175,729 235,316 90,282 10,919 5,399 5,520 13,032 1970 Jan. 7.. 17,295 96 2,817 25,770 3,959 101 23,366 172,310 231,505 85,550 10,785 5,256 5,529 13,847 14.. 17,219 901 2,827 26,071 4,030 97 23,313 170,639 229,316 83,905 10,570 5,133 5,437 14,343 21. . 16,742 ,825 2,720 25,592 4,024 85 23,275 168,945 226,809 82,386 10,467 5,005 5,462 13,858 28*\ 16,415 807 2,795 25,624 4,026 81 23,329 167,642 225,274 81,669 10,467 4,967 5,500 13,857 New York City 19693 Jan. 1 60 2,321 8,645 952 5,945 40,152 53,149 19,739 6,453 4,242 2,211 4,620 3,476 9,859 1,045 5,898 39,403 51,863 18,797 6,210 4,069 2,141 5,266 15. 101 3,346 10,179 1,045 5,883 39,274 51,354 18,199 5,933 3,841 2,092 5,754 22. 3,074 10,711 1,045 5,877 38,291 50,536 17.378 5,760 3,753 2,007 6,177 29. 2,977 10,349 1,045 5,862 37,900 50,01 17.379 5,643 3,662 1,981 6,089 1969 Dec. 3. 4,699 381 14,405 1,052 6,098 42,307 53,512 15,970 2,661 737 1,924 10,103 10. 5,227 358 14,022 1,051 6,116 42,666 54,141 17,380 2,725 732 1,993 9,810 17. 5,895 330 14,527 1,050 6,036 43,774 55,311 17,330 2,743 727 2,016 10,166 24. 5,472 339 14,233 1,040 6,028 43,758 54,711 17,817 2,745 722 2,023 9,706 31. 3,506 326 13,544 1,039 6,119 45,115 56,153 20,197 2,702 694 2,008 8,724 1970 Jan. 7.. 4,429 325 13,968 1,205 6,025 43,193 53,988 18,181 2,706 642 2,064 9,326 14.. 5,079 375 337 14,190 1,205 6,020 42,356 52,972 17,^90 2,605 604 2,001 9,640 2 28 1 p . . . 4 4, , 0 5 4 8 8 6 279 3 3 3 3 8 9 1 13 3 , , 6 2 2 8 5 0 1 1 . . 1 2 9 0 9 0 5 6, ,9 0 9 1 0 0 4 40 1 , , 9 4 2 2 7 0 5 51 1 , , 2 8 7 2 1 7 1 1 7 7 , , 3 7 3 4 6 0 2 2, , 5 5 2 7 3 8 5 56 7 7 7 2 1 , ,9 0 5 0 6 1 9 8 , , 0 7 7 6 7 8 Outside New York City 19693 Jan. 1. 89 5,560 7,939 2,416 16,054 121,675 177,001 69,144 16,367 10,295 6,072 1,419 8. 117 8,003 8,437 2,448 16,016 120,357 174,869 65,807 16,164 10,155 6,009 2,219 15. 759 7,623 8,716 2.451 16,062 119,604 173,939 66,414 15,854 9,986 5,868 2,329 22. 727 7,435 8,646 2,450 16,064 119,205 173,355 64,262 15,585 9,752 5,833 2,359 29. 685 7,695 8,764 2.452 16,114 118,782 172,532 63,741 15,388 9,623 5,765 2,456 1969 Dec. 3. 11,530 541 2,439 12,688 2,550 102 17,233 126,423 174,507 63,379 8,498 4,953 3,545 4.693 10. 11,719 520 2,376 12,750 2,552 105 17,210 126,300 174,389 65,069 8,466 4,905 3,561 4,754 17. 12,717 543 2,311 12,366 2,545 101 17,166 128,291 176,651 64,665 8,405 4,835 3,570 4,417 24. 12,793 526 2,341 12,720 2,539 90 17,210 128,640 176,844 65,058 8,311 4,793 3,518 4.694 31. 9,966 104 2,441 11,656 2,702 91 17,264 130,614 179,163 70,085 8,217 4,705 3,512 4,308 1970 Jan. 7.. 12,866 96 2,492 11,802 2,754 100 17,341 129,117 177,517 67,369 8,079 4,614 3,465 4,521 14.. 12,140 526 2,490 11,881 2,825 96 17,293 128,283 176,344 66,515 7,965 4,529 3,436 4,703 21.. 12,156 1,546 2,382 12,312 2.825 84 17,265 127,525 174,982 65,050 7,889 4,428 3,461 5,090 28*. 12,367 807 2,456 11,999 2.826 17,339 126,715 174,003 63,929 7,944 4,400 3,544 4,780 2 1 I I n n c c l l u u d d e e s s s o e f c fi u c r ia it l i e in s s p ti u t r u c t h io a n se s d a n u d n d s e o r f a o g r r th ee . ments to resell. 9 8 I E n x c c l l u u d s e iv s e m o i f n l o o r a i n ty s i a n n t d e r F es e t d i e n r a c l o f n u s n o d li s d t a r t a ed n s s a u c b ti s o i n d s ia w ri i e t s h . 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 I o All demand deposits except U.S. Govt, and domestic commercial 196 4 5 9 I F , n e p c d p l e u . r d 6 a e l 4 s 2 a s - g h 4 e o 6 n r . c t i - e t s e r o m n l n y o . tes and bills. ban II k s C , e l r e t s i s f ic c a a t s e h s i o t f em d s e p in o s p it r o i c ss e u ss e d o f i n c o d l e le n c o t m io i n n . ations of $100,000 or more. 6 7 I I n n c c l l u u d d e e s s s c e o c r u p r o i r ti a e t s e s s o t l o d c k u . n der agreements to repurchase. rev N is O e T d E in .— a F f i o gu rt r h es c o fo m r i D ng e c B . U 1 L 9 L 6 E 9 T a IN nd . Jan. 1970 are preliminary and may be Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 a BUSINESS LOANS OF BANKS A 31 COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during Industry 1970 1969 1970 1969 1969 1968 Jan. Jan. Jan. Jan. Dec. 2nd 1st 28 21 14 7 31 Jan. Dec. Nov. IV III half half Durable goods manufacturing: Primary metals 2,052 2,068 2,070 2.076 2,085 -33 137 -36 76 53 -36 129 51 Machinery 5,682 5,792 5,804 5,834 5,926 -244 412 138 329 280 221 609 675 Transportation equipment 2,657 2,599 2,637 2,597 2,632 25 284 84 400 139 -50 539 107 Other fabricated metal products.., 1,986 2,015 2,009 1,981 2,003 -17 37 -55 -115 -59 176 -174 318 Other durable goods 2,386 2,371 2,411 2,449 2,515 -129 135 -44 -13 92 176 79 214 Nondurable goods manufacturing : Food, liquor, and tobacco 2,966 3,056 3,074 3,137 3,253 -287 333 272 666 43 211 709 -396 T Pe e t x r t o il l e e s u , m a p r p e a fi r n e i l n , g a nd leather 2 1 , , 2 6 2 0 1 3 2 1 , , 2 6 4 0 4 8 2 1 , , 2 6 7 3 8 4 2 1 , , 3 63 0 3 2 2 1 , , 3 7 3 1 7 8 - -1 1 1 16 5 -15 8 9 6 -114 1 - -4 1 7 0 1 7 -24 9 3 8 2 1 5 4 3 2 - - 3 3 7 5 3 0 4 4 5 9 7 4 Chemicals and rubber 2,736 2,751 2,746 2,788 2,845 -109 135 41 197 -94 256 103 249 Other nondurable goods 2,021 2,052 2,061 2.077 2,084 -63 90 -19 36 163 79 199 83 Mining, including crude petroleum and natural gas 4,584 4,599 4,655 4,695 4,837 -253 79 -56 -15 -54 -41 -69 195 Trade: Commodity dealers 1,131 1,142 1,124 1,130 1,190 -59 109 132 366 -132 -356 234 -372 Other wholesale 3,385 3,421 3,459 3,492 3,569 -184 -138 198 48 -37 33 11 200 Retail 3,865 3,918 3,834 3,931 4,180 -315 -13 -185 129 -255 425 -126 246 Transportation 5,617 5,648 5,575 5,632 5,736 -119 298 -55 246 11 106 257 250 Communication 1 ,342 1,398 1,414 1,473 1,539 -197 258 32 247 94 138 341 34 Other public utilities 3,375 3,401 3,429 3,463 3,565 -190 420 -57 452 295 78 747 -118 Construction 3,030 3,054 3,094 3,084 3,142 -92 21 -59 -144 -26 156 -170 361 Services 6,772 6,775 6,799 6,842 7,020 -248 247 171 408 -145 185 263 730 All other domestic loans 4,691 4,834 4,808 4,928 4,945 -255 382 -138 365 142 534 507 966 Bankers* acceptances 583 573 632 718 708 -125 280 -19 294 -111 -43 183 -198 Foreign commercial and industrial loans 2,198 2,202 2,229 2,220 2,238 -40 -15 -33 -24 -168 -76 -192 -119 Total classified loans 66,883 67,521 67,776 68,482 70,067 -3,165 3,418 199 3,370 86 2,567 3,456 4,427 Total commercial and industrial loans. 78,123 78,874 79,164 79,164 81,548 -3,434 3,532 354 3,450 -333 2,768 3,117 4,690 See NOTE to table below. "TERM" COMMERCIAL AND INDUSTRIAL LOANS OF LARGE COMMERCIAL BANKS (In millions of dollars) Outstanding Net change during- 1970 1969 1969 1968 1969 Industry Jan. Dec. Nov. Oct. Sept. Aug. July June May IV 2nd 28 31 26 29 24 27 30 25 28 III half Durable goods manufacturing: T P M r r a i a m c n h a s i p r n y o e r r m t y a e t t i a on ls equipment 2 1 1 , , , 6 4 5 8 2 5 6 8 4 2 1 1 , , , 5 7 4 0 4 7 1 9 6 2 1 1 , , , 5 3 4 6 8 0 6 9 2 2 1 1 , , , 5 4 3 0 0 0 7 5 7 2 1 1 , , , 5 2 4 4 5 1 5 6 9 2 1 1 , , , 5 1 3 9 0 7 5 9 5 2 1 1 , , , 5 1 3 5 6 3 5 3 0 2 1 1 , , , 4 0 3 9 7 5 7 4 2 2 1 1 , , , 4 3 0 3 9 8 2 0 6 1 6 4 8 7 8 2 1 1 5 6 2 0 8 8 2 1 5 5 9 6 7 3 4 2 1 7 0 2 5 4 4 Other fabricated metal Ot p h r e o r d d u u c r t a s ble goods 1,1 7 4 5 5 7 1,1 7 6 6 9 1 1,0 7 9 9 7 6 1,0 7 8 7 7 0 1,1 7 1 6 0 9 1,0 7 6 8 2 0 1,0 7 5 9 2 9 1,0 7 6 98 8 1,0 7 3 8 9 9 -2 4 9 2 -2 1 4 6 59 - 1 3 0 7 1 Nondurable goods manufacturing : Food, liquor, and tobacco 942 953 908 873 880 853 838 859 813 21 151 -67 73 94 Textiles, apparel, and leather 708 713 707 686 689 664 651 646 619 43 24 -7 24 67 Petroleum refining 1,310 1 ,356 1,310 1,282 1,477 1,465 1,455 1,667 1,632 -190 139 316 -121 -311 C O h th e e m r ic n a o l n s d a u n r d a b r l u e b b g e o r o ds. 1 1 ,1 ,8 3 3 3 2 1 1 ,1 ,8 5 2 1 9 1 1, , 1 6 2 7 3 4 1 1 ,0 ,7 7 0 1 1 1 1 , , 0 7 6 1 6 7 1 1 ,7 ,0 4 5 1 8 1 1, , 0 7 5 7 5 4 1 1, , 0 6 5 9 1 5 1 1 , , 6 0 7 3 2 6 2 1 2 5 9 2 5 6 - -3 88 6 1 8 12 5 1 1 3 0 4 0 Mining, including crude pe- Trad t e r : o C le o u m m m a o n d d it n y a t d u e r a a l l e g rs a . s 3,91 9 6 0 4,09 7 0 9 4,04 8 4 1 4,07 8 9 1 4,11 8 9 0 4,0 1 3 1 0 1 4,0 1 8 1 9 4 4,2 1 0 1 3 4 4,2 1 3 1 0 1 - - 8 3 4 4 -67 4 2 -8 3 7 -2 - 9 1 - - 1 3 1 5 3 Other wholesale.... 686 706 668 691 666 659 675 671 659 -5 -3 31 40 35 Transpo R rt e a ta ti i o l n 4 1 , , 3 2 4 3 3 2 4 1 , , 4 2 1 2 4 9 4 1 , , 1 2 4 1 6 5 4 1 , , 1 1 1 8 5 2 4 1 , , 1 1 0 5 7 8 4 1 , , 0 1 6 4 1 4 4 1 , , 0 1 4 6 2 0 4 1 , , 0 1 8 5 1 5 1 4 , , 1 0 5 1 4 4 26 3 49 12 19 6 30 7 7 1 3 7 3 4 3 C O o th m er m p u u n b ic l a ic t i u o t n i lities 1,3 4 1 8 8 0 1,3 4 3 9 7 8 1,2 4 1 6 9 2 1 , 4 2 8 4 6 4 1,2 4 9 4 5 6 1,2 4 4 4 1 6 1,2 4 1 3 6 6 1,1 4 4 4 9 0 1,1 4 3 0 5 9 146 6 -81 3 -4 6 4 5 2 2 1 5 8 8 8 Construction 893 904 903 899 891 890 875 891 886 17 66 13 13 S A e l r l v o ic th es e r domestic loans 2 1 , , 9 2 3 1 6 4 2 1 , , 9 2 9 4 1 1 2 1 , , 9 2 4 0 5 4 2 1 , , 8 2 5 0 4 6 2 1 , ,1 8 3 6 1 0 2 1 , ,0 8 5 6 3 1 2 1 , ,0 8 5 6 0 1 2 1 , , 8 0 6 2 9 0 2 1 , , 8 0 8 2 5 3 1 -9 1 1 29 6 3 0 1 13 1 1 0 2 1 2 2 1 2 Foreign commercial and industrial loans 1,645 1,642 1,690 1,692 1,701 1,739 1,791 1,836 1,869 -119 -95 -75 -194 Total loans 32,248 32,789 31,549 31,218 31,382 30,937 30,981 31,136 30,883 262 418 ,187 1,391 1,653 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 32 BANK RATES • FEBRUARY 1970 PRIME RATE, 1929-69 (Per cent per annum) In effect during— Rate Effective date Rate Effective date Rate Effective date Rate 192 9 SH-6 1947—Dec.i. ... iy 4 1956—A A p u r g . . 2 1 1 3 3 4 % 1966— J M u a n r e . 2 1 9 0 . . . . . . 5 5V % 4 1 1 1 1 9 9 9 9 3 3 3 3 0 2 3 1 3 2 3 lf V ^ ^ c 4 i - - - - 4 6 4 5 1 19 9 5 4 0 8 — — S A ep u t g . .i. 2 .. 2 . . 2 2» /4 1957—Aug. 6 4V4 1967—J A M a u n a g . r . . 2 2 1 6 7 6 - . . 2 . . 7 . . 6 5 Vi-5% 1951—Jan. 8. 2% 1958—Jan. 22 4 Nov. 20... 6 193 1 4 9 — 47 (Nov.) O De ct c . . 1 1 9 7 . . 2 3 Y4 S A e p p r t . . 2 1 1 1 4 1968—A Se p p r t . . 2 1 5 9 . .. . . . 6 6 % - 6% 1953—Apr. 27. 3 % 1959—M Se a p y t. 1 1 8 4% D N e o c v . . 1 2 3 . . . . . . 6% 1954—Mar. 17. 3 5 Dec. 18... 1955—Aug. 4. 31/4 1960—Aug. 23 4% 1969—J M an a . r . 1 7 7 . . . . . . 7 7 % Oct. 14. 3% 1965—Dec. 6 June 9... 8V4 5 1 Date of change not available. SHORT-TERM BUSINESS LOANS Size of loan (in thousands of dollars) All sizes -9 10-99 100-499 500-999 1,000 and over Interest rate (per cent per annum) Nov. Aug. Nov. Aug. Nov. Aug. Nov. Aug. Nov. Aug. Nov. Aug. 1969 1969 1969 1969 1969 1969 1969 1969 1969 1969 1969 1969 Percentage distribution of dollar amount Less than 8.50 4.4 5.7 21.5 24.5 9.6 11.6 6.0 7.6 3.0 4.6 2.8 3.3 8.50 41.1 38.5 4.5 5.0 9.1 8.3 21.0 18.3 37.5 34.1 57.6 55.4 8.51-8.99 23.5 23.7 10.4 8.7 13.2 13.0 25.7 25.9 27.1 28.2 23.8 24.2 9.00 9.3 9.2 10.2 10.4 14.6 14.1 12.4 12.5 9.3 8.9 6.9 6.7 9.01-9.49 7.4 8.5 11.7 12.9 16.3 18.7 12.9 13.7 9.0 9.3 2.8 3.7 9.50 5.3 5.3 13.2 12.1 12.3 11.1 7.6 7.2 5.8 5.1 2.7 3.2 9.51-9.99 3.4 3.8 14.5 14.3 10.0 10.3 5.1 5.9 3.2 3.2 1.3 1.5 Over 10.00 5.7 5.4 13.8 12.2 14.9 12.7 9.5 8.6 4.9 6.4 2.3 2.0 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) 3,942.2 4,155.0 43.7 48.9 403.4 450.4 844.3 926.4 600.8 579.7 2,050.1 2,149.5 Number (thousands) 30.4 33.8 11.4 12.7 12.8 14.4 4.3 4.7 1.0 0.9 0.9 1.0 Center Weighted average rates (per cent per annum) 35 centers 8.83 8.82 9.05 8.99 9.20 9.14 9.00 8.96 8.84 8.84 8.66 8.67 New York City 8.66 8.65 9.22 9.12 9.13 9.12 8.83 8.83 8.74 8.65 8.58 8.59 7 Other Northeast 9.21 9.14 9.16 9.09 9.57 9.49 9.36 9.32 9.18 9.15 8.85 8.77 8 North Central 8.83 8.85 8.77 8.80 9.16 9.14 9.11 9.06 8.81 8.93 8.70 8.72 7 Southeast 8.58 8.46 8.69 8.59 8.73 8.57 8.55 8.39 8.60 8.48 8.45 8.45 8 Southwest 8.79 8.85 9.20 9.09 9.02 8.96 8.81 8.83 8.76 8.75 8.66 8.84 4 West Coast 8.81 8.75 9.45 9.47 9.22 9.23 8.95 8.94 8.76 8.82 8.67 8.56 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • INTEREST RATES A 33 MONEY MARKET RATES (Per cent per annum) U.S. Government securities (taxable) 4 FFFiiinnnaaannnccceee PPPeeerrriiioooddd PPP cccooo rrriii mmm mmm lll eee ... pppaaa CCC ppp OOO... eee rrr bbbaaa PPP nnn rrr kkk iiimmm eeerrr eee sss ''' FFFeeedddeeerrraaalll 3-month bills 5 6-month bills 5 9- to 12-month issues pppaaapppeeerrr,,, ppplllaaaccceeeddd aaacccccceeepppttt--- fffuuunnndddsss 33-- ttoo 55-- 444--- tttooo 666--- dddiiirrreeeccctttlllyyy,,, aaannnccceeesss,,, rrraaattteee 333 yyeeaarr mmmooonnnttthhhsss 111 333--- tttooo 666--- 999000 dddaaayyysss iii Rate on Market Rate on Market Bills (mar- Other 6 iissssuueess 77 mmmooonnnttthhhsss 222 new issue yield new issue yield ket yield) 5 1962 3.26 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 1964 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 5.11 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 1969 7.83 7.16 7.61 8.22 6.677 6.64 6.853 6.84 6.77 7.06 6.85 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 7.89 8.39 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 8.56 7.86 8.17 9.00 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 Dec 8.84 7.93 8.58 8.97 7.720 7.81 7.788 7.89 7.64 8.34 7.98 1970—Jan 8.78 8.15 8.64 8.98 7.914 7.87 7.863 7.78 7.50 8.22 8.14 Week ending— 1969—Oct. 4 8.83 7.73 8.25 9.11 7.106 7.02 7.340 7.31 7.41 7.93 7.93 11 8.73 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 7.94 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 7.157 7.14 7.435 7.45 7.15 7.87 7.54 22 8.58 7.94 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 Dec. 6 8.63 7.98 8.38 8.91 7.453 7.60 7.613 7.83 7.55 8.11 7.64 13 , . , 8.75 7.88 8.53 8.75 7.702 7.81 7.803 7.92 7.61 8.32 7.95 20 , . 8.93 7.89 8.63 9.14 7.920 7.88 7.922 7.89 7.61 8.37 8.06 27 , . 9.00 7.90 8.72 9.18 7.804 7.82 7.815 7.82 7.67 8.44 8.10 1970—Jan. 3 9.00 8.03 8.75 8.71 8.096 8.02 8.101 8.03 7.75 8.56 8.26 10 9.08 8.11 8.75 8.45 7.960 7.91 7.991 7.93 7.58 8.36 8.21 17 8.75 8.13 8.68 8.96 7.837 7.82 7.784 7.64 7.47 8.11 8.10 24 . , 8.70 8.16 8.63 9.30 7.789 7.83 7.663 7.70 7.43 8.13 8.04 31 8.55 8.23 8.50 9.04 7.888 7.89 7.776 7.80 7.52 8.23 8.20 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. 3 Seven-day average for week ending Wednesday. 7 Selected note and bond issues. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 34 INTEREST RATES • FEBRUARY 1970 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 ( S l t o a n t g es - l otai1 term) Total i Aaa Baa Aaa Baa In tr d i u al s - R ro a a i d l- P u u ti b li l t i y c fe P r r r e e - d C m o o m n - C m o o m n - 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 1969 6.10 5.73 5.45 6.07 7.36 7.03 7.81 7.22 7.46 7.49 6.41 3.24 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 5.66 Apr 5.84 5.24 5.00 5.57 7.17 6.89 7.54 7.07 7.25 7.26 6.14 3.11 May 5.85 5.39 5.19 5.63 7.10 6.79 7.52 6.69 7.27 7.15 6.20 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 c6.37 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 Dec 6.81 6.84 6.50 7.23 8.13 7.72 8.65 7.95 8.16 8.39 7.19 3.52 1970—Jan 6.86 6.74 6.38 7.13 8.32 7.91 8.86 8.15 8.38 8.54 7.01 3.56 Week ending— 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 7.59 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 Dec. 6 6.65 6.68 6.34 7.05 7.97 7.60 8.45 7.79 8.01 8.22 7.08 3.50 13 6.73 6.82 6.48 7.20 8.05 7.64 8.57 7.83 8.07 8.35 7.21 3.54 20 6.84 6.92 6.57 7.32 8.15 7.73 8.68 7.95 8.19 8.44 7.33 3.59 27 6.92 6.92 6.57 7.32 8.27 7.84 8.80 8.13 8.28 8.50 7.16 3.51 1970—Jan. 3 7.00 6.88 6.52 7.28 8.33 7.90 8.89 8.19 8.34 8.56 7.16 3.48 10 6.92 6.80 6.41 7.25 8.36 7.91 8.95 8.18 8.42 8.62 6.99 3.46 17 6.84 6.65 6.36 7.00 8.33 7.92 8.86 8.14 8.38 8.57 7.06 3.50 24 6.83 6.68 6.34 7.10 8.28 7.90 8.79 8.12 8.34 8.49 7.02 3.56 31 6.84 6.77 6.39 7.15 8.29 7.91 8.81 8.14 8.38 8.47 6.98 3.71 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 in the price index. Quarterly earnings are seasonally Monthly and weekly yields are computed as follows: U.S. Govt, bonds: adjusted at annual rates. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 o SECURITY MARKETS A 35 SECURITY PRICES Common stock prices Volume of Bond prices New York Stock Exchange trading in (oer 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 Exchange ( G l U o o . n v S 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 i u al s - R ro a a i d l- P u u ti b li l t i y c Total In tr d i u al s - T p t o r i a r o t n n a s - - Utility na F n i- ce i t n o d t e a x l i NYSE AMEX term) 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 1969 64.49 79.0 68.5 97.84 106.30 45.95 62.64 54.67 57.45 46.96 42.80 70.49 28.73 11,403 5,001 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 44,,440011 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 55,,115533 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 c4,396 Dec 58.71 68.7 62.9 91.11 100.48 36.69 55.28 50.86 53.93 37.77 38.69 66.95 26.32 12,384 4,928 1Q70 Tan 5588..3333 6699..77 6622..22 9900..3311 9999..4411 3377..6622 5555..7722 5500..6600 2266..4488 1100,,553322 44,,006622 Week ending— 1970—Jan. 3 57.33 68.6 62.2 91.98 101.40 37.37 55.05 51.45 54.62 38.11 38.84 67.47 26.32 13,936 7,111 10 57.86 69.5 62.6 92.80 102.18 38.36 57.13 52.01 55.07 39.76 39.06 68.37 26.95 10,607 4,301 17 58.46 70.2 62.5 91.55 100.80 37.99 56.33 51.29 54.34 39.16 37.86 67.63 26.71 10,444 4,227 24 58.58 69.5 62.0 89.69 98.72 37.56 55.22 50.28 53.27 37.14 38.48 65.58 26.42 10,502 4,030 31 58.49 69.4 61.8 86.66 95.31 36.44 53.93 48.50 51.32 35.68 37.51 62.76 25.81 11,069 3,755 i 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 5V£-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 o a n e t n c t e r t - ) c F c h ( e e a p n e r e s t g r ) & e i s M (y a e t a u r r s i ) t y L c p r ( o e a p r n a t i e c i n r t o e ) / (t d h c p o o P h l r u u l a i a s c r s r . e - e s o ) f (t a d h m L o o l o u o la a s u r . n n s t o ) f c C t ( r r e p a o a n e t n c t e r t ) - c F c h e ( e a p e n r s e t g r ) & e ! s M (y a e t a u r r s i ) t y L c r p ( o e a p r n a t i e c i r t n o e ) / (t d h c o p o P h l r u u l a i a s r c s . r - e e s o ) f (t d a h L m o o l o u l o a a s u . r n n s o ) t f 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 1 QfiR 6.83 .89 25.5 73.9 30.7 22.4 6.90 .83 22.7 73.0 25.6 18.5 1969f 7.66 .91 25.5 72.8 34.1 24.5 7.68 .88 22.7 71.5 28.3 19.9 1968--Dec 7.09 .89 25.9 74.0 33.7 24.7 7.09 .85 23.3 73.2 28.1 20.4 11996699---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 June 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 ..9922 25.5 72.0 34.6 24.5 7.79 .91 22.8 71.7 28.5 20.1 Aug 7.86 ..8866 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 7.98 .89 25.3 72.9 34.6 25.0 7.98 .91 22.2 70.2 28.1 19.5 Nov 7.97 .96 25.3 72.8 34.4 24.6 8.00 .90 22.6 70.4 28.8 20.1 Dec.? 88..0077 11..0066 2255..44 71.9 35.3 25.0 8.07 .93 23.0 70.6 30.0 20.9 i Fees and charges—related to principal mortgage amount—include based on probability sample survey of characteristics of mortgage 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 36 STOCK MARKET CREDIT • FEBRUARY 1970 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 TTToootttaaalll End of period net free ex- Unre- aaaddd--debit credit tended strict- Restricted jjjuuusssttteeeddd Brolk ers Ban 2 ks Total a b n a c l e s a b n a c l e s bro b k y ers EEE ppp nnn eeerrr ddd iii ooo ooo ddd fff ed ((( ddd mmm eeebbb iiilll ttt &#45;&#45;&#45; llliiiooonnnsss Under 30-39 40-49 50-59 60 per ooofff 1968—Dec.., 6,200 2,710 8,900 9,790 3,717 6,073 20 20-29 per per per cent dddooolll--cent cent cent or more lllaaarrrsss))) 1969—Jan... 5,930 2,750 8,680 9,042 3,597 5,445 Feb... 5,750 2,810 8,560 9,148 3,647 5,501 Mar.. 5,590 2,780 8,370 8,318 3,294 5,024 1968—Dec.. 3.8 38.9 20.2 7.5 3.8 26.3 12,060 Apr.. 5,570 2,760 8,330 8,044 3,077 4,967 May., 5,670 2,770 8,440 8,474 3,084 5,390 1969—Jan... 5.9 40.6 20.9 8.1 4.4 20.1 11,180 June., 5,340 2,740 8,080 8,214 3,084 5,125 Feb... 2.7 38.8 22.9 9.4 5.1 21.1 10,840 July.. 5,170 2,700 7,870 7,515 2,783 4,732 Mar.. 5.5 37.3 21.1 9.3 4.9 21.9 10,520 Aug.. 5,000 2,670 7,670 7,019 2,577 4,442 Apr.. 7.4 35.1 19.6 8.8 4.6 24.5 10,720 Sept.. 4,940 2,620 7,560 7,039 2,579 4,460 May. 4.8 37.4 18.9 8.5 4.7 25.6 10,770 O N De o c c t v . . . f . r . 5 5 5 , , , 0 0 0 4 7 3 0 0 0 2 2 2 , , , 5 5 6 7 2 0 0 0 0 7 7 7 , , , 6 5 6 1 9 3 0 0 0 7 7 7 , , , 1 2 4 1 4 4 1 3 7 2 2 2 , , , 7 6 8 1 5 0 3 3 2 4 4 4 , , , 4 4 6 9 9 4 0 8 5 J A J u u u l n g y e . . . . . 4 1 1 . . . 6 8 0 2 2 33 9 9 . . . 1 2 4 1 1 1 9 9 8 . . . 9 0 5 1 1 1 0 3 1 . . . 8 8 2 6 6 6 . . . 0 5 6 2 3 30 8 0 . . . 1 4 0 1 1 10 0 0 , , , 1 3 4 0 0 4 0 0 0 Sept.. 2.9 30.2 19.0 11.7 6.6 29.6 9,910 1 End of month data. Total amount of credit extended by member firms N O o ct v . . . r . 5 3 . . 8 2 3 31 1 . . 3 9 1 1 8 8 . . 1 1 1 1 0 1 . . 1 0 6 6 . . 2 8 2 2 7 9. . 7 9 9 9 , , 9 9 7 1 0 0 of the New York Stock Exchange in margin accounts, estimated from Dec.?3 4.6 28.1 16.4 12.1 7.1 31.6 9,930 reports by a sample of 38 firms. 2 Figures are for last Wed. of month for large commercial banks reporting 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 lalter 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) TToottaall Equity class (per cent) Equity class of accounts ddeebbtt in debit status ((mmiill-- NNeett TToottaall EEnndd ooff lliioonnss End of period credit balance ppeerriioodd ooff 80 or Under status 60 per cent Less than (millions ddooll-- more 70-79 60-69 50-59 40-49 40 or more 60 per cent of dollars) llaarrss))!! 1968—Dec.. 6,200 24.0 30.2 19.4 8.0 4.2 14.2 1968—Dec 54.4 40.4 5.2 5,690 1969— M M J A J J F a u u e p a a n l n b r y r y . e . . . . . . . . . . . . 5 5 5 5 5 5 5 , , , , , , , 6 5 5 3 9 7 1 7 9 7 4 3 5 7 0 0 0 0 0 0 0 2 2 2 2 2 1 1 2 3 4 0 4 7 4 . . . . . . . 1 5 0 0 5 4 4 2 2 2 2 2 2 2 7 5 6 4 9 6 8 . . . . . . . 7 9 3 3 2 4 2 2 2 2 2 1 1 1 0 0 0 2 9 9 8 . . . . . . . 5 8 0 6 0 0 3 1 1 9 7 9 9 9 1 3 . . . . . . . 5 5 7 9 0 7 3 5 5 4 5 4 7 8 . . . . . . . 2 9 2 6 4 2 4 2 1 1 1 1 1 1 1 4 6 4 3 5 8 . . . . . . . 1 1 8 1 8 7 4 1969—J J J F M a u u e n a l n b y y e ; 5 5 5 5 5 5 5 4 2 1 2 2 2 2 . . . . . . . 7 5 7 2 9 4 6 4 4 4 4 4 4 3 2 2 2 0 9 1 3 . . . . . . . 5 7 0 3 7 9 2 5 5 5 5 5 6 6 . . . . . . . 5 1 7 1 0 6 6 4 5 5 5 5 5 5 , , . , , , , 7 0 9 1 6 4 1 0 2 5 1 8 0 2 0 0 0 0 0 0 0 Aug.. 5,000 17.8 24.4 18.3 12.6 7.8 19.1 53.0 40.0 6.9 4,920 Sept.. 4,940 17.0 23.0 18.4 12.5 8.6 20.3 Sept 52.6 40.7 6.7 4,800 Oct... 5,040 20.4 22.5 18.8 11.8 8.4 18.0 52.8 40.8 6.4 4,780 N D o ec v . . ? r 5 5 , , 0 0 7 3 0 0 1 1 6 6 . . 9 6 2 2 3 2 . . 5 3 1 1 7 6 . . 8 9 1 1 2 2 . . 2 8 9 8 . . 5 9 2 2 0 1 . . 6 8 Dec.f 5 5 4 4 . . 8 8 3 3 7 7 . . 8 2 7 7 . . 3 9 4 4 , , 6 8 7 2 0 0 1 See footnote 1 to table above. NOTE.—Special miscellaneous accounts contain credit balances that may be used by customers as the margin deposit required for additional NOTE.—Each customer's equity in his collateral (market value of col purchases. Balances may arise as transfers based on loan values of other lateral less net debit balance) is expressed as a percentage of current col collateral in the customer's margin account or deposits of cash (usually lateral value. sales proceeds) occur. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • 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- Placed through Placed End of period dealers i directly2 Accepting banks F.R. Banks Total Im- Total Others ports r B el a a n te k d Other r B el a a n te k d Other Total Own Bills Own e F i o g r n - U i n n i t t o e d bills bought acct. corr. States 6 8, , 3 7 6 4 1 7 n n . . a a . . 2 1 , , 2 9 2 2 3 8 n n . . a a . . 4 6 , , 8 1 1 3 9 8 2 3 , , 8 38 9 5 0 1 1 , , 2 6 9 7 1 1 1 1 , , 0 3 3 0 1 1 2 3 6 70 0 1 9 6 4 2 1 9 2 2 2 1 1 , , 3 4 4 9 5 8 5 6 6 6 7 7 9,058 n.a. 1,903 n.a. 7,155 3,392 1,223 1,094 129 187 144 1,837 792 13,279 n.a. 3,089 n.a. 10,190 3,603 1,198 983 215 193 191 2,022 997 16,535 n.a. 4,901 n.a 11,634 4,317 1,906 1,447 459 164 156 2,090 1,086 20,497 n.a. 7,201 13,296 4,428 1,544 1,344 200 58 109 2,717 1,423 21,813 n.a. 7,873 n.a. 13,940 4,370 1,407 1,211 195 50 104 2,809 1,405 22,865 n.a. 8,342 n.a 14,523 4,420 1,473 1,263 210 91 99 2,757 1,449 23,681 n.a. 9,003 n.a. 14,678 4,464 1,452 1,185 266 94 122 3,787 1,460 24,390 n.a. 10,076 n.a. 14,314 4,510 1,478 1,223 255 142 125 2,765 1,523 25,305 n.a. 9,931 n.a. 15,374 4,668 1.387 1,179 208 76 183 3,022 1,591 26,004 602 9,557 640 15,205 4,880 1,413 1,183 231 41 159 3,186 1,673 28,346 889 9,463 17,014 4,991 1.388 1,123 264 40 162 3,402 1,779 29,476 990 10,360 1,220 16,906 5,145 1,390 1,108 282 62 159 3,535 1,791 29,564 954 10,917 1,542 16,151 5,232 1,351 1,044 308 37 159 c3,685 1,880 31,791 1,069 10,998 2,573 17,151 5,256 1,335 1,058 277 41 149 c3,730 1,913 33,497 1,200 11,324 2,879 18,094 5,212 1,341 1,076 266 49 146 3,676 1,850 31,624 1,216 10,601 2,993 16,814 5,451 1 ,567 1,318 249 64 146 2,674 1,889 i 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— commitments 3 Total General classified by maturity State Corpo- Cash O as t s h e e t r s lia ti b e i s l i- De it p s o 2 s- l O ia t b h i e l r i- res a e c r - ve (in months Mort- Other U.S. and rate and ties counts gage Govt. local and general govt. other i reserve accts. 3 or 3-9 less 4,202 62 10,650 606 185 16,962 15,332 48 1,582 n.a. n.a. 26,702 416 6,243 672 5,076 874 589 40,571 36.343 678 3,550 n.a. n.a. 28,902 475 6,160 677 5,040 937 640 42,829 38,277 781 3,771 n.a. n.a. 32,056 602 6,107 527 5,177 956 695 46,121 41,336 828 3,957 n.a. n.a. 36,007 607 5,863 440 5,074 912 799 49,702 44,606 943 4,153 n.a. n.a. 40,328 739 5,791 391 5,099 ,004 886 54,238 48,849 989 4,400 n.a. n.a. 44,433 862 5,485 320 5,170 ,017 944 58,232 52,443 1,124 4,665 n.a. n.a. 47,193 1,078 4,764 251 5,719 953 1,024 60,982 55,006 1,114 4,863 n.a. n.a. 50,311 1,203 4,319 219 8,183 993 1,138 66,365 60,121 1,260 4,984 742 982 53,286 1,407 3,834 194 10,180 996 1,256 71,152 64,507 1,372 5,273 811 1,034 53,286 1,407 3,834 194 10,180 996 1,256 71 ,152 64,507 1,372 5,273 811 1,034 53,579 1,426 3,962 195 10,298 835 1,256 71,550 64,747 1,507 5,295 760 1,073 53,807 1,559 3.989 190 10,429 888 1 ,269 72,132 65,087 1,692 5,353 711 1,165 54,005 1,562 3.990 194 10,649 900 1,293 72,593 65,759 1,476 5,359 778 1,266 54,209 1,519 3,900 199 10,721 792 1,270 72,610 65,575 1.663 5,372 796 1,270 54,442 1,713 3,821 197 10,800 897 1,288 73,159 65,888 1,843 5,428 818 1,237 54,672 1,633 3,618 192 11,029 865 1,306 73,316 66,243 1.664 5,409 843 1 ,190 54,887 1,539 3,634 201 10.982 845 1,303 73,392 66,091 1,863 5,438 787 1,202 55,068 1,717 3,613 201 10.983 846 1,297 73,724 66,193 2,038 5,492 728 1,157 55,188 1,732 3,536 190 10,990 833 1,327 73,796 66,519 1,796 5,481 756 1,097 55,346 1,725 3,359 191 10,885 791 1,339 73,638 66.344 1,785 5,509 721 951 55,497 1,867 3,321 196 10,863 820 1,343 73,914 66,505 1,853 5,556 677 946 55,745 1,823 3,293 200 10,824 912 1,305 74,101 66,988 1,586 5,526 584 937 1 Also includes securities of foreign governments and international NOTE.—National Assn. of Mutual Savings Banks data; figures are organizations and nonguaranteed issues of U.S. Govt, agencies. estimates for all savings banks in the United States and differ somewhat 2 See note 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 savings bank. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 38 SAVINGS INSTITUTIONS • FEBRUARY 1970 LIFE INSURANCE COMPANIES (In millions of dollars) Government securities Business securities End of period Total Mort- Real Policy Other assets Total U S n ta i t t e e s d Sta lo te c a a l n d Foreign Total Bonds Stocks gages estate loans assets Statement value: 196 1 126,816 11,896 6,134 3,888 1,874 55,294 49,036 6,258 44,203 4,007 5,733 5,683 196 2 133,291 12,448 6,170 4,026 2,252 57,576 51,274 6,302 46,902 4,107 6,234 6,024 196 3 141,121 12,438 5,813 3,852 2,773 60,780 53,645 7,135 50,544 4,319 6,655 6,385 196 4 149,470 12,322 5,594 3,774 2,954 63,579 55,641 7,938 55,152 4,528 7,140 6,749 196 5 158,884 11,679 5,119 3,530 3,030 67,599 58,473 9,126 60,013 4,681 7,678 7,234 196 6 167,022 10,837 4,823 3,114 2,900 69,816 61,061 8,755 64,609 4,883 9,117 7,760 196 7 177,832 10,573 4,683 3,145 2,754 76,070 65,193 10,877 67,516 5,187 10,059 8,427 196 8 188,636 10,509 4,456 3,194 2,859 82,127 68,897 13,230 69,973 5,571 11,306 9,150 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 8,801 196 7 177.361 10,530 4,587 2,993 2,950 73,997 65,015 8,982 67,575 5,188 10,060 11,011 196 8 187,695 10,483 4,365 3,036 3,082 79,403 68,575 10,828 70,071 5,573 11,284 10,881 1968—Nov.r.. 187,550 10,795 4,500 3.209 3,086 79,573 68,900 10,673 69,368 5,562 11,219 11,033 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—Ja n 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 Oct 195,932 10,490 4,089 3,252 3,149 83,596 71,376 12,220 71,569 5,835 13,406 11,018 Nov 196,661 10,510 4,118 3,249 3,143 83,980 71,719 12,261 71,710 5,900 13,580 10,981 1 Issues of foreign governments and their subdivisions and bonds of Year-end figures: Annual statement asset values, with bonds carried the International Bank for Reconstruction and Development. on an amortized basis and stocks at year-end market value. Month-end figures: Book value of ledger assets. Adjustments for interest due and NOTE.—Institute of Life Insurance data; figures 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 commitments 3 TToottaall aasssseettss—— EEnndd ooff ppeerriioodd M ga o g r e t s - s G U e it c o i . u e v S s r t . , - Cash Other i lliiaa TT bb oo iill tt ii aa tt ll ii eess S c a a v p i i n ta g l s R a d p n e i r v s d o e i d f r u i v e t n d s e - s m r B o o w n or e e - d y2 p L r o o i a n ce n s s s Other d p M u er r a i i d o n e d g O e p u i n n e ts d g r t i a o a o n d t f d - 196 0 60,070 4,595 2,680 4,131 71,476 62,142 4,983 2,197 1,186 968 n.a. 1,340 196 1 68,834 5,211 3,315 4,775 82,135 70,885 5,708 2,856 1,550 1,136 n.a. 1,872 196 2 78,770 5,563 3,926 5,346 93,605 80,236 6,520 3,629 1,999 1,221 n.a. 2,193 196 3 90,944 6,445 3,979 6,191 101,385 101,887 7,899 5,601 2,239 1,729 n.a. 2,572 196 4 101,333 6,966 4,015 7,041 119,355 101,887 7,899 5,601 2,239 1,729 n.a. 2,549 196 5 110,306 7,414 3,900 7,960 129,580 110,385 8,704 6,444 2,198 1,849 n.a. 2,707 196 6 114,427 7,762 3,366 8,378 133,933 113,969 9,096 7,462 1,270 2,136 n.a. 1,482 196 7 121,805 9,180 3.442 9,107 143,534 124,531 9,546 4,738 2,257 2,462 n.a. 3,004 196 8 130,782 9,531 2,964 9,548 152.825 131,620 10,311 5,672 2,444 2,778 n.a. 3,584 1968—De c 130,802 9,555 2,962 9,571 152,890 131,618 10,315 5,705 2,449 2,803 1,275 3,584 1969—Ja n 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 132,095 10,143 2,517 9,712 154,490 132,123 10,307 5,624 2,475 3,952 1,497 4,028 Mar 133,012 10,160 2,548 10,019 155,762 133,502 10,298 5,631 2,649 3,682 1,688 4,373 Apr 134,038 9,892 2,378 10,027 156,358 132,986 10,296 6,095 2,805 4,176 1,787 4,601 May 135,026 9,892 2,421 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 1,532 4,373 July 137,107 9,199 1,957 10,371 158,634 133,729 10,671 7,392 2,978 3,824 1,346 4,145 Aug 137,951 9,142 1,902 10,035 159,630 133,721 10,669 7,885 2,874 4,471 1,148 3,775 Sept 138,618 9,007 1,931 10,723 160,279 134,600 10,663 8,295 2,749 3,972 1,057 3,530 Oct 139,226 8,906 1,910 10,798 160,840 134,194 10,662 8,783 2,648 4,553 1,023 3,293 Nov.r 139,676 9,011 2,114 11,055 161,856 134,420 10,655 9,123 2,539 5,119 882 3,079 Dec 140,169 8,715 2.443 11,026 162,353 135,494 11,176 9,783 2,426 3,474 788 2,833 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 exclupreceding page) except that figures for loans 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • FEDERALLY SPONSORED CREDIT AGENCIES A 39 MAJOR BALANCE SHEET ITEMS OF SELECTED FEDERALLY SPONSORED CREDIT AGENCIES (In millions of dollars) Federal home loan banks FFeeddeerraall NNaattiioonnaall MMoorrttggaaggee AAssssnn.. BBaannkkss FFeeddeerraall FFeeddeerraall ((sseeccoonnddaarryy mmaarrkkeett ffoorr iinntteerrmmeeddiiaattee llaanndd Assets Liabilities and capital ooppeerraattiioonnss)) ccooooppeerraattiivveess ccrreeddiitt bbaannkkss bbaannkkss EEEnnnddd ooofff pppeeerrriiioooddd v m a b A n t e e d o m r c - s e - s I m nv e e n s t t s - p C a o d a n s e s i d - t h s B n a o o n n t d e d s s p M o b d e s e e m i r - t s - C s a to p c it k a l M l g o ( a A a o g n r ) e t s - D n t e a u ( o b L n r t e d e e ) s n s - c L a o ( t o o t i A p a v o ) e e n s r s - D t e u ( b L r e 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 r e e ) s n - M l g o ( a A o a g r n ) e t s - Bo (L n ) d s 1 1 1 1 9 9 9 9 6 6 6 6 4 5 6 7 5 4 5 6 , , , , 9 3 9 3 3 2 9 8 5 5 7 6 2 2 1 1 , , , , 5 5 5 6 9 2 2 4 8 3 3 0 1 1 1 14 2 2 1 1 9 7 3 5 4 4 6 , , , , 2 3 0 8 2 6 6 5 1 9 0 9 1 1 1 1 , , , , 0 0 4 1 3 4 3 9 7 5 2 9 1 1 1 1 , , , , 3 2 3 2 9 7 2 6 5 7 7 9 2 4 5 1 , , , , 3 4 2 9 4 6 5 4 8 6 6 0 4 3 1 1 , , , , 9 6 8 8 0 1 0 8 1 9 0 4 1 1 1 , , , 0 5 2 9 5 0 9 5 5 6 0 8 1 1 ,2 , 7 6 0 5 9 8 7 3 7 6 4 2 2 2 3, , , , 4 2 5 9 1 4 1 2 1 7 6 4 2 2 2 3 , , , , 3 1 7 2 3 1 8 1 5 2 6 4 4 5 4 3 , , , , 2 9 6 7 8 5 0 1 1 8 9 8 4 4 3 3 , , , , 3 1 7 9 8 6 1 0 5 9 0 4 1968—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— D J D A J S O N F M M A J u u a e e e p e u o c a a p n c l n b c g r t v y r . y t . e ' . . . . . . . . . . . . . . . . . . . . . ' . . . . . . . . . . . . 99 7 5 5 5 5 7 7 8 5 6 8 ', , , , , , , , , , , , 3 9 22 5 9 2 4 0 4 3 7 8 3 7 8 4 8 1 9 3 5 4 5 6 0 1 1 9 3 9 3 8 9 3 0 7 4 2 1 2 2 2 2 2 1 1 1 1 1 1 1 , , , , , , , , , , , , , 0 1 8 3 0 0 5 4 6 9 8 9 6 5 8 6 9 6 4 9 5 4 6 6 6 5 1 1 2 3 9 3 6 7 9 8 2 4 4 1 1 1 1 2 9 9 7 5 9 8 8 8 9 4 1 24 7 9 3 6 7 2 2 8 0 1 0 4 8 4 4 5 5 7 4 5 6 6 7 8 8, , , , , , , , , , , , ,4 0 6 5 7 0 5 5 5 0 6 1 42 2 0 2 0 2 2 7 7 7 7 7 22 1 1 1 1 1 1 2 2 2 2 4 2 1 1 1 1 1 1 1 1 , , , , , , , , 0 1 1 2 0 1 2 2 9 8 8 9 8 4 3 1 7 7 4 4 0 2 9 6 4 3 1 1 1 8 9 4 2 8 1 1 5 8 9 a j 11 1 1 1 1 1 1 1 1 1 1 1 ,4 , , . . . , , , , . . . 4 4 4 4 4 4 4 4 4 4 4 4 7 5 3 4 4 5 6 7 0 3 4 3 4 8 1 5 8 7 7 7 8 8 8 3 4 4 11 1 0 9 7 7 7 7 8 8 7 7 8 0 0 ,5 , , , , , , , , , , , , 8 1 7 4 5 5 5 5 0 9 2 0 4 9 4 2 1 1 7 0 7 3 9 4 0 1 1 1 5 8 7 7 0 4 2 9 4 9 11 1 0 9 7 7 7 7 8 8 6 8 8 0 0 ,5 , , , , , , , , , , , , 2 0 3 1 7 1 0 8 0 5 6 2 1 4 9 1 1 1 9 9 9 7 5 0 1 0 1 3 7 1 5 3 3 3 7 6 5 4 1 1 1 1 1 1 1 1 1 1 1 1 1 ,7 , , , , , , , , , , , , 6 6 5 7 5 6 6 7 5 6 6 5 3 4 6 8 0 7 1 8 9 23 3 8 9 8 3 5 5 2 4 0 4 2 0 0 4 1 1 1 1 1 1 1 , 1 1 1 1 1 14 . , , , , , . , , , , 4 4 3 4 3 3 74 4 4 4 4 ,4 3 0 9 2 2 9 8 7 2 2 2 2 4 1 1 5 5 5 7 3 6 9 2 0 5 4,4 4 4 3 3 2, , , , , 72 3 9 3 7 n n n n n n n 5 2 5 7 1 2 . . . . . . . a a a a a a a 1 5 5 9 9 . . . . . . . 4, 4 4 3 4 4 4 3 3 3 4 4 4 1 , , , , , , , , , , , , 1 9 0 1 6 3 7 1 3 3 5 1 1 6 0 6 4 4 9 5 1 1 7 7 5 9 7 8 4 3 7 7 6 0 6 6 2 2 6, 6 6 6 6 6 6 6 6 6 6 6 6 7 , , , , , , , , , , , , 1 4 3 6 2 5 1 4 7 7 6 7 6 4 1 8 0 5 2 6 1 1 0 7 0 4 7 3 5 7 6 9 2 4 4 6 0 4 5, 5 5 5 5 5 5 5 5 5 5 5 5 9 , , , , , , , , , , , , 4 5 7 4 7 8 8 4 7 9 9 9 9 9 3 6 6 1 3 1 3 2 1 4 4 5 5 7 7 9 2 6 2 7 6 9 9 0 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. Loam 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, elude only publicly offered securities (excluding, for the home loan banks, OUTSTANDING ISSUES OF FEDERALLY SPONSORED AGENCIES, DECEMBER 31, 1969 Amount Amount Amount Agency, issue, and coupon rate o ( f m d i o ll l i l o a n r s s ) Agency, issue, and coupon rate o ( f m d i o ll l i l o a n r s s ) Agency, issue, and coupon rate o ( f m d i o ll l i l o a n r s s ) Fe N d B e o o N J J O r A A S N M J A A N F F F M F A M M M F n t a a u u e e e e e e e p u u o u p c o o d l a a n a a a p n l b b b b b s t r v v y r g g v g s y r y y r . : . t e h . . . . . . . : . . . . . . . . . o 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 m 0 5 6 5 5 5 5 5 5 5 7 5 6 5 6 5 5 6 5 5 5 5 7 , e , , , , , , , , , , , , , , , , , , , , , , 1 1 1 1 1 1 1 1 l 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 o 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 a 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 n 0 1 1 1 1 1 0 4 0 0 0 0 4 0 0 0 0 0 0 0 0 0 2 banks „ 8 7 8 6 6 8 8 6 8 6 8 8 8 8 5 7 8 7 6 6 6 6 8 . . . . . . . . . . . . . . . 2 7 6 8 7 2 2 3 7 0 4 2 6 8 0 * 5 0 5 5 0 0 0 8 5 0 0 0 0 0 0 ' 6 6 6 4 2 4 2 2 2 2 2 2 6 2 2 2 3 2 3 3 5 5 5 0 5 5 0 5 5 0 5 0 5 0 5 2 5 5 0 4 0 5 0 5 0 0 1 0 0 0 0 0 0 0 0 0 0 0 5 0 0 0 6 0 0 0 0 0 0 F B e a D d D n e k e e J r J O S J D M A A J J M S F F M A N S S F M b s b a u a u u u e e e e e e e p e s e c e u o l a f a a n a p n p n l p p n b b s b n t c n r o y g v r y r r . o . e t e N t e t t . . . . . r t t . . . . . . . . . c u u a i 1 1 1 1 1 c 1 1 1 1 1 1 1 1 1 1 1 r r a t 0 4 o 2 0 1 2 0 0 1 2 5 2 1 0 1 2 0 i 0 0 0 e 0 e t o , , , , , , o , , , , , , i , , , , , , s , , s , o n 1 1 : p 1 : 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 n a 9 9 e 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 — l r 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 a 1 0 2 2 1 0 0 3 4 3 1 2 1 3 7 1 0 M 1 2 2 2 C t iv o o e n r s t t g . age 7 7 8 8 6 6 7 8 8 6 8 8 4 4 6 4 5 4 & . . . . . . 5 . . . . . . 8 8 0 7 0 8 i 6 % 4 0 8 % 3 x 2 i y / / / / 5 5 5 5 5 5 0 0 0 5 0 g 0 i 4 4 4 2 4 2 2 2 2 2 2 2 2 2 2 3 3 3 1 1 1 5 9 9 5 0 0 0 0 6 5 5 5 7 3 9 5 5 4 5 9 0 0 6 8 0 0 4 0 0 0 8 0 7 4 0 6 0 8 0 0 0 0 Fe B de o J r O J F A J J J A O J J F A F M O F S S O A F F F n a a u u u u u u e e e e e e e e e p p u c d p c c c l n a n l l p p l l n b b b b b b b t t t t r r y y g y y r s y . . . e . . e l t t . . . . . . . . : . . . a . . n 2 2 2 2 2 2 2 2 2 2 2 2 2 2 1 2 2 2 1 2 2 1 d 0 3 5 0 5 0 0 4 0 1 0 0 3 0 0 5 0 0 1 0 2 0 1 2 1 , ! , ; , , , , , , , , , , > , , , , , , , , , , b , 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 a 1 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 9 n 9 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 7 6 k 7 1 1 1 0 0 0 0 2 0 0 0 4 2 0 0 0 2 0 2 6 5 1 7 1 s 3 — - - 7 7 0 C 8 ont. 8 6 6 6 8 8 8 6 6 5 6 6 5 3 5 3 5 6 4 5 5 3 . . . . . . . 4 4 . . . . 4 V 7 Y 3 4 V 3 1 2 7 Y V 1 % % 7 8 3 % 0 V l % / / 5 5 0 5 0 0 5 0 0 0 0 4 s i 4 s 8 i s Federal National Mortgage Associa- June 1,1970 8.45 313 July 20, 1976 5% tion—Secondary market opera- Apr. 20, 197 8 51/s tions Federal intermediate credit banks Jan. 22, 197 9 5 Discount notes 3,399 De J b a e n n . tur 5 e , s : 1 970 6.85 525 Debentures: Feb. 2, 1970 6.90 526 Feb. 10, 1970 6.60 250 Mar. 2,1970 7.10 445 J J A u u p l n y r e . 1 1 1 0 0 0 , , , 1 1 1 9 9 9 7 7 7 0 0 0 7 6 4 . . 3 6 y 8 0 8 4 4 1 0 0 4 0 0 2 J A M u p a n r y e . 4 1 1 , , , 1 1 1 9 9 9 7 7 7 0 0 0 6 7 8 . . 7 9 V 0 0 4 4 4 4 4 7 3 8 3 6 Te B S n h n o o e n s r d s t s e - : t e e r V m a ll n e o y t e A s uthority Sept. 10, 1970 4Ys 119 July 1,1970 8.20 352 June 1, 1974 8.50 O N c o t v . . 1 1 0 3 , , 1 1 9 9 7 7 0 0 8 5 . V 30 4 4 3 0 5 0 0 S A e u p g t . . 3 1 , , 1 1 9 9 7 7 0 0 7 8 . . 9 4 5 5 4 45 5 8 4 J N u o ly v . 15 1 , , 1 1 9 9 8 8 6 5 4 4 .4 % 0 Dec. 10,1970 8.10 250 Feb. 1, 1987 4Yi Feb. 10, 1971 8.75 400 Federal land banks May 15, 1992 5.70 Mar. 11, 1971 6 350 Bonds: Nov. 13, 1992 6% May 5,1971 8.20 400 Feb. 15, 1967-72 4V% 72 Oct. 1994 8 V4 NOTE.—These securities are not guaranteed by the U.S. Govt.; see also note to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 40 FEDERAL FINANCE • FEBRUARY 1970 FEDERAL FISCAL OPERATIONS: SUMMARY (In millions of dollars) U.S. budget Means of financing R i e tu ce r i e p a t- c e c x o p u e n n t d - Borrowings from the public 2 m Le o s n s e : t C ar a y s h a s a s n e d ts Period r B e u c d ei g p e t t s p t e N u e n x r e d e - t s i- le N i n n e g d t - B l o u a u d y t g s - 1 e t s B d u u ( e r o d f - p r i ) g c l u e it t s s P e d u t c e i b u e b l s r t i i c - A s P e t g c i l e u e u n s s r 3 : c i - y S m L p e e e n a s c t s i c s a : c l b o I u y n n O G v t e t s o h s v t e - t r , S n L p o e e t c s e i s s a : 4 l b E o T q r i o n u r t o g a a w l l s - : b o a T p s l i u e r a n r e r n g a a y c t - e - Other f m O i n n in e t o e a h a g f t n e n , s c r s issues Fiscal year: 196 6 130,856 130,820) 3,832 134,652 -3,796 2,633 4,041 2,470 774 354 3,076 -609 161 270 . 196 7 149,552 153,201 5,053 158,254 -8,702 6,314 5,079 5,035 4,000 -482 2,838 -5,222 304 r945 . 196 8 153,671 172,802 6,030 178,833 -25,162 21,357 5,944 3,371 1,949 -1,119 23,100 -397 '1 ,700 r3,364 . 196 9 187,792 183,080! 1,476 184,556 3,236 6,142 633 7,263 2,190 -1,384 -1,295 596 1,616 r270 Half year: 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 1,668 r2,989 . July-Dec.. r82,899 r92,210 977 r93,186 -10,287 10,450 1,446 -380 1,587 -384 1,076 -598 r27 r-l,363 1969—Jan.-June. r104,893 '90,870 r499 r91,370 13,523 -4,308 -813 7,643 603 -1,000 -12,371 1,194 1,589 1 ,633 . July-Dec.. 90,818 97,562 1,355 98,917 - 8,099 14,505 -429 4,218 47 9,811 -567 315 -1,964 . Month: 1968—De c '15,836 14,474 14,402 1,435 1,166 -238 99 35 -185 979 1,932 r—252 '-736 1969—Ja n 15,845 15,798 -37 15,761 84 1,383 -33 612 112 -1,000 626 2,504 789 1,583 . M Fe a b r 1 13 4 , , 7 5 2 9 7 0 1 1 4 5 , , 3 6 6 3 1 7 37 2 3 1 15 4 , , 6 7 3 3 9 4 -1 - ,9 1 1 4 2 4 -6 7 4 8 8 2 - 1 9 9 1 5 1,1 1 5 5 9 0 2 1 7 2 4 2 -1, 8 41 8 8 7 -2 - , 1 3 1 0 4 4 - - 1 1 7 26 1 1 -3 ,2 9 0 9 8 . . 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 . June 23,805 13,895 -373 13,522 10,283 -6,345 -188 1,885 169 -8,587 186 ''920 r—590 . July 12,542 15,542 152 15,695 -3,153 3,292 31,316 -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 . O Se c p t t 2 1 0 1 , , 4 8 0 3 6 2 1 1 7 7 , ,1 6 6 0 7 2 4 3 4 4 8 2 1 1 7 7 , , 9 6 4 1 4 6 -6 2 , , 1 7 1 9 2 0 3,7 4 0 9 9 8 -6 -4 4 7 3 -8 5 4 1 6 1 -2 1 8 1 1 9 4 - , 3 3 7 8 5 8 -1 2 , , 1 6 6 0 6 8 57 1 7 9 7 57 7 7 0 . . Nov 14,332 15,225 236 15,461 -1,130 3,718 -141 1,223 -340 2,695 958 -4 -610 . Dec 16,704 15,232 -140 15,092 1,612 113 -85 1,730 311 -2,012 -1,099 269 -430 . Selected balances Treasury operating balance Federal securities Less: Investments of Equals: B F a . n R k . s l T a o n a a d x n ba G la o n ld c e 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 i y e s Govt, accounts S n L p o e e t c s e s i s a : 4 l T h b o e t y ld a l accounts Special Other public issues 766 10,050 102 10,917 319,907 13,377 51,120 '13,664 3,810 '264,690 1.311 4,272 112 5,695 326,221 18,455 56,155 17,663 3,328 '267,529 1,074 4,113 111 5,298 347,578 24,399 59,526 19,614 2,209 '290,629 1,258 4,525 112 5,894 353,720 14,249 66,790 '20,871 825 '279,483 703 3,885 111 4,700 358,029 15,064 59,146 20,266 1,825 291,855 1.312 3,903 112 5,327 368,226 13,820 71,008 20,919 825 289,294 703 3,885 4,700 358,029 15,064 59,146 20,266 1,825 291,855 517 6,576 111 7,204 359,412 15,031 59,759 20,378 825 293,481 505 4,284 111 4,900 358,764 15,225 60,918 20,652 825 291,595 783 3,891 111 4,786 359,546 15,134 61,068 20,774 825 292,012 950 7,105 111 8,166 358,466 14,575 62,334 20,325 825 289,557 621 4,976 112 5,708 360,065 14,437 64,905 20,700 825 288,072 1,258 4,525 112 5,894 353,720 14,249 66,790 20,871 825 279,483 935 4,630 112 5,677 357,012 15,572 66,768 21,062 825 283,930 894 3,020 112 4,026 360,187 14,743 68,391 21,106 825 284,608 1,003 5,519 112 6,634 360,685 14,100 68,901 20,826 825 284,233 954 4,402 112 5,468 364,394 14,053 68,055 20,946 825 288,621 980 5,335 112 6,426 368,112 13,905 69,278 20,608 825 291,306 1,312 3,903 112 5,327 368,226 13,820 71,008 20,919 825 289,294 1 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • FEDERAL FINANCE A 41 FEDERAL FISCAL OPERATIONS: DETAIL (In millions of dollars) Budget receipts Corporation Social insurance taxes Individual income taxes income taxes and contributions Period Employment Estate Misc. Total W he i l t d h - N w he i o t l n h d - - fu R n e d - s t N ot e a t l G ce r r i e o p - s ts s fu R n e d - s co P n t a a y t x r - i e b s u a t S i n o e d l n f s - 1 e in U m s n u p - r l. . c O e n r i t 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 - a g n if d t ce r i e p - ts 3 roll empl. taxes Fis 1 c 9 a 6 l 6 y ear: 130,856 42,811 18,486 5,851 55,446 30,834 761 20,662 3,777 1,129 25,567 13,062 1,767 3,066 1,875 1 1 1 9 9 9 6 6 6 9 7 8 1 1 1 5 4 8 3 9 7 , , , 6 5 7 7 5 9 1 2 2 5 7 5 0 0 7 , , , 5 3 1 2 0 8 1 1 2 2 2 1 0 7 8 , , , 9 8 2 5 5 5 1 0 8 1 7 9 0 , , , 8 5 1 4 2 9 5 7 1 6 6 8 1 8 7 , , , 5 7 2 2 2 4 6 6 9 3 2 3 4 9 8 , , , 9 8 3 1 9 3 8 7 8 1 1 , , 2 6 9 3 6 4 2 6 0 2 2 3 6 7 2 , , , 0 5 6 4 2 8 7 1 0 1 1, , , 7 5 7 1 7 4 5 6 4 3 3 3 , , , 6 3 3 5 4 2 9 6 8 2 2 1 , , , 0 3 86 5 5 7 2 3 3 3 3 3 4 9 , , , 3 6 9 4 2 1 9 2 8 1 1 1 3 4 5 , , , 7 0 2 1 7 2 9 9 2 2 2 1 , , ,9 0 3 0 1 3 1 9 8 2 3 3 , , , 9 0 4 7 5 9 1 1 8 2 2 2 , , , 4 1 9 9 0 1 1 8 6 Half year: 1 1 9 96 6 8 9 — — J J J u a a l n n y . . - - - J D J u u e n n c e e . r r 8 8 1 2 6 0 , 4 , 8 4 .8 9 9 9 9 0 3 3 r r 3 3 0 6 3 , , , 0 4 7 8 4 3 9 6 6 2 1 5 1 6 , , , 5 7 8 1 4 0 5 3 2 9 8 , ,9 7 4 7 1 7 1 5 6 4 37 8 38 , , 9 4 ,7 2 7 7 1 4 5 1 1 r2 8 5 2 , , , 5 4 8 5 9 4 1 4 4 6 7 8 5 8 7 5 4 6 1 1 1 5 7 4 , , , 0 5 9 0 7 4 1 7 4 1 1 , , 4 5 1 3 8 3 9 4 1 2 2 1 , , , 0 0 2 1 3 8 9 9 1 , , , 0 1 1 8 7 7 7 9 4 2 1 1 2 9 7 , , , 5 3 5 3 7 4 8 4 4 7 7 7 , , , 0 3 8 0 8 3 3 8 4 1 1 1 , , , 0 1 2 4 0 1 5 6 3 r2 1 1 , , , 0 7 4 7 1 1 4 8 7 r 1 l 1 , , , 5 3 4 1 6 0 1 9 5 July-Dec. r90,818 38,766 5,771 481 44,056 15,179 982 17,057 131 1,270 ,283 19,741 8,242 1,263 1,496 1,824 Month: 1968—De c 15,836 6,072 376 46 6,401 5,273 113 ,850 15 49 208 2,122 1,412 195 256 291 1969—Ja n 15,845 5,113 5,184 75 10,222 1,665 62 688 110 159 218 2,176 1,254 119 277 194 Feb 14,590 7,254 1,202 1,169 8,456 784 102 796 128 773 183 4.880 1,152 144 230 217 M Ap a r r 2 1 3 3 , , 5 7 9 2 6 7 5 6 , , 1 01 6 5 4 9,5 8 4 4 0 3 2 2 , , 5 8 9 5 8 8 1 3 2 , , 9 1 9 0 9 6 5 5 , , 1 5 8 5 9 4 2 2 3 2 1 3 4 55 7 5 0 9 1 5 3 8 4 1 6 6 3 2 2 1 0 9 6 8 2 3 , . 8 88 6 1 5 1 1 , , 1 15 6 6 0 2 1 2 9 4 7 3 63 0 1 8 2 27 3 1 7 May. 13,346 6,681 804 2,725 4,760 959 152 545 190 821 192 5,748 1,272 213 310 237 June 23,805 6,244 4,171 292 10,123 8,692 104 ,523 64 61 176 2,823 1,395 210 319 347 July 12,542 6,005 548 150 6,404 1,196 126 510 124 244 2,879 1,419 222 221 328 S A e u p g t 2 1 0 4 , , 4 99 0 9 6 7 5 , , 0 9 1 4 4 8 3,9 3 1 1 2 9 1 8 0 4 3 9 7 , ,2 7 3 7 0 6 5,6 7 7 1 3 6 1 1 4 2 5 2 3 65 9 5 2 111 60 5 1 1 2 2 1 0 7 5 5 3 , , 2 0 0 2 9 2 1 1 , , 2 2 6 9 3 5 2 2 1 1 3 5 2 2 5 5 7 4 2 2 5 9 6 2 Oct 11,832 6,284 419 67 6,636 1,180 336 044 12 93 216 2,364 1,259 231 264 234 Nov 14,332 7,108 160 33 7,236 778 144 547 343 187 4,078 1,606 185 222 370 Dec 16,704 6,407 412 45 6,774 5,637 110 908 59 214 2,181 1,400 197 277 340 Budget outlays4 Com- Educa- Intra- Period Total t f i N e d o n e n a s - - a e l a I f n fa tl i . r s s S e p r a e a r - c c e h A c tu u g r l r e - i - so N u u r r e a r a c - t l - e s t m C r a a o e n n r m d s c p e - . d h e o m v a u e n u s l d n i o n . p g . p m t o a i n w a o d n n e - r w H e a e l n a f d l a t r h e e V ra e n t- s In e t s e t r - g G e o r e v a n l t - . t t g i r o a o a c n n v - s s t . - 5 Fis 1 1 c 9 9 a 6 6 l 7 6 y ear: 1 1 5 3 8 4 , , 2 65 5 2 4 5 70 6 , , 0 7 8 8 1 5 4 4 , , 5 4 4 9 7 0 5 5 , , 4 9 2 3 3 3 4 3 , , 3 6 7 7 6 9 2 1 , , 0 8 3 6 5 0 r7 7 , , 5 1 5 3 4 5 2 2 , , 6 6 1 44 6 r4 6 , , 5 1 2 3 3 5 r3 3 1 7 , , 2 6 9 0 4 2 5 6, , 8 9 9 2 7 0 1 1 1 2 , , 2 5 8 8 5 8 r r 2 2 , , 2 5 9 1 2 0 r r - - 3 3 , , 9 3 3 6 6 4 1 19 9 6 6 9 8 1 1 7 8 8 4 , , 8 5 3 5 3 6 8 8 0 1 , , 5 2 1 4 7 0 r3 4 , , 7 6 8 1 5 9 4 4 , , 7 2 2 4 1 7 r6 5 , , 2 9 2 4 1 3 2 1 , , 1 7 2 0 9 2 r7 8 , , 8 0 7 4 3 7 1 4 , , 9 0 6 7 1 6 r6 7 , , 8 0 2 1 5 2 r4 4 9 3 , , 0 5 9 0 5 8 r7 6 , , 6 8 4 8 0 2 1 15 3 , , 7 7 9 4 1 4 2 2 , ,5 8 6 6 1 6 - - 4 5 , , 4 1 9 1 9 7 1970«e 197,885 79,432 4,113 3,886 6,343 2,485 9,436 3,046 7,538 57,097 8,681 17,821 3,620 -6,088 1971e6 200,771 73,583 3,589 3,400 5,364 2,503 8,785 3,781 8,129 65,341 8,475 17,799 4,084 -6,639 Half year: 1968—Jan.-June r92,306 r41,778 2,429 July-Dec., 93,186 39,823 ,907 2,133 4,928 1,269 4,501 1,033 3,061 23,893 3,665 7,608 ,324 -1,959 1969—Jan.-June 91,370 41,417 ,878 2,114 1,293 860 3,372 928 3,764 25,202 3,975 8,183 ,542 -3,158 July-Dec. 98,917 40,588 ,941 1,839 5,479 1,520 4,610 1,827 3,161 26,020 4,148 8,630 ,592 -2,438 Month: 1968—De c 14,402 6,921 95 353 317 204 599 '60 r588 3,956 631 1,323 191 -837 1969—Ja n 761 6,887 271 347 626 144 635 234 576 4,103 636 1,280 226 -204 Feb ,734 6,416 381 335 271 72 406 204 721 4,058 651 1,349 173 -302 Mar ,639 6,815 286 385 327 152 583 -79 569 4,405 715 1,411 278 -210 Apr ,972 6,934 377 353 448 199 537 46 632 4,373 695 1,407 226 -255 May ,764 6,733 459 367 153 154 657 273 744 4,197 686 1,388 244 -291 June ,522 7,651 374 326 -701 141 625 -267 978 3,971 656 1,352 239 -1,823 July ,695 6,560 324 319 659 223 613 249 411 4,299 660 1,364 272 -258 Aug ,106 6,868 299 337 1,130 368 858 311 524 4,336 669 1,440 279 -314 Sept ,616 6,767 357 294 1,801 286 784 225 666 4,219 693 1,513 225 -215 Oct ,944 7,267 374 327 1,108 263 964 588 654 4,484 694 1,220 248 -248 Nov ,461 6,303 443 267 393 188 735 228 398 4,239 710 1,571 249 -263 Dec ,092 6,822 145 296 385 192 655 224 509 4,443 722 1,521 319 -1,139 1 Old-age, disability, and hospital insurance, and Railroad Retirement Treasury Statement (beginning April 1969). Monthly back data (beginning accounts. July 1968) are published in the Treasury Bulletin of June 1969. 2 Supplementary Medical Insurance premiums and Federal employee 5 Consists of government contributions for employee retirement and retirement contributions. interest received by trust funds. 3 Deposits of earnings by Federal Reserve Banks and other miscellane- 6 Estimates presented in Jan. 1970 Budget Document. Breakdowns do ous receipts. not add to totals because special allowances for contingencies, Federal pay 4 Outlays by functional categories are now published in the Monthly increase, and allowance for revenue sharing, totaling $475 million for fiscal 1970 and $2,575 million for fiscal 1971, are not included. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 42 U.S. GOVERNMENT SECURITIES • FEBRUARY 1970 GROSS PUBLIC DEBT, BY TYPE OF SECURITY (In billions of dollars) Public issues Total End of period p d g u e r b b o t l s i s c i Total Total Bills Ma C r c e k a r e t t e i t f s a i b - le Notes Bonds 2 b C v i o e b o n r l n e t d - - s T N o o ta n l m 3 a rke b t S i o a n a n b g v d l s - e s i S s p su e e c s i a 4 l & 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 59.0 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—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 Dec. 368.2 295.2 235.9 80.6 85.4 69.9 2.4 56.9 52.2 71.0 1970—Jan.. 367.6 295.5 236.3 81.1 85.4 69.8 2.4 56.8 52.1 70.1 1 Includes non-interest-bearing debt (of which $633 million on Jan. 31, 1956, tax and savings notes; and before Oct. 1965, Series A investment 1970, 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 EEE pppeee nnn rrr ddd iii ooo ooo ddd fff ppp TTT ggg ddd uuu rrr ooo eee bbb ooo ttt bbb lll sss aaa ttt iii sss lll ccc aagg GG tt UU ee aa rr oo nn nn uu .. vv SS dd cc ss tt .. tt ii ,, cc ss BB FF aa .. nn RR kk .. ss TToottaall mm CC bb ee aa oo rr nn cc mm kk ii -- aa ss ll M s M s bb aa aa vv uu nn ii tt nn uu kk gg aa ss ss ll pp II cc aa nn aa oo nn ss nn mm cc uu ii ee ee rr -- -- ss rr cc OO aa oo tt tt rr ii hh pp oo ee oo nn rr -- ss gg SS ll aa oo oo tt nn cc vv aa dd aa tt tt ee ss ll .. Savi I n n g d s i vidu O al t s h er nn FF aa ii oo tt nn aa ii rr tt nn oo ee ee dd nn ii rr gg -- aa nn ll11 ii OO mm nn ttoo tt vv ii hh rr ss ee ss cc ee ss .. rr -- 22 ffuunnddss;; 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 21.1 49.1 20.7 16.7 16.3 1965—Dec 320.9 59.7 40.8 220.5 60.7 5.3 10.3 15.8 22.9 49.7 22.4 16.7 16.7 1966—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—Dec 358.0 76.6 52.9 228.5 65.5 3.6 8.0 14.6 27.1 51.5 23.7 14.3 20.1 1969—Jan 359.4 77.3 52.1 230.0 64.2 3.6 7.9 16.8 27.8 51.5 24.4 11.9 21.8 Feb 358.8 78.7 52.3 227.8 60.8 3.6 7.8 17.8 28.4 51.5 24.7 12.0 21.1 Mar 359.5 79.0 52.4 228.1 60.6 3.6 7.7 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 1K9 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 Nov 368.1 87.0 57.3 223.8 56.4 3.0 7.2 16.8 27.3 51.1 27.6 12.1 22.2 Dec 368.2 89.0 57.2 222.0 56.5 2.9 7.1 15.8 27.1 51.2 28.2 12.2 21.0 1 Consists of investment of foreign and international accounts in The debt and ownership concepts were altered beginning with the the United States. Mar. 1969 BULLETIN. The new concepts (1) exclude guaranteed se- 2 Consists of savings and loan assns., nonprofit institutions, cor- curities and (2) remove from U.S. Govt, agencies and trust funds porate pension trust funds, and dealers and brokers. Also included and add to other miscellaneous investors the holdings of certain are certain Govt, deposit accounts and Govt.-sponsored agencies. Govt .-sponsored but privately-owned agencies and certain Govt, NOTE—Reported data for F.R. Banks and U.S. Govt, agencies deposit accounts. and trust funds; Treasury estimates for other groups. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • 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 All holders: 1966—Dec. 31. 218,025 105,218 64,684 40,534 59,446 28,005 8,433 16,923 1967—Dec. 31. 226,476 104,363 69,870 34,493 78,159 18,859 8,417 16,679 1968—Dec. 31. 236,812 108,611 75,012 33,599 68,260 35,130 8,396 16,415 1969—Nov. 30. 237,919 120,144 81,914 38,230 73,305 20,026 8,360 16,083 Dec. 31. 235,863 118,124 80,571 37,553 73,301 20,026 8,358 16,054 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—Nov. 30 16,212 2.320 832 1,488 5,926 2,472 2,059 3,437 Dec. 31 16,295 2.321 812 1,509 6,006 2,472 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 31,484 16,041 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—Nov. 30 57,318 36,187 22,430 13.757 12,811 7.641 224 453 Dec. 31.... 57,154 36,023 22,265 13.758 12,810 7.642 224 453 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—Nov. 30 164,389 81,637 58,652 22,985 54,568 9,913 6,077 12,193 Dec. 31 162,414 79,780 57,494 22,286 54,485 9,912 6,075 12,164 Commercial banks: 1966—Dec. 31. 47,182 15,838 8,771 7,067 21,112 9,343 435 454 1967—Dec. 31. 52,194 18,451 10,415 8,036 26,370 6,386 485 502 1968—Dec. 31. 53,174 18,894 9,040 9,854 23,157 10,035 611 477 1969—Nov. 30. 45,268 15,274 6,252 9,022 24,615 4,402 562 416 Dec. 31. 45,173 15,104 6,727 8,377 24,692 4,399 564 414 Mutual savings banks: 1966—Dec. 31... 4,532 645 399 246 1,482 ,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—Nov. 30... 2,945 496 142 354 1,256 268 203 722 Dec. 31... 2,931 501 149 352 1,251 263 203 715 Insurance companies: 1966—Dec. 31.. 8,158 847 508 339 1,978 ,581 1,074 2,678 1967—Dec. 31.. 7,360 815 440 375 2,056 914 1,175 2,400 1968—Dec. 31.. 6,857 903 498 405 1,892 721 1,120 2,221 1969—Nov. 30.. 6,210 869 373 496 1,843 258 1,200 2,040 Dec. 31.. 6,152 868 419 449 1,808 253 1,197 2,028 Nonfinancial corporations: 1966—Dec. 31 6,323 4,729 3,396 1,333 1,339 200 6 49 1967—Dec. 31 4,936 3,966 2,897 1,069 898 61 3 9 1968—Dec. 31 5,915 4,146 2,848 1,298 1,163 568 12 27 1969—Nov. 30 5,599 3,770 2,432 1,338 1,732 74 14 9 Dec. 31 5,007 3,157 2,082 1,075 1,766 63 12 8 Savings and loan associations: 1966—Dec. 31 3,883 782 583 199 1,251 1,104 271 475 1967—Dec. 31 4,575 1,255 718 537 1,767 811 281 461 1968—Dec. 31 4,724 1,184 680 504 1,675 1,069 346 450 1969—Nov. 30 4,058 893 327 566 2,004 367 337 458 Dec. 31 3,851 808 269 539 1,916 357 329 441 State and local governments: 1966—Dec. 31 15,384 5,545 4,512 1,033 2,165 1,499 1,910 4,265 1967—Dec. 31 14,689 5,975 4,855 1,120 2,224 937 1,557 3,995 1968—Dec. 31 13,426 5,323 4,231 1,092 2,347 805 1,404 3,546 1969—Nov. 30 14,486 6,802 5,517 1,285 2,925 546 1,212 3,001 Dec. 31 13,909 6,416 5,200 1,216 2,853 524 1,225 2,893 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—Nov. 30. 85,823 53,533 43,609 9,924 20,193 3,998 2,549 5,547 Dec. 31. 85,391 52,926 42,648 10,278 20,199 4,053 2,545 5,665 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 5,783 commercial banks, 495 mutual savings agencies and certain Govt, deposit accounts have been removed from U.S. banks, and 751 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 44 U.S. GOVERNMENT SECURITIES • FEBRUARY 1970 DEALER TRANSACTIONS (Par value, in millions of dollars) U.S. Government securities By maturity By type of customer PPeerriioodd aaggeennccyy TToottaall Dealers and brokers sseeccuurriittiieess WW 11 ii yy tthh ee ii aa nn rr yy 11 eeaa --55 rrss yy 55 ee -- aa 11 rr 00 ss 1100 OO yy vv ee ee aa rr rrss U s . e S c . u r G it o ie v s t , Other mm bb CC ee aa oo rr nn cc mm kk ii ss -- aa ll oo AA tthh ll ee ll rr 1968—Dec 2,974 2,318 391 196 70 1,096 111 1,125 642 298 1969—Jan 2,781 2,423 225 92 41 1,058 116 1,022 585 337 Feb 2,453 2,095 226 97 37 885 86 916 565 278 Mar 2,254 1,962 180 69 43 829 91 837 496 319 Apr 2,270 1,998 165 69 39 803 97 840 530 387 May 2,286 1,852 210 189 35 853 102 781 549 360 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 2,442 2,017 290 101 34 1,009 80 835 520 342 Oct 2,725 2,209 364 111 41 1,145 99 1,006 474 460 Nov 2,439 2,114 225 60 40 920 87 913 518 414 Dec 2,551 2,162 281 55 54 1,029 98 965 460 381 Week ending— 1969—Dec. 3 2,755 2,402 256 57 40 1,154 89 1,014 498 354 10 2,338 2,018 240 38 43 1,108 85 756 479 443 17 2,507 2,064 334 64 46 1,145 103 897 362 383 24 2,541 2,173 260 55 53 991 90 968 491 412 31 2,756 2,319 293 57 86 861 % 116 1,249 532 289 Jan. 7 2,936 2,561 273 63 39 1,327 127 1,073 409 372 14 2,675 2,334 240 57 46 1,141 94 993 447 268 21 2,136 1,869 192 43 34 903 93 870 269 478 28*> 11,,770088 11,,551122 113388 2277 3311 552244 NOTE.—The transactions data combine market purchases and sales of sales of securities under repurchase agreement, reverse repurchase (resale), U.S. Govt, securities dealers reporting to the F.R. Bank of New York. or similar contracts. Averages of daily figures based on the number of They do not include allotments of, and exchanges for, new U.S. Govt, trading days in the period. securities, redemptions of called or matured securities, or purchases or DEALER POSITIONS DEALER FINANCING (Par value, in millions of dollars) (In millions of dollars) U.S. Government securities, by maturity Commercial banks U.S. Ma t A i t e u l s l r i- W y i e t 1 a h r i n y 1 ea -5 rs y 5 e - a 1 r 0 s y O e 1 v a 0 e rs r a s G e g t c e o ie u n v s r c t i , y - Period sou A r l c l es Y N C o e it w r y k w E h ls e e r - e C t o io rp n o s r i a- 4,093 3,605 136 304 48 615 1968—De c 4,431 1,212 886 1,461 2,918 2,757 0 130 32 508 1969—Ja n 3,100 737 641 1.310 2,389 2,193 34 144 17 449 Feb 2,660 417 361 1.311 2,230 2,119 -37 131 18 507 Mar 2,322 396 370 1,031 3,107 2,998 -60 116 54 740 Apr 3,392 963 497 1,086 2,585 1,964 71 498 52 792 May.... 3,103 542 376 1,072 2,454 1,975 56 408 16 703 June.... 2,994 717 520 862 2,250 1,901 40 300 9 626 July 2,372 810 363 690 2,299 1,853 170 230 47 492 Aug 2,539 563 405 733 2,313 1,936 162 181 34 496 Sept 2,586 771 564 470 2,389 1,903 256 193 37 512 Oct 2,226 462 392 520 3,451 3,158 155 106 30 606 Nov 3,692 1,050 712 856 3,607 3,266 205 100 35 564 Dec 3,689 1,036 651 884 Week ending— 3,917 3,491 236 137 54 585 1969—Nov. 5. 4,141 1,060 944 786 3,611 3,269 172 127 42 514 12. 3,987 1,206 751 764 3,152 2,890 134 101 27 651 19. 3,397 890 615 908 3,358 3,118 133 89 18 655 26. 3,288 936 561 930 3,971 3,705 144 99 23 573 Dec. 3. 3,998 1,217 777 977 3,814 3,465 211 107 31 628 10. 4,054 1,145 787 1,044 3,245 2,915 194 104 32 464 17. 3,719 1,019 643 825 3,329 2,973 214 99 43 573 24. 3,191 863 556 835 3,830 3,459 244 86 41 599 31. 3,539 1,057 555 774 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 nonbank 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • GOVERNMENT SECURITIES A 45 U.S. GOVERNMENT MARKETABLE AND CONVERTIBLE SECURITIES, JANUARY 31, 1970 (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. Jan. 31, 1970., 1,501 June 25, 1970 1,209 Oct. 1, 1971 1 *4 72 Aug. 15, 1970 4 4,129 Feb. 5, 1970., 3,005 June 30, 1970 1,702 Nov. 15, 1971 53/g 1,734 Aug. 15, 1971 4 2,806 Feb. 13, 1970., 3.000 July 31, 1970 1,702 Feb. 15, 1972 4y4 2,006 Nov. 15, 1971 3% 2,760 Feb. 19, 1970.. 3.004 July 2, 1970 1,202 Apr. 1, 1972 1*4 34 Feb. 15, 1972 4 2,344 Feb. 26, 1970.. 3,002 July 9, 1970 1,207 May 15, 1972 4% 5,310 Aug. 15, 1972 4 2,579 Feb. 28, 1970.. 1,501 July 16, 1970 1,205 Oct. 1, 1972 1V4 33 Aug. 15, 1973 4 3,894 Mar. 5, 1970., 3.001 July 23, 1970 1 ,204 Apr. 1, 1973 1*4 34 Nov. 15, 1973 4*6 4,347 Mar. 12, 1970. 3.001 July 30, 1970 1,200 May 15, 1973 7% 1,157 Feb. 15, 1974 4*/g 3,128 M M M M a a a a r r r r . . . . 2 2 3 1 3 6 1 9 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 0 0 0 0 f . . . 3 3 1 1 . . , , 0 0 5 7 0 1 0 5 2 0 1 2 J A S O u e u c l p y t g . t . . 3 3 3 3 1 1 0 1 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 0 0 0 0 1 1 1 1 , , , , 7 5 0 7 0 0 0 0 1 5 3 2 A A O O c u p c t t g r . . . . 1 1 1 5 1 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 4 4 4 3 ..... 1 5 1 1 5 * * V / 4 4 8 i 10,28 3 3 4 0 4 6 J N M M u o a a n v y y e . 1 1 1 1 5 5 5 5 , , , , 1 1 1 1 9 9 9 9 7 7 7 7 4 4 8 5 - - 8 8 3 5 . . . . 3 4 3 4 * 7 * y / 4 4 4 g 2 3 1 1 , , , , 2 5 5 2 4 5 1 8 0 2 4 4 A A A p p p r r r . . . 1 9 2 6 , , , 1 1 1 9 9 9 7 7 7 0 0 0 . . . 3 3 3 , . . 0 0 0 1 0 0 1 5 5 N De o c v . . 3 3 0 1 , , 1 1 9 9 7 7 0 0 1 1 , ,0 0 0 0 1 2 N F M e o a b v y . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 7 7 7 5 5 4 6 5 5 y % 4 5 6 3 , , , 1 9 7 8 4 6 1 8 0 N M Fe o a b v y . . 1 1 1 5 5 5 , , , 1 1 1 9 9 9 8 8 8 5 0 0 3 3 4 * * / 4 2 2 1 1 , , , 5 9 0 9 0 8 6 5 7 Apr. 22, 1970| 3,014 Treasury notes Feb. 15, 1976 6*4 3,739 Aug. 15, 1987-92.. 4*4 3,814 Apr. 23, 1970. 3,002 Apr. 1, 1970 1*4 May 15, 1976 6*4 2,697 Feb. 15, 1988-93..4 249 A M p a r y . 3 7 0 , , 1 1 9 9 7 7 0 0 . . 4 1 , , 5 2 0 0 3 1 M M a a y y 1 1 5 5 , , 1 1 9 9 7 7 0 0 6 5 % y8 7 8 , , 7 7 9 6 3 4 Aug. 15, 1976 7*4 1,682 M Fe a b y . 1 1 5 5 , , 1 19 9 9 8 0 9 -94. . 3 4 * % 4 4 1 , , 8 5 0 5 9 7 May 14, 1970. 1,204 Aug. 15, 1970 6Vs 2,329 Feb. 15, 1995 3 1 ,394 May 21, 1970., 1,200 Oct. 1, 1970 1 *4 113 Treasury bonds Nov. 15, 1998 3*4 4,191 May 28, 1970. 1,201 Nov. 15, 1970 5 7,675 Mar. 15, 1965-70.. 2^ 2,280 May 31, 1970. 1,501 Feb. 15, 1971 5% 2,509 Mar. 15, 1966-71.. 2*4 1,220 June 4, 1970. 1,200 Feb. 15, 1971 7% 2,924 June 15, 1967-72..2*4 1,240 June 11, 1970. 1,200 Apr. 1, 1971 1*4 35 Sept. 15, 1967-72. .2*4 1,951 Convertible bonds June 18, 1970. 1,201 May 15, 1971 5*4 4,265 Dec. 15, 1967-72.-2*4 2,581 Investment Series B June 22, 1970f 4,508 May 15, 1971 8 4,173 Feb. 15, 1970 4 4,381 Apr. 1, 1975-80. .2% 2,424 F 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) All issues (new capital and refunding) Issues for new capital Type of issue Type of issuer Total Use of proceeds Period amount deliv- Special ered 3 Total Gener- U.S. district Total Roads Veter- Other al Reve- HAA1 Govt. State and Other 2 Edu- and Util- Hous- ans' purobli- nue loans stat. cation bridges ities4 ing^ 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--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. 1,260 362 165 169 4 561 Feb.... 987 460 378 143 7 144 477 366 n.a. 984 245 222 306 145 202 Mar.. . 538 326 201 11 110 149 279 n.a. 537 261 96 71 3 107 Apr 1,801 1,007 785 9 539 738 525 n.a. 1,799 365 36 302 5 1,095 May... 1,110 637 273 \ll 23 266 340 504 n.a. 1.096 323 109 118 191 355 June... 737 517 181 39 97 155 486 n.a. 727 237 45 141 303 July... 11,,009977 826 261 10 405 245 446 n.a. 1.097 283 169 105 6 533 Aug.... 880088 583 213 12 228 255 325 n.a. 803 209 155 82 2 353 Sept.... 559 361 106 49 43 100 130 329 n.a. 559 161 6 75 70 245 D O N c e o t c v . . . . . . . . 1,2 8 8 8 1 8 0 6 6 6 4 8 7 8 9 9 9 8 3 3 1 5 5 3 7 8 4 33 24 5 3 4 3 1 8 4 0 2 0 2 2 3 1 7 6 9 0 0 2 5 4 28 2 2 6 2 6 n n . . a a . . 1,2 8 8 7 8 1 5 5 6 2 2 3 1 1 7 6 9 1 2 1 2 4 6 1 0 8 2 1 9 6 3 7 5 8 4 6 7 9 2 5 3 8 2 1 9 3 8 1 Only bonds sold pursuant to 1949 Housing Act, which are secured 5 Includes urban redevelopment loans. by contract requiring the Housing Assistance Administration to make annual contributions to the local authority. NOTE.—The figures in the first column differ from those shown on the 2 Municipalities, counties, townships, school districts. following page, which are based on Bond Buyer data. The principal 3 Excludes U.S. Govt, 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 46 SECURITY ISSUES o FEBRUARY 1970 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 agency3 and local4 Total P o u f b fe li r c e l d y P p ri l v a a c t e e d l y Preferred Common 196 1 35,527 12,253 1,448 8,360 303 13,165 9,420 4,700 4,720 450 3,294 196 2 29,956 8,590 1,188 8,558 915 10,705 8,969 4,440 4,529 422 1,314 196 3 35,199 10,827 1,168 10,107 887 12,211 10,856 4,713 6,143 343 1,011 196 4 37,122 10,656 1,205 10,544 760 13,957 10,865 3,623 7,243 412 2,679 196 5 40,108 9,348 2,731 11,148 889 15,992 13,720 5,570 8,150 725 1,547 196 6 45,015 8,23]! 6,806 11,089 815 18,074 15,561 8,018 7,542 574 1,939 196 7 68,514 19,431 8,180 14,288 1,817 24,798 21,954 14,990 6,964 885 1,959 196 8 65,562 18,025 7,666 16,374 1,531 21,966 17,383 10,732 6,651 637 3,946 1968—Oct.. 6,111 430 1,147 2,260 146 2,129 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 4431 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. 5,014 421 940 1,052 124 2,478 1,889 1,279 609 40 553 Aug. 3,314 377 600 794 117 1,427 944 685 259 72 410 Sept. 3,958 353 587 531 60 2,427 1,701 1,222 479 74 652 Oct.. 5,447 440 1,782 1,254 11 1,960 1,316 965 351 20 623 Gross proceeds, major groups of corporate issuers Period Manufacturing C m om is m ce e l r la c n ia e l o u a s n d Transportation Public utility Communication a R nd e a f l i n e a s n ta c t i e a l Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks Bonds Stocks 196 1 3,371 741 800 389 692 20 2,347 692 692 1,128 1,522 753 196 2 2,880 404 622 274 573 14 2,279 562 ,264 43 1,397 457 196 3 3,202 313 676 150 948 9 2,259 418 953 152 2,818 313 196 4 2,819 228 902 220 944 38 2,139 620 669 1,520 3,391 466 196 5 4,712 704 ,153 251 953 60 2,332 604 139 3,762 514 196 6 5,8611 1,208 ,166 257 1,856 116 3,117 549 1,814 189 1,747 193 196 7 9,894 1,164 ,950 117 1,859 466 4,217 718 1,786 193 2,247 186 196 8 5,668 1,311 ,759 116 1,665 1,579 4,407 873 1,724 43 2,159 662 1969—Jan.. 299 104 169 200 257 2 509 118 181 201 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 Apr. 327 186 330 276 151 101 627 157 43 1 438 110 May 434 134 101 397 141 4 371 20 129 68 203 70 J J A u u u n ly g e . . , 2 6 5 8 3 0 4 6 5 2 1 3 7 8 8 7 6 1 1 3 3 1 7 3 9 3 1 16 1 7 1 4 7 2 1 4 0 2 8 2 2 1 4 6 3 4 6 3 4 0 5 6 6 4 1 9 4 5 6 7 3 2 1 1 8 2 8 6 7 2 4 4 2 1 6 9 6 6 9 7 1 1 8 2 3 2 3 1 Sept. 501 124 142 209 181 9 413 131 230 43 233 210 Oct.. 125 144 123 198 48 16 676 69 120 224 216 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 4 See NOTE to table at bottom of opposite page. maturing in more than 1 year sold for cash in the United States. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 a SECURITY ISSUES A 47 NET CHANGE IN OUTSTANDING CORPORATE SECURITIES (In millions of dollars) Derivation of change, all issuers U1 securities Bonds and notes Common and preferred stocks New issues Retirements Net change New RReettiirree-- NNeett NNeeww RReettiirree-- NNeett issues mmeennttss cchhaannggee iissssuueess mmeennttss cchhaannggee In co ve s. s 1 t . Other In CO ve S. s 1 t. Other I c n o v s e . s 1 t . Other 18,826 8,290 10.536 10,715 4,077 6,637 4,363 3,748 1,895 2,317 2,468 1,431 21,535 10,025 11,511 12,747 4,649 8,098 5,583 3,205 2,134 3,242 3,450 -37 26,327 9,567 16,761 15,629 4,542 11,088 6,529 4,169 2,025 3,000 4,504 1,169 33,303 10,496 22.537 21,299 5,340 15,960 6,987 4,664 2,761 2,397 4,226 2,267 35,384 16,234 19,150 19,381 5,418 13,962 9,945 6,057 3,857 6,959 6,088 -900 7,720 3,021 4,700 3,997 1,286 2,711 2,493 1,230 823 912 1,670 319 8,421 3,933 4,489 5,124 1,308 3,816 1,873 1,424 1,053 1,572 820 -147 8,280 4,112 4,167 4,732 1,249 3,482 2,127 1,421 949 1,914 1,178 -493 10,962 5,168 5,794 5,528 1,575 3,953 3,452 1,982 1,032 2,561 2,420 -579 10,631 44,,552211 66,,111100 44,,994499 11,,227722 33,,667766 33,,449988 22,,118844 11,,006655 2 183 22,,443333 9,688 44,,332233 55,,336655 55,,336655 11,,550044 33,,886611 11,,996600 22,,336633 11,,005555 1 J 64 990055 599 n.a. nn..aa.. nn..aa.. 44,,449999 11,,338822 33,,111177 nn..aa.. 22,,000088 nn..aa.. 598 nn..aa.. 1,410 Type of issuer Manu- Commercial Transpor- Public Communi- Real estate Period facturing and other 2 tation 3 utility cation and financial 4 & B o n n o d te s s Stocks & B o n n o d t s e s Stocks & B o n n o d te s s Stocks & B o n n o d t s e s Stocks & B o n n o d t s e s Stocks & B o n n o d t s e s Stocks 1964 11111,,,,,333330000033333 -516 507 -483 317 -30 1,408 476 458 1,699 2,644 2,753 1965 22222,,,,,666660000066666 -570 614 -70 185 — i 1,342 96 644 518 2,707 3,440 1966 44444,,,,,333332222244444 32 616 -598 956 718 2,659 533 1,668 575 864 4,414 1967 77777,,,,,222223333377777 832 111,,,111000444 282 1,158 165 3,444 652 1,716 467 1,302 4,178 IQfiR 44444,,,,,444441111188888 -1,842 222,,,222444222 821 987 -149 3,669 892 1,579 120 1,069 5,347 11996688---I 991 -60 111999111 112 170 -26 956 309 295 31 109 1,624 II 1,550 -127 375 371 260 10 818 244 524 33 288 143 Ill 11,,221100 -484 716 -123 300 -62 585 187 491 6 181 1,161 IV 666677 -1,171 960 461 257 -71 1,310 152 269 50 491 2,419 11996699---I 1,458 -372 360 259 539 75 674 331 405 45 239 2,096 II 936 -386 433 445 175 49 1,445 235 312 78 560 1,083 Ill 1,087 343 101 274 354 136 898 320 566 31 329 n.a. 1 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) Month Sales 1 Re t d io e n m s p- s N al e e t s Total 2 po C si a t s io h n 3 Other Sales 1 Re t d io e n m s p- s N al e e t s Total 2 po C si a t s i h o n3 1,391 406 984 8,714 523 8,191 1968—Dec.. 653 319 354 52,677 3,187 1,620 511 1,109 13,242 634 12,608 2,280 786 1,494 15,818 860 14,958 1969—Jan... 876 397 479 53,323 3,831 Feb.. 625 379 246 50,512 3,880 2,097 842 1,255 17,026 973 16,053 Mar.. 628 285 343 51,663 4,331 2,951 1,160 1,791 22,789 980 21,809 Apr.. 654 348 306 52,787 4,579 2,699 1,123 1,576 21,271 1,315 19,956 May. 529 364 165 52,992 4,262 June. 474 338 136 49,401 3,937 2,460 1,504 952 25,214 1,341 23,873 July.. 503 260 243 46,408 4,167 3,404 1,875 1,528 29,116 1,329 27,787 Aug.. 483 208 275 49,072 4,642 4,359 1,962 2,395 35,220 1.803 33,417 Sept.. 442 235 207 48,882 4,393 Oct... 564 269 295 50,915 4,572 4 4 , , 6 6 7 7 1 0 2 2 , , 0 7 0 4 5 5 2 1 , , 6 9 6 2 5 7 4 3 4 4 , , 7 8 0 2 1 9 2 2 , , 9 5 7 6 1 6 4 3 2 1 , , 1 8 3 5 5 8 N D o ec v . . . . , 4 5 1 2 7 2 2 30 7 1 7 2 1 2 40 1 4 48 9 , , 2 2 9 4 1 2 4 3 , , 0 8 7 4 9 6 6,820 3,841 2,979 52,677 3,187 49,490 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 Digitized for FRASER newly formed companies after their initial offering of securities. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 48 BUSINESS FINANCE • FEBRUARY 1970 SALES, PROFITS, AND DIVIDENDS OF LARGE CORPORATIONS (In millions of dollars) 1967 1968 19691 Industry 11996644 11996655 11996666 11996677 11996688 III IV I II III IV I II Manufacturing Total (177 corps.): Sales 158,253 177,237 «195,738 201,399 225,740 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 1,838 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 20,561 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 1,579 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • BUSINESS FINANCE A 49 CORPORATE PROFITS, TAXES, AND DIVIDENDS (In billions of dollars) Corporate Corporate Year P b t r e a o f x o f e i r s t e s c ta o I x n m e - e s P t a r a f o x t f e e i s r t s d C d e i a n v s d i h - s t U r p i r n b o d u f t i i e s ts - d co c a n a t l s i l p o o u i n w t m a - l p - Quarter P b t r e a o f x o f e i r s t e s c ta o I x n m - e e s P t a r a f o x t f e e i r s t s d C d e i a n v s d i h - s t U r p i r n b o d u f i t i e s ts - d co c a t n a l i s l p o o u n i w t m a - l p ances 1 ances i 1962 55.4 24.2 31.2 15.2 16.0 30.1 1968—1. 87.9 39.9 47.9 22.2 25.7 44.8 1963 59.4 26.3 33.1 16.5 16.6 31.8 II.... 90.7 41.1 49.7 22.9 26.7 45.8 11996644 66.8 28.3 38.4 17.8 20.6 33.9 III... 91.5 41.4 50.0 23.6 26.5 46.2 IV... 94.5 42.9 51.6 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 1967 80.3 33.0 47.3 21.5 25.9 42.6 1969—I. . . . 95.5 r43.9 r51.7 23.8 r27.9 47.7 1968 91.1 41.3 49.8 23.1 26.7 45.9 II.. .. 95.4 r44.1 r51.3 24.3 r27.0 48.6 1969^ 94.3 43.5 50.8 24.6 26.3 49.1 III... 92.5 r42.8 r49.7 24.9 r24.9 49.6 I 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 NNNeeettt Notes and accts. Notes and accts. EEEnnnddd ooofff pppeeerrriiioooddd wwwooorrrkkkiiinnnggg UU..SS.. receivable payable AAccccrruueedd cccaaapppiiitttaaalll TToottaall CCaasshh ss GG eecc oo uu vv rr tt ii ,, -- II tt nn oo vv rrii ee ee nn ss -- OOtthheerr TToottaall FF iinn ee cc dd oo ee mm rraa ee ll OOtthheerr ttiieess G U ov .S t . . i Other G U ov .S t, . i Other ttaaxxeess 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 49.9 17.0 3.9 190.2 126.9 22.3 229.6 3.1 160.4 19.1 46.9 1966 188.2 442.6 49.3 15.4 4.5 205.2 143.1 25.1 254.4 4.4 179.0 18.3 52.8 1967 198.8 463.1 51.4 12.2 5.1 214.6 152.3 27.6 264.3 5.8 186.4 14.6 57.4 1968—1 204.3 470.9 49.3 14.5 4.8 216.6 155.0 30.7 266.6 6.1 184.7 16.5 59.3 II 207.8 481.2 50.5 13.0 4.7 223.5 158.3 31.2 273.5 6.2 190.9 14.8 61.5 Ill 208.7 491.5 51.9 12.6 4.8 229.4 162.1 30.8 282.7 6.3 196.8 15.1 64.6 IV 212.4 506.3 55.1 13.7 5.1 235.6 164.6 32.2 293.9 6.4 205.2 16.8 65.4 1969—1 215.0 515.7 51.9 15.4 4.8 239.8 169.2 34.6 300.8 6.9 206.1 19.1 68.8 II 216.3 526.7 52.6 13.0 4.8 247.1 174.0 35.3 310.4 7.2 215.3 15.4 72.5 Ill 214.6 536.8 51.2 11.8 4.6 254.7 178.7 35.7 322.2 7.5 222.9 16.4 75.4 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 TToottaall PPeerriioodd TToottaall MMiinniinngg uu PP ttii uu ll bb iitt ll ii ii ee cc ss nn CC ii oo cc mm aattii mm oo uu nn -- ss OOtthheerr ii aa (( nn SS nn .. uu AA aa .. ll Durable d N ur o a n b - le Railroad Other rraattee)) 1963 3333333399999999........2222222222222222 77777777........8888888855555555 77777777........8888888844444444 11111111........0000000044444444 11111111........1111111100000000 11111111........9999999922222222 55555555........6666666655555555 3333333.......77777779999999 11111110000000.......00000003333333 1964 4444444444444444........9999999900000000 99999999........4444444433333333 99999999........1111111166666666 11111111........1111111199999999 11111111........4444444411111111 22222222........3333333388888888 66666666........2222222222222222 4444444.......33333330000000 11111110000000.......88888883333333 1965 5555555511111111........9999999966666666 1111111111111111........4444444400000000 1111111111111111........0000000055555555 11111111........3333333300000000 11111111........7777777733333333 22222222........8888888811111111 66666666........9999999944444444 4444444.......99999994444444 11111111111111.......77777779999999 1966 6666666600000000........6666666633333333 1111111133333333........9999999999999999 1111111133333333........0000000000000000 11111111........4444444477777777 11111111........9999999988888888 33333333........4444444444444444 88888888........4444444411111111 5555555.......66666662222222 11111112222222.......77777774444444 1967 6666666611111111........6666666666666666 1111111133333333........7777777700000000 1111111133333333........0000000000000000 11111111........4444444422222222 11111111........5555555533333333 33333333........8888888888888888 99999999........8888888888888888 5555555.......99999991111111 11111112222222.......33333334444444 1968 6666666644444444........0000000088888888 1111111133333333........5555555511111111 1111111122222222........9999999933333333 11111111........4444444422222222 11111111........3333333344444444 44444444........3333333311111111 1111111111111111........5555555544444444 6666666.......33333336666666 11111112222222.......66666667777777 1969? 7777777711111111........2222222255555555 1111111155555555........3333333344444444 1111111144444444........3333333355555555 11111111........6666666611111111 11111111........4444444499999999 44444444........2222222299999999 1111111133333333........0000000066666666 7777777.......77777775555555 11111113333333.......33333334444444 19702 7777777788888888........1111111133333333 1111111155555555........7777777733333333 1111111155555555........8888888855555555 11111111........5555555599999999 11111111........6666666600000000 44444444........1111111122222222 1111111155555555........0000000011111111 24.23 1968—1 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 1.14 3.38 1.86 3.23 70.20 Ill 18.22 3.86 3.72 .40 .40 .96 3.44 1.96 3.48 72.45 IV2 20.09 4.39 4.16 .44 .42 1.13 3.59 5. 96 73.30 1970—12 17.04 3.44 3.44 .40 .39 1.04 3.01 5. 32 76.85 1 Includes trade, service, finance, and construction. NOTE.—Dept. of Commerce and Securities and Exchange Commission 2 Anticipated by business. estimates for corporate and noncorporate business, excluding agriculture. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 50 REAL ESTATE CREDIT • FEBRUARY 1970 MORTGAGE DEBT OUTSTANDING (In billions of dollars) All properties Farm Nonfarm Other 1- to 4-family houses4 Multifamily and Mortgage holders2 commercial properties 5 type 6 E pe n r d i o o d f hh AA oo eerr ll ll ss dd ll -- tu F i t i n c i n i s o a a t n l i n - s - 1 a U c g i . e e S n s . - v o I i t a d n h n u d e d a i r - l s s hh AA oo eerr ll ll ss dd ll -- t F u i t i n c i n i s o a a t n l i n - s - 1 OO hh ee oo tt rr hh ll ss dd ee 33 -- rr hh AA oo eerr ll ll ss dd ll -- Total tu F i t i n i n o s a t n i n s - . 1 O h e o t r h l s d e - r Total tu F i t i n i n s o a t n i n - s . 1 O h e o t r h l s d e r - F w u H V n ri d A A t e t — - 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* 3f70.2 298.8 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 55.8 27.5 9.7 17.8 370.0 251.2 213.1 38.1 118.7 97.1 21.6 92.8 277.2 1967—III*. 363.3 293.3 17.5 52.5 24.9 8.9 16.0 338.3 232.0 198.7 33.3 106.4 85.7 20.7 86.4 251.9 IV*. 370.2 298.8 18.4 53.0 25.5 9.1 16.3 344.8 236.1 201.8 34.2 108.7 87.9 20.9 88.2 256.6 1968—1*... 375.8 302.6 19.6 53.5 26.0 9.3 16.7 349.8 239.1 203.7 35.4 110.6 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 91.8 21.2 90.7 265.4 III*. 389.8 313.5 21.1 55.1 27.2 9.6 17.5 362.6 247.0 209.7 37.3 115.6 94.1 21.5 92.0 270.6 IV*. 397.5 319.9 21.7 55.8 27.5 9.7 17.8 370.0 251.2 213.1 38.1 118.7 97.1 21.6 92.8 277.2 111999666999———111***......... 444000333...777 332244..77 2222..66 5566..44 2288..11 99..88 1188..33 337755..77 225544..88 221166..00 3388..88 112200..99 9988..99 2211..99 94.5 281.2 IIIIII***... 444111111...777 333311..00 2233..44 5577..11 2288..88 1100..11 1188..77 338822..99 225599..55 221199..99 3399..55 112233..44 110011..00 2222..44 96.6 286.3 IIIIIIIII***... 444111888...555 333355..55 2244..99 5588..11 2299..33 1100..11 1199..11 338899..22 226633..44 222222..55 4400..99 112255..88 110022..99 2222..99 IIIVVV***... 444222444...666 1 Commercial banks (including nondeposit trust companies but not 5 Derived figures; includes small amounts of farm loans held by savings 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 onr 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 total 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 non- Total non- Farm FHA- VA- Con- farm FHA- VA- Con- farm Total in- guar- ven- Total in- guar- vensured 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 24 196 4 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 53 196 5 49,675 32,387 7,702 2,688 21,997 14,377 2,911 44,617 40,096 13,791 11,408 14.897 4,469 52 196 6 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 53 196 7 59,019 37,642 7,709 2,696 27,237 17,931 3,446 50,490 44,641 15,074 11,795 17,772 5,732 117 196 8 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 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 44,641 15,074 11,795 17,772 5,732 117 1968—1.. 60,119 38,157 7,694 2,674 27,789 18,396 3,566 51,218 45,171 15,179 11,872 18,120 5,931 116 II. 61,967 39,113 7,678 2,648 28,787 19,098 3.756 51,793 45,570 15,246 11,918 18,406 6,108 115 III 63,779 40,251 7,768 2,657 29,826 19,771 3.757 52,496 46,051 15,367 11,945 18,739 6,329 116 IV 65,696 41,433 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 43,532 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 IV. 70,929 55,918 1 Includes loans held by nondeposit trust companies, but not bank States and possessions. First and third quarters, estimates based on FDIC trust depts. data for insured banks for 1962 and part of 1963 and on special F.R. inter- 2 Data for 1941 and 1945, except for totals, are special F.R. estimates. polations thereafter. For earlier years, the basis for first- and third-quarter estimates included F.R. commercial bank call report data and data from NOTE.—Second and fourth quarters, Federal Deposit Insurance Corpo- the National Assn. of Mutual Savings Banks. ration series for all commercial and mutual savings banks in the United Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • 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 Total in F s H u A re - d a g n V u t A e a e r - - d Other i Total Total in F s H u A re - d a g n V u t A e a e r - - d Other Farm 1945 976 6,637 5,860 1,394 4,466 766 196 1 6,785 6,233 1,388 220 4,625 552 44,203 41,033 9,665 6,553 24,815 3,170 196 2 7,478 6,859 1,355 469 5,035 619 46,902 43,502 10,176 6,395 26,931 3,400 196 3 9,172 8,306 1,598 678 6,030 866 50,544 46,752 10,756 6,401 29,595 3,792 196 4 10,433 9,386 1,812 674 6,900 1,047 55,152 50,848 11,484 6,403 32,961 4,304 196 5 11,137 9,988 1,738 553 7,697 1,149 60,013 55,190 12,068 6,286 36,836 4,823 196 6 10,217 9,223 1,300 467 7,456 994 64,609 59,369 12,351 6,201 40,817 5,240 196 7 8,470 7,633 757 444 6,432 837 67,516 61,947 12,161 6,122 43,664 5,569 196 8 7,925 7,153 719 346 6,088 772 69,973 64,172 11,961 5,954 46,257 5,801 1968—Nov. 617 582 62 28 492 35 69,368 63,589 11,997 5,975 45,617 779 Dec. 1,207 1,123 84 29 1,010 84 70,071 64,268 12,015 5,982 46,271 803 1969—Jan.. 641 589 59 28 502 52 70,205 64,437 12,003 5,974 46,460 5,768 Feb. 558 497 64 29 404 61 70,355 64,584 11,983 5,973 46,628 5,771 Mar. 626 541 53 21 467 85 70,480 64,694 11,947 5,943 46,804 5,786 Apr. 607 549 48 24 477 58 70,661 64,855 11,924 5,919 47,012 5,806 May 556 496 55 19 422 60 70,820 64,993 11,903 5,900 47,190 5,827 June 556 498 55 20 423 58 70,964 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 71,429 65,564 11,797 5,775 47,992 5,865 Oct.. 688 663 47 9 607 25 71,569 65,766 11,777 5,744 48,245 5,803 Nov. 464 446 39 399 18 71,710 65,915 11,762 5,720 48,433 5,795 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 NOXEi—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 (end of period) Loans made Loans outstanding (end of period) Ad- Repay- Members' vances ments deposits Period h N o e m w e Home FHA- VA- Con- Total t S e h rm or t- 1 t L e o rm ng - 2 Total i con- pur- Total 2 in- guar- vens t t i r o u n c - chase sured anteed tional 1945 278 213 195 176 19 46 196 2 4,111 3,294 3,479 2.005 1,474 1,213 196 3 5,601 4,296 4,784 2,863 1,921 1,151 1945 1,913 181 1,358 5,376 196 4 5,565 5,025 5,325 2,846 2,479 1,199 1 1 1 9 9 9 6 6 6 4 2 3 2 2 24 1 5 , , , 9 1 1 1 5 7 3 3 3 7 6 6 , , , 6 1 1 3 8 1 8 5 5 1 1 8 0 0 , , , 6 0 5 5 5 3 0 5 8 1 9 7 0 0 8 1 , , , 9 7 3 7 3 4 0 3 4 4 4 4. , , 8 4 6 9 7 9 4 6 6 7 6 6, , , 6 0 9 8 1 6 3 0 0 7 6 8 9 9 7 , , , 2 7 2 8 5 8 8 6 4 1 1 1 9 9 9 6 6 6 7 6 5 5 3 1 , , , 0 8 5 0 2 0 7 7 4 4 4 2 , , , 3 0 8 3 7 6 5 6 6 4 5 6 , , , 3 9 9 8 9 3 6 7 5 5 3 3 . , , 9 0 0 8 0 7 5 6 4 2 1 , , 9 9 4 2 2 0 3 9 1 1 1 1 , , , 4 0 0 3 4 3 2 3 6 1 1 9 96 6 5 6 2 1 4 6 , , 1 9 9 2 2 4 3 6 , , 6 0 5 1 3 3 1 7 0 , , 8 8 2 3 8 0 1 1 1 1 4 0 , , 4 3 2 0 7 6 5 5 , , 2 14 6 5 9 6 6 , , 1 3 5 9 7 8 1 9 0 8 3 , , 7 00 6 1 3 1 19 9 6 6 9 8 P 2 5, , 5 7 3 3 1 4 1 1 ,5 ,8 0 6 0 1 5 9, , 2 2 8 5 9 9 4 8 , , 8 4 6 3 7 4 8 3 5 9 5 2 1,382 1 19 9 6 6 8 7 2 2 0 1 , , 1 9 2 8 2 3 4 4 , , 9 2 1 4 6 3 1 9 1 , , 6 21 0 5 4 1 1 2 3 1 0 , , 8 8 0 0 5 2 5 6 , , 7 6 9 5 1 8 7 6 , , 0 35 1 1 2 1 1 0 1 9 7 , , 6 1 6 3 3 2 1968—Dec.. 301 81 5,259 4,867 392 1,382 1969* 21,775 4,756 11,235 140,169 7.895 7,635 124,639 1969—Jan... 277 179 5,357 4,975 382 1,110 1968—Dec.. 1,886 407 869 130,802 6,658 7,012 117,132 M Fe a b r . . . . , 1 1 5 2 5 0 1 1 7 2 8 2 5 5, , 3 2 3 9 1 8 4 4 , , 9 9 8 4 3 0 3 3 4 5 9 8 1 1 , , 2 1 4 3 3 0 1969— J J S A A M M F J u u a e e u p l a a n n p b y g r r y . t e . . . . . . . . . . . . . . . . 2 2 2 1 1 1 1 1 1 , , , , , , , , , 4 0 1 9 7 9 5 8 5 1 1 2 7 4 7 8 7 9 5 8 8 3 6 4 0 0 2 4 4 4 4 4 3 3 3 3 2 9 8 4 8 9 7 4 6 1 5 5 0 2 3 7 8 4 1 1 1 1 1 , , , , , 0 0 3 0 1 7 9 7 8 9 4 8 2 1 6 3 8 9 1 5 9 3 3 7 6 3 6 1 1 1 1 1 1 1 1 1 3 3 3 3 3 3 3 3 3 7 7 4 3 8 6 2 5 1 , , , , , , , , , 9 1 6 2 0 0 0 0 4 5 0 1 4 9 3 1 2 2 1 7 8 2 5 8 2 6 4 7 7 7 7 7 7 6 6 6 , , , , , , , , , 6 5 4 1 2 6 9 7 8 0 0 4 2 2 9 7 4 5 7 2 5 2 0 4 2 7 7 7 7 7 7 7 7 7 7 7 , , , , , , , , , 4 5 5 4 2 1 1 3 0 6 3 7 0 7 2 9 5 7 8 8 0 8 1 9 4 4 4 1 1 1 1 1 1 1 1 1 2 2 2 2 1 1 2 1 1 2 2 3 1 8 9 0 8 7 , , , , , , , , , 1 4 3 1 6 4 8 6 8 1 3 5 0 4 2 0 4 0 7 2 4 9 7 7 3 6 6 N J O D J S A M A u u e e c o p u a n l p c t v r y g y e . t . . . . . . f . . . . . . . , , . . 5 7 5 5 5 4 6 3 6 5 5 5 6 3 4 1 2 3 2 9 1 4 7 5 4 7 0 1 1 1 1 1 1 7 8 7 5 1 3 3 2 1 7 9 2 5 8 8 9 3 0 9 7 5 7 8 8 5 6 7 , , , , , , , , , 2 9 0 4 8 4 9 7 5 7 8 3 5 0 1 4 6 4 1 9 9 3 2 3 0 4 4 7 7 5 5 6 6 7 6 8 , , , , , , , , , 9 7 6 4 2 5 0 4 8 4 7 4 2 7 6 3 5 7 6 9 7 3 3 4 4 4 2 4 6 8 3 8 3 6 6 3 8 6 5 5 5 6 4 7 2 9 0 6 5 9 7 1 2 4 1 1 1 , , , 2 2 1 9 9 8 8 8 0 7 7 3 2 6 9 4 1 8 6 9 7 5 1 7 Oct... 1,698 365 862 139,226 7,770 7,600 123,865 N De o c v . p r 1 1 , , 4 3 5 3 1 0 2 3 8 0 6 0 6 67 5 8 2 1 14 3 0 9 , , 1 6 6 7 9 6 7 7, , 8 8 9 2 5 2 7 7 , , 6 6 3 1 5 6 1 12 2 4 4 , , 6 2 3 3 9 8 2 1 S S e e c c u u r r e e d d l o o r a u n n s, s e a c m ur o e r d ti z lo ed a ns q u m ar a t t e u r r l i y n , g h i a n v i 1 n g y e m ar a o tu r ri le 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., NOTE.—Federal Home Loan Bank Board data. not shown separately. 2 Beginning with 1958, includes shares pledged against mortgage loans; beginning with 1966, includes junior hens 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 52 REAL ESTATE CREDIT • FEBRUARY 1970 MORTGAGE DEBT OUTSTANDING MORTGAGE DEBT OUTSTANDING ON ON RESIDENTIAL PROPERTIES NONFARM 1- to 4-FAMILY PROPERTIES (In billions of dollars) (In billions of dollars) All residential Multifamily i Governmentunderwritten CCoonn-- E pe n r d i o o d f Total F i i n c n i s a a t l i n - - h O ol t d h e er r s Total F i i n c n i s a a t l i n - - h O ol t d h e er r s EEnndd ooff ppeerriioodd TToottaall Total FH in A - - g V u A a - r- ttii vv oo ee nn nn aa -- ll tutions tutions sured anteed i 1941 24.2 14.9 9.4 5.9 3.6 2.2 1954 18.6 4.3 4.1 .2 14.3 1945 24.3 15.7 8.6 5.7 3.5 2.2 1963 182.2 65.9 35.0 30.9 116.3 196 3 211.2 176.7 34.5 29.0 20.7 8.3 1964 197.6 69.2 38.3 30.9 128.3 196 4 231.1 195.4 35.7 33.6 25.1 8.5 1965 212.9 73.1 42.0 31.1 139.8 196 5 250.1 213.2 36.9 37.2 29.0 8.2 1966 223.6 76.1 44.8 31.3 147.6 196 6 264.0 223.7 40.3 40.3 31.5 8.8 1967P 236.1 79.9 47.4 32.5 156.1 1967f 280.0 236.6 43.4 43.9 34.7 9.2 1968P 251.2 83.8 50.6 33.2 167.4 1968^ 298.6 250.8 47.8 47.3 37.7 9.6 1966—IV 223.6 76.1 44.8 31.3 147.6 1967—II*.... 269.7 228.3 41.4 41.9 32.9 8.9 III*. . . 274.8 232.5 42.3 42.8 33.8 9.0 1967—IP 224.9 76.4 45.2 31.2 148.4 IIIp. . . 280.0 236.6 43.4 43.9 34.7 9.2 IIP 227.8 77.3 45.7 31.5 150.6 IIIP 232.0 78.3 46.6 31.7 153.7 1968—I P 283.7 239.0 44.7 44.6 35.3 9.3 IVP 236.1 79.9 47.4 32.5 156.1 IIP.... 288.5 242.7 45.8 45.3 35.9 9.4 IIIP . . . 293.3 246.4 46.9 46.2 36.7 9.5 1968—IP 239.1 81.0 48.1 32.9 158.1 IVP.. .. 298.6 250.8 47.8 47.3 37.7 9.6 IIP 243.2 82.1 48.7 33.4 161.1 IIIP 247.0 83.2 49.6 33.6 163.8 1969—Ip 303.0 254.4 48.6 48.3 38.4 9.9 IVP 251.2 83.8 50.6 33.2 167.4 IIP.... 309.2 259.3 49.9 49.4 39.3 10.1 IIIP. . . 314.1 262.7 51.4 50.6 40.1 10.5 1969—IP 254.8 85.3 51.4 33.9 169.5 IIP 259.5 87.1 52.2 34.9 172.3 IIIP 263.4 88.8 53.3 35.5 174.6 i Structures of five or more units. NOTE.—Based on data from same source as for "Mortgage Debt Out- 1 Includes outstanding amount of VA vendee accounts held by private standing" table (second preceding page). investors under repurchase agreement. 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 DELINQUENCY RATES ON HOME MORTGAGES Mortgages Mortgages Prop- (Per 100 mortgages held or serviced) Pro- erty Total h N o e m w e s h is o E t m i x n - e g s jects 1 m p i r e m o n v - t e s - 2 Total 3 h N om ew es h i o s E t m i x n - e g s Loan b s u t n o d t e l in in q fo u r e e n c t lo fo su r— re LLooaannss iinn ffoorree-- EEnndd ooff ppeerriioodd cclloossuurree 8,1 6 3 6 0 5 1,6 2 0 57 8 4,9 2 6 1 5 7 89 2 5 0 6 1 6 7 3 1 2,8 1 4 9 6 2 1,023 1,821 Total 30 days 60 days o 9 r 0 m da o y r s e 8,689 1,705 5,760 591 634 2,652 876 1,774 7,320 1,729 4,366 583 641 2,600 980 1,618 1963 3.30 2.32 .60 .38 .34 7,150 1,369 4,516 642 623 3,405 1,143 2,259 1964 3.21 2.35 .55 .31 .38 8,275 1,572 4,924 ,123 656 3,774 1,430 2,343 1,551 5,570 4,072 1,493 2,579 1965 3.29 2.40 .55 .34 .40 1966 3.40 2.54 .54 .32 .36 -Dec.. 702 117 409 118 58 365 136 229 1967 3.47 2.66 .54 .27 .32 1968 3.17 2.43 .51 .23 .26 -Jan... 762 134 474 105 48 369 145 225 Feb.. 614 106 388 80 39 296 114 182 1966—1 3.02 2.13 .55 .34 .38 Mar.. 642 110 381 100 50 329 122 207 2.95 2.16 .49 .30 .38 Apr.. 681 113 428 82 57 301 111 191 III. ... 3.09 2.25 .52 .32 .36 May. 704 409 123 62 323 115 208 IV 3.40 2.54 .54 .32 .36 June. 787 121 475 134 58 308 99 209 July.. 869 140 518 127 85 356 122 234 1967—1 3.04 2.17 .56 .31 .38 Aug.. 791 130 501 92 68 385 126 259 II 2.85 2.14 .45 .26 .34 Sept.. 872 148 566 95 63 364 134 230 III. 3.15 2.36 .52 .27 .31 Oct... 911 160 553 140 59 397 148 249 IV 3.47 2.66 .54 .27 .32 Nov.. 705 131 430 90 55 328 125 203 Dec.. 148 448 317 134 183 1968—1 2.84 2.11 .49 .24 .32 II 2.89 2.23 .44 .22 .28 III.... 2.93 2.23 .48 .22 .26 1 Monthly figures do not reflect mortgage amendments included in annua IV 3.17 2.43 .51 .23 .26 totals. 2 Not ordinarily secured by mortgages. 1969—1 2.77 2.04 .49 .24 .26 3 Includes a small amount of alteration and repair loans, not shown separ- II. . 2.68 2.06 .41 .21 .25 ately; only such loans in amounts of more than $1,000 need be secured. Ill.... 2.91 2.18 .47 .26 .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 conrepayments 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, Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • 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- Made Out FHA- VA- Made Out Total in- guar- Pur- during stand- Total in- guar- Pur- during standsured anteed chases Sales period ing sured anteed chases Sales period ing 1 1 1 9 9 9 6 6 6 7 8 6 2 3 4 , , , 6 2 3 6 2 4 7 0 8 2 2 3 , , , 7 0 5 5 6 6 6 2 9 5 6 6 5 9 0 1 2 4 1,0 8 6 8 6 2 9 0 0 ,0 3 8 4 7 6 5 1 7 1 1 , ,1 2 4 7 6 9 1 6 1 1 1 19 9 9 6 6 6 8 7 6 5 4 7 , , , 5 1 3 6 2 9 7 2 6 4 5 3 , , , 1 0 3 2 4 4 1 8 5 2 1 1 , , , 0 0 4 5 4 7 1 6 4 2 1 1 , , , 0 4 9 8 0 4 0 4 1 12 2 1 1 , , , 6 9 7 9 2 3 7 0 6 1,2 2 5 8 0 1 7 1 4 196 9 4,820 4,220 600 827 615 1,130 1969 10,950 7,680 3,270 4,121 6,630 3,539 1968-Dec.. 4,220 3,569 651 73 70 1,266 1968-Dec.. 7,167 5,121 2,046 146 269 1,287 1969-Jan... 4,255 3,607 648 54 62 1,297 1969-Jan... 7,334 5,227 2,107 193 276 1,283 M Fe a b r . . . . 4 4 , , 3 3 0 2 1 8 3 3 , , 6 68 5 7 7 6 6 4 4 1 4 4 6 4 3 4 4 8 0 1 1 . , 3 2 1 9 1 6 M Fe a b r . . . . 7 7, , 6 5 8 1 9 0 5 5 , , 4 3 6 4 7 5 2 2 , ,2 1 2 65 2 2 2 0 0 5 1 3 3 8 7 8 2 1 1, , 6 4 2 6 1 5 Apr.. 4,357 3,721 636 50 49 1.312 Apr.. 7,851 5,576 2,276 192 460 1,887 May. 4,395 3,764 631 61 71 1.321 May. 7,998 5,678 2,320 176 532 2,237 June. 4,442 3,816 626 70 71 1.322 June. 8,175 5,802 2,373 209 561 2,578 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 2,724 468 703 3,402 Oct... 4,680 4,072 608 84 51 1,212 Oct... 9,850 6,950 2,900 554 813 3,594 Nov.. 4,739 4,135 604 77 39 1,171 Nov.. 10,386 7.305 3,081 564 460 3,465 Dec.. 4,820 4,220 600 99 54 1,130 Dec.. 10,950 7,680 3,270 593 683 3,539 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 nonpool of Government Mortgage Liquidation Trust, but exclude conven- profit hospital loan commitments in addition to 1-4 family loan comtional 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 Community Facilities Admin. HOME-MORTGAGE YIELDS FEDERAL NATIONAL MORTGAGE ASSOCIATION ACTIVITY UNDER FREE MARKET SYSTEM (Per cent) 1 Primary market Secondary Implicit yield, by market Mortgage amounts commitment period (in months) FHA series FHLBB series Yield AAAAuuuuccccttttiiiioooonnnn Accepted Period (effective rate) on FHA- ddddaaaatttteeee insured New new By commitment homes homes OOOffffffeeerrreeeddd period (in months) 333 666 111222---111888 New Existing TToottaall homes homes 3 6 12-18 1966 6.25 6.41 6.40 6.38 196 7 6.46 6.52 6.53 6.55 In millions of dollars In percent 1 1 9 9 6 6 9 8 p7 6 . . 8 97 0 P 7 7 . .S 0 2 3 7 7 . . 1 9 2 9 7 8 . . 2 2 1 6 1969 1968—Dec. 7.23 7.23 7.40 7.50 Oct. 20 161.6 134.9 35.7 60.8 38.3 8.58 8.63 8.44 1969—Jan.. 7.30 7.32 7.55 27 120.6 118.4 37.7 52.8 28.0 8.54 8.60 8.45 Feb., 7.39 7.42 7.60 7.99 Mar. 7.47 7.49 7.65 8.05 Nov. 3 230.2 81.7 31.0 44.1 6.6 8.44 8.49 8.45 Apr. 7.62 7.60 7.75 8.06 10 267.4 101.9 45.1 50.6 6.2 8.47 8.49 8.47 May 7.65 7.68 7.75 8.06 17 242.6 122.7 46.0 67.3 10.4 8.50 8.51 8.48 June 7.76 7.79 8.00 8.35 24 233.4 122.3 41.6 67.7 13.0 8.53 8.54 8.50 July. 7.91 7.94 8.10 8.36 Aug. 8.00 8.05 8.20 8.36 Dec. 1 235.9 120.6 24.2 67.0 29.4 8.57 8.58 8.52 Sept. 8.05 8.08 8.25 8.40 8 242.9 123.0 23.2 77.0 22.8 8.62 8.64 8.57 Oct.. 8.13 8.13 8.30 8.48 15 229.4 121.7 37.1 55.4 29.2 8.67 8.70 8.62 Nov. 8.13 '8.15 8.35 8.48 22 307.3 121.8 22.6 68.2 31.0 8.75 8.78 8.69 Dec. p 8.24 p 8.22 8.35 8.62 29 269.3 128.4 20.1 79.0 29.3 8.85 8.87 8.77 1970 NOTE.—Annual data are averages of monthly figures. The FHA data are based on opinion reports submitted by field offices Jan. 5 704.7 122.7 8.4 70.4 43.9 9.19 9.19 9.15 on prevailing local conditions as of the first of the succeeding 12 637.8 150.7 8.7 81.8 60.2 9.40 9.36 9.40 month. Yields on FHA-insured mortgages are derived from 19 weighted averages of private secondary market prices for Sec. 26 581.4 297.8 37.7 187.3 72.8 9.37 9.29 9.26 203, 30-year mortgages with minimum downpayment and an assumed prepayment at the end of 15 years. Gaps in the data Feb. 2 are due to periods of adjustment to changes in maximum per- 9 ((330000..00)) missible contract interest rates. The FHA series on average contract interest rates on conventional first mortgages in primary markets are unweighted and are rounded to the nearest 5 basis NOTE.—Implicit secondary market yields are gross—before deduction of 50points. The FHLBB effective rate series reflects fees and charges basis-point fee paid for mortgage servicing. They reflect the average accepted bid as well as contract rates (as shown in the table on conventional price for Govt.-underwritten mortgages after adjustment by Federal Reserve first mortgage terms, p. A-35) and an assumed prepayment at to allow for FNMA commitment fees and FNMA stock purchase and holding end of 10 years. requirements, assuming a prepayment period of 15 years for 30-year loans. Commitments for 12-18 months are for new homes only. Total accepted shown in parenthesis for most recent week indicates FNMA announced limit before the "auction" date. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 54 CONSUMER CREDIT • FEBRUARY 1970 TOTAL CREDIT (In millions of dollars) Instalment Noninstalment EEnndd ooff ppeerriioodd TToottaall Total m A p o a u p b to e il r - e co g O p n o a s t o p h u d e e m r r s er e a r n l R n o d i e a z p n m a a s t o i i r 1 o d n - Pe lo rs a o n n s al Total p S a l i y o n m a g n l e s e n - t a C cc h o a u rg n e ts S c e r r e v d i i c t e 1939. 7,222 4,503 1,497 1,620 298 1,088 2,719 787 1,414 518 1941. 9,1172 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 ) 21,471 14,703 6,074 4,799 1,016 2,814 6,768 1,821 3,367 1,580 1955. 38,830 28,906 13,460 7,641 1,693 6,112 9,924 3,002 4,795 2,127 1960). 56,141 42,968 17,658 11,545 3,148 10,617 13,173 4,507 5,329 3,337 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 1967r. 102,132 80,926 30,724 22,395 3,789 24,018 21,206 8,428 6,968 5,810 19681. 113,191 89,890 34,130 24,899 3,925 26,936 23,301 9,138 7,755 6,408 1969). 122,469 98,169 36,602 27,609 4,040 29,918 24,300 9,096 8,234 6,970 1—Dec 113,191 89,890 34,130 24,899 3,925 26,936 23,301 9,138 7,755 6,408 >—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 35,230 24,636 3,964 27,983 22,937 9,218 6,971 6,748 June 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 6,605 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 Nov 119,378 96,478 36,650 26,223 4,076 29,529 22,900 9,000 7,238 6,662 Dec 122,469 98,169 36,602 27,609 4,040 29,918 24,300 9,096 8,234 6,970 1 Holdings of financial institutions:; holdings of retail outlets are in- loans. For back figures and description of the data, see "Consumer Credit," cluded 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- and 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 b C e a o r n m c k i - s a l fi S n c a a o n l s e c . s e u C n r i e o d n i s t fi s n C u a o n m c n e e - r 1 Other i d m A ea o u l b t e i o r l - s e 2 1939 4,503 3,065 1,079 1,197 132 657 1,438 123 1941 6,085 4,480 1,726 1,797 198 759 1,605 188 1945 2,462 1,776 745 300 102 629 686 28 1950 14,703 11,805 5,798 3,711 590 1,286 420 2,898 287 1955 28,906 24,398 10,601 8,447 1 ,678 2,623 1,049 4,508 487 1960 42,968 36,673 16,672 10,763 3,923 3,781 1,534 6,295 359 196 4 62,692 53,898 25,094 13,605 6,340 6,492 2,367 8,794 329 196 5 71,324 61,533 28,962 15,279 7,324 7,329 2,639 9,791 315 196 6 77,539 66,724 31,319 16,697 8,255 7,663 2,790 10,815 277 196 7 80,926 69,490 32,700 16,838 8,972 8,103 2,877 11,436 285 196 8 89,890 77,457 36,$52 18,219 10,178 8,913 3,195 12,433 320 196 9 98,169 84,982 40,305 19,798 11,594 9,740 3,545 13,187 336 1968—Dec. 89,890 77,457 36,952 18,219 10,178 8,913 3,195 12,433 320 1969—Jan.. 89,492 77,360 37.005 18,175 10,101 8,879 3,200 12,132 319 Feb. 89,380 77,577 37,056 18,219 10,153 8,896 3,253 11,803 319 Mar. 89,672 78,006 37,257 18,253 10,294 8,927 3,275 11,666 320 Apr. 90,663 79,062 37,854 18,418 10,508 9,008 3,274 11,601 325 May 91,813 80,155 38,347 18,636 10,699 9,080 3,393 11,658 329 June 93,087 81,388 38,916 18,961 10,939 9,146 3,426 11,699 333 July. 93,833 82,130 39,248 19,127 11,054 9,293 3,408 11,703 335 Aug. 94,732 82,910 39,532 19,265 11,220 9,436 3,457 11,822 336 Sept. 95,356 83,440 39,793 19,360 11,347 9,450 3,490 11,916 336 Oct.. 95,850 83,949 40.006 19,569 11,438 9,436 3,500 11,901 338 Nov. 96,478 84,301 40,047 19,668 11,491 9,532 3,563 12,177 337 Dec. 98,169 84,982 40,305 19,798 11,594 9,740 3,545 13,187 336 1 Consumer finance companies included with "other" financial insti- 2 Automobile paper only; other instalment credit held by automobile tutions until 1950. dealers is included with "other retail outlets." See also NOTE to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • 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 End of period Total ch P a u s r e - p d a pe D r irect s g O p c u o a t o m o p h n d e e e - r r s r e m l r t o a n i o n a o i d z n d n a s - - s l P o o e a n r n a - s l End of period Total m A pa o u p b t e o il r - e s g O p c u o a t o m o h p n d e e e - r r s r m R i o z l a e o d a n p a t e d i n a r o s n i n r - l s o P o a e n n r a - s l 1939 1,079 237 178 166 135 363 1939 1,197 878 115 148 56 1941 1,726 447 338 309 161 471 1941 1,797 1,363 167 201 66 1945 745 66 143 114 110 312 1945 300 164 24 58 54 1950 5,798 1,177 1 ,294 1,456 834 1,037 1950 3,711 2,956 532 61 162 1955 10,601 3,243 2,062 2,042 1,338 1,916 1955 8,447 6,905 1,048 28 466 1960 16,672 5,316 2,820 2,759 2,200 3,577 1960 10,763 7,488 2,059 146 1,070 196 4 25,094 8,691 4,734 3,670 2,457 5,542 196 4 13,605 8,285 3,022 207 2,091 196 5 28,962 10,209 5,659 4,166 2,571 6,357 196 5 15,279 9,068 3,556 185 2,470 196 6 31,319 11,024 5,956 4,681 2,647 7,011 196 6 16,697 9,572 4,256 151 2,718 196 7 32,700 10,927 6,267 5,126 2,629 7,751 196 7 16,838 9,252 4,518 114 2,954 196 8 36,952 12,213 7,105 6,060 2,719 8,855 196 8 18,219 9,986 4,849 74 3,310 196 9 40,305 12,784 7,620 7,415 2,751 9,735 196 9 19,798 10,743 5,306 65 3,684 1968—Dec., 36,952 12,213 7,105 6,060 2,719 8,855 1968—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 7,117 6,168 2,676 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 6,299 2,690 9,204 Apr. 18,418 10,095 4,896 70 3,357 May, 38,347 12,541 7,367 6,406 2,721 9,312 May 18,636 10,246 4,945 69 3,376 June, 38,916 12,727 7,457 6,557 2,763 9,412 June 18,961 10,440 5,039 70 3,412 July. 39,248 12,814 7,501 6,709 2,780 9,444 July. 19,127 10,538 5,088 70 3,431 Aug. 39,532 12,859 7,513 6,818 2,787 9,555 Aug. 19,265 10,570 5,139 69 3,487 Sept. 39,793 12,864 7,543 6,929 2,808 9,649 Sept. 19,360 10,557 5,191 69 3,543 Oct.. 40.006 12,914 7,597 7,023 2,798 9,674 Oct.. 19,569 10,693 5,227 67 3,582 Nov. 40,047 12,883 7,618 7,100 2,779 9,667 Nov. 19,668 10,727 5,247 66 3,628 Dec. 40,305 12,784 7,620 7,415 2,751 9,735 Dec. 19,798 10,743 5,306 65 3,684 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 m pa o p b e il c e s g p u o a m o p d e e r s r m iz l o o a d a ti e n o r s n n - s lo o a n n a s l End of period Total Com- Other S c e r r e v d i i c t e mer- finan- Retail Credit cial cial outlets cards1 1 19 9 4 3 1 9 9 7 5 8 7 9 12 8 2 1 2 3 4 6 1 1 5 4 7 6 8 6 5 9 banks tu in ti s o ti n - s 1945 731 54 20 14 643 1 1 1 9 9 9 5 6 5 5 0 0 9 2 5 , , , 2 2 3 3 9 5 8 6 0 1,6 7 3 7 6 6 5 3 0 2 5 79 3 0 1 0 0 3 8 1 2 0 21 7 2 5 3 1 , , 9 7 ,6 7 3 1 0 0 5 1 1 1 9 9 9 4 3 4 1 9 5 2 3 3 , , , 7 0 2 1 8 0 9 7 3 6 6 6 9 2 7 3 5 4 1 1 7 5 6 2 2 2 1 1 1 , , , 6 6 4 4 1 1 5 4 2 5 5 8 9 1 4 7 8 5 1 1 1 9 9 9 6 6 6 4 6 5 1 1 1 8 7 5 , , , 7 2 1 0 9 9 8 2 9 2 3 3 , , , 8 7 3 9 2 6 5 7 8 1 1 1 , , , 3 5 1 6 0 7 7 3 6 1,0 9 9 2 7 1 0 2 3 1 1 1 2 1 0 , , ,2 5 4 1 8 5 5 5 8 1 1 1 9 9 9 5 6 5 5 0 0 1 9 6 3 , , , 9 7 1 2 6 7 4 8 3 2 3 1 , , 6 8 ,5 3 8 7 5 4 6 2 3 6 4 2 6 5 3 7 4 4 3 , , ,2 5 8 9 7 9 1 9 3 2 43 1 7 6 6 6 2 3 1 , , , 1 3 5 2 3 8 7 7 0 1 1 1 9 9 9 6 6 6 9 7 8 2 2 1 2 4 9 , , , 2 8 9 8 5 7 6 2 9 5 3 4 , , , 1 9 5 1 9 0 9 3 6 2 1 1 , , , 0 6 8 0 3 7 7 7 0 1 1 1 , , , 0 1 2 3 4 2 2 6 4 1 1 1 4 3 6 , , , 7 3 4 7 1 9 1 3 9 1 1 1 9 9 9 6 6 6 6 4 5 2 1 1 0 8 7 , , , 0 9 5 0 9 7 4 0 6 5 6 6 , , , 9 6 9 5 9 4 0 0 6 1,0 9 9 2 8 2 6 1 4 5 5 5 , , , 8 5 7 1 8 2 2 7 4 6 7 8 0 7 0 8 4 6 4 5 4 , , , 5 3 8 0 8 4 7 9 6 1968—Dec. 22,286 4,506 1,877 1,132 14,771 1 1 9 9 6 6 7 8 2 2 1 3, , 3 2 0 0 1 6 7 7 , , 3 97 4 5 0 1 1 , ,1 08 63 8 5 6 , , 9 4 3 5 9 0 1 1 , , 3 0 0 2 5 9 5 6 , , 8 4 1 0 0 8 1969—Jan.. 22,180 4,475 1,877 1,123 14,705 196 9 24.300 7,900 1,196 6,650 1,584 6,970 M Fe a b r . . 2 2 2 2 , , 4 30 9 2 6 4 4 , , 5 5 0 6 2 2 1 1 , , 8 9 8 0 5 4 1 1 , , 1 1 2 3 8 4 1 1 4 4 , , 7 8 8 9 7 6 1968—Dec.... 23.301 7,975 1 ,163 6,450 1,305 6,408 O N D J J S A A M u u e e c o u p l a n p c t v y g r y e . t . . . . . . . 2 2 2 2 2 2 2 2 2 4 4 4 4 3 3 3 4 2 , , , , , , , , , 8 5 3 5 7 2 1 1 7 7 1 7 5 8 7 1 8 9 9 1 4 5 6 2 3 7 0 5 5 5 4 4 4 4 4 5 , , , , , , , , , 1 0 0 0 8 8 9 7 6 1 5 8 2 9 6 4 4 5 9 7 5 1 3 7 7 7 2 2 2 2 2 2 2 1 1 1 . , . , , , , , , 0 0 0 0 0 0 9 9 9 3 4 3 0 3 2 9 2 5 7 2 6 7 2 4 4 8 6 1 1 1 1 1 1 1 1 1 , , , , , , , , 2 2 , 2 1 2 1 1 1 2 3 1 0 8 1 8 4 7 2 1 9 7 9 9 9 3 4 4 1 1 1 1 1 1 1 1 1 6 6 6 5 5 5 5 6 5 , , , , , , , , , 4 0 4 9 2 6 2 0 0 9 5 8 1 3 6 9 6 1 9 6 1 5 4 6 5 7 5 1969— J S J A A M M F J u u e e u p a a a n p l r b g n y r y e t . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 , , , , , , , , , 6 9 6 7 2 9 6 5 1 4 0 5 7 6 3 2 6 8 8 8 2 8 4 7 5 8 9 7 7 7 8 7 7 8 7 8 , , . . , , , , , 9 0 8 8 9 8 0 0 8 6 3 7 7 4 7 1 4 8 1 1 9 7 8 6 7 0 2 1 1 1 1 1 1 1 1 1 , , , , . , . , , 1 2 1 1 1 1 1 1 1 0 9 7 7 9 7 9 7 6 1 6 8 3 3 4 4 6 0 5 5 5 5 5 5 5 5 5 , , , , , , , , , 5 0 5 0 7 2 4 6 4 4 3 8 6 3 7 3 0 4 1 7 7 3 7 4 8 9 8 1 1 1 1 1 1 1 1 1 , , , , , , , , , 3 3 4 5 4 3 3 3 5 0 2 2 5 9 1 3 6 5 3 0 8 0 8 6 4 2 7 6 6 6 6 6 6 6 6 6 , , , , , , , , , 7 5 6 7 4 7 5 7 6 8 0 9 9 9 3 4 7 7 7 5 9 5 0 6 8 9 2 Oct 22,665 7,837 1,188 5,568 1,517 6,555 un N io O ns T , E i .— nd I u n s s t t r i i t a u l t io lo n a s n r e c p o re m se p n a t n e i d e s a , re m c u o t n u s a u l m s e a r v i f n in g a s nc b e a n c k o s m , p s a a n v i i e n s g , s c r a e n d d it D No e v c .... 2 2 4 2 , , 3 9 0 0 0 0 7 7 , , 9 7 0 9 0 5 1 1 , , 1 2 9 0 6 5 6 5 , ,6 6 8 5 5 0 1 1 , , 5 5 8 5 4 3 6 6 , , 9 6 7 6 0 2 loan assns., and other lending institutions holding consumer instalment credit. See also NOTE to first table on previous page. i Service station and miscellaneous credit-card accounts and homeheating-oil accounts. Bank credit card accounts outstanding are included in estimates of instalment credit outstanding. See also NOTE to first table on previous page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 56 CONSUMER CREDIT • FEBRUARY 1970 INSTALMENT CREDIT EXTENDED AND REPAID, BY TYPE OF CREDIT (In millions of dollars) Total Automobile paper Ot g h o e o r d c s o p n a s p u e m r er mode R r e n p iz a a ir t io a n n d l oans Personal loans Period S.A.1 N.S.A. S.A.i N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 1964. 70,670 24,046 20,821 2,225 23,578 1965. 78,586 27,227 22,750 2,266 26,343 1966. 82,335 27,341 25,591 2,200 27,203 1967. 84,693 26,667 26,952 2,113 28,961 1968. 97,053 31,424 30,593 2,268 32,768 1969. 102,888 32,354 33,079 2,278 35,177 1968—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 6,971 2,716 2,344 2,598 1,985 201 149 2,899 2,493 Mar.. 8 381 8,132 2,730 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 May. 8 680 8,960 2,757 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 Nov.. 8 632: 8,173 2,683 2,433 2,841 2,817 164 160 2,944 2,763 Dec.. 8 344 10,096 2,472 2,479 2,838 4,004 169 149 2,865 3,464 Repayments 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 1969. 94,609 29,882 30,369 2,163 32,195 1968—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 2,551 2,511 2,562 191 197 2,726 2,864 Aug.. 8,080 7,705 2,562 2,429 2,574 2,469 185 182 2,759 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 2,725 2,765 Nov.. 8,012 7,545 2,503 2,382 2,623 2,449 179 168 2,707 2,546 Dec.. 7,929 8,405 2.499 2,527 2,552 2,618 185 185 2,693 3,075 Net change in credit outstanding 2 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 1969. 8,279 2,472 2,710 115 2,982 1968—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 18 235 182 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 S A e u p g t . . . . 6 69 0 8 0 8 6 9 2 9 4 2 7 9 2 6 1 7 6 6 4 2 1 4 4 5 0 2 2 9 6 5 5 - 2 8 4 2 3 4 3 2 2 9 3 1 8 4 2 1 5 6 0 N O o ct v .. . . 6 6 6 2 9 0 4 6 9 2 4 8 3 1 4 8 5 0 27 5 8 1 2 9 1 2 8 3 1 6 2 8 3 - -1 1 5 4 - - 1 8 2 2 2 4 3 6 7 2 1 1 0 7 5 Dec.. 415 1,691 -27 -48 286 1,386 -16 -36 172 389 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • CONSUMER CREDIT A 57 INSTALMENT CREDIT EXTENDED AND REPAID, BY HOLDER (In millions of dollars) Total Commercial banks S c a o le m s p fi a n n a i n es c e Ot i h n e s r t itu fi t n i a o n n c s i al Retail outlets PPeerriioodd S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. S.A.1 N.S.A. Extensions 11996644 77777770000000,,,,,,,666666677777770000000 22222225555555,,,,,,,999999955555550000000 11111112222222,,,,,,,666666611111113333333 11111118888888,,,,,,,777777799999997777777 11111113333333,,,,,,,333333311111110000000 1965 77777778888888,,,,,,,555555588888886666666 22222229999999,,,,,,,555555522222228888888 11111113333333,,,,,,,777777722222222222222 22222220000000,,,,,,,999999900000006666666 11111114444444,,,,,,,444444433333330000000 1966 88888882222222,,,,,,,333333333333335555555 33333330000000,,,,,,,000000077777773333333 11111114444444,,,,,,,222222277777778888888 22222221111111,,,,,,,444444499999990000000 11111116666666,,,,,,,444444499999994444444 1967 88888884444444,,,,,,,666666699999993333333 33333330000000,,,,,,,888888855555550000000 11111113333333,,,,,,,888888833333333333333 22222222222222,,,,,,,555555577777774444444 11111117777777,,,,,,,444444433333336666666 1968 99999997777777,,,,,,,000000055555553333333 33333336666666,,,,,,,333333333333332222222 11111115555555,,,,,,,999999900000009999999 22222225555555,,,,,,,777777777777777777777 11111119999999,,,,,,,000000033333335555555 1969 111111100000002222222,,,,,,,888888888888888888888 33333338888888,,,,,,,555555533333333333333 11111117777777,,,,,,,111111144444441111111 22222227777777,,,,,,,999999955555558888888 11111119999999,,,,,,,222222255555556666666 111999666888———DDDeee ccc 8,277 9999999,,,,,,,555555566666668888888 3,139 3333333,,,,,,,000000099999994444444 1,362 1111111,,,,,,,555555533333335555555 2,208 2222222,,,,,,,555555577777771111111 1,568 2222222,,,,,,,333333366666668888888 111999666999———JJJaaa nnn 8,371 7777777,,,,,,,555555555555557777777 3,135 2222222,,,,,,,999999900000008888888 1,381 1111111,,,,,,,222222222222227777777 2,250 1111111,,,,,,,999999977777777777777 1,605 1111111,,,,,,,444444444444445555555 FFFeeebbb 8,414 6666666,,,,,,,999999977777771111111 3,155 2222222,,,,,,,777777722222228888888 1,419 1111111,,,,,,,111111199999992222222 2,315 1111111,,,,,,,999999977777772222222 1,525 1111111,,,,,,,000000077777779999999 MMMaaarrr 8,381 8888888,,,,,,,111111133333332222222 3,199 3333333,,,,,,,111111155555555555555 1,429 1111111,,,,,,,333333355555559999999 2,239 2222222,,,,,,,222222211111119999999 1,514 1111111,,,,,,,333333399999999999999 AAAppprrr 8,720 9999999,,,,,,,000000022222224444444 3,318 3333333,,,,,,,555555588888885555555 1,405 1111111,,,,,,,444444466666663333333 2,378 2222222,,,,,,,444444444444447777777 1,619 1111111,,,,,,,555555522222229999999 MMMaaayyy 8,680 8888888,,,,,,,999999966666660000000 3,236 3333333,,,,,,,444444433333336666666 1,451 1111111,,,,,,,444444477777778888888 2,365 2222222,,,,,,,444444422222228888888 1,628 1111111,,,,,,,666666611111118888888 JJJuuunnneee 8,705 9999999,,,,,,,111111166666669999999 3,272 3333333,,,,,,,555555544444440000000 1,436 1111111,,,,,,,555555566666666666666 2,323 2222222,,,,,,,444444477777779999999 1,674 1111111,,,,,,,555555588888884444444 JJJuuulllyyy 8,521 8888888,,,,,,,999999922222220000000 3,041 3333333,,,,,,,333333322222223333333 1,400 1111111,,,,,,,555555500000007777777 2,439 2222222,,,,,,,555555533333339999999 1,641 1111111,,,,,,,555555555555551111111 AAAuuuggg 8,680 8888888,,,,,,,666666600000004444444 3,148 3333333,,,,,,,111111166666662222222 1,431 1111111,,,,,,,444444400000001111111 2,470 2222222,,,,,,,444444466666663333333 1,631 1111111,,,,,,,555555577777778888888 SSSeeepppttt 8,669 8888888,,,,,,,444444488888885555555 3,292 3333333,,,,,,,222222200000003333333 1,440 1111111,,,,,,,333333399999996666666 2,332 2222222,,,,,,,222222288888880000000 1,605 1111111,,,,,,,666666600000006666666 OOOcccttt 8,661 8888888,,,,,,,777777799999997777777 3,298 3333333,,,,,,,333333344444446666666 1,518 1111111,,,,,,,666666600000003333333 2,341 2222222,,,,,,,222222266666667777777 1,504 1111111,,,,,,,555555588888881111111 NNNooovvv 8,632 8888888,,,,,,,111111177777773333333 3,213 2222222,,,,,,,888888844444445555555 1,490 1111111,,,,,,,333333388888881111111 2,291 2222222,,,,,,,222222211111117777777 1,638 1111111,,,,,,,777777733333330000000 DDDeeeccc 8,344 11111110000000,,,,,,,000000099999996666666 3,179 3333333,,,,,,,333333300000002222222 1,331 1111111,,,,,,,555555566666668888888 2,213 2222222,,,,,,,666666677777770000000 1,621 2222222,,,,,,,555555555555556666666 Repayments 111999666444 66666663333333,,,,,,,444444477777770000000 22222222222222,,,,,,,999999977777771111111 11111111111111,,,,,,,666666633333338888888 11111116666666,,,,,,,777777766666664444444 11111112222222,,,,,,,000000099999997777777 1965 66666669999999,,,,,,,999999955555557777777 22222225555555,,,,,,,666666666666663333333 11111112222222,,,,,,,000000044444448888888 11111118888888,,,,,,,888888811111113333333 11111113333333,,,,,,,444444433333333333333 1966 77777776666666,,,,,,,111111122222220000000 22222227777777,,,,,,,777777711111116666666 11111112222222,,,,,,,888888866666660000000 22222220000000,,,,,,,000000077777774444444 11111115555555,,,,,,,444444477777770000000 1967 88888881111111,,,,,,,333333300000006666666 22222229999999,,,,,,,444444466666669999999 11111113333333,,,,,,,666666699999992222222 22222221111111,,,,,,,333333333333330000000 11111116666666,,,,,,,888888811111115555555 1968 88888888888888,,,,,,,000000088888889999999 33333332222222,,,,,,,000000088888880000000 11111114444444,,,,,,,555555522222228888888 22222223333333,,,,,,,444444444444443333333 11111118888888,,,,,,,000000033333338888888 1969 99999994444444,,,,,,,666666600000009999999 33333335555555,,,,,,,111111188888880000000 11111115555555,,,,,,,555555566666662222222 22222225555555,,,,,,,333333366666665555555 11111118888888,,,,,,,555555500000002222222 111999666888———DDDeee ccc 7,502 7777777,,,,,,,666666633333331111111 2,761 2222222,,,,,,,777777700000002222222 1,215 1111111,,,,,,,222222277777776666666 2,019 2222222,,,,,,,222222211111111111111 1.507 1111111,,,,,,,444444444444442222222 111999666999———JJJaaa nnn 7,730 7777777,,,,,,,999999955555555555555 2,812 2222222,,,,,,,888888855555555555555 1,282 1111111,,,,,,,222222277777771111111 2,082 2222222,,,,,,,000000088888883333333 1,554 1111111,,,,,,,777777744444446666666 FFFeeebbb 7,616 7777777,,,,,,,000000088888883333333 2,869 2222222,,,,,,,666666677777777777777 1,231 1111111,,,,,,,111111144444448888888 2,066 1111111,,,,,,,888888855555550000000 1,450 1111111,,,,,,,444444400000008888888 MMMaaarrr 7,735 7777777,,,,,,,888888844444440000000 2,928 2222222,,,,,,,999999955555554444444 1,287 1111111,,,,,,,333333322222225555555 2,011 2222222,,,,,,,000000022222225555555 1,509 1111111,,,,,,,555555533333336666666 AAAppprrr 7,960 8888888,,,,,,,000000033333333333333 2,967 2222222,,,,,,,999999988888888888888 1,236 1111111,,,,,,,222222299999998888888 2,140 2222222,,,,,,,111111155555553333333 1,617 1111111,,,,,,,555555599999994444444 MMMaaayyy 7,834 7777777,,,,,,,888888811111110000000 2,917 2222222,,,,,,,999999944444443333333 1,278 1111111,,,,,,,222222266666660000000 2,091 2222222,,,,,,,000000044444446666666 1.548 1111111,,,,,,,555555566666661111111 JJJuuunnneee 7,910 7777777,,,,,,,888888899999995555555 2,989 2222222,,,,,,,999999977777771111111 1,223 1111111,,,,,,,222222244444441111111 2,079 2222222,,,,,,,111111144444440000000 1,619 1111111,,,,,,,555555544444443333333 JJJuuulllyyy 7,899 8888888,,,,,,,111111177777774444444 2,859 2222222,,,,,,,999999999999991111111 1,330 1111111,,,,,,,333333344444441111111 2,181 2222222,,,,,,,222222299999995555555 1,529 1111111,,,,,,,555555544444447777777 AAAuuuggg 8,080 7777777,,,,,,,777777700000005555555 2,958 2222222,,,,,,,888888877777778888888 1,386 1111111,,,,,,,222222266666663333333 2,228 2222222.......111111100000005555555 1.508 1111111,,,,,,,444444455555559999999 SSSeeepppttt 7,971 7777777,,,,,,,888888866666661111111 2,919 2222222,,,,,,,999999944444442222222 1,355 1111111,,,,,,,333333300000001111111 2,133 2222222.......111111100000006666666 1,564 1111111,,,,,,,555555511111112222222 OOOcccttt 7,992 8888888,,,,,,,333333300000003333333 2,986 3333333,,,,,,,111111133333333333333 1,324 1111111,,,,,,,333333399999994444444 2,148 2222222,,,,,,,111111188888880000000 1,534 1111111,,,,,,,555555599999996666666 NNNooovvv 8,012 7777777,,,,,,,555555544444445555555 3,020 2222222,,,,,,,888888800000004444444 1,346 1111111,,,,,,,222222288888882222222 2,117 2222222,,,,,,,000000000000005555555 1,529 1111111,,,,,,,444444455555554444444 DDDeeeccc 7,929 8888888,,,,,,,444444400000005555555 2,977 3333333,,,,,,,000000044444444444444 1,309 1111111,,,,,,,444444433333338888888 2,094 2222222,,,,,,,333333377777777777777 1.549 1111111,,,,,,,555555544444446666666 Net change in credit outstanding 2 111999666444 7777777,,,,,,,222222200000000000000 3333333,,,,,,,000000066666665555555 999999977777775555555 2222222,,,,,,,000000033333333333333 1111111,,,,,,,111111122222227777777 1965 8888888,,,,,,,666666622222229999999 3333333,,,,,,,888888866666665555555 1111111,,,,,,,666666677777774444444 2222222,,,,,,,000000099999993333333 999999999999997777777 1966 6666666,,,,,,,222222211111115555555 2222222,,,,,,,333333355555557777777 1111111,,,,,,,444444411111118888888 1111111,,,,,,,444444411111116666666 1111111,,,,,,,000000022222224444444 1967 3333333,,,,,,,333333388888887777777 1111111,,,,,,,333333388888881111111 111111144444441111111 1111111,,,,,,,222222244444444444444 666666622222221111111 1968 8888888,,,,,,,999999966666664444444 4444444,,,,,,,222222255555552222222 1111111,,,,,,,333333388888881111111 2222222,,,,,,,333333333333334444444 999999999999997777777 1969 8888888,,,,,,,222222277777779999999 3333333,,,,,,,333333355555553333333 1111111,,,,,,,555555577777779999999 2222222,,,,,,,555555599999993333333 777777755555554444444 1968—De c 775 1111111,,,,,,,999999933333337777777 378 333333399999992222222 147 222222255555559999999 189 333333366666660000000 61 999999922222226666666 1969—Ja n 641 -------333333399999998888888 323 55555553333333 99 -------44444444444444 168 -------111111100000006666666 51 -------333333300000001111111 Feb 798 -------111111111111112222222 286 55555551111111 188 44444444444444 249 111111122222222222222 75 -------333333322222229999999 Mar 646 222222299999992222222 271 222222200000001111111 142 33333334444444 228 111111199999994444444 5 -------111111133333337777777 Apr 760 999999999999991111111 351 555555599999997777777 169 111111166666665555555 238 222222299999994444444 2 -------66666665555555 May 846 1111111,,,,,,,111111155555550000000 319 444444499999993333333 173 222222211111118888888 274 333333388888882222222 80 55555557777777 June 795 1111111,,,,,,,222222277777774444444 283 555555566666669999999 213 333333322222225555555 244 333333333333339999999 55 44444441111111 July 622 777777744444446666666 182 333333333333332222222 70 111111166666666666666 258 222222244444444444444 112 4444444 Aug 600 888888899999999999999 190 222222288888884444444 45 111111133333338888888 242 333333355555558888888 123 111111111111119999999 Sept 698 666666622222224444444 373 222222266666661111111 85 99999995555555 199 111111177777774444444 41 99999994444444 Oct 669 444444499999994444444 312 222222211111113333333 194 222222200000009999999 193 88888887777777 -30 -------11111115555555 Nov 620 666666622222228888888 193 44444441111111 144 99999999999999 174 222222211111112222222 109 222222277777776666666 Dec 415 1111111,,,,,,,666666699999991111111 202 222222255555558888888 22 111111133333330000000 119 222222299999993333333 72 1111111,,,,,,,000000011111110000000 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 58 INDUSTRIAL PRODUCTION: S.A. • FEBRUARY 1970 MARKET GROUPINGS (1957-59=100) 19 p 5 r 7 o - - 59 1968 1968 1969 Grouping por- avertion age Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.r Nov.r Dec.r Total index 1100.00 165.5 168.7 169.1 170.1 171.4 171.7 172.5 173.7 174.6 174.3 173.9 173.1 171.4 171.1 Final products, total 47.35 165.1 168.1 168.2 169.3 170.8 170.2 170.0 170.7 172.8 172.7 172.2 170.9 168.3 168.0 Consumer goods 32.31 156.9 160.1 161.0 161.7 162.8 161.8 160.7 161.5 164.4 164.2 162.8 161.2 160.4 160.1 Equipment, including defense 15.04 182.6 185.3 183.5 185.5 187.8 188.4 190.0 190.4 190.8 190.3 192.4 191.9 185.6 185.0 Materials 52.65 165.8 169.3 169.6 170.8 172.1 172.9 174.5 176.3 176.5 175.9 176.0 175.4 174.5 174.1 Consumer goods Automotive products 3.21 174.3 177.8 176.2 174.7 175.4 166.1 165.8 178.7 184.6 179.5 176.6 172.8 168.0 160.9 Autos 1.82 174.8 174.5 170.6 165.0 165.0 149.6 148.9 168.3 178.7 178.4 169.9 164.0 153.8 141.6 Auto parts and allied products.... 1.39 173.8 182.2 183.5 187.6 189.0 187.9 188.0 192.3 192.4 181.0 185.4 184.4 186.8 186.3 Home goods and apparel 10.00 156.0 157.6 160.8 160.5 162.8 161.5 161.9 159.7 160.8 159.3 156.7 156.2 150.7 150.2 Home goods 4.59 175.4 180.0 184.3 183.0 186.3 186.1 185.9 186.1 184.4 184.5 181.2 179.5 167.5 165.9 Appliances, TV, and radios 1.81 168.4 173.2 177.7 179.1 182.9 182.0 182.0 180.2 181.8 181.9 176.5 175.2 144.1 138.6 Appliances 1.33 174.1 181.7 186.9 187.3 189.4 190.1 192.7 190.7 195.6 195.0 188.2 187.2 150.4 148.9 TV and home radios .47 152.4 149.4 151.5 156.0 164.4 158.9 151.9 150.6 143.0 144.9 143.6 141.3 126.2 109.6 Furniture and rugs 1.26 173.7 180.2 184.3 181.2 182.0 183.3 183.4 184.0 180.0 179.7 177.9 175.7 176.0 176.9 Miscellaneous home goods 1.52 185.3 187.9 192.2 189.0 193.8 193.4 192.6 194.8 191.1 191.6 189.4 187.8 188.2 189.2 Apparel, knit goods, and shoes 5.41 139.5 138.7 140.8 141.4 142.9 140.6 141.5 137.4 140.9 138.0 135.9 136.4 136.5 Consumer staples 19.10 154.5 158.4 158.6 160.2 160.8 161.2 159.2 159.6 162.9 164.1 163.7 161.8 164.0 165.2 Processed foods 8.43 132.6 134.7 134.8 136.7 136.4 137.1 136.4 136.1 135.3 138.8 137.9 132.3 136.5 136.4 Beverages and tobacco 2.43 144.5 145.4 144.6 147.5 150.9 143.7 137.9 140.4 147.8 152.3 152.6 148.9 145.0 Drugs, soap, and toiletries 2.97 193.4 201.4 203.7 203.7 205.0 209.9 208.0 206.1 211.9 207.2 208.6 210.4 213.2 215.9 Newspapers, magazines, and books 1.47 143.3 147.1 146.3 145.7 143.3 145.9 147.3 146.3 147.5 147.6 149.8 147.1 148.9 148.4 Consumer fuel and lighting 3.67 183.4 190.2 190.0 192.0 193.6 194.1 189.8 192.7 201.6 201.1 198.6 203.9 206.0 Fuel oil and gasoline 1.20 139.0 141.3 129.9 139.6 141.6 142.4 143.9 146.8 146.1 144.4 146.1 150.9 152.7 147.3 Residential utilities 2.46 205. 214.0 219.3 217.6 218.9 219.3 212.2 215.1 228.7 228.7 224.2 229.8 232.0 Electricity 1.72 223.9 235.7 242.8 239.9 240.6 240.6 230.0 233.7 252.6 252.2 245.3 252.9 255.6 Gas .74 174. Equipment Business equipment 11.63 184.7 191.1 191.4 191.9 192.9 194.1 195.7 197.0 196.9 197.0 200.4 200.9 194.1 193.3 Industrial equipment 6.85 168.2 174.9 175.9 175.7 176.7 178.6 180.9 182.7 181.2 180.3 183.9 182.9 174.2 175.6 Commercial equipment 2.42 205.2 205.3 209.9 214.3 217.3 220.1 221.7 221.0 220.5 221.3 222.9 224.9 223.3 223.9 F F r a e r i m g h e t q a u n i d p m p e a n ss t enger equipment. . 1. .6 76 1 2 1 3 4 4 5 . . 3 0 2 1 4 3 7 4 . . 2 0 2 1 4 3 5 6. . 1 5 2 1 4 3 4 3 . . 4 0 2 1 4 3 2 5 . . 3 6 2 1 3 3 9 3 . . 7 9 2 1 3 3 8 4 . . 4 9 2 1 4 3 0 5 . . 8 2 2 1 5 2 0 4 . . 5 4 2 1 4 3 9 6 . . 7 0 2 1 5 4 1 6 . . 9 8 2 1 5 5 4 3 . . 5 1 2 1 5 3 2 2 . . 8 9 240.9 Defense equipment 3.41 Materials Durable goods materials 26.73 157. 159.7 161.2 162.6 164.0 165.8 165.5 167.0 167.0 167.3 166.6 165.8 163.5 162.5 Consumer durable 3.43 164.2 161.0 162.2 167.7 163.2 157.9 156.6 162.7 163.0 169.5 171.7 166.4 158.5 150.8 Equipment.... 7.84 185.1 187.5 187.4 189.3 190.7 190.3 191.7 193.2 193.2 195.1 197.2 194.8 190.7 189.6 Construction 9.17 145.9 152.2 153.5 154.2 154.5 153.2 153.0 151.7 150.0 149.9 149.8 149.6 150.2 151.0 Metal materials n.e.c 6.29 137.7 140.5 144.6 150.2 153.3 151.5 148.4 153.6 156.2 153.5 149.3 153.3 155.3 158.3 Nondurable materials 25.92 174.1 179.2 178.3 179.2 180.3 180.3 183.7 185.9 186.4 184.7 185.5 185.3 186.1 186.1 Business supplies 9.11 157.6 163.2 164.2 164.4 165.3 162.3 165.9 166.3 167.1 167.4 167.0 167.4 166.7 166.7 Containers 3.03 156.6 164.8 167.4 168.1 170.4 165.0 168.2 167.5 165.5 166.7 167.8 169.9 165.4 165.4 General business supplies 6.07 158.1 162.4 162.6 162.5 162.7 160.9 164.7 165.7 167.9 167.8 166.6 166.1 167.4 167.4 Nondurable materials n.e.c 7.40 222.4 233.6 229.3 231.6 232.7 232.3 236.6 239.4 241.6 238.2 240.2 239.0 242.2 241.0 Business fuel and power 9.41 152.0 151.9 151.8 152.3 153.7 156.9 159.3 162.8 161.6 159.4 159.8 160.4 160.8 161.5 Mineral fuels 6.07 133.0 130.0 127.8 127.7 130.2 134.2 137.4 141.8 139.7 136.5 137.7 135.7 136.5 137.1 Nonresidential utilities 2.86 200.2 206.7 211.5 212.5 211.7 213.7 214.9 216.1 216.7 217.3 221.1 222.8 222.2 Electricity 2.32 202.3 208.1 213.7 214.8 214.7 216.7 218.1 220.0 220.5 221.1 225.8 227.8 226.9 General industrial 1.03 197.4 204.2 206.2 209.2 208.3 212.4 213.4 216.4 216.7 219.2 221.4 224.7 222.0 Commercial and other 1.21 216.6 222.2 231.2 230.7 231.2 231.7 233.4 234.7 235.6 234.7 241.7 242.7 243.4 Gas .54 174.1 Supplementary groups of consumer goods Automotive and home goods. 7.80 175.0 179.1 181.0 179.6 181.8 177.9 177.6 183.0 184.5 182.4 179.3 176.8 167.7 163.8 Apparel and staoles 24.51 151.2 154.1 154.7 156.0 156.8 156.6 155.3 154.7 158.1 158.4 157.6 156.2 158.1 For note see page A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • INDUSTRIAL PRODUCTION: S.A. A 59 INDUSTRY GROUPINGS (1957-59 = 100) Grouping 19 p p t 5 i r o o 7 o r n - - - 5 9 a 1 a v 9 g e 6 e r 8 - Dec 1 . 968 Ja n. Feb. Mar. Apr. May June 1 J 9 u 6 ly 9 Aug. Sept. Oct.r Nov.r Dec.r Total index 100.00 165.5 168.7 169.1 170.1 171.4 171.7 172.5 173.7 174.6 174.3 173.9 173.1 171.4 171.1 Manufacturing, total 86.45 166.9 170.2 170.2 171.8 173.1 173.0 173.8 174.8 175.6 175.4 175.2 173.9 171.7 171.3 Durable 48.07 169.8 172.4 173.0 174.5 175.9 175.7 176.7 178.3 178.7 178.8 178.7 177.3 172.2 171.2 Nondurable 38.38 163.3 167.4 166.7 168.3 169.5 169.6 170.3 170.5 171.8 171.3 170.9 169.5 171.2 171.4 Mining 8.23 126.6 127.4 125.8 124.8 126.7 128.8 130.3 134.4 133.2 131.2 131.6 130.2 132.4 133.5 Utilities 5.32 202.5 210.1 215.1 214.9 215.1 216.3 213.6 215.6 222.2 222.6 222.5 226.0 226.7 228.0 Durable manufactures Primary and fabricated metals.... 12.32 150.5 152.9 155.6 158.4 160.3 161.2 162.3 165.1 164.1 164.1 162.3 163.1 162.9 162.4 Primary metals 6.95 137.0 135.4 139.5 143.6 146.2 147.9 149.3 153.1 152.4 151.3 149.3 150.4 150.3 150.1 Iron and steel 5.45 130.7 124.6 126.8 133.7 139.0 141.2 141.6 145.6 145.3 141.1 141.4 141.5 142.8 140.5 Nonferrous metals and products 1.50 160.0 180.7 179.6 183.4 186.9 186.2 184.3 190.8 181.8 177.9 178.6 178.7 179.3 193.5 Fabricated metal products 5.37 167.9 175.6 176.4 177.6 178.5 178.3 179.2 180.6 179.1 180.6 179.1 179.4 179.2 178.3 Structural metal parts 2.86 162.2 170.3 170.1 174.5 175.8 174.4 173.1 173.8 170.8 171.5 171.5 172.5 174.5 176.7 Machinery and related products... 27., 183.7 185.6 185.2 186.3 187.9 187.4 188.4 190.3 192.3 192.0 192.7 190.0 181.3 179.6 Machinery 14.80 184.3 188.6 191.8 192.7 194.7 194.6 196.9 197.2 198.1 199.4 201.2 199.0 187.6 187.5 Nonelectrical machinery 8.43 181.0 185.3 188.3 189.6 190.2 190.8 193.1 195.3 196.0 195.5 199.8 200.3 194.7 196.0 Electrical machinery 6.37 188.5 193.0 196.4 196.9 200.7 199.5 201.8 199.6 200.8 204.5 202.9 197.3 178.1 176.3 Transportation equipment 10.19 179.5 176.4 171.2 173.1 174.1 172.4 171.8 176.6 181.1 179.1 178.8 175.7 168.3 163.8 Motor vehicles and parts 4.68 171.4 172.3 167.3 167.7 167.6 160.8 156.8 169.1 174.2 174.1 170.5 167.9 159.9 152.0 Ins A tr i u rc m ra e f n t ts a n a d n d o t r h e e l r a te e d q u p i r p o m d e u n ct t s .. . 5 1 . . 2 7 6 1 1 1 8 8 4 5 . . 2 0 1 1 8 7 9 7 . . 7 0 1 17 9 0 1 . . 9 6 1 17 9 4 0 . . 1 4 1 1 9 7 2 6 . . 8 0 1 17 9 8 5 . . 7 4 1 1 9 8 5 0 . . 3 8 1 1 9 7 5 9. . 5 7 1 1 9 8 4 3 . . 7 4 1 1 9 8 4 0 . . 9 3 1 1 9 8 5 2. . 6 4 1 1 9 7 3 9 . . 9 6 1 1 9 7 5 1 . . 1 9 1 17 9 0 5 . . 5 0 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 137.4 144.3 143.8 145.6 145.1 143.2 143.6 140.6 138.3 140.2 140.6 140.7 140.4 141.6 Clay, glass, and stone products... 2.99 146.2 151.2 156.2 156.5 153.4 155.1 156.9 155.2 152.7 155.3 157.7 156.3 155.7 156.9 Lumber and products 1.73 122.3 132.3 122.5 126.7 130.8 122.6 120.7 115.5 113.4 114.1 111.0 113.8 114.1 Furniture and miscellaneous 3.05 169.9 174.2 176.6 175.7 176.5 178.4 179.0 179.1 176.3 176.2 175.4 174.7 175.1 175.4 Furniture and fixtures 1.54 178.3 182.9 186.8 186.5 187.0 188.9 190.2 189.9 185.0 186.5 185.3 184.0 183.7 184.1 Miscellaneous manufactures 1.51 161.4 165.3 166.2 164.7 165.7 167.6 167.5 168.1 167.4 165.8 165.3 165.3 166.4 166.5 Nondurable manufactures Textiles, apparel, and leather 7.60 144.8 145.0 143.6 142.6 144.7 143.7 146.3 146.0 145.4 143.3 141.1 142.0 142.5 141.9 Textile mill products 2.90 151.5 153.5 152.9 152.0 152.9 154.2 156.5 157.8 157.0 153.0 151.6 152.1 152.3 152.0 Apparel products 3.59 149.9 149.2 148.1 147.9 150.2 147.8 150.0 149.2 150.7 148.8 146.1 146.5 146.9 Leather and products 1.11 111.0 109.2 105.0 101.3 105.6 103.4 107.6 104.7 98.4 100.0 97.7 101.1 102.7 Paper and printing 8.17 155.5 159.7 160.2 161.2 162.2 162.4 163.8 164.4 165.9 166.3 165.8 165.3 165.9 165.3 Paper and products 3.43 163.8 169.9 171.1 173.9 175.0 175.8 174.9 175.3 176.4 177.5 177.5 111 A 175.4 176.3 Printing and publishing 4.74 149.6 152.3 152.4 152.1 153.0 152.7 155.9 156.5 158.3 158.2 157.3 156.9 159.1 157.3 Newspapers 1.53 136.1 139.5 141.2 141.7 141.4 137.5 142.8 141.3 145.6 144.4 143.3 143.0 145.1 142.0 Chemicals, petroleum, and rubber.. 11.54 207.7 216.8 214.1 218.0 219.6 221.7 222.7 223.2 225.2 222.4 223.3 222.7 224.7 225.2 Chemicals and products 7.58 221.7 231.8 231.3 234.4 235.2 239.1 239.5 239.7 243.1 238.1 240.2 238.3 241.0 242.0 Industrial chemicals 3.84 262.0 275.0 273.4 276.7 277.7 283.3 285.2 286.1 288.6 281.5 286.2 281.2 284.4 Petroleum products 1.97 139.6 141.2 131.0 140.2 142.7 142.2 143.5 145.4 143.5 144.5 146.2 146.7 146.5 146.'3 Rubber and plastics products 1.99 222.0 234.6 230.8 232.8 236.2 234.2 237.0 237.3 238.3 239.9 240.0 238.6 240.2 Foods, beverages, and tobacco 11.07 135.3 137.0 138.0 139.5 139.8 138.2 136.9 137.0 138.4 141.0 140.4 136.2 139.2 140.1 Foods and beverages 10.25 136.4 138.8 139.4 140.9 141.5 140.5 138.6 138.3 139.9 143.1 142.2 138.0 141.0 142.0 Food manufactures 8.64 132.7 134.6 136.1 137.2 136.7 136.7 136.6 136.1 135.8 137.8 137.0 132.6 137.5 136.8 Beverages 1.61 156.5 161.6 157.4 160.9 167.2 160.6 149.4 149.8 161.7 171.3 169.9 166.7 159.7 Tobacco products .82 120.9 113.6 119.5 121.2 118.7 110.5 115.4 121.9 120.3 114.8 118.6 113.8 116.2 Mining Coal, oil, and gas 6.80 125.3 124.2 122.4 120.2 121.9 125.7 128.7 133.1 131.7 128.8 129.9 128.1 128.8 129.4 Coal 1.16 118.2 118.3 115.3 112.4 114.3 120.2 123.9 124.8 130.0 122.1 114.7 115.7 118.9 119.3 Crude oil and natural gas 5.64 126.8 125.4 123.9 121.8 123.5 126.9 129.6 134.8 132.1 130.2 133.1 130.7 130.9 131.4 Oil and gas extraction 4.91 136.5 132.8 130.8 131.3 134.0 137.5 140.5 145.8 142.0 139.9 143.1 140.4 140.6 141.3 Crude oil 4.25 130.5 126.4 124.0 124.0 127.0 130.2 133.1 139.2 135.5 132.4 135.6 132.8 133.5 134.7 Gas and gas liquids .66 174.5 Oil and gas drilling .73 61.1 75.4 Metal, stone, and earth minerals— 1.43 132.9 143.0 142.1 146.4 149.9 143.6 138.3 140.4 140.5 142.6 139.5 140.2 149.6 153.3 Metal mining .61 126.4 137.6 140.2 142.7 149.1 146.6 134.5 137.4 138.1 142.3 133.1 141.1 153.3 149.3 Stone and earth minerals .82 137.8 147.0 143.5 149.2 150.5 141.4 141.2 142.6 142.2 142.8 144.3 139.6 146.8 156.2 Utilities Electric 4.04 211.5 219.9 226.1 225.5 225.7 226.9 223.1 225.9 234.2 234.4 234.1 238.5 239.2 Gas 1.28 117744..11 For note see p. A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 60 INDUSTRIAL PRODUCTION: N.S.A. • FEBRUARY 1970 MARKET GROUPINGS (1957-59=100) 1957-59 11996688 1968 1969 pro- Grouping portion Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.r Nov.r Dec.r Total index 100.00 165.5 166.3 166.5 170.5 173.1 171.9 172.4 176.7 167.7 174.6 179.2 177.8 173.5 169.8 Final products, total 47.35 165.1 165.6 166.6 169.3 171.9 168.6 168.4 174.0 166.4 173.4 179.2 176.5 169.7 165.9 Consumer goods 32.31 156.9 155.8 158.9 161.8 163.9 159.0 158.2 165.5 156.5 166.3 172.6 169.4 162.1 156.2 Equipment, including defense.... 15.04 182.6 186.6 183.1 185.4 189.0 189.1 190.4 192.4 187.7 188.5 193.4 191.8 186.0 186.8 Materials 52.65 165.8 166.9 166.4 171.5 174.3 174.8 176.1 179.2 168.8 175.6 179.2 178.9 176.8 173.3 Consumer goods Automotive products 3.21 174.3 185.5 185.4 183.6 186.0 174.7 173.1 191.1 132.5 133.2 181.8 189.8 179.1 167.8 Autos 1.82 174.8 192.0 187.7 181.5 184.8 164.6 165.3 191.0 94.7 91.9 175.0 188.6 172.3 155.8 Auto parts and allied products 1.39 173.8 176.9 182.3 186.3 187.5 187.9 183.5 191.1 182.1 187.6 190.6 191.3 188.0 183.7 Home goods and apparel 10.00 156.0 149.2 155.9 164.2 168.9 161.9 162.3 165.4 147.9 159.2 162.0 166.0 155.1 143.2 Home goods 4.59 175.4 178.8 182.8 187.7 191.2 188.8 188.4 191.2 172.0 179.4 190.5 193.7 174.5 167.7 Appliances, TV, and radios 1.81 168.4 161.5 183.2 195.0 198.8 194.7 194.3 194.6 166.1 164.4 189.5 194.5 150.0 137.0 Appliances 1.33 174.1 172.2 191.8 206.0 211.7 213.1 212.0 212.7 185.5 168.8 200.7 204.3 152.3 150.2 TV and home radios .47 152.4 131.5 158.9 164.1 162.6 143.0 144.3 143.8 111.1 152.1 158.0 166.7 143.4 99.7 Furniture and rugs 1.26 173.7 186.9 180.2 179.0 179.8 178.2 176.4 181.8 171.4 183.8 182.9 184.8 182.5 183.4 Miscellaneous home goods 1.52 185.3 192.6 184.5 186.2 191.7 190.5 191.4 194.8 179.6 193.5 197.9 200.2 196.9 191.1 5.41 139.5 124.1 133.1 144.2 150.0 139.2 140.1 143.6 127.5 142.1 137.9 142.5 138.8 Consumer staples 19.10 154.5 154.3 155.9 156.8 157.6 154.9 153.5 161.2 165.1 175.6 176.6 167.8 163.0 161.0 Processed foods 8.43 132.6 132.4 128.1 129.2 128.6 127.0 128.2 134.7 134.6 150.2 155.6 146.8 141.7 134.1 Beverages and tobacco 2.43 144.5 125.9 126.9 134.5 147.5 145.4 148.3 160.8 155.8 164.8 156.4 152.8 137.3 Drugs, soap, and toiletries 2.97 193.4 196.8 199.6 203.7 205.0 207.8 203.8 213.3 206.6 211.3 216.9 215.4 214.3 '210.9 Newspapers, magazines, and books. 1.47 143.3 146.8 145.0 145.1 145.4 146.5 146.9 145.7 147.5 149.4 151.1 147.0 147.0 148.1 Consumer fuel and lighting 3.67 183.4 191.3 206.9 200.5 196.4 184.1 176.0 185.6 214.3 222.6 215.2 194.3 192.5 Fuel oil and gasoline 1.20 139.0 144.6 135.3 143.0 140.0 135.1 139.3 145.1 148.7 148.7 149.4 147.0 151.8 i 52.4 Residential utilities 2.46 205.1 Electricity 1.72 223.9 223355..77 227755..11 225555..77 224477..88 222244..55 220033..88 221199..77 227777..99 229955..11 227788..44 223355..22 222277..55 Gas ..7744 117744..11 Equipment Business equipment 11.63 184.7 191.3 190.2 191.8 194.6 195.5 196.7 200.0 193.6 195.1 201.6 200.2 193.3 194.4 Industrial equipment 6.85 168.2 175.8 175.5 174.8 176.9 178.6 181.1 184.5 179.4 179.8 185.6 181.8 174.2 176.5 Commercial equipment 2.42 205.2 209.8 210.1 212.8 215.3 215.9 219.0 221.7 216.1 221.3 226.2 227.1 226.0 228.8 Freight and passenger equipment. .. 1.76 234.3 239.8 238.1 244.4 249.6 249.3 245.6 250.4 245.5 244.7 251.9 254.5 247.7 238.5 Farm equipment .61 114455..00 113311..11 113388..66 114466..88 115522..88 114499..66 114422..77 114433..22 111133..77 112200..77 113377..88 114433..88 112211..11 Defense equipment 33..4411 Materials Durable goods materials 26.73 157.8 158.2 157.0 162.8 165.9 166.4 167.4 171.6 160.5 166.2 170.2 169.7 166.1 162.6 Consumer durable 3.43 164.2 169.0 167.9 170.2 168.1 162.6 161.3 166.0 149.1 161.0 170.0 168.9 163.3 158.3 Equipment 7.84 185.1 190.3 189.1 191.0 192.8 192.4 193.0 195.1 187.2 189.2 195.2 194.2 190.9 192.4 Construction 9.17 145.9 143.1 136.6 143.4 148.3 151.7 155.3 161.6 154.5 160.4 160.3 157.8 152.5 146.5 Metal materials n.e.c 6.29 137.7 134.3 140.8 151.6 157.0 157.6 156.6 160.1 142.1 149.0 153.8 157.0 156.5 151.3 Nondurable materials 25.92 174.1 176.0 176.2 180.6 182.8 183.4 185.0 187.0 177.3 185.3 188.5 188.4 187.9 184.4 Business supplies 9.11 157.6 157.7 158.4 163.7 168.3 166.9 168.6 168.0 156.8 167.5 171.7 174.1 170.7 164.3 Containers 3.03 156.6 146.7 159.0 166.1 171.3 170.9 169.9 172.7 161.4 176.7 177.5 178.6 165.4 154.1 General business supplies 6.07 158.1 163.2 158.0 162.5 166.8 164.9 168.0 165.7 154.5 162.8 168.8 171.9 173.3 169.4 Nondurable materials n.e.c 7.40 222.4 228.9 228.2 236.2 237.4 239.3 240.1 243.0 227.8 235.8 241.3 241.4 244.6 238.6 Business fuel and power 9.41 152.0 152.0 152.5 153.1 153.9 155.4 157.4 161.2 157.5 162.9 163.2 160.6 159.9 161.3 Mineral fuels 6.07 133.0 131.6 129.9 131.8 133.0 135.9 137.3 138.1 129.5 134.8 135.9 136.2 137.8 138.8 Nonresidential utilities 2.86 200.2 Electricity 2.32 202.3 203.8 210.2 205.9 207.7 206.4 210.9 224.4 231.7 240.2 238.8 227.5 219.9 General industrial 1.03 197.4 202.2 205.2 202.7 207.3 209.6 214.5 220.7 215.6 223.6 224.7 225.1 222 0 Commercial and other 1.21 216.6 221155..55 222255..44 221199..22 221188..77 221144..33 221188..77 223399..44 225588..00 226677..66 226633..99 224411..77 2233OO!!OO Gas ..5544 117744..11 Supplementary groups of consumer goods Automotive and home goods 7.80 175.0 181.5 183.9 186.0 189.1 183.0 182.1 191.1 155.7 160.4 186.9 192.1 176.4 167.7 Apparel and staples 2244..5511 115511..22 114477..66 115500..99 115544..11 115566..00 115511..44 115500..55 115577..33 115566..88 116688..22 116688..00 116622..22 115577..66 For note see page A-61. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • INDUSTRIAL PRODUCTION: N.S.A. A 61 INDUSTRY GROUPINGS (1957-59= 100) 1957-59 1968 1969 1969 Grouping p p ti r o o o r n - - a a v g e e r - Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct.r Nov.r Dec.r Total index 100.00 165.5 166.3 166.5 170.5 173.1 171.9 172.4 176.7 167.7 174.6 179.2 177.8 173.5 169.8 M Ma i D N n n u o i u n r n f g a a d c b u t l u r e a r i b n l g e , total 4 8 3 6 8 8 8 . . . . 4 0 2 3 5 7 3 8 1 1 1 1 6 6 6 2 6 3 9 6 . . . . 9 3 8 6 1 1 1 1 6 2 7 6 7 6 2 1 . . . . 5 3 6 2 1 1 1 1 6 2 7 6 7 4 1 1 . . . . 0 1 4 4 1 1 1 17 2 7 6 2 4 5 8 . . . . 1 2 3 0 1 1 1 1 7 7 2 7 5 0 5 8 . . . . 1 8 6 4 1 1 1 1 7 7 3 6 3 7 0 8 . . . . 7 7 2 6 1 1 1 1 7 3 7 6 4 2 9 8 . . . . 4 5 9 3 1 1 1 1 7 7 3 8 8 3 4 2 . . . . 5 9 6 2 1 1 1 1 6 2 6 6 7 7 9 4 . . . . 3 7 9 3 1 1 1 1 7 3 7 7 4 2 3 5 . . . . 3 3 6 0 1 1 1 1 8 7 8 3 0 8 1 2 . . . . 0 1 5 9 1 1 1 1 7 8 3 7 9 1 2 6 . . . . 5 5 7 9 1 1 1 1 7 3 7 7 4 2 5 4 . . . . 8 7 4 0 1 1 1 1 7 3 6 7 0 2 6 3 . . . . 0 3 2 0 Utilities 5.32 202.5 Durable manufactures Primary and fabricated metals. ... 12.32 150.5 150.6 153.7 160.1 164.0 164.2 164.1 167.9 154.3 161.7 165.7 166.3 165.4 163.1 P F r a I N i S b m r t r o o r i a n u n c r a c f y a e t t e u n r m d r r d a o e l m u s t a t s m e e l s e t m e a l t l e a t l p a r l p s o a d r a u t n s c d t s p roducts 5 5 6 2 1 . . . . . 9 4 3 8 5 5 5 7 6 0 1 1 1 1 1 3 6 6 6 3 0 2 7 0 7 . . . . . 7 9 0 0 2 1 1 1 1 1 6 2 3 7 7 7 1 1 2 5 . . . . . 5 0 3 0 6 1 1 1 1 1 7 6 2 3 7 6 6 9 9 2 . . . . . 5 7 3 5 2 1 1 1 1 1 8 4 6 5 7 7 6 0 0 2 . . . . . 5 3 2 8 4 1 1 1 1 1 8 4 7 5 6 9 6 5 5 8 . . . . . 0 0 3 3 9 1 1 1 1 1 8 4 5 7 6 6 5 6 5 9 . . . . . 8 3 2 6 2 1 1 1 1 1 8 5 7 4 7 4 3 2 4 8 . . . . . 3 0 2 3 4 1 1 1 1 1 9 4 7 8 5 0 5 7 4 5 . . . . . 8 6 3 2 4 1 1 1 1 13 3 7 6 7 7 0 0 3 6 . . . . . 2 0 8 6 4 1 1 1 1 1 3 7 4 8 7 5 6 4 4 5 . . . . . 5 1 2 2 8 1 1 1 1 1 7 4 4 8 7 9 0 8 7 8 . . . . . 9 6 0 7 4 1 1 1 1 1 8 4 5 8 7 2 3 1 7 4 . . . . . 1 6 9 7 8 1 1 1 1 1 7 4 7 8 5 7 9 4 1 3 . . . . . 1 3 2 8 0 1 1 1 1 1 4 7 3 7 8 7 8 8 8 3 . . . . . 1 5 8 7 4 Machinery and related products.... 27.98 183.7 188.4 186.8 189.3 192.1 190.0 190.5 194.2 180.8 182.0 193.6 193.4 184.8 183.3 Machinery 14.80 184.3 188.4 191.7 195.0 197.6 197.4 198.5 201.3 190.6 193.2 202.1 200.8 189.7 190.3 Nonelectrical machinery 8.43 181.0 185.3 188.3 192.3 195.5 196.5 197.9 200.8 191.1 188.3 197.2 196.7 192.8 197.4 Electrical machinery 6.37 188.5 192.4 196.1 198.6 200.5 198.6 199.3 201.9 189.9 199.8 208.5 206.3 185.6 180.8 Transportation equipment 10.19 179.5 183.8 176.0 178.2 181.4 176.2 175.6 181.1 161.4 160.6 179.7 181.7 174.2 168.9 Motor vehicles and parts 4.68 171.4 181.5 176.6 176.3 177.7 167.9 165.6 180.9 136.5 137.7 173.8 179.9 170.2 159.5 Aircraft and other equipment... 5.26 185.0 183.2 172.6 176.7 181.1 179.6 180.1 177.0 179.0 177.1 181.9 180.5 174.5 173.9 Instruments and related products. 1.71 184.2 192.0 189.3 189.4 191.8 192.5 193.3 197.7 192.8 196.5 197.5 196.0 196.7 199.6 Ordnance and accessories 1.28 Clay, glass, and lumber 4.72 137.4 133.2 127.6 134.6 140.1 142.8 145.2 150.4 143.6 150.3 150.3 149.1 142.0 134.0 Clay, glass, and stone products... 2.99 146.2 143.2 138.4 141.0 147.4 154.5 159.4 165.9 161.1 167.4 166.7 164.9 157.3 148.6 Lumber and products 1.73 122.3 115.8 109.0 123.5 127.5 122.6 120.7 123.6 113.4 120.9 122.1 121.8 115.8 Furniture and miscellaneous 3.05 169.9 177.7 169.8 171.0 173.3 173.7 174.8 179.3 170.6 181.3 181.9 184.0 181.8 179.8 Furniture and fixtures 1.54 178.3 189.8 183.1 183.7 184.8 183.8 184.5 189.5 180.4 191.7 190.9 191.0 188.8 191.1 Miscellaneous manufactures 1.51 161.4 165.3 156.2 158.1 161.6 163.4 165.0 168.9 160.7 170.8 172.7 176.9 174.7 168.3 Nondurable manufactures Textiles, apparel, and leather 7.60 144. 133.2 140.6 148.7 154.5 145.4 146.9 149.2 131.2 145.9 143.8 147.2 145.3 131.2 Textile mill products 2.90 151.5 146.6 150.6 154.3 159.8 155.7 158.8 161.0 142.1 153.8 154.6 156.7 156.9 146.7 A Le p a p t a h r e e r l a p n r d o d p u r c o t d s ucts 3 1 . . 5 1 9 1 1 1 4 1 9 1 . . 9 0 1 13 0 2 1 . . 0 9 1 1 0 4 4 3 . . 5 7 1 15 0 6 8 . . 8 3 1 1 1 6 0 3. . 7 9 1 15 0 0 1 . . 8 3 ,1 1 0 5 1 1 . . 1 5 1 15 0 3 4 . . 7 2 1 8 3 8 5 . . 6 6 1 1 0 5 6 1 . . 5 8 1 9 4 9 9 . . 2 0 1 1 0 53 3 . . 1 6 1 1 0 4 0 9 . . 6 8 Paper and printing 8.17 155.0 155.9 157.0 162.0 165.9 165.3 165.1 165.6 155.8 164.3 168.3 172.4 170.1 161.4 Paper and products 3.43 163.8 156.3 168.5 178.2 180.3 178.4 175.8 179.3 162.3 177.5 180.2 187.0 178.0 162.2 Printing and publishing 4.74 149.6 155.6 148.7 150.3 155.6 155.7 157.4 155.7 151.2 154.7 159.7 161.9 164.3 160.8 Newspapers 1.53 136. 143.0 129.9 136.0 144.9 146.4 152.2 142.0 126.7 132.1 144.0 153.4 159.6 145.5 Chemicals, petroleum, and rubber.. 11.54 207.7 212.2 210.2 220.8 221.3 222.1 222.8 228.2 216.1 223.1 229.4 227.0 227.3 223.5 Chemicals and products 7.58 221.7 227.8 226.5 236.1 237.3 241.9 239.7 244.9 234.7 239.0 244.8 241.1 242.2 239.3 Industrial chemicals 3.84 262.0 275.0 269.3 280.9 280.5 286.1 285.2 287.5 277.1 280.1 289.1 284.0 288.7 Petroleum products 1.97 139.6 137.8 127.1 137.4 137.7 136.5 142.1 149.8 151.1 152.2 152.0 148.2 148.9 ii 4422!! 88 Rubber and plastics products 1.99 222.0 226.4 230.8 244.9 243.5 231.9 238.2 242.0 209.7 232.7 247.2 251.7 248.6 Foods, beverages, and tobacco 11.07 135.3 131.2 128.2 130.7 133.1 131.3 132.8 140.5 139.1 152.9 155.3 148.4 141.2 134.0 Foods and beverages 10.25 136.4 134.2 129.0 131.6 134.4 133.0 133.8 141.3 141.7 155.2 157.9 150.4 143.0 137.2 Food manufactures 8.64 132.7 132.6 128.6 129.7 129.0 127.4 128.4 134.7 134.4 149.5 155.0 147.2 142.3 134.7 Beverages 1.61 156.5 143.0 131.3 141.6 163.0 163.2 162.8 176.2 180.8 185.5 173.3 167.5 146.9 Tobacco products .82 120.9 92.5 118.2 120.6 116.9 110.3 119.6 130.4 106.5 124.2 123.2 123.9 118.5 Mining Coal, oil, and gas 6.80 125.3 125.6 124.4 123.9 124.1 128.3 129.6 130.3 122.6 127.3 128.3 128.6 130.0 130.9 Coal 1.16 118.2 116.2 113.0 113.7 115.2 121.0 125.1 116.6 91.0 128.4 121.3 126.1 123.8 117.2 Crude oil and natural gas 5.64 126.8 127.5 126.8 126.0 125.9 129.8 130.5 133.1 129.1 127.1 129.8 129.1 131 .3 133.7 Oil and gas extraction 4.91 136.5 135.2 134.0 136.1 137.2 139.4 140.2 143.2 138.6 136.3 139.4 138.6 141.1 143.8 Crude oil 4.25 130.5 127.7 125.9 127.7 129.5 132.3 133.8 137.8 132.8 129.8 132.9 131.5 133.5 136.0 Gas and gas liquids .66 174.5 Oil and gas drilling .73 61.1 75.2 Metal stone, and earth minerals— 1.43 132.9 129.5 122.2 125.7 131.5 139.2 148.9 155.1 152.8 156.0 154.4 152.1 145.9 138.8 Metal mining .61 126.4 123.8 123.4 128.4 132.7 136.3 147.9 155.3 147.8 153.7 150.4 151.0 142.6 134.4 Stone and earth minerals .82 137.8 133.8 121.4 123.7 130.6 141.4 149.7 155.0 156.6 157.8 157.3 152.9 148.3 142.1 Utilities Electric 4.04 211.5 217.4 237.9 227.1 224.8 214.1 207.9 222.4 251.4 263.6 255.7 230.7 223.1 Gas 1.28 174.1 NOXEt—Published groupings include some series and subtotals not Industrial Production—1957-59 Base. 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 62 BUSINESS ACTIVITY; CONSTRUCTION • FEBRUARY 1970 SELECTED BUSINESS INDEXES (1957-59 = 100, unless otherwise noted) Industrial production fac M tu a r n in u g - 2 Prices 4 PPPeeerrriiioooddd TToottaall M F a in jo a r l m pr a o rk d e u t c t g s roup >> MM iinngg aa ss tt ee-- Ma g j r o o r u i p n i d n u g s s t ry iii p u p u p u nnn ttt ccc ttt aaa CCC ((( iii iii eee ccc ooo mmm ppp lll aaa nnn iii iii nnn eee zzz --- ttt fff ttt rrr yyy aaa ))) ggg --- ... ttt sss CCC ttt rrr ccc ttt iii aaa rrr ooo ooo ooo ccc uuu nnn nnn nnn ttt ccc --- sss --- --- TTT NNN mmm rrr ppp ooo ttt iii eee ooo uuu eee ccc lll ttt mmm ooo nnn aaa rrr nnn uuu aaa yyy lll aaa ttt lll --- lll ——— --- --- ggg iii --- pp mm EE lloo ee mm nn yy -- tt -- PP rroo aa ll yy llss -- TTT sss rrreee aaa ooo ttt lll ttt aaa eee aaa iii sss lll lll 333 ss CC uumm oonn ee -- rr WW mm cc ss oo oo hh aa mm dd ll oo ee ii ll -- tt ee yy -- Total g s C u o o m o n d e - s r E m qu en ip t - rriiaallss Mfg. M in i g n - U iti t e il s - 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 1960. 108.7 109.9 111.0 107.6 107.6 108.9 101.6 115.6 80.6 105 103.3 99.9 106.7 106 103.1 100.7 1961. 109.7 111.2 112.6 108.3 108.4 109.6 102.6 122.3 78.5 108 102.9 95.9 105.4 107 104.2 100.3 1962. 118.3 119.7 119.7 119.6 117.0 118.7 105.0 131.4 82.1 120 105.9 99.1 113.8 115 105.4 100.6 1963. 124.3 124.9 125.2 124.2 123.7 124.9 107.9 140.0 83.3 132 108.0 99.7 117.9 120 106.7 100.3 1964. 132.3 131.8 131.7 132.0 132.8 133.1 111.5 151.3 85.7 137 111.1 101.5 124.3 128 108.1 100.5 1965. 143.4 142.5 140.3 147.0 144.2 145.0 114.8 160.9 88.5 143 115.8 106.7 136.6 138 109.9 102.5 1966. 156.3 155.5 147.5 172.6 157.0 158.6 120.5 173.9 90.5 145 121.8 113.5 151.7 148 113.1 105.9 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--Dec 168.7 168.1 160.1 185.3 169.3 170.2 127.4 210.1 584.2 185 131.1 116.2 175.3 166 123.7 109.8 11996699--—Jan 169.1 168.2 161.0 183.5 169.6 170.2 125.8 215.1 204 131.7 116.6 175.8 170 124.1 110.7 Feb 170.1 169.3 161.7 185.5 170.8 171.8 124.8 214.9 p84.5 205 132.3 116.9 174.3 171 124.6 111 1 Mar 171.4 170.8 162.8 187.8 172.1 173.1 126.7 215.1 182 132.7 117.3 178.2 169 125.6 111.7 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 • *84.5 210 133.3 117.0 177.7 172 126.8 112.8 June 173.7 170.7 161.5 190.4 176.3 174.8 134.4 215.6 186 133.8 117.6 180.3 172 127.6 113.2 July 174.6 172.8 164.4 190.8 176.5 175.6 133.2 222.2 180 133.7 117.3 179.8 170 128.2 113.3 Aug 174.3 172.7 164.2 190.3 175.9 175.4 131.2 222.6 P84.2 216 134.2 118.5 183.9 172 128.7 113.4 Sept 173.9 172.2 162.8 192.4 176.0 175.2 131.6 222.5 173 134.0 117.3 184.2 171 129.3 113.6 Oct 173.1 170.9 161.2 191.9 175.4 173.9 130.2 226.0 i 1 195 134.5 117.0 183.4 173 129.8 114.0 Nov 171.4 168.3 160.4 185.6 174.5 171.7 132.4 226.7 \ m .i 178 134.5 115.8 182.2 172 130.5 114.7 Dec 171.1 168.0 160.1 185.0 174.1 171.3 133.5 228.0 I 218 134.5 115.8 184.5 172 131.3 115.1 1Q7A Tan V 116699..99 116677..33 116600..11 118822..88 117722..55 116699..88 113322..44 223300..00 113344..55 111155..99 118822..44 117700 111155..99 •• 1 Employees only; excludes personnel in the Armed Forces. Capacity utilization: Based on data from Federal Reserve, McGraw- 2 Production workers only. Hill Economics Department, and Department of Commerce. 3 F.R. index based on Census Bureau figures. Construction contracts: F. W. Dodge Co. monthly index of dollar * Prices are not seasonally adjusted. value of total construction contracts, including residential, nonresidential, s Figure is for 4th quarter 1968. and heavy engineering; does not include data for Alaska and Hawaii. Employment and payrolls: Based on Bureau of Labor Statistics data; NOTE.—All series: Data are seasonally adjusted unless otherwise noted. includes data for Alaska and Hawaii beginning with 1959. Prices: Bureau of Labor Statistics data. CONSTRUCTION CONTRACTS AND PRIVATE HOUSING PERMITS (In millions of dollars, except as noted) 1968 1969 Type of ownership and type of construction 1968 1969 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec, Total construction 1 61,732 67,425 4,543 4,766 4,802 5,003 5,895 7,081 6,443 6,298 6,523 5,140 6,240 4,406 5,228 By type of ownership: Public 19,597 22,656 1,278 1,546 1,572 1,632 1,791 2,536 2,326 2,352 2,605 1,719 1,626 1,427 1,727 Private i 42,135 44,769 3,265 3,220 3,230 3,371 4,104 4,545 4,118 3,947 3,918 3,420 4,615 2,980 3,501 By type of construction: Residential building * 24,838 25,219 1,743 1,746 1,820 1,957 2,546 2,620 2,548 2,296 2,394 1,952 2,290 1,675 Nonresidential building 22,512 19,091 1,849 2,145 1,885 1,772 2,136 2,680 2,357 2,402 2,460 2,013 2,502 1,566 Nonbuilding 14,382 16,539 951 875 1,097 1,274 1,213 1,780 1,538 1,600 1,669 1,174 1,149 1,165 Private housing units authorized. 1,330 1,463 1,403 1,477 1,421 1,502 1,323 1,340 1,228 1,245 1,201 1,183 1,191 1,177 (In thousands, S.A., A.R.) i Because of improved collection procedures, data for 1-family homes NOTE.—Dollar value of construction contracts as reported by the F. W beginning Jan. 1968 are not strictly comparable with those for earlier Dodge Co. does not include data for Alaska or Hawaii. Totals of monthly periods. To improve comparability, earlier levels may be raised by ap- data exceed annual totals because adjustments—negative—are made into proximately 3 per cent for total and private construction, in each case, accumulated monthly data after original figures have been published. and by 8 per cent for residential building. Private housing units authorized are Census Bureau series for 13,000 reporting areas with local building permit systems. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 a CONSTRUCTION A 63 VALUE OF NEW CONSTRUCTION ACTIVITY (In millions of dollars) Private Public Nonresidential Period Total N fa o rm n- Buildings Mili- High- C v o a n ti s o e n r - Total resi- Total tary way & Other 2 dential Total Indus- Com- Other Other de m ve e l n o t ptrial mercial b in u g i s l d * - 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 7,723 196 0 53,941 38,078 21,706 16,372 2,851 4,180 3,118 6.223 15,863 1,366 5,437 1,175 7,885 196 1 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 3 59,667 41,798 24,292 17,506 2,842 5,144 3,631 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 9,403 196 4 66,200 45,810 26,258 19,552 3,565 5,396 3.994 6,597 20,390 938 7,133 1,729 10,590 196 5 72,319 50,253 26,268 23.985 5,118 6,739 4,735 7,393 22,066 852 7,550 2,019 11,645 196 6 75,120 51,120 23,971 27,149 6,679 6,879 5,037 8,554 24,000 769 8,355 2.195 12,681 196 7 76,160 50,587 23,736 26,851 6,131 6,982 4,993 8,745 25,573 721 8,538 2.196 14,511 196 8 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—Dec. 8,068 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—Jan.. 972 62,875 31,084 31,791 6,800 9,971 5,142 9,878 29,097 1,044 Feb. ;066 62,550 31,436 31 ,114 6,318 9,941 5,198 9,657 29,516 1,044 Mar. 722 62,762 32,423 30,339 6,019 9,751 4,827 9,742 28,960 1,039 Apr. 784 63,050 33,018 30,032 5,857 9,066 5,273 9,836 29,734 1,196 May 359 63,669 32,971 30,698 5,923 9,284 5,428 10,063 28,690 1 ,003 June 475 63,027 31,635 31 ,392 6,050 10,020 5,177 10,145 28,448 949 July' 757 63,112 30,255 32,857 6,404 10,417 5,566 10,470 27,645 792 Aug. 842 62,365 29,237 33,128 6,414 10,343 5,917 10,454 27,477 863 Sept. 168 63,825 29,314 34,511 6,714 11,118 5.995 10,684 27,343 920 Oct.' 311 64,251 29,970 34,281 6,946 10,856 5,850 10,629 27,060 943 Nov. 848 62,786 29,759 33,027 6,571 10,168 6,023 10,265 27,062 779 Dec. 015 61,880 29,306 32,574 6,440 10,046 5,946 10,142 27,135 913 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 t t h - C N e o n r t t r h a l South West family 2 f - a m to il 4 y - f m 5 a - m o r o i e l r y - Total Private Public Total FHA 195 9 1,517 268 368 512 369 1,234 283 1,554 1,517 37 458 349 109 121 196 0 1,252 221 292 429 309 995 257 1,296 1,252 44 336 261 75 104 196 1 1,313 247 277 473 316 974 339 1,365 1,313 52 328 244 83 90 196 2 1,463 264 290 531 378 991 471 1,492 1,463 30 339 261 78 118 196 3 1,610 261 328 591 431 1,021 589 1,642 1,610 32 292 221 71 151 196 4 1,529 253 339 582 355 972 108 450 ,562 1,529 32 264 205 59 191 196 5 1,473 270 362 575 266 964 87 422 ,510 1,473 37 246 197 49 216 196 6 1,165 207 288 473 198 779 61 325 ,196 1,165 31 195 158 37 217 196 7 1,292 215 337 520 220 844 72 376 ,322 1,292 30 232 180 53 240 196 8 1.508 227 369 619 294 900 81 527 ,548 1,508 40 283 227 56 318 1968—Dec.. 1.509 196 345 659 307 922 69 516 100 96 21 16 24 1969—Jan... 1,878 316 564 760 238 1,066 724 106 102 18 14 27 Feb.. 1,686 216 578 662 230 975 112 599 95 90 17 13 28 Mar.. 1,584 265 430 554 335 828 92 664 136 132 23 19 32 Apr.. 1,563 255 358 582 368 797 86 680 160 159 27 23 35 May. 1,509 243 345 587 334 883 84 542 158 156 25 21 33 June. 1,469 236 288 604 341 808 76 585 151 147 26 22 35 July.. 1,371 193 285 551 342 765 65 541 127 125 26 21 33 Aug.. 1,384 189 388 529 278 723 69 592 128 125 27 22 35 Sept.. 1,542 155 380 620 387 846 93 603 133 129 23 18 36 Oct... 1,392 175 308 544 365 777 99 516 126 123 30 25 40 Nov.? 1,297 146 266 554 331 783 94 420 97 95 22 18 29 Dec.p, 1,245 142 254 567 282 718 105 422 82 81 17 13 26 NOTE.—Starts are Census Bureau series (including farm starts) except habilitation units under FHA, based on field office reports of first compliin the case of Govt.-underwritten, which are from Federal Housing ance inspections. Data may not always add to totals because of rounding. Admin, and Veterans Admin, and represent units started, including re- Mobile home shipments are as reported by Mobile Homes Manufacturers Assn. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 64 EMPLOYMENT • FEBRUARY 1970 LABOR FORCE, EMPLOYMENT, AND UNEMPLOYMENT (In thousands of persons, unless otherwise indicated) Civilian labor force, S.A. Period i p T n o s o N t p t i a u t .S u l l a t . n i A t o o i . o n n n a - l l N ab o N o t . r S in . f A o t r . h c e e T l f S a o o b . r t A c o a e r . l Total Total E In m c n u p o l l t n o u a y r g a e l r d i 1 - In U pl n o e y m ed - U (p n e e m r S r a m . e t c A e p n e 2 . t l n o t y ) industries agriculture 196 4 127,224 51,394 75.830 73,091 69,305 64,782 4,523 3,786 5.2 196 5 129,236 52,058 77,178 74,455 71,088 66,726 4,361 3,366 4.5 196 6 131,180 52,288 78,893 75,770 72,895 68,915 3,979 2,875 3.8 196 7 133,319 52,527 80,793 77,347 74,371 70,527 3,844 2,975 3.8 196 8 135,562 53,291 82,272 78,737 75,920 72,103 3,817 2,817 3.6 196 9 137,841 53,602 84,239 80,733 77,902 74,296 3,606 2,831 3.5 1968 3-Dec. 136,619 54,001 82,868 79,368 76,765 72,923 3,842 2,603 3.3 1969—Jan.. 136,802 55,091 83,351 79,874 77,229 73,477 3,752 2,645 3.3 Feb.. 136,940 54,361 83.831 80,356 77,729 73,848 3,881 2,627 3.3 Mar. 137,143 54,373 83,999 80,495 77,767 74,035 3,732 2,728 3.4 Apr. 137,337 54,200 83,966 80,450 77,605 73,941 3,664 2,845 3.5 May 137,549 54,464 83,593 80,071 77,265 73,460 3,805 2,806 3.5 June 137,737 51,857 83,957 80,433 77,671 73,966 3,705 2,762 3.4 July. 137,935 51,617 84,277 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 3,232 4.0 Oct.. 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 75,068 3,429 2,798 3.4 Dec. 138,928 54,072 85,029 81,589 78,779 75,274 3,505 2,810 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. Seasonally adjusted data are to be revised in a forthcoming issue. EMPLOYMENT IN NONAGRICULTURAL ESTABLISHMENTS, BY INDUSTRY DIVISION (In thousands of persons) Period Total M t a u n r u in f g a c- Mining c C o o n t n i s o t t r n r a u c c t - T ti li o r c a n n u s & ti p l o i p t r i u e t b a s - - Trade Finance Service G m ov e e n r t n - 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 1969*. 70,138 20,120 628 3,410 4,449 14,643 3,558 11,102 12,227 SEASONALLY ADJUSTED 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 11,034 12,132 Apr 69,789 20,111 624 3,363 4,439 14,533 3,531 11,044 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.... 70,651 20,156 631 3,418 4,480 14,809 3,595 11,244 12,318 Nov... 70,635 20,004 632 3,461 4,484 14,836 3,613 11,264 12,341 Dec 70,656 20,013 635 3,443 4,488 14,775 3,622 11,290 12,390 1970—Jan.*. 70,649 20,010 631 3,268 4,535 14,890 3,629 11,370 12,316 NOT SEASONALLY ADJUSTED 1969 —Jan..., 68,196 19,803 611 3,024 4,288 14,189 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 11,131 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... 71,198 20,339 632 3,623 4,502 14,847 3,591 11,255 12,409 Nov.., 71,227 20,143 631 3,530 4,506 15,090 3,599 11,230 12,498 Dec.*. 71.608 20,063 631 3,357 4,497 15,645 3,608 11,222 12,585 1970—Jan.* 69,630 19,810 616 2,961 4,467 14,660 3,585 11,154 12,377 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 excluded. mark. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 n EMPLOYMENT AND EARNINGS A 65 PRODUCTION WORKER EMPLOYMENT IN MANUFACTURING INDUSTRIES (In thousands of persons) Seasonally adjusted Not seasonally adjusted Industry group 1969 1970 1969 1970 Jan. Nov. Dec.? Jan.? Jan. Nov. Dec.f Jan.* 14,684 14,588 14,592 14,595 14,509 14,732 14,656 14,414 Durable goods 8,606 8,492 8,494 8,455 8,555 8,570 8,551 8,400 Ordnance and accessories 196 167 163 160 198 169 166 162 Lumber and wood products 528 510 510 511 509 509 505 492 407 404 404 405 405 410 409 403 Stone, clay, and glass products 534 530 530 527 511 533 523 505 Primary metal industries 1,051 1,104 1,097 1,088 1,044 1,086 1,088 1,080 Fabricated metal products 1,109 1,116 1,120 1,125 1,105 1,132 1,133 1,121 Machinery 1,359 1,372 1,384 1,381 1,361 1,364 1,382 1,382 Electrical equipment and supplies 1,344 1,278 1,273 1,273 1,350 1,300 1,296 1,279 Transportation equipment 1,439 1,385 1,374 1,352 1,458 1,417 1,413 1,369 Instruments and related products 288 286 287 281 288 288 289 281 Miscellaneous manufacturing industries 351 340 352 352 326 362 347 326 Nondurable goods 6,078 6,096 6,098 6,140 5,954 6,162 6,105 6,014 Food and kindred products 1,205 1,217 1,214 1,246 1,140 1,246 1,204 1,178 Tobacco manufactures 71 65 62 66 71 72 69 65 Textile-mill products 885 862 863 867 873 867 864 856 Apparel and related products 1,254 1,238 1,242 1,241 1,229 1,250 1,241 1,217 Paper and allied products 550 558 562 564 545 562 564 559 Printing, publishing, and allied industries 673 685 686 688 668 688 691 683 Chemicals and allied products 617 614 614 611 610 611 611 604 Petroleum refining and related industries 73 119 118 118 71 118 116 114 Rubber and misc. plastic products 444 449 447 449 443 456 453 449 Leather and leather products 306 289 290 290 304 292 292 289 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 1969 1970 1969 1970 1969 1970 Jan. Nov. Dec.? Jan.f Jan. Nov. Dec.? Jan.? Jan. Nov. Dec.f Jan.P Total 40.6 40.5 40.6 40.2 126.05 132.36 134.56 131.60 3.12 3.26 3.29 3.29 41.3 41.1 41.2 40.7 136.04 142.14 145.18 140.94 3.31 3.45 3.49 3.48 Ordnance and accessories 40.0 40.4 40.1 40.2 135.74 144.49 143.32 144.94 3.36 3.55 3.53 3.57 Lumber and wood products 40.0 40.3 40.6 39.4 102.56 113.32 114.33 110.37 2.59 2.84 2.83 2.83 Furniture and fixtures 40.6 39.9 40.0 39.8 101.60 108.81 110.16 105.84 2.54 2.70 2.70 2.70 Stone, clay, and glass products 41.8 42.0 42.2 41.6 125.36 137.76 138.09 133.74 3.05 3.28 3.28 3.27 Primary metal industries 41.7 41.6 41.5 40.9 154.66 159.39 160.61 158.26 3.70 3.85 3.87 3.86 Fabricated metal products 41.8 41.4 41.6 41.3 134.96 141.44 143.72 140.70 3.26 3.40 3.43 3.44 42.5 42.2 42.6 42.2 147.55 154.87 160.33 155.35 3.48 3.67 3.72 3.69 Electrical equipment and supplies 40.4 40.1 40.2 40.3 122.51 126.36 129.34 127.84 3.04 3.12 3.17 3.18 Transportation equipment 41.4 40.6 41.5 39.9 160.19 165.17 170.91 160.80 3.86 3.98 4.05 4.02 Instruments and related products 40.7 40.9 40.9 39.0 124.74 133.16 134.64 125.32 3.08 3.24 3.26 3.23 Miscellaneous manufacturing industries... 39.2 38.9 39.3 39.6 100.62 106.50 109.02 108.70 2.60 2.71 2.76 2.78 Nondurable goods 39.8 39.6 39.8 39.6 111.50 118.21 119.60 117.99 2.83 2.97 2.99 3.01 Food and kindred products 40.6 40.8 40.8 40.2 117.27 123.00 124.23 121.70 2.91 3.00 3.03 3.05 Tobacco manufactures 37.2 37.4 36.4 39.3 93.03 98.74 99.53 111.16 2.57 2.64 2.69 2.91 Textile-mill products 40.6 40.8 40.9 40.4 92.11 99.46 99.95 97.28 2.28 2.42 2.42 2.42 Apparel and related products 36.2 35.8 36.1 36.0 81.40 84.13 84.60 83.78 2.28 2.35 2.35 2.36 Paper and allied products 43.5 42.7 42.9 43.2 135.14 142.43 144.19 142.28 3.15 3.32 3.33 3.34 Printing, publishing, and allied industries. 38.4 38.4 38.6 38.3 136.06 145.15 148.59 144.40 3.59 3.78 3.81 3.82 Chemicals and allied products 41.9 41.9 41.9 41.7 140.19 149.52 150.30 148.63 3.37 3.56 3.57 3.59 Petroleum refining and related industries . 41.8 42.7 42.2 42.8 152.40 175.50 170.97 179.78 3.69 4.11 4.10 4.25 Rubber and misc. plastic products 41.5 40.8 41.0 41.1 124.73 128.64 129.58 129.24 3.02 3.13 3.13 3.16 Leather and leather products 37.6 37.4 37.7 37.7 87.46 90.51 93.45 92.61 2.32 2.42 2.44 2.45 NOTE.—Bureau of Labor Statistics; data are for production and related workers only. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 66 PRICES • FEBRUARY 1970 CONSUMER PRICES (1957-59=100) Housing Health and recreation PPeerriioodd iitt AA eemm llll ss FFoooodd Total Rent H ow s o h n m ip e e r - - F c a o o u n i a e d l l l t e r G a i l n c e a d i c s t - y o n F i p a n i u n e s g d h r r s - a - - AA uu pp pp aa pp kk nn aa ee dd rr ee ee pp ll TT ppoo tt rr ii aa rr oo nn tt nn aa ss -- -- Total M c ic a e a r d e l - s P c o a e n r r a e - l r R e t a i e c i n n o r a g d e n d a - - g O s a i o e c t n o r h e d v d s e - r s tion 1929 55559999....7777 55555555....6666 88885555....4444 1933 44445555....1111 33335555....3333 66660000....8888 1941 55551111....3333 44444444....2222 6611..44 66664444....3333 4455..22 8888..33 5511..22 5500..66 4477..66 5577..33 5588..22 IQD* 66662222....7777 55558888....4444 6677..55 66666666....1111 5533..66 8866..44 5555..44 5577..55 6633..66 7755..00 6677..33 1958, 100.7 101.9 100.2 100.1 100.4 99.0 100.3 99.9 99.8 99.7 100.3 100.1 100.4 100.8 99.8 1959 101.5 100.3 101.3 101.6 101.4 100.2 102.8 100.7 100.6 103.8 102.8 104.4 102.4 102.4 101.8 1960. 103.1 101.4 103.1 103.1 103.7 99.5 107.0 101.5 102.2 103.8 105.4 108.1 104.1 104.9 103.8 1961 104.2 102.6 103.9 104.4 104.4 101.6 107.9 101.4 103.0 105.0 107.3 111.3 104.6 107.2 104.6 1962, 105.4 103.6 104.8 105.7 105.6 102.1 107.9 101.5 103.6 107.2 109.4 114.2 106.5 109.6 105.3 1963 106.7 105.1! 106.0 106.8 107.0 104.0 107.8 102.4 104.8 107.8 111.4 117.0 107.9 111.5 107.1 1964. 108.1 106.4 107.2 107.8 109.1 103.5 107.9 102.8 105.7 109.3 113.6 119.4 109.2 114.1 108.8 1965. 109.9 108.8 108.5 108.9 111.4 105.6 107.8 103.1 106.8 111.1 115.6 122.3 109.9 115.2 111.4 1966, 113.1 114.2 111.1 110.4 115.7 108.3 108.1 105.0 109.6 112.7 119.0 127.7 112.2 117.1 114.9 1967. 116.3 115.2 114.3 112.4 120.2 111.6 108.5 108.4 114.0 115.9 123.8 136.7 115.5 120.1 118.2 1968--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 124.6 121.9 123.3 117.2 133.6 116.9 110.2 115.8 123.9 122.0 133.7 151.3 124.1 128.4 125.8 125.6 122.4 124.4 117.5 135.7 117.2 110.6 116.4 124.9 124.3 134.3 152.5 124.8 128.7 126.1 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 128.2 126.7 127.0 118.8 140.0 111.4 110.9 118.2 126.8 124.3 137.0 155.9 126.6 130.7 129.1 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 129.8 127.2 129.2 120.1 143.6 118.4 112.2 119.3 129.8 125.7 138.6 156.9 127.3 132.0 132.2 Nov 130.5 128.1 129.8 120.5 144.5 118.9 113.2 119.6 130.7 125.6 139.1 157.4 127.8 132.3 133.1 Dec 131.3 129.9 130.5 121.0 145.4 119.2 113.7 120.0 130.8 126.4 139.6 158.1 128.1 132.7 133.5 NOTE.—Bureau of Labor Statistics index for city wage-earners and clerical workers. WHOLESALE PRICES: SUMMARY (1957-59=100) Industrial commodities PPrroo-- PPeerriioodd mm cc tt AA oo oo iiee mm ll dd ll ss ii -- -- pp FF uu rr aa cc oo rr tt mm dd ss -- cc ff ff ee oo aa ee ss nn oo ee ss dd dd dd ee dd ss ss Total T t e il e t e c x s . - , H e i t d c e . s, F e u tc e . l , C ic e h a t e c l m s . , - R b e u t e c b r . , - L b e u e tc m r . , - P e a t p c e . r, M e a t l e c s t , . - e c m M a q e h n e u r i a y d n n i - p - t - F t e u u t r r c e n . , i - N t e m m a r o l i a e l n n l i - s c - - T e p m t q r o i e a u o r n n n t ip a s t1 - - - n c M e e o l i l s u a - s - 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 n.a. 102.4 1963. 100.3 95.7 103.3 100.7 100.5 104.2 99.8 96.3 93.8 98.6 99.2 100.1 103.1 98.1 101.3 n.a. 103.3 1964, 100.5 94.3 103.1 101.2 101.2 104.6 97.1 96.7 92.5 100.6 99.0 102.8 103.8 98.5 101.5 n.a. 104.1 1965. 102.5 98.4 106.7 102.5 101.8 109.2 98.9 97.4 92.9 101.1 99.9 105.7 105.0 98.0 101.7 n.a. 104.8 1966. 105.9 105.6 113.0 104.7 102.1 119.7 101.3 97.8 94.8 105.6 102.6 108.3 108.2 99.1 102.6 n.a. 106.8 1967. 106.1 99.7 111.7 106.3 102.1 115.8 103.6 98.4 97.0 105.4 104.0 109.5 111.8 101.0 104.3 n.a. 109.2 1968--Dec 109.8 103.3 114.7 110.2 107.1 122.8 102.2 97.7 101.1 133.5 105.2 112.8 116.7 105.0 109.3 100.0 112.5 1969--Jan 110.7 104.9 116.0 110.9 107.4 123.5 102.4 97.6 100.0 137.8 106.2 114.4 117.0 105.3 110.6 100.1 112.5 Feb 111.1 105.0 116.3 111.4 107.2 123.4 102.7 97.8 100.5 144.5 106.8 115.2 117.3 105.4 111.2 100.1 112.5 Mar 111.7 106.5 116.4 112.0 107.1 123.4 104.2 98.0 100.9 149.5 107.4 115.8 117.8 105.7 111.9 100.0 112.5 Apr. 111.9 105.6 117.3 112.1 107.1 126.0 104.5 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 98.1 101.1 138.0 108.1 117.5 118.3 105.9 112.6 100.2 112.8 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 113.6 108.4 121.3 113.2 109.0 128.2 104.7 98.9 102.7 123.2 108.8 121.7 119.9 106.4 113.5 100.0 116.4 Oct 114.0 107.9 121.6 113.8 109.1 127.4 105.4 98.6 103.5 122.6 109.0 122.4 120.5 106.5 113.8 102.3 116.7 Nov 114.7 111.1 121.8 114.2 109.2 126.8 105.5 98.9 104.4 123.9 109.3 122.9 121.0 106.9 113.9 102.7 117.0 Dec 115.1 111.7 122.6 114.6 109.2 126.5 106.1 98.8 104.5 122.5 109.5 123.8 121.9 107.2 114.5 102.7 117.0 1 For transportation equipment, Dec. 1968=100. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • PRICES A 67 WHOLESALE PRICES: DETAIL (1957-59= 100) 1968 1969 1968 1969 Group GGrroouupp Dec. Oct. Nov. Dec. Dec. Oct. Nov. Dec. Farm products: Pulp, paper, and allied products: Fresh and dried produce 109.3 101.3 125.3 112.4 Pulp, paper and products, excluding Grains 80.4 84.8 81.7 82.9 building paper and board 105.6 109.6 109.9 110.1 Livestock 104.2 118.7 116.6 120.2 Woodpulp 98.0 98.0 98.0 98.0 Live poultry 82.9 85.3 86.3 86.9 Wastepaper 109.6 107.2 107.0 106.7 Plant and animal fibers 69.0 66.1 66.0 65.7 113.4 116.5 117.0 117.4 Fluid milk 132.3 136.8 137.6 138.3 Paperboard 91.4 95.9 96.0 96.0 Eggs 117.8 113.8 139.8 155.8 Converted paper and paperboard... 105.4 110.3 110.6 110.7 Hay and seeds 108.8 101.2 103.4 105.1 Building paper and board 94.8 94.6 94.4 93.9 Other farm products 107.7 116.7 115.9 113.1 Processed foods and feeds: Metals and metal products: Cereal and bakery products 119.3 121.2 121.9 122.0 Iron and steel 106.1 113.7 113.7 113.9 Meat, poultry, and fish 107.3 120.2 120.5 121.9 Steelmill products 109.1 116.4 116.4 116.4 Dairy products 130.4 130.7 131.2 133.9 Nonferrous metals 123.5 144.8 146.4 150.1 Processed fruits and vegetables 113.3 116.0 116.3 116.4 Metal containers 117.0 120.6 120.6 120.6 Sugar and confectionery 118.8 127.7 127.9 127.1 Hardware 117.7 122.2 122.7 123.0 Beverages and beverage materials.... 110.6 115.0 116.0 116.1 Plumbing equipment 115.3 120.8 122.2 122.8 Animal fats and oils 74.1 118.3 123.0 115.6 Heating equipment 96.0 98.7 99.3 99.7 Crude vegetable oils 78.0 88.4 97.0 86.1 Fabricated structural metal products 109.0 113.4 113.6 113.7 Refined vegetable oils 90.0 88.9 91.1 97.9 Miscellaneous metal products 118.3 124.4 124.4 124.5 Vegetable oil end products 100.5 104.7 106.5 108.0 Miscellaneous processed foods 118.2 131.6 127.2 126.4 Manufactured animal feeds 118.2 119.9 119.5 121.8 Machinery and equipment: Textile products and apparel: Agricultural machinery and equip... 130.1 133.2 135.8 136.4 Construction machinery and equip.. 132.7 137.7 138.6 139.8 Cotton products 105.1 105.8 106.0 106.1 Metalworking machinery and equip. 130.5 135.4 136.5 138.0 Wool products 104.6 104.5 104.6 104.3 General purpose machinery and Man-made fiber textile products 92.9 91.6 91.5 91.1 equipment 118.3 123.4 123.7 124.8 Silk yarns 165.2 183.9 184.6 191.1 Special industry machinery and Apparel 111.9 116.5 116.7 116.9 equipment (Jan. 1961= 100) 125.0 130.2 130.6 132.8 Textile housefurnishings 110.2 108.0 108.0 108.1 Electrical machinery and equip 103.5 105.6 106.0 106.2 Miscellaneous textile products 125.3 127.2 129.6 127.8 Miscellaneous machinery 115.6 120.0 120.4 121.0 Hides, skins, leather, and products: Furniture and household durables: Hides and skins 106.8 118.0 110.4 108.9 Leather 115.8 120.3 119.6 119.7 Household furniture 119.2 123.3 123.6 123.6 Footwear 131.7 135.2 135.5 135.0 Commercial furniture 117.0 122.4 124.0 124.1 Other leather products 113.8 118.4 118.6 118.5 Floor coverings 94.8 93.1 93.1 93.1 Household appliances 92.9 93.1 93.6 93.6 Fuels and related products, and power: Home electronic equipment 79.8 77.9 77.7 77.8 OOtthheerr hhoouusseehhoolldd dduurraabbllee ggooooddss........ 127.3 131.2 131.1 133.3 Coal 112.7 120.6 123.5 124.6 Coke 120.3 126.9 126.9 126.9 Gas fuels (Jan. 1958= 100) 120.9 128.7 128.8 131.8 Nonmetallic mineral products: Electric power (Jan. 1958= 100) 102.1 103.7 103.4 103.4 Crude petroleum 99.7 104.5 104.5 104.5 Flat glass 110.0 116.2 116.2 117.8 Petroleum products, refined 99.0 101.6 101.6 102.2 Concrete ingredients 110.2 116.6 116.7 116.7 Concrete products 109.5 113.5 113.6 114.2 Chemicals and allied products: Structural clay products excluding refractories 115.4 117.8 118.5 118.5 Industrial chemicals 97.9 97.6 97.8 97.8 Refractories 112.6 117.2 117.2 120.9 Prepared paint 115.9 120.3 120.3 120.3 Asphalt roofing 96.8 96.7 94.0 101.2 Paint materials 91.9 93.9 93.1 93.4 Gypsum products 106.2 105.9 109.8 104.3 Drugs and pharmaceuticals 93.6 94.0 94.2 94.6 Glass containers 110.3 116.1 116.1 116.1 Fats and oils, inedible 69.8 98.9 100.5 92.8 Other nonmetallic minerals 106.8 110.6 110.6 110.6 Agricultural chemicals and products.. 96.4 86.3 86.7 86.7 Plastic resins and materials 80.5 80.2 79.6 80.1 Other chemicals and products 110.3 114.3 114.9 115.1 Transportation equipment: Rubber and products: Motor vehicles and equipment 106.6 108.7 109.0 109.0 Railroad equipment (Jan. 1961 = 100) 108.5 115.1 115.1 115.7 Crude rubber 86.8 89.7 88.7 88.1 Tires and tubes 99.5 100.6 101.7 101.7 Miscellaneous rubber products 108.3 111.7 113.0 113.4 Miscellaneous products: Lumber and wood products: Toys, sporting goods, small arms, ammunition 109.3 112.3 112.8 112.7 Lumber 142.2 128.0 129.3 128.2 Tobacco products 116.5 123.8 124.0 124.0 Millwork 123.8 133.9 133.2 131.7 Notions 100.7 106.7 107.2 107.2 Plywood 128.9 95.8 99.6 96.9 Photographic equipment and supplies 113.2 114.9 115.0 115.3 Other wood products (Dec. 1966= 100) 110.3 116.7 116.7 118.4 Other miscellaneous products 112.0 114.8 114.9 114.9 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 68 NATIONAL PRODUCT AND INCOME • FEBRUARY 1970 GROSS NATIONAL PRODUCT (In billions of dollars) 1968 1969 Item 1929 1933 1941 1950 1965 1966 1967 1968 1969f IV I II III IVf Gross national product 103.1 55.6 124.5 284.8 684.9 749.9 793.5 865.7 932.3 892.5 908.7 924.8 942.8 953.1 Final purchases 101.4 57.2 120.1 278.0 675.3 735.1 786.2 858.4 924.3 882.0 902.1 917.9 932.0 945.3 Personal consumption expenditures 77.2 45.8 80.6 191.0 432.8 466.3 492.3 536.6 576.0 550.7 562.0 572.8 579.8 589.2 Durable goods 9.2 3.5 9.6 30.5 66.3 70.8 73.0 83.3 89.6 86.3 88.4 90.6 89.8 89.6 Nondurable goods 37.7 22.3 42.9 98.1 191.1 206.9 215.1 230.6 243.8 234.3 238.6 242.1 245.1 249.4 Services 30.3 20.1 28.1 62.4 175.5 188.6 204.2 222.8 242.5 230.1 235.0 240.1 244.9 250.2 Gross private domestic investment 16.2 1.4 17.9 54.1 108.1 121.4 116.0 126.3 139.6 133.9 135.2 137.4 143.3 142.4 Fixed investment 14.5 3.0 13.4 47.3 98.5 106.6 108.6 119.0 131.5 123.4 128.6 130.5 132.5 134.5 Nonresidential 10.6 2.4 9.5 27.9 71.3 81.6 83.7 88.8 99.3 91.5 95.3 97.8 101.1 103.0 Structures 5.0 .9 2.9 9.2 25.5 28.5 27.9 29.3 33.4 30.1 32.3 32.1 34.7 34.4 Producers' durable equipment 5.6 1.5 6.6 18.7 45.8 53.1 55.7 59.5 65.9 61.4 63.0 65.7 66.4 68.6 Residential structures 4.0 .6 3.9 19.4 27.2 25.0 25.0 30.2 32.2 31.9 33.3 32.7 31.4 31.6 Nonfarm 3.8 .5 3.7 18.6 26.7 24.5 24.4 29.6 31.7 31.4 32.8 32.2 30.9 31.0 Change in business inventories. . 1.7 -1.6 4.5 6.8 9.6 14.8 7.4 7.3 8.0 10.5 6.6 6.9 10.7 7.8 Nonfarm 1.8 -1.4 4.0 6.0 8.6 15.0 6.8 7.4 7.8 10.7 6.6 6.7 10.3 7.6 Net exports of goods and services 1.1 .4 1.3 1.8 6.9 5.3 5.2 2.5 2.1 1.2 1.5 1.6 2.7 2.6 Exports 7.0 2.4 5.9 13.8 39.2 43.4 46.2 50.6 55.4 5D.6 47.6 57.1 57.8 59.1 Imports 5.9 2.0 4.6 12.0 32.3 38.1 41.0 48.1 53.3 49.4 46.1 55.5 55.2 56.4 Government purchases of goods and services.. 8.5 8.0 24.8 37.9 137.0 156.8 180.1 200.3 214.7 206.7 210.0 212.9 217.0 218.9 Federal 1.3 2.0 16.9 18.4 66.9 77.8 90.7 99.5 102.0 101.9 101.6 100.6 103.2 102.7 National defense 13.8 14.1 50.1 60.7 72.4 78.0 79. 3 79.3 79.0 78.5 80.3 79.2 Other 3.1 4.3 16.8 17.1 18.4 21.5 22.8 22.5 22.6 22.1 22.9 23. 5 State and local 7.2 6.0 7.9 19.5 70.1 79.0 89.3 100.7 112.7 104.8 108.5 112.3 113.8 116.2 Gross national product in constant (1958) dollars 203.6 141.5 263.7 355.3 617.8 658.1 674.6 707.6 727.7 718.5 723.1 726.7 730.6 730.5 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 11992299 11993333 11994411 11995500 11996655 11996666 11996677 11996688 11996699** Item IV I II III IV* National income 868 40.3 104.2 241.1 564.3 620.6 654.0 714.4 771.5 737.3 751.3 765.7 780.6 Compensation of employees 51.1 29.5 64.8 154.6 393.8 435.5 467.4 513.6 564.2 532.3 546.0 558.2 571.9 580.9 Wages and salaries 50.4 29.0 62.1 146.8 358.9 394.5 423.5 465.0 509.8 482.1 493.3 504.3 516.9 524.8 Private 45.5 23.9 51.9 124.4 289.6 316.8 337.3 369.0 405.3 382.8 392.5 402.0 410.2 416.5 Military .3 .3 1.9 5.0 12.1 14.6 16.2 18.0 19.1 18.3 18.2 18.4 20.1 19.9 Government civilian 4.6 4.9 8.3 17.4 57.1 63.1 70.0 78.0 85.4 80.9 82.5 84.0 86.6 88.5 Supplements to wages and salaries ... .7 .5 2.7 7.8 35.0 41.0 43.9 48.6 54.4 50.2 52.7 53.8 55.0 56.1 Employer contributions for social insurance . 1 .1 2.0 4.0 16.2 20.3 21.8 24.4 28.2 25.3 27.3 27.9 28.6 29.1 Other labor income ! 6 .4 .7 3.8 18.7 20.7 22.1 24.2 26.2 25.0 25.5 26.0 26.4 26.9 Proprietors' income 15.1 5.9 17.5 37.5 57.3 61.3 61.9 63.8 66.3 64.1 64.6 66.5 67.3 66.7 Business and professional 9.0 3.3 11.1 24.0 42.4 45.2 47.2 49.2 50.2 49.7 49.7 50.1 50.5 50.4 Farm 6.2 2.6 6.4 13.5 14.8 16.1 14.7 14.6 16.1 14.4 14.9 16.4 16.8 16.3 Rental income of persons .... 5.4 2.0 3.5 9.4 19.0 20.0 20.8 21.2 21.6 21.4 21.5 21.6 21.7 21.8 Corporate profits and inventory valuation adjustment 10.5 -1.2 15.2 37.7 76.1 82.4 79.2 87.9 88.7 90.3 89.5 89.2 88.8 Profits before tax 10.0 1.0 17.7 42.6 77.8 84.2 80.3 91.1 94.3 94.5 95.5 95.4 92.5 Profits tax liability 1.4 .5 7.6 17.8 31.3 34.3 33.0 41.3 43.5 42.9 r43.9 r44.1 r42.9 Profits after tax 8.6 .4 10.1 24.9 46.5 49.9 47.3 49.8 50.8 51.6 r51.7 r51.3 r49.7 Dividends 5.8 2.0 4.4 8.8 19.8 20.8 21.5 23.1 24.6 23.8 23.8 24.3 24.9 25.2 Undistributed profits 2.8 -1.6 5.7 16.0 26.7 29.1 25.9 26.7 26.3 27.8 r27.9 r27.0 '24.9 Inventory valuation adjustment .5 -2.1 -2.5 -5.0 -1.7 -1.8 -1.1 -3.2 -5.6 -4.2 -6.1 -6.2 -3.7 -6.4 Net interest 4.7 4.1 3.2 2.0 18.2 21.4 24.7 28.0 30.6 29.3 29.8 30.3 30.9 31.6 NOTE.—Dept. of Commerce estimates. Quarterly data are seasonally adjusted totals at annual rates. See also NOTE to table above. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • NATIONAL PRODUCT AND INCOME A 69 RELATION OF GROSS NATIONAL PRODUCT, NATIONAL INCOME, AND PERSONAL INCOME AND SAVING (In billions of dollars) 1968 1969 IItteemm 11992299 11993333 11994411 11995500 11996655 11996666 11996677 1968 1969P IV I II III I VP 103.1 55.6 124.5 284.8 684.9 749.9 793.5 865.7 932.3 892.5 908.7 924.8 942.8 953.1 Less: Capital consumption allowances 7.9 7.0 8.2 18.3 59.8 63.9 68.6 73.3 77.9 74.6 75.9 77.2 78.6 79.9 Indirect business tax and nontax liability 7.0 7.1 11.3 23.3 62.5 65.7 70.1 77.9 86.6 81.4 8833..33 8855..77 8888..00 8899..33 Business transfer payments .6 .7 .5 .8 2.7 3.0 3.2 3.4 3.6 3.5 3.5 3.6 3.6 3.6 .7 .6 ..44 1.5 --33..11 --11..00 --11..00 -2.5 -6.2 -3.4 -4.2 -6.5 -6.9 Plus: Subsidies less current surplus of gov- -. 1 . 1 .2 11..33 2.3 1.4 .8 1.1 .9 1.1 ..99 1.1 1.3 I?finale* NaHnnal inrnmp 8866..88 40.3 110044..22 224411..11 556644..33 662200..66 665544..00 771144..44 777711..55 773377..33 775511..33 776655..77 778800..66 Less: Corporate profits and inventory valuation adjustment 10.5 -1.2 15.2 37.7 76.1 82.4 79.2 87.9 88.7 90.3 89.5 89.2 88.8 Contributions for social insurance .2 .3 2.8 6.9 29.6 38.0 42.4 47.0 54.4 48.6 52.7 53.8 55.1 5566..11 Excess of wage accruals over disburse- Plus: Government transfer payments .9 1.5 2.6 14.3 37.2 41.1 48.8 55.8 61.9 58.1 60.1 61.3 62.5 63.6 Net interest paid by government and consumers 2.5 1.6 2.2 7.2 20.5 22.2 23.6 2266..11 2288..77 2277..44 2277..99 2288..55 2288..99 2299..55 Dividends 5.8 2.0 4.4 8.8 19.8 20.8 21.5 23.1 24.6 23.8 23.8 24.3 24.9 25.2 Business transfer payments .6 .7 .5 .8 2.7 3.0 3.2 3.4 3.6 3.5 3.5 3.6 3.6 3.6 Equals: Personal income 85.9 47.0 96.0 227.6 538.9 587.2 629.4 687.9 747.1 711.2 724.4 740.5 756.5 766.9 Less: Personal tax and nontax payments 2.6 1.5 3.3 20.7 65.7 75.4 82.9 97.9 117.5 107.0 114.2 118.5 117.5 119.8 Equals: Disposable personal income 83.3 45.5 92.7 206.9 473.2 511.9 546.5 590.0 629.6 604.3 610.2 622.0 639.0 647.1 Less: Personal outlays 79.1 46.5 81.7 193.9 444.8 479.3 506.2 551.6 592.0 566.2 577.7 588.8 596.0 605.5 Personal consumption expenditures. 77.2 45.8 80.6 191.0 432.8 466.3 492.3 536.6 576.0 550.7 562.0 572.8 579.8 589.2 Consumer interest payments 1.5 .5 .9 2.4 11.3 12.4 13.1 14.2 15.3 14.7 15.0 15.2 15.4 15.5 Personal transfer payments to foreigners .3 .2 .2 .5 .7 .6 .8 ..88 .7 .7 ..77 .7 .8 .7 Equals: Personal saving 4.2 -.9 11.0 13.1 28.4 32.5 40.4 38.4 37.6 38.0 32.5 33.3 43.1 41.6 Disposable personal income in constant (1958) dollars 150.6 112.2 190.3 249.6 435.0 458.9 477.7 497.6 550099..44 550022..11 550022..66 550066..22 551144..11 551144..55 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 IItteemm 11996688 11996699 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec.J' Total personal income 687.9 747.1 716.0 718.7 723.9 730.7 735.6 740.0 746.1 751.4 757.5 760.7 763.7 767.4 769.7 Wage and salary disbursements 465.0 509.8 485.8 489.3 492.6 497.9 500.8 503.8 508.5 512.8 517.9 519.9 522.2 525.1 527.2 Commodity-producing industries... 181.5 197.7 189.6 190.1 190.6 193.8 195.2 196.2 198.3 198.9 201.0 201.5 201.8 201.7 202.8 Manufacturing only 145.9 157.5 151.8 152.4 152.5 154.9 155.8 156.3 157.8 158.5 160.5 160.7 160.6 159.8 160.5 Distributive industries 109.2 119.5 113.3 114.6 115.6 116.4 117.2 118.3 119.5 120.1 121.4 121.8 122.3 123.5 123.7 Service industries 78.3 88.1 83.0 84.5 85.6 86.3 86.4 87.0 87.8 88.0 88.8 89.4 90.3 91.5 91.8 Government 96.0 104.5 99.9 100.1 100.8 101.4 101.9 102.3 102.9 105.9 106.8 107.2 107.8 108.4 108.9 Other labor income 24.2 26.2 25.1 25.3 25.5 25.6 25.8 25.9 26.1 26.3 26.4 26.6 26.8 26.9 27.1 Proprietors' income 63.8 66.3 64.2 64.0 64.7 65.0 65.8 66.5 67.3 67.3 67.3 67.3 67.3 66.7 66.2 Business and professional 49.2 50.2 49.8 49.5 49.8 49.7 50.0 50.1 50.4 50.5 50.5 50.5 50.6 50.4 50.3 Farm 14.6 16.1 14.4 14.5 14.9 15.3 15.8 16.4 16.9 16.8 16.8 16.8 16.7 16.3 15.9 21.2 21.6 21.4 21.4 21.5 21.5 21.5 21.6 21.6 21.7 21.7 21.7 21.8 21.8 21.9 Dividends 23.1 24.6 23.6 23.6 23.8 24.1 24.2 24.3 24.5 24.6 24.8 25.1 25.3 25.4 25.0 Personal interest income 54.1 59.3 57.3 57.4 57.6 57.9 58.4 58.8 59.2 59.5 59.8 60.2 60.6 61.1 61.6 Transfer payments 59.2 65.5 62.1 63.0 63.5 64.3 64.7 64.9 65.2 65.7 66.1 66.4 66.7 67.2 67.7 Less: Personal contributions for social insurance 22.6 26.2 23.4 25.3 25.3 25.6 25.7 25.8 26.1 26.4 26.6 26.7 26.9 26.9 27.1 Nonagricultural income 667.9 725.1 695.9 698.5 703.1 709.5 713.8 717.7 723.4 728.8 734.9 738.1 741.3 745.1 747.7 Agriculture income 20.1 22.0 20.1 20.2 20.7 21.2 21.8 22.3 22.7 22.6 22.6 22.6 22.5 22.3 22.0 NOTE.—Dept. of Commerce estimates. Monthly data are seasonally adjusted totals at annual rates. See also NOTE to table opposite. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

1. SUMMARY OF FLOW OF FUNDS ACCOUNTS FOR THIRD QUARTER, 1969 (Seasonally adjusted annual rates, in billions of dollars) VI O Private domestic nonfinancial sectors Financial sectors RReesstt UU..SS.. ooff AAllll State GGoovvtt.. Sponsored Mone- Pvt. tthhee sseeccttoorrss DDiissccrreepp-- NNNaaatttlll,,, SSSeeeccctttooorrr H h o o u ld se s - B n u es si s - an g d o v lo ts c . a l Total Total ag c e re n d c i i t e s a t u ar th y . C ba o n m k l s . n f o in n a b n a c n e k wwoorrlldd aannccyy aaannn sss ddd aaa vvv iii iii nnn nnn vvv ggg eee sss sss ttt--- O mmmeeennnttt TTTrrraaannnsssaaaccctttiiiooonnn cccaaattteeegggooorrryyy U S U S U S U S U S U S U S U S U S U S U S U S U o 82 2 5 1 222277..00 6 4 5 9 .1 * 3.8 2.0 239.3 239.3 1 85 1 68 4 115533 55 1*4 .7 .7 154.9 154.9 2 13 8 —5 1 73 5 6 4 4 5 1 * 3.0 1.3 .. .. 84.4 84.4 3 4 Gross investment (5+10) 142 3 7766..99 .......... 7 3 211.9 9.6 5.0 .6 * 3.0 1.3 -.9 225.6 13.7 232.9 4 o 115 2 111155 33 230 5 1 5 7 .8 232.0 7.3 232.0 . 5 CO 89 6 89.6 89.6 . 6 20 7 11 0 31.6 31.6 . 7 4 9 96 6 101 5 1 5 .7 • .8 103.0 103.0 . 8 7 8 7 8 7.8 7.8 9 m 10 Net financial invest. (11-12) 27 1 --3388..44 .... .. 7 3 18.5 9.6 3.4 .6 2.3 .5 -.9 -6.4 6.4 .9 10 C X D I <= 50 1 2244 66 1 9 76.6 7.1 79.3 11.4 9.4 5.7 52.8 -.3 162.7 .6 11 > 12 Financial sources 23 0 63.0 9.1 95 2 —2 5 75 8 10.8 9.4 3.4 52.2 .6 169.1 -.3 12 XI 13 Gold & off. fgn. exch 1 8 -1.5 -1.5 --22..88 --22..44 ------------------------------222222222222222222222222222222..............................444444444444444444444444444444 ------------------------------222222222222222222222222222222..............................444444444444444444444444444444 13 < 14 Treasury currency 1 3 .3 ..............................333333333333333333333333333333 ............................................................ ..............................111111111111111111111111111111 -.2 14 15 Demand dep. and currency 12 2 —2 3 2 1 12 0 1 8 333...777 222111...555 — 9 6.4 15.1 4.6 5.3 222222222222222222222222222222222222222222222222222222222222..............................888888888888888888888888888888 222222222222222222222222222222111111111111111111111111111111..............................555555555555555555555555555555 -1.3 15 CD 16 Private domestic 12 2 —2 3 2 1 12 0 333...777 111555...111 - 9 3.5 11.6 4.6 111111111111111111111111111111555555555555555555555555555555..............................777777777777777777777777777777 111111111111111111111111111111555555555555555555555555555555..............................111111111111111111111111111111 -.6 16 17 US Govt 1 8 111 lll 3.0 -1.9 111111111111111111111111111111..............................888888888888888888888888888888 111111111111111111111111111111..............................111111111111111111111111111111 -.7 17 O 18 Foreign .... 53 -.1 5.4 5.3 555555555555555555555555555555..............................333333333333333333333333333333 555555555555555555555555555555..............................333333333333333333333333333333 18 19 Time and svgs accounts . 3 6 —2 5 —9 9 —8 8 * --11..00 --22..22 -3.7 --11..00 11..55 7.5 ------------------------------222222222222222222222222222222..............................222222222222222222222222222222 ------------------------------222222222222222222222222222222..............................222222222222222222222222222222 19 20 At coml banks .... 1 2 —2 5 —9 9 -11 2 * ——33 77 -3.7 7.5 ------------------------------333333333333333333333333333333..............................777777777777777777777777777777 ------------------------------333333333333333333333333333333..............................777777777777777777777777777777 20 21 At svgs instit .. 2 4 2 4 • --11..00 11..55 --11..00 11..55 111111111111111111111111111111..............................555555555555555555555555555555 111111111111111111111111111111..............................555555555555555555555555555555 21 22 Life insurance reserves . 4 6 4 6 . 2 44 44 44..44 444444444444444444444444444444..............................666666666666666666666666666666 444444444444444444444444444444..............................666666666666666666666666666666 22 23 Pension fund reserves 18 4 18 4 11 17 3 17.3 111111111111111111111111111111888888888888888888888888888888..............................444444444444444444444444444444 111111111111111111111111111111888888888888888888888888888888..............................444444444444444444444444444444 23 24 Interbank items .... 11111.....44444 11111.....44444 --..55 22..00 222...000 ---...555 111111111111111111111111111111..............................444444444444444444444444444444 111111111111111111111111111111..............................444444444444444444444444444444 24 IS f"rf»Hit mlft in«t« 1155..88 2277..44 99..99 4477..11 99..77 88..66 333555...333 888333...222 22..00 --55..44 8888833333.....00000 3333300000.....99999 1122..22 1100..88 1111 22 111000...666 ...111 444999...111 111999...999 ---999...999 111...888 111111111111111111111111111111111111111111111111111111111111000000000000000000000000000000..............................444444444444444444444444444444 111111111111111111111111111111111111111111111111111111111111000000000000000000000000000000..............................444444444444444444444444444444 25 26 Corporate shares ——99 44 22 33 ---999...444 222...333 1111122222.....33333 22222.....33333 ...111 111222...333 222...222 222...000 ...333 444444444444444444444444444444..............................999999999999999999999999999999 444444444444444444444444444444..............................999999999999999999999999999999 26 97 If S ftnvt sprnritipc 18 8 —3 7 8 6 222333 777 --11..00 --55..33 -----44444.....77777 1111100000.....88888 ..22 1100..88 11.1 -10.8 ---555...222 ---111222...555 555555555555555555555555555555..............................555555555555555555555555555555 555555555555555555555555555555..............................555555555555555555555555555555 27 9R Cfafo on/I lnf^nl nV^lifr 2 5 3 5 ..11 88..33 666666......000000 888888......333333 22222 33333 .9 1.3 888888888888888888888888888888..............................333333333333333333333333333333 888888888888888888888888888888..............................333333333333333333333333333333 28 29 Corp and foreign bonds • • • 1 1 13 8 99 111111......999999 111111333333......888888 111222...000 ---...333 --..33 111222...333 ---...333 ..11 ..66 111111111111111111111111111111444444444444444444444444444444..............................111111111111111111111111111111 111111111111111111111111111111444444444444444444444444444444..............................111111111111111111111111111111 29 "in Hnmp mAftoroffpe ...999 111444...777 — 5 2 111111......000000 111111444444......111111 --..11 --..11 111222...333 ---...888 6 2.. ..99 555...222 ---...888 111111111111111111111111111111333333333333333333333333333333..............................333333333333333333333333333333 111111111111111111111111111111333333333333333333333333333333..............................333333333333333333333333333333 30 H O Pf f in h c p i r iT m Ti n p r r t o p f r l p o f p li « t 222...000 777 111 ...111 555 8 11 0 222222...... ...... 000000 888888 111111 777777 222222...... ...... 000000 555555 88 999 6 222 7 6 2 1 . . 3 7 4 777 . ... 5 000 111111111111111111111111111111 777777777777777777777777777777 222222222222222222222222222222 .............................. .............................. 555555555555555555555555555555 000000000000000000000000000000 111111111111111111111111111111 777777777777777777777777777777 222222222222222222222222222222 .............................. .............................. 555555555555555555555555555555 000000000000000000000000000000 3 3 2 1 H RjinV 1r»nnc n p p 1 6 10 3 111111111111 999999 1111133333.....33333 11111.....66666 13.3 1.6 -.3 111111111111111111111111111111333333333333333333333333333333..............................333333333333333333333333333333 111111111111111111111111111111333333333333333333333333333333..............................333333333333333333333333333333 33 14. Othpr 1rt!)nc 2 6 99..33 1100..33 4 999...333 111333...333 2 3 1111199999.....55555 1111177777.....22222 55..22 ........ ..11 2.5 11111111....7777 11117777....2222 ...555 111...222 333333333333333333333333333333111111111111111111111111111111..............................666666666666666666666666666666 333333333333333333333333333333111111111111111111111111111111..............................666666666666666666666666666666 34 35 Security credit --33..11 --55..22 ---333...111 ---555...222 .....11111 22222.....22222 2.3 ----2222....2222 2222....2222 ...111 *** ------------------------------222222222222222222222222222222..............................999999999999999999999999999999 ------------------------------222222222222222222222222222222..............................999999999999999999999999999999 35 36 To brkrs and dealers ——33 11 ———333 111 55555.....22222 22222.....22222 3.2 2222....1111 2222....2222 ...111 ,,, ... 222222222222222222222222222222..............................222222222222222222222222222222 222222222222222222222222222222..............................222222222222222222222222222222 36 37 To others —5 2 —5 2 -----55555 22222 -.9 ----4444....3333 * ------------------------------555555555555555555555555555555..............................222222222222222222222222222222 ------------------------------555555555555555555555555555555..............................222222222222222222222222222222 37 38 Taxes payable 2 0 * ***** 22222.....00000 1 8 6 .1 .4 .1 111111111111111111111111111111..............................999999999999999999999999999999 222222222222222222222222222222..............................666666666666666666666666666666 .7.. .. 38 1Q Trartp rrprlit 4 1177..77 77..77 5 1111177777.....77777 88888.....77777 --..88 ..55 3 .3 ii..88 ..99 111111111111111111111111111111999999999999999999999999999999..............................000000000000000000000000000000 111111111111111111111111111111000000000000000000000000000000..............................000000000000000000000000000000 -9.0.. .. 39 —3 5 ——33 55 -----33333.....55555 -----33333.....55555 ------------------------------333333333333333333333333333333..............................555555555555555555555555555555 ------------------------------333333333333333333333333333333..............................555555555555555555555555555555 40 A.\ A^icpplliinprMiG plaimc 22..22 ..33 11..99 99..77 44444.....11111 1111100000.....00000 ..55 11..11 --77..22 --..33 ** --..33 ..99 --99..11 --77..99 11..99 66..77 --22..33 ..33 ------------------------------444444444444444444444444444444..............................999999999999999999999999999999 111111111111111111111111111111111111111111111111111111111111..............................222222222222222222222222222222 16.2 41 Qprtnr Hicrrpnnnripc fl.A^ 77 77 55 33 2 1 1111155555 11111 ——33 22 99 ..77 ..77 ..99 .... .... 111111111111111111111111111111333333333333333333333333333333..............................777777777777777777777777777777 .............................. .............................. .............................. 13.7 . ..6.4 42 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • FLOW OF FUNDS A 71.1 2. SUMMARY OF FUNDS RAISED AND ADVANCED IN U.S. CREDIT MARKETS (In billions of dollars) jl 1967 1968 1969 Transaction category, or sector 1964 1965 1966 1967 1968 III IV I II III IV I II III Funds raised, by type and sector Total funds raised 1 by nonfinancial sectors 66.9 70.4 68.5 82.6 97.4 100.4 103.2 94.4 81.8 118.0 95.5 8877..22 77.2 98.7 1 ? U.S. Government 6.4 1.7 3.5 13.0 13.4 31.6 20.3 20.2 9.3 29.3 -5.4 -3.6 -23.0 10.5 2 Public debt securities 5.4 1.3 2.3 8.9 10.3 31.6 16.6 19.3 4.9 24.5 -7.4 -4.1 -21.7 16.4 3 4 Budget agency issues 1.0 .4 1.2 4.1 3.0 * 3.7 .9 4.4 4.9 2.0 .5 -1.3 -5.8 4 5 All other nonfinancial sectors.. 60.5 68.7 64.9 69.6 84.1 68.7 82.8 74.2 72.5 88.7 100.9 90.8 100.2 88.2 5 6 Capital market instruments 37.9 39.1 39.9 48.0 50.5 53.3 55.7 48.4 44.2 50.5 59.0 53.1 54.3 52.5 6 7 Corporate equity shares 1.6 .3 .9 2.4 -.7 2.9 3.8 1.5 -.4 -1.8 -2.0 .2 3.2 5.3 7 8 Debt capital instruments 36.3 38.8 39.0 45.7 51.2 50.4 51.8 46.8 44.6 52.3 61.1 52.9 51.1 47.2 8 9 State and local govt, sec 5.7 7.3 5.7 7.7 9.9 6.1 9.3 7.9 5.4 12.5 13.8 8.5 10.0 8.3 9 10 Corporate and fgn. bonds... 4.5 5.9 11.0 15.9 14.0 18.9 15.3 12.6 13.7 13.2 16.5 16.2 13.2 12.1 10 11 Mortgages 26.1 25.6 22.3 22.0 27.3 25.3 27.3 26.3 25.5 26.6 30.8 28.1 27.9 26.7 11 12 Home mortgages 15.6 15.4 11.4 11.6 15.2 14.1 15.7 15.0 14.6 14.6 16.6 16.2 16.2 15.5 12 13 Other residential 4.5 3.6 3.1 3.6 3.5 3.9 4.0 3.0 3.1 3.6 4.2 4.0 4.7 4.7 13 14 Commercial 3.8 4.4 5.7 4.7 6.6 4.9 5.1 6.0 5.6 6.6 8.2 5.7 4.8 4.5 14 15 Farm 2.1 2.2 2.1 2.1 2.1 2.5 2.5 2.4 2.3 1.9 1.8 2.2 2.3 2.0 15 16 Other private credit 22.6 29.5 25.0 21.6 33.6 15.5 21A 25.9 28.3 38.2 41.8 37.6 45.9 35.8 16 17 Bank loans n.e.c 8.3 14.2 10.3 9.6 13.4 4.6 15.9 6.6 10.9 13.5 22.5 15.7 16.2 5.3 17 18 Consumer credit 8.5 10.0 7.2 4.6 11.1 5.6 5.4 9.2 9.8 13.2 12.0 9.4 10.1 8.4 18 19 Open market paper .7 -.3 1.0 2.1 1.6 -. 1 .9 1.1 -1.1 6.2 .2 5.7 3.2 3.8 19 20 Other 5.1 5.7 6.4 5.2 7.5 5.4 5.0 8.9 8.8 5.3 7.0 6.9 16.3 18.2 20 21 By borrowing sector— 60.5 68.7 64.9 69.6 84.1 68.7 82.8 74.2 72.5 88.7 100.9 90.8 100.2 88.2 21 22 Foreign 4.9 2.6 1.5 4.1 3.0 3.8 3.3 4.4 2.0 2.6 2.9 3.7 6.4 2.4 22 23 State and local governments 6.0 7.6 6.4 7.9 10.2 6.6 9.3 8.2 5.5 12.8 14.3 9.1 10.3 8.9 23 24 Households 27.9 28.8 23.2 19.7 31.8 19.7 27.5 29.6 29.4 33.2 34.9 30.8 35.7 29.5 24 25 Nonfinancial business 21.7 29.6 33.8 37.9 39.1 38.7 42.7 32.1 35.6 39.9 48.8 47.1 47.7 47.5 25 26 Corporate 13.7 20.5 24.9 29.3 31.0 28.2 33.0 25.6 26.6 31.1 40.7 37.5 38.7 36.0 26 27 Nonfarm noncorporate 5.4 5.8 5.5 5.0 5.2 7.0 5.7 3.1 5.8 6.0 5.8 6.5 5.1 8.0 27 28 Farm 2.6 3.3 3.5 3.5 2.9 3.5 4.1 3.3 3.2 2.8 2.2 3.0 4.0 3.5 28 Funds advanced directly in credit markets ! Total funds raised 66.9 70.4 68.5 82.6 97.4 100.4 103.2 94.4 81.8 118.0 95.5 87.2 77.2 98.7 1 Advanced directly by— 2 U.S. Government 2.8 2.8 4.9 4.6 5.2 3.4 2.9 6.1 7.1 4.8 2.9 1.9 2.3 3.8 2 3 U.S. Govt, credit agencies, net... .4 * .3 .5 -.2 -1.5 * .5 -.1 -.5 -.8 .9 -1.1 -1.9 3 4 Funds advanced .7 2.2 5.1 —. l 3.2 -.3 2.2 6.0 4.0 1.2 1.7 4.8 6.5 10.4 4 5 Less funds raised in cr. mkt .4 2.3 4.8 -.6 3.5 1.2 2.2 5.6 4.1 1.7 2.5 3.9 7.6 12.3 5 6 Federal Reserve System 3.4 3.8 3.5 4.8 3.7 3.9 7.3 4.3 6.3 7.2 -2.9 * 2.3 3.4 6 7 Commercial banks, net 21.8 28.3 16.7 36.8 39.0 49.6 35.0 19.5 22.8 66.7 47.1 7.5 16.3 1.5 7 8 Pvt. nonbank finance 31.0 30.1 25.9 36.1 33.5 42.5 28.7 33.7 34.4 32.6 33.1 32.2 36.7 32.5 8 9 Savings institutions, net 16.0 13.7 7.8 16.9 14.5 20.5 11.6 15.4 15.7 14.2 12.6 16.2 16.1 7.3 9 10 Insurance 15.6 17.9 19.3 20.4 21.5 22.6 18.5 21.5 21.0 20.5 23.0 22.0 22.3 26.1 10 11 Finance n.e.c., net -.5 -1.4 -1.3 -1.2 -2.5 -.6 -1.4 -3.2 -2.2 -2.0 -2.6 -5.9 -1.7 -1.0 11 12 Funds advanced 5.5 6.9 5.8 4.3 9.8 13.4 3.9 3.5 8.8 19.5 7.3 -5.7 17.9 12.6 12 13 Less funds raised in markets. 6.1 8.3 7.1 5.5 12.3 13.9 5.4 6.8 11.1 21.5 9.9 .2 19.6 13.6 13 14 Foreign .6 -.3 -1.8 2.8 2.5 1.8 4.9 -.5 -2.3 3.1 9.4 -.1 .4 9.2 14 15 Pvt. domestic nonfinancial 7.0 5.6 19.1 -3.0 13.8 .6 24.4 30.9 13.6 4.1 6.6 44.7 20.3 50.2 15 16 Business 2.0 1.0 3.6 -.6 9.0 .3 7.2 10.6 10.4 8.6 6.4 11.2 10.6 12.0 16 17 State and local governments. .. .9 2.5 3.4 1.2 .7 1.7 4.5 .6 -1.9 3.1 .9 6.3 2.5 6.4 17 18 Households 4.0 2.5 11.9 -1.4 5.5 2.2 16.6 16.4 9.6 -6.9 2.9 24.4 6.8 29.0 18 19 Less net security credit -.2 .3 -.2 2.2 1.4 3.5 3.9 -3.3 4.5 .7 3.6 -2.8 -.4 -2.8 19 Sources of funds supplied to credit markets Total borrowing 1 by nonfinancial sectors 66.9 70.4 68.5 82.6 97.4 100.4 103.2 94.4 81.8 118.0 95.5 87.2 77.2 98.7 1 Supplied directly and indirectly by pvt. domestic nonfin. sectors:... 2 Total 42.2 46.3 42.8 47.7 58.1 55.4 62.6 63.4 47.9 58.0 63.2 59.4 24.5 44.6 2 3 Deposits 35.2 40.7 23.7 50.6 44.3 54.7 38.2 32.4 34.3 53.9 56.6 14.7 4.2 -5.7 3 4 Demand dep. and currency.. 6.4 8.0 4.0 11.6 11.2 14.7 10.7 2.7 15.5 11.0 15.8 8.9 4.0 11.4 4 5 Time and svgs. accounts.... 28.8 32.7 19.7 39.1 33.1 40.1 27.5 29.7 18.9 43.0 40.8 5.8 .2 -17.0 5 6 At commercial banks. . . 13.0 19.5 12.5 22.3 20.5 22.3 15.5 16.7 6.4 31.2 27.5 -8.6 -9.2 -22.9 6 7 At savings instit 15.7 13.1 7.2 16.7 12.6 17.8 12.0 13.0 12.4 11.8 13.3 14.4 9.5 5.9 7 8 Credit mkt. instr., net 7.0 5.6 19.1 -3.0 13.8 .6 24.4 30.9 13.6 4.1 6.6 44.1 20.3 50.2 8 9 U.S. Govt, securities .6 2.5 8.5 -2.8 8.9 8.8 15.2 14.6 4.5 6.9 9.6 21.1 -4.3 28.6 9 10 Pvt. credit market instr 6.3 3.5 10.4 2.0 6.3 -4.7 13.1 13.0 13.6 -2.1 .6 20.8 24.2 18.9 10 11 Less security debt -.2 .3 -.2 2.2 1.4 3.5 3.9 -3.3 4.5 .7 3.6 -2.8 -.4 -2.8 11 Other sources: 12 Foreign funds 2.6 .8 .7 5.0 4.0 .72 7.5 2.1 1.8 7.1 4.9 13.6 13.9 12.2 12 13 At banks 2.0 1.1 2.5 2.2 1.5 5.4 2.6 2.6 4.1 4.0 -4.5 13.7 13.5 3.0 13 14 Direct .6 -.3 -1.8 2.8 2.5 1.8 4.9 -.5 -2.3 3.1 9.4 -.1 .4 9.2 14 15 Chg. in U.S. Govt, cash bal .2 -1.0 -.4 1.2 -1.2 14.0 3.8 -5.4 -16.2 26.4 -9.6 -4.6 -9.4 14.7 15 16 U.S. Government loans 2.8 2.8 4.9 4.6 5.2 3.4 2.9 6.1 7.1 4.8 2.9 1.9 2.3 3.8 16 17 Pvt. insur. and pension res 13.9 15.7 16.7 18.7 18.2 19.8 18.6 16.4 17.5 19.1 19.6 17.6 20.2 21.4 17 18 Sources n.e.c 5.3 5.8 3.8 5.6 13.2 .5 7.8 11.8 23.8 2.6 14.5 -.7 25.6 2.1 18 Digitized for FRFAoSr EnoRte s see p. A-71.3. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 71.2 FLOW OF FUNDS • FEBRUARY 1970 3. PRINCIPAL FINANCIAL TRANSACTIONS (In billions of dollars) 1967 1968 1969 TTrraannssaaccttiioonn ccaatteeggoorryy,, oorr sseeccttoorr 11996644 11996655 11996666 11996677 11996688 III IV I II III IV I II III Demand deposits and currency 11 NNeett iinnccrr.. iinn bbaannkkiinngg ssyysstteemm lliiaabbiilliittyy.. „„ 7.4 7.6 2.6 14.3 10.7 30.4 16.7 -3.7 .1 39.2 7.2 2.5 -5.3 24.1 1 22 UU..SS.. GGoovveerrnnmmeenntt ddeeppoossiittss .2 -1.0 -.4 -1.3 14.0 3.7 -5.6 -16.2 26.3 -9.7 -4.5 -9.4 14.8 2 33 MMoonneeyy ssuuppppllyy 7.3 8.6 3.0 13^2 12.0 16.4 12.9 1.9 16.3 12.9 16.9 6.9 4.1 9.3 3 44 DDoommeessttiicc sseeccttoorrss 6.8 8.3 3.9 12.6 12.2 15.5 12.3 1.3 17.0 13.5 17.1 7.4 4.2 12.2 4 55 HHoouusseehhoollddss 6.3 7.2 3.1 11.4 6.9 5.2 16.1 -10.2 8.8 15.6 13.5 -7.9 7.2 3.5 5 66 NNoonnffiinnaanncciiaall bbuussiinneessss -2.1 -1.4 .7 -2.1 1.3 3.0 -5.9 7.1 3.6 -1.2 -4.3 9.6 .2 2.8 6 77 SSttaattee aanndd llooccaall ggoovveerrnnmmeennttss .. 1.2 -.2 -.4 1.1 -.2 -1.2 .6 1.6 -1.9 4.1 1.4 1.6 3.6 7 88 FFiinnaanncciiaall sseeccttoorrss .4 .3 -!l 1.1 1.0 .8 1.5 -1.5 1.6 2.6 1.3 -1.4 .2 .8 8 99 MMaaiill ffllooaatt .9 2.5 .3 2.7 1.9 6.7 1.7 5.2 1.5 -1.5 2.4 5.8 -5.0 1.5 9 1100 RReesstt ooff tthhee wwoorrlldd .5 .3 -1.0 .6 -.2 .9 .7 .6 -.7 -.7 -.2 -.5 -.1 -2.9 10 Time and savings accounts 1 Net increase—Total 30.4 33.1 20.2 40.8 33.0 40.6 28.2 29.2 19.1 43.8 39.9 5.6 -.8 -16.0 1 2 At commercial banks—Total.... 14.5 20.0 13.3 23.8 20.6 22.6 16.3 16.3 6.2 32.3 27.5 -9.1 -10.3 -21.6 2 3 Corporate business 3.2 3.9 -.7 4.1 2.2 3.8 5.0 -1.8 -3.2 9.5 4.1 -8.7 -9.1 -11.7 3 4 State and local governments.. 1.7 2.4 1.3 2.4 3.2 .5 .5 .8 1.3 5.2 5.7 -6.2 -3.9 -11.0 4 5 Foreign 1.4 .6 .8 1.4 * .8 1.2 -.7 -.4 1.0 -.1 -.1 -.8 1.4 5 6 Households 8.2 13.3 11.9 15.8 15.1 18.0 9.9 17.6 8.3 16.5 17.8 6.3 3.8 -.2 6 7 At savings institutions 15.9 13.1 7.0 17.0 12.4 18.0 11.9 12.9 12.9 11.5 12.4 14.7 9.6 5.7 7 Liabilities— 8 Savings and loan assns 10.6 8.5 3.6 10.7 7.3 11.9 6.5 7.7 7.6 7.2 6.8 8.8 5.6 3.2 8 9 Mutual savings banks 4.2 3.6 2.6 5.1 4.1 5.0 4.2 4.4 4.0 3.4 4.5 4.1 2.8 1.2 9 10 Credit unions 1.1 1.0 .8 1.2 1.1 1.1 1.1 .9 1.3 .9 1.2 1.8 1.2 1.3 10 Assets 11 Households 15.7 13.1 7.2 16.7 12.6 17.8 12.0 13.0 12.4 11.8 13.3 14.4 9.5 5.9 11 12 Cr. union deps. at S & L's... 1 * -.2 .3 -.2 .2 -.2 -.1 .5 -.3 -1.0 .3 .1 -.2 12 U.S. Government securities 1 Total net issues .. 6.7 3.8 8.7 12.6 16.7 31.8 24.1 25.5 13.1 31.2 -3.2 1.5 -15.3 22.9 j 2 Household savings bonds .9 .6 .6 .9 .5 .7 .9 .2 .3 .8 .7 -.5 -.4 -.7 2 3 Direct excluding savings bonds... 4.5 .7 1.8 8.0 9.8 30.9 15.7 19.1 4.6 23.7 -8.1 -3.6 -21.3 17.1 3 4 Budget agency issues .2 • * .2 1.4 * .3 -.2 1.9 1.4 2.7 .8 -1.3 -.8 4 5 Sponsored agency issues .3 2.1 5.1 -.6 3.2 .1 3.7 5.2 3.7 1.8 2.1 5.0 7.6 12.3 5 6 Loan participations .8 .4 1.3 4.0 1.7 1 3.5 1.2 2.6 3.5 -.6 -.3 • -5.0 6 7 Net acquisitions, by sector 6.7 3.8 8.7 12.6 16.7 31.11 24.1 25.5 13.1 31.2 -3.2 1.5 -15.3 22.9 7 8 U.S. Government (agency sec.)... * * 1.3 -.1 . 1 -1.6 -.3 —. l 1.6 -.1 -1.0 -1.1 -2.2 -.8 8 9 Sponsored credit agencies -.4 . 1 1.0 * —. l -2.1 -1.6 . 1 .3 -.4 -.5 -1.5 * -1.0 9 10 Direct marketable -.1 -.2 .3 .9 -.1 -2.1 -1.4 -.5 .2 .1 -.2 -2.2 .2 -1.2 10 11 FHLB special issue -.3 .3 .6 -.9 * -.2 .6 . i -.5 -.3 .6 -.3 .2 11 12 Federal Reserve System 3.5 3.7 3.5 4.8 3.8 3.8 7.3 4.5 6.2 7.4 -2.8 * 2.3 3.4 12 13 Foreign .5 -.2 -2.4 2.1 -.5 -.1 4.5 -2.0 -4.7 .6 4.2 -4.2 -2.4 6.7 13 14 Commercial banks .4 -2.3 -3.6 9.4 2.8 19.0 1.3 4.2 -2.2 12.2 -3.1 -10.1 -15.9 -9.2 14 15 Direct -.2 -3.1 -3.4 6.3 1.7 16.8 -2.2 3.5 -1.8 9.8 -4.9 -9.6 -15.8 -4.9 15 16 Agency issues .6 .8 -.2 3.2 1.1 2.2 3.5 .7 -.4 2.4 1.7 -.5 * -4.3 16 17 Nonbank finance 2.2 -.1 .4 -.9 1.6 3.9 -2.1 4.1 7.4 4.5 -9.7 -2.7 7.1 -4.8 17 18 Direct 1.9 -.6 -.2 -1.3 .3 4.5 -1.7 1.5 6.5 3.1 -10.0 -5.3 5.1 -7.4 18 19 Agency issues .4 .5 .5 .3 1.3 -.6 -.4 2.5 .9 1.4 .3 2.5 2.0 2.6 19 20 Pvt. domestic nonfin .6 2.5 8.5 -2.8 8.9 8.8 15.2 14.6 4.5 6.9 9.6 21.1 -4.3 28.6 20 21 Savings bonds—Households... .9 .6 .6 .9 .5 .7 .9 .2 .3 .8 .7 -.5 -.4 -.7 21 22 Direct excl. savings bonds -.7 .7 3.3 -3.8 4.6 7.9 9.5 11.4 -1.9 3.1 5.8 16.9 -10.5 20.2 22 23 Agency issues .3 1.2 4.7 .2 3.8 .2 4.8 3.0 6.1 3.1 3.1 4.7 6.6 9.1 23 Private securities 1 Total net issues, by sector 14.5 16.1 18.5 27.2 24.2 29.5 29.6 22.9 20.2 24.8 29.0 26.2 29.1 27.3 1 2 State and local governments 5.7 7.3 5.7 7.7 9.9 6.1 9.3 7.9 5.4 12.5 13.8 8.5 10.0 8.3 2 3 Nonfinancial corporations 5.4 5.4 11.4 17.0 12.1 20.2 17.7 12.8 12.8 10.3 12.4 15.0 14.8 15.4 3 4 Finance companies 2.1 1.9 .8 1.0 .8 1.6 1.1 .9 .8 .7 .9 1.2 2.4 1.6 4 5 Commercial banks .6 .8 .1 .2 .2 * . 1 * .7 .2 —. l .1 .3 * 5 6 Rest of the world .7 .8 .5 1.3 1.3 1.6 1.4 1.4 .5 1.1 2.0 1.4 1.6 2.0 6 7 Net purchases 14.5 16.1 18.5 27.2 24.2 29.5 29.6 22.9 20.2 24.8 29.0 26.2 29.1 27.3 7 8 Households 1.5 1.1 3.2 -3.0 -3.3 -8.3 3.8 7.6 * -11.9 -8.8 8.4 3.4 4.1 8 9 Nonfinancial corporations .2 .5 1.0 -.4 .4 .6 .7 .8 2.1 -2.6 1.3 2.9 3.1 -.4 9 10 State and local governments 1.0 .6 1.1 1.5 .5 1.6 1.8 -.4 1.0 .3 1.0 4.0 3.7 -1.2 10 11 Commercial banks 3.7 5.0 1.9 9.7 9.0 5.8 10.5 5.2 3.2 12.6 15.2 -.9 2.2 1.5 11 12 Mutual savings banks —. 1 * .3 2.3 1.6 3.0 .5 2.0 1.3 1.5 1.8 1.1 1.1 * 12 13 Insurance and pension funds..... 9.1 11.2 12.9 17.4 17.5 19.0 19.1 16.2 17.1 17.3 19.3 17.7 17.5 19.9 13 14 Finance n.e.c -.8 -1.7 -2.2 -.9 -3.7 6.2 -6.5 -9.5 -6.5 5.5 -4.3 -10.9 -2.7 2.7 14 15 Security brokers and dealers... * -.1 . 1 .1 -.9 6.1 -2.5 -1.3 -7.5 8.9 -3.6 -1.3 -2.6 5.7 15 16 Investment companies, net -.8 -1.5 -2.4 -1.0 -2.8 . 1 -4.0 -8.2 1.0 -3.4 -.7 -9.6 -.1 -3.0 16 17 Portfolio purchases 1.1 1.6 1.4 1.5 1.9 3.3 -1.3 -1.4 3.4 1.4 4.2 -.6 3.8 1.5 17 18 Net issues of own shares.... 1.9 3.1 3.7 2.5 4.7 3.1 2.7 6.7 2.5 4.8 5.0 9.0 3.9 4.5 18 19 Rest of the world -.5 .3 .6 2.2 1.5 -.3 1.0 2.1 2.1 3.6 3.9 .7 .7 19 "-1 Bank loans n.e.c. j Total net borrowing 8.8 16.6 9.0 7.5 15.7 4.8 12.4 8.1 13.6 16.2 24.9 15.7 18.7 4.1 1 2 1.5 1.4 .4 2.1 3.0 -.8 5.5 2.1 2.6 2.9 4.6 2.6 4.6 .3 2 3 Nonfinancial business 4.6 12.3 10.1 7.7 10.6 4.7 10.7 4.7 8.3 10.8 18.7 13.1 10.6 6.8 3 4 Rest of the world 2.2 .4 -.2 -.2 -.3 .7 -.2 -.3 * -.3 -.7 _ j 1.0 -1.7 4 5 Financial sectors .5 2.4 -1.3 -2.1 2.3 .3 -3.5 1.5 2.8 2.7 2.4 'a 2.5 -1.2 5 Digitized for FRASER For notes see p. A-71.9. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • FLOW OF FUNDS A 71.3 Insurance consists of life companies, fire and casualty companies, private Funds raised, by type and sector. Credit flows included here are the pension funds, and State and local government retirement funds. Finance amounts shown on lines 25-34 of Table 1 by households, business, govern- n.e.c. is finance companies, open-end investment companies, security ments, and foreigners. All funds raised by financial sectors are excluded. brokers and dealers, agencies of foreign banks, and banks in U.S. posses- U.S. Government budget issues (line 4) are loan participation certificates sions. issued by CCC, Export-Import Bank, FNMA, and GNMA, together with Sources of funds supplied to credit markets. In this section lending by security issues by FHA, Export-Import Bank, and TVA. Issues by federally financial sectors is replaced by sources of funds to financial sectors. sponsored credit agencies are excluded as borrowing by financial institu- Foreign funds at banks are deposits and foreign branch claims on U.S. tions. Such issues are in line 5 of the next section of the table and in U.S. home offices. Sources n.e.c. consist mainly of retained income and mis- Government securities in Table 3. Corporate share issues are net cash cellaneous liabilities of financial sectors less their miscellaneous assets. issues by nonfinancial and foreign corporations. Mortgages exclude loans in process. Open market paper is commercial paper issued by nonfinancial corporations plus bankers' acceptances. Notes to Table 3 Funds advanced directly in credit markets. Net purchases, by sector, of the Demand deposits and currency. Lines 5-8 are holder record; line 9 is credit instruments shown in the section above. Financial sectors' purchases difference between holder and bank record. are shown net of their own funds raised in credit-market forms—securities U.S. Government securities. Includes issues by sponsored credit agencies and loans on lines 25-34 of Table 1. Lines 3, 6, 8, 9, and 11 reflect such not consolidated into the U.S. Government sector and not included in adjustments. In addition, security credit is included in funds advanced as funds raised in Table 2. Sponsored agencies are listed in notes to Table 4, an asset and deducted from funds advanced as a liability, netting to zero p. A-71.9. Loan participations include FNMA, GNMA, Export-Import in the totals. Security credit assets are in lines 7, 12, and 14 and subtracted Bank, and CCC certificates. Where not shown separately, loan participain line 19. Security credit liabilities are in lines 13 and 19 and subtracted tions are grouped with agency issues. All figures are changes in par values in line 14. of holdings. Lines 3-5 cover federally sponsored agencies. Savings institutions are Private securities. Total excludes open-end investment company shares, savings and loan associations, mutual savings banks, and credit unions. which are deducted on line 18. 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS (In billions of dollars) 1967 1968 1969 CCaatteeggoorryy 11996644 11996655 11996666 11996677 11996688 III IV I II III IV 1 II III , Households1 1 Personal income 497.5 538.9 587.2 629.4 687.9 634.5 645.9 664.3 680.1 696.1 711.2 724.4 740.5 756.5 2 Less: Personal taxes & nontaxes... 59.4 65.7 74.5 82.7, 97.9 83.6 85.7 89.3 92.7 102.6 106.9 114.2 118.5 117.5 2 3 Personal outlays 411.9 444.8 479.3 506.2 551.6 509.7 516.7 535.1 545.1 560.2 566.2 577.3 588.8 596.0 3 4 Equals: Personal saving, NIA basis. 26.2 28.4 32.5 40.5 38.4 41.2 43.5 39.8 42.3 33.3 38.0 32.9 33.3 43.1 4 5 Plus: Credits from Govt, insur.2. 4.2 4.8 5.3 6.0 5.6 6.3 6.1 5.3 5.8 5.5 5.8 6.5 7.4 9.4 5 6 Capital gains dividends.3. .6 .9 1.3 1.7 2.5 1.7 2.6 3.0 1.8 2.4 2.7 5.2 1.8 2.3 6 7 Netdurables in'consumpt.. 11.2 14.8 15.2 12.4 16.9 12.2 12.4 15.2 16.1 18.6 17.6 18.1 18.7 16.3 7 8 Equals: Net saving 42.1 49.0 54.3 60.7 63.3 61.4 64.7 63.4 66.0 59.8 64.1 62.7 61.1 71.0 8 9 Plus: Capital consumption 55.9 59.9 64.3 69.8 76.2 70.5 72.2 73.8 75.3 76.9 78.6 80.4 81.8 83.6 9 10 On owner-occ. homes 6.8 7.1 7.4 7.8 8.2 7.9 8.0 8.1 8.2 8.3 8.3 8.5 8.6 8.7 10 11 On nonprofit pi. and eq.. . 1.1 1.2 1.3 1.4 1.5 1.4 1.4 1.4 1.5 1.5 1.5 1.5 1.3 1.5 11 12 On consumer durables.... 48.0 51.5 55.6 60.6 66.5 61.2 62.7 64.2 65.7 67.2 68.8 70.4 71.9 73.5 12 13 Equals: Gross savings 98.0 108.8 118.6 130.5 139.5 131.9 136.8 137.2 141.3 136.7 142.7 143.0 142.9 154.7 13 14 Gross investment 101.2 112.4 119.8 131.4 133.3 132.8 139.5 131.0 130.5 132.6 139.2 141.0 129.7 149.8 14 15 Capital expend, (net of sales).... 82.2 89.6 94.2 94.4 109.1 95.9 99.4 105.5 108.0 111.4 111.4 115.7 118.7 117.0 15 16 Residential construction 19.3 19.1 18.9 16.9 21.2 18.0 19.7 21.2 21.6 21.3 20.6 22.4 23.0 22.3 16 17 Consumer durable goods 59.2 66.3 70.8 73.0 83.3 73.3 75.2 79.5 81.8 85.8 86.3 88.4 90.6 89.8 17 18 Plant and equip, (nonprofit). .. 3.7 4.1 4.5 4.5 4.6 4.6 4.5 4.9 4.6 4.3 4.5 4.9 5.1 4.9 18 19 Net finan. investment 19.0 22.9 25.6 37.0 24.3 36.9 40.1 25.4 22.5 21.3 27.8 25.3 11.0 32.8 19 20 Net acquis, of financial assets. . 47.1 53.0 49.3 60.7 58.9 61.4 73.6 52.0 59.4 55.2 69.0 52.5 46.1 58.4 20 21 Total deposits and curr 30.2 33.6 22.2 43.9 34.7 41.0 38.0 20.5 29.5 44.0 44.7 12.8 20.5 9.1 21 22 Demand dep. and curr.... 6.3 7.2 3.1 11.4 6.9 5.2 16.1 -10.2 8.8 15.6 13.5 -7.9 7.2 3.5 22 23 Savings accounts 23.9 26.4 19.1 32.5 27.7 35.8 21.9 30.6 20.8 28.4 31.1 20.7 13.3 5.6 23 24 At commercial banks... 8.2 13.3 11.9 15.8 15.1 18.0 9.9 17.6 8.3 16.5 17.8 6.3 3.8 -.2 24 25 At savings institutions... 15.7 13.1 7.2 16.7 12.6 17.8 12.0 13.0 12.4 11.8 13.3 14.4 9.5 5.9 25 26 Life insurance reserves 4.3 4.8 4.6 4.8 4.5 4.8 4.7 4.6 4.5 4.5 4.5 5.3 3.7 4.6 26 27 Pension fund reserves 10.9 12.3 13.4 15.3 14.9 16.1 15.7 13.3 14.8 15.5 16.1 14.2 17.7 19.2 27 28 Credit market instruments... 4.0 2.5 11.9 -1.4 5.5 2.2 16.6 16.4 9.6 -6.9 2.9 24.4 6.8 29.0 28 29 U.S. Govt, securities 2.2 2.2 7.3 .6 7.1 9.8 11.3 6.2 8.4 2.6 11.1 14.0 1.8 22.3 29 30 State and local oblig 2.0 2.3 2.1 -2.1 -.2 -.3 -3.1 1.5 -2.0 2.6 -2.9 5.4 4.0 5.9 30 31 Corporate and fgn. bonds. -.5 .7 2.0 4.0 4.6 1.5 7.2 4.8 7.8 -.8 6.9 6.4 5.6 2.9 31 32 Investment co. shares 1.9 3.1 3.7 2.5 4.7 3.1 2.7 6.7 2.5 4.8 5.0 9.0 3.9 4.5 32 33 Other corp. shares -1.9 -5.0 -4.7 -7.4 -12.4 -12.7 -3.0 -5.4 -8.2 -18.5 -17.7 -12.5 -10.1 -9.1 33 34 Mortgages .3 -.8 1.4 1.0 1.6 .8 1.5 2.6 1.1 2.4 .5 2.0 1.6 2.6 34 35 Net invest, in noncorp. bus... -3.2 -1.9 -4.1 -4.6 -3.2 -4.8 -4.4 -4.0 -3.0 -2.9 -3.0 -4.7 -3.7 -3.8 35 36 Security credit — l .5 * 1.1 .7 .6 1.4 -.5 2.2 -.8 1.9 -1.5 -1.0 -1.8 36 37 Miscellaneous .9 1.3 1.2 1.7 1.8 1.4 1.6 1.7 1.7 1.8 1.9 2.0 2.0 2.1 37 38 Net increase in liabilities 28.1 30.2 23.6 23.7 34.6 24.5 33.5 26.6 36.9 33.9 41.2 27.2 35.1 25.6 38 39 Credit mkt. instruments 27.9 28.8 23.2 19.7 31.8 19.7 27.5 29.6 29.4 33.2 34.9 30.8 35.7 29.5 39 40 Home mortgages 16.0 15.2 12.3 10.5 14.9 12.5 14.3 15.5 14.2 14.2 15.6 15.6 17.1 16.0 40 41 Other mortgages 1.0 1.2 1.3 1.2 1.1 1.2 1.2 1.2 1.2 1.1 1 1 1 l 1.1 1.1 41 42 Instalment cons, credit.... 7.2 8.6 6.2 3.4 9.0 4.1 4.4 7.1 8.4 10.1 10.2 8.1 9.7 7.7 42 43 Other consumer credit.... 1.3 1.4 1.0 1.2 2.1 1.5 .9 2.1 1.4 3.1 1.8 1.3 .4 .7 43 44 Bank loans n.e.c 1.5 1.4 .4 2.1 3.0 -.8 5.5 2.1 2.6 2.9 4.6 2.6 4.6 .3 44 45 Other loans 4 .9 .9 2.0 1.3 1.6 1.2 1.2 1.6 1.7 1.8 1.6 2.1 2.8 3.7 45 46 Security credit -.2 .8 -.2 3.3 2.1 4.1 5.3 -3.8 6.8 5.5 -4.4 -1.4 -4.6 46 47 Trade debt .3 .2 .3 .4 .4 .4 .4 .4 .4 '.4 .4 4 .4 .4 47 48 Miscellaneous .2 .3 .4 .3 .4 .3 .3 .3 .4 .4 .4 .4 .4 .3 48 49 Discrepancy (13-14) -3.2 -3.6 -1.2 -.9 6.2 -.9 -2.6 6.3 10.8 4.1 3.5 2.0 13.1 4.9 49 For notes see p. A-71.9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 71.4 FLOW OF FUNDS • FEBRUARY 1970 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1967 1968 1969 CCaatteeggoorryy 11996644 11996655 11996666 11996677 11996688 III IV I II III IV I II III Nonfinancial business—Total ! Income before taxes i 115.3 129.5 139.1 135.8 145.1 136.1 137.4 140.2 145.3 147.4 147.4 146.5 148.1 147.9 1 2 Gross saving 65.0 71.8 77.7 78.1 81.0 78.4 80.2 76.7 81.7 83.3 82.3 81.4 81.7 82.9 2 3 Gross investment 58.0 64.6 69.6 69.9 74.1 72.5 72.4 69.5 73.7 77.6 75.8 76.4 76.0 77.3 3 4 Capital expenditures 70.2 84.1 97.0 93.6 99.2 94.4 98.3 92.0 99.2 98.2 107.5 106.5 107.8 114.5 4 5 Fixed investment 64.3 74.4 82.2 86.2 91.9 86.6 88.8 90.4 89.1 91.0 97.2 99.9 100.9 103.8 5 6 Business plant & equipment. . . 56.5 66.3 76.1 78.2 82.9 78.2 79.7 83.0 80.4 82.5 85.8 89.0 91.2 94.7 6 7 1-4 family resident, const. 2 .1 .7 -.7 2.0 .9 2.6 2.3 .1 .9 .4 2.2 1.2 -.2 -1.1 7 8 Other residential 7.7 7.4 6.8 6.1 8.1 5.8 6.8 7.3 7.8 8.2 9.2 9.7 9.9 10.2 8 9 Change in inventories 3 5.8 9.6 14.8 7.4 7.3 7.8 9.5 1.6 10.1 7.2 10.3 6.6 6.9 10.7 9 10 Net financial investment -12.1 -19.5 -27.4 -23.7 -25.1 -21.9 -25.9 -22.5 -25.6 -20.6 -31.7 -30.1 -31.8 -37.2 10 11 Net increase in finan. assets 13.9 24.1 16.5 14.7 28.2 19.9 27.1 33.4 18.3 30.7 30.3 36.9 22.9 28.0 11 12 Net increase in liabilities 4 26.0 43.5 43.9 38.4 53.3 41.9 53.0 55.9 43.9 51.3 62.0 67.0 54.7 65.2 12 13 Credit mkt. instruments 21.7 29.6 33.8 37.9 39.1 38.7 42.7 32.1 35.6 39.9 48.8 47.1 47.7 47.5 13 14 Securities 5.4 5.4 11.4 17.0 12.1 20.2 17.7 12.8 12.8 10.3 12.4 15.0 14.8 15.4 14 15 Home mortgages -.3 .1 -1.0 1.1 .3 1.6 1.4 -.5 .3 .4 1.0 .7 -.9 -.5 15 16 Other mortgages 9.4 9.1 9.7 9.2 11.0 10.1 10.5 10.2 9.8 10.9 13.1 10.8 10.7 10.1 16 17 Bank loans n.e.c 4.6 12.3 10.1 7.7 10.6 • 4.7 10.7 4.7 8.3 10.8 18.7 13.1 10.6 6.8 17 18 Other loans 4 2.6 2.6 3.6 2.8 5.1 2.1 2.6 4.9 4.4 7.6 3.6 7.5 12.5 15.7 18 19 Trade debt 3.4 9.1 7.4 4.0 6.8 2.7 6.6 11.3 .1 8.2 7.6 12.7 8.2 13.2 19 20 Other liabilities .9 4.9 2.7 -3.5 7.4 .5 3.7 12.5 8.2 3.2 5.7 7.2 -1.2 4.6 20 21 Discrepancy (2-3) 6.9 7.2 8.0 8.2 6.9 5.9 7.8 7.2 8.1 5.7 6.5 5.0 5.8 5.1 21 Farm and nonfarm noncorporate business 5 1 Net income 1 60.1 65.6 69.8 70.7 72.8 71.4 71.2 72.2 72.6 73.1 73.1 73.7 75.6 76.4 1 2 Gross saving 6 14.5 15.2 16.5 17.0 17.9 17.1 17.4 17.6 17.8 18.0 18.3 18.5 19.0 19.1 2 3 Gross investment 14.5 15.2 16.5 17.0 17.9 17.1 17.4 17.6 17.8 18.0 18.3 18.5 19.0 19.1 3 4 Capital expenditures 18.1 21.3 19.9 21.1 22.4 22.5 22.8 21.3 22.3 22.0 23.8 22.4 22.6 26.8 4 5 Fixed investment 18.1 19.6 19.5 20.2 21.6 20.2 20.8 20.8 21.4 21.4 22.9 22.0 23.0 23.2 5 6 Change in inventories 3 * 1.7 .4 1.0 .8 2.3 2.0 .5 .9 .6 .9 .4 -.4 3.5 6 7 Net financial investment -3.6 -6.1 -3.4 -4.2 -4.5 -5.4 -5.5 -3.7 -4.5 -4.0 -5.5 -3.9 -3.5 -7.6 7 8 Net increase in finan. assets 1.0 1.0 1.1 1.2 1.5 1.4 1.5 1.2 1.6 1.8 1.5 1.1 1.2 1.7 8 9 Net increase in liabilities 4 4.7 7.1 4.5 5.4 6.0 6.9 7.0 4.9 6.1 5.8 7.0 5.0 4.7 9.3 9 10 Credit mkt. instruments 8.0 9.1 9.0 8.5 8.1 10.5 9.7 6.4 9.0 8.8 8.1 9.6 9.0 11.5 10 11 Mortgages 5.5 5.4 4.5 5.8 5.5 6.7 6.5 4.8 5.2 5.3 6.5 6.2 6.0 6.0 11 12 Bank loans n.e.c .8 1.7 2.2 1.3 1.1 1.1 1.8 1.1 1.6 1.0 .5 .8 2.7 12 13 Other loans 4 - ? 1.7 2.0 2.2 1.4 1.6 2.7 1.4 .6 2.2 2.5 1.1 2.6 1.9 2.8 13 14 Trade debt, net -.1 • -.4 1.5 1.1 1.2 1.7 2.5 .2 2.0 -.7 1.5 14 15 Proprietors' net investment 8... -3.2 -1.9 -4.1 -4.6 -3.2 -4.8 -4.4 -4.0 -3.0 -2!9 -3.0 — 4.7 -3.7 -3.8 15 Nonfinancial corporate business ! Profits before tax 55.7 65.7 71.1 66.2 75.6 65.0 69.4 73.3 75.3 75.1 78.4 78.9 78.7 75.2 ! 2 Less: Profits tax accruals 24.2 27.5 30.0 28.1 35.6 27.7 29.5 34.5 35.4 35.4 36.9 37.6 37.6 36.0 2 3 Net dividends paid 14.9 16.8 18.1 19.0 20.3 19.5 18.6 19.7 20.1 20.6 20.9 20.8 21.4 21.9 3 4 Equals: Undistributed profits 16.5 21.3 22.9 19.1 19.7 17.9 21.4 19.1 19.8 19.1 20.6 20.5 19.7 17.3 4 5 Plus: Fgn. branch profits, net 1.8 1.8 1.8 2.1 2.4 2.3 2.5 2.1 2.4 2.5 2.5 2.5 2.3 2.4 5 6 Inv. valuation adj -.5 -1.7 -1.8 -1.1 -3.2 -.4 -3.3 -5.3 -2.6 -.9 -4.2 -6.1 -6.2 -3.7 6 7 Capital consumption 32.8 35.2 38.2 41.2 44.3 41.6 42.3 43.2 44.2 44.6 45.1 46.0 46.9 47.8 7 8 Equals: Gross internal funds 50.5 56.6 61.2 61.2 63.1 61.4 62.8 59.1 63.9 65.3 64.1 63.0 62.7 63.8 8 9 Gross investment (10+15) 43.6 49.4 53.1 53.0 56.2 55.4 55.1 51.9 55.9 59.6 57.5 57.9 56.9 58.2 9 10 Capital expenditures 52.1 62.8 77.1 72.5 76.9 71.9 75.5 70.7 76.9 76.2 83.7 84.1 85.3 87.8 10 11 Fixed investment 46.2 54.9 62.7 66.0 70.3 66.4 68.0 69.6 67.7 69.7 74.3 77.9 77.9 80.6 11 12 Plant and equipment 44.1 52.8 61.6 63.8 68.0 63.9 65.3 67.9 65.5 67.6 70.9 74.5 75.6 78.5 12 13 Residential construction 2.1 2.0 1.1 2.2 2.3 2.5 2.7 1.7 2.2 2.1 3.4 3.4 2.3 2.1 13 14 Change in inventories 3 5.9 7.9 14.4 6.4 6.5 5.5 7.5 1.1 9.2 6.5 9.4 6.2 7.4 7.2 14 15 Net financial investment -8.5 -13.4 -24.0 -19.5 -20.7 -16.5 -20.4 -18.8 -21.0 -16.6 -26.2 -26.2 -28.3 -29.6 15 16 Net acquis, of finan. assets 12.8 23.1 15.5 13.5 26.6 18.5 25.6 32.2 16.7 28.8 28.8 35.8 21.8 26.3 16 17 Liquid assets 1.2 1.7 1.9 * 10.1 5.1 5.2 13.7 8.5 13.7 4.5 10.3 .1 1.0 17 18 Demand dep. and curr -2.3 -1.5 .7 -2.2 1.3 2.9 -5.9 7.1 3.6 -1.2 -4.3 9.6 .2 2.9 18 19 Time deposits 3.2 3.9 -.7 4.1 2.2 3.8 5.0 -1.8 -3.2 9.5 4.1 -8.7 -9.1 -11.7 19 20 U.S. Govt, securities -1.5 -1.6 -1.2 -3.1 1.8 -1.0 1.3 7.6 -.9 1.7 -1.3 5.0 -4.6 -1.2 20 21 Open mkt. paper 1.6 .5 2.0 1.5 4.5 -1.2 4.1 . 1 6.9 6.2 4.7 1.4 11.1 11.5 21 22 State and local oblig .2 .5 1.0 -.4 .4 .6 .7 .8 2.1 -2.6 1.3 2.9 3.1 -.4 22 23 Consumer credit 1.3 1.2 1.2 .9 1.7 1.1 .4 1.8 1.5 2.1 1.1 1.5 .7 1.2 23 24 Trade credit 8.1 15.1 11.3 8.8 14.8 9.2 14.1 15.2 9.0 16.5 18.6 20.8 13.5 18.7 24 25 Other financial assets 9 2.2 5.1 1.0 3.8 .1 3.0 6.0 1.4 -2.3 -3.5 4.6 3.2 6.9 5.4 25 26 Net increase in liabilities 21.3 36.5 39.4 33.0 47.3 35.0 46.0 51.0 37.8 45.5 55.0 62.0 50.1 55.9 26 27 Credit mkt. instruments 13.7 20.5 24.9 29.3 31.0 28.2 33.0 25.6 26.6 31.1 40.7 37.5 38.7 36.0 27 28 Corporate bonds 4.0 5.4 10.2 14.7 12.9 17.4 14.0 11.5 13.4 12.1 14.6 14.9 12.4 9.8 28 29 Corporate stock 1.4 * 1.2 2.3 -.8 2.8 3.6 1.3 -.6 -1.9 -2.2 .1 2.4 5.6 29 30 Mortgages 3.6 3.9 4.2 4.5 5.8 5.0 5.3 4.9 4.9 5.9 7.6 5.2 3.7 3.6 30 31 Bank loans n.e.c 3.8 10.6 7.9 6.4 9.6 3.6 8.8 3.6 6.7 9.8 18.2 12.4 9.6 4.1 31 32 Other loans io .9 .6 1.4 1.4 3.6 -.6 1 2 4.4 2.2 5.1 2.6 4.9 10.6 12.9 32 33 Profit tax liability .5 2.2 .2 -4.1 3.7 -.4 i!o 10.4 3.4 -1.9 2.9 6.8 -3.3 .7 33 34 Trade debt 3.6 9.1 7.8 2.6 5.7 1.5 4.9 8.8 _, i 8.3 5.6 12.6 8.9 11.6 34 35 Other liabilities 3.5 4.6 6.5 5.2 6.9 5.7 7.2 6.2 7*. 8 8.0 5.7 5.1 5.8 7.6 35 36 Discrepancy (8-9) 6.9 7.2 8.0 8.2 6.9 5.9 7.8 7.2 8.1 5.7 6.5 5.0 5.8 5.6 36 37 Memo: Net trade credit 4.5 5.9 3.5 6.2 9.2 7.7 9.1 6.4 9.0 8.2 13.0 8.2 4.6 7.1 37 38 Profits tax payments 11 23.6 25.8 30.5 32.7 32.0 26.9 28.3 23.3 33.3 37.3 34.0 32.0 41.5 36.2 38 Digitized for FRFAoSr EnoRte s see p. A-71.9. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • FLOW OF FUNDS A 71.5 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1967 1968 1969 CCCaaattteeegggooorrryyy 11996644 11996655 11996666 11996677 11996688 III IV I II III IV I II III State and local governments-—General funds 1 Net surplus, NIA basis 1.7 1.0 1.3 -2.0 -1.5 -1.8 -1.4 -3.1 -1.3 -.7 -.8 -1.5 -2.0 -.3 1 2 Less: Retirement cr. to households . 2.8 3.3 4.0 4.6 4.3 5.2 4.2 3.9 3.9 4.6 4.7 4.6 6.1 7.0 2 3 Equals: Gross saving -1.1 -2.4 -2.7 -6.6 -5.7 -7.0 -5.7 -6.9 -5.2 -5.3 -5.5 -6.1 -8.2 -7.3 3 4 Net financial investment -2.2 -3.1 -2.1 -5.2 -5.6 -5.2 -5.7 -6.8 -4.6 -6.9 -4.0 -8.2 -10.7 -10.2 4 5 Net acq. of finan. assets 4.1 4.9 4.8 3.2 5.7 1.8 4.1 1.9 1.4 6.4 10.8 1.4 .1 -.9 5 6 Curr. and demand deposit 1.2 -.2 -.1 -.4 1.1 -.2 -1.2 .6 1.6 -1.9 4.1 1.4 1.6 3.6 6 7 Time deposits 1.7 2.4 1.3 2.4 3.2 .5 .5 .8 1.3 5.2 5.7 -6.2 -3.9 -11.0 7 8 Credit mkt. instruments .9 2.5 3.4 1.2 .7 1.7 4.5 .6 -1.9 3.1 .9 6.3 2.5 6.4 8 9 U.S. Govt, securities — 1 1.9 2.4 -.3 .1 .1 2.6 .9 -3.0 2.6 -.3 2.1 -1.5 7.5 9 10 Direct -.2 1.3 2.2 -.9 -.8 .3 .8 -.3 -5.6 3.3 -.4 . 1 -2.3 4.1 10 11 U.S. Govt, agency sec .1 .6 . 1 .6 .8 -.2 1.8 1.2 2.6 -.7 . 1 2.0 .9 3.4 11 12 State and local sec -.1 —. 1 * * * * * -.2 .2 * . 1 * .1 .1 12 13 Corporate bonds 1.1 .7 1.1 1.5 .4 1.6 1.7 -.2 .8 .3 .9 4.0 3.6 -1.2 13 14 Home mortgages * * * * .2 * .1 . 1 .2 .2 .2 .2 .2 .2 14 15 Tax receivables .2 .1 .2 .1 -.2 .3 .4 .1 * * .1 15 16 Net incr. in liabilities 6.2 8.0 6.9 8.4 10.7 7.0 9.8 8.7 6.0 13.3 14.8 9.6 10.8 9.4 16 17 Credit mkt. borrowing 6.0 7.6 6.4 7.9 10.2 6.6 9.3 8.2 5.5 12.8 14.3 9.1 10.3 8.9 17 18 State & local oblig 5.7 7.3 5.7 7.7 9.9 6.1 9.3 7.9 5.4 12.5 13.8 8.5 10.0 8.3 18 19 Short-term .6 .6 .7 1.7 1.6 2.6 1.2 1.9 * .8 3.9 4.5 4.3 2.4 19 20 Other 5.2 6.7 5.1 6.1 8.3 3.6 8.0 6.1 5.4 11.7 9.9 4.0 5.7 5.9 20 21 U.S. Govt, loans .3 .3 .6 .2 .3 .4 * .2 .2 .3 .5 .6 .3 .5 21 22 Trade debt .3 .4 .5 .5 .5 .5 .5 .5 .5 .5 .5 .5 .5 .5 22 23 Discrepancy (7-8) 1.1 .7 -.7 -1.4 -.2 -1.8 -.2 -.6 1.6 -1.6 2.1 2.5 2.9 23 , , U.S. Government 2 Total receipts, NIA basis 115.0 124.7 142.5 151.1 176.3 152.0 156.4 165.7 170.8 181.4 187.3 198.6 202.8 201.4 2 Personal taxes 48.6 53.8 61.7 67.5 79.5 68.4 70.0 72.1 74.7 83.7 87.4 93.8 96.9 95.0 2 3 Corp. profits tax accruals 26.4 29.3 32.1 30.6 38.3 30.1 32.0 37.0 38.1 38.4 39.8 40.7 41.0 39.8 3 4 Indirect taxes 16.1 16.5 15.7 16.3 18.0 16.5 16.7 17.4 17.9 18.3 18.5 18.5 18.6 19.1 4 5 Insurance receipts 23.8 25.1 33.0 36.7 40.5 37.0 37.7 39.3 40.1 40.9 41.7 45.6 46.4 47.5 5 6 Total expenditures, NIA basis 118.1 123.5 142.8 163.5 181.5 164.9 168.4 174.2 180.3 184.1 187.4 188.5 189.3 193.4 6 7 Goods and services 65.2 66.9 77.8 90.7 99.5 91.3 93.5 96.3 99.0 100.9 101.9 101.6 100.6 103.2 7 8 Grants and donations 22.8 24.2 29.0 30.8 33.5 31.5 32.1 32.1 33.1 34.0 34.9 35.0 36.0 36.5 8 9 Net interest 8.3 8.7 9.5 10.0 11.6 9.9 10.3 11.1 11.4 11.6 12.2 12.5 12.9 13.1 9 10 Insurance benefits 21.8 23.7 26.4 32.0 36.9 32.2 32.4 34.7 36.7 37.6 38.5 39.4 39.8 40.7 10 11 Net surplus, NIA basis -3.0 1.2 -.2 -12.4 -5.2 -12.9 -12.0 -8.4 -9.5 -2.7 -.1 10.1 13.5 7.9 11 12 Less: Insur. credits to households3 . 1.4 1.4 1.4 1.4 1.3 1.1 1.8 1.5 1.8 .9 1.0 1.9 1.2 2.4 12 13 Equals: Gross saving -4.4 -.2 -1.6 -13.8 -6.5 -14.1 -13.8 -9.9 -11.3 -3.7 -1.1 8.1 12.3 5.5 13 14 Net financial investment -2.8 -.8 -.1 -12.5 -6.3 -12.6 -11.1 -9.4 -10.5 -3.1 -2.3 8.8 15.0 7.6 14 15 Net acquis, of finan. assets 4.5 3.0 5.4 2.8 9.3 20.1 11.4 13.6 -1.1 29.2 -4.6 7.3 -6.3 19.9 15 16 Demand deposits & currency. . .6 -1.4 —. 1 1.0 -1.7 12.7 4.6 -6.8 -14.3 24.8 -10.4 -2.3 -8.5 13.2 16 17 Credit market instruments 2.8 2.8 4.9 4.6 5.2 3.4 2.9 6.1 7.1 4.8 2.9 1.9 2.3 3.8 17 18 Agency securities4 * * 1.3 -.1 .1 -1.6 -.3 -.1 1.6 —. 1 -1.0 — 1.1 -2.2 -.8 18 19 Mortgages -.1 -.1 .8 .9 1.1 .9 1.1 1.3 1.5 1.0 .7 .4 .8 .8 19 20 Other loans 2.9 2.9 2.8 3.8 3.9 4.0 2.1 4.9 3.9 3.8 3.1 2.6 3.7 3.9 20 Excess of tax accruals 21 Over receipts 1.1 1.2 -.7 -4.6 3.3 1.4 1.2 10.9 1.8 -1.4 2.0 6.7 -4.2 .7 21 22 Other financial assets 5 .1 .5 1.3 1.8 2.5 2.6 2.7 3.3 4.5 1.0 1.0 .9 4.1 2.1 22 23 Net increase in liabilities 7.3 3.8 5.5 15.3 15.6 32.7 22.5 23.0 9.5 32.3 -2.2 — 1.5 -21.3 12.3 23 24 U.S. Govt, securities 6.4 1.7 3.5 13.0 13.4 31.6 20.3 20.2 9.3 29.3 -5.4 -3.6 -23.0 10.5 24 25 Savings bonds—households.. .9 .6 .6 .9 .5 .7 .9 .2 .3 .8 .7 -.5 -.4 -.7 25 26 Direct excl. svgs. bds 4.5 .7 1.8 8.0 9.8 30.9 15.7 19.1 4.6 23.7 -8.1 -3.6 -21.3 17.1 26 27 Budget agency sec. <> 1.0 .4 1.2 4.1 3.0 * 3.7 .9 4.4 4.9 2.0 .5 -1.3 -5.8 27 28 Life & retirement reserves 1.4 1.4 1.4 1.4 1 .3 1.1 1.8 1.5 1.8 .9 1.0 1.9 1.2 2.4 28 29 Other liabilities -.5 .7 .6 .9 .9 * .3 1.3 -1.7 2.0 2.2 .2 .5 -.7 29 30 Discrepancy (13-14) -1.6 .6 -1.5 -1.3 -.2 -1.5 -2.7 -.6 -.8 -.6 1.3 -.6 -2.7 -2.1 30 31 Memo: Corp. tax receipts, net 25.3 28.1 32.8 35.1 35.0 28.7 30.8 26.1 36.3 39.9 37.7 34.0 45.2 39.1 31 Federally sponsored credit agencies6 1 Current surplus .1 .1 .1 .1 .1 .i .1 .1 .1 .1 .1 .1 .1 .1 1 2 Net increase in assets .7 2.3 5.3 -.1 3.2 * 2.2 6.3 4.0 1.0 1.6 5.3 6.9 11.4 2 3 Credit mkt. instruments .7 2.2 5.1 -.1 3.2 -.3 2.2 6.0 4.0 1.2 1.7 4.8 6.5 10.4 3 4 U.S. Govt, securities -.4 1 1.0 * -.1 -2.1 -1.6 . l .3 -.4 -.5 -1.5 * -1.0 4 5 Residential mortgages -.1 i5 1.9 1.1 1.6 1.8 1.9 2.2 2.1 1.1 1.1 1.7 2.2 4.9 5 6 Farm mortgages .4 .6 .7 .7 .5 .7 .7 .6 .6 .4 .4 .6 .8 .6 6 7 Other loans .8 1.0 1.6 -1.8 1.2 -.7 1.1 3.1 1.0 . 1 .6 4.0 3.6 5.8 7 8 To coops (BC) .1 . 1 .2 .2 . 1 .3 .2 .2 —. 1 * . 1 .2 .2 -.1 8 9 To farmers (FICB) .1 .3 .4 .5 .2 .3 .6 .4 .2 * .3 .6 .6 .4 9 10 To S & L's (FHLB) .5 .7 .9 -2.5 .9 -1.3 .3 2.4 .8 * .2 3.1 2.7 5.6 10 11 Net increase in liabilities .7 2.2 5.2 -.2 3.2 .2 2.0 5.8 4.3 1.5 1.3 4.5 6.9 12.8 11 12 Credit mkt. instr .4 2.3 4.8 -.6 3.5 1.2 2.2 5.6 4.1 1.7 2.5 3.9 7.6 12.3 12 13 Agency securities .3 2.1 5.1 -.6 3.2 .1 3.7 5.2 3.7 1.8 2.1 5.0 7.6 12.3 13 14 U S. Govt, loans .1 .2 - .2 .2 1.0 -1.5 .3 .4 .4 -1.1 14 15 Miscellaneous liabilities .3 * .4 !5 -.3 -.9 -.2 .3 .2 -'.2 -1.3 .6 -.7 .5 15 For notes see p. A-159.3. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 71.6 FLOW OF FUNDS o FEBRUARY 1970 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1967 1968 1969 CCaatteeggoorryy 1964 1965 1966 1967 1968 III IV I II III IV I II III Monetary authorities i 1 Current surplus -.5 * * * * * * * * * * * * * 1 2 Net acquis, of financial assets 3.4 2.3 4.2 4.8 3.8 4.5 7.4 1.8 1.8 3.9 7.6 -.7 .8 6.5 2 3 Gold and foreign exchange 2 * -1.3 -.3 -.5 -1.2 .4 -.8 -6.2 -2.6 1.1 3.1 * -.9 2.0 3 4 Treasury currency -.2 .2 .7 .5 .2 .5 .2 .7 -.3 . i .3 -.4 .2 4 5 F.R. float * -.4 .3 * 1.0 .3 —. 1 1.7 .4 -5.0 66..99 -3.8 . 1 .9 5 6 F.R. loans to domestic banks.. .. .1 —. 1 . 1 * * -.6 .9 1.4 -1.9 .6 3.0 -.3 * 6 7 Credit mkt. instruments 3.4 3.8 3.5 4.8 3.7 3.9 7.3 4.3 6.3 7.2 -2.9 * 2.3 3.4 7 8 U.S. Govt, securities 3.5 3.7 3.5 4.8 3.8 3.8 7.3 4.5 6.2 7.4 -2.8 * 2.3 3.4 8 9 Net increase in liabilities 3.8 2.2 4.2 4.7 3.8 4.5 7.4 1.8 1.8 3.9 7.6 -.7 .8 6.4 9 10 Member bank reserves 1.0 .4 1.3 1.2 .9 4.1 1.4 2.9 -1.6 -.8 2.9 1.2 -5.4 4.0 10 11 Vault cash of coml. banks 3 -.4 .3 .6 .5 1.3 1.6 2.9 -3.3 1.7 33..77 22..99 --55..11 11..55 22..77 1111 Demand deposits and currency 12 U.S. Government .2 * .2 .9 -1.1 -2.1 2.3 -3.5 -.5 --..33 * .2 -.2 -.7 12 13 Foreign 4 . 1 -.1 .2 * . 1 -.1 * .4 -.2 . 1 -.2 * -.1 13 14 Currency outside banks 2.4 2.1 2.0 2.1 2.4 1.3 .5 3.7 3.1 1.0 1.9 3.7 3.4 .9 14 15 Other . 1 * * .2 -.2 .1 1.5 -.8 .2 -.2 -.5 1.5 -.4 15 Commercial banks 5 1 Current surplus 1.9 2.1 2.5 2.8 3.3 2.8 3.0 3.1 3.2 3.6 3.4 3.5 3.6 3.8 1 2 Net acquisition of financial assets. .. 23.6 30.5 20.1 39.9 43.2 56.5 41.0 20.4 25.5 71.9 55.2 8.6 15.0 16.6 2 3 Total loans and investments 22.4 29.1 16.8 37.0 39.2 49.6 35.1 19.4 23.5 66.9 47.0 7.6 16.6 1.5 3 4 Credit market instruments 21.9 29.0 16.2 35.5 38.0 40.3 35.4 25.1 23.3 52.2 51.2 15.7 15.0 2.1 4 5 U.S. Govt, securities6 .4 -2.3 -3.6 9.4 2.8 19.0 1.3 4.2 -2.2 12.2 -3.1 -10.1 -15.9 -9.2 5 6 Direct -.2 -3.1 -3.4 6.3 1.7 16.8 -2.2 3.5 -1.8 9.8 -4.9 -9.6 -15.8 -4.9 6 7 Agency issues * 1.1 * .3 1.1 1.3 1.2 .8 * 1.3 2.2 -1.6 -.6 -.4 7 8 Loan partic. ctfs .6 -.3 -.2 2.9 * .9 2.2 -• 1 -.4 1.1 -.4 1.2 .6 -3.9 8 9 Other securities & mtg 8.2 10.6 6.6 14.3 15.7 11.6 16.6 11.7 9.6 18.7 22.7 7.1 8.0 4.8 9 10 State and local oblig 3.6 5.1 1.9 9.0 8.7 5.4 10.1 4.9 2.9 12.3 14.7 -.5 2.5 1.9 10 11 Corporate bonds . 1 -.1 . 1 .8 .3 .4 .4 .3 .3 .2 .4 -.4 -.3 -.3 11 12 Home mortgages 2.3 3.1 2.4 2.4 3.5 3.3 3.3 3.3 3.3 3.4 3.9 4.4 3.1 11..44 12 13 Other mortgages 2.2 2.5 2.3 2.2 3.2 2.6 2.8 3.2 3.2 2.7 3.6 3.6 2.8 11..88 13 14 Other credit exc. security. . . 13.4 20.7 13.3 11.7 19.5 9.6 17.5 9.1 15.9 21.4 31.6 18.7 22.9 6.5 14 15 Consumer credit 3.8 4.6 2.6 1.8 4.9 2.8 2.3 4.0 3.6 6.0 5.9 3.3 4.0 2.9 15 16 Bank loans n.e.c 8.8 16.6 9.1 7.5 15.7 4.9 12.4 8.0 13.6 16.2 24.9 15.7 18.7 4.1 16 17 Open market paper .7 -.5 1.6 2.4 -1.1 1.9 2.8 -2.9 -1.4 -.9 .8 -.4 .2 -.4 17 18 Security credit .5 . l .5 1.5 1.3 9.3 -.3 -5.6 .2 14.7 -4.2 -8.1 1.6 -.6 18 19 Vault cash & mem. bk. res .6 .7 1.9 1.7 2.1 5.6 4.3 -.4 .2 2.9 5.8 -3.9 -3.9 6.7 19 20 Misc. assets .6 .7 1.4 1.2 1.9 1.3 1.6 1.3 1.8 2.1 2.4 5.0 2.3 8.4 20 21 Net increase in liabilities 22.0 29.2 18.9 38.2 41.4 55.6 37.2 19.1 23.8 70.0 52.7 7.2 12.1 15.6 21 22 Demand deposits, net 4.8 5.6 .3 11.3 9.3 31.3 13.9 -4.4 -2.2 38.3 5.3 -1.2 -8.5 24.0 22 23 U.S. Government * -1.0 -.5 .2 -.2 16.2 1.5 -2.2 -15.7 26.6 -9.6 -4.6 -9.2 15.5 23 24 Other 7 4.9 6.6 .8 11.1 9.5 15.1 12.4 -2.2 13.5 11.7 14.9 3.4 .7 8.4 24 25 Time deposits 14.5 20.0 13.3 23.8 20.6 22.6 16.3 16.3 6.2 32.3 27.5 -9.1 -10.3 -21.6 25 26 Large neg. CD's 2.7 3.8 -.8 4.7 2.5 3.4 1.3 .9 -5.1 12.0 2.2 -16.7 -15.4 -12.3 26 27 Other 11.8 16.2 14.0 19.1 18.1 19.3 15.0 15.4 11.3 20.3 25.3 7.6 5.1 -9.3 27 28 F.R. float * -.4 .3 * 1.0 .3 -. 1 1.7 .4 -5.0 6.9 -3.8 j .9 28 2 3 9 0 B Se o c r u ro ri w ty i n i g ss u at e s F .R. Banks . . 6 1 — . . 8 1 . . 1 1 .2 * .2 * -.6 * . . 9 1 1.4 • -1. . 9 7 . . 2 6 -.1 . i 3 . .0 J — . 3 1 3 * * 2 3 9 0 31 Other liabilities 2.0 3.2 5.0 2.9 10.3 2.0 6.1 4.0 20.7 3.6 12.9 18.1 30.8 12.3 31 32 Discrepancy * .4 .8 .7 .9 1.8 -.9 1.2 .9 1.1 .4 1.3 * 2.1 32 For notes see p. A-71.9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • FLOW OF FUNDS A 71.7 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1967 1968 1969 CCaatteeggoorryy 1964 1965 1966 1967 1968 III IV I II III IV I II III Private nonbank financial institutions—Total 1 1 Current surplus 1.2 1.4 1.6 1.4 A 1.4 .5 -.4 .8 .1 -.2 -2.6 .8 .4 2 Physical investment (life ins.).. . .5 .4 .5 .6 \l .7 .7 .7 .7 .8 .7 .8 .8 .8 2 3 Net acquis, of financial assets. . . 39.8 41.3 34.9 44.4 49.0 57.3 39.1 42.0 49.6 58.4 45.8 36.9 60.3 52.2 3 4 Dem. deposits and currency. . .4 .3 -.1 1.0 1.0 .7 1.4 -1.4 1.6 2.5 1.3 -1.6 .2 * 4 5 Time deposits (MSB) .1 * • * .1 -.3 -.3 1 .2 -.2 -.2 5 6 Svgs. and loan shares (Cr. union) .1 * -.2 .3 -.2 .2 -.2 -.1 .5 — .3 -i.'o .3 . 1 -.2 6 7 Credit mkt. instr 37.9 39.0 33.2 37.1 44.9 53.4 30.7 45.4 40.7 54.2 39.2 43.4 59.6 56.2 7 8 U.S. Govt, securities 2.2 -.1 .4 -.9 1.6 3.9 -2.1 4.1 7.4 4.5 -9.7 -2.7 7.1 -4.8 8 9 State and local oblig * -.5 .8 1.2 1.0 .4 1.6 .9 2.2 .2 .6 .6 .2 1.0 9 10 Corporate and fgn. bonds... 6.2 7.4 8.0 11.0 9.4 16.7 8.9 8.8 6.2 14.2 8.5 6.7 6.7 12.4 10 11 Corporate stocks 3.9 5.7 5.9 9.0 9.7 14.3 5.3 5.7 5.9 14.7 12.6 9.6 12.9 13.7 11 12 Home mortgages 13.0 12.0 5.1 8.0 8.6 9.5 9.9 6.7 7.4 8.2 12.0 10.2 10.7 7.3 12 13 Other mortgages 7.8 7.8 6.8 6.8 7.1 7.1 6.8 6.3 6.2 7.0 8.8 5.7 6.0 6.7 13 14 Consumer credit 3.0 3.8 2.9 1.4 3.8 1.0 1.9 3.0 3.9 3.9 4.4 4.3 5.1 3.4 14 15 Other loans 1.7 2.9 3.3 .6 3.7 .4 -1.6 9.9 1.5 1.4 2.0 9.1 10.8 16.6 15 16 Security credit -.5 .2 -.1 2.8 2.0 3.3 5.0 -.7 6.0 -.2 5.0 -7.3 -.2 -4.8 16 17 Trade credit .2 .2 .2 .3 .3 .3 .3 .3 .3 .3 .3 .3 .3 .3 17 18 Miscellaneous assets 1.7 1.7 2.0 2.9 .9 -.3 2.2 .5 .4 1.9 1.0 2.0 .5 .7 18 19 Net increase in liabilities 39.1 40.6 34.7 44.6 48.7 57.4 43.4 42.8 47.4 58.3 46.2 41.6 59.5 51.9 19 20 Time and svgs. accounts 15.9 13.1 7.0 17.0 12.4 18.0 11.9 12.9 12.9 11.5 12.4 14.7 9.6 5.7 20 21 Insurance and pension res.... 13.9 15.7 16.7 18.7 18.2 19.8 18.6 16.4 17.5 19.1 19.6 17.6 20.2 21.4 21 22 Credit mkt. instr 6.2 9.1 6.6 1.7 11.4 5.4 5.8 13.7 10.5 7.7 13.7 16.4 20.9 21.6 22 23 Finance co. bonds 2.1 1.9 .8 1.0 .8 1.6 1.1 .9 .8 .7 .9 1.2 2.4 1.6 23 24 Investment co. shares 1.9 3.1 3.7 2.5 4.7 3.1 2.7 6.7 2.5 4.8 5.0 9.0 3.9 4.5 24 25 Mtg. loans in process -.3 * -.9 1.0 .2 1.5 1.0 .2 . 1 -. 1 .6 .8 .3 -.4 25 26 Bank loans n.e.c .5 2.4 -1.3 -2.1 2.3 .3 -3.5 1.5 2.8 2.7 2.4 . 1 2.5 -1.2 26 27 Other loans 2.0 1.7 4.3 -.7 3.3 -1.1 4.5 4.5 4.4 -.5 4.9 5.3 11.8 17.2 27 28 Finance co. paper 1.5 1.0 3.4 1.8 2.5 .2 4.2 2.1 3.6 -.5 4.6 2.2 9.1 11.6 28 29 FHLB loans .5 .7 .9 -2.5 .9 -1.3 .3 2.4 .8 * .2 3.1 2.7 5.6 29 30 Security credit * .6 2.1 2.0 8.8 1.2 -4.8 1.7 13.7 -2.5 -12.5 1.8 -2.6 30 31 Taxes payable * .2 * -. 1 * .3 _. j -. 1 . 1 . 1 * .2 -. 1 .4 31 32 Miscellaneous liabilities 3.1 2.6 3.8 5.2 4.6 5.2 5.9 4.7 4.6 6.2 3.1 5.3 7.1 5.6 32 33 Discrepancy .2 .8 .9 -.9 .9 4:1 -.3 -2.1 -.7 -.6 1.4 -.7 -.7 33 Savings and loan associations 1 Net acquis, of financial assets. . 11.8 10.2 4.6 9.7 9.3 12.6 8.0 10.7 9.9 8.9 7.6 14.4 11.6 9.3 1 2 Demand deposits & currency * * -.5 -.3 -.4 -.4 -.3 -.4 -.8 -.6 . 1 * -1.2 -.2 2 3 Credit mkt. instr 11.0 9.6 4.2 9.2 10.0 14.0 8.2 11.8 11.8 9.0 7.5 13.7 14.3 10.0 3 4 U.S. Govt, securities .6 .5 .4 1.6 .6 4.3 -2.2 3.5 3.2 -.2 -3.9 3.5 3.4 1.0 4 5 Home mortgages 8.1 7.1 2.9 6.0 7.2 7.8 8.7 6.5 6.5 6.9 8.9 8.7 9.1 7.5 5 6 Other mortgages 22..33 11..99 .9 1.5 2.1 1.9 1.9 1.8 2.0 2.2 2.4 1.6 1.6 1.6 6 7 Consumer credit .. 11 .. 11 * * . 1 * -. 1 * .1 . 1 . 1 * . 1 * 7 8 Misc. financial trans .8 .6 .9 .8 -.3 -1.0 .1 -.7 -1.0 .5 * .8 -1.4 -.5 8 9 Net increase in liabilities....... 11.1 9.4 4.0 9.3 8.5 12.1 7.5 10.2 9.2 8.4 6.3 14.0 10.6 8.8 9 10 Savings shares 10.6 8.5 3.6 10.7 7.3 11.9 6.5 7.7 7.6 7.2 6.8 8.8 5.6 3.2 10 11 Credit mkt. instr .3 .8 . 1 -1.7 1.1 .2 1.7 2.2 1.2 -. 1 1.3 3.6 3.1 5.4 11 12 Mtg. loans in process -.3 * -.9 1.0 .2 1.5 1.0 .2 . i -.1 .6 .8 .3 -.4 12 13 Borrowing from FHLB. . . .5 .7 .9 -2.5 .9 -1.3 .3 2.4 .8 * .2 3.1 2.7 5.6 13 Mutual savings banks 1 Net acquis, of financial assets 3 4.5 4.0 2.8 5.4 4.6 5.5 3.4 4.9 4.8 4.5 4.0 4.7 3.9 1.8 ! 2 Credit mkt. instr 4.4 3.9 2.7 5.2 4.3 6.0 3.9 4.9 4.3 3.8 4.3 4.7 3.9 1.3 2 3 U.S. Govt, securities * -.3 -.5 -.3 -.3 -.1 .2 .2 .6 -.8 -1.1 . 1 -. 1 -1.2 3 4 State and local govt. sec.. * -.1 -.1 * * * 1 * -.1 * * * * 4 5 Corporate bonds -.2 -. 1 .3 2.1 1.4 2.8 .4 1.7 1.1 1.2 1.6 .8 -.3 5 6 Corporate stocks . 1 .2 * .2 .3 .3 .2 .2 .2 .3 .3 .3 .3 .3 6 7 Home mortgages 2.7 2.7 1.6 1.8 1.4 1.7 1.6 1.0 1.2 1.4 2.1 1.6 1.5 1.1 7 8 Other mortgages 1.7 1.4 1.1 1.4 1.4 1.7 1.4 1.2 1.1 1.4 1.7 1.3 1.2 1.0 8 9 Savings deposits 4.2 3.6 2.6 5.1 4.1 5.0 4.2 4.4 4.0 3.4 4.5 4.1 2.8 1.2 9 10 Miscellaneous liabilities.... * .1 * .2 .1 . 1 .1 .5 .2 * .4 * 10 -1 Life insurance companies 1 Net acquis, of financial assets 7.8 8.7 8.3 9.4 9.3 9.5 7.6 9.3 10.0 8.9 9.2 10.2 8.0 9.8 j 2 Credit mkt. instruments... 7.4 8.2 8.1 8.4 8.6 9.2 7.6 9.4 9.1 7.4 8.6 9.9 8.0 9.6 2 3 U.S. Govt, securities -.3 -.4 -.3 -.3 -.2 -.3 -.2 .2 -.6 * -.5 -.8 -.3 -.5 3 4 State and local oblig.. .. -. 1 -.3 -.4 -.1 * -.2 .2 * .7 -.7 .2 .6 -.1 . 1 4 5 Corporate bonds 2.3 2.8 2.4 3.8 3.8 4.5 4.9 4.4 3.9 3.0 3.8 3.5 2.7 2.2 5 6 Corporate stock .5 .7 .3 1.1 1.4 1.1 1.5 1.3 1.5 1.3 1.7 1.9 1.8 1.1 6 7 Home mortgages 1.2 1.1 .6 -.5 -.7 -.6 -.7 -.6 -.6 -.8 -1.0 -.7 -.5 -.8 7 8 Other mortgages 3.4 3.8 4.0 3.4 3.2 3.2 3.1 2.6 2.6 3.4 4.2 2.5 2.7 3.2 8 9 Other loans .4 .6 1.5 1.0 1.1 1.4 -1.2 1.5 1.5 1.3 .2 2.9 1.7 4.2 9 10 Net increase in liabilities 7.1 7.9 7.9 9.0 9.1 9.6 9.4 9.2 9.0 9.0 9.2 10.5 8.1 9.4 10 11 Life insurance reserves.... 4.2 4.7 4.5 4.7 4.6 4.8 4.7 4.6 4.6 4.5 4.5 5.3 3.7 4.5 11 12 Pension fund reserves 2.0 2.1 2.1 2.6 2.9 2.7 2.7 2.8 2.9 3.0 3.0 3.4 2.6 3.0 12 13 Other liabilities .8 1.2 1.2 1.8 1.5 2.0 2.0 1.6 1.5 1.5 1.7 1.8 ,.9 1.7 13 Digitized for FRAFoSr EnRot es see p. A-71.9. http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 71.8 FLOW OF FUNDS • FEBRUARY 1970 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1967 1968 1969 CCaatteeggoorryy 1964 1965 1966 1967 1968 III IV I II III IV I II III Private pension funds ! Net acquis, of financial assets 4.9 5.6 6.1 6.7 6.4 7.2 7.0 5.1 6.1 7.0 7.3 4.3 7.8 6.8 1 2 Demand deposits and currency... . 1 * * .4 .3 .3 1.1 -.8 .7 .8 .6 -1.6 1.6 -.6 2 3 Credit mkt. instruments 4.5 5.2 5.5 5.4 5.8 6.4 4.3 5.6 5.1 5.9 6.7 5.5 5.0 77..33 3 4 U.S. Govt, securities . 1 * -.5 -.6 .5 -.2 -.8 .7 .5 .7 .7 -.6 11..11 4 5 Corporate bonds 1.6 1.5 1.9 .9 .7 1.3 .5 .9 .7 .3 -1.2 .9 1.5 5 6 Corporate stock 2.2 3.1 3.7 5.0 4.7 5.0 4.6 4.0 4.1 5.0 5.7 5.8 4.8 4.5 6 7 Mortgages .5 .6 .5 .1 * .3 * * -.2 * * . 1 .2 7 8 Miscellaneous .3 .3 .6 .8 .2 .5 1.6 .3 .3 .2 .1 .3 1.2 . 1 8 State and local govt, employee retirement funds 1 Net acquis, of financial assets 2.8 3.3 4.0 4.6 4.3 5.2 4.2 3.9 3.9 4.6 4.7 4.6 6.1 7.0 ! 2 Demand deposits and currency... * * .1 . 1 .1 . 1 .1 .1 * .4 .1 -.2 -.6 .5 2 3 Credit mkt. instruments 2.8 3.3 3.8 4.5 4.1 5.0 4.1 3.7 3.9 4.1 4.6 4.7 6.6 6.4 3 4 U.S. Govt, securities .6 .4 .2 * • . i -.9 .2 . J -.4 .3 -.5 .5 .4 4 5 Direct . 5 . 2 j -.2 — .4 --11..00 — .2 —. 3 — .9 —. 3 — .6 ..44 5 6 U.S. Govt, agency sec * .2 [ 1 .2 .4 . i ..11 .4 .4 .4 .5 ..11 .4 6 7 State and local obligations -.4 -.3 —. 1 —. 1 —. 1 -.1 -.1 .1 -.3 * -.2 -A -.2 —. l 7 8 Other cr. mkt. instruments.... 2.6 3.2 3.8 4.6 4.1 5.1 5.1 3.3 4.1 4.6 4.5 5.2 6.3 6.1 8 9 Corporate bonds 1.9 2.1 2.5 3.4 2.4 4.0 4.0 1.7 2.5 3.2 2.3 3.6 3.9 3.4 9 10 Corporate stock .3 .4 .5 .7 1.3 .8 .8 1.1 1.1 1.3 1.7 1.2 2.0 1.9 10 11 Mortgages .5 .7 .8 .5 .4 .3 .3 .6 .5 .1 .5 .4 .4 .8 11 12 Other . 1 .1 . 1 .1 .1 . 1 .1 .1 .1 .1 .1 12 -1 -1 -1 Other insurance companies 1 Current surplus -.3 -.1 .5 .4 .1 .4 .4 .2 . 1 * -.1 -.1 -.1 -.1 1 2 Net acquis, of financial assets 1.0 1.2 2.1 2.3 3.4 2.2 2.8 3.2 3.3 3.5 3.5 2.3 3.1 3.1 2 3 Demand deposits and currency... * -.1 * * .1 —. 1 • * . 1 .1 * * 3 4 Credit mkt. instruments .9 1.1 1.9 2.1 3.0 2.0 2.5 2.8 2.9 3.0 3!l 1.9 2.8 2'. 9 4 5 U.S. Govt, securities . 1 * -.4 -.7 -.3 -.7 -.3 * * -.5 -.6 -.3 1.0 -2.5 5 6 State and local oblig .4 .4 1.3 1.4 1.0 1.4 1.4 1.0 1.0 1.0 1.0 .9 .5 .9 6 7 Corporate bonds .3 .6 .6 .7 1.2 .8 .7 1.1 1.1 1.2 1.2 -.4' -.8 3.1 7 8 Corporate stock .1 .1 .4 .6 1.1 .6 .7 .7 .8 1.3 1.5 1.7 2.0 1.3 8 9 Commercial mortgages * * * • * _ J * * * * * * * 9 10 Trade credit .2 .2 .2 .3 .3 !3 .3 .3 .3 .3 .3 .3 .3 .3 10 11 Net increase in liabilities 1.2 1.6 1.8 2.1 2.3 2.2 2.2 1.9 2.4 2.4 2.5 2.6 2.7 2.8 11 12 Discrepancy .3 .2 -1.0 .4 -1.0 -.8 -1.1 -1.1 .3 -.4 -.4 12 , -1 "-1 , Finance companies Net acquis, of financial assets 3.9 5.4 2.6 .9 5.5 2.2 .9 4.1 7.1 3.0 7.6 3.6 14.0 11.8 2 Demand deposits and currency .2 .2 .2 .2 .2 .2 .2 .2 .2 .3 . 3 . 3 . 3 2 3 Home mortgages .4 .5 -.6 .4 .6 .2 .2 -.3 .4 .5 1.9 .4 .7 -.8 3 4 Consumer credit 2.1 2.6 1.8 .6 2.4 .5 .8 1.8 2.9 2.4 2.3 2.7 3.8 2.0 4 5 Other loans (to bus.) 1.4 2.0 1.2 -.4 2.2 1.2 -.4 2.4 3.6 -•1 3.2 .2 9.1 10.4 5 6 Net increase in liabilities 4.1 5.2 2.8 .9 5.5 2.0 1.5 4.8 6.9 3.0 7.4 3.7 13.9 11.7 6 7 Corporate bonds 2.1 1.9 .8 1.0 .8 1.6 1.1 .9 .8 .7 .9 1.2 2.4 1.6 7 8 Bank loans n.e.c ..5 2.2 -1.4 -2.0 2.3 .3 -3.9 1.9 2.5 2.8 1.9 .4 2.3 -1.4 8 9 Open market paper 1.5 1.0 3.4 1.8 2.5 .2 4.2 2.1 3.6 -.5 4.6 2.2 9.1 11.6 9 Open-end investment companies 1 Current surplus -.8 -1.1 -1.2 -1.4 -2.2 -1.4 -2.3 -2.7 -1.5 -2.2 -2.5 -5.0 -1.6 -2.0 1 2 Net acquis, of financial assets 1.1 2.0 2.5 1.1 2.5 1.7 .4 4.0 .9 2.7 2.5 4.1 2.4 2.5 2 3 Demand deposits and currency... .1 .1 * .2 .1 -.1 .2 —. 1 .4 -.2 .3 —. l -.5 3 4 Credit mkt. instr 1.0 2.0 2.5 .9 2.4 1.8 . 1 4.1 .5 2.8 2.2 4.1 2.4 3.0 4 5 U.S. Govt, securities * * .6 -.5 .2 -.8 .9 * .5 1.4 -1.0 -.7 -1.6 * 5 6 Corporate bonds .4 .4 .4 * .4 —. 1 -.2 -.5 1.0 .4 .9 .5 .5 -.4 6 7 Corporate stocks .7 1.2 1.0 1.5 1.5 3.3 — 1.1 -1.0 2.4 1.0 3.4 -1.1 3.3 1.9 7 8 Open mkt. paper -.1 .3 .5 * .3 -.6 .5 5.6 -3.5 * -1.0 5.4 .2 1.5 8 9 Net stock issues 4 1.9 3.1 3.7 2.5 4.7 3.1 2.7 6.7 2.5 4.8 5.0 9.0 3.9 4.5 9 For notes see p. A-71.9. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • FLOW OF FUNDS A 71.9 4. SECTOR STATEMENTS OF SOURCES AND USES OF FUNDS—Continued (In billions of dollars) 1967 1968 1969 1964 1965 1966 1967 1968 III IV I II III IV I II III Rest of the world ] Net U.S. exports 8.5 6.9 5.3 5.2 2.5 5.6 3.8 1.9 3.4 3.6 1.2 1.5 1.6 2.6 ! 2 U.S. exports 37.1 39.2 43.4 46.2 50.6 46.3 46.7 47.7 50.7 53.4 50.6 47.6 57.1 57.8 2 3 U.S. imports 28.6 32.3 38.1 41.0 48.1 40.7 42.8 45.9 47.3 49.7 49.4 46.1 55.5 55.2 3 4 Transfer receipts from U.S 2.8 2.8 2.8 3.0 2.9 3.3 2.6 2.5 2.8 3.1 3.1 2.4 2.8 2.6 4 5 Current account balance -5.7 -4.1 -2.4 -2.2 .3 -2.3 -1.3 .7 -.6 - .6 1.9 1.0 1.2 5 6 Net financial investment -4.8 -3.7 -2.0 -1.1 1.2 -1.5 -.6 2.5 .4 -.8 2.8 6.0 5.8 3.9 6 7 Net acquis, of financial assets 3.4 1.9 3.3 7.6 8.3 8.0 14.1 8.8 7.0 7.0 10.5 12.4 14.8 13.3 7 8 Gold .1 1.7 .6 1.2 1.2 .4 4.0 5.4 .1 -.3 -.5 .2 -1.3 * 8 9 U.S. dem. dep. and currency... .5 .3 -1.0 .6 -.2 .9 .7 .6 -.7 -.7 -.2 -.5 -.1 -2.9 9 10 Time deposits 1.4 .6 .8 1.4 * .8 1.2 -.7 -.4 1.0 -.1 -.1 -.8 1.4 10 11 U.S. Govt, securities .5 -.2 -2.4 2.1 -.5 -.1 4.5 -2.0 -4.7 .6 4.2 -4.2 -2.4 6.7 11 12 Other credit market instr.1. . .. .1 — l .6 .8 2.8 2.2 * 1.2 2.5 2.5 5.0 3.9 2.7 2.5 12 13 Other financial assets 2 .9 -!3 4.7 1.6 5.1 3.8 3.7 4.2 10.2 3.8 2.1 13.0 16.7 5.6 13 14 Net increase in liabilities 8.2 5.6 5.3 8.7 7.1 9.4 14.7 6.3 6.6 7.8 7.7 6.4 9.1 9.4 14 15 Official U.S. fgn. exchange 3. .. * .4 * 1.1 2.1 1.9 4.8 1.8 .6 2.0 3.7 .4 -.1 2.8 15 16 Securities .7 .8 .5 1.3 1.3 1.6 1.4 1.4 .5 1.1 2.0 1.4 1.6 2.0 16 17 Loans 4 4.3 1.9 1.1 2.8 1.7 2.2 1.9 3.0 1.5 1.5 .9 2.3 4.8 .4 17 18 Other liabilities 5 3.3 2.5 3.8 3.5 2.1 3.7 6.6 * 4.0 3.2 1.1 2.2 2.8 4.3 18 19 Discrepancy 6 -.9 -.3 -.4 -1.0 -.9 -.8 -.7 -1.9 -1 .0 .2 -.8 -5.0 -4.6 -3.9 19 U.S. gold & net fgn. exchg. held by: 20 Monetary auth • -1.3 -.3 -.5 -1.2 .4 -.8 -6.2 — 2.6 1.1 3.1 * -.9 2.0 20 21 U.S. Treasury -.2 .1 -.2 .4 2.0 1.1 1.6 2.6 3.2 1.2 1.2 .2 2.1 .8 21 Notes to Table 4 cooperatives, and Federal National Mortgage Association (before 1969, secondary market operations only). Households 1 Includes personal trusts and nonprofit organizations. Banking 2 Imputed saving associated with growth of government life insurance 1 Federal Reserve System plus those Treasury accounts included in and retirement reserves. "Member Bank Reserves, Federal Bank Credit, and Related Items" 3 From open-end investment companies. (p. A-4). Excludes Exchange Stabilization Fund, which is in U.S. Govt, 4 Policy loans, hypothecated deposits, and U.S. Govt, loans to nonprofit accounts. organizations. 2 Includes F.R. holdings of foreign currencies, which are net in other F.R. accounts in table mentioned in note 1. Business 3 Includes vault cash of nonmember banks. 1 Excludes imputed rental income from owner-occupied houses. 4 IMF deposits are net in line 3. 2 Change in work in process. 5 Based on balance sheet estimates for last day of quarter. Reported 3 After inventory valuation adjustment. bank data, as on p. A-19, are frequently for last Wednesday of month or 4 Excludes CCC-guaranteed loans, treated as U.S. Govt, purchases on other reporting date. Excludes banks in U.S. possessions. NIA basis. 6 Net change in par value of holdings. 5 Includes corporate farms. 7 Net of F.R. float, shown separately in line 28. 6 Noncorporate net income is treated as payment in full to proprietors in the household sector. Gross saving consists of capital consumption Nonbank finance allowances plus corporate farm retained profits. 1 In addition to types shown, inlcudes credit unions, agencies of foreign 7 Loans from U.S. Govt, and commercial loans from finance companies. banks, security brokers and dealers, and banks in possessions. 8 Includes earnings retained in business; see note 6 above. 2 Excludes deposits at FHLB, which are included in Miscellaneous, 9 Direct investments abroad, foreign currency holdings, and unallocated line 8. current assets. 3 Includes cash and other assets, not shown separately. 10 Commercial paper, commercial loans from finance companies, and 4 Includes retained capital gains dividends. U.S. Govt, loans. 11 Includes State and local profit taxes. Rest of the world 1 Corporate securities and acceptances. Governments 2 Trade credit, direct investment in the United States, bank liabilities to 1 Retirement funds are on p. A-71.8. foreign branches, deposits at agencies of foreign banks, security credit, 2 Unified budget basis for all years. Excludes sponsored agencies shown and unallocated assets. below. 3 Includes net IMF position. 3 Govt, life insurance, employee retirement, and R.R. retirement 4 Bank loans, acceptances, and loans from U.S. Govt. programs. 5 Trade debt, direct investment abroad, foreign currencies other than in 4 Securities of sponsored credit agencies only. line 15, subscriptions to international organizations except IMF, and 5 Mainly nonconvertible foreign currencies and official foreign exchange unidentified liabilities. position of Treasury. 6 Errors and omissions in U.S. balance of payments statement. 6 Home loan banks, land banks, intermediate credit banks, banks for Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 72 U.S. BALANCE OF PAYMENTS a FEBRUARY 1970 1. U.S. BALANCE OF PAYMENTS (In millions of dollars) 1968 1969 Item 1966 1967 1968 II III IV I II III* 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 i 43,360 46,188 50,594 12,668 13,344 12,653 11,913 14,245 14,548 Merchandise 29,389 30,681 33,598 8,395 8,879 8,383 7,469 9,588 9,560 Military sales 829 1,240 1,427 353 406 364 418 334 421 Transportation 2,608 2,775 2,924 731 757 720 618 816 843 Travel 1,590 1,646 1,770 424 450 456 503 515 540 Investment income receipts, private 5,659 6,234 6,934 1,768 1,828 1,777 1,886 1,918 2,111 Investment income receipts, Govt 593 638 765 205 212 140 234 233 246 Other services 2,693 2,973 3,177 792 812 813 785 841 827 Imports of goods and services—Total. -38,081 -41,011 -48,078 -11,827 -12,435 -12,352 -11,550 -13,942 -13,812 Merchandise -25,463 -26,821 -32,972 -8,131 -8,566 -8,458 -7,572 -9,591 -9,232 Military expenditures -3,764 -4,378 -4,530 -1,116 -1,143 -1,169 -1,204 -1,208 -1,198 Transportation -2,922 -2,990 -3,248 -786 -841 -836 -742 -876 -927 Travel -2,657 -3,195 -3,022 -732 -792 -735 -810 -844 -871 Investment income payments -2,142 -2,362 -2,933 -742 -770 -749 -892 -1,086 -1,248 Other services -1,133 -1,266 -1,374 -320 -323 -405 -330 -337 -336 Balance on goods and services1 5,279 5,177 2,516 841 909 301 363 303 736 Remittances and pensions -923 -1,196 -1,159 -274 -325 -285 -271 -286 -307 1. Balance on goods, services, remittances and pensions 4,356 3,981 1,357 567 584 16 92 17 429 2. U.S. Govt, grants and capital flow, neit -3,444 -4,224 -3,955 -1,055 -968 -835 -793 -1,155 -1,052 Grants,2 loans, and net change in foreign currency holdings, and short-term claims -4,676 -5,227 -5,347 -1,365 -1,301 -1,254 -1,118 -1,515 -1,239 Scheduled repayments on U.S. Govt, loans.., 803 997 1,123 307 278 250 281 326 341 Nonscheduled repayments and selloffs 429 6 269 3 55 169 44 34 3-154 3. U.S. private capital flow, net -4,310 -5,655 -5,157 -1,537 -1,868 -947 -1,341 -2,002 -1,333 Direct investments -3,639 -3,154 -3,025 -1,009 -1,262 -283 -928 -1,057 -1,095 Foreign securities -481 -1,266 -1,266 -164 -337 -455 -323 -427 -562 Other long-term claims: Reported by banks 337 255 358 49 165 4 133 32 131 Reported by others -112 -281 -174 -32 -57 -119 -66 -32 -15 Short-term claims: Reported by banks -84 -730 -89 194 -255 -124 -51 -533 74 Reported by others -331 -479 -960 -575 -122 30 -106 15 134 4. Foreign capital flow, net, excluding change in liquid assets in U.S 2,532 3,360 8,565 2,517 1,805 2,688 1,633 355 291 Long-term investments 2,156 2,411 5,942 1,461 1,267 1,915 1,708 396 386 Short-term claims 296 499 750 269 236 202 -76 49 101 Nonliquid claims on U.S. Govt, associated with— M U. i S li . ta G ry o v c t o , n g t r r a a n c t t s s and capital -2 3 0 4 5 6 -8 6 4 4 -137 2 1 6 5 -1 - 4 6 1 -2 2 7 - - 8 4 0 -8 6 0 -61* Other specific transactions -12 1 -3 -6 41 -10 -10 28 -20 Other nonconvertible, nonmarketable, medium-term U.S. Govt, securities4 -49 469 2,010 772 409 556 95 -171 -115 5. Errors and unrecorded transactions . -489 -1,007 -642 -480 309 -60 -1,260 -1,088 -891 Balances A. Balance on liquidity basis Seasonally adjusted («= 1+2+3+4+5). -1,357 -3,544 168 99 --113399 886622 --11,,667700 --33,,887711 --22,,555555 Less: Net seasonal adjustments --9966 226699 112244 --339955 --5599 336688 Before seasonal adjustment -1,357 -3,544 168 110055 --440088 773388 --11,,227755 --33,,881122 --22,,992233 B. Balance on basis of official reserve transactions Balance A, seasonally adjusted. -1,357 -3,544 168 9 -139 862 -1,670 -3,871 -2,555 Plus: Seasonally adjusted change in liquid assets in the U.S. of— Commercial banks abroad 2,697 1,272 3,382 2,297 702 -74 2,962 4,801 1,253 Other private residents of foreign countries.. 212 414 374 103 44 223 -23 -144 -147 International and regional organizations other than IMF -525 -214 55 -86 19 43 -88 83 8 Less: Change in certain nonliquid liabilities to foreign central banks and govts 761 1,346 2,341 770 529 687 37 -367 -523 Balance B, seasonally adjusted... 266 -3,418 1,638 1,553 9977 336677 11,,114444 11,,223366 --991188 Less: Net seasonal adjustments. 3 2255 444422 --556677 3344 112200 Before seasonal adjustment 266 -3,418 1,638 1,550 7722 --7755 11,,771111 11,,220022 --11,,003388 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • U.S. BALANCE OF PAYMENTS AND FOREIGN TRADE A 73 1. U.S. BALANCE OF PAYMENTS—Continued (In millions of dollars) 1968 1969 IItteemm 1966 1967 1968 | II III IV I II HIP Transactions by which balances were settled—Not seasonally adjusted A. To settle balance on liquidity basis 1,357 3,544 -168 -105 408 -738 1,275 3,812 2,923 Change in U.S. official reserve assets (in- 568 52 -880 -137 -571 -1,076 -48 -299 --668866 Gold 571 1,170 1,173 22 -74 -137 56 -317 -11 Convertible currencies -540 -1,024 -1,183 267 -474 -575 -73 246 -442 IMF gold tranche position 537 -94 -870 -426 -23 -364 -31 -228 -233 Change in liquid liabilities to all foreign accounts 789 3,492 712 32 979 338 1,323 4,111 3,609 Foreign central banks and govts.: Convertible nonmarketable U.S. Govt. securities5 -945 455 -10 * -49 -61 -25 -10 84 Marketable U.S. Govt, bonds and notes5. -245 48 -379 8 -26 -2 -3 * -9 Deposits, short-term U.S. Govt, securities, etc -582 1,495 -2,707 -2,187 37 550 --11,,668811 -530 2,173 IMF (gold deposits) . 177 22 -3 -11 * 1 -3 -9 Commercial banks abroad 2,697 1,272 3,382 2,205 954 -415 3,142 4,715 1,509 Other private residents of foreign countries. 212 414 374 103 44 223 -23 -144 -147 International and regional organizations other than IMF -525 -214 55 -86 19 4433 -88 83 8 B. Official reserve transactions -266 3,418 -1,638 -1,550 -72 75 -1,711 -1,202 1,038 Change in U.S. official reserve assets (in- 568 52 -880 -137 -571 -1,076 -48 -299 -686 Change in liquid liabilities to foreign central banks and govts, and IMF (see detail above -1,595 2,020 --33,,009999 -2,190 -38 487 -1,708 -543 2,239 Change in certain nonliquid liabilities to foreign central banks and govts.: Of U.S private organizations 793 894 535 150 131 138 -43 -188 -396 Of U.S. Govt -32 452 1,806 627 406 526 88 -172 -119 1 Excludes transfers under military grants. 5 With original maturities over 1 year. 2 Excludes military grants. NOTE.—Dept. of Commerce data. Minus sign indicates net payments 3 Negative entry reflects repurchase of foreign obligations previously sold. (debits); absence of sign indicates net receipts (credits). Details may not 4 Includes certificates sold abroad by Export-Import Bank. add to totals because of rounding. 2. MERCHANDISE EXPORTS AND IMPORTS (In millions of dollars seasonally adjusted) Exports 1 Imports : Export surplus Period 1966 1967 1968 1969 1969 r 1966 1967 1968 Month: Jan... 2,298 2,639 2,814 2,086 1,966 2,317 2,687 2,014 332 322 127 Feb... 2,353 2,582 2,775 2.295 2,013 2,216 2,592 2,653 339 366 184 Mar... 2,530 2,525 32,439 3,197 2,050 2,166 32,589 2,976 480 359 -150 Apr... 2,317 2,608 32,855 3,353 2,091 2,198 32,604 3,173 226 410 251 May.. 2,416 2,549 2,740 3.296 2,061 2,118 2,755 3,276 355 432 -15 June.. 2,485 2,582 2,870 3,211 2,102 2,184 2,792 3,186 383 398 78 July. . 2,469 2,601 2,858 3,169 2,216 2,245 2,725 3,066 253 357 133 Aug... 2,460 2,566 32,950 3,373 2,137 2,145 2,872 3,180 324 421 78 Sept... 2,503 2,597 33,211 3,326 2,288 2,198 2,951 3,055 214 399 261 Oct.. . 2,616 2,415 32,631 3,362 2,303 2,254 2,736 3,222 313 161 -105 Nov... 2,491 2,671 2,972 3,367 2.195 2,396 2,883 3,214 296 275 89 Dec... 2,467 2,677 2,977 3,239 2.196 2,493 2,908 3,007 271 184 70 Quarter: I 7,180 7,745 8,028 7,578 6,029 6,698 7,867 7,643 1,152 1,047 161 I I 7,217 7,739 8,465 9,860 6,253 6,500 8,151 9,635 964 1,240 314 III.... 7,431 7,764 9,019 9,867 6,641 6,588 8,548 9,301 790 1,177 471 IV.... 7,575 7,763 8,580 9,968 6,694 7,143 8,527 9,443 881 620 53 Year 4.. 29,403 31,011 34,092 37,274 25,617 26,928 33,093 36,022 3,786 4,083 ,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 beentries into bonded warehouses. cause of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 74 U.S. GOLD TRANSACTIONS • FEBRUARY 1970 3. U.S. NET MONETARY GOLD TRANSACTIONS WITH FOREIGN COUNTRIES AND INTERNATIONAL ORGANIZATIONS (Net sales (—) or net acquisitions; in millions of dollars at $35 per fine troy ounce) 1968 1969 Area and country 1961 1962 1963 1964 1965 1966 1967 1968 III IV II III Western Europe: Austria .... -143 -82 -55 -100 -25 Belgium -144 -63 -40 -83 -58 -33 France -456 -sis -405 -884 -6oi 600 220 240 140 275 Germany, Fed. Rep. of.. -23 -225 I I r ta e l l y a nd 100 200 - - 8 2 0 -6 -2 0 -8 -2 5 -2 -5 0 2 9 '-ii '' 3 16 Netherlands -25 -60 -35 -19 Spain -156 -146 -130 -32 -180 Switzerland -125 102 -81 -50 -2 -30 -50 -25 United Kingdom -306 -387 329 618 150 80 -879 -835 50 Bank for Intl. Settlements, -23 Other -53 -12 -35 -49 16 -47 -22 -16 U7 -7 Total. -754 -1,105 -399 -1,299 -659 -980 -669 163 213 150 -52 292 9 Canada 200 150 50 Latin American republics: B A r r a g z e i n l tina - - 9 2 0 -1 -25 -5 -15 -10 Colombia Venezuela Other -17 -5 -11 -9 "ii -40 -7 -5 Total. -109 175 32 56 -41 -65 -12 -18 -15 Asia: Iraq -4 -42 -28 Japan -56 Lebanon -21 -32 -11 -95 -21 Malaysia -34 -24 Philippines... 25 9 10 17 Saudi Arabia. -48 -13 -50 -25 -25 Singapore -81 -23 -28 Other '-32 '-47 -13 -6 -14 -14 -75 -26 -28 -6 Total -101 -93 -24 -86 -44 -366 -146 10 All other -6 -16 -22 -166 2-68 -16 -1 Total foreign countries. -970 -833 -392 -36 -1,322 -608 -1,031 -1,118 73 136 -57 316 2 Intl. Monetary Fund 3. 150 4-225 177 22 -3 1 Grand total.... -820 -833 -392 -36 -1,547 -431 -1,009 -1,121 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 I960) with the right of 1968. repurchase; proceeds from these sales invested by IMF in U.S. Govt, 3 Includes IMF gold sales to the L^nited States, gold deposits by the securities. IMF (see note 1 (b) to Table 4), and withdrawal of deposits. The first 4 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 IMF operations. Does not include transactions in gold relating to gold 4 Represents a $600 million IMF gold sale to United States (1957), deposit or gold investment (see Table 6). less $6 million gold purchase by IMF from another member with U.S. 2 Positive figures represent purchases from the IMF of currencies of dollars (1948). other members for equivalent amounts of dollars; negative figures repre- 5 Includes $259 million gold subscription to the IMF in June 1965 for sent repurchase of dollars, including dollars derived from charges on a U.S. quota increase, which became effective on Feb. 23, 1966. In figures drawings and from other net dollar income of the IMF. The United published by the IMF from June 1965 through Jan. 1966, this gold sub- States has a commitment to repay drawings within 3 to 5 years, but only scription was included in the U.S. gold stock and excluded from the to the extent that the holdings of dollars of the IMF exceed 75 per cent of reserve position. the U.S. quota. Drawings of dollars by other countries reduce the U.S. 6 Beginning Jan. 1970, includes dollars obtained by countries other commitment to repay by an equivalent amount. than the United States from sales of gold to the IMF. 3 Represents the U.S. gold tranche position in the IMF (the U.S. quota minus the holdings of dollars of the IMF), which is the amount NOTE.—The initial U.S. quota in the IMF was $2,750 million. The U.S. that the United States could draw in foreign currencies virtually automati- quota was increased to $4,125 million in 1959 and to $5,160 million in cally if needed. Under appropriate conditions, the United States could Feb. 1966. Under the Articles of Agreement, subscription payments equal draw additional amounts equal to its quota. to the quota have been made 25 per cent in gold and 75 per cent in dollars. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • U.S. RESERVE ASSETS; POSITION IN THE IMF A 75 4. U.S. RESERVE ASSETS (In millions of dollars) Gold stock i Con- Reserve Gold stock i Con- Reserve End of TToottaall v fo e r r e ti i b g l n e position End of Total v fo er r t e i i b g l n e pos i i n t ion d S r p a e w c i i n a g l year curren- month curren- IMF3 rights6 Total2 Treasury Total2 Treasury cies5 1957 24,832 22,857 22,781 1,975 1969—Jan.. . 15,454 10,828 10,367 3,338 1,288 1958 22,540 20,582 20,534 1,958 Feb.. 15,499 10,801 10,367 3,399 1,299 1959 21,504 19,507 19,456 1 ,997 Mar.. 15,758 10,836 10,367 3,601 1,321 1960 19,359 17,804 17,767 1 ,555 Apr.. 15,948 10,936 10,367 3,624 1,388 May. 16,070 11,153 10,367 3,474 1,443 1961 18,753 16,947 16,889 116 1,690 June. 16,057 11.153 10,367 3,355 1,549 1962 17,220 16,057 15,978 99 1,064 July. . 15,936 11,144 10,367 3,166 1,626 1963 16,843 15,596 15,513 212 1,035 Aug.. 16,195 11.154 10,367 3,399 1,642 1964 16,672 15,471 15,388 432 769 Sept.. 16,743 11,164 10,367 3,797 1,782 1965 15,450 413,806 413,733 781 4863 Oct.. 16,316 11,190 10,367 3,341 1,785 Nov.. 16,000 11,171 10,367 2,865 1,964 1966 14,882 13,235 13,159 1,321 326 Dec.. 16,964 11,859 10,367 2,781 2,324 1967 14,830 12,065 11,982 2,345 420 1968 15,710 10,892 10,367 3,528 1,290 1970—Jan.. 17,396 11,882 11,367 2,294 2,321 1969 16,964 11,859 10,367 2,781 2,324 1 Includes (a) gold sold to the United States by the International Mon- became effective on Feb. 23, 1966. In figures published by the IMF from etary Fund with the right of repurchase, and (b) gold deposited by the June 1965 through Jan. 1966, this gold subscription was included in the IMF to mitigate the impact on the U.S. gold stock of foreign purchases U.S. gold stock and excluded from the reserve position. for the purpose of making gold subscriptions to the IMF under quota 5 For holdings of F.R. Banks only, see pp. A-12 and A-13. increases. For corresponding liabilities, see Table 6. 6 Includes initial allocation by the IMF of $867 million of special draw- 2 Includes gold in Exchange Stabilization Fund. ing rights on January 1, 1970, plus or minus transactions in SDR since 3 In accordance with IMF policies the United States has the right to that time. draw foreign currencies equivalent to its reserve position in the IMF virtually automatically if needed. Under appropriate conditions the United NOTE.—See Table 23 for gold held under earmark at F.R. Banks for States could draw additional amounts equal to the U.S. quota. See Table 5. foreign and international accounts. Gold under earmark is not included 4 Reserve position includes, and gold stock excludes, $259 million gold in the gold stock of the United States. subscription to the IMF in June 1965 for a U.S. quota increase which 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 other countries Period with IMF P s t u a d i b o y o s n m o ll c s f a e r r i n i s n p t - s by s g I N a o M l e l e d t F s i T t c f i r c o u o a i r r n e n e r s s s e i g a n 2 i n c n - - I i d M n o c F l o l a m n r e s e t D d ra o w o ll f a i n rs g s R d m o e e l i p n l n a a t y r s s - c T h o an ta g l e P q e U r u o . o c f S t e . a n t 1946—1957. 2,063 4 594 -45 -2,664 827 775 775 28 1958—1963. 1,031 150 60 -1,666 2,740 2,315 3,090 75 1964—1966. 776 1,640 45 -723 6 1,744 4,834 94 1967. 20 -114 -94 4,740 92 1968. 20 -806 -870 3,870 75 1969. 22 19 -1,343 -1,034 2,836 55 1969—Jan.. 2 2 3,872 75 Feb.. 2 -13 -11 3,861 75 Mar.. 2 -24 -22 3,839 74 Apr.. 1 -68 -67 3,772 73 May. 1 -56 -55 3,717 72 June. 1 -112 -106 3,611 70 July.. 2 -79 -77 3,534 68 Aug.. -36 20 -16 3,518 68 Sept.. -282 122 -140 3,378 65 Oct.. -9 5 -3 3,375 65 Nov.. -268 89 -179 3,196 62 Dec.. -396 32 -360 2,836 55 1970—Jan.. 6-33 36 2,839 55 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 76 INTL. CAPITAL TRANSACTIONS OF THE U.S. • FEBRUARY 1970 6. U.S. LIQUID LIABILITIES TO FOREIGNERS (In millions of dollars) Liabilities to Intl. Liabilities to foreign countries Liabilities to non- Monetary Fund arising monetary intl. and from gold transactions regional organizations - Official institutions 3 Banks and other foreigners Nonpe E o r n i f o d d Total Total p G o d s o e i l t - d 1 m in G e v o n e l t s d t 2 - Total i i p S t n b l i t i o h e a e a b r s o n U r b y t m r k i e r . l t S d s e - - - . M n b G o U a a a o t o b r n n . e k v l S d s d e e t . s , t 4 - c m T o b U a n i a o r u a b b e n v r n r . l a l S y k d e e d e s . e r s - t t - - Total i i p n S t b l i t i o a e h e a b r s U n o b r y t m k i e r . r l t S d s e - - - . M n b G o U a a a o t o b r n n . e k v S l d s d e e t . s , t 4 - Total i i n p S t b l i t i o a e h e U a b r s n o b r y t . m k i r e S r l t s d e - . - - 6 M n b G o U a a a o t o b n r n . e k S v l d s d e e t . s , 4 t notes 195 7 715,825 200 200 7,917 n.a. 5,724 n.a. n.a. 542 n.a. 195 8 716,845 200 200 n.a. 8,665 n.a. n.a. 5,950 n.a. n.a. 552 n.a. 195 9 19,428 500 500 10,120 9,154 966 7,618 7,077 541 1,190 530 660 20,994 800 800 11,078 10,212 866 7,591 7,048 543 1,525 750 775 1960S 21,027 800 800 11,088 10,212 876 7,598 7,048 550 1,541 750 791 22,853 800 800 11,830 10,940 890 8,275 7,759 516 1.948 703 1,245 19618 22,936 800 800 11,830 10,940 890 8,357 7,841 516 1.949 704 1,245 24,068 800 800 12,748 11,997 751 8,359 7,911 448 2,161 1,250 911 19628 24,068 800 800 12,714 11,963 751 8,359 7,911 448 2,195 1,284 911 !26,361 800 800 14,387 12,467 1,217 703 9,214 8,863 351 1,960 808 1,152 19638 126,322 800 800 14,353 12,467 1,183 703 9,204 8,863 341 1,965 808 1,157 /28,951 800 800 15,428 13,224 1,125 1,079 11,001 10,625 376 1,722 818 904 19648 \29,002 800 800 15,424 13,220 1,125 1,079 11,056 10,680 376 1,722 818 904 1965 29,115 834 34 800 15,372 13,066 1,105 1,201 11,478 11,006 472 1,431 679 752 19668 / 1 2 2 9 9 , , 9 7 0 7 4 9 1 1 , ,0 0 1 1 1 1 2 2 1 1 1 1 8 8 0 0 0 0 1 1 3 3 , , 6 6 5 0 5 0 1 1 2 2, , 5 4 3 8 9 4 8 8 6 6 0 0 2 2 5 5 6 6 1 1 4 4 , , 3 2 8 0 7 8 1 1 3 3 , , 6 85 8 9 0 5 5 2 2 8 8 9 90 0 5 6 5 5 8 8 1 0 3 3 2 2 5 5 19678 / \ 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 14 4 . , 0 0 2 3 7 4 9 9 0 0 8 8 7 7 1 1 1 1 1 1 5 5 , , 7 8 6 9 3 4 1 15 5 , , 2 3 0 3 5 6 5 5 5 5 8 8 6 6 9 7 1 7 4 4 8 7 7 3 2 2 0 0 4 4 1968-Nov... 35,510 1,030 230 800 13,689 12,398 529 762 20,030 19,406 624 761 693 68 Dec. 9. /33,821 1,030 230 800 12,548 11,318 529 701 19,518 18,909 609 725 683 42 \33,607 1.030 230 800 12,481 11,318 462 701 19,374 18,909 465 722 683 39 1969-Jan... 33,596 1.031 231 800 10,726 9,563 462 701 21,166 20,672 494 673 633 40 Feb... 34,265 1,031 231 800 10,778 9,643 459 676 21,817 21,315 502 639 601 38 Mar.. 34,930 1,031 231 800 10,772 9,637 459 676 22,493 21,998 495 634 596 38 Apr... 36,066 1,033 233 800 10,936 9,762 459 715 23,426 22,929 497 671 632 39 May.. 37,674 1,033 233 800 12,434 11,310 459 665 23,487 23,014 473 720 672 48 June.. 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... 42,676 1,019 219 800 12,485 11,285 450 750 28,447 27,915 532 725 676 49 Oct.. . 43,089 1,019 219 800 12,673 11,615 333 725 28,716 28,175 541 681 632 49 Nov. p 43,304 1 ,019 219 800 12,018 11,132 331 555 29,552 29,008 544 715 665 50 1 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 infor 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • 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 r g l i n e s E W u e ro st p e e r n * Canada A re m p L u e a b r t i i l n c i c a s n Asia Africa 196 6 13,655 7,488 ,189 1,134 3,339 277 196 7 15,646 9,872 996 1,131 3,145 249 1968—Nov.. 13,689 8,097 574 1,357 3,161 271 ( 12,548 7,009 533 1,354 3,168 259 Dec. 3. \ 12,481 7,001 532 1,354 3,122 248 1969—Jan.. . 10,726 5,435 564 1,350 2,929 250 Feb... 10,778 5,250 512 1,414 3,069 262 Mar.. 10,772 5,190 466 1,373 3,206 246 Apr... 10,936 5,522 446 1,445 2,951 264 May.. 12,434 7,294 403 1,281 2,904 235 June.. 10,232 5,298 461 1,243 2,727 232 July. . 9,980 5,132 426 1,292 2,616 238 Aug.. 11,040 5,907 451 1,391 2,790 255 Sept.. 12,485 7,385 397 1,339 2,875 270 Oct... 12,673 7,383 425 1,485 2,857 322 Nov.p 12,018 6,234 446 1,417 3,108 570 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, 3 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 IIMMFF Deposits End of period Total i Total Dem D an e d p os T it i s m e 2 b T i c r l c e U l e s a r a . t t S s i e a f u . s i n r - y d ss OO ll tt ii hh ee aa tt oo rr hh bb mm rr ee .. tt 33 rr -- PPP fff rrr ooo eee aaa ccc nnn yyy rrr iii uuu eee nnn ccc aaa rrr iii iii bbb --- ggg eee lll nnn sss eee ii mm nn gg vv ee oo ee nn ll ss dd tt tt 44 -- Total DDeemmaanndd TTiimmee22 bbb TTT iii ccc lll rrr ccc eee lll UUU eee sss aaa rrr aaa ... ttt ttt SSS sss iii eee aaa fff uuu ... sss iii nnn rrr --- ddd yyy ss l OO tt i hh ee a tt oo rr b hh mm rr . ee tt 3 rr -- 27,599 27,010 9,884 5,869 7,547 3,710 589 800 580 56 139 212 173 /30,657 30,428 11,747 5,780 9,173 3,727 229 800 487 67 124 178 118 \30,505 30,276 11,577 5,775 9,173 3,750 229 800 473 67 120 178 107 31,710 31,074 14,381 5,484 6,797 4,412 636 800 683 68 113 394 108 31,668 31,163 15,658 5,489 5,422 4,594 505 800 633 59 94 361 118 32,359 31,802 16,021 5,568 5,486 4,727 557 800 601 62 89 307 143 33,031 32,457 16,226 5,598 5,376 5,257 574 800 596 69 92 211 225 34,123 33,538 16,744 5,609 5,706 5,479 585 800 632 63 76 225 267 35,796 35,230 16,652 5,608 7,272 5,698 566 800 672 58 70 236 307 37,184 36,583 20,146 5,687 4,974 5,776 601 800 669 75 75 214 304 38,208 37,763 21,097 5,625 5,070 5,971 445 800 683 59 78 227 319 39,623 39,165 21,167 5,779 5,858 6,361 458 800 682 54 74 230 322 40,676 40,260 20,751 6,086 7,052 6,371 416 800 676 61 82 225 307 41,222 40,734 20,987 6,372 6,450 6,925 488 800 632 71 72 234 254 41,605 41,160 21,691 6,669 5,632 7,168 445 800 665 58 62 291 254 40,108 39,679 20,533 6,833 5,015 7,298 429 800 623 57 79 244 242 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 78 INTL. CAPITAL TRANSACTIONS OF THE U.S. • FEBRUARY 1970 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 institutions 7 Payable in dollars Payable in dollars End of period Payable Total Dema D nd e posi T ts i me2 T b c i r l c e e U l a s r a . t t s S i e a f u s . i n 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 n r i u e n c r i i - g e n s Total Dema D nd e posi T ts i me2 T bi r c l c U e e l a s a r . t t s S e i a u . f s n i r - d y O s l t h i e t a o h r b m r e . t 3 r - 1966 26,219 9,829 5,730 6,535 3,537 589 12,539 1,679 2,668 6,316 1,359 19676 [29,370 11,680 5,656 8,195 3,610 229 14,034 2,054 2,462 7,985 1,381 [29,232 11,510 5,655 8,195 3,643 229 14,027 2,054 2,458 7,985 1,378 1968—Dec... 30,227 14,313 5,371 5,602 4,304 636 11,318 2,149 1,899 5,486 1,321 1969—Jan... 30,235 15,599 5,395 4,261 4,475 505 9,563 1,941 1,938 4,125 1,221 Feb.. . 30,958 15,959 5,478 4,379 4,584 557 9,643 1,844 1,927 4,265 1,219 Mar.. 31,635 16,157 5,506 4,364 5,033 574 9,637 2,012 1,876 4,218 1,143 Apr... 32,691 16,681 5,532 4,681 5,212 585 9,762 1,869 1,894 4,531 1,080 May.. 34,324 16,593 5,538 6,236 5,390 566 11,310 1,793 1,993 6,092 1,045 June.. 35,715 20,071 5,612 3,960 5,472 601 9,107 2,037 1,982 3,819 881 July. . 36,725 21,038 5,547 4,043 5,653 445 8,780 1.892 1,872 3,872 912 Aug... 38,141 21,113 5,705 4,828 6,038 458 9,840 2,066 1,984 4,671 887 Sept.., 39,200 20,689 6,004 6,027 6,064 416 11,285 1,993 2,123 5,895 1,042 Oct.. . 39,790 20,916 6,300 5,416 6,671 488 11,615 1,955 2,436 5,301 1,691 Nov.®. 40,140 21,634 6,607 4,540 6,913 445 11,132 1.893 2,713 4,421 1,903 Dec.?. 38,685 20,476 6,754 3,971 7,056 429 11,029 1,904 2,955 3,844 2,124 To banks® To other foreigners Payable in dollars End of period Total Dema D nd e posi T ts i me2 T b c i r c l e e U l a s r a . t t s S e i a u f s . n i r - d y s O l t i h e a t o r h b m r e . t 3 r - Total Dema D nd e posi T ts ime2 T b c i r l c U e e l a s r a . t t s S i e a u f . s n i r - d y s O l t h i e a t o h r b m r e . t 3 r - 1966 13,680 9,864 6,636 1,243 137 1,848 3,744 1,513 1,819 83 329 19676 :15,336 11,132 7,933 1,142 129 1,927 4,127 1,693 2,052 81 302 ;15,205 11,008 7,763 1,142 129 1,973 4,120 1,693 2,054 81 292 1968—Dec... 18,909 14,292 10,367 1,273 30 2,621 4,444 1,797 2,199 86 362 1969—Jan.. . 20,672 16,084 11,914 1,253 29 2,889 4,421 1,744 2,204 107 366 Feb... 21,315 16,754 12,346 1,366 41 3,001 4.391 1,770 2,186 73 362 Mar.. 21,998 17,419 12,394 1,469 42 3,514 4.392 1,751 2,161 104 374 Apr... 22,929 18,351 13,049 1,516 40 3,746 4,381 1,763 2,122 110 386 May.. 23,014 18,520 13,098 1,473 35 3,915 4,315 1,703 2,072 110 431 June.. 26,608 22,109 16,245 1,638 35 4,191 4,286 1,789 1,992 106 400 July.. 27,945 23,596 17,467 1,746 54 4,330 4,136 1,679 1,929 116 412 Aug... 28,301 24,004 17,394 1,873 35 4,703 4,071 1,653 1,847 122 448 Sept... 27,915 23,668 16,921 2,077 25 4,644 4,063 1,775 1,804 107 377 Oct.. . 28,175 23,975 17,250 2,121 22 4,582 3,944 1,711 1,742 93 398 Nov.f 29,008 24,908 18,068 2,161 18 4,662 3,856 1,672 1,734 101 349 Dec.?'. 27,656 23,491 16,848 1,999 20 4,623 3,939 1,724 1,799 107 309 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 7 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • 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 AArreeaa aanndd ccoouunnttrryy Dec. Apr. May June July Aug. Sept. Oct. Nov. p Dec.» Europe: 162 159 116 132 192 178 157 248 252 314 Belgium-Luxembourg 313 350 340 493 488 438 404 445 517 527 146 159 245 148 136 106 114 125 151 153 176 146 116 95 90 99 98 99 115 120 1,383 1,260 1 ,139 1,425 1,330 1,525 1,536 1,527 1,615 1,587 2,640 1,597 3,653 2,116 2,057 2,677 4,234 2,902 2,006 1,381 183 190 176 165 199 201 184 181 201 207 729 669 628 697 754 782 812 843 733 627 276 302 360 276 329 342 366 738 606 463 448 334 289 257 235 264 175 203 228 341 345 318 300 316 320 326 312 309 311 309 158 163 146 158 167 155 163 179 164 202 453 391 319 276 210 260 209 318 399 412 2,155 1,960 1,783 1,852 1,543 1,603 1,871 1,937 2,010 2,027 29 28 36 28 23 20 23 35 30 32 6,133 9,657 9,684 12,380 13,375 13,300 12,680 11,958 12,697 11,434 33 24 22 21 27 27 37 39 40 37 Other Western Europe i 357 386 387 412 396 472 628 1,182 1,497 1,513 U.S.S.R 5 8 4 7 8 7 11 5 10 11 Other Eastern Europe 48 41 38 39 33 41 43 47 38 50 Total 16,170 18,141 19,780 21,293 21,912 22,824 24,059 23,321 23,620 21,747 2,797 3,093 3,253 3,084 3,450 3,578 3,380 4,166 3,843 3,991 Latin America: 479 521 481 426 499 446 427 448 407 441144 257 291 314 292 304 293 322 362 402 425 Chile 323 345 344 348 352 365 343 352 349 388 249 223 229 229 223 252 244 249 250 258 8 8 8 8 8 11 12 10 8 7 974 886 789 798 759 764 739 791 787 847 154 158 152 150 139 130 125 119 124 129 276 273 262 252 248 231 227 220 218 239 149 146 145 151 144 133 125 111 106 111 792 753 707 704 658 725 694 661 635 674 Other Latin American republics 611 617 588 574 553 549 534 533 512 556 Bahamas and Bermuda 266 489 529 811 945 1,106 1,109 1,444 1,435 1,379 Netherlands Antilles and Surinam 88 97 99 97 93 76 77 72 71 74 Other Latin America 30 31 32 29 29 32 34 29 39 34 Total 4,657 4,838 4,679 4,870 4,955 5,114 5,011 5,403 5,343 5,536 Asia: China Mainland 38 38 38 3388 37 38 36 35 37 3344 Hong Kong 270 253 257 237 220 220 205 217 214 213 281 274 297 227 239 252 257 283 293 260 50 80 70 67 66 69 75 63 74 86 215 140 154 152 146 134 138 123 115 153 3,320 3,419 3,442 3,436 3,373 3,491 3,604 3,640 3,772 3,787 171 129 138 143 151 158 188 217 231 236 Philippines 269 242 213 211 221 232 234 244 226 205 155 160 174 189 185 189 186 182 188 196 556 553 543 534 530 566 585 561 611 628 Other 628 547 509 502 492 529 541 547 523 609 Total 5,953 5,835 5,833 5,736 5,662 5,878 6,050 6,113 6,283 6,407 Africa: Congo (Kinshasa) 12 19 14 12 1166 50 69 71 86 8877 Morocco 13 17 17 18 17 16 18 18 18 21 South Africa 58 76 61 58 56 59 51 53 54 66 U.A.R. (Egypt) 18 19 24 25 22 19 19 17 19 23 Other 260 258 256 252 261 254 240 334 533 496 Total 361 390 373 365 373 399 396 492 710 693 Other countries: Australia 261 365 380 338 340 320 272 263 311 228822 All other 28 30 27 30 33 28 32 31 29 29 Total 289 395 407 368 373 349 304 294 340 311 Total foreign countries 30,227 32,691 34,324 35,715 36,725 38,141 39,200 39,790 40,140 38,685 International and regional: 11,,337722 1,311 11,,334477 1,318 1,328 1,321 1,311 1,277 1,316 11,,227755 Latin American regional 78 87 90 113 118 116 114 106 99 100 Other regional3 33 34 35 38 37 45 51 49 50 48 Total 1,483 1,432 1,472 1,469 1,483 1,482 1,476 1,432 1,465 1,423 Grand total 31,710 34,123 35,796 37,184 38,208 39,623 40,676 41,222 41,605 40,108 For notes see the following page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 80 INTL. CAPITAL TRANSACTIONS OF THE U.S. • FEBRUARY 1970 9. SHORT-TERM LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES BY COUNTRY—Continued (Amounts outstanding; in millions of dollars) Supplementary data 4 (end of period) 1967 1968 1969 1967 1968 1969 Area or country Area or country Dec. Apr. Dec. Apr. Dec. Apr. Dec. Other Western Europe: Other Asia—Cont. : Cyprus 1.7 20.9 8.0 2.3 Jordan 39.8 6.6 3.0 Iceland 4.3 3.3 5.6 4.4 Kuwait 36.6 34.0 66.7 I L r u e x la e n m d b , o R u e r p g . of 3 9 1 . . 4 3 14 ( .75) 23 ( . 5 8 ) 20 ( . 5 5 ) L L a e o b s a non 11 3 3 . . 6 3 9 4 7 . . 0 2 7 3 8 . . 1 3 Malaysia 63.9 52.1 51.8 Other Latin American republics: Pakistan 54.8 54.1 59.7 Bolivia 59.9 61.0 66.0 64.6 Ryukyu Islands (inclo Okinawa) 14.5 26.4 17.0 Costa Rica 42.6 55.0 51.1 60.7 Saudi Arabia 61.2 70.3 29.0 Dominican Republic 55.1 60.2 68.9 58.9 Singapore 159.5 156.9 66.6 Ecuador 85.6 64.1 66.4 61.9 Syria 6.3 6.5 2.1 El Salvador 72.8 83.6 82.1 88.7 Vietnam 148.2 123.0 50.5 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 Jamaica 22.4 44.4 41.7 28.5 Ethiopia, (incl. Eritrea) 23.8 22.5 13.2 Nicaragua 45.6 57.9 67.0 78.5 Ghana 4.3 13.0 3.3 Paraguay 12.7 13.6 15.7 17.7 Kenya 16.4 19.8 28.6 Trinidad & Tobago 6.1 9.2 10.4 7.7 Liberia 24.9 26.4 25.2 Libya 17.9 45.0 68.9 Other Latin America: Nigeria 37.9 24.0 19.6 British West Indies 13.8 20.6 25.2 25.3 Southern Rhodesia 2.4 4.2 1.4 Sudan 2.3 2.1 5.3 Other Asia: Tanzania 20.3 26.9 21.2 Afghanistan 5.5 5.6 6.2 7.6 Tunisia 10.3 2.0 7.1 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 n.a. New Zealand 17.5 15.4 16.8 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. s 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 Total i a n n t d l. Official Other Other regional Total in ti s o ti n t s u - Banks i for e e r i s g n- A t r i g n e a n - A L m a e t r i i n c a Israel Japan Thailand O A t s h i e a r 1,494 506 988 913 50 234 8 197 140 277 [2,546 689 1,858 1,807 35 251 234 126 443 218 502 [2,560 698 1,863 1,807 40 251 234 126 443 218 502 3,166 777 2,389 2,341 40 284 257 241 658 201 651 3,174 785 2,389 2,346 38 273 250 240 658 201 647 3,146 787 2,359 2,315 36 284 247 228 658 200 613 3,116 777 2,338 2,298 5 36 284 243 221 658 200 607 3,057 781 2,276 2,234 5 37 284 205 208 658 202 592 2,976 776 2,200 2,159 5 36 284 193 189 658 202 562 2,947 785 2,162 2,110 18 34 284 153 189 658 199 558 2,826 795 2,031 1,967 29 36 207 129 181 658 199 532 2,771 810 1,961 1,894 30 37 207 149 154 658 157 515 2,679 882 1,796 1,717 43 36 146 130 101 659 117 512 2,532 916 1,616 1,538 43 35 74 123 43 658 117 476 2,486 898 1,587 1,506 44 36 69 154 43 658 70 474 2,491 890 1,601 1,505 55 40 64 175 41 655 70 472 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 d iffer 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • 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 Dec. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. NOV.p Dec.p Europe: 11 1100 10 9 9 9 9 9 9 9 9 9 9 9 2 11 1 1 1 1 1 1 1 1 1 1 1 7 5 5 5 5 6 6 6 6 6 6 6 6 6 4 2 2 2 2 2 2 2 2 2 2 2 2 2 3388 3377 3377 37 3377 37 37 37 37 37 37 37 37 37 11 1 11 1 1 1 1 1 1 1 1 1 6 5 5 5 5 5 5 5 5 5 5 5 5 5 87 39 45 45 45 45 44 44 44 44 45 42 42 42 432 350 371 377 370 371 351 334 357 368 406 420 421 407 Other Western Europe 46 30 30 30 30 30 30 30 21 21 21 21 21 21 Eastern Europe 6 6 6 6 6 6 7 7 7 7 7 7 7 7 Total 641 488 515 520 512 514 494 477 491 502 541 553 553 538 Canada 373 384 386 387 388 388 388 387 389 389 389 271 272 272 Latin America: Latin American republics.. 5 2 2 2 2 2 2 2 2 2 2 2 2 2 N O e th th er . L A a n t t i i n l le A s m & e ri S c u a rinam. 22 15* 15* 15* 15* 15* 12* 12* 12* 1*2 12* 12* 1 2 2 1 2 2 Total 28 17 17 18 17 17 14 14 14 14 14 14 15 15 Asia: Japan 10 9 9 9 9 10 10 10 10 10 10 10 10 61 Taiwan 2 2 2 2 2 2 2 2 2 2 2 2 2 2 Other Asia 6611 1166 15 1155 15 16 16 16 16 16 16 17 15 16 Total 73 26 27 27 27 28 28 28 28 28 28 29 27 79 Other countries 23 11 9 9 9 9 9 9 9 9 7 7 7 Total foreign countries 1,138 927 956 961 954 956 932 915 931 942 982 874 875 912 International and regional: International. 29 25 25 24 24 24 32 32 32 32 32 32 32 32 Latin American regional.. 13 13 14 14 14 15 15 15 17 17 17 17 18 18 Asian regional 1 Total 43 39 40 38 38 39 48 48 49 49 49 50 50 50 Grand total 11,,118800 996666 999966 999999 999922 995 980 996633 980 991 1,031 923 925 962 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 en e - T w a a i n - 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 - - Italy z S er w la it n - d B.I.S. 196 7 1,563 516 314 177 1,047 50 60 601 125 211 196 8 3,330 ,692 32 1,334 20 146 100 1,638 50 1,051 226 311 1969—Jan.. 3,455 1,692 32 1,334 20 146 20 100 1,763 50 1,176 226 311 Feb. 3,431 * ,692 32 1,334 20 146 20 100 1,738 50 1,126 226 337 Mar. 3,405 ,667 32 1,334 141 20 100 1,738 50 1,126 226 337 Apr. 3,568 ,666 32 1,334 140 20 100 1,902 50 1,250 226 376 May 3,518 1,666 32 1,334 140 20 100 1.852 50 1,200 226 376 June 3,269 1,416 32 1,084 140 20 100 1.853 50 1,200 226 377 July. 3,352 1,391 32 1,084 140 20 100 1,961 25 1,200 226 511 Aug. 3,251 1,390 32 1,084 140 20 100 1,861 25 1,200 125 511 Sept. 3,251 1,390 32 1,084 139 20 100 1,861 25 1,200 125 511 Oct.. 3,271 435 32 1,129 139 20 100 1,836 1,200 125 511 Nov. 3,097 1,431 32 1,129 135 20 100 1,666 1,000 125 541 Dec. 3,097 1,431 32 1,129 135 20 100 1,666 1,000 125 541 1970—Jan.. 2,491 1,431 32 1,129 135 20 100 1,060 520 541 1 Includes bonds issued in 1964 to the Government of Canada in connec- 2 Bonds issued to the Government of Italy in connection with milition with transactions under the Columbia River treaty. Amounts out- tary purchases in the United States. standing end of 1967 through Oct. 1968, $114 million; end of 1968 through 3 In addition, nonmarketable U.S. Treasury notes amounting to $125 Sept. 1969, $845 million; and Oct. 1969 through latest date, $54 million. million equivalent were issued to a group of German commercial banks in June 1968. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 82 INTL. CAPITAL TRANSACTIONS OF THE U.S. • FEBRUARY 1970 13. SHORT-TERM CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES, BY COUNTRY (End of period; in millions of dollars) 1968 1969 AArreeaa aanndd ccoouunnttrryy Dec. Apr. May June July Aug. Sept. Oct. Nov. Dec.* Europe: Austria 6 3 12 3 4 4 5 5 6 7 Belgium-Luxembourg 40 53 55 62 49 49 53 71 57 56 Denmark 36 29 31 35 34 31 32 40 41 40 Finland 63 59 59 60 61 65 72 72 72 68 France 66 66 89 95 87 80 91 85 93 107 Germany 171 157 178 165 158 161 213 200 199 207 Greece 12 12 13 14 15 18 20 19 17 22 Italy 105 110 109 107 94 89 101 108 99 120 Netherlands 40 38 38 48 39 41 46 54 46 51 Norway 43 39 42 46 49 40 40 36 38 34 Portugal 10 9 9 12 9 9 9 9 8 8 Spain 46 47 40 51 56 49 53 70 68 70 Sweden 58 53 54 77 70 54 71 64 86 67 Switzerland 93 124 107 93 101 110 92 110 131 99 Turkey 38 31 28 29 34 30 32 31 26 19 United Kingdom 318 329 333 345 355 326 383 425 400 418 Yugoslavia 22 38 37 33 26 26 24 25 25 28 Other Western Europe 15 11 12 12 12 12 10 11 11 9 3 2 4 4 2 1 2 2 2 2 21 21 25 21 27 28 28 25 28 34 Total 1,205 1,231 1,275 1,311 1,282 1,224 1,377 1,463 1,454 1,466 Canada 533 737 801 739 702 724 634 728 667 818 Latin America: 249 274 266 275 284 276 297 306 301 311 Brazil 338 331 328 336 292 309 307 317 318 317 Chile 193 164 161 168 179 170 177 174 177 188 206 208 197 200 218 210 212 215 210 225 Cuba 14 14 14 14 14 13 14 14 14 14 948 953 958 931 941 914 833 802 774 795 56 56 55 53 58 58 69 63 67 68 Peru 207 191 188 182 177 171 168 179 173 161 44 41 43 44 42 43 41 43 46 48 232 211 212 226 238 239 237 233 228 240 Other Latin American republics 280 274 285 283 271 275 269 287 285 295 Bahamas and Bermuda 80 65 64 61 60 76 52 59 48 89 Netherlands Antilles and Surinam 19 11 14 13 12 12 13 14 15 14 Other Latin America 22 18 19 24 20 22 23 20 20 26 Total 2,889 2,812 2,804 2,809 2,806 2,786 2,712 2,726 2,676 2,792 Asia: China Mainland 1 1 1 1 1 1 1 1 1 1 Hong Kong 32 42 38 40 36 39 36 43 37 36 India 19 12 10 12 9 9 9 8 11 10 23 59 61 54 38 32 33 25 23 30 84 93 122 118 101 99 91 94 101 108 Japan 3,114 2,916 3,036 3,224 3,147 3,157 3,162 3,071 3,112 3,339 Korea 77 102 114 121 136 138 164 159 160 158 Philippines 239 253 256 272 274 249 242 241 232 216 Taiwan 38 47 46 44 37 38 38 39 42 49 Thailand 99 84 86 88 87 89 93 94 97 101 Other 145 152 158 179 166 165 164 190 205 212 Total 3,872 3,760 3,929 4,153 4,031 4,015 4,033 3,965 4,021 4,260 Africa: Congo (Kinshasa) 3 4 7 4 3 3 3 4 5 6 Morocco 2 3 4 3 3 3 2 3 2 3 South Africa 46 42 46 47 47 44 49 54 56 55 U.A.R. (Egypt) 8 10 11 11 13 13 12 10 11 11 Other 73 61 64 69 67 64 69 72 82 86 Total 133 120 132 133 132 127 135 143 155 162 Other countries: Australia 66 65 67 65 59 57 55 57 51 53 All other 13 11 11 12 13 14 14 14 14 16 Total 79 75 78 77 71 71 69 70 66 68 Total foreign countries 8,710 8,734 9,019 9,222 9,026 8,948 8,959 9,095 9,039 9,565 International and regional * 1 1 1 1 1 1 1 1 2 Grand total 8,711 8,735 9,019 9,223 9,026 8,948 8,960 9,096 9,040 9,568 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • 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 Loans to— Collec- Accept- g F o o v r t e , i s g e n - End of period Total Total Total O in t f i s f o t i i n c t s i u a - l Banks1 Others s t t o i i a o n u n n g t d - s - f e o o m i f r g a a n f d o c e e c r r - s t. Other Total w D e i i e t g h p n o e f s r o i s t r s - c a n u p c n a r o a d i n p m t i c e f e j e r i . s - , 196 6 7,853 7,433 3,141 256 1,739 1,145 1,288 2,540 464 420 241 70 1967 2 ( (8 8 , ,5 6 8 0 3 6 8 8 , , 1 15 8 8 2 3 3 , , 1 1 3 5 7 0 3 3 0 0 6 6 1 1 , , 6 6 0 1 3 6 1 1 , , 2 2 2 2 8 8 1 1 , ,5 5 1 5 1 2 3 3 , , 0 0 1 1 3 3 4 4 9 6 8 7 4 4 2 2 5 5 2 2 8 8 7 7 7 7 0 4 1968—Dec.. 8,711 8,262 3,166 247 1,697 1,222 1.733 2,854 509 448 336 40 1969—Jan... 8,371 7,986 ,041 217 1,667 1,157 1,623 2,794 528 385 252 59 Feb.. , 8,413 8,017 141 222 1,757 1,162 1,567 2,746 563 396 257 62 Mar.. 8,634 8,186 208 275 1,781 1,152 1,634 2,777 567 448 267 91 Apr.. 8,735 8,225 164 289 1,763 1,111 1,723 2,773 565 510 318 94 May. 9,019 8,497 209 295 1,855 1,059 1.734 2,900 654 522 291 127 June. 9,223 8,670 327 293 1,971 1,062 1,751 3,068 526 553 334 111 July.. 9,026 8,514 119 258 1,829 1,032 1,766 3,059 571 512 310 90 Aug.. 8,948 8,468 073 235 1,819 1,020 1,838 3,015 543 480 272 101 Sept.. 8,960 8,467 090 212 1,880 998 1,857 2,973 546 493 354 51 Oct... 9,096 8,577 177 263 1,921 994 1,896 2,940 563 520 393 46 NOV.P 9,040 8,606 202 262 1,943 997 1,926 2,922 556 434 316 45 Dec.?, 9,568 9,051 274 263 1,940 1,071 1,952 3,169 657 517 354 83 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 i o o d f Total Loans to— O lo t n h g e - r P c fo u ay r r i e r n a e i b g n l n - e U K d n i o n i m t g e - d EE OO uu tt rr hh oo ee pp rr ee Canada AA LL mm aa ee tt rr ii ii nn cc aa JJaappaann OO AA tt ss hh ii ee aa rr co o u A t n h l t e l r r i es Official Other term cies Total institu- Banks i foreign- claims tions ers 1966 44,,118800 3,915 702 512 22,,770022 247 18 70 1,143 326 1,346 326 409 562 1967 33,,992255 3,638 669 323 22,,664455 272 15 56 720 427 1,556 180 449 537 1968—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 3,434 3,019 474 230 2,315 400 15 66 480 402 1,331 113 577 466 May 3,454 3,057 472 236 2,349 381 17 55 488 397 1,353 112 572 477 June 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 3,272 2,848 485 211 2,151 408 17 55 416 403 1,334 93 562 408 Oct 3,276 2,845 493 204 2,147 415 16 56 411 410 1,342 88 568 401 Nov.P.. . 3,267 2,845 494 203 2,147 406 17 55 400 407 1,357 85 571 392 Dec.?... 3,238 2,813 503 219 2,091 408 17 55 413 403 1,336 86 567 378 * Excludes central banks, which are included with "Official institutions." Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 84 INTL. CAPITAL TRANSACTIONS OF THE U.S. • FEBRUARY 1970 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 Total I a n n t d l. Foreign c P ha u s r e - s Sales c N ha s e a s t e le p s s u o r- r c P ha u s r e - s Sales c N ha s e a s t e le p s s u o r r - ch P a u s r e - s Sales c N h e a s t a s e le p s s u o r r regional Total Official Other 196 7 -43 -121 78 45 10,275 9,205 1,070 2,024 3,187 -1,163 880 1,037 -157 196 8 -489 -161 -328 -380 17,563 13,329 4,234 2,306 3,673 -1,367 1,252 1,566 -314 1969^ -4 11 -15 -78 15,440 12,795 2,645 1,549 2,507 -959 1,503 1,930 -427 1968—Dec... -41 -26 -15 1,803 1,468 334 104 166 -62 100 179 -79 1969— M F Ja e a n b r . . . . . . . . -7 3 0 4 -1 1 -7 2 9 5 -7 2 9 7 1 1 1 , , ,6 4 2 6 0 6 1 5 9 1 1 , , 1 0 9 2 5 7 4 7 9 2 5 3 9 4 3 0 8 7 2 1 1 4 1 6 4 9 4 2 2 3 2 3 6 5 5 2 - - 1 - 1 1 7 0 9 6 0 1 1 1 2 3 2 3 0 6 1 1 1 2 9 0 5 1 9 -6 2 8 0 1 Apr... 3 2 2 1,119 1,018 101 101 179 -77 102 137 -34 May.. -15 -24 -24 1,565 1,335 229 155 149 6 169 254 -85 J Ju u l n y e . .. . -1 1 7 7 -1 1 7 6 -9 -1 2 7 5 1 1 , , 1 0 7 5 2 8 1 1 , ,0 1 0 9 7 2 -2 5 0 1 8 8 8 2 2 3 0 2 2 1 - - 1 2 1 3 5 9 1 1 8 1 5 7 2 1 9 2 3 0 -1 - 0 3 8 Aug.., 11 11 11 1,061 941 120 75 140 -65 105 103 2 N S O e O c p V t t . . . . P . . -10 4 8 0 2 -10 4 8 0 1 -1 - 1 1 7 40 9 2 1 1 1 , , ,6 2 0 9 2 6 1 0 2 1 1 , , 0 1 9 9 7 0 5 4 4 4 1 1 9 4 5 4 7 8 1 9 9 5 8 1 7 2 1 1 0 5 3 7 4 8 -1 -3 1 6 7 1 1 1 3 0 0 0 4 6 2 1 1 0 3 4 5 1 0 -1 -3 01 4 Dec. p. 37 37 52 -15 1,159 969 190 173 195 -22 107 123 -16 1 Excludes nonmarketable U.S. Treasury bonds and notes issued to Also includes issues of new debt securities sold abroad by U.S. corporaofficial 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 r - Sw la it n z d e r- 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 A L m a 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 l. o n & al 1967 757 68 68 22 250 -115 49 342 265 84 49 * 3 14 1968 2,270 201 169 298 822 -28 130 1,592 386 151 124 2 3 12 1969* 1,487 150 216 189 490 -243 292 1,094 125 136 90 7 -1 36 1968—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 * • Mar 99 4 18 13 82 -39 33 111 -9 -12 9 * * * Apr 74 6 12 * 35 -21 20 51 9 10 3 * * j J M u a n y e -1 1 0 5 5 6 -11 3 1 5 2 2 1 2 6 -12 6 0 3 - -6 2 8 5 2 5 4 0 -1 1 4 1 8 8 -1 1 5 3 1 0 0 15 1 * _ i * 4 8 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 1 * * 6 Oct 348 12 41 79 126 -34 22 246 32 58 6 3 * 4 Nov.p. ... 112 1 30 21 37 -12 30 107 -4 5 3 * * Dec.f 19 14 12 -13 5 9 13 40 -23 -1 * * 2 1 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • 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 l e a t n h d e s r - Sw la it n z d e r- 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 A L m a e t r i i n c a Asia co O u t n h t e ri r es I r n e t g l. i o a n n al d 196 7 313 114 38 177 -337 42 43 31 30 14 121 196 8 1,964 195 253 510 522 238 ,757 12 11 117 1969* 1,158 75 200 169 251 83 792 14 -11 10 336 1968—Dec... 98 38 34 10 93 3 10 1969—Jan... 176 3 52 33 102 4 3 66 Feb... 81 3 7 46 -8 48 4 10 16 Mar.. 191 43* 24 9 10 119 -6 -2 102 Apr.., 27 34 3 36 8 6 -32 May.. 74 7 25 44 89 3 -34 June.. 85 2 -4 56 -1 53 7 23 July. . 103 39 22 8 5 81 -11 38 Aug... 31 24 5 23 2 54 5 -13 Sept.. 39 27 -4 -20 -6 2 -2 35 Oct.. . 146 25 9 11 15 68 4 82 Nov.* 35 10 6 -13 9 18 14 Dec. 171 17 26 44 19 124 38 NOTE.—Statistics include State and local govt, securities, and securities the United States. Also includes issues of new deb ecurities sold abroad of U.S. Govt, agencies and corporations that are not guaranteed by by U.S. corporations organized to finance direct in estments 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 r o n n e n t d - l a . l c T e o f o i o u g t r n a n - l - r E o u p - e C a a d n a - A L i m a c t a e i n r - Asia r A ic f a - O c t o r t i u h e n e s r - E pe nd ri o o d f fo b ( r a d e l u i a g e n n c t e e o r s s ) f ( o b d r a u e l e i a g n f n r c e o e r m s s ) tries 1964 116 91 196 7 -1,320 -393 -927 3 -768 38 -152 -20 -27 1 1 9 9 6 6 5 6 , . 1 1 7 5 5 8 1 1 1 2 9 8 196 8 -1,682 -329 -1,352 7 -932 -300 -96 -39 6 1967 311 298 1969* -1,386 66 -1,452 74 -1,058 -101 -380 -6 20 1968- 351 269 1968—Dec... -141 -135 -68 -21 -35 -6 453 372 468 398 1969— F J e a b n . .. . . . - - 1 1 7 5 5 0 - - 3 5 2 - -1 11 7 8 0 -3 1 3 - -1 1 6 2 3 4 -5 4 - - 9 4 2 1 636 508 Mar.. -18 102 -120 22 -20 -60 -45 -13 1969- 553 396 Apr... -112 8 -119 -22 -63 -14 -21 566 401 J M u a n y e. . . . -2 -7 2 9 3 4 3 -2 -8 2 3 7 - -2 1 1 6 -1 -4 6 3 4 2 - -4 26 1 1 1 467 297 J A u u l g y . . . . -2 -6 4 3 1 - - 1 6 1 -2 -5 3 7 0 -1 9 - - 21 5 0 - - 1 6 6 - - 1 1 5 2 3 NOTE.—Data represent the money credit balances and N S O e o c p v t t . . . . * . . -2 -7 1 0 7* -9 4 3 -2 - - 7 0 5 3 8 7 1 1 0 5 6 -1 - - 2 4 3 1 4 1 -12 - - - 4 4 9 3 8 7 -1 3 1 m b fo r o r o e n k i e e g y r n s e d r e a s b n d i w t b i d t a h e l a a l t n e h c r e s e m s i , n a p a t p h n e e d a r U i i n n n g i t t h e o d e n i r t S h t a e a c t b e c o s o , o u k n in s t s o a f c c c a r o e rr p u i o n ed r ts t in b o g y f Dec.*. -38 4 -42 -24 -30 14 foreigners. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 86 INTL. CAPITAL TRANSACTIONS OF THE U.S. • FEBRUARY 1970 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. billions of dollars MMaattuurriittyy ooff Jan. 26 1,688 Jan. 31 4,259 Aug. 6 14,177 liability Feb. 23 1,902 Feb. 28 4,530 1 3 14,304 Sept. Oct. Nov. Mar. 30 1,879 Mar. 27 4,920 2 0 14,776 2 7 14,658 Apr. 27 1,909 Apr. 24 5 ,020 1.29 0.78 1.80 May 25 2,003 May 29 5,872 Sept. 3 14,571 1.83 1.80 1.80 June 29 1,951 June 26 6,202 10 14,919 Other liabilities, maturing 17 14,593 in following calendar July 27 2,786 July 31 6,126 24 14,349 months after report Aug. 31... 3,134 Aug. 28 7,004 date: Sept. 28 3,472 Sept. 25 7,104 Oct. 1 14,118 7.16 6.60 7.15 N O D c o e t c v . . . 2 3 2 6 0 8 . 4 3 3 , , , 0 6 7 7 3 8 1 6 6 N O D o c e t c v . . . 2 2 3 7 5 0 7 7 6 , , , 0 1 9 4 7 4 1 0 8 2 2 1 2 9 8 5 1 1 1 1 4 3 4 4 , , , , 3 6 9 6 1 4 7 0 0 9 0 9 2 4 3 n t r h d d 3 3 1 1 . . . . 5 7 4 0 6 6 5 0 4 4 1 1 . . . . 0 4 2 5 8 6 7 6 0 5 3 1 . . . . 1 6 9 7 9 8 6 6 6th 1.40 0.85 1.08 1967 1969 Nov. 5 14,415 7th 0.27 0.32 0.46 J F a e n b . . 2 2 5 2 3 3 , , 6 3 5 9 3 6 J F a e n b . . 2 2 9 6 8 8 , , 5 8 4 2 5 2 2 1 1 6 9 2 r1 1 1 4 5 4 , , , 9 0 3 0 6 4 3 9 8 1 9 0 t t h h 0 0 0. . . 4 2 2 1 9 6 0 0 0 . . . 3 1 4 1 3 4 0 0 0 . . . 1 1 3 1 8 1 Mar. 29 3,412 Mar. 2:6 9,621 11th 0.12 0.10 0.15 Apr. 30 9,399 Dec. 3 14,815 12th 0.08 0.15 0.10 A M p a r y . 2 3 6 1 3 2 , , 0 7 4 7 7 6 May 1 7 4 9 9 , , 9 5 7 4 7 5 1 1 0 7 r1 1 4 4 , , 6 6 0 1 4 4 Maturities of more than 1 0.31 0.29 0.29 J Ju u l n y e 2 2 8 6 3 3 , , 1 6 6 6 6 0 2 2 1 8 1 9 0 , , 8 0 6 9 8 5 2 3 4 1 r1 1 3 4 , , 0 4 3 3 2 0 23.19 23.16 25.02 Aug. 30 3,976 June 4 10,808 1970 N S O e o c p t v . t . . 2 2 2 9 7 5 4 4 4 , , , 0 2 3 5 0 2 9 6 2 2 1 1 5 1 8 1 1 1 3 3 1 , , , 2 0 8 6 5 5 9 7 2 Jan. 2 1 7 1 4 1 1 1 3 3 4 , , 8 , 8 3 4 6 7 7 3 3 d th e e p N o O B s T a it h E s a . a — m nd a In s c d l a i u r n d e d c e t s o b f i o n r a t r l e l o r w e o s t i t h n - g e b r s e a o f r o f i r n a e g l i l g b n U r a . b S n r . c a h n d e c s o h l e i l n s a r Dec. 27 4,241 July 2 12,826 2 8 13,857 for which such deposits and direct borrowings 9 13,833 amount to $50 million or more. 16 14,261 Details may not add to totals due to rounding. 23 14,369 30 14,434 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 NONBANKING CONCERNS FOREIGNERS (In millions of dollars) (In millions of dollars) Payable in Assets in custody Payable in dollars foreign currencies EEnndd ooff ppeerriioodd DDeeppoossiittss EEnndd ooff UUnniitteedd U.S. Govt, Earmarked ppeerriioodd TToottaall Short- Short- KKiinngg-- CCaannaaddaa securities;1 gold term term ddoomm Deposits invest- Deposits investments 1 ments 1 1967 135 9,223 13,253 1968 216 9,120 13,066 1966 973 757 48 109 59 441 301 1969— F Ja e n b . .. . .. . 1 1 2 2 1 6 7 8 , , 8 0 9 6 3 2 1 1 3 3 , , 1 1 6 3 0 2 1967 2 t f 1 1 , , 0 1 7 6 8 3 7 8 6 5 8 2 1 1 3 3 3 3 1 1 2 2 8 7 4 4 9 9 5 62 3 1 7 3 3 0 0 9 9 Mar... 164 8,012 13,176 Apr... 130 8,526 13,128 1968—Nov 1,829 1,398 106 265 60 1,155 261 May.. 107 10,035 13,037 Dec 1,638 1,219 87 272 60 979 280 June.. 155 7,710 13,039 July... 158 7,419 13,050 1969—Jan 1,785 1,350 110 245 79 1,076 342 Aug... 143 8,058 13,033 Feb 1,867 1,388 128 243 108 1,099 411 Sept... 143 9,252 13,004 Mar 1,865 1,361 111 261 132 1,065 462 Oct... 131 8,447 12,979 Apr 1,833 1,320 125 268 121 1,028 468 Nov... 130 7,533 12,998 May 1,949 1,382 104 347 116 1,026 527 Dec... r134 7,030 12,311 June 1,787 1,223 123 347 93 957 453 July 1,778 1,232 113 313 120 987 450 1970—Jan... 152 7,374 12,291 Aug 1,699 1,210 96 293 99 966 410 Sept 1,592 1,099 100 303 90 912 360 Oct.r 1,637 1,201 92 279 65 961 371 1 U.S. Treasury bills, certificates of indebtedness, Nov 1,671 1,218 95 280 78 970 401 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • 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 Sept. Dec. Mar. June Sept* Sept. Dec. Mar. June Sept.* Europe: 2 3 3 4 4 6 5 5 5 5 60 78 79 67 69 68 49 61 52 58 8 4 2 2 2 10 12 12 12 13 4 4 * * 1 9 9 6 7 6 114 114 116 121 130 157 145 140 162 149 150 120 112 102 119 174 204 153 193 166 14 11 5 5 3 26 27 22 24 26 Italy 6 6 4 5 6 4 3 2 4 5 9 7 4 5 5 4 6 7 2 0 1 6 3 7 0 1 5 2 4 4 1 5 1 9 9 1 6 4 2 8 1 5 6 9 0 5 4 6 14 9 10 10 12 14 12 8 4 7 7 9 8 7 7 11 15 48 37 40 47 63 76 71 85 81 74 26 25 20 17 22 26 26 25 26 24 112 116 115 116 130 71 39 49 44 37 3 5 5 4 2 7 6 13 14 10 407 393 384 354 397 1,450 1,221 1,306 1,234 1,193 1 1 1 | 5 4 7 8 14 20 5 9 13 17 19 15 16 17 17 16 1 2 2 1 1 6 8 12 12 10 Total 11,,009966 11,,003344 1 ,017 979 1,117 2,318 2,040 2,112 2,132 2,053 119999 119944 164 159 182 501 540 724 713 629 Latin America: 7 6 8 5 6 36 46 45 42 37 Brazil 19 16 17 15 12 102 91 90 90 86 Chile 6 5 4 4 10 38 36 39 38 37 7 7 7 6 7 25 29 26 27 33 Cuba * * * * * 2 2 2 2 2 9 6 7 11 9 94 103 111 112 109 5 3 4 3 5 15 15 14 17 17 Peru 6 7 7 8 6 28 26 28 26 28 1 1 1 4 6 5 4 5 36 33 27 26 22 57 67 60 70 65 23 20 16 18 26 72 82 78 85 82 10 18 19 19 22 46 66 66 38 33 4 5 3 2 2 5 6 6 5 5 1 2 2 2 1 8 9 11 14 17 Total 134 130 122 121 131 532 584 579 570 557 Asia: 4 5 4 5 5 10 8 9 11 10 10 12 15 18 20 39 34 32 40 38 3 4 5 6 5 7 7 8 7 8 15 17 13 11 12 9 6 11 13 19 j 91 89 99 111144 118 195 207 200 212 220 Korea 1 2 11 2 18 21 22 24 22 Philippines . . 10 9 8 11 10 21 25 25 25 26 Taiwan. 3 5 5 5 6 12 19 19 19 19 Thailand 2 2 2 2 2 15 16 13 12 12 Other Asia 36 31 41 50 53 97 134 120 104 111 Total 175 176 195 223 233 423 477 460 466 486 Africa: Congo (Kinshasa) 1 1 1 2 2 3 2 3 3 3 South Africa 12 11 9 14 12 19 31 27 27 25 U A R (Egypt) 4 5 5 2 7 6 7 7 8 9 Other Africa 8 8 14 51 33 37 37 42 43 42 Total 25 24 29 68 52 65 76 78 81 80 Other countries: Australia 43 45 44 46 57 58 54 56 53 65 All other 6 5 5 3 6 9 11 9 7 8 Total 49 49 50 50 63 68 65 65 60 73 International and regional * * * * * 1 1 2 2 2 Grand total 11,,667788 11,,660088 11,,557766 11,,660011 11,,777788 33,,990077 33,,778833 44,,001188 44,,002244 33,,887799 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 88 INTL. CAPITAL TRANSACTIONS OF THE U.S. • FEBRUARY 1970 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 EEEnnnddd ooofff pppeeerrriiioooddd TToottaall PP dd aa oo yy ll iinn ll aa aa bb rr ll ss ee ccuu PP ff rr oo aa rr rr yy ee ii ee nn aa nn ii bb cc gg ll ii nn ee ee ss TToottaall PP dd aa oo yy ii ll nn ll aa aa bb rr ll ss ee b D i a n e n p r k o e s s p i a o ts b r t r w e o r i a ' t s d h Other name 1965—Sept 779 585 195 2,406 1,949 190 267 Dec 807 600 207 2,397 2,000 167 229 Dec.1 810 600 210 2,299 1,911 166 222 1966—Mar 849 614 235 2,473 2,033 211 229 894 657 237 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 1,203 916 287 2,585 2,110 199 275 Sept 1,353 1,029 324 2,555 2,116 192 246 Dec 1,371 1,027 343 2,946 2,529 201 216 Dec.1 1,386 1,039 347 3,011 2,599 203 209 1968—Mar 1,358 991 367 3,369 2,936 211 222 June 1,473 1,056 417 3,855 3,415 210 229 Sept 1,678 1,271 407 3,907 3,292 422 193 Dec 1,608 1,225 382 3,783 3,174 368 241 1969—Mar 1,576 1,185 391 4,018 3,334 357 327 1,601 1,248 354 4,024 3,283 463 278 Sept.* 1,778 1,433 345 3,879 3,189 420 270 i Data differ from that shown for Dec. in line above because of changes in reporting coverage. 27. LONG-TERM LIABILITIES TO AND CLAIMS ON FOREIGNERS REPORTED BY NONBANKING CONCERNS (In millions of dollars) Claims Country or area EEEnnnddd ooofff pppeeerrriiioooddd llliiiaaa TTT bbb ooo iiilll ttt iii aaa ttt lll iii eeesss TToottaall 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 L m a t e h t r i e i n r c a Japan O A t s h i e a r Africa o A th l e l r 1965—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.1 428 1,570 43 263 322 212 91 274 128 132 89 16 1968—Mar 582 1,536 41 265 330 206 61 256 128 145 84 21 June 747 1,568 32 288 345 205 67 251 129 134 83 33 Sept 767 1,625 43 313 376 198 62 251 126 142 82 32 Dec 1,100 1,784 147 312 420 194 73 231 128 156 83 38 1969—Mar 1,256 1,854 175 348 422 194 75 224 126 176 72 43 June 1,299 1,961 168 374 447 195 76 217 142 229 72 41 Sept.* 1,398 1,814 167 369 465 56 60 195 143 246 71 42 i Data differ from that shown for Dec. in line above because of changes in reporting coverage. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • MONEY RATES A 89 FOREIGN EXCHANGE RATES (In cents per unit of foreign currency) Australia PPeerriioodd Ar ( g p e e n so ti ) n a (s A ch u i s l t l r in ia g ) B ( e fr lg an iu c m ) C (d a o n l a la d r a ) ( C r e u y p l e o e n ) D ( e k n ro m n a e r ) k ( F m i a n r l k a k nd a) (pound) (dollar) 1965 .59517 222.78 3.8704 2.0144 92.743 20.959 14.460 31.070 1 19 9 6 6 6 7 . . 3 4 0 8 5 6 4 9 5 0 222233..4411 1 1 1 1 1 1 1 . . 2 2 5 2 3 3 . . 8 8 6 6 8 8 8 6 2 2 . . 0 0 1 0 2 6 5 7 9 9 2 2. . 8 6 1 8 1 9 2 2 0 0 . . 5 9 0 4 1 6 1 1 4 4 . . 3 4 2 7 5 5 22 3 9 1 . . 5 0 5 6 3 1 1968 .28473 111.25 3.8675 2.0026 92.801 16.678 13.362 23.761 1969 .28492 111.10 3.8654 1.9942 92.855 16.741 13.299 23.774 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 .28489 111.17 3.8671 1.9883 92.863 16.618 13.321 23.785 .28490 111.24 3.8669 1.9890 92.903 16.678 13.285 23.785 .28490 110.93 3.8646 1.9925 92.837 16.694 13.269 23.785 .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 .28490 110.87 3.8668 1.9885 92.1 A3 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 .28490 111.38 3.8621 2.0121 92.941 16.784 13.334 23.748 Dec .28490 111.43 3.8652 2.0125 93.083 16.772 13.348 23.748 1970—jan 332288..448877 111.58 3.8649 2.0124 93.199 16.772 13.339 23.748 Period ( F f r r a a n n c c e ) ( G d m e e r u a m t r s k a c ) n h y e (r I u n p d e ia e ) ( I p r o el u a n n d d ) ( I l t i a r l a y ) J ( a y p e a 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 l e i a l t n d h d e - s r ) 1965 20.401 25.036 20.938 279.59 .16004 .27662 32.609 8.0056 27.774 1966 20.352 25.007 416.596 279.30 .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 1969 519.302 625.491 13.230 239.01 .15940 .27903 32.623 8.0056 27.592 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 518.627 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 17.907 626.801 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 Dec 17.952 27.131 13.232 239.73 .15948 .27953 32.481 8.0056 27.622 1970—Jan 1188..000055 2277..112266 1133..223399 240.04 .15890 .27948 32.438 8.0056 27.522 PPeerriioodd (po N un e d w ) Zeal ( a d n o d ll ar) 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 AA (( SS rr oo ff aa rr uu nn ii tt dd cc hh aa )) (p S e p s a e i t n a ) S (k w r e o d n e a n ) (( ee SS ff rr ww rr ll aa aa ii nn tt nn zz cc dd -- )) ( U p K d o n i o u n i m t n g e - d d ) 1965 276.82 13.985 3.4829 139.27 1.6662 19.386 23.106 279.59 1966 276.54 13.984 3.4825 139.13 1.6651 19.358 23.114 279.30 1967 227766..6699 7131.97 13.985 3.4784 139.09 1.6383 19.373 23.104 275.04 1968 111.37 14.000 3.4864 139.10 1.4272 19.349 23.169 239.35 1969 111.21 13.997 3.5013 138.90 1.4266 19.342 23.186 239.01 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 1.4211 19.350 23.135 239.31 May 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 Aug 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 Oct 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 Dec 111.54 14.000 3.5059 139.32 1.4230 19.352 23.203 239.73 1970—jan 111111..6699 13.983 3.5096 139.50 1.4247 19.355 23.176 240.04 1 Effective Feb. 14, 1966, Australia adopted the decimal currency 6 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. 7 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 A new Argentine peso, equal to 100 old pesos, was introduced on Jan. 1, 1970. NOTE.—After the devaluation of the pound sterling on Nov. 18, 1967, 4 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. 5 Effective Aug. 10, 1969, the French franc was devalued from 4.94 to Averages of certified noon buying rates in New York for cable transfers. 5.55 francs per U.S. dollar. For description of rates and back data, see "International Finance," Section 15 of Supplement to Banking and Monetary Statistics, 1962. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 90 MONEY RATES o FEBRUARY 1970 CENTRAL BANK RATES FOR DISCOUNTS AND ADVANCES TO COMMERCIAL BANKS (Per cent per annum) Changes during the last 12 months RRaattee aass ooff JJaann.. 3311,, 11996688 RRRRaaaatttteeee CCCCoooouuuunnnnttttrrrryyyy 11996699 11997700 aaaassss ooooffff JJJJaaaannnn.... 33331111,,,, PPeerr MMoonntthh 1111999966669999 cceenntt eeffffeeccttiivvee Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. 66666666666666666666666666666666666666666666666666..................................................00000000000000000000000000000000000000000000000000 DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeecccccccccccccccccccccccccccccccccccccccccccccccccc.................................................. 11111111111111111111111111111111111111111111111111999999999999999999999999999999999999999999999999995555555555555555555555555555555555555555555555555577777777777777777777777777777777777777777777777777 66666666666666666666666666666666666666666666666666..................................................00000000000000000000000000000000000000000000000000 33333333333333333333333333333333333333333333333333..................................................7777777777777777777777777777777777777777777777777755555555555555555555555555555555555555555555555555 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44444444444444444444444444444444444444444444444444..................................................00000000000000000000000000000000000000000000000000 66666666666666666666666666666666666666666666666666..................................................55555555555555555555555555555555555555555555555555 DDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDDeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeecccccccccccccccccccccccccccccccccccccccccccccccccc.................................................. 11111111111111111111111111111111111111111111111111999999999999999999999999999999999999999999999999996666666666666666666666666666666666666666666666666688888888888888888888888888888888888888888888888888 77..00 77..55 88..00 88888888888888888888888888888888888888888888888888..................................................00000000000000000000000000000000000000000000000000 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JJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJJaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaannnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnnn.................................................. 11111111111111111111111111111111111111111111111111999999999999999999999999999999999999999999999999996666666666666666666666666666666666666666666666666699999999999999999999999999999999999999999999999999 1144..00 1111111111111111111111111111111111111111111111111144444444444444444444444444444444444444444444444444..................................................00000000000000000000000000000000000000000000000000 88888888888888888888888888888888888888888888888888..................................................00000000000000000000000000000000000000000000000000 MMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMMaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaayyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyyy 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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 either Indonesia— Various rates depending on type of paper, collateral, comdiscounts 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 dispending 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • MONEY RATES; ARBITRAGE A 91 OPEN MARKET RATES (Per cent per annum) Canada United Kingdom France Fe G d e . r R m e a p n . y o , f Netherlands Sw la i n tz d e r- Month 3 T m r b e o i a l n s ls t u , h r s y i m Da o d y n a - y e t y o 2 - 3 B a a a m c n n c c o k e e n p e s t r t , - h s ' s 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e t o y - a B l d l e o a p n w 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 y o 3 - Tr 6 d b e 0 a i a y - l s l 9 s s u 0 , 4 r y D m a o d y n a - e y t y o 5 - 3 T r m b e i a o l s l n s u , t r h y s D m a d o y a n - y e t o y - d P is r r i c a v o t a e u t n e t 1 1 1 9 9 9 6 6 6 8 7 6 — — — D D D e e e c c c . . . 5 5 5 . . . 0 9 8 5 6 0 4 5 5 . . . 7 3 6 1 1 7 7 6 7 . . . 7 2 9 8 6 4 6 7 6 . . . 6 8 5 4 0 2 6 5 6 . . . 0 9 8 0 9 3 5 5 6 . . . 0 0 0 0 0 0 4 5 8 . . . 6 7 2 8 6 2 4 2 2 . . . 7 7 7 5 5 5 2 5 1 . . . 7 8 8 7 5 4 4 4 4 . . . 5 9 6 1 0 5 4 4 3 . . .6 0 9 8 5 6 4 3 3 . . . 7 0 7 5 0 5 1969— D J J S N M A M O A F J u u a e e e o c u p a a n l p n b c t g v r y y r e . t . . . . . . . . . . 7 7 7 7 7 6 6 7 7 6 6 6 . . . . . . . . . . . . 7 0 6 7 4 3 7 6 7 6 6 3 1 3 5 8 9 1 5 8 4 9 2 6 7 7 5 5 6 6 7 7 7 6 7 6 . . . . . . . . . . . . 7 7 6 5 7 9 8 7 4 4 3 0 8 1 7 7 8 8 9 7 0 7 4 2 7 8 8 7 8 8 . . . . . . . 7 4 3 2 4 3 8 3 1 5 8 6 2 8 7 7 6 7 7 7 7 7 7 6 7 7 . . . . . . . . . . . . 7 8 7 9 7 8 8 8 7 8 7 7 8 9 9 7 7 0 0 2 2 6 0 3 7 5 6 6 6 6 6 7 6 6 6 6 . . . . . . . . . . . . 9 0 9 9 6 8 8 9 8 0 0 9 1 7 5 5 6 8 8 0 5 2 0 8 5 6 6 6 6 6 6 6 5 6 6 6 . . . . . . . . . . . . 0 0 0 0 0 0 0 0 0 0 0 0 8 0 0 0 0 0 0 0 0 0 0 0 9 9 9 8 8 9 9 7 8 8 8 . . . . . . . . . . . 3 5 2 4 8 3 8 9 0 3 1 9 9 3 6 8 7 4 6 4 4 8 2 4 2 2 4 4 5 3 3 5 5 5 . . . . . . . . . . . . 7 7 7 7 7 7 7 7 7 7 7 7 5 5 5 5 5 5 5 5 5 5 5 5 5 2 5 4 7 3 3 5 6 8 3 1 . . . . . . . . . . . . 0 6 2 6 6 8 4 0 8 3 6 3 2 5 7 3 8 0 6 3 7 0 3 5 4 5 5 5 5 5 5 5 5 6 5 6 . . . . . . . . . . . . 9 0 5 9 0 5 3 0 9 8 5 0 0 0 0 5 0 0 9 8 8 0 0 0 4 5 5 5 7 5 5 7 7 7 5 3 . . . . . . . . . . . . 1 7 3 7 9 1 5 4 3 8 6 8 1 1 8 7 2 7 5 4 8 8 6 0 4 4 4 4 3 3 4 4 4 4 4 3 . . . . . . . . . . . . 8 7 2 2 0 7 7 0 0 3 7 7 1 5 5 5 6 5 5 0 0 8 5 5 1 Based on average yield of weekly tenders during month 5 Monthly averages based on daily quotations. 2 Based on weekly averages of daily closing rates. NOTE.—For description and back data, see "International Finance," 3 Rate shown is on private securities. Section 15 of Supplement to Banking and Monetary Statistics, 1962. 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 PPrreemmiiuumm Date q K ( u U i a o n U d n t g j i . a . S d t t e . o i t d o o m n U S n ta i t t e e s d L S ( o f p n a o r d v e f o o ad r n ) P d f ( ( r p i o e s + - o r c m ) ) w u o o i n a u o u n d r r n m d t ii LL nn (( oo cc ff NN nn ee aa oo nn dd vv ee ff tt tt oo oo ii rr vv nn ee )) qu A o in t s e d C an a q da u A o U d t j . a . S t . i t o o n U S n ta i t t e e s d C S ( a p f n a r o a v e f d a o d r a ) CC dd ff (( (( dd aa oo ii ++ -- ss oo nn rr )) cc )) ww ll aa oo ll dd aa oo aa uu oo ii rr nn rr rr nn aa ss dd nn tt ii CC nn (( aa cc ff NN ee nn aa oo nn aa vv ee ff tt tt dd oo ii rr vv aa )) ee basis) Canada basis 1969 Sept. 2 1 1 6 5 2 9 7 7 7 7 . . . . 5 6 5 5 8 4 8 8 7 7 7 7 . . . . 0 1 0 0 3 0 2 3 . . . . 6 5 4 5 5 8 6 1 - - - - 6 8 7 4 . . . . 0 9 5 9 2 0 8 2 - - - -4 7 8 5 . . . . 3 0 3 5 1 3 6 2 7 7 7 7 . . . . 7 7 7 7 2 5 3 7 7 7 7 7 . . . . 5 4 4 5 1 8 9 3 7 7 7 7 . . . . 0 0 0 1 3 2 3 0 . . . . 4 4 4 5 5 7 1 0 + + + + . . . . 6 6 3 3 1 1 9 9 + + + + 1 1 . . . . 0 0 8 8 6 8 9 0 Oct. 2 3 1 1 4 3 1 7 0 7 7 7 7 7 . . . . . 6 6 6 5 5 1 1 1 5 7 6 6 6 6 6 . . . . . 9 9 9 9 9 8 5 8 9 7 . . . . . 6 6 6 6 5 3 7 0 6 2 - - - - - 1 1 1 2 2 . . . . . 2 5 3 4 5 7 2 8 7 6 - - - - 1 1 - . . . . . 6 9 7 9 9 4 0 2 0 6 7 7 7 7 7 . . . . . 6 6 6 7 6 2 2 9 7 4 7 7 7 7 7 . . . . . 4 4 3 5 3 5 0 8 3 8 6 6 6 6 6 . . . . . 9 9 9 9 9 8 9 5 8 7 . . . . . 4 4 4 5 4 7 1 0 6 3 + + + + + . . . . . 6 5 5 0 1 1 6 2 2 9 + + + + + 1 1 . . . . . 0 0 9 4 6 8 8 7 2 2 Nov. 7 7.58 7.09 .49 -.79 -.30 7.67 7.43 7.09 .34 -.04 + .30 14 7.58 7.14 .44 -.66 -.22 7.67 7.43 7.14 .29 -.13 + .16 2 2 1 8 7 7 . . 5 5 8 8 7 7 . . 4 3 9 1 . .0 2 9 7 - - . . 5 6 1 9 - - . . 4 4 2 2 7 7 . . 7 7 5 2 7 7 . . 5 4 0 8 7 7 . .3 4 1 9 . . 0 1 1 7 + + . . 0 0 9 9 + + . . 1 2 0 6 Dec. 1 5 2 7 7 . .6 5 1 8 7 7 . . 7 5 2 6 . . 1 0 4 5 - - . . 3 1 7 7 - -. . 5 1 1 2 7 7 . . 7 7 7 7 7 7 . . 5 5 3 3 7 7 . . 7 5 2 6 - - . . 1 0 9 3 + + . . 0 0 9 4 + - .1 .0 0 1 2 3 1 3 1 9 7 7 7 . . . 4 5 5 9 5 5 7 7 7 . . . 9 7 8 8 8 0 . . . 4 2 2 9 3 5 - - - . . . 5 3 3 5 8 8 -1 - - . . . 6 6 0 1 3 4 7 7 7. . . 8 7 7 2 8 8 7 7 7. . . 5 5 5 7 3 3 7 7 7 . . . 7 9 8 8 8 0 - - - . . . 4 2 2 1 5 7 + + - . . 0 . 0 0 4 9 9 - - - . . . 4 1 1 5 6 8 1970 Jan. 2 3 1 9 3 0 6 7 7 7 7 . . . . 4 3 4 3 3 7 0 7 7 7 7 7 . . . . 7 8 8 8 3 6 5 0 . . . . 3 4 4 4 3 8 3 3 - - - - . . . . 3 2 4 5 9 0 7 0 -1 - - - . . . . 7 8 6 0 3 7 3 0 7 7 7 7 . . . . 7 7 8 8 8 7 3 0 7 7 7 7 . . . . 5 5 5 5 8 2 3 5 7 7 7 7 . . . . 7 8 8 8 3 6 5 0 - - - - . . . . 1 3 2 2 8 3 8 7 - - - - . . . . 4 1 2 1 8 7 6 7 - - - - . . . . 8 4 3 5 1 5 5 3 Feb. 6 7.43 7.50 .07 -.52 -.59 7.83 7.57 7.50 .07 -.26 -.19 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 92 GOLD RESERVES • FEBRUARY 1970 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS (In millions of dollars) Esti- Intl. Estim to a t t a e l d M ta o r n y e - U St n a i t t e e s d r m es a t t e o d f A i f s 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 world i Fund world 41,475 2,194 16,057 23,225 61 190 454 1,365 225 42 708 42,305 2,312 15,596 24,395 78 208 536 1,371 150 42 817 43,015 2,179 15,471 25,365 71 226 600 1,451 92 84 1,026 243,230 31,869 13,806 27,285 66 223 700 1,558 63 84 1,151 43,185 2,652 13,235 27,300 84 224 701 1,525 45 84 1,046 41,600 2,682 12,065 26,855 84 231 701 1,480 45 84 1,015 40,905 2,288 10,892 27,725 109 257 714 1,524 45 863 2,288 10,828 109 258 714 1,524 45 84 863 2,292 10,801 109 257 714 1,522 45 84 863 41,050 2,295 10,836 27,920 109 256 714 1,522 45 84 863 2,297 10,936 109 255 714 1,522 45 84 863 2,301 11,153 109 256 714 1,522 45 84 863 40,970 2.257 11.153 27,560 110 258 715 1,522 45 84 866 2,316 11,144 115 258 715 1,522 45 84 866 2,336 11.154 120 257 715 1,520 45 84 866 *40j890 2.258 11,164 *27,470 120 257 715 1,520 45 84 872 2,260 11,190 125 262 715 1,520 45 84 872 2,288 11,171 130 263 715 1,518 45 84 872 2,310 11,859 263 715 1,518 84 872 Gerlo 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 - Italy Rep. of 57 92 61 2,587 3,679 77 247 129 98 18 41 2,243 62 92 61 3,175 3,843 77 247 142 98 18 60 2,343 58 92 85 3,729 4,248 77 247 141 112 19 56 2,107 2 35 6 1 9 0 7 8 4 8 5 4 5 4 , , 2 7 3 0 8 6 4 4 , , 2 41 9 0 2 1 7 2 8 0 2 24 8 3 1 1 13 4 0 6 1 1 0 1 6 0 2 23 1 5 4 6 6 2 2, , 4 4 1 0 4 4 31 107 45 5,234 4,228 130 243 144 115 25 46 2,400 114 45 3,877 4,539 140 243 158 193 79 46 2,923 31 114 45 3,877 4,539 132 243 158 193 79 46 2.923 31 114 45 3,877 4,541 132 243 158 193 79 46 2.925 30 114 45 3,827 4,541 132 243 158 193 79 46 2.924 30 114 45 3,726 4.541 131 243 158 193 79 46 2,924 29 88 45 3.551 4.542 130 243 158 193 79 46 2.926 29 89 45 3.552 4,563 130 243 158 193 79 46 2.937 29 89 45 3,551 4.563 130 243 158 193 79 46 2,936 29 89 45 3,551 4.564 130 243 158 193 69 46 2.938 27 89 45 3,545 4,597 130 243 158 193 64 46 2,954 27 89 45 3,547 4,597 130 243 158 193 39 46 2,954 26 89 45 3,547 4,610 130 243 158 193 39 46 2,956 26 89 45 3,547 4,079 130 243 158 193 39 46 2,956 Kuwait a L n e o b n - Libya Ma si l a a y- Mexi- Moroc- N l e a t n h d e s r - N w o a r y - P s a ta k n i- Peru P p h i i n l e ip s - Po g r a t l u - 49 172 95 29 1,581 30 53 47 41 471 48 172 139 29 1,601 31 53 57 28 497 48 183 7 169 34 1,688 31 53 67 23 523 52 182 2 158 21 1,756 31 53 67 38 576 67 193 1 109 21 1,730 18 53 65 44 643 136 193 31 166 21 1,711 18 53 20 60 699 288 66 165 21 1,697 24 54 62 856 122 288 66 165 21 1.697 24 54 20 58 857 124 288 66 165 21 1.698 23 54 20 60 856 123 288 65 165 21 1,698 24 54 25 65 856 123 288 65 165 21 1,698 24 54 25 67 860 120 288 64 165 21 1,698 24 54 25 56 860 120 288 64 166 21 1,703 24 54 25 52 860 110 288 64 166 21 1,703 24 54 25 52 860 107 288 64 167 21 1,703 24 54 25 45 872 103 288 64 168 21 1,711 25 54 25 45 872 100 288 65 168 21 1,711 25 54 25 45 872 86 288 21 1,711 25 54 25 45 872 86 288 1,720 25 54 25 45 For notes see end of table. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • GOLD RESERVES AND PRODUCTION A 93 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS—Continued (In millions of dollars) Bank E pe n r d i o o d f A So fr u i t c h a Spain Sweden Sw la i n tz d e r- Taiwan T la h n a d i- Turkey ( U E . g A y . p R t) . U K d n i o i n t m g e - d U gu r a u y - V zu e e n l e a - Y sl u av g i o a - S I e f n t o t t r l l e . ments 4 196 2 499 446 181 2,667 43 104 140 174 2,582 180 401 4 -50 196 3 630 573 182 2,820 50 104 115 174 2,484 171 401 14 -279 196 4 574 616 189 2,725 55 104 104 139 2,136 171 401 17 -50 196 5 425 810 202 3,042 55 96 116 139 2,265 155 401 19 -558 196 6 637 785 203 2,842 62 92 102 93 1,940 146 401 21 -424 196 7 583 785 203 3,089 81 92 97 93 1,291 140 401 22 -624 1968—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 11,,447766 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 11,,447744 136 403 51 -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 93 165 403 51 -268 Sept.. 1,093 785 226 2,642 81 92 107 93 11,,445599 165 403 50 -285 Oct... 1,128 785 226 2,642 81 92 117 93 165 403 50 -314 Nov.p 1,125 785 226 2,642 81 92 117 93 165 403 50 -309 Dec.f 11,,111155 778844 222266 22,,664422 8822 9922 111177 9933 440033 5511 --448800 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 1 c - A So fr u i t c h 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 i i n l e ip s - t A ra u l s ia - ot A h l e l r 196 1 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 53.9 196 2 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 56.6 196 3 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 64.3 196 4 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 62.8 196 5 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 61.5 196 6 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 61.2 196 7 1,410.0 1,068.7 18.0 26.7 5.4 53.4 103.7 5.8 6.2 9.0 3.4 17.2 28.4 64.1 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—Nov.. 87.9 7.5 .6 .6 1.9 Dec.. 83.5 7.7 .6 .7 24.2 2.2 1969—Jan.. 83.4 7.8 .6 .5 1.9 Feb.. 86.7 7.1 .5 .7 2.0 Mar.. 89.1 7.6 .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 2.2 July. 93.7 6.7 .7 Aug.. 93.9 6.6 .7 Sept.. 95.1 7.0 .6 Oct... 95.2 6.5 .6 Nov.. 93.6 6.8 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. County 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 94 FEDERAL RESERVE BANKS, 1969 • FEBRUARY 1970 EARNINGS AND EXPENSES (In Item Total Boston New York Philadelphia Cleveland Richmond Atlanta Current earnings Discounts and advances 6655,,333355,,775555 5,341,655 1155,,445588,,772200 2,015,031 2,559,153 3,404,671 4,736,538 44,,667766,,339988 44,,667766,,339988 UUUUUUUUUUUU............SSSSSSSSSSSS............ GGGGGGGGGGGGoooooooooooovvvvvvvvvvvvtttttttttttt,,,,,,,,,,,, sssssssssssseeeeeeeeeeeeccccccccccccuuuuuuuuuuuurrrrrrrrrrrriiiiiiiiiiiittttttttttttiiiiiiiiiiiieeeeeeeeeeeessssssssssss 33,,118800,,779955,,113333 i62,446,132 779977,,661199,,770066 i 64,7 i i,278 247,350,276 236,068,720 169,987,147 FFFFFFFFFFFFoooooooooooorrrrrrrrrrrreeeeeeeeeeeeiiiiiiiiiiiiggggggggggggnnnnnnnnnnnn ccccccccccccuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeennnnnnnnnnnncccccccccccciiiiiiiiiiiieeeeeeeeeeeessssssssssss 112211,,771166,,225577 5,848,589 3300,,994411,,774488 6,335,724 10,841,635 6,333,271 7,790,914 AAAAAAAAAAAAllllllllllllllllllllllll ooooooooooootttttttttttthhhhhhhhhhhheeeeeeeeeeeerrrrrrrrrrrr 883377,,001155 23,271 114455,,884411 19,618 68,456 49,695 82,506 TTTTTTTTTTTToooooooooooottttttttttttaaaaaaaaaaaallllllllllll 3,373,360,557 173,659,647 848,842,412 173,081,651 260,819,520 245,856,357 182,597,105 CCCCCCCCCCCCuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeennnnnnnnnnnntttttttttttt eeeeeeeeeeeexxxxxxxxxxxxppppppppppppeeeeeeeeeeeennnnnnnnnnnnsssssssssssseeeeeeeeeeeessssssssssss SSSSSSSSSSSSaaaaaaaaaaaallllllllllllaaaaaaaaaaaarrrrrrrrrrrriiiiiiiiiiiieeeeeeeeeeeessssssssssss:::::::::::: OOOOOOOOOOOOffffffffffffffffffffffffiiiiiiiiiiiicccccccccccceeeeeeeeeeeerrrrrrrrrrrrssssssssssss 11,633,105 638,904 2,309,927 799,329 762,411 979,116 844,607 EEEEEEEEEEEEmmmmmmmmmmmmppppppppppppllllllllllllooooooooooooyyyyyyyyyyyyeeeeeeeeeeeeeeeeeeeeeeeessssssssssss 134,467,820 8,588,482 34,935,880 6,168,209 8,981,523 9,373,859 9,227,533 RRRRRRRRRRRReeeeeeeeeeeettttttttttttiiiiiiiiiiiirrrrrrrrrrrreeeeeeeeeeeemmmmmmmmmmmmeeeeeeeeeeeennnnnnnnnnnntttttttttttt aaaaaaaaaaaannnnnnnnnnnndddddddddddd ooooooooooootttttttttttthhhhhhhhhhhheeeeeeeeeeeerrrrrrrrrrrr bbbbbbbbbbbbeeeeeeeeeeeennnnnnnnnnnneeeeeeeeeeeeffffffffffffiiiiiiiiiiiittttttttttttssssssssssss 24,447,229 1,601,165 5,854,610 1,158,424 1,658,654 1,776,014 1,677,535 FFFFFFFFFFFFeeeeeeeeeeeeeeeeeeeeeeeessssssssssss————————————DDDDDDDDDDDDiiiiiiiiiiiirrrrrrrrrrrreeeeeeeeeeeeccccccccccccttttttttttttoooooooooooorrrrrrrrrrrrssssssssssss aaaaaaaaaaaannnnnnnnnnnndddddddddddd ooooooooooootttttttttttthhhhhhhhhhhheeeeeeeeeeeerrrrrrrrrrrrssssssssssss 2,362,186 93,057 1,002,668 97,162 180,211 77,970 261,958 TTTTTTTTTTTTrrrrrrrrrrrraaaaaaaaaaaavvvvvvvvvvvveeeeeeeeeeeelllllllllllliiiiiiiiiiiinnnnnnnnnnnngggggggggggg eeeeeeeeeeeexxxxxxxxxxxxppppppppppppeeeeeeeeeeeennnnnnnnnnnnsssssssssssseeeeeeeeeeeessssssssssss 3,335,513 194,864 541,864 129,579 227,656 243,801 377,230 PPPPPPPPPPPPoooooooooooossssssssssssttttttttttttaaaaaaaaaaaaggggggggggggeeeeeeeeeeee aaaaaaaaaaaannnnnnnnnnnndddddddddddd eeeeeeeeeeeexxxxxxxxxxxxpppppppppppprrrrrrrrrrrreeeeeeeeeeeessssssssssssssssssssssssaaaaaaaaaaaaggggggggggggeeeeeeeeeeee 31,028,329 1,924,784 3,818,226 1,211,155 2,675,296 3,663,093 2,838,991 TTTTTTTTTTTTeeeeeeeeeeeelllllllllllleeeeeeeeeeeepppppppppppphhhhhhhhhhhhoooooooooooonnnnnnnnnnnneeeeeeeeeeee aaaaaaaaaaaannnnnnnnnnnndddddddddddd tttttttttttteeeeeeeeeeeelllllllllllleeeeeeeeeeeeggggggggggggrrrrrrrrrrrraaaaaaaaaaaapppppppppppphhhhhhhhhhhh 3,265,357 155,165 712,281 128,311 215,220 263,174 370,560 PPPPPPPPPPPPrrrrrrrrrrrriiiiiiiiiiiinnnnnnnnnnnnttttttttttttiiiiiiiiiiiinnnnnnnnnnnngggggggggggg aaaaaaaaaaaannnnnnnnnnnndddddddddddd ssssssssssssuuuuuuuuuuuupppppppppppppppppppppppplllllllllllliiiiiiiiiiiieeeeeeeeeeeessssssssssss 11,644,957 758,596 2,064,250 624,504 834,719 1,025,731 964,551 IIIIIIIIIIIInnnnnnnnnnnnssssssssssssuuuuuuuuuuuurrrrrrrrrrrraaaaaaaaaaaannnnnnnnnnnncccccccccccceeeeeeeeeeee 446,472 33,259 61,750 18,275 42,428 27,729 43,345 TTTTTTTTTTTTaaaaaaaaaaaaxxxxxxxxxxxxeeeeeeeeeeeessssssssssss oooooooooooonnnnnnnnnnnn rrrrrrrrrrrreeeeeeeeeeeeaaaaaaaaaaaallllllllllll eeeeeeeeeeeessssssssssssttttttttttttaaaaaaaaaaaatttttttttttteeeeeeeeeeee 6,689,840 717,655 1,161,661 179,904 576.031 253,582 433,063 DDDDDDDDDDDDeeeeeeeeeeeepppppppppppprrrrrrrrrrrreeeeeeeeeeeecccccccccccciiiiiiiiiiiiaaaaaaaaaaaattttttttttttiiiiiiiiiiiioooooooooooonnnnnnnnnnnn ((((((((((((bbbbbbbbbbbbuuuuuuuuuuuuiiiiiiiiiiiillllllllllllddddddddddddiiiiiiiiiiiinnnnnnnnnnnnggggggggggggssssssssssss)))))))))))) 5,'355,387 133,777 896,544 76,596 370,760 191,797 924,585 LLLLLLLLLLLLiiiiiiiiiiiigggggggggggghhhhhhhhhhhhtttttttttttt,,,,,,,,,,,, hhhhhhhhhhhheeeeeeeeeeeeaaaaaaaaaaaatttttttttttt,,,,,,,,,,,, ppppppppppppoooooooooooowwwwwwwwwwwweeeeeeeeeeeerrrrrrrrrrrr,,,,,,,,,,,, aaaaaaaaaaaannnnnnnnnnnndddddddddddd wwwwwwwwwwwwaaaaaaaaaaaatttttttttttteeeeeeeeeeeerrrrrrrrrrrr 2,592,155 149,724 389,822 99,338 270,571 222,460 238,072 RRRRRRRRRRRReeeeeeeeeeeeppppppppppppaaaaaaaaaaaaiiiiiiiiiiiirrrrrrrrrrrrssssssssssss aaaaaaaaaaaannnnnnnnnnnndddddddddddd aaaaaaaaaaaalllllllllllltttttttttttteeeeeeeeeeeerrrrrrrrrrrraaaaaaaaaaaattttttttttttiiiiiiiiiiiioooooooooooonnnnnnnnnnnnssssssssssss 1,805,300 72,405 307,165 154,806 139,536 189,217 70,016 411,475 96,768 190,995 6,167 43,330 7,071 1,744 FFFFFFFFFFFFuuuuuuuuuuuurrrrrrrrrrrrnnnnnnnnnnnniiiiiiiiiiiittttttttttttuuuuuuuuuuuurrrrrrrrrrrreeeeeeeeeeee aaaaaaaaaaaannnnnnnnnnnndddddddddddd eeeeeeeeeeeeqqqqqqqqqqqquuuuuuuuuuuuiiiiiiiiiiiippppppppppppmmmmmmmmmmmmeeeeeeeeeeeennnnnnnnnnnntttttttttttt:::::::::::: PPPPPPPPPPPPuuuuuuuuuuuurrrrrrrrrrrrcccccccccccchhhhhhhhhhhhaaaaaaaaaaaasssssssssssseeeeeeeeeeeessssssssssss 7,526,093 176,712 2,628,855 281,365 835,811 461,697 362,900 RRRRRRRRRRRReeeeeeeeeeeennnnnnnnnnnnttttttttttttaaaaaaaaaaaallllllllllllssssssssssss 11,692,121 735,275 1,393,141 468,688 675.032 1,239,254 932,255 AAAAAAAAAAAAllllllllllllllllllllllll ooooooooooootttttttttttthhhhhhhhhhhheeeeeeeeeeeerrrrrrrrrrrr 4,389,455 219,067 1,053,198 179,669 417,252 179,953 209,585 IIIIIIIIIIIInnnnnnnnnnnntttttttttttteeeeeeeeeeeerrrrrrrrrrrr------------BBBBBBBBBBBBaaaaaaaaaaaannnnnnnnnnnnkkkkkkkkkkkk eeeeeeeeeeeexxxxxxxxxxxxppppppppppppeeeeeeeeeeeennnnnnnnnnnnsssssssssssseeeeeeeeeeeessssssssssss 92,279 -1,312,575 95,882 163,878 3,087 124,794 SSSSSSSSSSSSuuuuuuuuuuuubbbbbbbbbbbbttttttttttttoooooooooooottttttttttttaaaaaaaaaaaallllllllllll 263,092,787 16,381,938 58,010,262 11,877,363 19,070,319 20,178,605 19,903,325 FFFFFFFFFFFF............RRRRRRRRRRRR............ ccccccccccccuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeennnnnnnnnnnnccccccccccccyyyyyyyyyyyy 22,125,657 1,212,752 3,804,462 1,262,305 1,477,920 1,892,778 2,040,237 AAAAAAAAAAAAsssssssssssssssssssssssseeeeeeeeeeeessssssssssssssssssssssssmmmmmmmmmmmmeeeeeeeeeeeennnnnnnnnnnntttttttttttt ffffffffffffoooooooooooorrrrrrrrrrrr eeeeeeeeeeeexxxxxxxxxxxxppppppppppppeeeeeeeeeeeennnnnnnnnnnnsssssssssssseeeeeeeeeeeessssssssssss ooooooooooooffffffffffff BBBBBBBBBBBBooooooooooooaaaaaaaaaaaarrrrrrrrrrrrdddddddddddd ooooooooooooffffffffffff GGGGGGGGGGGGoooooooooooovvvvvvvvvvvveeeeeeeeeeeerrrrrrrrrrrrnnnnnnnnnnnnoooooooooooorrrrrrrrrrrrssssssssssss............ 15,020,084 729,000 3,869,800 778,500 1,341,900 780,700 961,400 TTTTTTTTTTTToooooooooooottttttttttttaaaaaaaaaaaallllllllllll 300,238,529 18,323,690 65,684,524 13,918,168 21,890,139 22,852,083 22,904,963 LLLLLLLLLLLLeeeeeeeeeeeessssssssssssssssssssssss rrrrrrrrrrrreeeeeeeeeeeeiiiiiiiiiiiimmmmmmmmmmmmbbbbbbbbbbbbuuuuuuuuuuuurrrrrrrrrrrrsssssssssssseeeeeeeeeeeemmmmmmmmmmmmeeeeeeeeeeeennnnnnnnnnnntttttttttttt ffffffffffffoooooooooooorrrrrrrrrrrr cccccccccccceeeeeeeeeeeerrrrrrrrrrrrttttttttttttaaaaaaaaaaaaiiiiiiiiiiiinnnnnnnnnnnn ffffffffffffiiiiiiiiiiiissssssssssssccccccccccccaaaaaaaaaaaallllllllllll aaaaaaaaaaaaggggggggggggeeeeeeeeeeeennnnnnnnnnnnccccccccccccyyyyyyyyyyyy aaaaaaaaaaaannnnnnnnnnnndddddddddddd ooooooooooootttttttttttthhhhhhhhhhhheeeeeeeeeeeerrrrrrrrrrrr eeeeeeeeeeeexxxxxxxxxxxxppppppppppppeeeeeeeeeeeennnnnnnnnnnnsssssssssssseeeeeeeeeeeessssssssssss 25,265,206 1,416,862 5,251,835 1,176,421 2,479,458 1,335,108 1,800,951 NNNNNNNNNNNNeeeeeeeeeeeetttttttttttt eeeeeeeeeeeexxxxxxxxxxxxppppppppppppeeeeeeeeeeeennnnnnnnnnnnsssssssssssseeeeeeeeeeeessssssssssss 274,973,322 16,906,828 60,432,689 12,741,747 19,410,681 21,516,975 21,104,011 PPPPPPPPPPPPrrrrrrrrrrrrooooooooooooffffffffffffiiiiiiiiiiiitttttttttttt aaaaaaaaaaaannnnnnnnnnnndddddddddddd lllllllllllloooooooooooossssssssssssssssssssssss CCCCCCCCCCCCuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeennnnnnnnnnnntttttttttttt nnnnnnnnnnnneeeeeeeeeeeetttttttttttt eeeeeeeeeeeeaaaaaaaaaaaarrrrrrrrrrrrnnnnnnnnnnnniiiiiiiiiiiinnnnnnnnnnnnggggggggggggssssssssssss 3,098,387,238 156,752,820 788,409,724 160,339,904 241,408,839 224,339,381 161,493,094 AAAAAAAAAAAAddddddddddddddddddddddddiiiiiiiiiiiittttttttttttiiiiiiiiiiiioooooooooooonnnnnnnnnnnnssssssssssss ttttttttttttoooooooooooo ccccccccccccuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeennnnnnnnnnnntttttttttttt nnnnnnnnnnnneeeeeeeeeeeetttttttttttt eeeeeeeeeeeeaaaaaaaaaaaarrrrrrrrrrrrnnnnnnnnnnnniiiiiiiiiiiinnnnnnnnnnnnggggggggggggssssssssssss :::::::::::: PPPPPPPPPPPPrrrrrrrrrrrrooooooooooooffffffffffffiiiiiiiiiiiittttttttttttssssssssssss oooooooooooonnnnnnnnnnnn ffffffffffffoooooooooooorrrrrrrrrrrreeeeeeeeeeeeiiiiiiiiiiiiggggggggggggnnnnnnnnnnnn eeeeeeeeeeeexxxxxxxxxxxxcccccccccccchhhhhhhhhhhhaaaaaaaaaaaannnnnnnnnnnnggggggggggggeeeeeeeeeeee ttttttttttttrrrrrrrrrrrraaaaaaaaaaaannnnnnnnnnnnssssssssssssaaaaaaaaaaaaccccccccccccttttttttttttiiiiiiiiiiiioooooooooooonnnnnnnnnnnnssssssssssss 5,854,460 281,014 1,487,033 304,432 521,047 304,432 374,685 AAAAAAAAAAAAllllllllllllllllllllllll ooooooooooootttttttttttthhhhhhhhhhhheeeeeeeeeeeerrrrrrrrrrrr 556,286 20,400 30,661 14,908 338,504 2,190 1,161 TTTTTTTTTTTToooooooooooottttttttttttaaaaaaaaaaaallllllllllll aaaaaaaaaaaaddddddddddddddddddddddddiiiiiiiiiiiittttttttttttiiiiiiiiiiiioooooooooooonnnnnnnnnnnnssssssssssss 6,410,747 301,414 1,517,694 319,340 859,551 306,622 375,847 DDDDDDDDDDDDeeeeeeeeeeeedddddddddddduuuuuuuuuuuuccccccccccccttttttttttttiiiiiiiiiiiioooooooooooonnnnnnnnnnnnssssssssssss ffffffffffffrrrrrrrrrrrroooooooooooommmmmmmmmmmm ccccccccccccuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeennnnnnnnnnnntttttttttttt nnnnnnnnnnnneeeeeeeeeeeetttttttttttt eeeeeeeeeeeeaaaaaaaaaaaarrrrrrrrrrrrnnnnnnnnnnnniiiiiiiiiiiinnnnnnnnnnnnggggggggggggssssssssssss:::::::::::: LLLLLLLLLLLLoooooooooooosssssssssssssssssssssssseeeeeeeeeeeessssssssssss oooooooooooonnnnnnnnnnnn ssssssssssssaaaaaaaaaaaalllllllllllleeeeeeeeeeeessssssssssss ooooooooooooffffffffffff UUUUUUUUUUUU............SSSSSSSSSSSS............ GGGGGGGGGGGGoooooooooooovvvvvvvvvvvvtttttttttttt,,,,,,,,,,,, sssssssssssseeeeeeeeeeeeccccccccccccuuuuuuuuuuuurrrrrrrrrrrriiiiiiiiiiiittttttttttttiiiiiiiiiiiieeeeeeeeeeeessssssssssss............ 6,037,587 309,164 1,493,272 316,620 471,314 448,948 324,458 AAAAAAAAAAAAllllllllllllllllllllllll ooooooooooootttttttttttthhhhhhhhhhhheeeeeeeeeeeerrrrrrrrrrrr 930,712 9,547 3,967 25,103 560,092 55,976 3,428 TTTTTTTTTTTToooooooooooottttttttttttaaaaaaaaaaaallllllllllll ddddddddddddeeeeeeeeeeeedddddddddddduuuuuuuuuuuuccccccccccccttttttttttttiiiiiiiiiiiioooooooooooonnnnnnnnnnnnssssssssssss 6,968,300 318,711 1,497,239 341,723 1,031,406 504,925 327,886 NNNNNNNNNNNNeeeeeeeeeeeetttttttttttt aaaaaaaaaaaaddddddddddddddddddddddddiiiiiiiiiiiittttttttttttiiiiiiiiiiiioooooooooooonnnnnnnnnnnn ttttttttttttoooooooooooo oooooooooooorrrrrrrrrrrr ddddddddddddeeeeeeeeeeeedddddddddddduuuuuuuuuuuuccccccccccccttttttttttttiiiiiiiiiiiioooooooooooonnnnnnnnnnnn ffffffffffffrrrrrrrrrrrroooooooooooommmmmmmmmmmm (((((((((((( ———————————— )))))))))))) ccccccccccccuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeennnnnnnnnnnntttttttttttt nnnnnnnnnnnneeeeeeeeeeeetttttttttttt eeeeeeeeeeeeaaaaaaaaaaaarrrrrrrrrrrrnnnnnnnnnnnniiiiiiiiiiiinnnnnnnnnnnnggggggggggggssssssssssss -557,553 -17,297 20,455 -22,384 -171,855 -198,302 47,961 NNNNNNNNNNNNeeeeeeeeeeeetttttttttttt eeeeeeeeeeeeaaaaaaaaaaaarrrrrrrrrrrrnnnnnnnnnnnniiiiiiiiiiiinnnnnnnnnnnnggggggggggggssssssssssss bbbbbbbbbbbbeeeeeeeeeeeeffffffffffffoooooooooooorrrrrrrrrrrreeeeeeeeeeee ppppppppppppaaaaaaaaaaaayyyyyyyyyyyymmmmmmmmmmmmeeeeeeeeeeeennnnnnnnnnnnttttttttttttssssssssssss ttttttttttttoooooooooooo UUUUUUUUUUUU............SSSSSSSSSSSS............ TTTTTTTTTTTTrrrrrrrrrrrreeeeeeeeeeeeaaaaaaaaaaaassssssssssssuuuuuuuuuuuurrrrrrrrrrrryyyyyyyyyyyy............ 3,097,829,687 156,735,523 788,430,179 160,317,521 241,236,984 224,141,079 161,541,055 DDDDDDDDDDDDiiiiiiiiiiiivvvvvvvvvvvviiiiiiiiiiiiddddddddddddeeeeeeeeeeeennnnnnnnnnnnddddddddddddssssssssssss ppppppppppppaaaaaaaaaaaaiiiiiiiiiiiidddddddddddd 39,236,598 1,884,421 10,237,179 1,999,838 3,544,719 2,008,398 2,524,011 PPPPPPPPPPPPaaaaaaaaaaaayyyyyyyyyyyymmmmmmmmmmmmeeeeeeeeeeeennnnnnnnnnnnttttttttttttssssssssssss ttttttttttttoooooooooooo UUUUUUUUUUUU............SSSSSSSSSSSS............ TTTTTTTTTTTTrrrrrrrrrrrreeeeeeeeeeeeaaaaaaaaaaaassssssssssssuuuuuuuuuuuurrrrrrrrrrrryyyyyyyyyyyy ((((((((((((iiiiiiiiiiiinnnnnnnnnnnntttttttttttteeeeeeeeeeeerrrrrrrrrrrreeeeeeeeeeeesssssssssssstttttttttttt oooooooooooonnnnnnnnnnnn FFFFFFFFFFFF............RRRRRRRRRRRR............ nnnnnnnnnnnnooooooooooootttttttttttteeeeeeeeeeeessssssssssss)))))))))))) 3,019,160,636 153,469,452 761,717,549 157,082,482 233,808,166 220,778,681 155,964,193 TTTTTTTTTTTTrrrrrrrrrrrraaaaaaaaaaaannnnnnnnnnnnssssssssssssffffffffffffeeeeeeeeeeeerrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeedddddddddddd ttttttttttttoooooooooooo ssssssssssssuuuuuuuuuuuurrrrrrrrrrrrpppppppppppplllllllllllluuuuuuuuuuuussssssssssss 39,432,450 1,381,650 16,475,450 1,235,200 3,884,100 1,354,000 3,052,850 SSSSSSSSSSSSuuuuuuuuuuuurrrrrrrrrrrrpppppppppppplllllllllllluuuuuuuuuuuussssssssssss,,,,,,,,,,,, JJJJJJJJJJJJaaaaaaaaaaaannnnnnnnnnnnuuuuuuuuuuuuaaaaaaaaaaaarrrrrrrrrrrryyyyyyyyyyyy 111111111111 629,768,650 30,542,950 160,073,300 32,781,800 56,007,700 32,849,350 40,161,950 SSSSSSSSSSSSuuuuuuuuuuuurrrrrrrrrrrrpppppppppppplllllllllllluuuuuuuuuuuussssssssssss,,,,,,,,,,,, DDDDDDDDDDDDeeeeeeeeeeeecccccccccccceeeeeeeeeeeemmmmmmmmmmmmbbbbbbbbbbbbeeeeeeeeeeeerrrrrrrrrrrr 333333333333111111111111 669,201,100 31,924,600 176,548,750 34,017,000 59,891,800 34,203,350 43,214,800 NOTE.—Details may not add to totals because of rounding. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • FEDERAL RESERVE BANKS, 1969 A 95 OF FEDERAL RESERVE BANKS dollars) Chicago St. Louis Minneapolis K C an it s y a s Dallas Fra S n a c n is co Item Current earnings 13,014,720 2,456,725 1,990,330 3,860,139 3,116,739 7,381,334 522,446,794 111,125,961 62,198,740 121,922,461 134,495,990 450,421,928 UUUUUUUUUUUU............SSSSSSSSSSSS............ GGGGGGGGGGGGoooooooooooovvvvvvvvvvvvtttttttttttt,,,,,,,,,,,, sssssssssssseeeeeeeeeeeeccccccccccccuuuuuuuuuuuurrrrrrrrrrrriiiiiiiiiiiittttttttttttiiiiiiiiiiiieeeeeeeeeeeessssssssssss 17,951,710 4,259,251 2,800,982 5,239,692 6,941,538 16,431,203 136,157 34,917 52,134 79,499 70,455 74,466 AAAAAAAAAAAAllllllllllllllllllllllll ooooooooooootttttttttttthhhhhhhhhhhheeeeeeeeeeeerrrrrrrrrrrr 553,549,381 117,876,854 67,042,186 131,101,791 144,624,722 474,308,931 CCCCCCCCCCCCuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeennnnnnnnnnnntttttttttttt eeeeeeeeeeeexxxxxxxxxxxxppppppppppppeeeeeeeeeeeennnnnnnnnnnnsssssssssssseeeeeeeeeeeessssssssssss SSSSSSSSSSSSaaaaaaaaaaaallllllllllllaaaaaaaaaaaarrrrrrrrrrrriiiiiiiiiiiieeeeeeeeeeeessssssssssss:::::::::::: 1,139,626 986,564 666,038 855,006 715,120 936,457 18,805,893 7,485,308 5,073,616 7,674,483 5,927,334 12,225,700 3,299,431 1,378,210 984,146 1,494,792 1,134,719 2,429,529 100,771 83,195 113,037 80,523 92,447 179,187 373,066 233,400 240,732 213,986 228,823 330,512 3,979,576 2,012,778 1,326,343 2,202,885 1,850,604 3,524,598 394,765 170,507 133,727 219,102 207,993 294,552 1,645,244 862,154 454,215 880,177 523,995 1,006,821 44,837 33,829 20,489 28,860 30,586 61,085 1,171,900 266,099 385,510 551,723 326,185 666,527 689,810 308,729 75,145 802,325 522,252 363,067 345,061 179,171 107,284 286,566 140,771 163,315 268,165 196,773 46,664 201,925 45,528 113,100 55,147 2,193 1,470 3,832 1,180 1,578 FFFFFFFFFFFFuuuuuuuuuuuurrrrrrrrrrrrnnnnnnnnnnnniiiiiiiiiiiittttttttttttuuuuuuuuuuuurrrrrrrrrrrreeeeeeeeeeee aaaaaaaaaaaannnnnnnnnnnndddddddddddd eeeeeeeeeeeeqqqqqqqqqqqquuuuuuuuuuuuiiiiiiiiiiiippppppppppppmmmmmmmmmmmmeeeeeeeeeeeennnnnnnnnnnntttttttttttt:::::::::::: 353,409 259,170 178,024 321,834 308,286 1,358,030 2,275,223 809,614 593,497 834,216 786,420 949.506 889,104 207,417 198,426 289,068 370,958 175,758 276,107 68,854 45,731 84,032 109,416 248.507 36,107,135 15,543,965 10,644,094 17,025,335 13,322,617 25,027,829 3,553,830 925,934 376,623 1,346,175 1,214,216 3,018,425 FFFFFFFFFFFF............RRRRRRRRRRRR............ ccccccccccccuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeennnnnnnnnnnnccccccccccccyyyyyyyyyyyy 2,225,000 523,800 344,600 598,384 852,600 2,014,400 41,885,965 16,993,699 11,365,317 18,969,894 15,389,433 30,060,654 LLLLLLLLLLLLeeeeeeeeeeeessssssssssssssssssssssss rrrrrrrrrrrreeeeeeeeeeeeiiiiiiiiiiiimmmmmmmmmmmmbbbbbbbbbbbbuuuuuuuuuuuurrrrrrrrrrrrsssssssssssseeeeeeeeeeeemmmmmmmmmmmmeeeeeeeeeeeennnnnnnnnnnntttttttttttt ffffffffffffoooooooooooorrrrrrrrrrrr cccccccccccceeeeeeeeeeeerrrrrrrrrrrrttttttttttttaaaaaaaaaaaaiiiiiiiiiiiinnnnnnnnnnnn ffffffffffffiiiiiiiiiiiissssssssssssccccccccccccaaaaaaaaaaaallllllllllll aaaaaaaaaaaaggggggggggggeeeeeeeeeeeennnnnnnnnnnnccccccccccccyyyyyyyyyyyy 4,486,505 1,479,092 792,671 1,691,198 960,534 2,394,571 37,399,460 15,514,607 10,572,646 17,278,696 14,428,899 27,666,083 PPPPPPPPPPPPrrrrrrrrrrrrooooooooooooffffffffffffiiiiiiiiiiiitttttttttttt aaaaaaaaaaaannnnnnnnnnnndddddddddddd lllllllllllloooooooooooossssssssssssssssssssssss 516,149,921 102,362,247 56,469,541 113,823,095 130,195,823 446,642,849 AAAAAAAAAAAAddddddddddddddddddddddddiiiiiiiiiiiittttttttttttiiiiiiiiiiiioooooooooooonnnnnnnnnnnnssssssssssss ttttttttttttoooooooooooo ccccccccccccuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeennnnnnnnnnnntttttttttttt nnnnnnnnnnnneeeeeeeeeeeetttttttttttt eeeeeeeeeeeeaaaaaaaaaaaarrrrrrrrrrrrnnnnnnnnnnnniiiiiiiiiiiinnnnnnnnnnnnggggggggggggssssssssssss:::::::::::: 866,460 204,906 134,653 251,742 333,704 790,352 23,567 31,298 3,281 3,795 9,217 77,304 890,027 236,204 137,934 255,537 342,921 867,656 DDDDDDDDDDDDeeeeeeeeeeeedddddddddddduuuuuuuuuuuuccccccccccccttttttttttttiiiiiiiiiiiioooooooooooonnnnnnnnnnnnssssssssssss ffffffffffffrrrrrrrrrrrroooooooooooommmmmmmmmmmm ccccccccccccuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeennnnnnnnnnnntttttttttttt nnnnnnnnnnnneeeeeeeeeeeetttttttttttt eeeeeeeeeeeeaaaaaaaaaaaarrrrrrrrrrrrnnnnnnnnnnnniiiiiiiiiiiinnnnnnnnnnnnggggggggggggssssssssssss:::::::::::: 997,497 210,810 119,195 229,842 255,237 861,230 2,358 28,285 1,622 203,552 4,304 32,478 999,855 239,094 120,817 433,394 259,541 893,709 NNNNNNNNNNNNeeeeeeeeeeeetttttttttttt aaaaaaaaaaaaddddddddddddddddddddddddiiiiiiiiiiiittttttttttttiiiiiiiiiiiioooooooooooonnnnnnnnnnnn ttttttttttttoooooooooooo oooooooooooorrrrrrrrrrrr ddddddddddddeeeeeeeeeeeedddddddddddduuuuuuuuuuuuccccccccccccttttttttttttiiiiiiiiiiiioooooooooooonnnnnnnnnnnn ffffffffffffrrrrrrrrrrrroooooooooooommmmmmmmmmmm ((((((((((((————————————)))))))))))) ccccccccccccuuuuuuuuuuuurrrrrrrrrrrrrrrrrrrrrrrreeeeeeeeeeeennnnnnnnnnnntttttttttttt -109,828 -2,890 17,117 -177,857 83,380 -26,053 516,040,093 102,359,358 56,486,657 113,645,238 130,279,204 446,616,796 5,779,678 1,350,761 888,334 1,668,102 2,205,326 5,145,831 PPPPPPPPPPPPaaaaaaaaaaaayyyyyyyyyyyymmmmmmmmmmmmeeeeeeeeeeeennnnnnnnnnnnttttttttttttssssssssssss ttttttttttttoooooooooooo UUUUUUUUUUUU............SSSSSSSSSSSS............ TTTTTTTTTTTTrrrrrrrrrrrreeeeeeeeeeeeaaaaaaaaaaaassssssssssssuuuuuuuuuuuurrrrrrrrrrrryyyyyyyyyyyy ((((((((((((iiiiiiiiiiiinnnnnnnnnnnntttttttttttteeeeeeeeeeeerrrrrrrrrrrreeeeeeeeeeeesssssssssssstttttttttttt oooooooooooonnnnnnnnnnnn FFFFFFFFFFFF............RRRRRRRRRRRR............ 504,505,165 100,168,047 55,080,773 110,834,786 126,489,927 439,261,415 5,755,250 840,550 517,550 1,142,350 1,583,950 2,209,550 93,241,000 21,999,950 14,474,700 27,122,550 35,765,750 84,747,650 98,996,250 22,840,500 14,992,250 28,264,900 37,349,700 86,957,200 SSSSSSSSSSSSuuuuuuuuuuuurrrrrrrrrrrrpppppppppppplllllllllllluuuuuuuuuuuussssssssssss,,,,,,,,,,,, DDDDDDDDDDDDeeeeeeeeeeeecccccccccccceeeeeeeeeeeemmmmmmmmmmmmbbbbbbbbbbbbeeeeeeeeeeeerrrrrrrrrrrr 333333333333111111111111 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 96 BANKING OFFICES • FEBRUARY 1970 NUMBER OF BANKING OFFICES IN THE UNITED STATES Commercial banks1 All Member Nonmember Type of office and type of change banks Total Na- Non- Total tional State 1 Total Insured insured Insured i Banks (head office): Dec. 31 1934.. 16,063 15,484 6,442 5,462 980 9,042 7,699 1,343 Dec. 31 1941.. 14,826 14,278 6,619 5,117 1,502 7,662 6,810 852 Dec. 31 19472. 14,714 14,181 6,923 5,005 1,918 7,261 6,478 783 Dec. 31 1951.. 14,618 14,089 6,840 4,939 1,901 7,252 6,602 650 Dec. 31 1956.. 14,167 13,640 6,462 4,651 1,811 7,181 6,737 444 Dec. 31 1957.. 14,090 13.568 6,393 4,620 1,773 7,178 6,753 425 Dec. 31 1958.. 14,020 13,501 6,312 4,578 1,734 7,192 6,793 399 Dec. 31 1959.. 13,991 13,474 6,233 4,542 1,691 7,244 6,878 366 Dec. 31 1960.. 13,986 13,472 6,174 4,530 1,644 7,300 6,948 352 Dec. 31 1961.. 13,946 13,432 6,113 4,513 1,600 7,320 6,997 323 Dec. 31 1962.. 13,938 13,427 6,047 4,503 1,544 7,380 7,072 308 Dec. 31 1963.. 14,078 13.569 6,108 4,615 1,493 7,461 7,177 284 Dec. 31 1964.. 14,266 13,761 6,225 4,773 1,452 7,536 7,262 274 Dec. 31 1965.. 14,309 13,804 6,221 4,815 1,406 7,583 7,320 263 Dec. 31 1966.. 14,274 13,770 6,150 4,779 1,351 7,620 7,385 235 Dec. 31 1967.. 14,222 13,721 6,071 4,758 1,313 7,650 7,439 211 Dec. 31 1968.. 14,179 13,679 5,978 4,716 1,262 7,701 7,504 197 Dec. 31 1969.. 14,158 13,662 5,871 4,669 1,202 7,791 7,595 196 Branches, additional offices, and facilities: Dec. 31, 1934.. 3,133 3,007 2,224 1,243 981 783 783 Dec. 31, 1941.. 3,699 3,564 2,580 1,565 1,015 984 932 Dec. 31, 19472. 4,332 4,161 3,051 1,870 1,181 1,110 1,043 Dec. 31, 1951.. 5,383 5,153 3,837 2,370 1,467 1,316 1,275 Dec. 31, 1956.. 7,955 7,589 5,886 3,809 2,077 1,703 1,666 Dec. 31, 1957.. 8,609 8,204 6,378 4,178 2,200 1,826 1,789 Dec. 31, 1958.. 9,286 8,861 6,924 4,534 2,390 1,937 1,898 Dec. 31, 1959.. 10,099 9,652 7,492 4,973 2,519 2,160 2,118 Dec. 31, 1960.. 10,969 10,483 8,133 5,509 2,624 2,350 2,303 Dec. 31, 1961.. 11,896 11,353 8,899 6,044 2,855 2,454 2,410 Dec. 31, 1962.. 12,932 12,345 9,649 6,640 3,009 2,696 2,646 Dec. 31, 1963.. 14,122 13,498 10,613 7,420 3,193 2,885 2,835 Dec. 31, 1964.. 15,275 14,601 11,457 8,156 3,301 3,144 3,094 Dec. 31, 1965.. 16,471 15,756 12,298 8,964 3,334 3,458 3,404 Dec. 31, 1966.. 17,665 16,908 13,129 9,611 3,518 3,779 3,717 Dec. 31, 1967.. 18,757 17,928 13,856 10,183 3,673 4,072 4,026 Dec. 31, 1968.. 19,911 19,013 14,553 10,985 3,568 4,460 4,414 Dec. 31, 1969.. 21,196 20,208 15,204 11,727 3,477 5,004 4,957 Changes Jan.-Dec. 31, 1969 Banks: New Banks3 136 134 23 16 111 92 19 Suspensions -4 -4 -3 -2 Consolidations and absorptions: Banks converted into branches -132 -128 -42 Other -20 -18 -5 Voluntary liquidations 4 Interclass changes: Nonmember to national Nonmember to State member 3 State member to national -8 State member to nonmember -42 -42 42 41 National to State member -3 3 National to nonmember ' -28* -28 '28' 28 Noninsured to insured 15 -15 Net change -21 -17 -107 -47 -60 90 91 -1 Number of banks, Dec. 31, 1969 14,158 13,662 5,871 4,669 1,202 7,791 7,595 196 Branches and additional offices: De novo 1,244 1,156 753 579 174 403 402 Banks converted 132 128 81 69 12 47 47 Discontinued -91 -90 -73 -46 -27 -17 -17 Interclass changes: Nonmember to national 31 -31 Nonmember to State member 8 State member to national.. 200 -200 State member to nonmember -60 -60 60 60 National to State member — 3 3 National to nonmember. 88 Mutual savings to nonmember 1 Facilities reclassified as branches. . 13 13 11 11 2 2 Net change 1,298 1,208 663 753 -90 545 544 Number of branches and additional offices, Dec. 31, 1969 20,973 19,985 15,015 1,550 3,465 4,970 4,923 Banking facilities:5 Established . 3 1 Discontinued -2 -2 Interclass changes: N St a a t t i e o m na e l m to b e n r o t n o m n e a m ti b o e n r al.... -2 1 -1 Facilities reclassified as branches -13 -13 -11 -11 Net changes -13 -13 -12 -11 Number of facilities, Dec. 31, 1969 223 223 189 177 For notes see opposite page. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEBRUARY 1970 • BANKING OFFICES A 97 Notes to table on opposite page. 1 State member banks and insured mutual savings banks figures both absorption of banks. include one to three member mutual savings banks, 1941 to 1962 inclusive, 5 Provided at military and other Govt, establishments through arrangenot reflected in total commercial bank figures. State member bank figures ments made by the Treasury Dept. also include one or two noninsured trust companies 1954 to date. 2 Series revised as of June 30, 1947. The revision resulted in an addition NOTE.—Beginning with 1959, figures include all banks in Alaska and of 115 banks and nine branches. Hawaii, but nonmember banks in territories and possessions are excluded. 3 Exclusive of new banks organized to succeed operating banks. 4 Exclusive of liquidations incident to succession, conversion, and Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 98 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM ARTHUR F. BURNS, 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 OPERATIONS ROBERT C. HOLLAND, Secretary 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 NORMAND R. V. BERNARD, Assistant Secretary P. D. RING, Assistant Director GORDON B. GRIM WOOD, Defense Planning CHARLES C. WALCUTT, Assistant Director Coordinator and Assistant Secretary LLOYD M. SCHAEFFER, Chief Federal Reserve Examiner LEGAL DIVISION DAVID B. HEXTER, General Counsel THOMAS J. O'CONNELL, Deputy General DIVISION OF SUPERVISION AND REGULATION Counsel FREDERIC SOLOMON, Director JEROME W. SHAY, Assistant General Counsel BRENTON C. LEAVITT, Deputy Director ROBERT F. SANDERS, Assistant General Counsel FREDERICK R. DAHL, Assistant Director PAULINE B. HELLER, Adviser JACK M. EGERTSON, Assistant Director JANET O. HART, Assistant Director DIVISION OF RESEARCH AND STATISTICS JOHN N. LYON, Assistant Director J. CHARLES PARTEE, Director MILTON W. SCHOBER, Assistant Director STEPHEN H. AXILROD, Associate Director THOMAS A. SIDMAN, Assistant Director LYLE E. GRAMLEY, Associate Director STANLEY J. SIGEL, Adviser DIVISION OF PERSONNEL ADMINISTRATION TYNAN SMITH, Adviser MURRAY S. WERNICK, Adviser EDWIN J. JOHNSON, Director KENNETH B. WILLIAMS, Adviser JOHN J. HART, Assistant Director PETER M. KEIR, Associate Adviser BERNARD SHULL, Associate Adviser DIVISION OF ADMINISTRATIVE SERVICES JAMES B. ECKERT, Assistant Adviser JAMES L. PIERCE, Assistant Adviser JOSEPH E. KELLEHER, Director STEPHEN P. TAYLOR, Assistant Adviser DONALD E. ANDERSON, Assistant Director LOUIS WEINER, Assistant Adviser JOHN D. SMITH, Assistant Director JOSEPH S. ZEISEL, Assistant Adviser OFFICE OF THE CONTROLLER DIVISION OF INTERNATIONAL FINANCE JOHN KAKALEC, Controller ROBERT SOLOMON, Director HARRY J. HALLEY, Assistant Controller * ROBERT L. SAMMONS, Associate Director JOHN E. REYNOLDS, Associate Director JOHN F. L. GHIARDI, Adviser A. B. HERSEY, Adviser DIVISION OF DATA PROCESSING REED J. IRVINE, Adviser JEROLD E. SLOCUM, Director SAMUEL I. KATZ, Adviser JOHN P. SINGLETON, Associate Director BERNARD NORWOOD, Adviser GLENN L. CUMMINS, Assistant Director RALPH C. WOOD, Adviser RICHARD S. WATT, Assistant Director ROBERT F. GEMMILL, Associate Adviser SAMUEL PIZER, Associate Adviser *On leave of absence. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 99 FEDERAL OPEN MARKET COMMITTEE ARTHUR F. BURNS, 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 PHILIP H. NASON, NINTH FEDERAL RESERVE DISTRICT, President JACK T. CONN, TENTH FEDERAL RESERVE DISTRICT, Vice President MARK C. WHEELER, FIRST FEDERAL GEORGE S. CRAFT, SIXTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT JOHN M. MEYER, JR., SECOND FEDERAL DONALD M. GRAHAM, SEVENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT GEORGE H. BROWN, JR., THIRD FEDERAL ALLEN MORGAN, EIGHTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT JOHN A. MAYER, FOURTH FEDERAL JOHN E. GRAY, ELEVENTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT ROBERT D. H. HARVEY, FIFTH FEDERAL A. W. CLAUSEN, TWELFTH FEDERAL RESERVE DISTRICT RESERVE DISTRICT HERBERT V. PROCHNOW, Secretary WILLIAM J. KORSVIK, Assistant Secretary Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 100 FEDERAL RESERVE BANKS AND BRANCHES Federal Reserve Bank Chairman President Vice President or branch Deputy Chairman First Vice President in charge of branch Zip code Boston .02106 James S. Duesenberry 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 Robert S. Bennett 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. H. Lee Boatwright, III Charlotte 28201 William B. McGuire Edmund F. MacDonald Atlanta ....30303 Edwin 1. Hatch Monroe Kimbrel John C. Wilson Kyle K. Fossum Birmingham... , ,.35202 C. Caldwell Marks Dan L. Hendley Jacksonville ,...32201 Henry Cragg Edward C. Rainey Nashville ....37203 Robert M. Williams Jeffrey J. Wells New Orleans... .70160 Frank G. Smith Arthur H. Kantner Chicago , .60690 Emerson G. Higdon Charles J. Scanlon William H. Franklin Hugh J. Helmer Detroit 48231 ]L. Wm. Seidman Daniel M. Doyle St. Louis 63166 Frederic M. Peirce Darryl R. Francis Smith D. Broadbent, Jr. Dale M. Lewis Little Rock .72203 A1 Pollard John F. Breen Louisville ...40201 Harry M. Young, Jr. Donald L. Henry Memphis ....38101 Alvin Huffman, Jr. Eugene A. Leonard Minneapolis .,.55440 Robert F. Leach Hugh D. Galusha, Jr. David M. Lilly M. H. Strothman, Jr. Helena ....59601 Warren B. Jones 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 Chas. F. Jones T. W. Plant El Paso ....79999 Gordon W. Foster Fredric W. Reed Houston , ...77001 Geo. T. Morse, Jr. J. Lee Cook San Antonio... ,.78206 Francis B. May Carl H. Moore San Francisco.... ....94120 O. Meredith Wilson Eliot J. Swan S. Alfred Halgren A. B. Merritt Los Angeles , ...90054 Leland D. Pratt Paul W. Cavan Portland ,.97208 Robert F. Dwyer William M. Brown Salt Lake City, ..84110 Peter E. Marble Arthur L. Price Seattle ,...98124 C. Henry Bacon, Jr. William R. Sandstrom Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 101 FEDERAL RESERVE BOARD PUBLICATIONS Available from Publications Services, Division of Administrative Services, Board of Governors of the Federal Reserve System, Washington, D.C. 20551. Where a charge is indicated, remittance should accompany request and be made payable to the order of the Board of Governors of the Federal Reserve System in a form collectible at par in U.S. currency. For a more complete list, including periodic releases, see pp. A 97—A 101 of the December 1969 BULLETIN. (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 COMor 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 AGRICULthe 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 countries listed above; 10 or more sent to one TRADING IN FEDERAL FUNDS. 1965. 116 pp. $1.00 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 STAvisions 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 Related Items. 1962. 64 pp. $.50. Sec. 11. Cur- PUBLISHED INTERPRETATIONS OF THE BOARD OF 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 102 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 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 IIM 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 in 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 REpp. $.25 a copy; 10 or more sent to one ad- VISION OF REGULATION A. 1969. 33 pp. dress, $.20 eacli. 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 subjects 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BOARD PUBLICATIONS A 103 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. 14 pp. THE AVAILABILITY OF MORTGAGE LENDING COM- MITMENTS, by Robert Moore Fisher. Dec. 1969. A REVISED INDEX OF MANUFACTURING CAPACITY, 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 economic 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 104 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 THE FEDERAL RESERVE-MIT ECONOMETRIC HOUSING PRODUCTION AND FINANCE. Mar. 1969. MODEL, Staff Economic Study by Frank de 7 pp. Leeuw and Edward Gramlich. Jan. 1968. 30 pp. RECENT TRENDS IN THE U.S. BALANCE OF PAY- THE PRICE OF GOLD IS NOT THE PROBLEM. Feb. MENTS. Apr. 1969. 18 pp. 1968. 7 pp. QUARTERLY SURVEY OF CHANGES IN BANK LEND- U.S. INTERNATIONAL TRANSACTIONS: TRENDS IN ING PRACTICES. Apr. 1969. 5 pp. 1960-67. Apr. 1968. 23 pp. BANKING AND MONETARY STATISTICS, 1968. MARGIN ACCOUNT CREDIT. June 1968. 12 pp. Selected series of banking and monetary statistics for 1968 only. Mar. and May 1969. 16 pp. MONETARY RESTRAINT AND BORROWING AND CAPITAL SPENDING BY LARGE STATE AND OUR PROBLEM OF INFLATION. June 1969. 15 pp. LOCAL GOVERNMENTS IN 1966. July 1968. 30 pp. THE CHANNELS OF MONETARY POLICY, Staff Economic Study by Frank de Leeuw and Edward REVISED SERIES ON EJANK CREDIT. Aug. 1968. Gramlich. June 1969. 20 pp. 4 pp. REVISION OF WEEKLY SERIES FOR COMMERCIAL FEDERAL FISCAL POLICY IN THE 1960's. Sept. BANKS. Aug. 1969. 5 pp. 1968. 18 pp. TREASURY AND FEDERAL RESERVE FOREIGN EX- HOW DOES MONETARY POLICY AFFECT THE CHANGE OPERATIONS. Sept. 1969. 22 pp. ECONOMY? Staff Economic Study by Maurice Mann. Oct. 1968. 12 pp. EURO-DOLLARS: A CHANGING MARKET. Oct. 1969. BUSINESS FINANCING BY BUSINESS FINANCE 20 pp. COMPANIES. Oct. 1968. 13 pp. REVISION OF MONEY SUPPLY SERIES. Oct. 1969. MANUFACTURING CAPACITY: A COMPARISON OF 16 pp. TWO SOURCES OF INFORMATION, Staff Economic Study by Jared J. Enzler. Nov. 1968. CHANGES IN TIME AND SAVINGS DEPOSITS, APRIL- 5 pp. JULY 1969. Oct. 1969. 11 pp. MONETARY RESTRAINT, BORROWING, AND CAP- BALANCE OF PAYMENTS PROGRAM: REVISED ITAL SPENDING BY SMALL LOCAL GOVERN- GUIDELINES FOR BANKS AND NONBANK FINAN- MENTS AND STATE COLLEGES IN 1966. Dec. CIAL INSTITUTIONS. Jan. 1970. 11 pp. 1968. 30 pp. REVISION OF CONSUMER CREDIT STATISTICS. FINANCIAL DEVELOPMENTS IN THE FOURTH Dec. 1968. 21 pp. QUARTER OF 1969. Feb. 1970. 9 pp. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 105 INDEX TO STATISTICAL TABLES (For list of tables published periodically, but not monthly, see page A-3.) 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 expenses, Federal Reserve Banks, 94 Banking offices, changes in number, 96 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 Earnings, expenses, and dividends, 94 Coins, circulation, 16 U.S. Govt, securities held, 4, 12, 15, 42, 43 Commercial and industrial loans: Federal Reserve credit, 4, 12, 15 Commercial banks, 24 Federal Reserve notes, 12, 16, 94 Weekly reporting banks, 26, 31 Federally sponsored credit agencies, 39 Commercial banks: Finance company paper, 33, 37 Assets and liabilities, 19, 24, 26 Financial institutions, loans to, 24, 26 Banking offices, changes in number, 96 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 Currency in circulation, 4, 16, 17 Government National Mortgage Association, 53 Customer credit, stock market, 36 Gross national product, 68, 69 Debits to deposit accounts, 15 Hours and earnings, manufacturing industries, 65 Debt (See specific types of debt or securities) Housing permits, 62 Demand deposits: Housing starts, 63 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A 106 FEDERAL RESERVE BULLETIN • FEBRUARY 1970 Insured commercial banks, 21, 23, 24, 96 Real estate loans—Continued Interbank deposits, 11, 19, 25 Mortgage yields, 53 Interest rates: Type of holder and property mortgaged, 50, 51, Business loans by banks, 32 52, 53 Federal Reserve Bank discount rates, 9 Reserve position, basic, member banks, 8 Foreign countries, 90, 91 Reserve requirements, member banks, 10 Money market rates, 33, 91 Reserves: Mortgage yields, 53 Central banks and govts., 92 Prime rate, commercial banks, 32 Commercial banks, 25, 28, 30 Time deposits, maximum rates, 11 Federal Reserve Banks, 12 Yields, bond and stock, 34 Member banks, 4, 6, 11, 17, 25 International capital transactions of the U.S., 76-88 Residential mortgage loans, 35, 50, 51, 52 International institutions, 74, 75, 90, 92 Retail credit, 54 Inventories, 68 Retail sales, 62 Investment companies, issues and assets, 47 Investments (See also specific types of investments): Banks, by classes, 19, 24, 28, 37 Sales finance companies, loans, 54, 55, 57 Commercial banks, 23 Saving: Federal Reserve Banks, 12, 15 Flow of funds series, 70 Life insurance companies, 38 National income series, 69 Savings and loan assns., 38 Savings and loan assns., 38, 43, 51 Savings deposits (See Time deposits) Savings institutions, principal assets, 37, 38 Labor force, 64 SDR certificate account, 4, 12, 13 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 Manufacturers: Ownership of securities of, 24, 28, 37, 38 Capacity utilization, 62 Yields and prices of securities, 34, 35 Production index, 59, 62 State member banks, 21, 23, 96 Margin requirements, 10 Stock market credit, 36 Member banks: Stocks: Assets and liabilities, by classes, 19, 24 New issues, 46, 47 Banking offices, changes in number, 96 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) Money supply and related data, 17 Unemployment, 64 Mortgages (See Real estate loans and Residential mort- U.S. balance of payments, 72 gage loans) U.S. Govt, balances: Mutual funds (See Investment companies) Commercial bank holdings, 25, 29 Mutual savings banks, 18, 29, 37, 42, 43, 50, 96 Consolidated condition statement, 18 Member bank holdings, 17 Treasury deposits at Federal Reserve Banks, 4, National banks, 21, 23, 96 12, 40 National income, 68, 69 U.S. Govt, securities: National security expenditures, 41, 68 Bank holdings, 18, 19, 24, 27, 37, 42, 43 Nonmember banks, 22, 23, 24, 25, 96 Dealer transactions, positions, and financing, 44 Federal Reserve Bank holdings, 4, 12, 15, 42, 43 Foreign and international holdings, 12, 81, 84, 86 Open market transactions, 14 International transactions, 81, 84 New issues, gross proceeds, 46 Open market transactions, 14 Payrolls, manufacturing, index, 62 Outstanding, by type of security, 42, 43, 45 Personal income, 69 Ownership of, 42, 43 Postal Savings System. 18 Yields and prices, 34, 35, 91 Prices: United States notes, 16 Consumer and wholesale commodity, 62, 66 Utilities, production index, 59, 62 Security, 35 Prime rate, commercial banks, 32 Production, 58, 62 Veterans Administration, 50, 51, 52, 53 Profits, corporate, 48, 49 Weekly reporting banks, 26 Real estate loans: Banks, by classes, 24, 27, 37, 50 Delinquency rates on home mortgages, 52 Yields (See Interest rates) Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOUNDARIES OF FEDERAL RESERVE DISTRICTS AND THEIR BRANCH TERRITORIES Minneapolis^)M ^smm f«ftiXcu s OmafuL* St.iouxs \ Oklahoma Citif B^^XtfantX i^ioA / Dallas >an Antonio* 'Dram by Z H? galvin, Cart A (o THE FEDERAL RESERVE SYSTEM Q) & ALAS KA HAWAII 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 http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis